Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Entity Registrant Name | MEREO BIOPHARMA GROUP PLC |
Entity Central Index Key | 0001719714 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-38452 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||
Revenue | £ 7,128 | |
Cost of revenue | (2,455) | £ 352 |
Research and development expenses | (7,898) | (13,322) |
Administrative expenses | (9,548) | (8,840) |
Other operating income | 2,864 | 0 |
Operating loss | (9,909) | (21,810) |
Finance income | 550 | 173 |
Finance costs | (1,498) | (1,859) |
Changes in the fair value of financial instruments | 365 | 1,210 |
Net foreign exchange (loss)/gain | (1,445) | 1,582 |
Other income | 0 | 811 |
Loss before tax | (11,937) | (19,893) |
Taxation | 907 | 735 |
Loss for the period, attributable to equity holders of the parent | (11,030) | (19,158) |
Items that may be reclassified subsequently to profit or loss: | ||
Currency translation of foreign operations | 1,493 | (1,775) |
Total comprehensive loss for the period, attributable to equity holders of the parent | £ (9,537) | £ (20,933) |
Basic loss per share for the period (in £) | £ (0.02) | £ (0.03) |
Diluted loss per share for the period (in £) | £ (0.02) | £ (0.03) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Property, plant and equipment | £ 1,565 | £ 1,831 |
Intangible assets | 24,845 | 24,116 |
Total non-current assets | 26,410 | 25,947 |
Current assets | ||
Prepayments | 1,376 | 3,125 |
R&D tax credits | 2,203 | 1,296 |
Other taxes receivable | 643 | 614 |
Trade and other receivables | 7,893 | 762 |
Cash and short-term deposits | 42,113 | 56,334 |
Total current assets | 54,228 | 62,131 |
Total assets | 80,638 | 88,078 |
Non-current liabilities | ||
Provisions | 411 | 0 |
Convertible loan notes | 3,665 | 0 |
Warrant liability | 166 | 129 |
Lease liability | 973 | 1,222 |
Other liabilities | 220 | 182 |
Total non-current liabilities | 5,435 | 1,533 |
Current liabilities | ||
Trade and other payables | 1,911 | 3,078 |
Accruals | 4,786 | 4,491 |
Provisions | 4,701 | 4,822 |
Convertible loan notes | 4,186 | 11,085 |
Warrant liability | 0 | 402 |
Lease liability | 488 | 466 |
Other liabilities | 1,386 | 333 |
Total current liabilities | 17,458 | 24,677 |
Total liabilities | 22,893 | 26,210 |
Net assets | 57,745 | 61,868 |
Equity | ||
Issued capital | 1,930 | 1,875 |
Share premium | 257,343 | 254,303 |
Other capital reserves | 134,999 | 132,680 |
Employee Benefit Trust shares | (1,058) | (1,058) |
Other reserves | 7,401 | 7,401 |
Accumulated losses | (342,194) | (331,164) |
Translation reserve | (676) | (2,169) |
Total equity | £ 57,745 | £ 61,868 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Loss before tax | £ (11,937) | £ (19,893) |
Adjustments to reconcile (loss)/profit to net cash flows: | ||
Depreciation and impairment of property, plant and equipment | 266 | 436 |
Amortization of intangible assets | 138 | |
Share-based payment expense | 1,931 | 2,446 |
Net foreign exchange loss/(gain) | 1,282 | (2,100) |
Increase in provisions and other liabilities | 1,130 | 307 |
Finance income | (550) | (173) |
Finance costs | 1,084 | 1,696 |
Fair value remeasurement on warrants | (365) | (1,210) |
Other income and expenses | 0 | (811) |
Other non-cash movements | 155 | 330 |
Working capital adjustments | ||
(Increase)/decrease in receivables and prepayments | (5,521) | 331 |
(Decrease)/increase in trade and other payables and accruals | (846) | 1,364 |
Taxation | (29) | (1,529) |
Net cash flows used in operating activities | (13,262) | (18,806) |
Investing activities | ||
Purchase of property, plant and equipment | 0 | (10) |
Proceeds from intangible asset (net of transaction costs) | 0 | 1,484 |
Payments to CVR holders | 0 | (673) |
Interest earned | 468 | 173 |
Payments to acquire intangible assets | (337) | 0 |
Net cash flows from investing activities | 131 | 974 |
Financing activities | ||
Proceeds from issuance of ordinary shares | 2 | |
Interest paid | (771) | |
Payment of lease liabilities | (226) | (445) |
Proceeds from TAP agreement | 79 | 153 |
Net cash flows used in financing activities | (916) | (292) |
Net decrease in cash and cash equivalents | (14,047) | (18,124) |
Cash and cash equivalents at the beginning of the period | 56,334 | 94,296 |
Effect of exchange rate changes on cash and cash equivalents | (174) | 243 |
Cash and cash equivalents at the end of the period | £ 42,113 | £ 76,415 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - GBP (£) £ in Thousands | Total | Issued capital [member] | Share premium [member] | Other capital reserves [member] | Employee benefit trust [member] | Other reserves [member] | Accumulated losses [member] | Translated reserve |
Beginning balance at Dec. 31, 2021 | £ 88,002 | £ 1,755 | £ 247,460 | £ 129,835 | £ (1,140) | £ 7,401 | £ (296,968) | £ (341) |
Loss for the period | (19,158) | (19,158) | ||||||
Other comprehensive income (loss) | (1,775) | (1,775) | ||||||
Total comprehensive loss | (20,933) | (19,158) | (1,775) | |||||
Share-based payments | 2,446 | 2,446 | ||||||
Exercise of share options | (82) | 82 | ||||||
Issuance of warrants | 70 | 70 | ||||||
Ending balance at Jun. 30, 2022 | 69,585 | 1,755 | 247,460 | 132,269 | (1,058) | 7,401 | (316,126) | (2,116) |
Beginning balance at Dec. 31, 2022 | 61,868 | 1,875 | 254,303 | 132,680 | (1,058) | 7,401 | (331,164) | (2,169) |
Loss for the period | (11,030) | (11,030) | ||||||
Other comprehensive income (loss) | 1,493 | 1,493 | ||||||
Total comprehensive loss | (9,537) | (11,030) | 1,493 | |||||
Share-based payments | 1,931 | 1,931 | ||||||
Issuance of shares | 3,440 | 53 | 3,040 | 347 | ||||
Exercise of share options | 2 | 2 | ||||||
Issuance of warrants | 41 | 41 | ||||||
Ending balance at Jun. 30, 2023 | £ 57,745 | £ 1,930 | £ 257,343 | £ 134,999 | £ (1,058) | £ 7,401 | £ (342,194) | £ (676) |
Corporate information
Corporate information | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Corporate information | 1. Corporate information Mereo BioPharma Group plc (the “Company” or “Mereo”) is a clinical-stage, United Kingdom (“UK”) based biopharmaceutical company focused on rare diseases and oncology. The Company is a public limited company incorporated and domiciled in the UK, and registered in England, with shares publicly traded on the Nasdaq Capital Market via American Depositary Shares (“ADSs”) under the ticker symbol MREO. The Company’s registered office is located at Fourth Floor, 1 Cavendish Place, London, W1G 0QF, United Kingdom. These financial statements are the unaudited condensed consolidated financial statements of Mereo BioPharma Group plc and its subsidiaries for the six months ended June 30, 2023. The principal activities of the Company are the development and commercialization of innovative therapeutic pharmaceutical products for rare diseases. |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Significant accounting policies | 2. Significant accounting policies Basis of preparation The unaudited condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standards (IAS) 34, Interim Financial Reporting. These unaudited condensed consolidated financial statements do not include all information and disclosures required in the annual financial statements in accordance with International Financial Reporting Standards (IFRS) and should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on March 28, 2023. The financial information is presented in pound sterling (“£”), which is the presentational currency of the Company. The functional currencies of consolidated subsidiaries are pound sterling and US dollars (“$”). All amounts disclosed in the condensed consolidated financial statements and notes have been rounded to the nearest thousand, unless otherwise stated. The financial information for the year ended December 31, 2022 has been extracted from the Company’s audited financial statements for that year, filed with the SEC on March 28, 2023. These condensed consolidated financial statements are unaudited and do not constitute statutory accounts of the Company as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for financial year ended December 31, 2022 has been delivered to the Registrar of Companies. The auditors reported on those accounts and their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. Segmental information The Company has one operating segment. The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The Company has a single portfolio of product candidates, with only direct research and development expenses monitored by product candidate. The CODM makes decisions over resource allocation at an overall portfolio level and the Company’s financing is managed and monitored on a consolidated basis. Going concern The going concern basis has been applied in these condensed consolidated financial statements as the Company has adequate