Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jul. 31, 2019 | |
Document And Entity Information [Abstract] | |
Document type | 6-K |
Document period end date | Jul. 31, 2019 |
Amendment flag | false |
Registrant name | Summit Therapeutics plc |
Central index key | 0001599298 |
Current fiscal year end date | --01-31 |
Document fiscal year focus | 2020 |
Document fiscal period focus | Q2 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Interim Statement of Comprehensive Income - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | [1] | Jul. 31, 2019 | Jul. 31, 2018 | [2] | |
Statement of comprehensive income [abstract] | ||||||
Revenue | £ 126 | £ 37,958 | £ 375 | £ 41,832 | ||
Other operating income | 4,135 | 2,699 | 9,006 | 6,154 | ||
Operating expenses | ||||||
Research and development | (9,216) | (9,854) | (17,489) | (21,444) | ||
General and administration | (1,204) | (2,327) | (2,859) | (4,655) | ||
Impairment of goodwill and intangible assets | 0 | (3,986) | 0 | (3,986) | [3] | |
Total operating expenses | (10,420) | (16,167) | (20,348) | (30,085) | ||
Operating (loss) / profit | (6,159) | 24,490 | (10,967) | 17,901 | [1] | |
Finance income | 0 | 2,785 | 2 | 2,786 | ||
Finance costs | (62) | (150) | (123) | (350) | ||
(Loss) / profit before income tax | (6,221) | 27,125 | (11,088) | 20,337 | [3] | |
Income tax | 1,062 | (491) | 1,904 | 455 | ||
(Loss) / profit for the period | (5,159) | 26,634 | (9,184) | 20,792 | [4] | |
Items that may be reclassified subsequently to profit or loss | ||||||
Exchange differences on translating foreign operations | 18 | 12 | 21 | 19 | ||
Total comprehensive (loss) / profit for the period | £ (5,141) | £ 26,646 | £ (9,163) | £ 20,811 | [4] | |
Basic and diluted (loss) / earnings per ordinary share from operations (in GBP per share) | £ (0.03) | £ 0.32 | £ (0.06) | £ 0.26 | ||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[3] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’ | |||||
[4] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Interim Statement of Financial Position - GBP (£) £ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | [1] | Jan. 31, 2018 | [1] |
Non-current assets | |||||
Goodwill | £ 1,814 | £ 1,814 | £ 2,478 | ||
Intangible assets | 10,290 | 10,604 | 14,785 | ||
Property, plant and equipment | 1,365 | 1,540 | 2,067 | ||
Non-current assets | 13,469 | 13,958 | 19,330 | ||
Current assets | |||||
Trade and other receivables | 10,679 | 13,491 | 11,087 | ||
Current tax receivable | 3,409 | 6,328 | 4,654 | ||
Cash and cash equivalents | 20,866 | 26,858 | 20,102 | [2] | |
Current assets | 34,954 | 46,677 | 35,843 | ||
Total assets | 48,423 | 60,635 | 55,173 | ||
Non-current liabilities | |||||
Lease liabilities | (486) | (647) | (962) | ||
Deferred revenue | (582) | (831) | (27,270) | ||
Financial liabilities on funding arrangements | 0 | 0 | (3,090) | ||
Provisions for other liabilities and charges | (1,957) | (1,851) | (1,641) | ||
Deferred tax liability | (1,612) | (1,675) | (2,379) | ||
Non-current liabilities | (4,637) | (5,004) | (35,342) | ||
Current liabilities | |||||
Trade and other payables | (6,496) | (8,733) | (8,825) | ||
Lease liabilities | (358) | (358) | (324) | ||
Deferred revenue and income | (3,147) | (3,374) | (13,834) | ||
Contingent consideration | (80) | (629) | 0 | ||
Current liabilities | (10,081) | (13,094) | (22,983) | ||
Total liabilities | (14,718) | (18,098) | (58,325) | ||
Net assets / (liabilities) | 33,705 | 42,537 | (3,152) | ||
EQUITY | |||||
Share capital | 1,605 | 1,604 | 736 | ||
Share premium account | 92,806 | 92,806 | 60,237 | ||
Share-based payment reserve | 1,091 | 1,148 | 6,743 | ||
Merger reserve | 3,027 | 3,027 | 3,027 | ||
Special reserve | 19,993 | 19,993 | 19,993 | ||
Currency translation reserve | 77 | 56 | 37 | ||
Accumulated losses reserve | (84,894) | (76,097) | (93,925) | ||
Total equity / (deficit) | £ 33,705 | £ 42,537 | [3] | £ (3,152) | [3] |
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | ||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’ | ||||
[3] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Interim Statement of Cash Flows - GBP (£) £ in Thousands | 6 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | |||
Cash flows from operating activities | ||||
(Loss) / profit before income tax | £ (11,088) | £ 20,337 | [1],[2] | |
Adjusted for: | ||||
Gain on re-measurement of financial liabilities on funding arrangements | 0 | (539) | [1] | |
Finance income | (2) | (2,786) | [1] | |
Finance costs | 123 | 350 | [1] | |
Foreign exchange gain | (1,319) | (839) | [1] | |
Depreciation | 284 | 324 | [1] | |
Amortization of intangible fixed assets | 414 | 415 | [1] | |
Loss on disposal of assets | 10 | 24 | [1] | |
Impairment of goodwill and intangible assets | 0 | 3,986 | [1],[2] | |
Share-based payment | 330 | 1,163 | [1] | |
Adjusted (loss) / profit from operations before changes in working capital | (11,248) | 22,435 | [1] | |
Decrease / (increase) in trade and other receivables | 2,930 | (327) | [1] | |
Decrease in deferred revenue | (477) | (37,519) | [1] | |
Decrease in trade and other payables | (2,482) | (2,378) | [1] | |
Cash used in operations | (11,277) | (17,789) | [1] | |
Contingent consideration paid | (549) | 0 | ||
Taxation received / (paid) | 4,897 | (53) | [1] | |
Net cash used in operating activities | (6,929) | (17,842) | [1] | |
Investing activities | ||||
Purchase of property, plant and equipment | (118) | (50) | [1] | |
Purchase of intangible assets | (100) | (5) | [1] | |
Interest received | 2 | 2 | [1] | |
Net cash used in investing activities | (216) | (53) | [1] | |
Financing activities | ||||
Proceeds from issue of share capital | 0 | 15,000 | [1] | |
Transaction costs on share capital issued | 0 | (858) | [1] | |
Proceeds from exercise of share options | 1 | 100 | [1] | |
Repayment of lease liabilities | (179) | (159) | [1] | |
Net cash (used in) / generated from financing activities | (178) | 14,083 | [1] | |
Decrease in cash and cash equivalents | (7,323) | (3,812) | [1] | |
Effect of exchange rates in cash and cash equivalents | 1,331 | 839 | [1] | |
Cash and cash equivalents at beginning of the period | [3] | 26,858 | 20,102 | [1] |
Cash and cash equivalents at end of the period | £ 20,866 | £ 17,129 | [1] | |
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’ | |||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||
[3] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statement of Changes in Equity - GBP (£) £ in Thousands | Total | Share capital | Share premium account | Share-based payment reserve | Merger reserve | Special reserve | Currency translation reserve | Accumulated losses reserve | IFRS 16 | IFRS 16Accumulated losses reserve | ||
Change in accounting policy (full retrospective application IFRS 16) | £ 32 | £ 32 | ||||||||||
Beginning balance (Previously reported) at Jan. 31, 2018 | £ (3,184) | £ 736 | £ 60,237 | £ 6,743 | £ 3,027 | £ 19,993 | £ 37 | £ (93,957) | ||||
Beginning balance at Jan. 31, 2018 | [2] | (3,152) | [1] | 736 | 60,237 | 6,743 | 3,027 | 19,993 | 37 | (93,925) | ||
(Loss) / profit for the period | Previously reported | 20,814 | |||||||||||
(Loss) / profit for the period | [2] | 20,792 | [3] | 20,792 | ||||||||
Currency translation adjustment | 19 | [3] | 19 | |||||||||
Total comprehensive (loss) / profit for the period | [2] | 20,811 | [3] | 19 | 20,792 | |||||||
New share capital issued | 15,000 | 83 | 14,917 | |||||||||
Transaction costs on share capital issued | (858) | (858) | ||||||||||
Share options exercised | 100 | 2 | 98 | |||||||||
Share-based payment | 1,163 | 1,163 | ||||||||||
Ending balance at Jul. 31, 2018 | [2] | 33,064 | 821 | 74,394 | 7,906 | 3,027 | 19,993 | 56 | (73,133) | |||
Change in accounting policy (full retrospective application IFRS 16) | £ (5) | £ (5) | ||||||||||
Beginning balance (Previously reported) at Jan. 31, 2019 | 42,542 | 1,604 | 92,806 | 1,148 | 3,027 | 19,993 | 56 | (76,092) | ||||
Beginning balance at Jan. 31, 2019 | [2] | 42,537 | [1] | 1,604 | 92,806 | 1,148 | 3,027 | 19,993 | 56 | (76,097) | ||
(Loss) / profit for the period | (9,184) | (9,184) | ||||||||||
Currency translation adjustment | 21 | 21 | ||||||||||
Total comprehensive (loss) / profit for the period | (9,163) | 21 | (9,184) | |||||||||
Share options exercised | 1 | 1 | 0 | |||||||||
Share-based payment | 330 | 330 | ||||||||||
Share-based payment reserve transfer | (387) | 387 | ||||||||||
Ending balance at Jul. 31, 2019 | £ 33,705 | £ 1,605 | £ 92,806 | £ 1,091 | £ 3,027 | £ 19,993 | £ 77 | £ (84,894) | ||||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||||
[3] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Basis of Accounting
Basis of Accounting | 6 Months Ended |
Jul. 31, 2019 | |
Basis Of Presentation [Abstract] | |
