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SUMMIT THERAPEUTICS PLC
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By:
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/s/ Glyn Edwards
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Glyn Edwards
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Chief Executive Officer
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Exhibit
Number
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|
Description
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Press release dated June 12, 2019
|
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Unaudited Condensed Consolidated Interim Financial Statements
|
|
101.INS
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|
XBRL Taxonomy Instance Document
|
101.SCH
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|
XBRL Taxonomy Extension Schema Document
|
101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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•
|
Through its scientific focus, Summit is discovering new classes of antibiotics to treat serious infectious diseases. Through creative development programmes, Summit aims to show its new classes of antibiotics offer significant advantages over current standards of care. Through demonstrating economic advantages, Summit aims to provide compelling value for payors and healthcare systems and achieve commercial success.
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•
|
RiCoDIFy Phase 3 clinical trial programme initiated in February 2019, which aims to support adoption of ridinilazole as the new standard of care treatment for
C. difficile
infection.
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•
|
These landmark design clinical trials aim to: i) show superiority over the current standard of care, vancomycin, using a composite endpoint measuring sustained clinical response; ii) generate health economic data to help support the commercial launch, if approved; and iii) undertake deep microbiome analysis that aims to show ridinilazole’s preservation of the gut microbiome.
|
•
|
Recruitment of patients into the two Phase 3 clinical trials is ongoing, and the programme remains on-track for expected reporting of top-line data in H2 2021.
|
•
|
Clinical and regulatory development of ridinilazole is supported by a BARDA contract worth up to $62 million.
|
•
|
SMT-571 is a new class antibiotic that is designed to treat infections caused by
Neisseria gonorrhoeae
.
|
•
|
In February 2019, preclinical data was published in the
Journal of Antimicrobial Chemotherapy
that showed SMT-571 had consistently high potency across over 200 clinically relevant strains of
N. gonorrhoeae
, including numerous multi-drug resistant and extensively-drug resistant strains.
|
•
|
IND
-
enabling studies are ongoing and expected to continue through the second half of the year. The Phase 1 clinical trial is no longer expected to initiate in H2 2019. Summit is evaluating the design of a clinical trial programme with the potential to shorten the overall clinical development timeline of SMT-571, subject to regulatory approvals. Further updates on the design and timelines for the start of the clinical programme to be provided when available.
|
•
|
SMT-571 development is being supported by an award of up to $4.5 million from CARB-X.
|
•
|
Identification of DDS-04 compound series, a new class of antibiotics that acts
via
the novel bacterial target LolCDE with the potential to treat infections caused by the gram-negative bacteria, Enterobacteriaceae.
|
•
|
In vivo
proof of concept demonstrated with a DDS-04 series compound cured infection in a translationally-relevant animal model of urinary tract infection, while therapeutic concentrations were also achieved in the lungs and bloodstream showing potential to treat other major Enterobacteriaceae infection sites. These data were presented at the 20
th
European Congress of Clinical Microbiology & Infectious Diseases.
|
•
|
Cash and cash equivalents at
30 April 2019
of
£28.3 million
compared to
£26.9 million
at
31 January 2019
.
|
•
|
Loss for the three months ended
30 April 2019
of
£4.0 million
compared to a loss of
£5.8 million
for the three months ended
30 April 2018
.
|
Summit
Glyn Edwards
/
Richard Pye (UK office)