resources to meet its liabilities as they fall due for the foreseeable future and at least 12 months from the issuance date of these condensed consolidated financial statements. The Company expects to incur significant operating losses for the foreseeable future as it continues its research and development efforts, seeks to obtain regulatory approval of its product candidates and pursues any future product candidates the Company may develop. Until such time as the Company can generate significant revenue from product sales, or other commercial revenues, if ever, or through licensing and/or collaboration agreements for its rare disease or oncology product candidates, the Company will seek to finance its operations through a combination of public or private equity or debt financings or other non-dilutive Summary of significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022. Significant accounting estimates and judgments The preparation of these condensed consolidated financial statements requires the management of the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates and judgments on historical experience and on various other assumptions that it considers to be reasonable. Actual results may differ from these estimates under different assumptions or conditions. The significant accounting estimates and judgments adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022. |
Revenue, Cost of revenue and Ot
Revenue, Cost of revenue and Other operating income | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Revenue From Contracts With Customers [Abstract] | |
Revenue, Cost of revenue and Other operating income | 3. Revenue, Cost of revenue and Other operating income The Company recognized milestone proceeds of $9 million (£ million) as revenue under the collaboration and license agreement with Ultragenyx for setrusumab following achievement of a development milestone in the six months ended June 30, 2023. The milestone proceeds w ere The variable consideration relating to future milestones and sales royalties will be recognized in the statement of comprehensive income when the milestones are achieved or the underlying commercial sales are made, in the event regulatory approval is obtained. As a consequence of the milestone proceeds paid to the Company under the collaboration and license agreement with Ultragenyx and in accordance with the terms of the 2015 asset purchase agreement with Novartis, the Company also accrued for a payment to Novartis of £ million. The payment included a deduction for costs of £ million which was deferred to be recognized in the statement of comprehensive loss when the associated costs are incurred. In the six month period ended June 30, 2023, £ 0.4 million) of these deductions were recognized in the condensed consolidated statement of comprehensive loss. As of June 30, 2023, the remaining balance to be recognized of £ million (December 31, 2022: £ million) is included within “Other liabilities” in the condensed consolidated balance sheets. In June 2023, the Company received a payment of £2.9 million from its depositary for reimbursement of certain expenses incurred by the Company in respect of its ADR program in the current and prior years pursuant to the agreement between both parties. The Company recognizes such amounts as “Other operating income” when it becomes entitled to them. |
Finance income, finance costs a
Finance income, finance costs and changes in the fair value of financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Finance income, finance costs and changes in the fair value of financial instruments | 4. Finance income, finance costs and changes in the fair value of financial instruments Finance income Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Interest income on short-term deposits 468 173 Modification of convertible loan notes 82 — Total 550 173 Finance income includes a £0.1 million (2022: Finance costs Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Interest on convertible loan notes (1,004 ) (1,567 ) Interest on lease liabilities (79 ) (113 ) Discounting of provisions for deferred contingent cash consideration (395 ) (163 ) Other (20 ) (16 ) Total (1,498 ) (1,859 ) Interest on convertible loan notes includes £0.7 million of accrued interest paid as part of the amendment of the Novartis convertible loan note (see Note 11). Changes in the fair value of financial instruments Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Changes in the fair value of warrants – private placement 402 1,091 Changes in the fair value of warrants – bank loan (37 ) 119 Total 365 1,210 See Note 12 for additional information on the warrant liability. |
Other income and expenses
Other income and expenses | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Other income and expenses | 5. Other income and expenses In February 2022, the Company received a milestone payment of $2.0 million (£1.5 million) under the Navi License Agreement with OncXerna. An associated payment was made to the former shareholders of Mereo BioPharma 5, Inc. under the Contingent Value Rights Agreement (“CVR”) of a total of $0.9 million (£0.7 million), after deductions of costs, charges and expenditures, which resulted in other income, net of £0.8 million. |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Loss per share | 6. Loss per share Basic loss per share is calculated by dividing the loss attributable for the period to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is based on dividing the loss attributable for the period, adjusted for the effect of dilutive ordinary shares, by ordinary share equivalents, which includes the weighted average number of ordinary shares outstanding and the effect of dilutive ordinary share equivalents. Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Numerator – Basic loss per share (£’000) Loss attributable to equity holders of the parent (11,030 ) (19,158 ) Denominator – Basic loss per share Weighted average number of ordinary shares 627,087,752 583,892,445 Loss per share – basic (£) (0.02 ) (0.03 ) Numerator – Diluted loss per share (£’000): Loss attributable to equity holders of the parent (11,030 ) (19,158 ) Effect of dilutive ordinary shares — — Numerator – Diluted loss per share (11,030 ) (19,158 ) Denominator – Diluted loss per share: Number of ordinary shares used for basic loss per share 627,087,752 583,892,445 Weighted average effect of dilutive ordinary shares — — Weighted average number of diluted ordinary shares outstanding 627,087,752 583,892,445 Loss per share – diluted (£) (0.02 ) (0.03 ) For both periods, share options, convertible loan notes and warrants were considered to be anti-dilutive as they would have decreased the loss per share and were therefore excluded from the calculation of diluted loss per share. Therefore, the weighted average shares outstanding used to calculate both the basic and diluted loss per share was the same. |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Property, plant and equipment | 7. Property, plant and equipment Right-of-use Leasehold improvements Office IT Total Cost or valuation at January 1, 2023 and June 30, 2023 2,465 557 164 173 3,359 Depreciation and impairment At January 1, 2023 (1,088 ) (219 ) (76 ) (145 ) (1,528 ) Depreciation for the period (199 ) (48 ) (11 ) (9 ) (266 ) At June 30, 2023 (1,287 ) (267 ) (87 ) (154 ) (1,794 ) Net book value At January 1, 2023 1,377 338 88 28 1,831 At June 30, 2023 1,178 290 77 19 1,565 |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Intangible assets | 8. Intangible assets Acquired Cost At January 1, 2023 33,005 Additions 1,166 At June 30, 2023 34,172 Accumulated revision to estimated value At January 1, 2023 (8,889 ) Revision to estimated value (300 ) At June 30, 2023 (9,189 ) Accumulated amortization At January 1, 2023 — Amortization for the period (138 ) At June 30, 2023 (138 ) Net book value At January 1, 2023 24,116 At June 30, 2023 24,845 On February 3, 2023, the Company’s wholly-owned subsidiary Mereo BioPharma 3 Limited, Ultragenyx, UCB Pharma SA (“UCB”) and Amgen Inc. (“Amgen”) entered into a non-exclusive worldwide, royalty-free license (the “UCB/Amgen License”) to research, develop, and commercialize setrusumab in osteogenesis imperfecta (“OI”) under certain UCB/Amgen-owned patent rights related to anti-sclerostin compounds and their uses. An intangible asset of £ million was recognized in the period reflecting payments under the agreement that are not contingent. A corresponding liability of £ million and a provision of million for contingent consideration payable was also recognized (see Note 10). The license is amortized on a straight-line basis over its useful economic life. During the six months ended June 30, 2023, amortization expense of £ 2022: has been recorded within “Administrative expenses” in the condensed consolidated statement of comprehensive (loss)/income. The present value of the provision for deferred contingent cash consideration relating to the agreement with AstraZeneca was reviewed as of June 30, 2023 (see Note 10). The decrease in the present value due to changes in timelines or probability of contractual milestones being achieved was £0.3 million (2022: £ million) and was recognized as a reduction of the intangible asset. During the period the Company did ). With the exception of the UCB/Amgen License which is amortized, the intangible assets remain under development and no amortization charge has been recognized. |