Basis of Accounting | Basis of Accounting The unaudited condensed consolidated interim financial statements of Summit Therapeutics plc ('Summit') and its subsidiaries (together, the 'Group') for the three and six months ended July 31, 2019 have been prepared in accordance with IAS 34 'Interim Financial Reporting' , other International Financial Reporting Standards ('IFRS') and International Financial Reporting Interpretations Committee (‘IFRIC’) interpretations as issued by the International Accounting Standards Board and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS including those applicable to accounting periods ending January 31, 2020 and the accounting policies set out in Summit’s consolidated financial statements. There have been no changes to the accounting policies as contained in the annual consolidated financial statements as of and for the year ended January 31, 2019 other than as described below. During the year ended January 31, 2019, the Group re-assessed the allocation of certain staff related expenses, amounts totaling £0.4 million during the three months ended July 31, 2018 and £0.7 million during the six months ended July 31, 2018, previously reported as general and administration expenses. These are now presented as research and development expenses. These condensed consolidated interim financial statements do not include all information required for full statutory accounts within the meaning of section 434 of Companies Act 2006 and should be read in conjunction with the consolidated financial statements of the Group as at January 31, 2019 (the ‘2019 Accounts’). The 2019 Accounts, on which the Company’s auditors delivered an unqualified audit report, are available on the Group's website at www.summitplc.com and were delivered to the Registrar of Companies following the 2019 Annual General Meeting. The auditor’s report did not contain any statement under section 498 of the Companies Act 2006 but did contain a statement from the auditors drawing the shareholders’ attention to the Group’s need to raise additional capital as noted below. These unaudited condensed consolidated interim financial statements were authorized for issue by the Board of Directors on October 11, 2019. The interim financial statements have been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole and anticipated payments from CARB-X under its contract for the development of its gonorrhea antibiotic candidate are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through to at least January 31, 2020. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States and the United Kingdom. The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following: equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. Whilst the Group believes that funds would be available in this manner before the end of January 2020, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. Management has identified specific mitigating actions which it would be required to take in the near future should the Group be unable to raise additional funding, including, amongst others, a slow-down of its ongoing Phase 3 clinical trials and suspending its Discuva Platform activities and associated research programs. Should the Group be required to take these steps, it is currently expected that its current and anticipated cash and cash equivalents would be sufficient through to at least October 31, 2020 . The failure of the Group to obtain sufficient funds on acceptable terms when needed would therefore have a material adverse effect on the Group’s business, results of operations and financial condition. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern. The interim financial statements do not contain any adjustments that might result if the Group was unable to continue as a going concern. The Group’s activities and results are not exposed to any seasonality. 1 . Basis of Accounting (continued) Adoption of IFRS 16 ' Leases' IFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. The standard is effective for reporting periods beginning on or after January 1, 2019 and replaces the accounting standard IAS 17 ' Leases' . Two adoption methods are permitted for transition: retrospectively to all prior reporting periods presented in accordance with IAS 8 ' Accounting Policies, Changes in Accounting Estimates and Errors' , with certain practical expedients permitted; or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Accounting policy At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognizes a right-of-use asset within property, plant and equipment and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option and periods covered by an option to terminate if it is reasonably certain not to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future contractual lease payments or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. The Group adopted this new standard effective February 1, 2019, as required, using the full retrospective transition method in accordance with IAS 8 ' Accounting Policies, Changes in Accounting Estimates and Errors' . Under this method, the Group will adjust its results for the years ended January 31, 2018, and 2019, and applicable interim periods, as if IFRS 16 had been effective for those periods. The Group has assessed the effect of adoption of this standard as it relates to its UK leased properties in Oxford and Cambridge and has concluded that any other contracts are not within the scope of IFRS 16 or are of low value, for which the Group has elected not to apply the requirement of IFRS 16. Due to the adoption of IFRS 16, the Group has recognized both right-of-use assets and lease liabilities related to its UK leased properties. The Group no longer recognizes a lease incentive accrual and has reclassified some costs from research and development expenses and general and administration expenses to finance costs, being the interest expense on lease liabilities. In addition, some amounts previously presented as cash outflows from operating activities in the Group's Consolidated Statement of Cash Flows are now presented as cash flows from investing or financing activities. This change in accounting policy has been reflected retrospectively in the comparative Statement of Financial Position for the year ended January 31, 2019, the comparative Statement of Comprehensive Income, Statement of Cash Flows and Statement of Changes in Equity for the six months ended July 31, 2018 , including the opening accumulated losses reserve at February 1, 2018 and February 1, 2019. 1 . Basis of Accounting (continued) The impact of the change in accounting policy to IFRS 16 discussed above on the comparatives to the unaudited condensed consolidated interim financial statements is disclosed in the following tables. Impact on the Unaudited Condensed Consolidated Interim Original Adjusted Statement of Financial Position £000s £000s £000s Non-current assets Property, plant and equipment 616 1,540 924 Current assets Trade and other receivables 13,547 13,491 (56 ) Non-current liabilities Lease liabilities — (647 ) (647 ) Current liabilities Trade and other payables (8,865 ) (8,733 ) 132 Lease liabilities — (358 ) (358 ) Equity Accumulated losses reserve (76,092 ) (76,097 ) (5 ) Impact on the Unaudited Condensed Consolidated Interim Original Adjusted Statement of Financial Position £000s £000s £000s Non-current assets Property, plant and equipment 809 2,067 1,258 Current assets Trade and other receivables 11,134 11,087 (47 ) Non-current liabilities Lease liabilities — (962 ) (962 ) Current liabilities Trade and other payables (8,932 ) (8,825 ) 107 Lease liabilities — (324 ) (324 ) Equity Accumulated losses reserve (93,957 ) (93,925 ) 32 Impact on the Unaudited Condensed Consolidated Interim Original Three months ended July 31, 2018 Adjusted Three months ended July 31, 2018 Impact Statement of Comprehensive Income £000s £000s £000s Operating expenses Research and development (9,846 ) (9,854 ) (8 ) General and administration (2,330 ) (2,327 ) 3 Operating profit 24,495 24,490 (5 ) Finance costs (140 ) (150 ) (10 ) Profit for the period 26,649 26,634 (15 ) 1 . Basis of Accounting (continued) Impact on the Unaudited Condensed Consolidated Interim Original Adjusted Statement of Comprehensive Income £000s £000s £000s Operating expenses Research and development (21,438 ) (21,444 ) (6 ) General and administration (4,661 ) (4,655 ) 6 Operating profit 17,901 17,901 — Finance costs (328 ) (350 ) (22 ) Profit for the period 20,814 20,792 (22 ) Impact on the Unaudited Condensed Consolidated Interim Original Six months ended July 31, 2018 Adjusted Six months ended July 31, 2018 Impact Statement of Cash Flows £000s £000s £000s Profit before income tax 20,359 20,337 (22 ) Adjusted for: Finance costs 328 350 22 Depreciation 157 324 167 Increase in trade and other receivables (336 ) (327 ) 9 Increase in trade and other payables (2,361 ) (2,378 ) (17 ) Financing activities Repayment of lease liabilities — (159 ) (159 ) Impact on net cash flows — The Group will continue to monitor interpretations released by the IFRS Interpretations Committee and amendments to IFRS 16 and, as appropriate, will adopt these from the effective dates. For additional details regarding the Group's lease agreements see Note 9 ' Leases '. |