Michelle Avery (US office)
|
Tel:
+44 (0)1235 443 951
+1 617 225 4455
|
Cairn Financial Advisers LLP
(Nominated Adviser)
Liam Murray / Tony Rawlinson
|
Tel:
+44 (0)20 7213 0880
|
N+1 Singer
(Joint Broker)
Aubrey Powell / Jen Boorer, Corporate Finance
Tom Salvesen, Corporate Broking
|
Tel:
+44 (0)20 7496 3000
|
Bryan Garnier & Co Limited
(Joint Broker)
Phil Walker / Dominic Wilson
|
Tel:
+44 (0)20 7332 2500
|
MSL Group
(US)
Jon Siegal
|
Tel:
+1 781 684 6557
summit@mslgroup.com
|
Consilium Strategic Communications
(UK)
Mary-Jane Elliott / Sue Stuart / Jessica Hodgson / Lindsey Neville |
Tel:
+44 (0)20 3709 5700
summit@consilium-comms.com
|
Glyn Edwards
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Chief Executive Officer
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|
|
12 June 2019
|
|
|
|
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|
Three months ended
30 April 2019 |
|
|
Three months ended
30 April 2019 |
|
|
Three months ended
30 April 2018 |
|
|
|
|
|
|
|
|
(Adjusted*)
|
|
||
|
Note
|
|
$000s
|
|
|
£000s
|
|
|
£000s
|
|
|
|
|
|
|
|
|
|
|||
Revenue
|
|
|
324
|
|
|
249
|
|
|
3,874
|
|
|
|
|
|
|
|
|
|
|||
Other operating income
|
|
|
6,347
|
|
|
4,871
|
|
|
3,455
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses
|
|
|
|
|
|
|
|
|||
Research and development
|
|
|
(10,780
|
)
|
|
(8,273
|
)
|
|
(11,590
|
)
|
General and administration
|
|
|
(2,156
|
)
|
|
(1,655
|
)
|
|
(2,328
|
)
|
Total operating expenses
|
|
|
(12,936
|
)
|
|
(9,928
|
)
|
|
(13,918
|
)
|
Operating loss
|
|
|
(6,265
|
)
|
|
(4,808
|
)
|
|
(6,589
|
)
|
|
|
|
|
|
|
|
|
|||
Finance income
|
|
|
3
|
|
|
2
|
|
|
1
|
|
Finance costs
|
|
|
(79
|
)
|
|
(61
|
)
|
|
(200
|
)
|
Loss before income tax
|
|
|
(6,341
|
)
|
|
(4,867
|
)
|
|
(6,788
|
)
|
|
|
|
|
|
|
|
|
|||
Income tax
|
|
|
1,097
|
|
|
842
|
|
|
946
|
|
Loss for the period
|
|
|
(5,244
|
)
|
|
(4,025
|
)
|
|
(5,842
|
)
|
|
|
|
|
|
|
|
|
|||
Other comprehensive income
|
|
|
|
|
|
|
|
|||
Items that may be reclassified subsequently to profit or loss
|
|
|
|
|
|
|
|
|||
Exchange differences on translating foreign operations
|
|
|
4
|
|
|
3
|
|
|
7
|
|
Total comprehensive loss for the period
|
|
|
(5,240
|
)
|
|
(4,022
|
)
|
|
(5,835
|
)
|
|
|
|
|
|
|
|
|
|||
Basic and diluted loss per ordinary share from operations
|
2
|
|
(4) cents
|
|
(3) pence
|
|
(8) pence
|
|
|
|
30 April 2019
|
|
|
30 April 2019
|
|
|
31 January 2019
|
|
|
|
|
|
|
|
|
(Adjusted*)
|
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||
|
|
|
$000s
|
|
|
£000s
|
|
|
£000s
|
|
ASSETS
|
|
|
|
|
|
|
|
|||
Non-current assets
|
|
|
|
|
|
|
|
|||
Goodwill
|
|
|
2,364
|
|
|
1,814
|
|
|
1,814
|
|
Intangible assets
|
|
|
13,547
|
|
|
10,397
|
|
|
10,604
|
|
Property, plant and equipment
|
|
|
1,812
|
|
|
1,391
|
|
|
1,540
|
|
|
|
|
17,723
|
|
|
13,602
|
|
|
13,958
|
|
Current assets
|
|
|
|
|
|
|
|
|||
Trade and other receivables
|
|
|
12,324
|
|
|
9,458
|
|
|
13,491
|
|
Current tax receivable
|
|
|
2,967
|
|
|
2,277
|
|
|
6,328
|
|
Cash and cash equivalents
|
|
|
36,894
|
|
|
28,315
|
|
|
26,858
|
|
|
|
|
52,185
|
|
|
40,050
|
|
|
46,677
|
|
Total assets
|
|
|
69,908
|
|
|
53,652
|
|
|
60,635
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES
|
|
|
|
|
|
|
|
|||
Non-current liabilities
|
|
|
|
|
|
|
|
|||
Lease liabilities
|
|
|
(739
|
)
|
|
(567
|
)
|
|
(647
|
)
|
Deferred revenue
|
|
|
(920
|
)
|
|
(706
|
)
|
|
(831
|
)
|
Provisions for other liabilities and charges
|
|
|
(2,480
|
)
|
|
(1,903
|
)
|
|
(1,851
|
)
|
Deferred tax liability
|
|
|
(2,141
|
)
|
|
(1,643
|
)
|
|
(1,675
|
)
|
|
|
|
(6,280
|
)
|
|
(4,819
|
)
|
|
(5,004
|
)
|
Current liabilities
|
|
|
|
|
|
|
|
|||
Trade and other payables
|
|
|
(8,804
|
)
|
|
(6,757
|
)
|
|
(8,733
|
)
|
Lease liabilities
|
|
|
(466
|
)
|
|
(358
|
)
|
|
(358
|
)
|
Deferred revenue
|
|
|
(3,186
|
)
|
|
(2,445
|
)
|
|
(3,374
|
)
|
Contingent consideration
|
|
|
(819
|
)
|
|
(629
|
)
|
|
(629
|
)
|
|
|
|
(13,275
|
)
|
|
(10,189
|
)
|
|
(13,094
|
)
|
Total liabilities
|
|
|
(19,555
|
)
|
|
(15,008
|
)
|
|
(18,098
|
)
|
Net assets
|
|
|
50,353
|
|
|
38,644
|
|
|
42,537
|
|
|
|
|
|
|
|
|
|
|||
EQUITY
|
|
|
|
|
|
|
|
|||
Share capital
|
|
|
2,091
|
|
|
1,605
|
|
|
1,604
|
|
Share premium account
|
|
|
120,926
|
|
|
92,806
|
|
|
92,806
|
|
Share-based payment reserve
|
|
|
1,316
|
|
|
1,010
|
