DEI |
12 Months Ended |
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Dec. 31, 2017
shares
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Document Information [Abstract] | |
Document Type | 20-F |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Year Focus | 2017 |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Verona Pharma PLC |
Entity Central Index Key | 0001657312 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | No |
Number of shares outstanding (in shares) | 105,017,400 |
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - GBP (£) £ in Thousands |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Profit or loss [abstract] | |||
Research and development costs | £ (23,717) | £ (4,522) | £ (7,270) |
General and administrative costs | (6,039) | (2,498) | (1,706) |
Operating loss | (29,756) | (7,020) | (8,976) |
Finance income | 7,018 | 1,841 | 45 |
Finance expense | (2,465) | (794) | (73) |
Loss before taxation | (25,203) | (5,973) | (9,004) |
Taxation — credit | 4,706 | 954 | 1,509 |
Loss for the year | (20,497) | (5,019) | (7,495) |
Other comprehensive income / (loss) : | |||
Exchange differences on translating foreign operations | (29) | 43 | 4 |
Total comprehensive loss attributable to owners of the Company | £ (20,526) | £ (4,976) | £ (7,491) |
Loss per ordinary share — basic and diluted (pence per share) | £ (23.4) | £ (15.0) | £ (37.1) |
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- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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General information |
12 Months Ended |
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Dec. 31, 2017 | |
Disclosure of notes and other explanatory information [Abstract] | |
General information | General information Verona Pharma plc and its subsidiaries (the "Company") are a clinical-stage biopharmaceutical group focused on developing and commercializing innovative therapeutics for the treatment of respiratory diseases with significant unmet medical needs. The Company is a public limited company, which is dual listed on the Alternative Investment Market of the London Stock Exchange and on April 27, 2017, American Depositary Shares began trading on Nasdaq Global Market. The company is incorporated and domiciled in the United Kingdom. The address of the registered office is 1 Central Square, Cardiff, CF10 1FS, United Kingdom. The Company has two subsidiaries, Verona Pharma Inc. and Rhinopharma Limited ("Rhinopharma"), both of which are wholly owned. On February 10, 2017 the Company effected a 50-for-1 consolidation of its shares. All references to ordinary shares, options and warrants, as well as share, per share and related information in these consolidated financial statements have been adjusted to reflect the consolidation as if it had occurred at the beginning of the earliest period presented. On April 26, 2017, the Company announced the closing of its global offering of an aggregate of 47,399,001 new ordinary shares, consisting of the initial public offering in the United States of 5,768,000 American Depositary Shares (“ADSs”) at a price of $13.50 per ADS and the private placement in Europe of 1,255,001 ordinary shares at a price of £1.32 per ordinary share, for gross proceeds of $80 million (the “Global Offering”). Each ADS offered represents eight ordinary shares of the Company. The ordinary shares offered were allotted and issued in a concurrent private placement in Europe and other countries outside of the United States and Canada. In addition, the Chairman of Verona Pharma’s board of directors, Dr David Ebsworth, and an existing shareholder agreed to subscribe for 254,099 new ordinary shares at a price of £1.32 per ordinary share in a shareholder private placement separate from the Global Offering (the “Shareholder Private Placement”), contingent on and concurrent with the Global Offering and generating additional gross proceeds of £0.3 million. On May 15 and May 23, 2017, pursuant to the Global Offering, the underwriters purchased an additional 733,738 ADSs, representing 5,869,904 ordinary shares, at a price of $13.50 per ADS, for additional gross proceeds of $9.9 million bringing the total gross proceeds in the Global Offering to $89.9 million (£70.0 million). Including the Shareholder Private Placement, the total gross proceeds of the capital raising amounted to $90.3 million (£70.3 million). The ADSs began trading on the Nasdaq Global Market under the ticker symbol “VRNA” on April 27, 2017. Verona Pharma’s ordinary shares continue to trade on the AIM market of the London Stock Exchange (“AIM”) under the symbol “VRP”. |
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Accounting policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting policies | Accounting policies A summary of the principal accounting policies, all of which have been applied consistently throughout the year, is set out below. Basis of preparation The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as issued by the International Accounting Standards Board and IFRS Interpretations Committee and with the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, with the exception of derivative financial instruments which have been measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. Going concern During the year ended December 31, 2017, the Company had a loss of £20.5 million (2016: £5.0 million). As of December 31, 2017, the Company had net assets of £79.9 million (2016: £34.5 million) of which £80.3 million (2016: £39.8 million) was cash and cash equivalents and short term investments. The operation of the Company is currently being financed from funds that the Company raised from share placings. On May 2nd, 2017, the company raised $89.9 million (£70 million) from the initial public offering in the United States. On July 29, 2016, the Company raised gross proceeds of £44.7 million from a placing, subscription and open offer (the "July 2016 Placement"). These funds are expected to be used primarily to support the development of RPL554 in chronic obstructive pulmonary disease ("COPD"), other chronic respiratory diseases as well as corporate and general administrative expenditures. The Directors believe that the Company has sufficient funds to complete the current clinical trials, to cover corporate and general administration costs and for it to comply with all commitments for at least 12 months from the end of the reporting period and, accordingly, are satisfied that the going concern basis remains appropriate for the preparation of these consolidated financial statements. Business combination The Company applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. The excess of the cost of acquisition over the fair value of the Company's share of the identifiable net assets acquired is recorded as goodwill. Goodwill arising on acquisitions is capitalized and is subject to an impairment review, both annually and when there are indications that the carrying value may not be recoverable. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred and included in administrative expenses. Basis of consolidation These consolidated financial statements include the accounts of Verona Pharma plc and its wholly owned subsidiaries Verona Pharma, Inc. and Rhinopharma. The acquisition method of accounting was used to account for the acquisition of Rhinopharma. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Verona Pharma Inc. and Rhinopharma adopt the same accounting policies as the Company. Foreign currency translation Items included in the Company's consolidated financial statements are measured using the currency of the primary economic environment in which the Entity operates ("the functional currency"). The consolidated financial statements are presented in pounds sterling ("£"), which is the functional and presentational currency of the Company and the presentational currency of the Company. Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the original transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The assets and liabilities of foreign operations are translated into pounds sterling at the rate of exchange ruling at the balance sheet date. Income and expenses are translated at weighted average exchange rates for the period. The exchange differences arising on translation for consolidation are recognized in Other Comprehensive Income. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Deferred taxation Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realized or the deferred liability is settled. Deferred tax assets are recognized to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilized. Research and development costs Capitalization of expenditure on product development commences from the point at which technical feasibility and commercial viability of the product can be demonstrated and the Company is satisfied that it is probable that future economic benefits will result from the product once completed. No such costs have been capitalized to date, given the early stage of the Company's product candidate development. Expenditure on research and development activities that do not meet the above criteria is charged to the Consolidated Statement of Comprehensive Income as incurred. Property, plant and equipment Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated so as to write off the cost less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned. The principal annual periods used for this purpose are:
Intangible assets and goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired.
Patent costs associated with the preparation, filing, and obtaining of patents are capitalized and amortized on a straight-line basis over the estimated useful lives of the patents of ten years.
Amortization is calculated so as to write off the cost less estimated residual values, on a straight-line basis over the expected useful economic life of two years.
IP R&D assets acquired through business combinations which, at the time of acquisition, have not reached technical feasibility are recognized at fair value. The amounts are capitalized and are not amortized but are subject to impairment testing until completion, abandonment of the projects or when the research findings are commercialized through a revenue generating project. The Company determines whether intangible assets (including goodwill) are impaired on an annual basis and this requires the estimation of the higher of fair value less costs of disposal and value in use. Upon successful completion or commercialization of the relevant project, IP R&D will be reclassified to developed technology. The Company will make a determination as to the then useful life of the developed technology, generally determined by the period in which the substantial majority of the cash flows are expected to be generated, and begin amortization. In case of abandonment the asset will be impaired. Impairment of intangible assets, goodwill and non-financial assets Goodwill and intangible assets that have an indefinite useful life and intangible assets not ready to use are not subject to amortization. These assets are tested annually for impairment or more frequently if impairment indicators exist. Non-financial assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value (less costs of disposal) and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows, which are largely independent of the cash flows from other assets or group of assets (cash generating units "CGUs"). Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. The Company is a single cash generating unit. Goodwill that arose on the acquisition of Rhinopharma has been thus allocated to this single CGU. IP R&D is tested for impairment at this level as well, since it is the lowest level at which independent cash flows can be identified. Non-financial assets, other than goodwill, that have been previously impaired are reviewed for possible reversal of the impairment at each subsequent reporting date. Employee Benefits
The Company operates a defined contribution pension scheme for UK employees. Contributions payable for the year are charged to the Consolidated Statement of Comprehensive Income. The contributions are recognized as employee benefit expense when they are due. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Consolidated Statement of Financial Position. The Company has no further payment obligation once the contributions have been paid.
