{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ext": "https://nanoporetech.com/esef/2025-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "https://nanoporetech.com/esef/2025-12-31/213800IRWQ2Q6M2CDW55-2025-12-31.xsd" ] }, "facts": { "shtag_12007415": { "value": "
Research and development expenses
The Group\u2019s research and development expenditure is recognised as
an expense in the year it is incurred, except for development costs that
meet the criteria for capitalisation as set out in IAS 38, \u201cIntangible
assets\u201d. Capitalised development costs principally comprise qualifying
costs incurred in developing the Group\u2019s core technology platform.
FY25
\u00a3m
FY24
\u00a3m
Change
%
Research and development expenses\u00a097.7\u00a098.9\u00a01.2%
Adjusting items:
Employer\u2019s social security taxes on
pre-IPO share awards\u00a0		(0.2)\u00a00.5
Restructuring costs\u00a0(8.1)\u00a0\u2013
Adjusted R&D expenses\u00a089.4\u00a099.4\u00a010.1%
Amortisation of capitalised \u00a0development costs\u00a0(28.7)\u00a0(23.7)
Capitalised development costs\u00a041.5\u00a034.7
Total R&D expenses and capitalised
development costs\u00a0		102.2\u00a0110.4\u00a07.4%
The Group\u2019s adjusted research and development expenses reduced
by \u00a310.0 million to \u00a389.4 million in 2025 (2024: \u00a399.4 million). This was
principally due to:
\u2022 \u00a0a 19.6% increase in annual capitalised development costs
to \u00a341.5 million. This included \u00a325.9 million of staff costs and
\u00a315.6 million of third-party costs. This was partly offset by a
\u00a35.0 million increase in amortisation costs to \u00a328.7 million for
the year. The increase in capitalised development costs reflects
projects reaching an advanced stage of development and
reflecting improvements and expansion to the suite of
products offered.
\u2022 \u00a0a 1.6% decrease in average headcount leading to a \u00a31.6 million
reduction in payroll costs.
\u2022 \u00a0a \u00a35.3 million reduction in materials costs and a \u00a33.1 million
decrease in consultancy costs, partly offset by a \u00a32.3 million
increase relating to share-based payments and associated costs.
Overall investment in research and development was \u00a3102.2 million
(2024: \u00a3110.4 million); a reduction of \u00a38.2 million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007414": { "value": "
Selling, general and administration expenses
FY25
\u00a3m
FY24
\u00a3m
Change
%
Selling, general and administration
expenses\u00a0		188.9\u00a0158.8\u00a0(19.0)%
Adjusting items:
Share-based payment expense on
Founder Long-Term Incentive Plan (LTIP) 		\u00a0(0.2)\u00a06.1
Employer\u2019s social security taxes on
Founder LTIP and pre-IPO share awards		\u00a02.0\u00a02.3
Restructuring costs\u00a0(10.9)
Adjusted selling, general and
administration expenses \u00a0		179.8\u00a0167.2\u00a0(7.5)%
The Group\u2019s selling, general and administrative expenses increased
by \u00a330.1 million to \u00a3188.9 million in 2025 (2024: \u00a3158.8 million) mainly
due to restructuring costs, foreign exchange losses and higher
share-based payments.
On an adjusted basis selling, general and administrative expenses in
2025 increased by \u00a312.6 million to \u00a3179.8 million (2024: \u00a3167.2 million).
The main changes to adjusted expenses were:
\u2022 \u00a0an increase in staff-related costs of \u00a35.0 million primarily due to
increases in our commercial teams, partly offset by lower other
operating expenses of \u00a31.9 million.
\u2022 \u00a0a \u00a34.9 million increase in foreign exchange loss to \u00a34.4 million,
compared to a \u00a30.5 million gain in 2024.
\u2022 \u00a0an increase in share-based payments and associated employer social
security costs of \u00a36.9 million to \u00a314.8 million (FY24: \u00a37.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007413": { "value": "
Duncan Tatton-Brown\u00a0
Non-Executive Chair
Key to Committees
Audit and Risk Committee
Nomination Committee
Remuneration Committee
Chair
Appointed:\u00a01 August 2022
Tenure: \u00a03 years
Independent: \u00a0N/A
Committee memberships:
Appointed:\u00a023 May 2005*
Tenure: \u00a020 years
Independent: \u00a0No
Committee memberships:
Skills and experience:
Duncan brings extensive, relevant experience as an executive and non-executive director
of FTSE companies, growth and founder-led technology businesses, and, in particular,
where UK-born businesses have grown to have a strong international commercial
presence. He has had a distinguished career across a wide range of innovative businesses
in the technology, retail, and media sectors, including serving as Chief Financial Officer of
Ocado Group plc from 2012 to 2020, during which time the business expanded from being
a pure-play online grocer to a leading UK technology business serving clients around the
world, with revenue growing 3.5 times and technology headcount growing 10-fold.