Issued capital and reserves
Issued capital and reserves | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Issued capital and reserves | 9. Issued capital and reserves Number of ordinary Ordinary Share Capital £’000 Share Premium £’000 At January 1, 2022 and June 30, 2022 584,908,239 1,755 247,460 At January 1, 2023 624,928,519 1,875 254,303 Issued during the period 18,276,275 55 3,040 At June 30, 2023 643,204,794 1,930 257,343 During the six months ended June 30, 2023, Private Placement Loan Notes with a carrying value of per ordinary share (see Note 11) and 501,380 ordinary shares were issued upon the vesting of equity awards. Other capital reserves Share-based Equity £’000 Other £’000 Merger £’000 Other reserve Total £’000 At January 1, 2022 23,026 32,843 44 40,818 33,104 129,835 Share-based payments expense during the period 2,446 — — — — 2,446 Share option exercise (82 ) — — — — (82 ) Issuance of warrants — — 70 — — 70 At June 30, 2022 25,390 32,843 114 40,818 33,104 132,269 At January 1, 2023 26,806 31,838 114 40,818 33,104 132,680 Share-based payments expense during the period 1,931 — — — — 1,931 Extinguishment and issuance of Novartis Loan Note — 347 — — — 347 Issue of warrants — — 41 — — 41 At June 30, 2023 28,737 32,185 155 40,818 33,104 134,999 Equity component of convertible loan The amendment of the Novartis Loan Note was treated as the extinguishment of the original instrument and the issuance of a new instrument (see Note 11). Accordingly, £ 0.3 Other warrants issued Other warrants issued also relate to funding arrangements with The Alpha-1 Project which are a compound instrument consisting of a liability and an equity component. In 2023, the Company issued of Share-based payments The Company has two principal share-based incentive schemes under which options at market value to subscribe for the Company’s shares, restricted stock units (“RSUs”) and performance share units (“PSUs”) have been granted to certain executives, non-executive The total charge for the six months ended June 30, 2023 in respect of all share-based incentive schemes was £1.9 million (June 30, 2022: £2.4 million). The following awards were granted during the six months ended June 30, 2023: Mereo 2019 Equity Incentive Plan Mereo 2019 NED Equity Incentive Plan Awards (ADS) Weighted ($) per share Weighted Awards (ADS) Weighted ($) per share Weighted Options 4,617,000 0.91 1.01 440,000 0.84 0.94 RSU’s 617,750 1.01 — 479,813 0.94 — PSU’s 1,543,150 0.61 — — — — Mereo 2019 Equity Incentive Plan • Options over ADSs granted during the six months ended June 30, 2023, were valued using the Black-Scholes model with the following weighted average inputs: expected volatility of • RSUs over ADSs granted during the six months ended June 30, 2023 vest over • PSUs over ADSs Mereo 2019 NED Equity Incentive Plan • Options over ADSs granted under the Mereo 2019 NED Equity Incentive Plan to certain non-executive directors during the six months ended June 30, 2023 were valued using the Black-Scholes model with the following inputs: expected volatility of • Deferred RSU’s over ADSs were granted during the six months ended June 30, 2023 under the Mereo 2019 NED Equity Incentive Plan to certain non-executive directors who elected to receive restricted stock units in lieu of their cash fees for the year commencing February 1, 2023. These awards were valued by reference to the value of the shares awarded. |
Provisions
Provisions | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Provisions | 10. Provisions June 30, 2023 £’000 December 31, £’000 Social security contribution on vested share options 56 9 Provisions for deferred contingent cash consideration 5,056 4,634 Restructuring — 179 Total 5,112 4,822 Current 4,701 4,822 Non-Current 411 — Provisions for deferred contingent cash consideration is the estimate of the quantifiable but not certain future cash payment obligations due to AstraZeneca for the acquisition of certain intangible assets and to UCB/Amgen for the UCB/Amgen License. The provision for amounts payable to AstraZeneca is calculated as the risk adjusted net present value of future cash payments to be made by the Company. The payments are dependent on reaching certain milestones based on the commencement and outcome of clinical trials. The likelihood of achieving such milestones is reviewed at the balance sheet date and increased or decreased as appropriate (see Note 13). The provision for deferred contingent cash consideration under the UCB/Amgen License is calculated as the present value of fees expected to be paid under the license which are dependent on the expected expiry date of certain intellectual property owned by UCB/Amgen and the outcome of clinical trials and regulatory consideration. |
Convertible Notes
Convertible Notes | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Convertible Notes | 11. Convertible Notes June 30, 2023 £’000 December 31, £’000 Novartis Loan Note 3,665 4,449 Loan Notes – Private Placement 4,186 6,636 Total 7,851 11,085 Current 4,186 11,085 Non-Current 3,665 — Novartis Loan Note The Novartis Loan Note is convertible at a fixed price of £0.265 per ordinary share and originally bore interest at a rate of 6% per annum with a maturity date of February 2023 w The amendments to the Novartis Loan Note have been treated as the extinguishment of the original instrument and the issuance of a new instrument. Accordingly, on the extinguishment date, the carrying value of £4.5 million was derecognized. At the same time, a new liability of £ 3.5 million was recognized which represents the fair value of the liability component of the new Novartis Loan Notes, net of fees. The remaining amount was allocated between the £0.7 million of interest paid in cash (see Note 4) and the residual £ 0.3 million which was recorded in equity to reflect the warrants and the conversion option embedded in the new Novartis Loan Notes. No extinguishment gain or loss was recognized in the condensed consolidated statement of comprehensive loss. Private Placement Loan Notes Loan Notes from the June 2020 private placement are convertible at a fixed price of £0.174 per ordinary share and bears interest at a rate of 6% per annum with an original maturity date of June 3, 2023. On May 31, 2023, the maturity date of the Loan Notes was extended to August 3, 2023 , with all other terms remaining unchanged. The maturity date extension was treated as a modification with a modification gain of £ During the six months ended June 30, 2023, the Company issued and allotted 17,774,895 ordinary shares (202 2 A further conversion and subsequent redemption of the remaining Loan Notes took place in July and August 2023, respectively (see Note 15). |
Warrant liability
Warrant liability | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Warrant liability | 12. Warrant liability June 30, 2023 £’000 June 30, 2022 £’000 At January 1 531 8,336 Fair Value changes during the period (365 ) (1,210 ) At June 30 166 7,126 June 30, 2023 £’000 December 31, £’000 Current — 402 Non-current 166 129 Total 166 531 The change in fair value of the warrant liability represents an unrealized gain for the six months ended June 30, 2023 and for the six months ended June 30, 2022. Warrants - private placement As a part of the private placement transaction o the warrants million was recognized as a gain in the condensed consolidated statement of comprehensive loss. In the six months ended June 30, 2023, Warrants – bank loan As of June 30, 2023 and December 31, 2022, the former lenders to the Company have warrants outstanding to purchase a total of 1,243,908 ordinary shares at an exercise price of £2.95 per share exercisable until August 2027 and a total of 1,243,908 ordinary shares at an exercise price of $0.4144 per share exercisable until October 2028. A s of million (December 31, 2022: million. There were 2022: Total outstanding warrants A s of liability-classified warrants are outstanding. The warrants outstanding are equivalent to % of the ordinary share capital of the Company. The following table lists the weighted average inputs to the models used for the fair value of warrants: June 30, 2023 £’000 December 31, £’000 Expected volatility (%) 100 95 Risk-free interest rate (%) 3.45 3.99 Expected life of warrants (years) 4.70 0.5 Market price of ADS($) 1.32 0.75 Model used Black-Scholes Black-Scholes Volatility was estimated by reference to the one-year historical volatility of the share price of the Company. |