The Company recognizes a liability and an expense for bonus plans if contractually obligated or if there is a past practice that has created a constructive obligation. Share-based payments The Company operates a number of equity-settled, share-based compensation schemes. The fair value of share-based payments under such schemes is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. Where equity settled transactions are entered into with third party service providers, fair value is determined by reference to the value of the services provided in lieu of payment. The expense is measured based on the services received at the date of receipt of those services and is charged to the Consolidated Statement of Comprehensive Income over the period for which the services are received and a corresponding credit is made to reserves. For other equity-settled transactions fair value is determined using the Black-Scholes model and requires several assumptions and estimates as disclosed in note 16. Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Assumed contingent obligation related to the business combinations On September 19, 2006, the Company acquired Rhinopharma for a total consideration of £1.52 million payable in ordinary shares. In addition, the Company assumed certain contingent obligations owed by Rhinopharma to Vernalis under an assignment and license agreement (the "assumed contingent consideration") following the sale of IP by Vernalis to Rhinopharma. Pursuant to the agreement Vernalis (i) assigned to the Company all of its rights to certain patents and patent applications relating to RPL554 and related compounds (the "Vernalis Patents") and (ii) granted to the Company an exclusive, worldwide, royalty-bearing license under certain Vernalis know-how to develop, manufacture and commercialize products (the "Licensed Products") developed using Vernalis Patents, Vernalis know-how and the physical stock of certain compounds. The assumed contingent obligation comprises (a) a milestone payment on obtaining the first approval of any regulatory authority for the commercialization of a Licensed Product; (b) low to mid single digit royalties based on the future sales performance of all Licensed Products; and (c) a portion equal to a midtwenty percent of any consideration received from any sub-licensees for the Vernalis Patents and for Vernalis know-how. On the date of acquisition the fair value of the assumed contingent obligation was estimated as the expected value of the milestone payment, royalty payments and sub-license payments, based on an assessment of the probability of success using standard market probabilities for respiratory drug development. The risk-weighted value of the assumed contingent arrangement was then discounted back to its net present value applying an effective interest rate of 12%. The initial fair value of the assumed contingent obligation as of December 31, 2006 was deemed to be insignificant at the date of the acquisition, so it was not recorded. The amount of royalties payable under the agreement is based on the future sales performance of certain products, and so the total amount payable is unlimited. The level of sales that may be achieved under the agreement is difficult to predict and subject to estimate, which is inherently uncertain. The value of this assumed contingent obligation is measured at amortized cost using the effective interest rate method, and is re-measured for changes in estimated cash flows, when the probability of success changes. The assumed contingent obligation is accounted for as a liability, and any adjustments made to the value of the liability will be recognized in the Consolidated Statement of Comprehensive Income for the period. Government and other grants The Company may receive government, regional or charitable grants to support its research efforts in defined projects where these grants provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of such grants would include contributions towards the costs of research and development. Income would be recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured. Government, regional and charitable grants relating to costs would be deferred and recognized in the Consolidated Statement of Comprehensive Income over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government, regional or charitable grants is not yet received the amount is included as a receivable on the Consolidated Statement of Financial Position. Where the grant income is directly related to the specific items of expenditure incurred, the income would be netted against such expenditure. Where the grant income is not a specific reimbursement of expenditure incurred, the Company would include such income under "Other income" in the Consolidated Statement of Comprehensive Income. Grants or investment credits may be repayable if the Company successfully commercializes a relevant program that was funded in whole or in part by the grant or investment credit within a particular timeframe. Prior to successful commercialization, the Company would not make any provision for repayment. Financial instruments — initial recognition and subsequent measurement The Company classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an equity instrument. The Company evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component. Such components shall be classified separately as financial assets, financial liabilities or equity instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
All financial assets not recorded at fair value through profit or loss, such as receivables and deposits, are recognized initially at fair value plus transaction costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. The measurement of financial assets depends on their classification. Financial assets such as receivables and deposits are subsequently measured at amortized cost. The Company does not hold any financial assets at fair value through profit or loss or available for sale financial assets.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The measurement of financial assets and financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. These are subsequently measured at fair value with any gains or losses recognized in profit or loss. All other financial liabilities are measured at amortized cost using the effective interest method The Company's financial liabilities include trade and other payables and derivative financial instruments. (c) Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at fair value at the end of each reporting date. The Company holds only one type of derivative financial instrument, the warrants, as explained in Note 2.15. The full fair value of the derivative is classified as a non-current liability when the warrants are exercisable in more than 12 months and as a current liability when the warrants are exercisable in less than 12 months. Changes in fair value of a derivative financial liability when related to a financing arrangement are recognized in the Consolidated Statement of Comprehensive Income within Finance income or Finance expense. Fair value gains or losses on derivatives used for non-financing arrangements are recognized in other operating income or expense. Warrants Warrants issued by the Company to investors as part of a share subscription are compound financial instruments where the warrant meets the definition of a financial liability. The financial liability component is initially measured at fair value in the Consolidated Statement of Financial Position. Equity is measured at the residual between the subscription price for the entire instrument and the liability component. The financial liability component is remeasured depending on its classification. Equity is not remeasured. Short Term Investments Short term investments include fixed term deposits held at banks with original maturities of more than three months but less than a year. They are classified as loans and receivables and are measured at amortized cost using the effective interest method. Transaction costs Qualifying transaction costs might be incurred in anticipation of an issuance of equity instruments and may cross reporting periods. The entity defers these costs on the balance sheet until the equity instrument is recognized. Deferred costs are subsequently reclassified as a deduction from equity when the equity instruments are recognized, as the costs are directly attributable to the equity transaction. If the equity instruments are not subsequently issued, the transaction costs are expensed. Any costs not directly attributable to the equity transaction are expensed. Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Where the liability component is held at fair value through profit or loss, the transaction costs are expensed to the Consolidated Statement of Comprehensive Income. For liabilities held at amortized cost, transaction costs are deducted from the liability and subsequently amortized. The amount of transaction costs accounted for as a deduction from equity in the period is disclosed separately in accordance with IAS 1. Investments in subsidiaries Investments in subsidiaries are shown at cost less any provision for impairment. New standards, amendments and interpretations adopted by the Company The following amendments have been adopted by the Company for the first time for the financial year beginning on or after 1 January, 2017. It did not materially impact the Company’s results: · Annual Improvements to IFRS Standards 2014-2016 Cycle, · Disclosure initiative - amendments to IAS 7, and · Recognition of Deferred Tax Assets for Unrealized Losses - Amendments to IAS 12. The amendments to IAS 7 require disclosure of changes in liabilities arising from financing activities, see note 3.3. New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2017 and not early adopted A number of new standards and amendments to standards and interpretations have been issued but are not yet effective for annual periods beginning after January 1, 2017 (noted below), and have not been adopted in preparing these consolidated financial statements.
IFRS 9 will have no material impact on the accounting or measurement of any of the financial instruments the Company currently holds. IFRS 15 will have no impact on the financial statements of the Company as it is not currently revenue generating. IFRS 16 is effective for accounting periods beginning on or after 1 January 2019 and will replace IAS 17 'leases'. It will eliminate the classification of leases as either operating leases or finance leases and, instead, introduce a single lessee accounting model. The adoption of IFRS 16 will result in the Company recognizing lease liabilities and corresponding 'right to use' assets for agreements that are currently classified as operating leases. See note 20 for further details on operating leases held. |
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- Definition The entire disclosure for significant accounting policies applied by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] No definition available.
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Financial Instruments |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Financial Risk Factors The Company's activities have exposed it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Company's overall risk management program is focused on preservation of capital and the unpredictability of financial markets and has sought to minimize potential adverse effects on the Company's financial performance and position. (a)Currency risk Foreign currency risk reflects the risk that the Company's net assets will be negatively impacted due to fluctuations in exchange rates. The Company has not entered into foreign exchange contracts to hedge against gains or losses from foreign exchange fluctuations. The summary quantitative date about the Company's exposure to currency risk is as follows. Figures are the sterling values of balances in each currency:
Sensitivity Analysis A reasonably possible strengthening (weakening) of the Euro, US dollar, or Sterling against all other currencies at 31 December would have affected the measurement of the financial instruments denominated in a foreign currency and affected equity and profit and loss by the amounts shown below. This analysis assumes that all other variables remain constant.
Foreign currency denominated trade payables are short term in nature (generally 30 to 45 days). The Company has a U.S. operation, the net assets of which are exposed to foreign currency translation risk. (b)Credit risk Credit risk reflects the risk that the Company may be unable to recover contractual receivables. As the Company is still in the development stage no policies are currently required to mitigate this risk. For banks and financial institutions, only independently rated parties with a minimum rating of "B+" are accepted. The Directors recognize that this is an area in which they may need to develop specific policies should the Company become exposed to further financial risks as the business develops. As of December 31, 2017, and December 31, 2016, cash and cash equivalents and short term investments were placed at the following banks:
(c) Management of capital The Company considers capital to be its equity reserves. At the current stage of the Company's life cycle, the Company's objective in managing its capital is to ensure funds raised meet the research and operating requirements until the next development stage of the Company's suite of projects. The Company ensures it is meeting its objectives by reviewing its Key Performance Indicators ("KPIs") to ensure the research activities are progressing in line with expectations, costs are controlled and unused funds are placed on deposit to conserve resources and increase returns on surplus cash held. (d)Interest rate risk As of December 31, 2017, the Company had cash deposits of £31.4 million (2016: £39.8 million) and short term investments of £48.8 million (2016: nil) . The rates of interest received during 2017 ranged between 0.0% and 1.73%. A 0.25% increase in interest rates would not have a material impact on finance income.The Company's exposure to interest rate risk, which is the risk that the interest received will fluctuate as a result of changes in market interest rates on classes of financial assets and financial liabilities, was as follows:
(e)Liquidity risk The Company prepares periodic working capital forecasts for the foreseeable future, allowing an assessment of the cash requirements of the Company, to manage liquidity risk. The following table provides an analysis of the Company's financial liabilities. The carrying value of all balances is equal to their fair value. The Company's maturity analysis for the derivative financial instrument from the issue of warrants is given in note 19.
Fair value estimation The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate to fair value due to their short-term nature. The carrying amount of the assumed contingent liability approximates to fair value as the underlying assumptions are currently similar. For financial instruments that are measured in the Consolidated Statement of Financial Position at fair value, IFRS 7 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:
For the year ended December 31, 2017, and 2016, fair value adjustments to financial instruments through profit and loss resulted in the recognition of finance income of £6.7 million and £1.1 million respectively. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to ascertain the fair value of an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.
Movements in Level 3 items during the years ended December 31, 2016, and 2017 are as follows:
Further details relating to the derivative financial instrument are set out in notes 4 and 19 of these financial statements. In determining the fair value of the derivative financial instrument the Company applied the Black Scholes model; key inputs include the share price at reporting date, estimations on timelines, volatility and risk-free rates. These assumptions and the impact of changes in these assumptions, where material, are disclosed in note 19. Change in liabilities arising from financing activities The Company has provided a reconciliation so that changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes can be evaluated.
See note 19 for information relating to the derivative financial instrument. |
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- References No definition available.
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- Definition The entire disclosure for financial instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |||||||||||||||||||||||||
Critical accounting estimates and judgments | Critical accounting estimates and judgments The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results ultimately may differ from those estimates. IFRS also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are as follows: (a) Assumed contingent obligation The Company has a material obligation for the future payment of royalties and milestones associated with contractual obligations on RPL554, a development product acquired as part of the acquisition of Rhinopharma The estimation of the fair value of the assumed contingent obligation on acquisition requires the selection of an appropriate valuation model, consideration as to the inputs necessary for the valuation model chosen, the estimation of the likelihood that the regulatory approval milestone will be achieved and estimates of the future cash flows and their timing (for further detail see note 19). The estimates for the assumed contingent obligation are based on a discounted cash flow model. Key assessments and judgments included in the fair value calculation of deferred consideration are:
In accordance with IAS 39 ("Financial Instruments Recognition and Measurement" (para AG8)), when there is a change in the expected cash flows, the assumed contingent obligation is re-measured with the change in value going through the Consolidated Statement of Comprehensive Income. Cash flow estimates are revised when the probability of success changes. The assumed contingent obligation is measured at amortized cost with the discount unwinding in the Consolidated Statement of Comprehensive Income throughout the year. Actual outcomes could differ significantly from the estimates made. The value of the assumed contingent obligation as of December 31, 2017 amounts to £0.9 million. (2016: £0.8 million). The increase in value of the assumed contingent obligation during 2017 amounted to £0.1 million (2016: £0.2 million) and the movement relates to unwinding the discount on the liability and retranslating for changes in US$ exchange rates. The increase was recorded in finance expense. There was no change in the year to the probability of success and consequently cash flow estimates were not revised. The discount percentage applied is 12%. (b) Valuation of the July 2016 warrants Pursuant to the July 2016 Placement, the Company issued 31,115,926 units to new and existing investors at the placing price of £1.4365 per unit. Each unit comprises one ordinary share and one warrant. The warrants entitle the investors to subscribe for in aggregate a maximum of 12,446,370 ordinary shares. In accordance with IAS 32 and Company accounting policy, as disclosed in note 2.15, the Company classified the warrants as a derivative financial liability to be presented on the Company's Consolidated Statement of Financial Position. The fair value of these warrants is determined by applying the Black-Scholes model. Assumptions are made on inputs such as time to maturity, the share price, volatility and risk free rate in order to determine the fair value per warrant. For further details see note 19. Transaction costs arising on the issues of these shares and warrants are allocated to the equity and warrant liability components in proportion to the allocation of proceeds. (c) Recognition of research and development expenditure The Company incurs research and development expenditure from third parties. The Company recognizes this expenditure in line with the management’s best estimation of the stage of completion of each research and development project. This includes the calculation of accrued costs at each period end to account for expenditure that has been incurred. This requires management to estimate full costs to complete for each project and also to estimate its current stage of completion. The costs related to the Clinical Research Organization expenses in the year was £18.5 million. The related accruals and prepayments were £4.6 million and £0.5 million respectively. (d) Transaction costs related the Global Offering The Company incurred various transaction costs relating to the Global Offering, including commissions, professional advisor fees, financial advice, listing fees and other costs. When management judged them to be incremental costs directly attributable to the transaction they were accounted for as a deduction from equity. Otherwise the costs were expensed to the consolidated income statement as incurred. |
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- Definition Disclosure Of Critical Accounting Estimates [Text Block] No definition available.