|
|
1,148
|
|
Merger reserve
|
|
|
3,944
|
|
|
3,027
|
|
|
3,027
|
|
Special reserve
|
|
|
26,051
|
|
|
19,993
|
|
|
19,993
|
|
Currency translation reserve
|
|
|
77
|
|
|
59
|
|
|
56
|
|
Accumulated losses reserve
|
|
|
(104,052
|
)
|
|
(79,856
|
)
|
|
(76,097
|
)
|
Total equity
|
|
|
50,353
|
|
|
38,644
|
|
|
42,537
|
|
|
|
Three months ended
30 April 2019 |
|
|
Three months ended
30 April 2019 |
|
|
Three months ended
30 April 2018 |
|
|
|
|
|
|
|
(Adjusted*)
|
|
||
|
|
$000s
|
|
|
£000s
|
|
|
£000s
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|||
Loss before income tax
|
|
(6,341
|
)
|
|
(4,867
|
)
|
|
(6,788
|
)
|
|
|
(6,341
|
)
|
|
(4,867
|
)
|
|
(6,788
|
)
|
Adjusted for:
|
|
|
|
|
|
|
|||
Finance income
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
Finance costs
|
|
79
|
|
|
61
|
|
|
200
|
|
Foreign exchange gain
|
|
(201
|
)
|
|
(154
|
)
|
|
(457
|
)
|
Depreciation
|
|
186
|
|
|
143
|
|
|
160
|
|
Amortisation of intangible fixed assets
|
|
270
|
|
|
207
|
|
|
208
|
|
Loss on disposal of assets
|
|
13
|
|
|
10
|
|
|
—
|
|
Research and development expenditure credit
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
Share-based payment
|
|
167
|
|
|
128
|
|
|
545
|
|
Adjusted loss from operations before changes in working capital
|
|
(5,830
|
)
|
|
(4,474
|
)
|
|
(6,198
|
)
|
|
|
|
|
|
|
|
|||
Decrease / (increase) in prepayments and other receivables
|
|
5,272
|
|
|
4,047
|
|
|
(1,426
|
)
|
Decrease in deferred revenue
|
|
(1,373
|
)
|
|
(1,054
|
)
|
|
(2,339
|
)
|
(Decrease) / increase in trade and other payables
|
|
(2,633
|
)
|
|
(2,021
|
)
|
|
3,007
|
|
Cash used in operations
|
|
(4,564
|
)
|
|
(3,502
|
)
|
|
(6,956
|
)
|
Taxation received
|
|
6,381
|
|
|
4,897
|
|
|
—
|
|
Net cash generated from operating activities
|
|
1,817
|
|
|
1,395
|
|
|
(6,956
|
)
|
|
|
|
|
|
|
|
|||
Investing activities
|
|
|
|
|
|
|
|||
Purchase of property, plant and equipment
|
|
(5
|
)
|
|
(4
|
)
|
|
(25
|
)
|
Purchase of intangible assets
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
Interest received
|
|
3
|
|
|
2
|
|
|
1
|
|
Net cash used in investing activities
|
|
(2
|
)
|
|
(2
|
)
|
|
(29
|
)
|
|
|
|
|
|
|
|
|||
Financing activities
|
|
|
|
|
|
|
|||
Proceeds from issue of share capital
|
|
—
|
|
|
—
|
|
|
15,000
|
|
Transaction costs on share capital issued
|
|
—
|
|
|
—
|
|
|
(858
|
)
|
Proceeds from exercise of share options
|
|
1
|
|
|
1
|
|
|
99
|
|
Repayment of lease liabilities
|
|
(116
|
)
|
|
(89
|
)
|
|
(84
|
)
|
Net cash used in financing activities
|
|
(115
|
)
|
|
(88
|
)
|
|
14,157
|
|
|
|
|
|
|
|
|
|||
Increase in cash and cash equivalents
|
|
1,700
|
|
|
1,305
|
|
|
7,172
|
|
Effect of exchange rates in cash and cash equivalents
|
|
198
|
|
|
152
|
|
|
411
|
|
Cash and cash equivalents at beginning of the period
|
|
34,996
|
|
|
26,858
|
|
|
20,102
|
|
Cash and cash equivalents at end of the period
|
|
36,894
|
|
|
28,315
|
|
|
27,685
|
|
Group
|
|
Share capital
£000s
|
|
|
Share premium account
£000s
|
|
|
Share-based payment reserve
£000s
|
|
|
Merger reserve
£000s
|
|
|
Special reserve
£000s
|
|
|
Currency
translation
reserve
£000s
|
|
|
Accumulated losses reserve
£000s
|
|
|
Total
£000s |
|
At 31 January 2019 (as previously reported)
|
|
1,604
|
|
|
92,806
|
|
|
1,148
|
|
|
3,027
|
|
|
19,993
|
|
|
56
|
|
|
(76,092
|
)
|
|
42,542
|
|
Change in accounting policy (full retrospective application IFRS 16)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
At 31 January 2019 (Adjusted*)
|
|
1,604
|
|
|
92,806
|
|
|
1,148
|
|
|
3,027
|
|
|
19,993
|
|
|
56
|
|
|
(76,097
|
)
|
|
42,537
|
|
Loss for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,025
|
)
|
|
(4,025
|
)
|
Currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Total comprehensive loss for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(4,025
|
)
|
|
(4,022
|
)
|
Share options exercised
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Share-based payment
|
|
—
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
Transfer
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
266
|
|
|
—
|
|
At 30 April 2019
|
|
1,605
|
|
|
92,806
|
|
|
1,010
|
|
|
3,027
|
|
|
19,993
|
|
|
59
|
|
|
(79,856
|
)
|
|
38,644
|
|
Group
|
|
Share capital
£000s
|
|
|
Share premium account
£000s
|
|
|
Share-based payment reserve
£000s
|
|
