Share-based compensation (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Share-based compensation |
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| Schedule of options granted to non-executive directors under the Adaptimmune Therapeutics plc 2015 Share Option Scheme |
Generally, the vesting dates for the options granted under these plans up to December 31, 2024 are 25% on the first anniversary of the grant date and 75% in monthly installments over the following three years. However, the options
granted to non-executive directors under the Adaptimmune Therapeutics plc 2015 Share Option Scheme vest and become exercisable as follows:
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Options granted to non-executive directors on May 11, 2015: |
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Immediately on grant date |
Options granted to a non-executive director on June 23, 2016: |
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25% on the first anniversary of the grant date and 75% in monthly installments over the following two years |
Options granted to non-executive directors on August 11, 2016: |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on November 28, 2016: |
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25% on the first anniversary of the grant date and 75% in monthly installments over the following two years |
Options granted to non-executive directors on July 3, 2017 |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on June 22, 2018: |
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100% on the first anniversary of the grant date |
Options granted to a non-executive director on July 5, 2018: |
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25% on the first anniversary of the grant date and 75% in monthly instalments over the following two years |
Options granted to non-executive directors on July 2, 2019: |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on July 1, 2020: |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on July 1, 2021: |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on July 1, 2022: |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on July 3, 2023: |
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100% on the first anniversary of the grant date |
Options granted to a non-executive director on November 1, 2023: |
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25% on the first anniversary of the grant date and 75% in monthly instalments over the following two years |
Options granted to non-executive directors on January 15, 2024: |
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100% on the first anniversary of the grant date |
Options granted to non-executive directors on July 1, 2024: |
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100% on the first anniversary of the grant date |
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| 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):
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Year ended |
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Year ended |
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Year ended |
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December 31, |
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December 31, |
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December 31, |
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2024 |
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2023 |
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2022 |
Research and development |
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$ |
3,875 |
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$ |
3,061 |
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$ |
6,264 |
Selling, general and administrative |
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8,176 |
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8,712 |
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11,976 |
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$ |
12,051 |
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$ |
11,773 |
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$ |
18,240 |
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| Summary of information about share options granted |
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Year ended |
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December 31, |
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2024 |
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2023 |
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2022 |
Number of options over ordinary shares granted |
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55,282,716 |
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60,891,430 |
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31,826,293 |
Weighted average fair value of ordinary shares options |
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$ |
0.12 |
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$ |
0.12 |
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$ |
0.37 |
Number of additional options with a nominal exercise price granted |
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34,560,096 |
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27,375,252 |
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24,248,424 |
Weighted average fair value of options with a nominal exercise price |
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$ |
0.15 |
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$ |
0.27 |
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$ |
0.51 |
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| Summary of all stock option activity |
The following table summarizes all stock option activity for the year ended December 31, 2024:
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Weighted |
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Average |
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average |
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remaining |
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Aggregate |
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exercise price |
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contractual |
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intrinsic value |
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Options |
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per option |
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term (years) |
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(thousands) |
Outstanding at January 1, 2024 |
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191,150,175 |
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£ |
0.41 |
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Changes during the period: |
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Granted |
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89,842,812 |
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£ |
0.08 |
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Exercised |
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(8,976,462) |
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£ |
0.01 |
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Expired |
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(14,454,205) |
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£ |
0.52 |
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Forfeited |
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(4,175,144) |
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£ |
0.07 |
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Outstanding at December 31, 2024 |
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253,387,176 |
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£ |
0.31 |
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6.9 |
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£ |
4,698 |
Exercisable at December 31, 2024 |
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129,110,391 |
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£ |
0.50 |
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5.1 |
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£ |
873 |
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| 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, 2024:
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Weighted |
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Average |
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average |
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remaining |
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Aggregate |
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exercise price |
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contractual |
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intrinsic value |
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Options |
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per option |
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term (years) |
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(thousands) |
Outstanding at January 1, 2024 |
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147,670,115 |
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£ |
0.53 |
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|
131 |
Changes during the period: |
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Granted |
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55,282,716 |
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£ |
0.12 |
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Exercised |
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(622,278) |
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£ |
0.09 |
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Expired |
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(14,378,110) |
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£ |
0.53 |
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Forfeited |
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(1,098,173) |
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£ |
0.27 |
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Outstanding at December 31, 2024 |
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186,854,270 |
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£ |
0.41 |
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6.4 |
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£ |
4 |
Exercisable at December 31, 2024 |
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116,768,430 |
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£ |
0.49 |
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5.0 |
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£ |
2 |
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| 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, 2024:
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Average |
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remaining |
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Aggregate |
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contractual |
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intrinsic value |
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Options |
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term (years) |
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(thousands) |
Outstanding at January 1, 2024 |
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43,480,060 |
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|
8.1 |
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4,470 |
Changes during the period: |
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Granted |
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34,560,096 |
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Exercised |
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(8,354,184) |
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Expired |
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(76,095) |
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Forfeited |
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(3,076,971) |
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Outstanding at December 31, 2024 |
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66,532,906 |
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8.1 |
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£ |
4,695 |
Exercisable at December 31, 2024 |
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12,341,961 |
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6.1 |
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£ |
871 |
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| Summary of information about stock options outstanding |
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Outstanding |
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Exercisable |
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Weighted- |
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average |
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Weighted- |
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Weighted- |
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Total share |
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remaining |
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average |
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Total share |
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average |
Exercise price |
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options |
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contractual life |
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exercise price |
|
options |
|
exercise price |
£ |
0.001 |
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66,532,906 |
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8.1 |
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£ |
0.00 |
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12,341,961 |
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£ |
0.00 |
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0.01 - 0.25 |
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74,588,395 |
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8.5 |
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0.13 |
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19,963,611 |
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0.15 |
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0.26 - 0.50 |
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48,832,463 |
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6.6 |
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0.37 |
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34,325,165 |
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0.39 |
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0.51 - 0.75 |
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35,763,545 |
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3.6 |
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0.59 |
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35,390,721 |
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0.59 |
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0.76 - 1.00 |
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21,844,478 |
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4.0 |
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0.84 |
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21,549,378 |
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0.84 |
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1.01 - 1.50 |
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3,311,907 |
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4.4 |
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1.30 |
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3,274,431 |
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1.30 |
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1.51 - 2.00 |
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1,879,690 |
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4.3 |
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1.67 |
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1,719,718 |
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1.67 |
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Over 2.00 |
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633,792 |
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6.0 |
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4.30 |
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545,406 |
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4.47 |
Total |
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253,387,176 |
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6.9 |
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£ |
0.31 |
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129,110,391 |
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£ |
0.50 |
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| Summary of the assumptions used to estimate the fair values of the share options granted using the Black-Scholes option-pricing model |
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Year ended |
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Year ended |
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Year ended |
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December 31, |
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December 31, |
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December 31, |
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2024 |
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2023 |
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2022 |
Expected term |
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5 years |
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5 years |
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5 years |
Expected term (TCR2 replacement options) |
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— |
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0.5 - 4 years |
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— |
Expected volatility |
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104-105% |
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84-113% |
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99-101% |
Risk free rate |
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3.55-3.99% |
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3.27-4.52% |
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0.94-3.90% |
Expected dividend yield |
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0% |
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0% |
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0% |
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