Critical accounting estimates a
Critical accounting estimates and judgments | 6 Months Ended |
Jul. 31, 2019 | |
Disclosure of changes in accounting estimates [abstract] | |
Critical accounting estimates and judgments | Critical accounting estimates and judgments In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended January 31, 2019. |
(Loss) _ earnings per share cal
(Loss) / earnings per share calculation | 6 Months Ended |
Jul. 31, 2019 | |
Earnings per share [abstract] | |
(Loss) / earnings per share calculation | (Loss) / earnings per share calculation The calculation of (loss) / earnings per share is based on the following data: Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 (Adjusted*) (Adjusted*) 000s 000s 000s 000s (Loss) / profit for the period (£5,159 ) £26,634 (£9,184 ) £20,792 Weighted average number of ordinary shares for basic (loss) / earnings per share 160,495 82,008 160,398 79,335 Effect of dilutive potential ordinary shares (share options and warrants) — 649 — 628 Weighted average number of ordinary shares for diluted (loss) / earnings per share 160,495 82,657 160,398 79,963 Basic (loss) / earnings per ordinary share from operations £ (0.03 ) 0.32 (0.06 ) 0.26 Diluted (loss) / earnings per ordinary share from operations £ (0.03 ) 0.32 (0.06 ) 0.26 * See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘ Leases ’’ Basic (loss) / earnings per ordinary share has been calculated by dividing the (loss) / profit for the three and six months ended July 31, 2019 by the weighted average number of shares in issue during the three and six months ended July 31, 2019 . Diluted earnings per ordinary share has been calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. Potentially dilutive ordinary shares represents the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options in-the-money compared with the number of shares that would have been issued assuming the exercise of share options in-the-money. IAS 33 ‘Earnings per Share’ requires the presentation of diluted earnings per share where a company could be called upon to issue shares that would decrease net profit or loss per share. As the Group reported net losses for the three and six months ended July 31, 2019 , the weighted average number of ordinary shares outstanding used to calculate the diluted (loss) / earnings per ordinary share is the same as that used to calculate the basic (loss) / earnings per ordinary share, as the exercise of share options would have the effect of reducing loss per ordinary share which is not dilutive. |
Revenue
Revenue | 6 Months Ended |
Jul. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue | Revenue Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 Analysis of revenue by category £000s £000s £000s £000s Licensing agreements 126 37,958 375 41,586 Research collaboration agreement — — — 246 126 37,958 375 41,832 Eurofarma Laboratórios S.A. On December 21, 2017, Summit announced it had entered into an exclusive license and commercialization agreement with Eurofarma Laboratórios S.A. ('Eurofarma'), pursuant to which the Group granted Eurofarma the exclusive right to commercialize ridinilazole in specified countries in South America, Central America and the Caribbean. The Group has retained commercialization rights in the rest of the world. Under the terms of the license and commercialization agreement with Eurofarma, the Group received an upfront payment of $2.5 million ( £1.9 million ) from Eurofarma in December 2017. The terms of the contract have been assessed under IFRS 15 ' Revenue from contracts with customers' and currently only the upfront payment is included in the transaction price. The upfront payment was initially reported as deferred revenue in the Consolidated Statement of Financial Position and is recognized as revenue over the development period. The Group recognized revenue related to the upfront payment of £0.12 million during the three months ended July 31, 2019 and £0.25 million during the six months ended July 31, 2019 . In addition, the Group will be entitled to receive an additional $3.75 million in development milestones upon the achievement of staged patient enrollment targets in the licensed territory in one of the two planned Phase 3 clinical trials of ridinilazole. The Group is eligible to receive up to $21.5 million in development, commercial and sales milestones when cumulative net sales equal or exceed $100.0 million in the Eurofarma licensed territory. Each subsequent achievement of an additional $100.0 million in cumulative net sales will result in the Group receiving additional milestone payments, which, when combined with anticipated product supply transfer payments from Eurofarma paid to the Group in connection with a commercial supply agreement to be entered into between the two parties, will provide payments estimated to range from a mid-teens to high-teens percentage of cumulative net sales in the Eurofarma licensed territory. The Group estimates such product supply transfer payments from Eurofarma will range from a high single-digit to low double-digit percentage of cumulative net sales in the licensed territory. Sarepta Therapeutics, Inc. On October 4, 2016, Summit announced it had entered into an exclusive license and collaboration agreement with Sarepta Therapeutics, Inc. (‘Sarepta’). In June 2018, the Group announced the discontinuation of the development of ezutromid after its Phase 2 clinical trial called PhaseOut DMD did not meet its primary or secondary endpoints. As part of the license and collaboration agreement with Sarepta, the Group agreed to collaborate with Sarepta on the research and development of the licensed products pursuant to a joint development plan through a joint steering committee comprised of an equal number of representatives from each party. From January 1, 2018, the Group was responsible for 55% of the budgeted research and development costs related to the licensed products, and Sarepta was responsible for 45% of such costs. Any costs in excess of 110% of the budgeted amount were borne by the party that incurred such costs. This development cost share income is recognized as part of licensing agreements revenue as the Group acted as a principal in the scope of the research and development activities of the agreement. The Group recognized cost share income for both wind-down activities in relation to PhaseOut DMD and next and future generation utrophin modulation development activities of £ nil during the three months ended July 31, 2019 and £0.13 million during the six months ended July 31, 2019 . Effective as of August 2019, the agreement with Sarepta has been terminated with no material ongoing obligations for either party. |
Other operating income
Other operating income | 6 Months Ended |
Jul. 31, 2019 | |
Analysis of income and expense [abstract] | |
Other operating income | Other operating income Analysis of other operating income by Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 category £000s £000s £000s £000s Income recognized in respect of BARDA 3,489 2,022 8,108 5,305 Grant income 149 201 396 304 Research and development credit 497 (65 ) 502 — Income on release of the US not for profit organizations financial liability — 539 — 539 Other income — 2 — 6 4,135 2,699 9,006 6,154 BARDA In September 2017, the Group was awarded a funding contract from the Biomedical Advanced Research and Development Authority ('BARDA'), an agency of the US government's Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response, to fund a specified portion of the clinical and regulatory development activities of ridinilazole for the treatment of C. difficile infections ('CDI'). Under the terms of this contract, the Group was initially eligible to receive base period funding of $32 million . In addition, the contract includes three option work segments that, if exercised in full by BARDA, would increase the total federal government funding under the contract to approximately $62 million . In August 2018, BARDA exercised one of the option work segments worth $12 million . In June 2019, BARDA increased the total value of the funding contract to up to $63.7 million ; at this time, BARDA also exercised a second of the option work segments worth $9.6 million to bring the total amount of committed BARDA funding to $53.6 million . The remaining federal government funding is dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Group of certain agreed-upon milestones for ridinilazole. During the three months ended July 31, 2019 , the Group recognized funding income from BARDA of £3.5 million for the CDI program (three months ended July 31, 2018 : £2.0 million ). During the six months ended July 31, 2019 , the Group recognized funding income from BARDA of £8.1 million for the CDI program ( six months ended July 31, 2018 : £5.3 million ). CARB-X In July 2018, the Group was granted a sub-award of up to $4.5 million from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program, or CARB-X. Under the CARB-X award, the Group received an initial $2.0 million in funding from CARB-X in July 2018 that, in part, helped fund the selection of a preclinical candidate from the Group's lead gonorrhea series of clinical candidates. The remaining $2.5 million is split into two option segments, which may be exercised by CARB-X upon the achievement of certain development milestones. If exercised in full, this funding could support the development of the selected gonorrhea candidate through the end of a Phase 1 clinical trial. During the three months ended July 31, 2019 , the Group recognized grant income from CARB-X of £0.1 million (three months ended July 31, 2018 : £0.1 million ). During the six months ended July 31, 2019 , the Group recognized grant income from CARB-X of £0.4 million ( six months ended July 31, 2018 : £0.1 million ). |
