v3.26.1
Financial instruments (Tables)
6 Months Ended
Jun. 30, 2026
Financial instruments  
Schedule of financial liabilities at fair value through profit and loss

Convertible Senior

  ​ ​ ​

Convertible

Secured Notes

Preferred Shares

Warrants

Total

  ​ ​ ​

£ 000

  ​ ​ ​

£ 000

  ​ ​ ​

£ 000

  ​ ​ ​

£ 000

As at December 31, 2025

 

188,526

 

287

 

188,813

New issuances

 

7,717

 

17,746

 

25,463

In-kind interest paid and accrued

6,956

6,956

Fair value movements

(112,989)

4,634

83

(108,272)

Conversions to ordinary shares

(20,636)

(20,636)

Exchange differences on translation

1,061

55

4

1,120

As at June 30, 2026

 

91,271

 

1,799

374

 

93,444

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

June 30, 2026

  ​ ​ ​

December 31, 2025

June 30, 2026

  ​ ​ ​

December 31, 2025

£ 000

£ 000

£ 000

£ 000

Convertible Senior Secured Notes

 

91,271

188,526

91,271

188,526

Convertible Preferred Shares

 

1,799

1,799

Warrant liabilities

 

374

287

374

287

 

93,444

188,813

93,444

188,813

Schedule of fair value measurement inputs for valuation of convertible loan notes

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

Share price ($)

 

1.74

5.33

Conversion price ($)

 

3.50

3.50

Interest rate (%)

 

12.00

12.00

Credit spread (%)

53.24

46.57

Risk free rate (%)

4.20

3.50

Expected life (years)

4.50

3.00

Dividend yield (%)

Volatility (%)

 

85.00

85.00

Schedule of Series A Convertible Preferred Shares, based on the following valuation inputs

  ​ ​ ​

June 30, 2026

Share price ($)

 

1.74

Credit spread (%)

53.24

Risk free rate (%)

 

4.20

Expected life (years)

0.08

Dividend yield (%)

 

Volatility (%)

 

85.00