Share-based compensation (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-based compensation |
|
| Summary of share-based compensation expense included in the consolidated statements of operations |
The following table shows the total share-based compensation expense included in the Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
December 31, |
|
December 31, |
|
December 31, |
|
2023 |
|
2022 |
|
2021 |
Research and development |
$ |
3,061 |
|
$ |
6,264 |
|
$ |
9,052 |
General and administrative |
|
8,712 |
|
|
11,976 |
|
|
11,577 |
|
$ |
11,773 |
|
$ |
18,240 |
|
$ |
20,629 |
|
| Summary of information about share options granted |
|
|
|
|
|
|
|
|
|
|
Year ended |
|
December 31, |
|
2023 |
|
2022 |
|
2021 |
Number of options over ordinary shares granted |
|
60,891,430 |
|
|
31,826,293 |
|
|
21,300,998 |
Weighted average fair value of ordinary shares options |
$ |
0.12 |
|
$ |
0.37 |
|
$ |
0.70 |
Number of additional options with a nominal exercise price granted |
|
27,375,252 |
|
|
24,248,424 |
|
|
17,765,778 |
Weighted average fair value of options with a nominal exercise price |
$ |
0.27 |
|
$ |
0.51 |
|
$ |
0.97 |
|
| Summary of all stock option activity |
The following table summarizes all stock option activity for the year ended December 31, 2023:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Average |
|
|
|
|
|
|
average |
|
remaining |
|
Aggregate |
|
|
|
|
exercise price |
|
contractual |
|
intrinsic value |
|
|
Options |
|
per option |
|
term (years) |
|
(thousands) |
Outstanding at January 1, 2023 |
|
152,539,089 |
|
£ |
0.44 |
|
|
|
|
|
Changes during the period: |
|
|
|
|
|
|
|
|
|
|
Granted |
|
88,266,682 |
|
£ |
0.26 |
|
|
|
|
|
Exercised |
|
(14,614,410) |
|
£ |
0.01 |
|
|
|
|
|
Expired |
|
(14,916,414) |
|
£ |
0.54 |
|
|
|
|
|
Forfeited |
|
(20,124,772) |
|
£ |
0.18 |
|
|
|
|
|
Outstanding at December 31, 2023 |
|
191,150,175 |
|
£ |
0.41 |
|
6.4 |
|
£ |
4,601 |
Exercisable at December 31, 2023 |
|
111,671,247 |
|
£ |
0.57 |
|
4.8 |
|
£ |
876 |
|
| Summarizes information about stock options granted based on the market value at grant date which were outstanding |
The following table summarizes information about stock options granted based on the market value at grant date which were outstanding as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
Average |
|
|
|
|
|
|
|
average |
|
remaining |
|
Aggregate |
|
|
|
|
exercise price |
|
contractual |
|
intrinsic value |
|
|
Options |
|
per option |
|
term (years) |
|
(thousands) |
Outstanding at January 1, 2023 |
|
112,477,463 |
|
£ |
0.60 |
|
|
|
|
68 |
Changes during the period: |
|
|
|
|
|
|
|
|
|
|
Granted |
|
60,891,430 |
|
£ |
0.38 |
|
|
|
|
|
Exercised |
|
(2,318,712) |
|
£ |
0.08 |
|
|
|
|
|
Expired |
|
(14,681,143) |
|
£ |
0.55 |
|
|
|
|
|
Forfeited |
|
(8,698,923) |
|
£ |
0.42 |
|
|
|
|
|
Outstanding at December 31, 2023 |
|
147,670,115 |
|
£ |
0.53 |
|
5.9 |
|
£ |
131 |
Exercisable at December 31, 2023 |
|
104,062,503 |
|
£ |
0.61 |
|
4.7 |
|
£ |
94 |
|
| Summary of information about RSU-style options which are outstanding |
The following table summarizes information about RSU-style options which were outstanding as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
remaining |
|
Aggregate |
|
|
|
|
|
contractual |
|
intrinsic value |
|
|
Options |
|
|
term (years) |
|
(thousands) |
Outstanding at January 1, 2023 |
|
40,061,626 |
|
|
8.4 |
|
|
8,014 |
Changes during the period: |
|
|
|
|
|
|
|
|
Granted |
|
27,375,252 |
|
|
|
|
|
|
Exercised |
|
(12,295,698) |
|
|
|
|
|
|
Expired |
|
(235,271) |
|
|
|
|
|
|
Forfeited |
|
(11,425,849) |
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
43,480,060 |
|
|
8.1 |
|
£ |
4,470 |
Exercisable at December 31, 2023 |
|
7,608,744 |
|
|
6.3 |
|
£ |
782 |
|
| Summary of information about stock options outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
Exercisable |
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
|
|
|
|
average |
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Total share |
|
remaining |
|
average |
|
Total share |
|
average |
Exercise price |
|
options |
|
contractual life |
|
exercise price |
|
options |
|
exercise price |
£ |
0.001 |
|
43,480,060 |
|
8.1 |
|
£ |
0.00 |
|
7,608,744 |
|
£ |
0.00 |
|
0.01 - 0.25 |
|
21,971,325 |
|
7.3 |
|
|
0.15 |
|
12,088,355 |
|
|
0.17 |
|
0.26 - 0.50 |
|
58,019,113 |
|
6.8 |
|
|
0.36 |
|
29,574,227 |
|
|
0.41 |
|
0.51 - 0.75 |
|
37,467,776 |
|
4.4 |
|
|
0.59 |
|
36,525,314 |
|
|
0.59 |
|
0.76 - 1.00 |
|
22,398,887 |
|
5.0 |
|
|
0.84 |
|
19,100,118 |
|
|
0.85 |
|
1.01 - 1.50 |
|
4,760,589 |
|
4.1 |
|
|
1.30 |
|
4,423,554 |
|
|
1.29 |
|
1.51 - 2.00 |
|
2,208,807 |
|
4.7 |
|
|
1.67 |
|
1,735,989 |
|
|
1.68 |
|
Over 2.00 |
|
843,618 |
|
6.0 |
|
|
3.94 |
|
614,946 |
|
|
4.05 |
Total |
|
191,150,175 |
|
6.4 |
|
£ |
0.41 |
|
111,671,247 |
|
£ |
0.57 |
|
| Summary of the assumptions used to estimate the fair values of the share options granted using the Black-Scholes option-pricing model |
|
|
|
|
|
|
|
|
|
Year ended |
|
Year ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Expected term |
|
5 years |
|
5 years |
|
5 years |
Expected term (TCR2 replacement options) |
|
0.5 - 4 years |
|
— |
|
— |
Expected volatility |
|
84-113% |
|
99-101% |
|
98-100% |
Risk free rate |
|
3.27-4.52% |
|
0.94-3.90% |
|
0.00-0.61% |
Expected dividend yield |
|
0% |
|
0% |
|
0% |
|