|
Merger reserve
£000s
|
|
|
Special reserve
£000s
|
|
|
Currency
translation
reserve
£000s
|
|
|
Accumulated losses reserve
£000s
|
|
|
Total
£000s |
|
At 31 January 2018 (as previously reported)
|
|
736
|
|
|
60,237
|
|
|
6,743
|
|
|
3,027
|
|
|
19,993
|
|
|
37
|
|
|
(93,957
|
)
|
|
(3,184
|
)
|
Change in accounting policy (full retrospective application IFRS 16)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
At 31 January 2018 (Adjusted*)
|
|
736
|
|
|
60,237
|
|
|
6,743
|
|
|
3,027
|
|
|
19,993
|
|
|
37
|
|
|
(93,925
|
)
|
|
(3,152
|
)
|
Profit for the year (Adjusted*)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,490
|
|
|
7,490
|
|
Currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
Total comprehensive profit for the period (Adjusted*)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
7,490
|
|
|
7,509
|
|
New share capital issued
|
|
864
|
|
|
33,784
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,648
|
|
Transaction costs on share capital issued
|
|
—
|
|
|
(1,313
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,313
|
)
|
Share options exercised
|
|
4
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
Share-based payment
|
|
—
|
|
|
—
|
|
|
4,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,743
|
|
Transfer
|
|
—
|
|
|
—
|
|
|
(10,338
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,338
|
|
|
—
|
|
At 31 January 2019 (Adjusted*)
|
|
1,604
|
|
|
92,806
|
|
|
1,148
|
|
|
3,027
|
|
|
19,993
|
|
|
56
|
|
|
(76,097
|
)
|
|
42,537
|
|
Group
|
|
Share capital
£000s
|
|
|
Share premium account
£000s
|
|
|
Share-based payment reserve
£000s
|
|
|
Merger reserve
£000s
|
|
|
Special reserve
£000s
|
|
|
Currency
translation
reserve
£000s
|
|
|
Accumulated losses reserve
£000s
|
|
|
Total
£000s |
|
At 31 January 2018 (as previously reported)
|
|
736
|
|
|
60,237
|
|
|
6,743
|
|
|
3,027
|
|
|
19,993
|
|
|
37
|
|
|
(93,957
|
)
|
|
(3,184
|
)
|
Change in accounting policy (full retrospective application IFRS 16)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
At 31 January 2018 (Adjusted*)
|
|
736
|
|
|
60,237
|
|
|
6,743
|
|
|
3,027
|
|
|
19,993
|
|
|
37
|
|
|
(93,925
|
)
|
|
(3,152
|
)
|
Loss for the period (Adjusted*)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,842
|
)
|
|
(5,842
|
)
|
Currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
Total comprehensive loss for the period (Adjusted*)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(5,842
|
)
|
|
(5,835
|
)
|
New share capital issued
|
|
83
|
|
|
14,917
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,000
|
|
Transaction costs on share capital issued
|
|
—
|
|
|
(858
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(858
|
)
|
Share options exercised
|
|
1
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
Share-based payment
|
|
—
|
|
|
—
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
545
|
|
At 30 April 2018 (Adjusted*)
|
|
820
|
|
|
74,394
|
|
|
7,288
|
|
|
3,027
|
|
|
19,993
|
|
|
44
|
|
|
(99,767
|
)
|
|
5,799
|
|
Impact on Unaudited Condensed Consolidated
|
Original
Year ended 31 January 2019
|
|
|
Adjusted
Year ended 31 January 2019
|
|
|
Impact
|
|
Statement of Financial Position
|
£000s
|
|
|
£000s
|
|
|
£000s
|
|
Non-current assets
|
|
|
|
|
|
|||
Property, plant and equipment
|
616
|
|
|
1,540
|
|
|
924
|
|
Current assets
|
|
|
|
|
|
|||
Trade and other receivables
|
13,547
|
|
|
13,491
|
|
|
(56
|
)
|
Non-current liabilities
|
|
|
|
|
|
|||
Lease liabilities
|
—
|
|
|
(647
|
)
|
|
(647
|
)
|
Current liabilities
|
|
|
|
|
|
|||
Trade and other payables
|
(8,865
|
)
|
|
(8,733
|
)
|
|
132
|
|
Lease liabilities
|
—
|
|
|
(358
|
)
|
|
(358
|
)
|
Equity
|
|
|
|
|
|
|||
Accumulated losses reserve
|
(76,092
|
)
|
|
(76,097
|
)
|
|
(5
|
)
|
Impact on Unaudited Condensed Consolidated
|
Original
Three months
ended
30 April 2018
|
|
|
Adjusted
Three months ended
30 April 2018
|
|
|
Impact |
|
Statement of Comprehensive Income
|
£000s
|
|
|
£000s
|
|
|
£000s
|
|
Operating expenses
|
|
|
|
|
|
|||
Research and development
|
(11,254
|
)
|
|
(11,590
|
)
|
|
(336
|
)
|
General and administration
|
(2,669
|
)
|
|
(2,328
|
)
|
|
341
|
|
Operating loss
|
(6,594
|
)
|
|
(6,589
|
)
|
|
5
|
|
Finance costs
|
(188
|
)
|
|
(200
|
)
|
|
(12
|
)
|
Loss for the period
|
(5,835
|
)
|
|
(5,842
|
)
|
|
(7
|
)
|