Financial instruments fair valu
Financial instruments fair value disclosures | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Financial instruments fair value disclosures | 13. Financial instruments fair value disclosures The Company held the following financial instruments at fair value as of June 30, 2023. There are no non-recurring Fair value measured using unadjusted Fair value measured using significant observable inputs (Level 2) Fair value measured using significant unobservable inputs (Level 3) Warrant liabilities — 166 — Provisions for deferred contingent cash consideration — — 5,056 Total — 166 5,056 There were no transfers between any level during 2023. The management of the Company assessed that the fair values of cash and short-term deposits, other receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The movements for level 3 instruments during the period are detailed in the table below: Provisions for deferred contingent cash consideration Warrant £’000 At January 1, 2023 4,634 402 Additions during the period 561 — Revisions to estimate (300 ) — Movement during the period 161 (402 ) At June 30, 2023 5,056 — The warrant liability is estimated using a Black Scholes model, taking into account appropriate amendments to inputs in respect of volatility, remaining expected life of the warrants and rates of interest at each reporting date. The fair value of the provision for the AstraZeneca deferred contingent cash consideration is estimated by discounting future cash flows using rates currently available for debt on similar terms and credit risk. In addition to being sensitive to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the deferred contingent cash consideration is also sensitive to a reasonably possible change in the probability of reaching certain milestones. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value. The fair value of the provision for the deferred contingent cash consideration under the UCB/Amgen License is estimated by discounting future cash flows using the Company’s Weighted Average Cost of Capital (“WACC”). In addition to being dependent on the discount rate, the fair value of the deferred contingent cash consideration is also sensitive to a reasonably possible change in the expectation of the timing of the outcome of clinical trials and regulatory approvals. A 10% change in either of these assumptions would not result in a material change in the provision amount. Valuation technique Significant Input range Sensitivity of the input to fair value Provision for AstraZeneca deferred contingent cash consideration Discounted WACC 2023: 15% 1% increase/decrease would result in a decrease/increase in fair value by £ 21,000 WACC 2022: 15% 1% increase/decrease would result in a decrease/increase in fair value by £31,000. Probability 2023: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by Probability 2022: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by £0.5 million. |
Related party disclosures
Related party disclosures | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Related party disclosures | 14. Related party disclosures Transactions between the parent and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Employee benefit trust In 2016 the Company set up an Employee Benefit Trust (“EBT”). The EBT holds ADS’s to satisfy the exercise of options by employees under the Company’s share-based incentive schemes. No funding was loaned to the EBT by the Company during the six months ended The EBT did not purchase any ordinary shares during the six months ended No six months ended , , |
Events after reporting period
Events after reporting period | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Events after reporting period | 15. Events after reporting period Issuance of ordinary shares In July 2023, the Company issued and allotted 9,645,200 ordinary shares of £0.003 in nominal value in the capital of the Company, equivalent to 1,929,040 ADSs, at an exercise price of £0.174 In July 2023, 9,673,419 ADSs representing million) through an “at-the-market” offering pursuant to an Open Market Sale Agreement with Jefferies LLC. Settlement of convertible loan notes On the maturity date in August 2023, the Company paid £2.6 million to settle the outstanding principal and accrued interest balance on convertible loan notes issued as part of the June 2020 private placement transaction. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Basis of preparation | Basis of preparation The unaudited condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standards (IAS) 34, Interim Financial Reporting. These unaudited condensed consolidated financial statements do not include all information and disclosures required in the annual financial statements in accordance with International Financial Reporting Standards (IFRS) and should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on March 28, 2023. The financial information is presented in pound sterling (“£”), which is the presentational currency of the Company. The functional currencies of consolidated subsidiaries are pound sterling and US dollars (“$”). All amounts disclosed in the condensed consolidated financial statements and notes have been rounded to the nearest thousand, unless otherwise stated. The financial information for the year ended December 31, 2022 has been extracted from the Company’s audited financial statements for that year, filed with the SEC on March 28, 2023. These condensed consolidated financial statements are unaudited and do not constitute statutory accounts of the Company as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for financial year ended December 31, 2022 has been delivered to the Registrar of Companies. The auditors reported on those accounts and their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. |
Segmental information | Segmental information The Company has one operating segment. The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The Company has a single portfolio of product candidates, with only direct research and development expenses monitored by product candidate. The CODM makes decisions over resource allocation at an overall portfolio level and the Company’s financing is managed and monitored on a consolidated basis. |
Going concern | Going concern The going concern basis has been applied in these condensed consolidated financial statements as the Company has adequate resources to meet its liabilities as they fall due for the foreseeable future and at least 12 months from the issuance date of these condensed consolidated financial statements. The Company expects to incur significant operating losses for the foreseeable future as it continues its research and development efforts, seeks to obtain regulatory approval of its product candidates and pursues any future product candidates the Company may develop. Until such time as the Company can generate significant revenue from product sales, or other commercial revenues, if ever, or through licensing and/or collaboration agreements for its rare disease or oncology product candidates, the Company will seek to finance its operations through a combination of public or private equity or debt financings or other non-dilutive |
Summary of significant accounting policies | Summary of significant accounting policies The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022. |
Significant accounting estimates and judgments | Significant accounting estimates and judgments The preparation of these condensed consolidated financial statements requires the management of the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates and judgments on historical experience and on various other assumptions that it considers to be reasonable. Actual results may differ from these estimates under different assumptions or conditions. The significant accounting estimates and judgments adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022. |
Finance income, finance costs_2
Finance income, finance costs and changes in the fair value of financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Finance Income | Finance income Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Interest income on short-term deposits 468 173 Modification of convertible loan notes 82 — Total 550 173 |
Summary of Finance Costs | Finance costs Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Interest on convertible loan notes (1,004 ) (1,567 ) Interest on lease liabilities (79 ) (113 ) Discounting of provisions for deferred contingent cash consideration (395 ) (163 ) Other (20 ) (16 ) Total (1,498 ) (1,859 ) |