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- Definition Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] No definition available.
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Earnings per share |
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Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Earnings per share | Earnings per share Basic loss per ordinary share of 23.4p (2016: 15.0p and 2015: 37.1p) for the Company is calculated by dividing the loss for the year ended December 31, 2017 by the weighted average number of ordinary shares in issue of 87,748,031 as of December 31, 2017 (2016: 33,499,413 and 2015: 20,198,469). Potential ordinary shares are not treated as dilutive as the entity is loss making and such shares would be anti-dilutive. |
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- Definition The disclosure of earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of earnings per share [Abstract] No definition available.
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Segmental reporting |
12 Months Ended |
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Dec. 31, 2017 | |
Disclosure of entity's operating segments [Abstract] | |
Segmental reporting | Segmental reporting The Company’s activities are covered by one operating and reporting segment: Drug Development. There have been no changes to management’s assessment of the operating and reporting segment of the Company during the period. All non-current assets are based in the United Kingdom. |
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- Definition The entire disclosure for operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of entity's operating segments [Abstract] No definition available.
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Operating loss |
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Operating loss | Operating loss
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- Definition The disclosure of profit (loss) from operating activities. [Refer: Profit (loss) from operating activities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Directors' emoluments and staff costs |
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Directors' emoluments and staff costs | Directors' emoluments and staff costs
The Company operates a defined contribution pension scheme for U.K. employees and executive directors. The total pension cost during the year ended December 31, 2017 was £55 thousand (2016: £30 thousand and 2015: £53 thousand). There were no prepaid or accrued contributions to the scheme at December 31, 2017(2016 and 2015: £nil). |
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- Definition The entire disclosure for employee benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Finance income and expense |
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Finance income and expense | Finance income and expense
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- References No definition available.
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- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Taxation |
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Disclosure of income tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation | Taxation
UK corporation tax is charged at 19.25% (2016: 20.00% and 2015: 20.25%) and U.S. federal tax at 35% (2016 and 2015: 35%). The following tables represent deferred tax balances recognized in the Consolidated Statement of Financial Position. There were no movements in either the deferred tax asset or the deferred tax liability.
The deferred tax liability relates to the difference between the accounting and tax bases of the IP R&D intangible asset. A deferred tax asset relating to UK tax losses has been recognized and offset against the liability. Factors that may affect future tax charges The Company has UK tax losses available for offset against future profits in the UK. However an additional deferred tax asset has not been recognized in respect of such items due to uncertainty of future profit streams. As of December 31, 2017, the unrecognized deferred tax asset at 17% is estimated to be £5.43 million (2016: £3.15 million at 17%). |
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- Definition The entire disclosure for income taxes. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of income tax [Abstract] No definition available.
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Goodwill |
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Goodwill | Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the acquisition of Rhinopharma in September 2006. Goodwill is not amortized, but is tested annually for impairment. Annual impairment testing is performed by comparing the expected recoverable amount of the CGU to the carrying amount of the CGU to which goodwill has been allocated to the carrying amount of the CGU. See note 2.8 to the consolidated financial statements. |
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- Definition The disclosure of goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Intangible assets |
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Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets
Intangible assets comprise patents, computer software and an IP R&D asset that arose on the acquisition of Rhinopharma and investment in patents to protect RPL554. IP R&D is currently not amortized and is reviewed for impairment on an annual basis or where there is an indication that the assets might be impaired until the asset is brought into use. Patents are amortized over a period of ten years and are regularly reviewed for impairment to ensure the carrying amount exceeds the recoverable amount in accordance with note 2.8. Recognizing that the Company is still in its pre-revenue phase and that the research projects are not yet ready for commercial use, the Company assesses the recoverable amount of the CGU containing the IP R&D with reference to the Company's market capitalization as of December 31, 2017, the date of testing of goodwill impairment. The market capitalization of the Company was approximately £109.7 million as of December 31, 2017, (2016: £80.0 million) compared to the Company's net assets of £79.9 million (2016: £34.5 million). Therefore, no impairment was recognized. |
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- References No definition available.
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- Definition The entire disclosure for intangible assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Property, plant and equipment |
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Property, plant and equipment | Property, plant and equipment
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- Definition The entire disclosure for property, plant and equipment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Prepayments and other receivables |
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Prepayments and other receivables | Prepayments and other receivables
Deferred IPO costs related to the Global Offering. These costs were offset against share premium in 2017 when the Global Offering was completed. The prepayments balance includes prepayments for insurance and clinical activities. There are no impaired assets within prepayments and other receivables. |
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- Definition The disclosure of prepayments and other assets. [Refer: Other assets; Prepayments] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Share Capital |
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Share Capital | Share Capital On February 8, 2017, the board of the Company approved a share consolidation where every 50 existing ordinary shares of £0.001 were consolidated into one ordinary share of £0.05. The movements in the Company's share capital are summarized below:
The total number of authorized ordinary shares, with a nominal value of £0.05 each, is 200,000,000 (share capital of £10,000,000). All 105,017,400 ordinary shares at December 31, 2017 are allotted, unrestricted, called up and fully paid. On April 26, 2017, the Company announced the closing of its Global Offering of an aggregate of 47,399,001 new ordinary shares, comprising 5,768,000 American Depositary Shares (“ADSs”) at a price of $13.50 per ADS and 1,255,001 ordinary shares at a price of £1.32 per ordinary share. During May 2017 the underwriters purchased an additional 733,738 ADSs, representing 5,869,904 ordinary shares, at a price of $13.50 per ADS. The total gross proceeds in the Global Offering amounted to $89.9 million (£70.0 million). In addition, the Chairman of Verona Pharma’s board of directors, Dr David Ebsworth, and an existing shareholder agreed to subscribe for 254,099 new ordinary shares at a price of £1.32 per ordinary share in the Shareholder Private Placement, contingent on and concurrent with the Global Offering and generating gross proceeds of £0.3m. Where there is a time and foreign exchange difference between proceeds from a share issue becoming due and being received, the movement is taken to Finance income or Finance expense as appropriate. In respect of the Global Offering and Shareholder Private Placement, the Company recorded a finance expense of £439 thousand arising from movements in exchange rates on funds receivable, offset by a saving on commission payable of £31 thousand, for a net finance expense of £408 thousand. On September 13, 2017, the company issued 133,333 new shares upon exercise of share options at 110p per share, resulting in proceeds of £147 thousand to the Company. On July 29, 2016, the Company issued 31,115,926 units to new and existing investors at the placing price of £1.4365 per unit. Each unit comprises one ordinary share and one warrant (see note 19). During 2016, the Company issued 46,666 ordinary shares upon exercise of employee share options. As at December 31, 2017, the number of ordinary shares in issue was 105,017,400. All new ordinary shares rank pari passu with existing ordinary shares. |
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- Definition The entire disclosure for share capital, reserves and other equity interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of share capital, reserves and other equity interest [Abstract] No definition available.
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Share-based payments charge |
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Disclosure of share-based payment arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments charge | Share-based payments charge In accordance with IFRS 2 "Share Based Payments," the cost of equity-settled transactions is measured by reference to their fair value at the date at which they are granted. Where equity-settled transactions were entered into with third party service providers, fair value is determined by reference to the value of the services provided. For other equity-settled transactions fair value is determined using the Black-Scholes model. The cost of equity-settled transactions is recognized over the period until the award vests. No expense is recognized for awards that do not ultimately vest. At each reporting date, the cumulative expense recognized for equity-based transactions reflects the extent to which the vesting period has expired and the number of awards that, in the opinion of the Directors at that date, will ultimately vest. The costs of equity-settled share-based payments to employees are recognized in the Statement of Comprehensive Income, together with a corresponding increase in equity during the vesting period. During the twelve months ended December 31, 2017, the Company recognized a share-based payment expense of £2.92 million (2016: £0.58 million ). The charge is included within both general and administrative costs as well as in research and development costs and represents the current year's allocation of the expense for relevant share options. The Company grants share options under an Unapproved Share Option Scheme (the "Unapproved Scheme"). Under the Unapproved Scheme, options are granted to employees, directors and consultants to acquire shares at a price to be determined by the Directors. In general, options granted prior to December 31, 2016 were granted at a premium to the share price at the date of grant and vested over a period of three years from the date of grant, one third vesting on the first anniversary of grant, a further third vesting on the second anniversary of grant and the remainder vesting on the third anniversary of grant. Options granted since January 1, 2017 generally vest over three or four years from the date of the grant using two different methods. The first method is one third vesting over one year, the second third vesting over two years and the final third vesting over three years. The second method is one quarter vesting over one year, the second quarter vesting over two years, the third quarter vesting over three years and the final quarter vesting over four years. The vesting period is defined as the period between the date of grant and the date when the options become exercisable. The options are exercisable during a period ending ten years after the date of grant. Options are also issued to advisors under the Unapproved Scheme. Such options generally vest immediately and are exercisable between one and two years after grant. In 2016 the Company issued options under its tax efficient EMI Option Scheme (the "EMI Scheme"). Under the EMI Scheme, options were granted to employees and directors who are contracted to work at least 25 hours a week for the Company or for at least 75% of their working time. The options granted under the EMI Scheme are exercisable at a price that is above the share price at the date of the grant and in accordance with a vesting schedule determined by the Directors at the time of grant and have an exercise period of ten years from the date of grant. The Company grants Restricted Stock Units to employees and directors. The RSUs vest over a period of three or four years from the date of the grant using 2 different methods. The first method is one third vesting over one year, the second third vesting over two years and the final third vesting over three years. The second method is one quarter vesting over one year, the second quarter vesting over two years, the third quarter vesting over three years and the final quarter vesting over four years. In the year ended December 31, 2017, the Company granted 4,656,828 (2016: 1,670,000 ) share options, nil (2016: 32,000) share options under the EMI Scheme and 1,052,236 Restricted Stock Units (“RSUs”) (2016: nil). The total fair values of the Options and RSUs were estimated using the Black-Scholes option-pricing model for equity-settled transactions and amounted to £5.33 million (2016: £1.93 million). The cost is amortized over the vesting period of the options on a straight-line basis. Prior to the July 2016 Placement in 2016, management determined to take an option's contractual maximum life as an input into the Black-Scholes option-pricing model. Starting from the July 2016 Placement and in line with the continued development of the Company's clinical trials, the Company determined the time to maturity to be used in the valuation model to be better represented by the weighted-average life of the options granted. The following assumptions were used for the Black-Scholes valuation of share options granted in 2016 and 2017. For the options granted under the Unapproved Scheme the table indicates the ranges used in determining the fair-market values, aligning with the various dates of the underlying grants. The volatility is calculated using historic weekly averages of the Company's share price over a period that is in line with the expected life of the options.
The Company had the following share options movements in the year ended December 31, 2017:
* * Valued based on fair value of services received. The Company had the following Restricted Share Units movements in the year ended December 31, 2017:
The average fair value at grant date, by year of grant and plan, of the exercisable options as per December 31, 2017 is presented in the below table.
Outstanding and exercisable share options by scheme as of December 31, 2017:
As at December 31, 2017 there were no restricted share options exercisable (2016: nil) and there is no exercise price for restricted share options. The options outstanding at December 31, 2017 had a weighted average remaining contractual life of 8.6 years (2016: 8.2 years). For 2016 and 2017, the number of options granted and expired and the weighted average exercise price of options were as follows:
The following table shows the number of RSUs issued in 2017. No RSUs were granted in 2016 and none of the RSUs granted in 2017 were forfeited, canceled or vested in the year. The fair value of each unvested RSU at grant date was £1.32.