Financial instruments
Financial instruments | 6 Months Ended |
Jul. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments The Group’s activities expose it to a variety of financial risks: foreign currency risk; interest rate risk; credit risk; and liquidity risk. The condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements. They should be read in conjunction with the Group’s annual financial statements as of January 31, 2019 . There have been no changes in any risk management policies since the year end. |
Segmental reporting
Segmental reporting | 6 Months Ended |
Jul. 31, 2019 | |
Operating Segments [Abstract] | |
Segmental reporting | Segmental reporting The Group’s activities are covered by one operating and reporting segment: Drug Development, as detailed more fully in the annual consolidated financial statements as of and for the year ended January 31, 2019 . There have been no changes to management’s assessment of the operating and reporting segments of the Group during the period. |
Income tax
Income tax | 6 Months Ended |
Jul. 31, 2019 | |
Income Taxes [Abstract] | |
Income tax | Income tax Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Current period research and development tax credit on qualifying expenditure 1,093 (1,036 ) 1,798 — Tax (expense) / credit related to the US operations (63 ) (20 ) 43 (110 ) Total current tax 1,030 (1,056 ) 1,841 (110 ) Release of temporary difference relating to intangible asset 32 565 63 565 Total deferred tax 32 565 63 565 Total tax credit / (expense) for the period 1,062 (491 ) 1,904 455 The research and development tax credit is recognized based on management’s estimate of the qualifying expenditure relating to research and development activities carried out by the Group. The UK operations have estimated losses for the year and as such there is no accrued income tax for the period. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Group has two leases relating to its UK leased properties in Oxford and Cambridge that are within the scope of IFRS 16. A summary of these leases is as follows: • In February 2017, the Group entered into a 10 -year lease agreement for its office premises in Oxford, UK. The lease contains a break clause with the option to terminate the lease on the fifth anniversary of the agreement. The Group does not factor in the period covered by the break clause when accounting for this lease. • In December 2017, the Group entered into a 4 -year lease agreement for its office and lab premises in Cambridge, UK. The lease contains a break clause with the option to terminate the lease on the second anniversary of the agreement. The Group factors in the period covered by the break clause when accounting for this lease, as the break clause notice period has now passed and was not exercised by the Group. The adoption of IFRS 16 resulted in the recognition of lease liabilities and right-of-use assets. The carrying value of the right-of-use assets included within property, plant and equipment as at July 31, 2019 is £0.9 million ( January 31, 2019 : £1.0 million ; January 31, 2018 : £1.4 million ). The following table summarizes the future minimum lease payments under the Group's lease liabilities: July 31, 2019 January 31, 2019 January 31, 2018 Maturity of lease liabilities £000s £000s £000s Fiscal year ended January 31, 2019 N/A N/A 323 2020 (remaining 6 months as at July 31, 2019) 179 358 358 2021 358 358 358 2022 294 294 294 2023 55 55 55 Total minimum lease payments 886 1,065 1,388 Less: imputed interest (42 ) (60 ) (102 ) Total lease liabilities 844 1,005 1,286 Liabilities Current lease liabilities 358 358 324 Non-current lease liabilities 486 647 962 844 1,005 1,286 The weighted average remaining lease term is 2.5 years ( January 31, 2019 : 3.0 years, January 31, 2018 : 4.0 years). The weighted average discount rate is 3.75% ( January 31, 2019 : 3.75% , January 31, 2018 : 3.75% ). 9 . Leases (continued) The following table contains a summary of the lease costs recognized under IFRS 16 and other information pertaining to the Group’s leases for the three and six months ended July 31, 2019 : Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Lease cost Depreciation 88 87 175 174 Interest expense 9 11 18 23 Total lease cost 97 98 193 197 Other information Lease payments 90 75 179 159 For details of the Group's transition to IFRS 16 see Note 1 ‘ Basis of Accounting - Adoption of IFRS 16 ‘ Leases. ’’ |
Provisions and contingencies
Provisions and contingencies | 6 Months Ended |
Jul. 31, 2019 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions and contingencies | Provisions and contingencies Provisions Assumed contingent liabilities Dilapidations Royalties Total £000s £000s £000s £000s At February 1, 2019 1,657 150 44 1,851 Unwinding of the discount factor 105 — 1 106 At July 31, 2019 1,762 150 45 1,957 Assumed contingent liabilities Dilapidations Royalties Total £000s £000s £000s £000s At February 1, 2018 1,466 150 25 1,641 Additions — — 19 19 Unwinding of the discount factor 191 — — 191 At January 31, 2019 1,657 150 44 1,851 Assumed contingent liability On December 23, 2017, the Group acquired Discuva Limited ('Discuva'). As part of the acquisition, the Group assumed certain contingent liabilities as certain employees, former employees and former directors of Discuva are eligible for payments from Discuva based on specified development and clinical milestones related to proprietary product candidates developed under the Discuva platform. The timing of these potential payments is uncertain. On the date of acquisition, the fair value of the assumed contingent liability was estimated using the expected value of the payments. The assumed contingent liabilities are subsequently measured at amortized cost using discounted cash flow models which calculate the risk adjusted net present values of estimated potential future cash flows of the payments. The assumed contingent liabilities are re-measured when there is a specific significant event that provides evidence of a significant change in the probability of successful development and clinical milestones being achieved. The models will be updated for changes in the probability of successful development and clinical milestones being achieved and other associated assumptions with the discount factor to remain unchanged within the model. A discount factor of 13% has been used to discount the contingent liabilities back to net present value. This discount factor has been calculated using appropriate measures and rates which could have been obtained in the period that the contingent liabilities were assumed. The value of the assumed contingent liability as at July 31, 2019 is £1.8 million ( January 31, 2019 : £1.7 million ). The contingent liability has not been re-measured during the period. 10 . Provisions and contingencies (continued) Contingencies In addition to those items provided for above, the Group also has the following contingencies: University College London (novated from The School of Pharmacy, University of London) The Group has agreed to pay the University College London a low single-digit share of all revenue, pre and post commercialization, received by the Group in respect of ridinilazole up to a maximum of £1.0 million in consideration of their role in the development of the initial compound series from which ridinilazole was later identified. Following the license and commercialization agreement entered into with Eurofarma Laboratórios S.A. ('Eurofarma'), an initial payment was made to The School of Pharmacy of £0.04 million . Wellcome Trust The provision in respect of royalties relates to the amounts due to the Wellcome Trust. Under the terms of the funding arrangement entered into in October 2017, the Wellcome Trust is entitled to a share of the cumulative net revenue that the Group or its affiliates receive from exploiting the exploitation intellectual property rights or award products. If Summit undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a low-single digit percentage share of net revenues. If a third-party undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a mid-single digit percentage share of net revenues received by Summit from sales by the third-party and a milestone payment of a low-single digit percentage of any cumulative pre-commercial payments received by Summit from third-party licensees. In both instances outlined above the Group would also be obligated to pay the Wellcome Trust a milestone of a specified amount if cumulative net revenue exceeds a specified amount. Following the license and commercialization agreement entered into with Eurofarma, an initial payment became due to the Wellcome Trust upon commercialization of ridinilazole which has been provided for by the Group as at the period end date. |
