Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Related Party Transactions

15.Related Party Transactions

During the three months ended March 31, 2023, the Company incurred $Nil expenses from its shareholder, Oxford Science Enterprises plc. During the three months ended March 31, 2022, the Company recognized net income of $55 thousand after offsetting lease costs for laboratory and office space in Oxford of $74 thousand, against a refund of $129 thousand from its shareholder, Oxford Science Enterprises plc.

During the three months ended March 31, 2023, the Company incurred expenses of $Nil (three months ended March 31, 2022: $1 thousand) to its shareholder, the University of Oxford, related to clinical study costs. As of March 31, 2023, the Company owed $Nil (December 31, 2022: $Nil) to the University of Oxford.

During the three months ended March 31, 2023, the Company incurred expenses of $98 thousand (three months ended March 31, 2022: $193 thousand) and recognized license revenue of $0.5 million (three months ended March 31, 2022: $15.0 million) from Oxford University Innovation Limited which is a wholly owned subsidiary of the Company’s shareholder, the University of Oxford. As of March 31, 2023, the Company was owed $0.8 million (December 31, 2022: $5.5 million) from Oxford University Innovation Limited.