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- Definition The disclosure of the general terms and conditions of share-based payment arrangements. [Refer: Share-based payment arrangements [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of share-based payment arrangements [Abstract] No definition available.
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Trade and other payables |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | Trade and other payables
As of December 31, 2016, accruals included £0.89 million related to expenses associated with the Global Offering which was fully paid during the year ended December 31, 2017. |
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- Definition The disclosure of trade and other payables. [Refer: Trade and other payables] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Assumed contingent obligation related to the business combination |
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Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed contingent obligation related to the business combination | Assumed contingent obligation related to the business combination The value of the assumed contingent obligation as of December 31, 2017 amounts to £875 thousand (2016: £802 thousand). The increase in value of the assumed contingent obligation during 2017 amounted to £73 thousand (2016: £208 thousand ) and was recorded in finance expense as it related to the unwind of the discount on the liability and retranslation for changes in US$ exchange rates. Periodic re-measurement is triggered by changes in the probability of success. In 2016 the remeasurement was triggered by the success of the Company's Phase 2a clinical trial, presented in March 2016. The discount percentage applied is 12%. In 2017 there were no events that triggered remeasurement.
The table below describes the reported change to the value of the liability during 2017 of £73 thousand (2016: £208 thousand) compared to what this number would be following the presented variations to the underlying assumptions (assuming the probability of success does not change):
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- Definition The disclosure of contingent liabilities. [Refer: Contingent liabilities [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] No definition available.
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Warrants |
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Disclosure of share capital, reserves and other equity interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | Warrants Pursuant to the July 2016 Placement, on July 29, 2016 the Company issued 31,115,926 units to new and existing investors at the placing price of £1.4365 per unit. Each unit comprises one ordinary share and one warrant. The warrant holders can subscribe for 0.4 of an ordinary share at a per share exercise price of 120% of the placing price or £1.7238. The warrant holders can opt for a cashless exercise of their warrants, whereby the warrant holders can choose to exchange the warrants held for reduced number of warrants exercisable at nil consideration. The reduced number of warrants is calculated based on a formula considering the share price and the exercise price of the warrants. The warrants are therefore classified as a derivative financial liability, since their exercise could result in a variable number of shares to be issued. The warrants entitled the investors to subscribe for in aggregate a maximum of 12,446,370 shares. The warrants can be exercised on the earlier of the consummation of the Global Offering (being April 26, 2017) or the first anniversary of the grant, and the exercise period shall end on the fifth anniversary of the date of grant (being July 29, 2021). The ordinary shares and warrants were accounted for as a compound financial instrument. The warrants component of the instrument issued at the July 2016 Placement was classified as a derivative financial liability and was initially measured at fair value of £9.0 million. The residual amount of proceeds totaling £35.7 million was recognized within equity. Subsequently the financial liability was re-measured at the reporting date at fair value through profit or loss. The total of transaction costs the Company incurred for the above transactions amounted to £2.9 million of which £0.6 million was allocated to the warrants and the remaining £2.3 million was presented as a reduction to share premium, by reference to the proceeds allocated to each component. The amount assigned to the financial liability of the warrants was subsequently presented as finance expense in the Consolidated Statement of Comprehensive Income. In the year ended 31 December 2017 warrants over 45,108 shares were forfeited (2016: nil). The table below presents the assumptions in applying the Black-Scholes model to determine the fair value of the warrants.
The figures disclosed above relating to the issue of the shares and warrants have been retrospectively adjusted to reflect the 50-for-1 share consolidation as described in note 1. The original number of units issued to new and existing investors was 1,555,796,345 units at a placing price of 2.873 pence per unit and an exercise price of 3.4476 pence per share. This entitled the investors to subscribe for in aggregate a maximum of 622,318,538 shares. As per the reporting date the Company updated the underlying assumptions and calculated a fair value of these warrants amounting to £1.3 million. The variance of £6.7 million is recorded as finance income in the Consolidated Statement of Comprehensive Income.
For the amount recognized at December 31, 2017, the effect when some of these underlying parameters would deviate up or down is presented in the below table.
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- Definition Disclosure Of Warrants Explanatory [Text Block] No definition available.
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- Definition Disclosure of share capital, reserves and other equity interest [Abstract] No definition available.
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Financial commitments |
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Disclosure of leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial commitments | Financial commitments As of December 31, 2017, the Company was committed to making the following payments under non-cancellable operating leases related to its facilities.
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- Definition The disclosure of finance leases and operating leases by the lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of leases [Abstract] No definition available.
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Related parties transactions and other shareholder matters |
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Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Related parties transactions and other shareholder matters | Related parties transactions and other shareholder matters (i) Related party transactions The Directors have authority and responsibility for planning, directing and controlling the activities of the Company and they therefore comprise key management personnel as defined by IAS 24, ("Related Party Disclosures"). (ii) Other shareholder matters The Company has entered into the following arrangements with parties who are significant shareholders of the Company, though they are not classed as related parties. The Company entered into relationship agreements with Vivo Capital Fund VIII ("Vivo Capital"), Orbimed Private Investments VI L.P. ("Orbimed"), Abingworth Bioventures VI L.P. ("Abingworth"), and Arix Bioscience plc ("Arix") and Arthurian Life Sciences SPV GP Limited, ("Arthurian"). As agreed in these relationship agreements, the above parties invested in the Company as part of the July 2016 Placement, and the Company agreed to appoint representatives designated by Vivo Capital, OrbiMed, Abingworth, and Arix and Arthurian, to the board of directors, who are Dr. Mahendra Shah, Mr. Rishi Gupta, Dr. Andrew Sinclair and Dr. Ken Cunningham respectively. The appointment rights within the relationship agreement with Arix and Arthurian terminated on closing of the Global Offering on April 26, 2017; Dr Cunningham has agreed to continue to serve on the Company's board of directors as an independent director. The respective appointment rights under the remaining relationship agreements will automatically terminate upon (i) Vivo Capital, OrbiMed or Abingworth (or any of their associates), as applicable, ceasing to beneficially hold 6.5% of the issued ordinary shares, or (ii) the ordinary shares ceasing to be admitted to AIM. The Company also entered into a management rights agreement with Novo A/S under which Novo A/S was entitled to appoint an observer to the Board; the appointment rights within the management rights agreement terminated on closing of the Global Offering on April 26, 2017. |
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- Definition The entire disclosure for related parties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of related party [Abstract] No definition available.
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Accounting policies (Policies) |
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Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |||||||||||||||||
Going concern | Going concern During the year ended December 31, 2017, the Company had a loss of £20.5 million (2016: £5.0 million). As of December 31, 2017, the Company had net assets of £79.9 million (2016: £34.5 million) of which £80.3 million (2016: £39.8 million) was cash and cash equivalents and short term investments. The operation of the Company is currently being financed from funds that the Company raised from share placings. On May 2nd, 2017, the company raised $89.9 million (£70 million) from the initial public offering in the United States. On July 29, 2016, the Company raised gross proceeds of £44.7 million from a placing, subscription and open offer (the "July 2016 Placement"). These funds are expected to be used primarily to support the development of RPL554 in chronic obstructive pulmonary disease ("COPD"), other chronic respiratory diseases as well as corporate and general administrative expenditures. The Directors believe that the Company has sufficient funds to complete the current clinical trials, to cover corporate and general administration costs and for it to comply with all commitments for at least 12 months from the end of the reporting period and, accordingly, are satisfied that the going concern basis remains appropriate for the preparation of these consolidated financial statements. |
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Business combination | Business combination The Company applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. The excess of the cost of acquisition over the fair value of the Company's share of the identifiable net assets acquired is recorded as goodwill. Goodwill arising on acquisitions is capitalized and is subject to an impairment review, both annually and when there are indications that the carrying value may not be recoverable. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred and included in administrative expenses. |
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Basis of consolidation | Basis of consolidation These consolidated financial statements include the accounts of Verona Pharma plc and its wholly owned subsidiaries Verona Pharma, Inc. and Rhinopharma. The acquisition method of accounting was used to account for the acquisition of Rhinopharma. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Verona Pharma Inc. and Rhinopharma adopt the same accounting policies as the Company. |
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Foreign currency translation | Foreign currency translation Items included in the Company's consolidated financial statements are measured using the currency of the primary economic environment in which the Entity operates ("the functional currency"). The consolidated financial statements are presented in pounds sterling ("£"), which is the functional and presentational currency of the Company and the presentational currency of the Company. Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the original transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The assets and liabilities of foreign operations are translated into pounds sterling at the rate of exchange ruling at the balance sheet date. Income and expenses are translated at weighted average exchange rates for the period. The exchange differences arising on translation for consolidation are recognized in Other Comprehensive Income. |
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Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. |
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Deferred taxation | Deferred taxation Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realized or the deferred liability is settled. Deferred tax assets are recognized to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilized. |
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Research and development costs | Research and development costs Capitalization of expenditure on product development commences from the point at which technical feasibility and commercial viability of the product can be demonstrated and the Company is satisfied that it is probable that future economic benefits will result from the product once completed. No such costs have been capitalized to date, given the early stage of the Company's product candidate development. Expenditure on research and development activities that do not meet the above criteria is charged to the Consolidated Statement of Comprehensive Income as incurred. |
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Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated so as to write off the cost less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned. |
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Intangible assets and goodwill | Intangible assets and goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired.
Patent costs associated with the preparation, filing, and obtaining of patents are capitalized and amortized on a straight-line basis over the estimated useful lives of the patents of ten years.
Amortization is calculated so as to write off the cost less estimated residual values, on a straight-line basis over the expected useful economic life of two years.
IP R&D assets acquired through business combinations which, at the time of acquisition, have not reached technical feasibility are recognized at fair value. The amounts are capitalized and are not amortized but are subject to impairment testing until completion, abandonment of the projects or when the research findings are commercialized through a revenue generating project. The Company determines whether intangible assets (including goodwill) are impaired on an annual basis and this requires the estimation of the higher of fair value less costs of disposal and value in use. Upon successful completion or commercialization of the relevant project, IP R&D will be reclassified to developed technology. The Company will make a determination as to the then useful life of the developed technology, generally determined by the period in which the substantial majority of the cash flows are expected to be generated, and begin amortization. In case of abandonment the asset will be impaired. |
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Impairment of intangible assets, goodwill and non-financial asset | Impairment of intangible assets, goodwill and non-financial assets Goodwill and intangible assets that have an indefinite useful life and intangible assets not ready to use are not subject to amortization. These assets are tested annually for impairment or more frequently if impairment indicators exist. Non-financial assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value (less costs of disposal) and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows, which are largely independent of the cash flows from other assets or group of assets (cash generating units "CGUs"). Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. The units or group of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments. The Company is a single cash generating unit. Goodwill that arose on the acquisition of Rhinopharma has been thus allocated to this single CGU. IP R&D is tested for impairment at this level as well, since it is the lowest level at which independent cash flows can be identified. Non-financial assets, other than goodwill, that have been previously impaired are reviewed for possible reversal of the impairment at each subsequent reporting date. |
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Employee Benefits | Employee Benefits
The Company operates a defined contribution pension scheme for UK employees. Contributions payable for the year are charged to the Consolidated Statement of Comprehensive Income. The contributions are recognized as employee benefit expense when they are due. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Consolidated Statement of Financial Position. The Company has no further payment obligation once the contributions have been paid.