Share option scheme and Restric
Share option scheme and Restricted Stock Units | 6 Months Ended |
Jul. 31, 2019 | |
Employee Benefits [Abstract] | |
Share option scheme and Restricted Stock Units | Share option scheme and Restricted Stock Units The movement in the number of share options is set out below: Weighted average exercise price £ Six months ended July 31, 2019 Weighted average exercise price £ Six months ended July 31, 2018 Outstanding at February 1 0.35 9,168,396 1.43 8,577,236 Granted during the period 0.28 11,396,000 2.05 3,481,048 Exercised during the period — — 1.08 (92,047 ) Lapsed / surrendered during the period 0.93 (516,221 ) 1.5 (3,206,987 ) Number of outstanding options 0.29 20,048,175 1.65 8,759,250 The movement in the number of restricted stock units (‘RSUs’) granted in the form of a nominal-cost option is set out below: Weighted average exercise price £ Six months ended July 31, 2019 Weighted average exercise price £ Six months ended July 31, 2018 Outstanding at February 1 0.01 814,256 0.01 275,877 Granted during the period — — 0.01 121,950 Exercised during the period 0.01 (104,877 ) 0.01 (136,991 ) Number of outstanding options 0.01 709,379 0.01 260,836 The share-based payment expense for the three months ended July 31, 2019 was £ 0.2 million (three months ended July 31, 2018 : £ 0.6 million ) and for the six months ended July 31, 2019 was £ 0.3 million ( six months ended July 31, 2018 : £ 1.2 million ) which has been allocated to the Research and development and General and administration expenses lines of the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income as follows: Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Research and development 90 143 151 278 General and administration 113 475 180 885 203 618 331 1,163 |
Share capital
Share capital | 6 Months Ended |
Jul. 31, 2019 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital | Share capital On April 23, 2019 , 104,877 ordinary shares were issued following the exercise of RSUs. This exercise of RSUs raised net proceeds of £1,049 . The new ordinary shares issued in connection with the RSUs exercised rank pari passu with existing ordinary shares. As of July 31, 2019 , the number of ordinary shares in issue was 160,494,758 . |
Related-party transactions
Related-party transactions | 6 Months Ended |
Jul. 31, 2019 | |
Related Party [Abstract] | |
Related-party transactions | Related-party transactions The aggregate emoluments of the Directors of the Company are shown below. Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Aggregate emoluments 120 177 279 329 Pension contributions 8 5 12 10 128 182 291 339 The aggregate emoluments of the Directors of the Company and key management are shown below. Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Aggregate emoluments 265 339 570 650 Pension contributions 24 15 35 28 289 354 605 678 There were no other related party transactions during the three and six months ended July 31, 2019 ( three and six months ended July 31, 2018 : £ nil ). |
Basis of Accounting (Policies)
Basis of Accounting (Policies) | 6 Months Ended |
Jul. 31, 2019 | |
Basis Of Presentation [Abstract] | |
Basis of preparation | The unaudited condensed consolidated interim financial statements of Summit Therapeutics plc ('Summit') and its subsidiaries (together, the 'Group') for the three and six months ended July 31, 2019 have been prepared in accordance with IAS 34 'Interim Financial Reporting' , other International Financial Reporting Standards ('IFRS') and International Financial Reporting Interpretations Committee (‘IFRIC’) interpretations as issued by the International Accounting Standards Board and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS including those applicable to accounting periods ending January 31, 2020 and the accounting policies set out in Summit’s consolidated financial statements. There have been no changes to the accounting policies as contained in the annual consolidated financial statements as of and for the year ended January 31, 2019 other than as described below. During the year ended January 31, 2019, the Group re-assessed the allocation of certain staff related expenses, amounts totaling £0.4 million during the three months ended July 31, 2018 and £0.7 million during the six months ended July 31, 2018, previously reported as general and administration expenses. These are now presented as research and development expenses. These condensed consolidated interim financial statements do not include all information required for full statutory accounts within the meaning of section 434 of Companies Act 2006 and should be read in conjunction with the consolidated financial statements of the Group as at January 31, 2019 (the ‘2019 Accounts’). The 2019 Accounts, on which the Company’s auditors delivered an unqualified audit report, are available on the Group's website at www.summitplc.com and were delivered to the Registrar of Companies following the 2019 Annual General Meeting. The auditor’s report did not contain any statement under section 498 of the Companies Act 2006 but did contain a statement from the auditors drawing the shareholders’ attention to the Group’s need to raise additional capital as noted below. These unaudited condensed consolidated interim financial statements were authorized for issue by the Board of Directors on October 11, 2019. |
Going concern | The interim financial statements have been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole and anticipated payments from CARB-X under its contract for the development of its gonorrhea antibiotic candidate are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through to at least January 31, 2020. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States and the United Kingdom. The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following: equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. Whilst the Group believes that funds would be available in this manner before the end of January 2020, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. Management has identified specific mitigating actions which it would be required to take in the near future should the Group be unable to raise additional funding, including, amongst others, a slow-down of its ongoing Phase 3 clinical trials and suspending its Discuva Platform activities and associated research programs. Should the Group be required to take these steps, it is currently expected that its current and anticipated cash and cash equivalents would be sufficient through to at least October 31, 2020 . The failure of the Group to obtain sufficient funds on acceptable terms when needed would therefore have a material adverse effect on the Group’s business, results of operations and financial condition. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern. The interim financial statements do not contain any adjustments that might result if the Group was unable to continue as a going concern. |
Leases | At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognizes a right-of-use asset within property, plant and equipment and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option and periods covered by an option to terminate if it is reasonably certain not to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future contractual lease payments or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. |
Basis of Accounting (Tables)
Basis of Accounting (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Basis Of Presentation [Abstract] | |