Duncan holds a master\u2019s degree in engineering from King\u2019s College, Cambridge.
Current significant external appointments:
Duncan serves on the board of Trainline plc and chairs Wednesday Topco Limited,
the company behind loveholidays.com.
Dr Gordon Sanghera, CBE\u00a0
Chief Executive Officer
Skills and experience:
Gordon is a co-founder of Oxford Nanopore along with Spike Willcocks and Hagan Bayley.
He was appointed CEO in May 2005 and has led the Company through multiple financing
rounds, and in 2021, a listing on the London Stock Exchange.
Gordon has significant experience in the design, development and global launch of
disruptive platform sensor technologies. Prior to working at the Company, Gordon spent
16 years at MediSense, Inc. Following its acquisition by Abbott Laboratories, Gordon held
both UK and US Vice President and director positions, including as Vice President for
Worldwide Marketing, Research Director, and Manufacturing Process Development
Director. During this time, he was instrumental in the launch of several generations of
blood glucose bio-electronic systems for the consumer and hospital medical markets.
Gordon has a doctorate in bio-electronic technology and a degree in chemistry from
Cardiff University.
Current significant external appointments:
None
* \u00a0Gordon resigned from the Board with effect from 2 March 2026.
Nick Keher\u00a0
Chief Financial Officer
Skills and experience:
Nick is an experienced life sciences CFO, having previously served as CFO of Clinigen
Group and Benevolent AI. Prior to his CFO roles, he gained extensive experience in
the life sciences industry serving as Managing Director and Head of the European
healthcare equity research team at Royal Bank of Canada, and before that held roles
at Investec and GSK after switching from practising pharmacy.
Nick has significant experience of financial leadership of complex, scientific businesses,
and has a deep understanding of capital markets. Nick was appointed CFO in January
2024 and has responsibility for the Group\u2019s finance function and investor relations
function.
Nick has a master\u2019s degree in pharmacy from Aston University and is a qualified
chartered accountant.
Current significant external appointments:
None
Appointed:\u00a022 January 2024
Tenure: \u00a02 years
Independent: \u00a0No
Committee memberships:\u00a0\u00a0None
Francis Van Parys\u00a0
Chief Executive Officer of Oxford Nanopore
As of 2 March 2026
Skills and experience:
Francis brings more than 20 years of experience leading multi-billion-dollar life science
businesses, with a strong track record of scaling innovation-driven organisations
through commercial and operational excellence. Most recently, he served as President
and CEO of Radiometer, a global leader in acute care diagnostics and part of Danaher
Corporation. Previously, Francis held senior leadership roles at Cytiva and GE
Healthcare, driving sustained growth and building high-performing teams across
Europe, Asia, and North America.
Francis graduated from the University of Ghent in Belgium with a master\u2019s degree in
Material Science and Engineering, and continues to serve as a Non-Executive Director
of the University\u2019s South Korean Incheon campus. He also holds a Master of Science in
Polymer Technology from UMIST in Manchester, UK.
Current significant external appointments:
None
Appointed:\u00a02 March 2026*
Tenure: \u00a0Less than \u00a0
one year
Independent: \u00a0No
Committee memberships:\u00a0\u00a0None
* \u00a0Shareholders will be required to approve Francis\u2019s appointment at the 2026 AGM.
Corporate Governance\u00a0Financial Statements\u00a0Further InformationStrategic Report
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007345": { "value": "
4. \u00a0Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors\u2019 use of the going concern basis of accounting in the preparation
of the financial statements is appropriate.