The Company recognizes a liability and an expense for bonus plans if contractually obligated or if there is a past practice that has created a constructive obligation. |
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Share-based payments | Share-based payments The Company operates a number of equity-settled, share-based compensation schemes. The fair value of share-based payments under such schemes is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. Where equity settled transactions are entered into with third party service providers, fair value is determined by reference to the value of the services provided in lieu of payment. The expense is measured based on the services received at the date of receipt of those services and is charged to the Consolidated Statement of Comprehensive Income over the period for which the services are received and a corresponding credit is made to reserves. For other equity-settled transactions fair value is determined using the Black-Scholes model and requires several assumptions and estimates as disclosed in note 16. |
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Provisions | Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. |
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Assumed contingent obligation related to the business combinations | Assumed contingent obligation related to the business combinations On September 19, 2006, the Company acquired Rhinopharma for a total consideration of £1.52 million payable in ordinary shares. In addition, the Company assumed certain contingent obligations owed by Rhinopharma to Vernalis under an assignment and license agreement (the "assumed contingent consideration") following the sale of IP by Vernalis to Rhinopharma. Pursuant to the agreement Vernalis (i) assigned to the Company all of its rights to certain patents and patent applications relating to RPL554 and related compounds (the "Vernalis Patents") and (ii) granted to the Company an exclusive, worldwide, royalty-bearing license under certain Vernalis know-how to develop, manufacture and commercialize products (the "Licensed Products") developed using Vernalis Patents, Vernalis know-how and the physical stock of certain compounds. The assumed contingent obligation comprises (a) a milestone payment on obtaining the first approval of any regulatory authority for the commercialization of a Licensed Product; (b) low to mid single digit royalties based on the future sales performance of all Licensed Products; and (c) a portion equal to a midtwenty percent of any consideration received from any sub-licensees for the Vernalis Patents and for Vernalis know-how. On the date of acquisition the fair value of the assumed contingent obligation was estimated as the expected value of the milestone payment, royalty payments and sub-license payments, based on an assessment of the probability of success using standard market probabilities for respiratory drug development. The risk-weighted value of the assumed contingent arrangement was then discounted back to its net present value applying an effective interest rate of 12%. The initial fair value of the assumed contingent obligation as of December 31, 2006 was deemed to be insignificant at the date of the acquisition, so it was not recorded. The amount of royalties payable under the agreement is based on the future sales performance of certain products, and so the total amount payable is unlimited. The level of sales that may be achieved under the agreement is difficult to predict and subject to estimate, which is inherently uncertain. The value of this assumed contingent obligation is measured at amortized cost using the effective interest rate method, and is re-measured for changes in estimated cash flows, when the probability of success changes. The assumed contingent obligation is accounted for as a liability, and any adjustments made to the value of the liability will be recognized in the Consolidated Statement of Comprehensive Income for the period. |
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Government and other grants | Government and other grants The Company may receive government, regional or charitable grants to support its research efforts in defined projects where these grants provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of such grants would include contributions towards the costs of research and development. Income would be recognized when costs under each grant are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured. Government, regional and charitable grants relating to costs would be deferred and recognized in the Consolidated Statement of Comprehensive Income over the period necessary to match them with the costs they are intended to compensate. When the cash in relation to recognized government, regional or charitable grants is not yet received the amount is included as a receivable on the Consolidated Statement of Financial Position. Where the grant income is directly related to the specific items of expenditure incurred, the income would be netted against such expenditure. Where the grant income is not a specific reimbursement of expenditure incurred, the Company would include such income under "Other income" in the Consolidated Statement of Comprehensive Income. Grants or investment credits may be repayable if the Company successfully commercializes a relevant program that was funded in whole or in part by the grant or investment credit within a particular timeframe. Prior to successful commercialization, the Company would not make any provision for repayment. |
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Financial instruments — initial recognition and subsequent measurement | Financial instruments — initial recognition and subsequent measurement The Company classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an equity instrument. The Company evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component. Such components shall be classified separately as financial assets, financial liabilities or equity instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
All financial assets not recorded at fair value through profit or loss, such as receivables and deposits, are recognized initially at fair value plus transaction costs. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the income statement. The measurement of financial assets depends on their classification. Financial assets such as receivables and deposits are subsequently measured at amortized cost. The Company does not hold any financial assets at fair value through profit or loss or available for sale financial assets.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The measurement of financial assets and financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. These are subsequently measured at fair value with any gains or losses recognized in profit or loss. All other financial liabilities are measured at amortized cost using the effective interest method The Company's financial liabilities include trade and other payables and derivative financial instruments. (c) Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at fair value at the end of each reporting date. The Company holds only one type of derivative financial instrument, the warrants, as explained in Note 2.15. The full fair value of the derivative is classified as a non-current liability when the warrants are exercisable in more than 12 months and as a current liability when the warrants are exercisable in less than 12 months. Changes in fair value of a derivative financial liability when related to a financing arrangement are recognized in the Consolidated Statement of Comprehensive Income within Finance income or Finance expense. Fair value gains or losses on derivatives used for non-financing arrangements are recognized in other operating income or expense. |
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Warrants | Warrants Warrants issued by the Company to investors as part of a share subscription are compound financial instruments where the warrant meets the definition of a financial liability. The financial liability component is initially measured at fair value in the Consolidated Statement of Financial Position. Equity is measured at the residual between the subscription price for the entire instrument and the liability component. The financial liability component is remeasured depending on its classification. Equity is not remeasured. |
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Short Term Investments | Short Term Investments Short term investments include fixed term deposits held at banks with original maturities of more than three months but less than a year. They are classified as loans and receivables and are measured at amortized cost using the effective interest method. |
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Transaction costs | Transaction costs Qualifying transaction costs might be incurred in anticipation of an issuance of equity instruments and may cross reporting periods. The entity defers these costs on the balance sheet until the equity instrument is recognized. Deferred costs are subsequently reclassified as a deduction from equity when the equity instruments are recognized, as the costs are directly attributable to the equity transaction. If the equity instruments are not subsequently issued, the transaction costs are expensed. Any costs not directly attributable to the equity transaction are expensed. Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Where the liability component is held at fair value through profit or loss, the transaction costs are expensed to the Consolidated Statement of Comprehensive Income. For liabilities held at amortized cost, transaction costs are deducted from the liability and subsequently amortized. The amount of transaction costs accounted for as a deduction from equity in the period is disclosed separately in accordance with IAS 1. |
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Investments in subsidiaries | Investments in subsidiaries are shown at cost less any provision for impairment. |
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New standards, amendments and interpretations adopted by the Group | New standards, amendments and interpretations adopted by the Company The following amendments have been adopted by the Company for the first time for the financial year beginning on or after 1 January, 2017. It did not materially impact the Company’s results: · Annual Improvements to IFRS Standards 2014-2016 Cycle, · Disclosure initiative - amendments to IAS 7, and · Recognition of Deferred Tax Assets for Unrealized Losses - Amendments to IAS 12. The amendments to IAS 7 require disclosure of changes in liabilities arising from financing activities, see note 3.3. |
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New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2016 and not early adopted | New standards, amendments and interpretations issued but not effective for the financial year beginning January 1, 2017 and not early adopted A number of new standards and amendments to standards and interpretations have been issued but are not yet effective for annual periods beginning after January 1, 2017 (noted below), and have not been adopted in preparing these consolidated financial statements.
IFRS 9 will have no material impact on the accounting or measurement of any of the financial instruments the Company currently holds. IFRS 15 will have no impact on the financial statements of the Company as it is not currently revenue generating. |
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- Definition The description of the entity's accounting policy for business combinations. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for contingent liabilities and contingent assets. [Refer: Contingent liabilities [member]; Description of nature of contingent assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for deferred income tax. [Refer: Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for finance costs. [Refer: Finance costs] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for foreign currency translation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for government grants, including the methods of presentation adopted in the financial statements. [Refer: Government [member]; Government grants] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The description of the entity's accounting policy for the impairment of assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for intangible assets and goodwill. [Refer: Intangible assets and goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for research and development expense. [Refer: Research and development expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for subsidiaries. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for warrants. Warrants are financial instruments that give the holder the right to purchase ordinary shares. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Description Of Accounting Policy For Going Concern [Policy Text Block] No definition available.
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- Definition Description Of Accounting Policy For Investment In Subsidiary [Policy Text Block] No definition available.
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- Definition Description Of Accounting Policy For New Standards, Amendments And Interpretations [Policy Text Block] No definition available.
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- Definition Description Of Accounting Policy For New standards, Amendments And Interpretations Issued But Not Effective [Policy Text Block] No definition available.
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- Definition Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] No definition available.
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Accounting policies (Tables) |
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Description of property, plant and equipment useful life | The principal annual periods used for this purpose are:
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- Definition Description Of Property, Plant And Equipment Useful Life [Table Text Block] No definition available.
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- Definition Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] No definition available.
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Financial Instruments (Tables) |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary quantitative data about entity's exposure to risk | The summary quantitative date about the Company's exposure to currency risk is as follows. Figures are the sterling values of balances in each currency:
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Disclosure of effect of changes in foreign exchange rates | A reasonably possible strengthening (weakening) of the Euro, US dollar, or Sterling against all other currencies at 31 December would have affected the measurement of the financial instruments denominated in a foreign currency and affected equity and profit and loss by the amounts shown below. This analysis assumes that all other variables remain constant.
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Disclosure of cash and cash equivalents and short term investments | As of December 31, 2017, and December 31, 2016, cash and cash equivalents and short term investments were placed at the following banks:
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Disclosure of financial instruments by type of interest rate | The Company's exposure to interest rate risk, which is the risk that the interest received will fluctuate as a result of changes in market interest rates on classes of financial assets and financial liabilities, was as follows:
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Disclosure of maturity analysis of undiscounted cash outflows to repurchase derecognised financial assets or amounts payable to transferee in respect of transferred assets | The following table provides an analysis of the Company's financial liabilities. The carrying value of all balances is equal to their fair value. The Company's maturity analysis for the derivative financial instrument from the issue of warrants is given in note 19.
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Disclosure of fair value measurement of assets |
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Disclosure of fair value measurement of liabilities |
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Disclosure of significant unobservable inputs used in fair value measurement of liabilities | Movements in Level 3 items during the years ended December 31, 2016, and 2017 are as follows:
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- Definition The disclosure of the fair value measurement of assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The disclosure of the fair value measurement of liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The disclosure of financial instruments by type of interest rate. [Refer: Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The disclosure of a maturity analysis of the undiscounted cash outflows that would or may be required to repurchase derecognised financial assets or other amounts payable to the transferee in respect of transferred assets, showing the remaining contractual maturities of the entity's continuing involvement. [Refer: Undiscounted cash outflow required to repurchase derecognised financial assets; Other amounts payable to transferee in respect of transferred assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The disclosure of significant inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when measuring the fair value of liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The disclosure of summary quantitative data about the entity's exposure to risks arising from financial instruments. This disclosure shall be based on the information provided internally to key management personnel of the entity, for example, the entity’s board of directors or chief executive officer. [Refer: Financial instruments, class [member]; Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure Of Detailed Information About Cash And Cash Equivalents Placement Explanatory [Table Text Block] No definition available.
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Operating loss (Tables) |
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Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of operating loss |
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Description Of Operating Loss [Table Text Block] No definition available.