Disclosure of changes in accounting policy | The impact of the change in accounting policy to IFRS 16 discussed above on the comparatives to the unaudited condensed consolidated interim financial statements is disclosed in the following tables. Impact on the Unaudited Condensed Consolidated Interim Original Adjusted Statement of Financial Position £000s £000s £000s Non-current assets Property, plant and equipment 616 1,540 924 Current assets Trade and other receivables 13,547 13,491 (56 ) Non-current liabilities Lease liabilities — (647 ) (647 ) Current liabilities Trade and other payables (8,865 ) (8,733 ) 132 Lease liabilities — (358 ) (358 ) Equity Accumulated losses reserve (76,092 ) (76,097 ) (5 ) Impact on the Unaudited Condensed Consolidated Interim Original Adjusted Statement of Financial Position £000s £000s £000s Non-current assets Property, plant and equipment 809 2,067 1,258 Current assets Trade and other receivables 11,134 11,087 (47 ) Non-current liabilities Lease liabilities — (962 ) (962 ) Current liabilities Trade and other payables (8,932 ) (8,825 ) 107 Lease liabilities — (324 ) (324 ) Equity Accumulated losses reserve (93,957 ) (93,925 ) 32 Impact on the Unaudited Condensed Consolidated Interim Original Three months ended July 31, 2018 Adjusted Three months ended July 31, 2018 Impact Statement of Comprehensive Income £000s £000s £000s Operating expenses Research and development (9,846 ) (9,854 ) (8 ) General and administration (2,330 ) (2,327 ) 3 Operating profit 24,495 24,490 (5 ) Finance costs (140 ) (150 ) (10 ) Profit for the period 26,649 26,634 (15 ) 1 . Basis of Accounting (continued) Impact on the Unaudited Condensed Consolidated Interim Original Adjusted Statement of Comprehensive Income £000s £000s £000s Operating expenses Research and development (21,438 ) (21,444 ) (6 ) General and administration (4,661 ) (4,655 ) 6 Operating profit 17,901 17,901 — Finance costs (328 ) (350 ) (22 ) Profit for the period 20,814 20,792 (22 ) Impact on the Unaudited Condensed Consolidated Interim Original Six months ended July 31, 2018 Adjusted Six months ended July 31, 2018 Impact Statement of Cash Flows £000s £000s £000s Profit before income tax 20,359 20,337 (22 ) Adjusted for: Finance costs 328 350 22 Depreciation 157 324 167 Increase in trade and other receivables (336 ) (327 ) 9 Increase in trade and other payables (2,361 ) (2,378 ) (17 ) Financing activities Repayment of lease liabilities — (159 ) (159 ) Impact on net cash flows — |
(Loss) _ earnings per share c_2
(Loss) / earnings per share calculation (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Earnings per share [abstract] | |
(Loss) / earnings per share calculation | The calculation of (loss) / earnings per share is based on the following data: Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 (Adjusted*) (Adjusted*) 000s 000s 000s 000s (Loss) / profit for the period (£5,159 ) £26,634 (£9,184 ) £20,792 Weighted average number of ordinary shares for basic (loss) / earnings per share 160,495 82,008 160,398 79,335 Effect of dilutive potential ordinary shares (share options and warrants) — 649 — 628 Weighted average number of ordinary shares for diluted (loss) / earnings per share 160,495 82,657 160,398 79,963 Basic (loss) / earnings per ordinary share from operations £ (0.03 ) 0.32 (0.06 ) 0.26 Diluted (loss) / earnings per ordinary share from operations £ (0.03 ) 0.32 (0.06 ) 0.26 * See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘ Leases ’’ |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Disclosure of detailed information about revenue | Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 Analysis of revenue by category £000s £000s £000s £000s Licensing agreements 126 37,958 375 41,586 Research collaboration agreement — — — 246 126 37,958 375 41,832 |
Other operating income (Tables)
Other operating income (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Analysis of income and expense [abstract] | |
Other operating income | Analysis of other operating income by Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 category £000s £000s £000s £000s Income recognized in respect of BARDA 3,489 2,022 8,108 5,305 Grant income 149 201 396 304 Research and development credit 497 (65 ) 502 — Income on release of the US not for profit organizations financial liability — 539 — 539 Other income — 2 — 6 4,135 2,699 9,006 6,154 |
Income tax (Tables)
Income tax (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Income Taxes [Abstract] | |
Major components of income tax credit (expense) | Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Current period research and development tax credit on qualifying expenditure 1,093 (1,036 ) 1,798 — Tax (expense) / credit related to the US operations (63 ) (20 ) 43 (110 ) Total current tax 1,030 (1,056 ) 1,841 (110 ) Release of temporary difference relating to intangible asset 32 565 63 565 Total deferred tax 32 565 63 565 Total tax credit / (expense) for the period 1,062 (491 ) 1,904 455 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Schedule of operating lease maturity | The following table summarizes the future minimum lease payments under the Group's lease liabilities: July 31, 2019 January 31, 2019 January 31, 2018 Maturity of lease liabilities £000s £000s £000s Fiscal year ended January 31, 2019 N/A N/A 323 2020 (remaining 6 months as at July 31, 2019) 179 358 358 2021 358 358 358 2022 294 294 294 2023 55 55 55 Total minimum lease payments 886 1,065 1,388 Less: imputed interest (42 ) (60 ) (102 ) Total lease liabilities 844 1,005 1,286 Liabilities Current lease liabilities 358 358 324 Non-current lease liabilities 486 647 962 844 1,005 1,286 |
Schedule of lease costs and other information | The following table contains a summary of the lease costs recognized under IFRS 16 and other information pertaining to the Group’s leases for the three and six months ended July 31, 2019 : Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Lease cost Depreciation 88 87 175 174 Interest expense 9 11 18 23 Total lease cost 97 98 193 197 Other information Lease payments 90 75 179 159 |
Provisions and contingencies (T
Provisions and contingencies (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Disclosure of contingent liabilities | Provisions Assumed contingent liabilities Dilapidations Royalties Total £000s £000s £000s £000s At February 1, 2019 1,657 150 44 1,851 Unwinding of the discount factor 105 — 1 106 At July 31, 2019 1,762 150 45 1,957 Assumed contingent liabilities Dilapidations Royalties Total £000s £000s £000s £000s At February 1, 2018 1,466 150 25 1,641 Additions — — 19 19 Unwinding of the discount factor 191 — — 191 At January 31, 2019 1,657 150 44 1,851 |
Share option scheme and Restr_2
Share option scheme and Restricted Stock Units (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Employee Benefits [Abstract] | |
Movement in share options and Restricted Stock Units | The movement in the number of share options is set out below: Weighted average exercise price £ Six months ended July 31, 2019 Weighted average exercise price £ Six months ended July 31, 2018 Outstanding at February 1 0.35 9,168,396 1.43 8,577,236 Granted during the period 0.28 11,396,000 2.05 3,481,048 Exercised during the period — — 1.08 (92,047 ) Lapsed / surrendered during the period 0.93 (516,221 ) 1.5 (3,206,987 ) Number of outstanding options 0.29 20,048,175 1.65 8,759,250 The movement in the number of restricted stock units (‘RSUs’) granted in the form of a nominal-cost option is set out below: Weighted average exercise price £ Six months ended July 31, 2019 Weighted average exercise price £ Six months ended July 31, 2018 Outstanding at February 1 0.01 814,256 0.01 275,877 Granted during the period — — 0.01 121,950 Exercised during the period 0.01 (104,877 ) 0.01 (136,991 ) Number of outstanding options 0.01 709,379 0.01 260,836 |
Disclosure of share-based payment expense | The share-based payment expense for the three months ended July 31, 2019 was £ 0.2 million (three months ended July 31, 2018 : £ 0.6 million ) and for the six months ended July 31, 2019 was £ 0.3 million ( six months ended July 31, 2018 : £ 1.2 million ) which has been allocated to the Research and development and General and administration expenses lines of the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income as follows: Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Research and development 90 143 151 278 General and administration 113 475 180 885 203 618 331 1,163 |
Related-party transactions (Tab
Related-party transactions (Tables) | 6 Months Ended |
Jul. 31, 2019 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The aggregate emoluments of the Directors of the Company are shown below. Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Aggregate emoluments 120 177 279 329 Pension contributions 8 5 12 10 128 182 291 339 The aggregate emoluments of the Directors of the Company and key management are shown below. Three months ended July 31, 2019 Three months ended July 31, 2018 Six months ended July 31, 2019 Six months ended July 31, 2018 £000s £000s £000s £000s Aggregate emoluments 265 339 570 650 Pension contributions 24 15 35 28 289 354 605 678 |
Basis of Accounting - Narrative
Basis of Accounting - Narrative (Details) - GBP (£) £ in Millions | 3 Months Ended | 6 Months Ended |
Jul. 31, 2018 | Jul. 31, 2018 | |
General and administrative expenses | Previously stated | ||
Disclosure of changes in accounting estimates [line items] | ||
Employee benefits expense | £ 0.4 | £ 0.7 |
Research and development expenses | ||
Disclosure of changes in accounting estimates [line items] | ||
Employee benefits expense | £ 0.4 | £ 0.7 |
Basis of Accounting - Disclosur
Basis of Accounting - Disclosure of changes in accounting policy (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |||||