Summary of Changes In The Fair Value Of Financial Instruments | Changes in the fair value of financial instruments Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Changes in the fair value of warrants – private placement 402 1,091 Changes in the fair value of warrants – bank loan (37 ) 119 Total 365 1,210 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Loss per share [abstract] | |
Summary Of Loss Per Share | Six months ended June 30, 2023 £’000 Six months ended June 30, 2022 £’000 Numerator – Basic loss per share (£’000) Loss attributable to equity holders of the parent (11,030 ) (19,158 ) Denominator – Basic loss per share Weighted average number of ordinary shares 627,087,752 583,892,445 Loss per share – basic (£) (0.02 ) (0.03 ) Numerator – Diluted loss per share (£’000): Loss attributable to equity holders of the parent (11,030 ) (19,158 ) Effect of dilutive ordinary shares — — Numerator – Diluted loss per share (11,030 ) (19,158 ) Denominator – Diluted loss per share: Number of ordinary shares used for basic loss per share 627,087,752 583,892,445 Weighted average effect of dilutive ordinary shares — — Weighted average number of diluted ordinary shares outstanding 627,087,752 583,892,445 Loss per share – diluted (£) (0.02 ) (0.03 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Right-of-use Leasehold improvements Office IT Total Cost or valuation at January 1, 2023 and June 30, 2023 2,465 557 164 173 3,359 Depreciation and impairment At January 1, 2023 (1,088 ) (219 ) (76 ) (145 ) (1,528 ) Depreciation for the period (199 ) (48 ) (11 ) (9 ) (266 ) At June 30, 2023 (1,287 ) (267 ) (87 ) (154 ) (1,794 ) Net book value At January 1, 2023 1,377 338 88 28 1,831 At June 30, 2023 1,178 290 77 19 1,565 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Detailed Information about Intangible Assets | Acquired Cost At January 1, 2023 33,005 Additions 1,166 At June 30, 2023 34,172 Accumulated revision to estimated value At January 1, 2023 (8,889 ) Revision to estimated value (300 ) At June 30, 2023 (9,189 ) Accumulated amortization At January 1, 2023 — Amortization for the period (138 ) At June 30, 2023 (138 ) Net book value At January 1, 2023 24,116 At June 30, 2023 24,845 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Detailed Information of Ordinary Share Capital | Number of ordinary Ordinary Share Capital £’000 Share Premium £’000 At January 1, 2022 and June 30, 2022 584,908,239 1,755 247,460 At January 1, 2023 624,928,519 1,875 254,303 Issued during the period 18,276,275 55 3,040 At June 30, 2023 643,204,794 1,930 257,343 |
Summary of Other Capital Reserves | Other capital reserves Share-based Equity £’000 Other £’000 Merger £’000 Other reserve Total £’000 At January 1, 2022 23,026 32,843 44 40,818 33,104 129,835 Share-based payments expense during the period 2,446 — — — — 2,446 Share option exercise (82 ) — — — — (82 ) Issuance of warrants — — 70 — — 70 At June 30, 2022 25,390 32,843 114 40,818 33,104 132,269 At January 1, 2023 26,806 31,838 114 40,818 33,104 132,680 Share-based payments expense during the period 1,931 — — — — 1,931 Extinguishment and issuance of Novartis Loan Note — 347 — — — 347 Issue of warrants — — 41 — — 41 At June 30, 2023 28,737 32,185 155 40,818 33,104 134,999 |
Summary of Equity Awards Granted | The following awards were granted during the six months ended June 30, 2023: Mereo 2019 Equity Incentive Plan Mereo 2019 NED Equity Incentive Plan Awards (ADS) Weighted ($) per share Weighted Awards (ADS) Weighted ($) per share Weighted Options 4,617,000 0.91 1.01 440,000 0.84 0.94 RSU’s 617,750 1.01 — 479,813 0.94 — PSU’s 1,543,150 0.61 — — — — |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Provisions | June 30, 2023 £’000 December 31, £’000 Social security contribution on vested share options 56 9 Provisions for deferred contingent cash consideration 5,056 4,634 Restructuring — 179 Total 5,112 4,822 Current 4,701 4,822 Non-Current 411 — |
Convertible Notes (Tables)
Convertible Notes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Interest-bearing Loans and Borrowings | June 30, 2023 £’000 December 31, £’000 Novartis Loan Note 3,665 4,449 Loan Notes – Private Placement 4,186 6,636 Total 7,851 11,085 Current 4,186 11,085 Non-Current 3,665 — |
Warrant liability (Tables)
Warrant liability (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Warrant Liability | June 30, 2023 £’000 June 30, 2022 £’000 At January 1 531 8,336 Fair Value changes during the period (365 ) (1,210 ) At June 30 166 7,126 June 30, 2023 £’000 December 31, £’000 Current — 402 Non-current 166 129 Total 166 531 |
Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted | The following table lists the weighted average inputs to the models used for the fair value of warrants: June 30, 2023 £’000 December 31, £’000 Expected volatility (%) 100 95 Risk-free interest rate (%) 3.45 3.99 Expected life of warrants (years) 4.70 0.5 Market price of ADS($) 1.32 0.75 Model used Black-Scholes Black-Scholes |
Financial instruments fair va_2
Financial instruments fair value disclosures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Fair Value Hierarchy | The Company held the following financial instruments at fair value as of June 30, 2023. There are no non-recurring Fair value measured using unadjusted Fair value measured using significant observable inputs (Level 2) Fair value measured using significant unobservable inputs (Level 3) Warrant liabilities — 166 — Provisions for deferred contingent cash consideration — — 5,056 Total — 166 5,056 |
Summary of Changes in Level 3 | The movements for level 3 instruments during the period are detailed in the table below: Provisions for deferred contingent cash consideration Warrant £’000 At January 1, 2023 4,634 402 Additions during the period 561 — Revisions to estimate (300 ) — Movement during the period 161 (402 ) At June 30, 2023 5,056 — |
Summary of Changes in Significant Unobservable Inputs Under Valuation Model Used In Level Fair Value Measurement | Valuation technique Significant Input range Sensitivity of the input to fair value Provision for AstraZeneca deferred contingent cash consideration Discounted WACC 2023: 15% 1% increase/decrease would result in a decrease/increase in fair value by £ 21,000 WACC 2022: 15% 1% increase/decrease would result in a decrease/increase in fair value by £31,000. Probability 2023: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by Probability 2022: 40.6% - 81.2% 10% increase/decrease would result in an increase/decrease in fair value by £0.5 million. |
Revenue, Cost of revenue and _2
Revenue, Cost of revenue and Other operating income - Additional Information (Detail) £ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 GBP (£) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 GBP (£) | Jun. 30, 2022 GBP (£) | Dec. 31, 2022 GBP (£) | |
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||||
Milestone payment to ultragenyx collaboration agreement deductions costs | £ 1.4 | ||||
Payment of depository for reimbursement of expenses | £ 2.9 | ||||
Ultragenyx Collaboration And Licensing Agreement [Member] | |||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||||
Milestone payment to ultragenyx collaboraation agreement deductions costs recognised | 0.6 | £ 0.4 | |||
Milestone payment to ultragenyx collaboration agreement deductions costs yet to be recogised | 1.1 | 1.1 | £ 0.3 | ||
Revenue from contract with customers excluding assessed tax | $ 9 | 7.1 | |||
Two Thousand And Fifteen Asset Purchase Agreement And Ultragenyx Collaboration And Licensing Agreement [Member] | |||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||||
Accrued milestone payment current | £ 1.7 | £ 1.7 |
Finance income, finance costs_3
Finance income, finance costs and changes in the fair value of financial instruments - Summary of Finance income (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Other Income Expenses And Adjustment [Line Items] | ||
Interest income on short-term deposits | £ 468 | £ 173 |
Modification of convertible loan notes | 82 | |
Total | £ 550 | £ 173 |
Finance income, finance costs_4
Finance income, finance costs and changes in the fair value of financial instruments - Summary of Finance income (Parenthetical) (Detail) - GBP (£) £ in Thousands | 6 Months Ended | ||
May 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Other Income Expenses And Adjustment [Line Items] | |||
Interest on convertible loan notes | £ 1,004 | £ 1,567 | |
Convertible loan [member] | |||
Disclosure of Other Income Expenses And Adjustment [Line Items] | |||
Interest on convertible loan notes | 700 | ||
Finance Income [Member] | Private Placement Loan Notes [Member] | |||
Disclosure of Other Income Expenses And Adjustment [Line Items] | |||
Gain loss recognized on the modification of loan | £ 100 | £ 100 | £ 0 |
Finance income, finance costs_5