Impact on Unaudited Condensed Consolidated
|
Original
Three months ended
30 April 2018
|
|
|
Adjusted
Three months ended
30 April 2018
|
|
|
Impact
|
|
Statement of Cash Flows
|
£000s
|
|
|
£000s
|
|
|
£000s
|
|
Loss before income tax
|
(6,781
|
)
|
|
(6,788
|
)
|
|
(7
|
)
|
Adjusted for:
|
|
|
|
|
|
|||
Finance costs
|
188
|
|
|
200
|
|
|
12
|
|
Depreciation
|
77
|
|
|
160
|
|
|
83
|
|
Increase in trade and other receivables
|
(1,434
|
)
|
|
(1,426
|
)
|
|
8
|
|
Increase in trade and other payables
|
3,019
|
|
|
3,007
|
|
|
(12
|
)
|
Financing activities
|
|
|
|
|
|
|||
Repayment of lease liabilities
|
—
|
|
|
(84
|
)
|
|
(84
|
)
|
Impact on net cash flows
|
|
|
|
|
—
|
|
|
|
April 30,
2019 |
|
January 31, 2019
|
|
January 31, 2018
|
|||
|
|
|
|
(Adjusted*)
|
|
(Adjusted*)
|
|||
|
Note
|
£000s
|
|
£000s
|
|
£000s
|
|||
ASSETS
|
|
|
|
|
|
|
|||
Non-current assets
|
|
|
|
|
|
|
|||
Goodwill
|
|
1,814
|
|
|
1,814
|
|
|
2,478
|
|
Intangible assets
|
|
10,397
|
|
|
10,604
|
|
|
14,785
|
|
Property, plant and equipment
|
|
1,391
|
|
|
1,540
|
|
|
2,067
|
|
|
|
13,602
|
|
|
13,958
|
|
|
19,330
|
|
Current assets
|
|
|
|
|
|
|
|||
Trade and other receivables
|
|
9,458
|
|
|
13,491
|
|
|
11,087
|
|
Current tax receivable
|
|
2,277
|
|
|
6,328
|
|
|
4,654
|
|
Cash and cash equivalents
|
|
28,315
|
|
|
26,858
|
|
|
20,102
|
|
|
|
40,050
|
|
|
46,677
|
|
|
35,843
|
|
Total assets
|
|
53,652
|
|
|
60,635
|
|
|
55,173
|
|
|
|
|
|
|
|
|
|||
LIABILITIES
|
|
|
|
|
|
|
|||
Non-current liabilities
|
|
|
|
|
|
|
|||
Lease liabilities
|
|
(567
|
)
|
|
(647
|
)
|
|
(962
|
)
|
Deferred revenue
|
4
|
(706
|
)
|
|
(831
|
)
|
|
(27,270
|
)
|
Financial liabilities on funding arrangements
|
|
—
|
|
|
—
|
|
|
(3,090
|
)
|
Provisions for other liabilities and charges
|
10
|
(1,903
|
)
|
|
(1,851
|
)
|
|
(1,641
|
)
|
Deferred tax liability
|
|
(1,643
|
)
|
|
(1,675
|
)
|
|
(2,379
|
)
|
|
|
(4,819
|
)
|
|
(5,004
|
)
|
|
(35,342
|
)
|
Current liabilities
|
|
|
|
|
|
|
|||
Trade and other payables
|
|
(6,757
|
)
|
|
(8,733
|
)
|
|
(8,825
|
)
|
Lease liabilities
|
|
(358
|
)
|
|
(358
|
)
|
|
(324
|
)
|
Deferred revenue and income
|
4
|
(2,445
|
)
|
|
(3,374
|
)
|
|
(13,834
|
)
|
Contingent consideration
|
|
(629
|
)
|
|
(629
|
)
|
|
—
|
|
|
|
(10,189
|
)
|
|
(13,094
|
)
|
|
(22,983
|
)
|
Total liabilities
|
|
(15,008
|
)
|
|
(18,098
|
)
|
|
(58,325
|
)
|
Net assets / (liabilities)
|
|
38,644
|
|
|
42,537
|
|
|
(3,152
|
)
|
|
|
|
|
|
|
|
|||
EQUITY
|
|
|
|
|
|
|
|||
Share capital
|
|
1,605
|
|
|
1,604
|
|
|
736
|
|
Share premium account
|
|
92,806
|
|
|
92,806
|
|
|
60,237
|
|
Share-based payment reserve
|
11
|
1,010
|
|
|
1,148
|
|
|
6,743
|
|
Merger reserve
|
|
3,027
|
|
|
3,027
|
|
|
3,027
|
|
Special reserve
|
|
19,993
|
|
|
19,993
|
|
|
19,993
|
|
Currency translation reserve
|
|
59
|
|
|
56
|
|
|
37
|
|
Accumulated losses reserve
|
|
(79,856
|
)
|
|
(76,097
|
)
|
|
(93,925
|
)
|
Total equity / (deficit)
|
|
38,644
|
|
|
42,537
|
|
|
(3,152
|
)
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
|
||
|
|
|
|
(Adjusted*)
|
|
||
|
Note
|
£000s
|
|
£000s
|
|
||
Revenue
|
4
|
249
|
|
|
3,874
|
|
|
Other operating income
|
5
|
4,871
|
|
|
3,455
|
|
|
Operating expenses
|
|
|
|
|
|
||
Research and development
|
|
(8,273
|
)
|
|
(11,590
|
)
|
|
General and administration
|
|
(1,655
|
)
|
|
(2,328
|
)
|
|
Total operating expenses
|
|
(9,928
|
)
|
|
(13,918
|
)
|
|
Operating loss
|
|
(4,808
|
)
|
|
(6,589
|
)
|
|
Finance income
|
|
2
|
|
|
1
|
|
|
Finance costs
|
|
(61
|
)
|
|
(200
|
)
|
|
Loss before income tax
|
|
(4,867
|
)
|
|
(6,788
|
)
|
|
Income tax
|
8
|
842
|
|
|
946
|
|
|
Loss for the period
|
|
(4,025
|
)
|
|
(5,842
|
)
|
|
Other comprehensive income
|
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or loss
|
|
|
|
|
|
||
Exchange differences on translating foreign operations
|
|
3
|
|
|
7
|
|
|
Total comprehensive loss for the period
|
|
(4,022
|
)
|
|
(5,835
|
)
|
|
|
|
|
|
|
|
||
Basic and diluted loss per ordinary share from operations
|
3
|
(3
|
)
|
p
|
(8
|
)
|
p
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
|
|
|
|
(Adjusted*)
|
||
|
|
£000s
|
|
£000s
|
||
Cash flows from operating activities
|
|
|
|
|
||
Loss before income tax
|
|
(4,867
|
)
|
|
(6,788
|
)
|
|
|
|
|
|
||
Adjusted for:
|
|
|
|
|
||
Finance income
|
|
(2
|
)
|
|
(1
|
)
|