Non-current assets | ||||||||||
Property, plant and equipment | £ 1,365 | £ 1,365 | £ 1,540 | [1] | £ 2,067 | [1] | ||||
Current assets | ||||||||||
Trade and other receivables | 10,679 | 10,679 | 13,491 | [1] | 11,087 | [1] | ||||
Non-current liabilities | ||||||||||
Lease liabilities | (486) | (486) | (647) | [1] | (962) | [1] | ||||
Current liabilities | ||||||||||
Trade and other payables | (6,496) | (6,496) | (8,733) | [1] | (8,825) | [1] | ||||
Lease liabilities | (358) | (358) | (358) | [1] | (324) | [1] | ||||
Equity | ||||||||||
Accumulated losses reserve | (84,894) | (84,894) | (76,097) | [1] | (93,925) | [1] | ||||
Operating expenses | ||||||||||
Research and development | (9,216) | £ (9,854) | [2] | (17,489) | £ (21,444) | [3] | ||||
General and administration | (1,204) | (2,327) | [2] | (2,859) | (4,655) | [3] | ||||
Operating profit | (6,159) | 24,490 | [2] | (10,967) | 17,901 | [2],[3] | ||||
Finance costs | (62) | (150) | [2] | (123) | (350) | [3] | ||||
Profit for the period | (5,159) | 26,634 | [2] | (9,184) | 20,792 | [3],[4] | ||||
Statement of Cash Flows | ||||||||||
Profit before income tax | (6,221) | 27,125 | [2] | (11,088) | 20,337 | [3],[5] | ||||
Adjusted for: | ||||||||||
Finance costs | 123 | 350 | [5] | |||||||
Depreciation | 284 | 324 | [5] | |||||||
Increase in trade and other receivables | 2,930 | (327) | [5] | |||||||
Increase in trade and other payables | (2,482) | (2,378) | [5] | |||||||
Financing activities | ||||||||||
Repayment of lease liabilities | £ (90) | (75) | £ (179) | (159) | [5] | |||||
Previously stated | ||||||||||
Non-current assets | ||||||||||
Property, plant and equipment | 616 | 809 | ||||||||
Current assets | ||||||||||
Trade and other receivables | 13,547 | 11,134 | ||||||||
Non-current liabilities | ||||||||||
Lease liabilities | 0 | 0 | ||||||||
Current liabilities | ||||||||||
Trade and other payables | (8,865) | (8,932) | ||||||||
Lease liabilities | 0 | 0 | ||||||||
Equity | ||||||||||
Accumulated losses reserve | (76,092) | (93,957) | ||||||||
Operating expenses | ||||||||||
Research and development | (9,846) | (21,438) | ||||||||
General and administration | (2,330) | (4,661) | ||||||||
Operating profit | 24,495 | 17,901 | ||||||||
Finance costs | (140) | (328) | ||||||||
Profit for the period | 26,649 | 20,814 | ||||||||
Statement of Cash Flows | ||||||||||
Profit before income tax | 20,359 | |||||||||
Adjusted for: | ||||||||||
Finance costs | 328 | |||||||||
Depreciation | 157 | |||||||||
Increase in trade and other receivables | (336) | |||||||||
Increase in trade and other payables | (2,361) | |||||||||
Financing activities | ||||||||||
Repayment of lease liabilities | 0 | |||||||||
Adjusted | ||||||||||
Non-current assets | ||||||||||
Property, plant and equipment | 924 | 1,258 | ||||||||
Current assets | ||||||||||
Trade and other receivables | (56) | (47) | ||||||||
Non-current liabilities | ||||||||||
Lease liabilities | (647) | (962) | ||||||||
Current liabilities | ||||||||||
Trade and other payables | 132 | 107 | ||||||||
Lease liabilities | (358) | (324) | ||||||||
Equity | ||||||||||
Accumulated losses reserve | £ (5) | £ 32 | ||||||||
Operating expenses | ||||||||||
Research and development | (8) | (6) | ||||||||
General and administration | 3 | 6 | ||||||||
Operating profit | (5) | 0 | ||||||||
Finance costs | (10) | (22) | ||||||||
Profit for the period | £ (15) | (22) | ||||||||
Statement of Cash Flows | ||||||||||
Profit before income tax | (22) | |||||||||
Adjusted for: | ||||||||||
Finance costs | 22 | |||||||||
Depreciation | 167 | |||||||||
Increase in trade and other receivables | 9 | |||||||||
Increase in trade and other payables | (17) | |||||||||
Financing activities | ||||||||||
Repayment of lease liabilities | (159) | |||||||||
Impact on net cash flows | £ 0 | |||||||||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||
[3] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||
[4] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||
[5] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’ |
(Loss) _ earnings per share c_3
(Loss) / earnings per share calculation (Details) - GBP (£) £ / shares in Units, £ in Thousands, shares in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |||
Earnings per share [abstract] | ||||||
(Loss) / profit for the period | £ (5,159) | £ 26,634 | [1] | £ (9,184) | £ 20,792 | [2],[3] |
Weighted average number of ordinary shares for basic (loss) / earnings per share (in shares) | 160,495 | 82,008 | 160,398 | 79,335 | ||
Effect of dilutive potential ordinary shares (share options and warrants) (in shares) | 0 | 649 | 0 | 628 | ||
Weighted average number of ordinary shares for diluted (loss) / earnings per share (in shares) | 160,495 | 82,657 | 160,398 | 79,963 | ||
Basic (loss) / earnings per ordinary share from operations (in GBP per share) | £ (0.03) | £ 0.32 | £ (0.06) | £ 0.26 | ||
Diluted (loss) / earnings per ordinary share from operations (in GBP per share) | £ (0.03) | £ 0.32 | £ (0.06) | £ 0.26 | ||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[3] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Revenue - Analysis of revenue b
Revenue - Analysis of revenue by category (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue | £ 126 | £ 37,958 | [1] | £ 375 | £ 41,832 | [2] |
Licensing agreements | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue | 126 | 37,958 | 375 | 41,586 | ||
Research collaboration agreement | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue | £ 0 | £ 0 | £ 0 | £ 246 | ||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Thousands | Jan. 01, 2018 | Jul. 31, 2019GBP (£) | Jul. 31, 2018GBP (£) | Jul. 31, 2019GBP (£) | Jul. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 21, 2017USD ($) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Revenue | £ | £ 126,000 | £ 37,958,000 | [1] | £ 375,000 | £ 41,832,000 | [2] | ||||
Eurofarma Revenue Agreement | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Deferred revenue | $ 2,500 | £ 1,900,000 | ||||||||
Eurofarma Revenue Agreement | Specified Development Milestones | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Specified milestone payments | $ | $ 3,750 | |||||||||
Eurofarma Revenue Agreement | Other Milestones | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Specified milestone payments | $ | 21,500 | |||||||||
Specified milestone payments, maximum cumulative net sales benchmark | $ | 100,000 | |||||||||
Specified milestone payments, cumulative net sales incremental benchmark | $ | $ 100,000 | |||||||||
Sarepta Revenue Agreement | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Research and development costs percentage, entity responsibility | 55.00% | |||||||||
Research and development costs percentage, third party responsibility | 45.00% | |||||||||
Research and development costs, minimum percentage of budgeted amount | 110.00% | |||||||||
Licensing agreements | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Revenue | £ | 126,000 | £ 37,958,000 | 375,000 | £ 41,586,000 | ||||||
Licensing agreements | Eurofarma Revenue Agreement | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Revenue | £ | 120,000 | 250,000 | ||||||||
Licensing agreements | Sarepta Revenue Agreement | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Revenue | £ | £ 0 | £ 130,000 | ||||||||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Other operating income - Analys
Other operating income - Analysis of other operating income (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |||
Disclosure of operating segments [line items] | ||||||
Research and development credit | £ 497 | £ (65) | £ 502 | £ 0 | ||
Income on release of the US not for profit organizations financial liability | 0 | 539 | 0 | 539 | ||
Other income | 0 | 2 | 0 | 6 | ||
Other operating income | 4,135 | 2,699 | [1] | 9,006 | 6,154 | [2] |
BARDA | ||||||
Disclosure of operating segments [line items] | ||||||
Grant income | 3,489 | 2,022 | 8,108 | 5,305 | ||
CARB-X and Innovate | ||||||
Disclosure of operating segments [line items] | ||||||
Grant income | £ 149 | £ 201 | £ 396 | £ 304 | ||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Other operating income - Narrat
Other operating income - Narrative (Details) £ in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2018USD ($)phase | Sep. 30, 2017USD ($)phase | Jul. 31, 2019GBP (£) | Jul. 31, 2018GBP (£) | Jul. 31, 2019GBP (£) | Jul. 31, 2018GBP (£) | Jun. 30, 2019USD ($) | Aug. 31, 2018USD ($) | |
Disclosure of operating segments [line items] | ||||||||
Income recognized in respect of BARDA | £ | £ 3,500 | £ 2,000 | £ 8,100 | £ 5,300 | ||||
BARDA | ||||||||
Disclosure of operating segments [line items] | ||||||||
Cost sharing arrangement, initial portion | $ 32 | |||||||
Number of phases included in contract | phase | 3 | |||||||
Cost sharing arrangement, additional portion | $ 9.6 | $ 12 | ||||||
Cost sharing arrangement, total committed amount | 53.6 | |||||||
