Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Financial Instruments [Abstract]

Summary of Financial Assets by Category

The categories of financial assets included in the balance sheet and the heading in which they are included are as follows. The measurement of financial assets is at amortised cost unless otherwise stated:

	December 31,
	2021		2020
	£000s		£000s
Trade receivables		331		29,306
Cash and cash equivalents		73,537		27,449
Term deposits		-		10,000
Derivative financial instruments held at fair value		-		1,492
Non-current financial assets at amortized cost		301		303
		74,169		68,550

Summary of Financial Liabilities by Category

Financial liabilities by category

	December 31,
	2021		2020
	£000s		£000s
Trade and other payables		10,464		7,085
Lease liability		137		341
		10,601		7,426

All amounts are short-term.

Summary of Credit Quality of Financial Assets

The maximum exposure to credit risk at the reporting date by class of financial asset was:

	December 31,
	2021		2020
	£000s		£000s
Trade receivables		331		29,306
Financial assets at amortized cost – non-current		301		303
		632		29,609

Summary of Currency Risk

Financial assets and liabilities denominated in euros and translated into sterling at the closing rate were:

	December 31,
	2021			2020
	£000s			£000s
Financial assets		1,918			467
Financial liabilities		(3,278	)		(1,190	)
Net financial liabilities		(1,360	)		(723	)

Financial assets and liabilities denominated in US dollars and translated into sterling at the closing rate were:

	December 31,
	2021			2020
	£000s			£000s
Financial assets		11,248			29,427
Financial liabilities		(876	)		(2,123	)
Net financial assets		10,372			27,304

The table shows the impact of an additional weakening or strengthening of sterling against the euro by 20%.

				If sterling			If sterling
	As reported			rose 20%			fell 20%
	£000s			£000s			£000s
2021
Group result for the year		(39,410	)		(35,618	)		(45,099	)
Euro denominated net financial liabilities		(1,360	)		(1,133	)		(1,700	)
Total equity at December 31, 2021		8,526			8,753			8,186
2020
Group result for the year		(32,547	)		(29,056	)		(37,784	)
Euro denominated net financial liabilities		(723	)		(603	)		(904	)
Total equity at December 31, 2020		9,059			9,180			8,878
2019
Group result for the year		(19,582	)		(18,645	)		(21,257	)
Euro denominated net financial liabilities		(640	)		(533	)		(800	)
Total equity at December 31, 2019		20,909			18,879			23,995

The table shows the impact of an additional weakening or strengthening of sterling against the US dollar by 20%.

				If sterling			If sterling
	As reported			rose 20%			fell 20%
	£000s			£000s			£000s
2021
Group result for the year		(39,410	)		(37,225	)		(42,688	)
U.S. dollar denominated net financial assets		10,372			8,643			12,965
Total equity at December 31, 2021		8,526			6,797			11,119
2020
Group result for the year		(32,547	)		(31,283	)		(34,442	)
U.S. dollar denominated net financial assets		27,304			22,753			34,130
Total equity at December 31, 2020		9,059			4,508			15,885
2019
Group result for the year		(19,582	)		(19,337	)		(19,950	)
U.S. dollar denominated net financial assets		1,597			1,330			1,996
Total equity at December 31, 2019		20,909			20,643			21,308