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Directors' emoluments and staff costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of information about employees |
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The disclosure of information about employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Finance income and expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of finance income |
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Disclosure of finance expense |
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The disclosure of finance cost. [Refer: Finance costs] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The disclosure of finance income. [Refer: Finance income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Taxation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of income tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of major tax components |
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Disclosure of temporary difference, unused tax losses and unused tax credits | The following tables represent deferred tax balances recognized in the Consolidated Statement of Financial Position. There were no movements in either the deferred tax asset or the deferred tax liability.
|
X | ||||||||||
- Definition The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Disclosure Of Major Components Of Tax Expense (Income) [Table Text Block] No definition available.
|
X | ||||||||||
- Definition Disclosure of income tax [Abstract] No definition available.
|
Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in goodwill |
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The disclosure of the reconciliation of changes in goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill |
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Property, plant and equipment (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment |
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X | ||||||||||
- Definition The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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Prepayments and other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Description of prepayments and other receivables |
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Disclosure Of Prepayments And Other Receivables [Table Text Block] No definition available.
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Share Capital (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share capital, reserves and other equity interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements in the Company's share capital | The movements in the Company's share capital are summarized below:
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X | ||||||||||
- Definition The disclosure of classes of share capital. [Refer: Share capital [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of share capital, reserves and other equity interest [Abstract] No definition available.
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Share-based payments charge (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share-based payment arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period | The following assumptions were used for the Black-Scholes valuation of share options granted in 2016 and 2017. For the options granted under the Unapproved Scheme the table indicates the ranges used in determining the fair-market values, aligning with the various dates of the underlying grants. The volatility is calculated using historic weekly averages of the Company's share price over a period that is in line with the expected life of the options.
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Disclosure of number and weighted average exercise prices of share options | The average fair value at grant date, by year of grant and plan, of the exercisable options as per December 31, 2017 is presented in the below table.
Outstanding and exercisable share options by scheme as of December 31, 2017:
As at December 31, 2017 there were no restricted share options exercisable (2016: nil) and there is no exercise price for restricted share options. The options outstanding at December 31, 2017 had a weighted average remaining contractual life of 8.6 years (2016: 8.2 years). For 2016 and 2017, the number of options granted and expired and the weighted average exercise price of options were as follows:
The Company had the following share options movements in the year ended December 31, 2017:
* * Valued based on fair value of services received. |
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Disclosure of number and weighted average exercise prices of other equity instruments | The following table shows the number of RSUs issued in 2017. No RSUs were granted in 2016 and none of the RSUs granted in 2017 were forfeited, canceled or vested in the year. The fair value of each unvested RSU at grant date was £1.32.
The Company had the following Restricted Share Units movements in the year ended December 31, 2017:
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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The disclosure of the number and weighted average exercise prices of other equity instruments (ie other than share options). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of share-based payment arrangements [Abstract] No definition available.
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Trade and other payables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of trade and other payables |
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- References No definition available.
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- Definition Disclosure Of Trade And Other Payables [Table Text Block] No definition available.
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Assumed contingent obligation related to the business combination (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination |
The table below describes the reported change to the value of the liability during 2017 of £73 thousand (2016: £208 thousand) compared to what this number would be following the presented variations to the underlying assumptions (assuming the probability of success does not change):
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- Definition The disclosure of contingent liabilities in a business combination. [Refer: Contingent liabilities [member]; Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] No definition available.
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Warrants (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share capital, reserves and other equity interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period | The table below presents the assumptions in applying the Black-Scholes model to determine the fair value of the warrants.
For the amount recognized at December 31, 2017, the effect when some of these underlying parameters would deviate up or down is presented in the below table.
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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's other equity instruments (ie other than share options). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of share capital, reserves and other equity interest [Abstract] No definition available.
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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- Definition The cash inflow from issuing shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Number Of Shares Issued In Offering No definition available.
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- Definition Number Of Subsidiaries No definition available.
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- Definition Sale of Stock, Price Per Share No definition available.
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- Definition Stockholders' Equity Note, Stock Split, Conversion Ratio2 No definition available.
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Accounting policies - Going concern (Details) £ in Thousands, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
May 02, 2017
USD ($)
|
May 02, 2017
GBP (£)
|
Jul. 29, 2016
GBP (£)
|
Dec. 31, 2017
GBP (£)
|
Dec. 31, 2016
GBP (£)
|
Dec. 31, 2015
GBP (£)
|
Dec. 31, 2014
GBP (£)
|
|
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |||||||
Loss for the year | £ (20,497) | £ (5,019) | £ (7,495) | ||||
Net assets | 79,881 | 34,469 | 5,434 | £ 12,526 | |||
Cash and cash equivalents and short term investments | 80,300 | ||||||
Cash and cash equivalents | 31,443 | 39,785 | 3,524 | £ 9,968 | |||
Gross proceeds from the April 2017 Global Offering | $ 89.9 | £ 70,000 | 70,032 | 0 | |||
Gross proceeds from issue of shares and warrants | £ 44,700 | £ 0 | £ 44,750 | £ 0 |
X | ||||||||||
- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from issuing shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Cash And Cash Equivalents, Including Short Term Deposits No definition available.
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- Definition Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] No definition available.
|
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- Definition Proceeds From Issuing Shares And Warrants No definition available.
|
Accounting policies - Description of property, plant and equipment useful life (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Computer hardware | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment life | 3 years |
Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment life | 5 years |
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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- Definition Useful Lives Or Depreciation Rates, Property, Plant And Equipment, Period No definition available.
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- Details
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Accounting policies - Intangible assets and goodwill (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Patents | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 10 years |
Computer software | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 2 years |
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition Finite-Lived Intangible Asset, Useful Life No definition available.
|
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- Details
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Accounting policies - Assumed contingent obligation related to the business combinations (Details) - GBP (£) £ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 19, 2006 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of detailed information about business combination [line items] | |||
Effective interest rate | 12.00% | ||
Rhinopharma Limited | |||
Disclosure of detailed information about business combination [line items] | |||
Consideration payable | £ 1,520 | ||
Effective interest rate | 12.00% | 12.00% |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The fair value, at the acquisition date, of equity interests of the acquirer transferred as consideration in a business combination. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Discount Rate Applied To Contingent Obligation No definition available.
|
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- Details
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Financial Instruments - Summary quantitative data about entity's exposure to risk (Details) - Currency risk - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
USD | Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Cash deposits | £ 16,806 | £ 10,631 |
USD | Short Term Investments | ||
Disclosure of credit risk exposure [line items] | ||
Cash deposits | 19,718 | 0 |
USD | Trade and other payables | ||
Disclosure of credit risk exposure [line items] | ||
Cash deposits | 276 | 305 |
EUR | Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Cash deposits | 301 | 242 |
EUR | Short Term Investments | ||
Disclosure of credit risk exposure [line items] | ||
Cash deposits | 0 | 0 |
EUR | Trade and other payables | ||
Disclosure of credit risk exposure [line items] | ||
Cash deposits | £ 403 | £ 180 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The amount of risk exposure associated with financial instruments with a shared characteristic that identifies a concentration of risks. [Refer: Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Financial Instruments - Disclosure of effect of changes in foreign exchange rates [text block] (Details) - GBP (£) £ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
EUR | Strengthening | ||
Disclosure of credit risk exposure [line items] | ||
Profit or loss and equity | £ 35 | £ 21 |
EUR | Weakening | ||
Disclosure of credit risk exposure [line items] | ||
Profit or loss and equity | (35) | (21) |
USD | Strengthening | ||
Disclosure of credit risk exposure [line items] | ||
Profit or loss and equity | 1,840 | 547 |
USD | Weakening | ||
Disclosure of credit risk exposure [line items] | ||
Profit or loss and equity | £ (1,840) | £ (547) |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition Sensitivity Analysis For Five Percent Movement In Foreign Currency Affect, Profit (Loss) And Equity, Net Of Tax No definition available.
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- Details
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- Details
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- Details
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The gains (losses) recognised in profit or loss on the fair value measurement of liabilities. [Refer: At fair value [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The amount of short-term deposits held by the entity that are not classified as cash equivalents. [Refer: Cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition Increase (Decrease) In Interest Rate Received On Cash Deposits No definition available.
|
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- Definition Interest Rate Received On Cash Deposits No definition available.
|
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- Definition Trade Payables, Foreign Currency Denominated, Term No definition available.
|
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- Details
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Financial Instruments - Disclosure Of Detailed Information About Cash And Cash Equivalents Placement Explanatory (Details) - GBP (£) |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | £ 31,443,000 | £ 39,785,000 | £ 3,524,000 | £ 9,968,000 |
Short term investments | 48,819,000 | 0 | ||
Royal Bank of Scotland | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 16,623,000 | 11,287,000 | ||
Short term investments | 15,316,000 | 0 | ||
Lloyds Bank | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 13,448,000 | 28,447,000 | ||
Short term investments | 11,036,000 | 0 | ||
Standard Chartered | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 1,242,000 | 0 | ||
Short term investments | 22,467,000 | 0 | ||
Wells Fargo | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 130,000 | 51,000 | ||
Short term investments | £ 0 | £ 0 |
X | ||||||||||
- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The amount of short-term deposits held by the entity that are not classified as cash equivalents. [Refer: Cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Details
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Financial Instruments - Disclosure of financial instruments by type of interest rate (Details) - Interest rate risk - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Floating interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash deposits | £ 25,720 | £ 11,338 |
Fixed Interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash deposits | 54,542 | 28,447 |
Cash deposits | Floating interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash deposits | 25,720 | 11,338 |
Cash deposits | Fixed Interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash deposits | 5,723 | 28,447 |
Short Term Investments | Floating interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash deposits | 0 | 0 |
Short Term Investments | Fixed Interest rate | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash deposits | £ 48,819 | £ 0 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of risk exposure associated with financial instruments with a shared characteristic that identifies a concentration of risks. [Refer: Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The amount of contractual undiscounted cash flows in relation to trade and other payables. [Refer: Trade and other payables] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Financial Instruments - Disclosure of fair value measurement of assets and liabilities (Details) - Derivative financial instrument - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Disclosure of fair value measurement of assets [line items] | |||
Financial assets | £ 1,273 | £ 7,923 | |
Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets | £ 1,273 | £ 7,923 | £ 0 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Financial Instruments - Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities (Details) - GBP (£) £ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jul. 29, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Initial recognition of derivative financial instrument | £ 9,000 | £ 0 | £ 8,991 |
Derivative financial instrument | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning balance | 7,923 | ||
Fair value adjustments recognized in profit and loss | 6,650 | ||
Ending balance | 1,273 | 7,923 | |
Level 3 | Derivative financial instrument | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Beginning balance | 7,923 | 0 | |
Initial recognition of derivative financial instrument | 0 | 8,991 | |
Fair value adjustments recognized in profit and loss | (6,650) | (1,068) | |
Ending balance | £ 1,273 | £ 7,923 |
X | ||||||||||
- Definition The gains (losses) recognised in profit or loss on the fair value measurement of liabilities. [Refer: At fair value [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Warrants and Rights Issued During Period No definition available.
|
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- Details
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- Details
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Financial Instruments - Change in liabilities arising from financing activities (Details) - Derivative financial instrument £ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
GBP (£)
| |
Changes in fair value measurement, liabilities [abstract] | |
Beginning balance | £ 7,923 |
Fair value adjustments - non cash | (6,650) |
Ending balance | £ 1,273 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The gains (losses) recognised in profit or loss on the fair value measurement of liabilities. [Refer: At fair value [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Details
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- Definition The amount of liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of contingent liabilities recognised in a business combination. [Refer: Contingent liabilities [member]; Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition Receivables that represent amounts paid for goods and services before they have been delivered. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Class of Warrant or Right, Number of Securities Called by Warrants or Rights1 No definition available.
