C 
263.60p
-1.13%
Close of 6 Nov 2026, in pence
At a glance
Figures in GBP, from our data supplier.
Revenue
£32.6m
FY2016FY2025
Net income
−£47.5m
FY2016FY2025
Free cash flow
−£21.9m
FY2016FY2025
Shareholders' equity
—
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £32.6m | £51.9m | £22.3m | £19.8m | £30.8m | £31.7m | £18.9m | £15.3m | £6.3m | £3.1m |
| Gross profit | £22.7m | £40.2m | £13.6m | £10.7m | £19.0m | £21.3m | £13.8m | £11.5m | £3.2m | £1.8m |
| Research and development | £48.6m | £48.5m | £54.0m | £48.5m | £31.3m | £27.8m | £16.8m | £13.8m | £11.4m | £10.5m |
| Operating income | −£44.2m | −£31.3m | −£59.4m | −£54.0m | −£23.4m | −£17.6m | −£10.1m | −£7.9m | −£11.9m | −£11.5m |
| Net income | −£47.5m | −£28.3m | −£54.0m | −£47.6m | −£21.1m | −£14.8m | −£7.3m | −£4.8m | −£9.9m | −£9.4m |
| Diluted earnings per share | -0.25 | -0.15 | -0.28 | -0.25 | -0.11 | -0.09 | -0.05 | -0.03 | -0.10 | -0.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | £181.1m | £206.4m | £259.5m | £300.0m | £146.2m | £141.7m | £93.2m | £16.7m | £23.9m |
| Cash and short-term investments | — | £102.5m | £140.0m | £182.3m | £244.6m | £102.2m | £108.0m | £71.3m | £6.4m | £17.2m |
| Total liabilities | — | £27.3m | £25.7m | £25.7m | £19.3m | £26.0m | £13.5m | £8.8m | £5.1m | £3.5m |
| Debt | — | £2.2m | £2.6m | £3.1m | £3.0m | £4.4m | £4.8m | — | — | — |
| Shareholders' equity | — | £153.8m | £180.6m | £233.8m | £280.7m | £120.2m | £128.2m | £84.4m | £11.6m | £20.5m |
| Shares outstanding | 194m | 193m | 193m | 191m | 186m | 162m | 158m | 141m | 101m | 94m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£20.1m | −£35.9m | −£33.9m | −£50.8m | −£20.3m | −£5.8m | −£5.4m | −£3.1m | −£9.5m | −£8.6m |
| Capital spending | −£1.9m | −£6.7m | −£14.7m | −£18.2m | −£11.9m | −£13.1m | −£8.1m | −£9.0m | −£1.5m | −£863,000 |
| Free cash flow | −£21.9m | −£42.7m | −£48.6m | −£69.0m | −£32.3m | −£18.9m | −£13.5m | −£12.0m | −£11.0m | −£9.5m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £11.6m | £21.1m | £23.4m | £28.5m | £11.0m | £11.7m | £5.7m | £10.1m |
| Gross profit | £6.1m | £16.6m | £17.3m | £22.9m | £6.7m | £7.2m | £3.4m | £6.0m |
| Operating income | −£27.0m | −£17.2m | −£17.6m | −£13.8m | −£30.9m | −£28.3m | −£14.3m | −£28.5m |
| Net income | −£27.9m | −£19.6m | −£15.7m | −£12.6m | −£27.6m | −£26.2m | −£13.2m | −£25.0m |
| Diluted earnings per share | -0.14 | -0.10 | -0.08 | -0.07 | -0.14 | -0.14 | -0.07 | -0.13 |
| Cash from operations | −£21.0m | — | −£22.0m | −£13.0m | −£18.0m | −£15.0m | — | −£30.0m |
| Capital spending | — | — | −£3.0m | −£3.0m | −£6.0m | −£8.0m | — | −£9.0m |
| Free cash flow | — | — | −£25.0m | −£16.0m | −£24.0m | −£23.0m | — | −£39.0m |
| Total assets | — | £162.4m | £181.1m | £197.7m | £206.4m | £235.4m | £239.9m | £259.5m |
| Cash and short-term investments | — | £104.1m | £102.5m | £126.1m | £140.0m | £161.2m | £161.2m | £182.3m |
| Debt | — | £2.0m | £1.5m | £1.9m | £1.9m | £2.2m | £2.2m | £2.5m |
| Shareholders' equity | — | £134.6m | £153.8m | £169.3m | £180.6m | £209.0m | £212.4m | £233.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.2% | 0.6% | 40.2% |
| Operating income | -6.5% | 20.2% | 13.3% |
| Net income | -0.0% | 26.3% | 16.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 74.4% | 68.8% | 67.4% | 67.8% |
| Operating margin | -89.3% | -149.2% | -121.6% | -121.5% |
| Net margin | -89.7% | -140.1% | -112.8% | -109.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.7 | -7.2 | -4.0 | -8.7 | -53.9 | -89.0 | -35.0 | -29.4 | -8.2 | -4.3 |
| Price to sales | 12.6 | 3.9 | 9.7 | 20.9 | 37.0 | 41.6 | 13.5 | 9.3 | 12.8 | 13.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 7 Aug 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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