Finance income, finance costs and changes in the fair value of financial instruments - Summary of Finance Costs (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Other Income Expenses And Adjustment [Line Items] | ||
Interest on convertible loan notes | £ (1,004) | £ (1,567) |
Interest on lease liabilities | (79) | (113) |
Discounting of provisions for deferred contingent cash consideration | (395) | (163) |
Other | (20) | (16) |
Total | £ (1,498) | £ (1,859) |
Finance income, finance costs_6
Finance income, finance costs and changes in the fair value of financial instruments - Summary of Changes in the Fair Value of Financial Instruments (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Changes in the fair value of financial instruments [Line Items] | ||
Gain (Loss) on change in fair value of warrants | £ 365 | £ 1,210 |
Private placement [Member] | ||
Disclosure of Changes in the fair value of financial instruments [Line Items] | ||
Gain (Loss) on change in fair value of warrants | 402 | 1,091 |
Bank Loan [member] | ||
Disclosure of Changes in the fair value of financial instruments [Line Items] | ||
Gain (Loss) on change in fair value of warrants | £ (37) | £ 119 |
Other income and expenses - Add
Other income and expenses - Additional Information (Detail) - Navi License Agreement [Member] - Mile Stone Achievement [Member] £ in Millions, $ in Millions | 1 Months Ended | ||
Feb. 28, 2022 GBP (£) | Feb. 28, 2022 USD ($) | Feb. 28, 2022 GBP (£) | |
Statement [Line Items] | |||
Upfront Payment Received | $ 2 | £ 1.5 | |
Milestone payment for regulatory and commercial achievements | $ 0.9 | £ 0.7 | |
Other Income | £ 0.8 |
Loss per share - Summary of ear
Loss per share - Summary of earning per share (Detail) - GBP (£) £ / shares in Units, £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Loss per share [line items] | ||
Loss attributable to equity holders of the parent | £ (11,030) | £ (19,158) |
Weighted average number of ordinary shares | 627,087,752 | 583,892,445 |
Loss per share – basic (£) | £ (0.02) | £ (0.03) |
Effect of dilutive ordinary shares | £ 0 | £ 0 |
Numerator – Diluted loss per share | £ (11,030) | £ (19,158) |
Number of ordinary shares used for basic loss per share | 627,087,752 | 583,892,445 |
Weighted average effect of dilutive ordinary shares | 0 | 0 |
Weighted average number of diluted ordinary shares outstanding | 627,087,752 | 583,892,445 |
Loss per share – diluted (£) | £ (0.02) | £ (0.03) |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) £ in Thousands | 6 Months Ended |
Jun. 30, 2023 GBP (£) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | £ 1,831 |
Ending balance | 1,565 |
Cost or valuation [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 3,359 |
Ending balance | 3,359 |
Depreciation/Amortization and impairment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (1,528) |
Depreciation for the period | (266) |
Ending balance | (1,794) |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 338 |
Ending balance | 290 |
Leasehold improvements [member] | Cost or valuation [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 557 |
Ending balance | 557 |
Leasehold improvements [member] | Depreciation/Amortization and impairment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (219) |
Depreciation for the period | (48) |
Ending balance | (267) |
Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 88 |
Ending balance | 77 |
Office equipment [member] | Cost or valuation [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 164 |
Ending balance | 164 |
Office equipment [member] | Depreciation/Amortization and impairment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (76) |
Depreciation for the period | (11) |
Ending balance | (87) |
IT equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 28 |
Ending balance | 19 |
IT equipment [member] | Cost or valuation [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 173 |
Ending balance | 173 |
IT equipment [member] | Depreciation/Amortization and impairment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (145) |
Depreciation for the period | (9) |
Ending balance | (154) |
Right-of-use asset (building) [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 1,377 |
Ending balance | 1,178 |
Right-of-use asset (building) [member] | Cost or valuation [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | 2,465 |
Ending balance | 2,465 |
Right-of-use asset (building) [member] | Depreciation/Amortization and impairment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | (1,088) |
Depreciation for the period | (199) |
Ending balance | £ (1,287) |
Intangible Assets - Summary of
Intangible Assets - Summary of Detailed Information about Intangible Assets (Detail) £ in Thousands | 6 Months Ended |
Jun. 30, 2023 GBP (£) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | £ 24,116 |
Amortization for the period | 138 |
Ending balance | 24,845 |
Cost or valuation [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 33,005 |
Additions | 1,166 |
Ending balance | 34,172 |
Accumulated revision to estimated value [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (8,889) |
Revision to estimated value | (300) |
Ending balance | (9,189) |
Accumulated amortization [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 0 |
Amortization for the period | (138) |
Ending balance | £ (138) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | |
Feb. 03, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation charge recognised on intangible assets | £ 138 | ||
Mereo Bio Pharma Three Limited Ultrageny x And Amgen [Member] | Non Exclusive Worldwide Royalty Free Agreement [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Loss due to changes in the timelines and probabilty of milestones achieved | 300 | £ 400 | |
Company Ultragenyx UCB Pharma And Amgen Inc [Member] | Non Exclusive Worldwide Royalty Free Agreement [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Addition to intangible assets excluding goodwill other than through business combination | £ 1,200 | ||
Amortisation charge recognised on intangible assets | 0 | ||
Company Ultragenyx UCB Pharma And Amgen Inc [Member] | Non Exclusive Worldwide Royalty Free Agreement [Member] | Administrative [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation charge recognised on intangible assets | 100 | ||
Contingent consideration recognized during the period for intangible assets acquired | 600 | ||
Other provisions [member] | Company Ultragenyx UCB Pharma And Amgen Inc [Member] | Non Exclusive Worldwide Royalty Free Agreement [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
New provisions other provisions | £ 600 | ||
Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Revision in the value of any other intangible assets | £ 0 | £ 0 |
Issued Capital and Reserves - S
Issued Capital and Reserves - Summary of Detailed Information of Ordinary Share Capital (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of classes of share capital [line items] | ||
Beginning balance | £ 61,868 | £ 88,002 |
Issued during the year | 3,440 | |
Ending balance | 57,745 | 69,585 |
Beginning balance | 254,303 | |
Ending balance | 257,343 | |
Share premium [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 254,303 | 247,460 |
Issued during the year | 3,040 | |
Ending balance | 257,343 | 247,460 |
Beginning balance | 254,303 | 247,460 |
Issued for public offering | 3,040 | |
Ending balance | £ 257,343 | £ 247,460 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Ordinary shares issued and fully paid, Beginning balance | 624,928,519 | 584,908,239 |
Issued | 18,276,275 | |
Ordinary shares issued and fully paid, Ending balance | 643,204,794 | 584,908,239 |
Ordinary share capital [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | £ 1,875 | £ 1,755 |
Issued during the year | 55 | |
Ending balance | £ 1,930 | £ 1,755 |
Issued Capital and Reserves - A
Issued Capital and Reserves - Additional Information (Detail) £ / shares in Units, £ in Thousands | 6 Months Ended | |||||||||
Jun. 30, 2023 GBP (£) shares | Jun. 30, 2023 GBP (£) shares | Jun. 30, 2023 GBP (£) shares | Jun. 30, 2023 GBP (£) $ / shares shares | Jun. 30, 2023 GBP (£) shares | Jun. 30, 2023 GBP (£) yr shares | Jun. 30, 2023 GBP (£) £ / shares shares | Jun. 30, 2022 GBP (£) shares | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | |
Disclosure of classes of share capital [line items] | ||||||||||
Equity component (consideration received for the warrants) | £ 200 | £ 200 | £ 200 | £ 200 | £ 200 | £ 200 | £ 200 | £ 100 | ||
Share-based payments | 1,900 | £ 2,400 | ||||||||
Number of warrants issued in exchange for funds | shares | 408,730 | |||||||||
Proceeds from exercise Of warrants | 100 | |||||||||
Equity | £ 57,745 | £ 57,745 | £ 57,745 | £ 57,745 | £ 57,745 | £ 57,745 | £ 57,745 | £ 69,585 | £ 61,868 | £ 88,002 |