|
X | ||||||||||
- Definition Discount Rate Applied To Contingent Obligation No definition available.
|
X | ||||||||||
- Definition Number Of Ordinary Shares Comprising Unit No definition available.
|
X | ||||||||||
- Definition Number Of Shares Issued In Offering No definition available.
|
X | ||||||||||
- Definition Number Of Warrants Comprising Unit No definition available.
|
X | ||||||||||
- Definition Sale of Stock, Price Per Share No definition available.
|
X | ||||||||||
- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Impact Of Reasonably Possible Reduction In Assumed Discount Rate No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Earnings per share (Details) - £ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of earnings per share [Abstract] | |||
Basic loss per share (pounds per share) | £ 0.234 | £ 0.150 | £ 37.100 |
Weighted average number of ordinary shares (in shares) | 87,748,031 | 33,499,413 | 20,198,469 |
X | ||||||||||
- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Disclosure of earnings per share [Abstract] No definition available.
|
Segmental reporting (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017
segment
| |
Disclosure of entity's operating segments [Abstract] | |
Number of operating and reportable segments | 1 |
X | ||||||||||
- Definition Disclosure of entity's operating segments [Abstract] No definition available.
|
X | ||||||||||
- Definition Number of Reportable Segments No definition available.
|
X | ||||||||||
- Definition The amount of amortisation expense. Amortisation is the systematic allocation of depreciable amounts of intangible assets over their useful lives. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of expense relating to general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The losses on the disposal of property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The portion of operating lease payments that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with any amounts guaranteed by the lessee or by a party related to the lessee recognised as an expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of fees paid or payable for professional services. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Loss On Disposal Of Patents No definition available.
|
X | ||||||||||
- Definition Other Research And Development Expense No definition available.
|
X | ||||||||||
- Definition Other Selling, General and Administrative Expense No definition available.
|
X | ||||||||||
- Definition Research And Development Costs [Abstract] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition The average number of personnel employed by the entity during a period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of remuneration paid or payable to the entity's directors. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of expense from share-based payment transactions with employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of employee expenses that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of long-term employee benefits other than post-employment benefits and termination benefits. Such benefits may include long-term paid absences, jubilee or other long-service benefits, long-term disability benefits, long-term profit-sharing and bonuses and long-term deferred remuneration. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of post-employment benefit expense relating to defined contribution plans. Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of expense from employee benefits (other than termination benefits) that are expected to be settled wholly within twelve months after the end of the annual reporting period in which the employees render the related services. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition A class of employee benefits expense that represents social security contributions. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Aggregate Emoluments Of Directors [Abstract] No definition available.
|
X | ||||||||||
- Definition Aggregate Other Staff Costs [Abstract] No definition available.
|
X | ||||||||||
- Definition Prepaid Or Accrued Contributions No definition available.
|
X | ||||||||||
- Definition Staff, Excluding Directors, Remuneration Expense No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Finance income and expense (Details) - GBP (£) £ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Finance income: | |||
Interest received on cash balances | £ 345 | £ 86 | £ 45 |
Foreign exchange gain on translating foreign currency denominated bank balances | 0 | 687 | 0 |
Fair value adjustment on derivative financial instruments (note 19) | 6,650 | 1,068 | 0 |
Other Income | 23 | 0 | 0 |
Total finance income | 7,018 | 1,841 | 45 |
Finance expense: | |||
Transaction costs allocated to the issue of warrants (note 19) | 0 | 586 | 0 |
Foreign exchange loss on translating foreign currency denominated balances | 2,392 | 0 | 0 |
Remeasurement of assumed contingent arrangement (note 18) | 0 | 122 | 10 |
Unwinding of discount factor and foreign exchange movements related to the assumed contingent arrangement (note 18) | 73 | 86 | 63 |
Total finance expense | £ 2,465 | £ 794 | £ 73 |
X | ||||||||||
- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of interest income on cash and bank balances at central banks. [Refer: Interest income; Cash and bank balances at central banks] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The net gain arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The net loss arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of finance income that the entity does not separately disclose in the same statement or note. [Refer: Finance income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Fair Value Adjustment of Warrants1 No definition available.
|
X | ||||||||||
- Definition Gains (Losses) On Fair Value Adjustment, Contingent Liabilities No definition available.
|
X | ||||||||||
- Definition Unwinding Of Discount Factor And Foreign Exchange Movements Related To The Assumed Contingent Arrangement No definition available.
|
X | ||||||||||
- Definition Warrant Issue Related Cost No definition available.
|
X | ||||||||||
- Definition The amount of profit (loss) for a period before deducting tax expense. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Adjustments of tax expense (income) recognised in the period for current tax of prior periods. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The applicable income tax rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of current tax expense (income) and adjustments for the current tax of prior periods. [Refer: Current tax expense (income); Adjustments for current tax of prior periods] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining taxable profit (tax loss). [Refer: Accounting profit] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to foreign tax rates. [Refer: Accounting profit] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Tax Effect Of Fair Value Adjustment On Derivative Instrument No definition available.
|
X | ||||||||||
- Definition Tax Effect Of Tax Credit, Research And Development No definition available.
|
X | ||||||||||
- Definition Tax Effect Of Timing Differences Not Recognized No definition available.
|
X | ||||||||||
- Definition Tax Effect Of Unused Tax Losses No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Taxation - Narrative (Details) - GBP (£) £ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Standard rate of corporation tax | 19.25% | 20.00% | 20.25% |
Unrecognized deferred tax asset percent | 17.00% | 17.00% | |
Unrecognized deferred tax asset | £ 5,430 | £ 3,150 | |
U.S. federal tax | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Standard rate of corporation tax | 35.00% | 35.00% | 35.00% |
X | ||||||||||
- Definition The applicable income tax rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of deferred tax asset when: (a) the utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal of existing taxable temporary differences; and (b) the entity has suffered a loss in either the current or preceding period in the tax jurisdiction to which the deferred tax asset relates. [Refer: Temporary differences [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition Applicable Tax Rate for Unrecognised Deferred Tax Assets No definition available.
|
X | ||||||||||
- Details
|
Taxation - Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of income tax [Abstract] | ||
Deferred tax assets | £ 250 | £ 250 |
Deferred tax liabilities | (250) | (250) |
Net balances | £ 0 | £ 0 |
X | ||||||||||
- Definition The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Disclosure of income tax [Abstract] No definition available.
|
Goodwill (Details) - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Disclosure of detailed information about intangible assets [abstract] | ||
Goodwill at January 1 and December 31 | £ 441 | £ 441 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The decrease in intangible assets other than goodwill resulting from disposals. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Intangible assets - Narrative (Details) - GBP (£) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Disclosure of detailed information about intangible assets [line items] | ||||
Market capitalization | £ 109,700,000 | £ 80,000,000 | ||
Net assets | 79,881,000 | £ 34,469,000 | £ 5,434,000 | £ 12,526,000 |
Impairment | £ 0 | |||
Patents | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Amortization period | 10 years |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Market Capitalization Amount No definition available.
|
X | ||||||||||
- Definition Useful Lives Or Amortisation Rates, Intangible Assets Other Than Goodwill, Period No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The decrease in property, plant and equipment resulting from disposals. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Accumulated Depreciation [Abstract] No definition available.
|
X | ||||||||||
- Definition Net Book Value [Abstract] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Prepayments and other receivables (Details) - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepayments | £ 1,138 | £ 1,361 |
Deferred IPO costs | 0 | 1,527 |
Other receivables | 672 | 71 |
Total prepayments and other receivables | £ 1,810 | £ 2,959 |
X | ||||||||||
- Definition The amount of current prepayments and current accrued income. [Refer: Prepayments; Accrued income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of current other receivables. [Refer: Other receivables] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Current Prepayments And Other Current Assets, Deferred IPO Costs No definition available.
|
Share Capital - Movements in the Company's share capital (Details) £ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 13, 2017
GBP (£)
shares
|
May 26, 2017
GBP (£)
shares
|
May 18, 2017
GBP (£)
shares
|
May 02, 2017
GBP (£)
shares
|
Dec. 28, 2016
GBP (£)
shares
|
Oct. 24, 2016
shares
|
Sep. 12, 2016
shares
|
Jul. 29, 2016
GBP (£)
shares
|
Dec. 31, 2017
GBP (£)
shares
|
Dec. 31, 2016
GBP (£)
shares
|
|
Number of shares | ||||||||||
Beginning balance (in shares) | shares | 51,361,063 | 20,198,469 | ||||||||
Issuance of shares (in shares) | shares | 330,824 | 5,539,080 | 47,653,100 | 31,115,926 | 1,555,796,345 | |||||
Exercise of options (in shares) | shares | 133,333 | 40,000 | 3,334 | 3,334 | 133,333 | 46,666 | ||||
Ending balance (in shares) | shares | 105,017,400 | 51,361,063 | ||||||||
Share Capital amounts in | ||||||||||
Beginning balance | £ | £ 2,568 | £ 1,010 | ||||||||
Issuance of shares | £ | £ 17 | £ 277 | £ 2,383 | £ 1,556 | 70,325 | 35,707 | ||||
Exercise of options | £ | £ 6 | £ 2 | ||||||||
Ending balance | £ | £ 5,251 | £ 2,568 |
X | ||||||||||
- Definition The exercise price of outstanding share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Number Of Shares Issued In Offering No definition available.
|
X | ||||||||||
- Definition Reconciliation Of Value Of Shares Outstanding [Roll Forward] No definition available.
|
X | ||||||||||
- Definition Value Of Shares Outstanding No definition available.
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of shares authorised. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The nominal value per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The cash inflow from issuing shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of cost related to the issuance of shares. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Class of Warrant or Right, Exercise Price As Percent Of Placing Price Of Warrants No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Exercise Price of Warrants or Rights1 No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Number of Securities Called by Each Warrant or Right1 No definition available.
|
X | ||||||||||
- Definition Number Of Ordinary Shares Comprising Unit No definition available.
|
X | ||||||||||
- Definition Number Of Shares Issued In Offering No definition available.
|
X | ||||||||||
- Definition Number Of Warrants Comprising Unit No definition available.
|
X | ||||||||||
- Definition Proceeds From Issuing Shares And Warrants No definition available.
|
X | ||||||||||
- Definition Proceeds from Warrant Exercises1 No definition available.
|
X | ||||||||||
- Definition Sale of Stock, Price Per Share No definition available.
|
X | ||||||||||
- Definition Share Issue Related Cost, Movements In Exchange Rates No definition available.
|
X | ||||||||||
- Definition Share Issue Related Cost, Reduction From Commission Payable Savings No definition available.
|
X | ||||||||||
- Definition Stockholders' Equity Note, Stock Split, Conversion Ratio2 No definition available.
|
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- Definition Value Of Shares Authorized No definition available.
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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- Definition The amount of expense from share-based payment transactions with employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The number of other equity instruments (ie other than share options) exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Award Vesting Period No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Number Of Vesting Methods No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Percent Of Work Time Required No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Threshold Number Of Hours Worked Per Week No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Vested Portion No definition available.
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- Definition Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period1 No definition available.
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- Definition Share-based Compensation Arrangement by Share-based Payment Award, Fair Value No definition available.
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- Definition The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The option life of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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- Definition The percentage of an expected dividend used to calculate the fair value of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Award Vesting Period No definition available.
