Income Tax

6 Months Ended

Jun. 30, 2026

Major Components Of Tax Expense Income [Abstract]

4. Income tax


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
	£		£		£		£
Current tax:
In respect of current period U.K.		330		301		737		648
In respect of prior period U.K.		—		24		—		24

		330		325		737		672
Deferred tax:
In respect of current period U.S.		3		3		6		9

Income tax credit		333		328		743		681

The income tax credit recognized primarily represents the U.K. research and development tax credits. In the United Kingdom, the Company is able to surrender some of its losses for a cash rebate of up to 26.97% of expenditure related to eligible research and development projects.


	June 30, 2026		December 31, 2025
	(in thousands)
	£		£
Current income tax receivable
U.K. tax		2,496		1,759
U.S. tax		2		2

		2,498		1,761

Deferred tax asset
U.S. deferred tax asset		125		117