Finance costs
|
|
61
|
|
|
200
|
|
Foreign exchange gain
|
|
(154
|
)
|
|
(457
|
)
|
Depreciation
|
|
143
|
|
|
160
|
|
Amortization of intangible fixed assets
|
|
207
|
|
|
208
|
|
Loss on disposal of assets
|
|
10
|
|
|
—
|
|
Research and development expenditure credit
|
|
—
|
|
|
(65
|
)
|
Share-based payment
|
|
128
|
|
|
545
|
|
Adjusted loss from operations before changes in working capital
|
|
(4,474
|
)
|
|
(6,198
|
)
|
|
|
|
|
|
||
Decrease / (increase) in trade and other receivables
|
|
4,047
|
|
|
(1,426
|
)
|
Decrease in deferred revenue
|
|
(1,054
|
)
|
|
(2,339
|
)
|
(Decrease) / increase in trade and other payables
|
|
(2,021
|
)
|
|
3,007
|
|
Cash used in operations
|
|
(3,502
|
)
|
|
(6,956
|
)
|
|
|
|
|
|
||
Taxation received
|
|
4,897
|
|
|
—
|
|
Net cash generated from / (used in) operating activities
|
|
1,395
|
|
|
(6,956
|
)
|
|
|
|
|
|
||
Investing activities
|
|
|
|
|
||
Purchase of property, plant and equipment
|
|
(4
|
)
|
|
(25
|
)
|
Purchase of intangible assets
|
|
—
|
|
|
(5
|
)
|
Interest received
|
|
2
|
|
|
1
|
|
Net cash used in investing activities
|
|
(2
|
)
|
|
(29
|
)
|
|
|
|
|
|
||
Financing activities
|
|
|
|
|
||
Proceeds from issue of share capital
|
|
—
|
|
|
15,000
|
|
Transaction costs on share capital issued
|
|
—
|
|
|
(858
|
)
|
Proceeds from exercise of share options
|
|
1
|
|
|
99
|
|
Repayment of lease liabilities
|
|
(89
|
)
|
|
(84
|
)
|
Net cash (used in) / generated from financing activities
|
|
(88
|
)
|
|
14,157
|
|
|
|
|
|
|
||
Increase in cash and cash equivalents
|
|
1,305
|
|
|
7,172
|
|
Effect of exchange rates in cash and cash equivalents
|
|
152
|
|
|
411
|
|
Cash and cash equivalents at beginning of the period
|
|
26,858
|
|
|
20,102
|
|
Cash and cash equivalents at end of the period
|
|
28,315
|
|
|
27,685
|
|
Group
|
|
Share capital
£000s
|
|
Share premium account
£000s
|
|
Share-based payment reserve
£000s
|
|
Merger reserve
£000s
|
|
Special reserve
£000s
|
|
Currency translation reserve
£000s
|
|
Accumulated losses
reserve
£000s
|
|
Total
£000s |
||||||||
At January 31, 2019 (as previously reported)
|
|
1,604
|
|
|
92,806
|
|
|
1,148
|
|
|
3,027
|
|
|
19,993
|
|
|
56
|
|
|
(76,092
|
)
|
|
42,542
|
|
Change in accounting policy (full retrospective application IFRS 16)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
At January 31, 2019 (Adjusted*)
|
|
1,604
|
|
|
92,806
|
|
|
1,148
|
|
|
3,027
|
|
|
19,993
|
|
|
56
|
|
|
(76,097
|
)
|
|
42,537
|
|
Loss for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,025
|
)
|
|
(4,025
|
)
|
Currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Total comprehensive loss for the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(4,025
|
)
|
|
(4,022
|
)
|
Share options exercised
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Share-based payment
|
|
—
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
Transfer
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
266
|
|
|
—
|
|
At April 30, 2019
|
|
1,605
|
|
|
92,806
|
|
|
1,010
|
|
|
3,027
|
|
|
19,993
|
|
|
59
|
|
|
(79,856
|
)
|
|
38,644
|
|
Group
|
|
Share capital
£000s
|
|
Share premium account
£000s
|
|
Share-based payment reserve
£000s
|
|
Merger reserve
£000s
|
|
Special reserve
£000s
|
|
Currency
translation
reserve
£000s
|
|
Accumulated losses
reserve
£000s
|
|
Total
£000s |
||||||||
At January 31, 2018 (as previously reported)
|
|
736
|
|
|
60,237
|
|
|
6,743
|
|
|
3,027
|
|
|
19,993
|
|
|
37
|
|
|
(93,957
|
)
|
|
(3,184
|
)
|
Change in accounting policy (full retrospective application IFRS 16)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
At January 31, 2018 (Adjusted*)
|
|
736
|
|
|
60,237
|
|
|
6,743
|
|
|
3,027
|
|
|
19,993
|
|
|
37
|
|
|
(93,925
|
)
|
|
(3,152
|
)
|
Loss for the period (Adjusted*)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,842
|
)
|
|
(5,842
|
)
|
Currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
Total comprehensive loss for the period (Adjusted*)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
(5,842
|
)
|
|
(5,835
|
)
|
New share capital issued
|
|
83
|
|
|
14,917
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,000
|
|
Transaction costs on share capital issued
|
|
—
|
|
|
(858
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(858
|
)
|
Share options exercised
|
|
1