Grant income recognized from CARB-X | £ | 3,489 | 2,022 | 8,108 | 5,305 | ||||
BARDA | Top of range | ||||||||
Disclosure of operating segments [line items] | ||||||||
Cost sharing arrangement, contractual amount | $ 62 | $ 63.7 | ||||||
CARB-X | ||||||||
Disclosure of operating segments [line items] | ||||||||
Number of phases included in contract | phase | 2 | |||||||
Cost sharing arrangement, contractual amount | $ 4.5 | |||||||
Cost sharing arrangement, total committed amount | 2.5 | |||||||
Grant income received | $ 2 | |||||||
Grant income recognized from CARB-X | £ | £ 100 | £ 100 | £ 400 | £ 100 |
Segmental reporting (Details)
Segmental reporting (Details) | Jul. 31, 2019segment |
Operating Segments [Abstract] | |
Number of reportable segments | 1 |
Income tax (Details)
Income tax (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |||
Income Taxes [Abstract] | ||||||
Current period research and development tax credit on qualifying expenditure | £ 1,093 | £ (1,036) | £ 1,798 | £ 0 | ||
Tax (expense) / credit related to the US operations | (63) | (20) | 43 | (110) | ||
Total current tax | 1,030 | (1,056) | 1,841 | (110) | ||
Release of temporary difference relating to intangible asset | 32 | 565 | 63 | 565 | ||
Total deferred tax | 32 | 565 | 63 | 565 | ||
Total tax credit / (expense) for the period | £ 1,062 | £ (491) | [1] | £ 1,904 | £ 455 | [2] |
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ | |||||
[2] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Leases - Narrative (Details)
Leases - Narrative (Details) £ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2017 | Jul. 31, 2019GBP (£)contract | Jan. 31, 2019GBP (£) | Jan. 31, 2018GBP (£) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Number of operating leases | contract | 2 | ||||
Right-of-use assets | £ | £ 0.9 | £ 1 | £ 1.4 | ||
Weighted average remaining lease term (in years) | 2 years 6 months | 3 years | 4 years | ||
Weighted average discount rate | 3.75% | 3.75% | 3.75% | ||
Oxford, United Kingdom | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Lease term (in years) | 10 years | ||||
Cambridge, United Kingdom | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Lease term (in years) | 4 years |
Leases - Future minimum lease p
Leases - Future minimum lease payments under operating lease liabilities (Details) - GBP (£) £ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | ||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | £ 886 | £ 1,065 | £ 1,388 | ||
Less: imputed interest | (42) | (60) | (102) | ||
Total lease liabilities | 844 | 1,005 | 1,286 | ||
Current lease liabilities | 358 | 358 | [1] | 324 | [1] |
Non-current lease liabilities | 486 | 647 | [1] | 962 | [1] |
Not later than six months | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | 179 | ||||
Not later than one year | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | 358 | 323 | |||
Later than one year and not later than two years | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | 358 | 358 | 358 | ||
Later than two years and not later than three years | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | 294 | 294 | 358 | ||
Later than three years and not later than four years | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | £ 55 | £ 55 | 294 | ||
Later than four years and not later than five years | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum lease payments under the Group's operating lease liabilities | £ 55 | ||||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Leases - Lease cost and other i
Leases - Lease cost and other information (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | ||
Lease cost | |||||
Depreciation | £ 88 | £ 87 | £ 175 | £ 174 | |
Interest expense | 9 | 11 | 18 | 23 | |
Total lease cost | 97 | 98 | 193 | 197 | |
Other information | |||||
Lease payments | £ 90 | £ 75 | £ 179 | £ 159 | [1] |
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’ |
Provisions and contingencies -
Provisions and contingencies - Disclosure of contingent liabilities (Details) - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Jan. 31, 2019 | |||
Disclosure of contingent liabilities [line items] | ||||
Beginning balance | [1] | £ 1,851 | £ 1,641 | |
Additions | 19 | |||
Unwinding of the discount factor | 106 | 191 | ||
Ending balance | 1,957 | 1,851 | [1] | |
Assumed contingent liabilities | ||||
Disclosure of contingent liabilities [line items] | ||||
Beginning balance | 1,657 | 1,466 | ||
Additions | 0 | |||
Unwinding of the discount factor | 105 | 191 | ||
Ending balance | 1,762 | 1,657 | ||
Dilapidations | ||||
Disclosure of contingent liabilities [line items] | ||||
Beginning balance | 150 | 150 | ||
Additions | 0 | |||
Unwinding of the discount factor | 0 | 0 | ||
Ending balance | 150 | 150 | ||
Royalties | ||||
Disclosure of contingent liabilities [line items] | ||||
Beginning balance | 44 | 25 | ||
Additions | 19 | |||
Unwinding of the discount factor | 1 | 0 | ||
Ending balance | £ 45 | £ 44 | ||
[1] | See Note 1 - ‘Basis of Accounting - Adoption of IFRS 16 ‘Leases’’ |
Provisions and contingencies _2
Provisions and contingencies - Narrative (Details) - GBP (£) £ in Thousands | Jul. 31, 2019 | Jan. 31, 2019 |
The School of Pharmacy, University of London | ||
Disclosure of other provisions [line items] | ||
Financial liabilities | £ 1,000 | |
Financial liabilities, initial payment | £ 40 | |
Discuva Limited | ||
Disclosure of other provisions [line items] | ||
Contingent liabilities, discount factor | 13.00% | |
Contingent liabilities recognised as of acquisition date | £ 1,800 | £ 1,700 |
Share option scheme and Restr_3
Share option scheme and Restricted Stock Units - Movement in share options and RSUs (Details) | Apr. 23, 2019shares | Jul. 31, 2019GBP (£)shares | Jul. 31, 2018GBP (£)shares |
Weighted average exercise price [Abstract] | |||
Outstanding beginning balance (in Pounds per share) | £ | £ 0.35 | £ 1.43 | |
Granted during the period (in Pounds per share) | £ | 0.28 | 2.05 | |
Exercised during the period (in Pounds per share) | £ | 0 | 1.08 | |
Lapsed/surrendered during the period (in Pounds per share) | £ | 0.93 | 1.5 | |
Outstanding ending balance (in Pounds per share) | £ | £ 0.29 | £ 1.65 | |
Number of share options [Abstract] | |||
Outstanding beginning balance (in shares) | shares | 9,168,396 | 8,577,236 | |
Granted during the period (in shares) | shares | 11,396,000 | 3,481,048 | |
Exercised during the period (in shares) | shares | 0 | (92,047) | |
Lapsed/surrendered during the period (in shares) | shares | (516,221) | (3,206,987) | |
Outstanding ending balance (in shares) | shares | 20,048,175 | 8,759,250 | |
Weighted average exercise price - RSUs [Abstract] | |||
Outstanding beginning balance (in Pounds per share) | £ | £ 0.01 | £ 0.01 | |
Granted during the period (in Pounds per share) | £ | 0 | 0.01 | |
Exercised during the period (in Pounds per share) | £ | 0.01 | 0.01 | |
Outstanding ending balance (in Pounds per share) | £ | £ 0.01 | £ 0.01 | |
Number of RSUs [Abstract] | |||
Outstanding beginning balance (in shares) | shares | 814,256 | 275,877 | |
Granted during the period (in shares) | shares | 0 | 121,950 | |
Exercised during the period (in shares) | shares | (104,877) | (104,877) | (136,991) |
Outstanding ending balance (in shares) | shares | 709,379 | 260,836 |
Share option scheme and Restr_4
Share option scheme and Restricted Stock Units - Disclosure of share-based payment expense (Details) - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment expense | £ 203 | £ 618 | £ 331 | £ 1,163 |
Research and development | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment expense | 90 | 143 | 151 | 278 |
General and administration | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment expense | £ 113 | £ 475 | £ 180 | £ 885 |
Share capital (Details)
Share capital (Details) | Apr. 23, 2019GBP (£)shares | Jul. 31, 2019shares | Jul. 31, 2018shares |
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | 104,877 | 104,877 | 136,991 |
Proceeds from exercise of restricted stock units | £ | £ 1,049 | ||
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of ordinary shares (in shares) | 160,494,758 |
Related-party transactions - Di
Related-party transactions - Disclosure of transactions between related parties (Details) - GBP (£) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||||
Other related party transactions | £ 0 | £ 0 | £ 0 | £ 0 |
Directors of the Company | ||||
Disclosure of transactions between related parties [line items] | ||||
Aggregate emoluments | 120,000 | 177,000 | 279,000 | 329,000 |
Pension contributions | 8,000 | 5,000 | 12,000 | 10,000 |
Employee benefits expense | 128,000 | 182,000 | 291,000 | 339,000 |
Directors of the Company and key management | ||||
Disclosure of transactions between related parties [line items] | ||||
Aggregate emoluments | 265,000 | 339,000 | 570,000 | 650,000 |
Pension contributions | 24,000 | 15,000 | 35,000 | 28,000 |
Employee benefits expense | £ 289,000 | £ 354,000 | £ 605,000 | £ 678,000 |