| Shareholders' equity |
9. Shareholders’ equity
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June 30, 2026 |
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December 31, 2025 |
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Authorized, allotted, called up and fully paid ordinary shares, par value
£0.05 |
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10,292 |
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10,290 |
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Number |
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Number |
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Number of shares in issue |
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141,739,180 |
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141,701,848 |
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Number of equivalent ADSs in issue |
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47,246,393 |
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47,233,949 |
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The Group has only one class of shares. All ordinary shares have equal voting rights and rank pari passu for the distribution of dividends. In March 2026, the Company entered into an Open Market Sale Agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, as sales agent, pursuant to which the Company may offer and sell, from time to time through Jefferies, at its option, its ordinary shares. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross proceeds for the ordinary shares sold through the Sales Agreement. During the three months ended June 30, 2026, no sales were made under the Sales Agreement. Details of the shares issued during the current three months and prior year are as follows:
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Number of shares in issue at January 1, 2025 |
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141,674,074 |
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Number of ADSs in issue at January 1, 2025 |
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47,224,691 |
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Shares issued during the year |
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Options exercised at $0.20/ADS or $0.07/ordinary share |
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17,775 |
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Options exercised at $4.23/ADS or $1.41/ordinary share |
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9,999 |
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Number of shares in issue at December 31, 2025 |
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141,701,848 |
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Number of equivalent ADSs in issue at December 31, 2025 |
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47,233,949 |
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Number of shares in issue at January 1, 2026 |
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141,701,848 |
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Number of ADSs in issue at January 1, 2026 |
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47,233,949 |
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Options exercised at $0.20/ADS or $0.07/ordinary share |
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7,491 |
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Options exercised at $4.48/ADS or $1.49/ordinary share |
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8,838 |
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Options exercised at $7.19/ADS or $2.40/ordinary share |
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21,000 |
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Options exercised at $9.98/ADS or $3.33/ordinary share |
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3 |
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Number of shares in issue at June 30, 2026 |
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141,739,180 |
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Number of equivalent ADSs in issue at June 30, 2026 |
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47,246,393 |
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The Group has outstanding ADSs and each ADS represents three ordinary shares.
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