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
Share-based payment
|
|
—
|
|
|
—
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
545
|
|
At April 30, 2018 (Adjusted*)
|
|
820
|
|
|
74,394
|
|
|
7,288
|
|
|
3,027
|
|
|
19,993
|
|
|
44
|
|
|
(99,767
|
)
|
|
5,799
|
|
Impact on the Unaudited Condensed Consolidated Interim
|
Original
Year ended January 31, 2019 |
|
Adjusted
Year ended January 31, 2019 |
|
Impact |
|||
Statement of Financial Position
|
£000s
|
|
£000s
|
|
£000s
|
|||
Non-current assets
|
|
|
|
|
|
|||
Property, plant and equipment
|
616
|
|
|
1,540
|
|
|
924
|
|
Current assets
|
|
|
|
|
|
|||
Trade and other receivables
|
13,547
|
|
|
13,491
|
|
|
(56
|
)
|
Non-current liabilities
|
|
|
|
|
|
|||
Lease liabilities
|
—
|
|
|
(647
|
)
|
|
(647
|
)
|
Current liabilities
|
|
|
|
|
|
|||
Trade and other payables
|
(8,865
|
)
|
|
(8,733
|
)
|
|
132
|
|
Lease liabilities
|
—
|
|
|
(358
|
)
|
|
(358
|
)
|
Equity
|
|
|
|
|
|
|||
Accumulated losses reserve
|
(76,092
|
)
|
|
(76,097
|
)
|
|
(5
|
)
|
Impact on the Unaudited Condensed Consolidated Interim
|
Original
Year ended January 31, 2018 |
|
Adjusted
Year ended January 31, 2018 |
|
Impact |
|||
Statement of Financial Position
|
£000s
|
|
£000s
|
|
£000s
|
|||
Non-current assets
|
|
|
|
|
|
|||
Property, plant and equipment
|
809
|
|
|
2,067
|
|
|
1,258
|
|
Current assets
|
|
|
|
|
|
|||
Trade and other receivables
|
11,134
|
|
|
11,087
|
|
|
(47
|
)
|
Non-current liabilities
|
|
|
|
|
|
|||
Lease liabilities
|
—
|
|
|
(962
|
)
|
|
(962
|
)
|
Current liabilities
|
|
|
|
|
|
|||
Trade and other payables
|
(8,932
|
)
|
|
(8,825
|
)
|
|
107
|
|
Lease liabilities
|
—
|
|
|
(324
|
)
|
|
(324
|
)
|
Equity
|
|
|
|
|
|
|||
Accumulated losses reserve
|
(93,957
|
)
|
|
(93,925
|
)
|
|
32
|
|
Impact on the Unaudited Condensed Consolidated Interim
|
Original
Three months ended April 30, 2018
|
|
Adjusted
Three months ended April 30, 2018
|
|
Impact
|
|||
Statement of Comprehensive Income
|
£000s
|
|
£000s
|
|
£000s
|
|||
Operating expenses
|
|
|
|
|
|
|||
Research and development
|
(11,254
|
)
|
|
(11,590
|
)
|
|
(336
|
)
|
General and administration
|
(2,669
|
)
|
|
(2,328
|
)
|
|
341
|
|
Operating loss
|
(6,594
|
)
|
|
(6,589
|
)
|
|
5
|
|
Finance costs
|
(188
|
)
|
|
(200
|
)
|
|
(12
|
)
|
Loss for the period
|
(5,835
|
)
|
|
(5,842
|
)
|
|
(7
|
)
|
Impact on the Unaudited Condensed Consolidated Interim
|
Original
Three months ended April 30, 2018
|
|
Adjusted
Three months ended April 30, 2018
|
|
Impact
|
|||
Statement of Cash Flows
|
£000s
|
|
£000s
|
|
£000s
|
|||
Loss before income tax
|
(6,781
|
)
|
|
(6,788
|
)
|
|
(7
|
)
|
Adjusted for:
|
|
|
|
|
|
|
||
Finance costs
|
188
|
|
|
200
|
|
|
12
|
|
Depreciation
|
77
|
|
|
160
|
|
|
83
|
|
Increase in trade and other receivables
|
(1,434
|
)
|
|
(1,426
|
)
|
|
8
|
|
Increase in trade and other payables
|
3,019
|
|
|
3,007
|
|
|
(12
|
)
|
Financing activities
|
|
|
|
|
|
|
||
Repayment of lease liabilities
|
—
|
|
|
(84
|
)
|
|
(84
|
)
|
Impact on net cash flows
|
|
|
|
|
|
|
—
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
Analysis of revenue by category
|
|
£000s
|
|
£000s
|
||
Licensing agreements
|
|
249
|
|
|
3,628
|
|
Research collaboration agreement
|
|
—
|
|
|
246
|
|
|
|
249
|
|
|
3,874
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
Analysis of other operating income by category
|
|
£000s
|
|
£000s
|
||
Income recognized in respect of BARDA
|
|
4,619
|
|
|
3,283
|
|
Grant income
|
|
247
|
|
|
103
|
|
Research and development credit
|
|
5
|
|
|
65
|
|
Other income
|
|
—
|
|
|
4
|
|
|
|
4,871
|
|
|
3,455
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
|
|
£000s
|
|
£000s
|
||
Current period research and development tax credit on qualifying expenditure
|
|
705
|
|
|
1,036
|
|
Tax credit / (expense) related to the US operations
|
|
106
|
|
|
(90
|
)
|
Total current tax
|
|
811
|
|
|
946
|
|
|
|
|
|
|
||
Release of temporary difference relating to intangible asset
|
|
31
|
|
|
—
|
|
Total deferred tax
|
|
31
|
|
|
—
|
|
|
|
|
|
|
||
Total tax credit for the period
|
|
842
|
|
|
946
|
|
•
|
In February 2017, the Group entered into a
10
-year lease agreement for its office premises in Oxford, UK. The lease contains a break clause with the option to terminate the lease on the fifth anniversary of the agreement.
