Exhibit 99.4

Capitalization & Indebtedness

The following table sets out our unaudited consolidated capitalization in accordance with IFRS as issued by the IASB.

	September 30, 2025 £ 000
Cash and cash equivalents		91,716
Equity:
Share capital		78
Share premium		652,596
Treasury share reserve		(803	)
Other reserves		132,205
Accumulated deficit		(876,173	)
Total Shareholder’s deficit):		(92,097	)
Debt:
Financial liabilities at fair value through profit and loss(1)		185,819
Non-current lease liabilities		2,505
Warrant liabilities		258
Current lease liabilities		924
Total capitalization		97,409

(1)       Secured.