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- Details
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The exercise price of outstanding share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-based payments charge - Disclosure of number and weighted average exercise prices of other equity instruments (Details) - Restricted Stock Units |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Beginning balance (in shares) | 0 |
Options granted (in shares) | 1,052,236 |
Options exercised (in shares) | 0 |
Options forfeited (in shares) | 0 |
Options expired (in shares) | 0 |
Ending balance (in shares) | 1,052,236 |
Year Of Issue, 2017, Expiry Date April 26, 2027 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Beginning balance (in shares) | 0 |
Options granted (in shares) | 1,052,236 |
Options exercised (in shares) | 0 |
Options forfeited (in shares) | 0 |
Options expired (in shares) | 0 |
Ending balance (in shares) | 1,052,236 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) exercised or vested in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition The number of other equity instruments (ie other than share options) expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition The number of other equity instruments (ie other than share options) forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Details
|
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|
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The weighted average fair value of share options granted during the period at the measurement date. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options exercisable in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Details
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options exercisable in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The weighted average exercise price of share options exercised in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options expired in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options forfeited in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Details
|
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- Details
|
Share-based payments charge - Equity instruments other than options granted (Details) - Restricted Stock Units |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Beginning balance (in shares) | 0 |
Options granted (in shares) | 1,052,236 |
Ending balance (in shares) | 1,052,236 |
Employees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Options granted (in shares) | 705,841 |
Directors | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Options granted (in shares) | 346,395 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Details
|
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- Details
|
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Trade and other payables (Details) - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | £ 1,214 | £ 719 |
Other payables | 74 | 54 |
Accruals | 5,866 | 2,050 |
Total trade and other payables | £ 7,154 | 2,823 |
Accruals related to offering expenses | £ 890 |
X | ||||||||||
- Definition The amount of accruals classified as current. [Refer: Accruals] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition The amount of current payables that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- References No definition available.
|
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- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The amount of payment due to suppliers for goods and services used in the entity's business. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition Accruals Classified As Current, Offering Expense No definition available.
|
Assumed contingent obligation related to the business combination - Narrative (Details) - GBP (£) £ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Sep. 19, 2006 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of detailed information about business combination [line items] | ||||
Assumed contingent obligation | £ 875 | £ 802 | £ 594 | |
Discount percent | 12.00% | |||
Rhinopharma Limited | ||||
Disclosure of detailed information about business combination [line items] | ||||
Increase in value of the assumed contingent obligation | £ 73 | £ 208 | ||
Discount percent | 12.00% | 12.00% | ||
Reported change to the value of the liability | £ 73 | £ 200 |
X | ||||||||||
- Definition The amount of contingent liabilities recognised in a business combination. [Refer: Contingent liabilities [member]; Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The increase (decrease) in contingent liabilities recognised in a business combination. [Refer: Contingent liabilities recognised in business combination; Business combinations [member]; Contingent liabilities [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Discount Rate Applied To Contingent Obligation No definition available.
|
X | ||||||||||
- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Impact Of Reasonably Possible Reduction In Assumed Discount Rate No definition available.
|
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- Details
|
Assumed contingent obligation related to the business combination - Reconciliation of changes in contingent liabilities (Details) - GBP (£) £ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | £ 802 | £ 594 |
Re-measurement of assumed contingent obligation | 0 | 86 |
Impact of changes in foreign exchange rates | (23) | 37 |
Unwinding of discount factor | 96 | 85 |
Ending balance | £ 875 | £ 802 |
X | ||||||||||
- Definition The amount of contingent liabilities recognised in a business combination. [Refer: Contingent liabilities [member]; Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The increase in existing contingent liabilities recognised in a business combination. [Refer: Contingent liabilities recognised in business combination; Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The increase in contingent liabilities recognised in a business combination through adjustments arising from the passage of time. [Refer: Contingent liabilities recognised in business combination; Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Increase (Decrease) Through Change In Exchange Rate, Contingent Liabilities Recognised In Business Combination No definition available.
|
Assumed contingent obligation related to the business combination - Reported change to the value of the liability (Details) - Rhinopharma Limited - GBP (£) £ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of detailed information about business combination [line items] | ||
Change in value of the assumed contingent obligation | £ 73 | £ 208 |
10% lower revenue assumption | 72 | 202 |
10% higher revenue assumption | 73 | 215 |
1% lower risk assumption | 69 | 205 |
1% higher risk assumption | £ 76 | £ 211 |
Revenue assumption, % lower | 10.00% | |
Revenue assumption, % higher | 10.00% | |
Risk assumption, % lower | 1.00% | |
Risk assumption, % higher | 1.00% |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in contingent liabilities recognised in a business combination. [Refer: Contingent liabilities recognised in business combination; Business combinations [member]; Contingent liabilities [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Percentage Of Reasonably Possible Decrease In Revenue Assumption For Contingent Liabilities Recognised In Business Combination No definition available.
|
X | ||||||||||
- Definition Percentage Of Reasonably Possible Decrease In Risk Assumption For Contingent Liabilities Recognised In Business Combination No definition available.
|
X | ||||||||||
- Definition Percentage Of Reasonably Possible Increase In Revenue Assumption For Contingent Liabilities Recognised In Business Combination No definition available.
|
X | ||||||||||
- Definition Percentage Of Reasonably Possible Increase In Risk Assumption For Contingent Liabilities Recognised In Business Combination No definition available.
|
X | ||||||||||
- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Impact Of Reasonably Possible Increase In Revenue Assumption No definition available.
|
X | ||||||||||
- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Impact Of Reasonably Possible Increase In Risk Assumption No definition available.
|
X | ||||||||||
- Definition Increase (Decrease) Through Lower Revenue Assumption For Contingent Liabilities Recognised In Business Combination No definition available.
|
X | ||||||||||
- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Impact Of Reasonably Possible Reduction In Risk Assumption No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The number of share options forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of cost related to the issuance of shares. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Class of Warrant or Right, Exercise Price As Percent Of Placing Price Of Warrants No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Exercise Price of Warrants or Rights1 No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Number of Securities Called by Each Warrant or Right1 No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Number of Securities Called by Warrants or Rights1 No definition available.
|
X | ||||||||||
- Definition Fair Value Adjustment of Warrants1 No definition available.
|
X | ||||||||||
- Definition Number Of Ordinary Shares Comprising Unit No definition available.
|
X | ||||||||||
- Definition Number Of Shares Issued In Offering No definition available.
|
X | ||||||||||
- Definition Number Of Warrants Comprising Unit No definition available.
|
X | ||||||||||
- Definition Proceeds from Issuance of Warrants1 No definition available.
|
X | ||||||||||
- Definition Sale of Stock, Price Per Share No definition available.
|
X | ||||||||||
- Definition Shares Issued, Exercise Price Per Share No definition available.
|
X | ||||||||||
- Definition Stockholders' Equity Note, Stock Split, Conversion Ratio2 No definition available.
|
X | ||||||||||
- Definition Warrants and Rights Issued During Period No definition available.
|
X | ||||||||||
- Definition Warrants and Rights Outstanding1 No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Warrants - Assumptions in applying the Black-Scholes model, fair value warrants (Details) - £ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Sep. 13, 2017 |
Jul. 29, 2016 |
|
Disclosure of classes of share capital [line items] | ||||
Warrants (in shares) | 622,318,538 | |||
Exercise price (pounds per share) | £ 1.10 | |||
Warrants | ||||
Disclosure of classes of share capital [line items] | ||||
Warrants (in shares) | 12,401,262 | 12,446,370 | 12,446,370 | |
Exercise price (pounds per share) | £ 1.7238 | £ 1.7238 | £ 1.7238 | |
Risk-free interest rate | 0.42% | 0.088% | ||
Expected term to exercise | 1 year 9 months 15 days | 2 years 5 months 5 days | ||
Annualized volatility | 47.35% | 73.53% | ||
Dividend rate | 0.00% | 0.00% |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Exercise Price of Warrants or Rights1 No definition available.
|
X | ||||||||||
- Definition Class of Warrant or Right, Number of Securities Called by Warrants or Rights1 No definition available.
|
X | ||||||||||
- Definition Expected Dividend As Percentage, Other Equity Instruments Granted No definition available.
|
X | ||||||||||
- Definition Expected Volatility, Other Equity Instruments Granted No definition available.
|
X | ||||||||||
- Definition Other Equity Instruments Life, Other Equity Instruments Granted No definition available.
|
X | ||||||||||
- Definition Risk Free Interest Rate, Other Equity Instruments Granted No definition available.
|
X | ||||||||||
- Details
|
Warrants - Fair value adjustments (Details) - GBP (£) £ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jul. 29, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reconciliation Of Changes in Warrants Outstanding [Roll Forward] | ||||
Beginning balance | £ 7,923 | £ 0 | ||
On issuance of shares | £ 9,000 | 0 | 8,991 | |
Fair value adjustments recognized in profit or loss | (6,650) | (1,068) | £ 0 | |
Ending balance | £ 1,273 | £ 7,923 | £ 0 |
X | ||||||||||
- Definition Fair Value Adjustment of Warrants1 No definition available.
|
X | ||||||||||
- Definition Reconciliation Of Changes in Warrants Outstanding [Roll Forward] No definition available.
|
X | ||||||||||
- Definition Warrants and Rights Issued During Period No definition available.
|
X | ||||||||||
- Definition Warrants and Rights Outstanding1 No definition available.
|
Warrants - Effect when underlying parameters deviate (Details) - GBP (£) £ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of share capital, reserves and other equity interest [Abstract] | |||
Variable up, Volatility (up / down 10% pts) | £ 1,921 | ||
Base case, Volatility (up / down 10% pts) | 1,273 | £ 7,923 | £ 0 |
Variable down, Volatility (up / down 10% pts) | 694 | ||
Variable up, Time to maturity (up / down 6 months) | 1,677 | ||
Variable down, Time to maturity (up / down 6 months) | £ 843 | ||
Volatility (up/down), percentage | 10.00% | ||
Time to maturity (up, down), months | 6 months |
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- Definition Disclosure of share capital, reserves and other equity interest [Abstract] No definition available.
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- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Warrants and Rights Outstanding, Time To Maturity, Variable Down No definition available.
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- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Warrants and Rights Outstanding, Time To Maturity, Variable Up No definition available.
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- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Warrants and Rights Outstanding, Volatility, Variable Down No definition available.
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- Definition Sensitivity Analysis Of Fair Value, Contingent Liabilities Recognised In Business Combination, Warrants and Rights Outstanding, Volatility Variable Up No definition available.
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- Definition Warrants and Rights Outstanding1 No definition available.
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- Definition Warrants and Rights Outstanding, Fair Value Adjustment of Warrants, Time To Maturity Deviation Period No definition available.
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- Definition Warrants and Rights Outstanding, Fair Value Adjustment of Warrants, Volatility Deviation Percent No definition available.
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Financial commitments (Details) - Land and Buildings - GBP (£) £ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Operating lease obligations: | ||
Minimum lease payments payable under non-cancellable operating lease | £ 568 | £ 270 |
Within one year | ||
Operating lease obligations: | ||
Minimum lease payments payable under non-cancellable operating lease | 291 | 270 |
Between one and five years | ||
Operating lease obligations: | ||
Minimum lease payments payable under non-cancellable operating lease | £ 277 | £ 0 |
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- References No definition available.
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- Definition The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Related parties transactions and other shareholder matters (Details) |
12 Months Ended |
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Dec. 31, 2017 | |
Vivo Capital, OrbiMed And Abingworth | Entities with joint control or significant influence over entity | |
Disclosure of transactions between related parties [line items] | |
Percent of issued ordinary shares | 6.50% |
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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- Definition Director Appointment Rights, Minimum Ownership Percentage For Related Party To Retain Rights No definition available.
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