v3.26.1
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
£ in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
$ / shares
shares
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2024
GBP (£)
shares
Operating Costs                  
Research and development $ 6,432   $ 3,676   $ 12,215 $ 9,331 $ 18,365 $ 23,016  
Business development, marketing, communications, and government relations 1,405   713   2,334 1,573 3,502 2,690  
General and administrative 6,362   1,739   11,840 3,879 13,372 8,607  
Depreciation and amortization 878   711   1,722 1,509 2,882 3,449  
Prepaid rent write-down (note 18)               16,813 £ 13,309
Government assistance     (801)     (5,921) (5,921) (2,680)  
Operating loss 15,077   6,038   28,111 10,371 32,200 51,895  
Other Expense (Income)                  
Interest expense 22 [1]   469 [1]   24 [1] 925 [1] 1,127 [2] 883 [2]  
Interest income and other income (315)   (64)   (694) (133) (1,445) (599)  
Financing costs 2       26   3,693    
Foreign exchange gain (609)   (411)   (1,298) (1,017) 321 (1,308)  
Loss (gain) on revaluation of convertible notes     (1,051) [3]     508 [3] (22,036) [4] 5,939 [4]  
Loss (gain) on revaluation of SIF contribution liabilities 53,589   (959)   58,042 (944) 7,313 958  
Loss on revaluation of SAFE liabilities 7,775       16,242   10,133    
Loss on revaluation of PIPE subscription obligation (note 13) 8,151       22,051        
Net loss for the period 83,692   4,022   122,504 9,710 31,370 57,770  
Other comprehensive (income) loss Foreign currency translation (2,453)   2,517   (3,339) 3,206 2,565 (311)  
Change in fair value of convertible notes attributable to changes in credit risk     9     (57) (57) (290)  
Total other comprehensive (income) loss for the period (2,453)   2,526   (3,339) 3,149 2,855 (601)  
Total comprehensive loss for the period $ 81,239 $ 37,926 $ 6,548 $ 6,311 $ 119,165 $ 12,859 $ 34,225 $ 57,169  
Net loss per share - basic | $ / shares $ 5.8   $ 3.05   $ 8.49 $ 8.66 $ 5.4 $ 46.76  
Net loss per share - diluted | $ / shares $ 5.80   $ 3.05   $ 8.49 $ 8.66 $ 5.4 $ 46.76  
Weighted-average number of common shares outstanding - basic | shares 14,440,768 [5]   1,317,732 [5]   14,435,062 [5] 1,317,220 [5] 6,169,127 [6] 1,307,771 [6] 1,307,771 [6]
Weighted-average number of common shares outstanding - diluted | shares 14,440,768 [5]   1,317,732 [5]   14,435,062 [5] 1,317,220 [5] 6,169,127 [6] 1,307,771 [6] 1,307,771 [6]
Loss (gain) on disposal of assets             $ (10) $ 7  
Loss before income taxes             31,296 57,775  
Net loss for the year $ 83,692   $ 4,022   $ 122,504 $ 9,710 $ 31,370 $ 57,770  
[1] Of the interest expense for the three month and six month periods ended June 30, 2025, $436 and $855 is attributable to related parties, respectively.
[2] Of the Interest expense for the year ended December 31, 2025 and 2024, $1,081 and $816 is attributable to related parties, respectively.
[3] Of the loss (gain) on the revaluation of convertible notes for the three month and six month periods ended June 30, 2025, ($989) and $478 is attributable to related parties, respectively.
[4] Of the Loss (gain) on the revaluation of convertible notes for the year ended December 31, 2025 and 2024, ($20,729) and $5,587 is attributable to related parties, respectively.
[5] The weighted average shares outstanding for the three month and six month period ended June 30, 2025, has been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 14 for details.
[6] Share amounts have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 12 for details.