Restricted stock units [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share based compensation by share based award equity instruments other than options vesting period | 3 years | |||||||||
Private Placement Loan Notes [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Ordinary shares issued and allotted | shares | 17,774,895 | 17,774,895 | 17,774,895 | 17,774,895 | 17,774,895 | 17,774,895 | 17,774,895 | 0 | ||
Share conversion price per share | (per share) | £ 0.174 | £ 0.174 | ||||||||
Number of converted loans converted to ordinary shares | shares | 17,774,895 | |||||||||
Debt instrument converted into equity carrying value | £ 3,100 | £ 3,100 | £ 3,100 | £ 3,100 | £ 3,100 | £ 3,100 | £ 3,100 | |||
Warrants [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Equity | £ 100 | 100 | £ 100 | £ 100 | £ 100 | £ 100 | £ 100 | |||
2019 Equity Incentive Plan [member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Exercise price, share options granted | £ / shares | $ / shares | £ 1.01 | |||||||||
Expected life of share options | 3.43 | 10 | ||||||||
Expected volatility (%) | 98.06% | |||||||||
2019 Equity Incentive Plan [member] | Performance Share Units [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Weighted average share price equity instruments other than options granted | $ / shares | 1.01 | |||||||||
Risk-free interest rate equity instruments other than options | 4.14% | |||||||||
Expected volatility percentage equity instruments other than options granted | 105.60% | |||||||||
2019 Equity Incentive Plan [member] | Top of range [member] | Performance Share Units [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Expected life of equity instruments other than options granted | 1 year 1 month 6 days | |||||||||
2019 Equity Incentive Plan [member] | Bottom of range [member] | Performance Share Units [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Expected life of equity instruments other than options granted | 10 months 24 days | |||||||||
2019 NED Equity Incentive Plan [member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Exercise price, share options granted | £ / shares | $ / shares | £ 0.94 | |||||||||
Expected life of share options | yr | 10 | |||||||||
Risk-free interest rate | 3.36% | |||||||||
Expected volatility (%) | 97.94% | |||||||||
Novartis [member] | Amendment Agreement [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Conversion of loan notes into ordinary shares amount | £ 300 | |||||||||
Ordinary shares [member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Ordinary shares issued and allotted | shares | 501,380 | 501,380 | 501,380 | 501,380 | 501,380 | 501,380 | 501,380 |
Issued Capital and Reserves -_2
Issued Capital and Reserves - Summary of Other Capital Reserves (Detail) - GBP (£) £ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of classes of share capital [line items] | ||
Beginning balance | £ 7,401 | |
Share-based payments expense during the year | 1,931 | £ 2,446 |
Issuance of warrants | 41 | 70 |
Ending balance | 7,401 | |
Capital reserve [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 132,680 | 129,835 |
Share-based payments expense during the year | 1,931 | 2,446 |
Share options exercise | (82) | |
Extinguishment and issuance of Novartis Loan Note | 347 | |
Issuance of warrants | 41 | 70 |
Ending balance | 134,999 | 132,269 |
Share-based payments [member] | Capital reserve [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 26,806 | 23,026 |
Share-based payments expense during the year | 1,931 | 2,446 |
Share options exercise | (82) | |
Ending balance | 28,737 | 25,390 |
Equity component of convertible loan [member] | Capital reserve [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 31,838 | 32,843 |
Extinguishment and issuance of Novartis Loan Note | 347 | |
Ending balance | 32,185 | 32,843 |
Other Warrents Issued [Member] | Capital reserve [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 114 | 44 |
Issuance of warrants | 41 | 70 |
Ending balance | 155 | 114 |
Merger reserve [member] | Capital reserve [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 40,818 | 40,818 |
Ending balance | 40,818 | 40,818 |
Other Reserve [Member] | Capital reserve [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance | 33,104 | 33,104 |
Ending balance | £ 33,104 | £ 33,104 |
Issued Capital and Reserves -_3
Issued Capital and Reserves - Summary of Equity Awards Granted (Detail) | 6 Months Ended |
Jun. 30, 2023 ADS $ / shares | |
2019 Equity Incentive Plan [member] | Options [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Awards | ADS | 4,617,000 |
Weighted average fair value | $ 0.91 |
Weighted average exercise price | $ 1.01 |
2019 Equity Incentive Plan [member] | Restricted stock units [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Awards | ADS | 617,750 |
Weighted average fair value | $ 1.01 |
Weighted average exercise price | $ 0 |
2019 Equity Incentive Plan [member] | Performance Share Units [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Awards | ADS | 1,543,150 |
Weighted average fair value | $ 0.61 |
Weighted average exercise price | $ 0 |
2019 NED Equity Incentive Plan [member] | Options [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Awards | ADS | 440,000 |
Weighted average fair value | $ 0.84 |
Weighted average exercise price | $ 0.94 |
2019 NED Equity Incentive Plan [member] | Restricted stock units [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Awards | ADS | 479,813 |
Weighted average fair value | $ 0.94 |
Weighted average exercise price | $ 0 |
2019 NED Equity Incentive Plan [member] | Performance Share Units [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Awards | ADS | 0 |
Weighted average fair value | $ 0 |
Weighted average exercise price | $ 0 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure provisions [line items] | ||
Provisions | £ 5,112 | £ 4,822 |
Current | 4,701 | 4,822 |
Non-Current | 411 | 0 |
Social security contributions on share options [member] | ||
Disclosure provisions [line items] | ||
Provisions | 56 | 9 |
Provisions for deferred contingent cash consideration [member] | ||
Disclosure provisions [line items] | ||
Provisions | 5,056 | 4,634 |
Restructuring [member] | ||
Disclosure provisions [line items] | ||
Provisions | £ 0 | £ 179 |
Convertible Notes - Summary of
Convertible Notes - Summary of Interest-bearing Loans and Borrowings (Detail) - GBP (£) £ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [abstract] | ||
Novartis Loan Note | £ 3,665 | £ 4,449 |
Loan Notes – private placement | 4,186 | 6,636 |
Total | 7,851 | 11,085 |
Current | 4,186 | 11,085 |
Non-current | £ 3,665 | £ 0 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) £ / shares in Units, £ in Thousands | 6 Months Ended | ||||
May 31, 2023 GBP (£) | Feb. 10, 2023 GBP (£) shares | Jun. 30, 2023 GBP (£) £ / shares shares | Jun. 30, 2023 £ / shares $ / shares shares | Jun. 30, 2022 GBP (£) shares | |
Disclosure of detailed information about borrowings [line items] | |||||
Payment of interest financing activities | £ 771 | ||||
Private Placement Loan Notes [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing interest rate | 6% | 6% | |||
Conversion price per share | £ / shares | £ 0.174 | £ 0.174 | |||
Borrowings extended maturity date | Aug. 03, 2023 | ||||
Expiry date of warrants | Jun. 03, 2023 | ||||
Share conversion price per share | (per share) | £ 0.174 | £ 0.174 | |||
Number of shares issued | shares | 17,774,895 | 17,774,895 | 0 | ||
Private Placement Loan Notes [Member] | Finance Income [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Gain loss recognized on the modification of loan | £ 100 | £ 100 | £ 0 | ||
Novartis [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing interest rate | 9% | 6% | 6% | ||
Conversion price per share | £ / shares | £ 0.265 | £ 0.265 | |||
Number of securities covered by warrants | shares | 2,000,000 | ||||
Borrowings extended maturity date | Feb. 10, 2025 | ||||
Expiry date of warrants | Feb. 28, 2023 | ||||
Interest paid | £ 700 | ||||
Novartis [member] | Amendement Agreement [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Issuance of unsecured convertible loan notes | shares | 300,000 | ||||
Payment of interest financing activities | £ 700 | ||||
Reduction in fair value of liabilities due to extinguishment of loans | £ 4,500 | ||||
Additions to fair value liability due to replacement of the original instrument with a new one | £ 3,500 |
Warrant Liability - Summary of
Warrant Liability - Summary of Warrant Liability (Detail) - GBP (£) £ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Warrant Liability [Abstract] | |||
Beginning balance | £ 531 | £ 8,336 | |
Fair Value changes during the period | (365) | (1,210) | |
Ending balance | 166 | 7,126 | |
Current | 0 | £ 402 | |
Non-current | 166 | 129 | |
Total | £ 166 | £ 7,126 | £ 531 |
Warrant Liability - Additional