|
•
|
In December 2017, the Group entered into a
4
-year lease agreement for its office and lab premises in Cambridge, UK. The lease contains a break clause with the option to terminate the lease on the second anniversary of the agreement.
|
|
|
April 30, 2019
|
|
January 31, 2019
|
|
January 31, 2018
|
|||
Maturity of lease liabilities
|
|
£000s
|
|
£000s
|
|
£000s
|
|||
Fiscal year ended January 31,
|
|
|
|
|
|
|
|||
2019
|
|
N/A
|
|
|
N/A
|
|
|
323
|
|
2020 (remaining 9 months as at April 30, 2019)
|
|
269
|
|
|
358
|
|
|
358
|
|
2021
|
|
358
|
|
|
358
|
|
|
358
|
|
2022
|
|
294
|
|
|
294
|
|
|
294
|
|
2023
|
|
55
|
|
|
55
|
|
|
55
|
|
Total minimum lease payments
|
|
976
|
|
|
1,065
|
|
|
1,388
|
|
Less: imputed interest
|
|
(51
|
)
|
|
(60
|
)
|
|
(102
|
)
|
Total lease liabilities
|
|
925
|
|
|
1,005
|
|
|
1,286
|
|
|
|
|
|
|
|
|
|||
Liabilities
|
|
|
|
|
|
|
|||
Current lease liabilities
|
|
358
|
|
|
358
|
|
|
324
|
|
Non-current lease liabilities
|
|
567
|
|
|
647
|
|
|
962
|
|
|
|
925
|
|
|
1,005
|
|
|
1,286
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
|
||
Operating leases
|
|
£000s
|
|
£000s
|
|
||
Lease cost
|
|
|
|
|
|
||
Depreciation
|
|
87
|
|
|
87
|
|
|
Interest expense
|
|
9
|
|
|
12
|
|
|
Total lease cost
|
|
96
|
|
|
99
|
|
|
|
|
|
|
|
|
||
Other information
|
|
|
|
|
|
||
Operating lease payments
|
|
89
|
|
|
84
|
|
|
Weighted average remaining lease term
|
|
2.7
|
|
years
|
3.0
|
|
years
|
Weighted average discount rate
|
|
3.7
|
|
%
|
3.7
|
|
%
|
|
Assumed contingent liabilities
|
|
Dilapidations
|
|
Royalties
|
|
Total
|
||||
|
£000s
|
|
£000s
|
|
£000s
|
|
£000s
|
||||
At February 1, 2019
|
1,657
|
|
|
150
|
|
|
44
|
|
|
1,851
|
|
Unwinding of the discount factor
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
At April 30, 2019
|
1,709
|
|
|
150
|
|
|
44
|
|
|
1,903
|
|
|
Assumed contingent liabilities
|
|
Dilapidations
|
|
Royalties
|
|
Total
|
||||
|
£000s
|
|
£000s
|
|
£000s
|
|
£000s
|
||||
At February 1, 2018
|
1,466
|
|
|
150
|
|
|
25
|
|
|
1,641
|
|
Additions
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
Unwinding of the discount factor
|
191
|
|
|
—
|
|
|
—
|
|
|
191
|
|
At January 31, 2019
|
1,657
|
|
|
150
|
|
|
44
|
|
|
1,851
|
|
|
Weighted average exercise price
£
|
|
Three months ended April 30, 2019
|
|
Weighted average exercise price
£
|
|
Three months ended April 30, 2018
|
||||
Outstanding at February 1
|
0.35
|
|
|
9,168,396
|
|
|
1.43
|
|
|
8,577,236
|
|
Granted during the period
|
0.28
|
|
|
11,396,000
|
|
|
2.05
|
|
|
3,461,428
|
|
Exercised during the period
|
—
|
|
|
—
|
|
|
1.08
|
|
|
(92,047
|
)
|
Lapsed / surrendered during the period
|
1.52
|
|
|
(205,410
|
)
|
|
1.43
|
|
|
(250,000
|
)
|
Number of outstanding options
|
0.30
|
|
|
20,358,986
|
|
|
1.61
|
|
|
11,696,617
|
|
|
Weighted average exercise price
£
|
|
Three months ended April 30, 2019
|
|
Weighted average exercise price
£
|
|
Three months ended April 30, 2018
|
||||
Outstanding at February 1
|
0.01
|
|
|
814,256
|
|
|
0.01
|
|
|
275,877
|
|
Granted during the period
|
—
|
|
|
—
|
|
|
0.01
|
|
|
121,950
|
|
Exercised during the period
|
0.01
|
|
|
(104,877
|
)
|
|
—
|
|
|
—
|
|
Number of outstanding options
|
0.01
|
|
|
709,379
|
|
|
0.01
|
|
|
397,827
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
|
|
£000s
|
|
£000s
|
||
Research and development
|
|
61
|
|
|
135
|
|
General and administration
|
|
67
|
|
|
410
|
|
|
|
128
|
|
|
545
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
|
|
£000s
|
|
£000s
|
||
Aggregate emoluments
|
|
159
|
|
|
152
|
|
Pension contributions
|
|
4
|
|
|
5
|
|
|
|
163
|
|
|
157
|
|
|
|
Three months ended April 30, 2019
|
|
Three months ended April 30, 2018
|
||
|
|
£000s
|
|
£000s
|
||
Aggregate emoluments
|
|
305
|
|
|
311
|
|
Pension contributions
|
|
11
|
|
|
13
|
|
|
|
316
|
|
|
324
|
|