v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 72,054 $ 11,277
Short-term investments 0 73,837
R&D benefit receivable 9,292 22,007
Other current assets 12,935 11,537
Total current assets 94,281 118,658
Property, plant and equipment 1,325 1,581
Operating lease right-of-use asset 117 167
Goodwill 10,325 10,621
Other intangible assets 237 288
Other long-term assets 127 127
Total assets 106,412 131,442
Current liabilities    
Contract liabilities 0 (168)
Trade and other payables (12,611) (13,356)
Operating lease liabilities, current (103) (89)
Total current liabilities (12,714) (13,613)
Contract liabilities (55,218) (55,454)
Operating lease liabilities (9) (71)
Total liabilities (67,941) (69,138)
Commitments and contingencies (Note 11)
Shareholders' equity    
Ordinary shares - par value GBP 0.05 per share; 141,739,180 shares issued at June 30, 2026 (December 31, 2025: 141,701,848) (10,292) (10,290)
Additional paid-in capital (621,152) (617,562)
Accumulated deficit 589,632 562,572
Accumulated other comprehensive loss 3,341 2,976
Total shareholders' equity (38,471) (62,304)
Total liabilities and shareholders' equity $ (106,412) $ (131,442)