Warrant Liability - Additional Information (Detail) £ / shares in Units, £ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 GBP (£) £ / Warrant £ / shares shares | Jun. 30, 2022 GBP (£) £ / Warrant | Dec. 31, 2022 GBP (£) £ / shares shares | Jun. 30, 2023 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 GBP (£) | Jun. 30, 2020 £ / shares shares | |
Disclosure of classes of share capital [line items] | |||||||
Percentage of ordinary share capital | 0.40% | ||||||
Warrant liability | £ | £ 166 | £ 7,126 | £ 531 | £ 8,336 | |||
Fair value of the warrant liability | £ | 0 | 400 | |||||
Private placement [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants issued | 161,048,366 | ||||||
Fair Value Adjustments Of Warrants | £ | £ 400 | ||||||
Exercise price per warrants | £ / shares | £ 0.348 | ||||||
Number of warrants exercised during period | 0 | ||||||
Bank loan [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrant liability | £ | £ 200 | £ 100 | |||||
Bank loan [member] | Ordinary shares [member] | Warrants Subscribed [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price per warrants | £ / shares | £ 2.95 | £ 2.95 | |||||
Class of warrant number of securities called by warrants | 1,243,908 | 1,243,908 | |||||
Warrants and rights outstanding term | 2027-08 | 2027-08 | |||||
Bank loan [member] | Ordinary shares [member] | Two Thousand And Twenty Warrants [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price per warrants | $ / shares | $ 0.4144 | $ 0.4144 | |||||
Class of warrant number of securities called by warrants | 1,243,908 | 1,243,908 | |||||
Warrants and rights outstanding term | 2028-10 | 2028-10 | |||||
Warrant [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of warrants outstanding | 2,487,816 | ||||||
Number of warrants exercised | £ / Warrant | 0 | 0 |
Warrant Liability - Summary o_2
Warrant Liability - Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted (Detail) - Warrant liability [member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Expected volatility | 100% | 95% |
Risk-free interest rate | 3.45% | 3.99% |
Expected life of warrants (years) | 4 years 8 months 12 days | 6 months |
Market price of ADS | $ 1.32 | $ 0.75 |
Model used | Black-Scholes | Black-Scholes |
Financial instruments fair va_3
Financial instruments fair value disclosures - Summary of Fair Value Hierarchy (Detail) £ in Thousands | Jun. 30, 2023 GBP (£) |
Fair value measured using unadjusted quoted prices (Level 1) [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities | £ 0 |
Fair value measured using unadjusted quoted prices (Level 1) [member] | Provisions for deferred contingent cash consideration [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities at fair value | 0 |
Fair value measured using unadjusted quoted prices (Level 1) [member] | Warrant liability [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities at fair value | 0 |
Fair value measured using significant observable inputs (Level 2) [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities | 166 |
Fair value measured using significant observable inputs (Level 2) [member] | Provisions for deferred contingent cash consideration [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities at fair value | 0 |
Fair value measured using significant observable inputs (Level 2) [member] | Warrant liability [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities at fair value | 166 |
Fair value measured using significant unobservable inputs (Level 3) [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities | 5,056 |
Fair value measured using significant unobservable inputs (Level 3) [member] | Provisions for deferred contingent cash consideration [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities at fair value | 5,056 |
Fair value measured using significant unobservable inputs (Level 3) [member] | Warrant liability [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Financial liabilities at fair value | £ 0 |
Financial instruments fair va_4
Financial instruments fair value disclosures - Summary of Changes in Level 3 (Detail) £ in Thousands | 6 Months Ended |
Jun. 30, 2023 GBP (£) | |
Summary of changes in level 3 of fair value of hierarchy [Line Items] | |
Beginning balance | £ 4,822 |
Ending balance | 5,112 |
Provisions for deferred contingent cash consideration [member] | |
Summary of changes in level 3 of fair value of hierarchy [Line Items] | |
Beginning balance | 4,634 |
Ending balance | 5,056 |
Provisions for deferred contingent cash consideration [member] | Level 3 of fair value hierarchy [member] | |
Summary of changes in level 3 of fair value of hierarchy [Line Items] | |
Beginning balance | 4,634 |
Additions during the period | 561 |
Revisions to estimate | (300) |
Movement during the period | 161 |
Ending balance | 5,056 |
Warrant liability [member] | Level 3 of fair value hierarchy [member] | |
Summary of changes in level 3 of fair value of hierarchy [Line Items] | |
Beginning balance | 402 |
Additions during the period | 0 |
Revisions to estimate | 0 |
Movement during the period | (402) |
Ending balance | £ 0 |
Financial instruments fair va_5
Financial instruments fair value disclosures- Summary of Changes In Significant Unobservable Inputs Under Valuation Model Used In Level Fair Value Measurement (Detail) - Provision for Astra Zeneca deferred contingent cash consideration [member] - Discounted cash flow model [member] - GBP (£) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted average cost of capital [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement [line items] | ||
Weighted average cost of capital | 15% | 15% |
Percentage of increase decrease in sensitivity analysis affecting input to fair value | 1% | 1% |
Increase decrease in sensitivity analysis affecting input to fair value | £ 21,000 | £ 31,000 |
Probability of success [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement [line items] | ||
Percentage of increase decrease in sensitivity analysis affecting input to fair value | 10% | 10% |
Increase decrease in sensitivity analysis affecting input to fair value | £ 500,000 | £ 500,000 |
Bottom of range [member] | Probability of success [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement [line items] | ||
Probability of success | 40.60% | 40.60% |
Top of range [member] | Probability of success [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement [line items] | ||
Probability of success | 81.20% | 81.20% |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) - GBP (£) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Amount paid to trust by the company | £ 0 | £ 0 | |
Shares purchased by the EBT | 0 | 0 | |
Cash held by employee benefit trust | £ 17,241 | £ 17,741 | |
Ordinary Shares [member] | |||
Disclosure of transactions between related parties [line items] | |||
Stock held by employee benefit trust | 0 | 78,225 |
Events after reporting period -
Events after reporting period - Additional Information (Detail) £ / shares in Units, $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 GBP (£) £ / shares shares | Jul. 31, 2023 USD ($) shares | Aug. 31, 2023 GBP (£) | Jun. 30, 2023 $ / shares shares | Jun. 30, 2023 £ / shares shares | Jun. 30, 2022 shares | |
Private Placement Loan Notes [member] | ||||||
Statement [line items] | ||||||
Share conversion price per share | (per share) | $ 0.174 | £ 0.174 | ||||
Number of shares issued | 17,774,895 | 17,774,895 | 0 | |||
Repayment Of Convertible Loan [member] | Private Placement Loan Notes [member] | ||||||
Statement [line items] | ||||||
Repayment of convertible loan | £ | £ 2,600,000 | |||||
Conversion of debt into equity [member] | Private Placement Loan Notes [member] | ||||||
Statement [line items] | ||||||
Value of debt converted into equity | £ | £ 1,025,641 | |||||
ADS [member] | Major ordinary share transactions [member] | ||||||
Statement [line items] | ||||||
Par value per share | £ / shares | £ 0.003 | |||||
ADS [member] | Major ordinary share transactions [member] | Jefferies LLC [member] | Open Market Sale Agreement [member] | ||||||
Statement [line items] | ||||||
Number of warrants converted | 9,673,419 | 9,673,419 | ||||
Ordinary shares [member] | ||||||
Statement [line items] | ||||||
Number of shares issued | 501,380 | 501,380 | ||||
Ordinary shares [member] | Major ordinary share transactions [member] | ||||||
Statement [line items] | ||||||
Share conversion price per share | £ / shares | £ 0.174 | |||||
Proceeds from issue of ordinary shares | 1,929,040 | |||||
Number of shares issued | 9,645,200 | |||||
Ordinary shares [member] | Major ordinary share transactions [member] | Jefferies LLC [member] | Open Market Sale Agreement [member] | ||||||
Statement [line items] | ||||||
Proceeds from issue of ordinary shares | £ 9,300,000 | $ 12 | ||||
Number of shares issued | 48,367,095 |