Our evaluation of the Directors\u2019 assessment of the Group\u2019s and Parent Company\u2019s ability to continue to adopt the going concern basis of
accounting included:
\u2022 \u00a0Enquiries of the Group Directors and management regarding the assumptions used in the going concern models, including the potential
impact of macroeconomic and geopolitical uncertainty;
\u2022 \u00a0Evaluation of management\u2019s assessment of the Group\u2019s ability to continue as a going concern, including challenging the underlying data
and key forecasting assumptions used to make the assessment, including the assessment of management\u2019s sensitivities, and evaluation of
the Directors\u2019 plans for future actions in relation to going concern;
\u2022 \u00a0Performance of testing over the integrity and mechanical accuracy of the going concern model by recalculating the cash headroom\u00a0
available in each of the scenarios prepared by management and approved by the Directors;
\u2022 \u00a0Reading analyst reports, industry data and other external information used to determine if it provided corroborative or contradictory\u00a0
evidence in relation to the assumptions used;
\u2022 \u00a0Performance of our own sensitivity analysis based upon evidence, including consideration of market data, and latest third-party economic\u00a0
forecasts, along with the FY26 results to date; and
\u2022 \u00a0Assessment of the appropriateness of the going concern disclosures made in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually
or collectively, may cast significant doubt on the Group\u2019s and Parent Company\u2019s ability to continue as a going concern for a period of at
least twelve months from when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add or draw
attention to in relation to the Directors\u2019 statement in the financial statements about whether the Directors considered it appropriate to
adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report.
Going concern
As at 31 December 2025, the Group held \u00a3302.8 million in cash, cash equivalents and other liquid investments (note 31).
In order to satisfy the going concern assumption, the Directors review the budget periodically. It is revisited and revised as appropriate in
response to evolving market conditions. Specifically for these financial statements, the Directors have considered the budget and forecast
prepared through to the end of March 2027, the going concern assessment period, and the impact of a range of severe, but plausible,
scenarios on revenue, profit and cash flow. The principal issues and risks considered were:
\u2022 \u00a0supply chain issues driven by demand, logistics interruptions and heightened global geopolitical tension;
\u2022 \u00a0the impact on revenue due to customer, regulatory and research and development (R&D) delays; and
\u2022 \u00a0increased costs due to supply chain restrictions, rising utilities costs, rising wages and salary costs, additional R&D requirements and rising
costs of component parts.
Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors
could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the
foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the Directors
consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007412": { "value": "
6. \u00a0Our application of materiality
6.1 Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of
a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and
in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements\u00a0Company financial statements
Materiality\u00a0\u00a34.0 million (2024: \u00a33.5 million)\u00a0\u00a32.9 million (2024: \u00a32.8 million)
Basis for
determining
materiality
1.8% of Revenue (2024: 1.9%
of Revenue)
We determined materiality in
a manner consistent with the
approach to the Group
financial statements using
1.8% of Parent Company
revenue (2024: 1.9% of Parent
Company revenue) as the
primary benchmark.
Rationale
for the
benchmark
applied
Revenue reflects the manner in which business performance is\u00a0
reported and assessed by external users of the financial statements,
particularly for a loss-making group. Recurring revenues of the group
continue to grow and are a key metric for users. For the Group audit,
we also considered other secondary benchmarks, being adjusted
operating expenses and net assets, as part of determining
materiality, which further supported the materiality used.
3. \u00a0Significant accounting policies
3.1 \u00a0Basis of preparation
These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006 and IFRSs as issued by the IASB and adopted by the UK.
The consolidated financial statements have been prepared on the historical cost basis, modified by the revaluation of certain items, as stated
in the accounting policies below. Historical cost is generally based on the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take
those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure
purposes in the financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of
IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair
value, such as net realisable value in IAS 2 or value in use in IAS 36.
The principal accounting policies adopted are set out below.
3.2 \u00a0Going concern
As at 31 December 2025, the Group held \u00a3302.8 million in cash, cash equivalents and other liquid investments (note 31).
In order to satisfy the going concern assumption, the Directors review the budget periodically. It is revisited and revised as appropriate in
response to evolving market conditions. Specifically for these financial statements, the Directors have considered the budget and forecast
prepared through to the end of March 2027, the going concern assessment period, and the impact of a range of severe, but plausible,
scenarios on revenue, profit and cash flow. The principal issues and risks considered were:
\u2022 \u00a0supply chain issues driven by demand, logistics interruptions and heightened global geopolitical tension;
\u2022 \u00a0the impact on revenue due to customer, regulatory and research and development (R&D) delays; and
\u2022 \u00a0increased costs due to supply chain restrictions, rising utilities costs, rising wages and salary costs, additional R&D requirements and rising
costs of component parts.
Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors
could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the
foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the Directors
consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements.
3.3 \u00a0Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Control is achieved when the
Company:
\u2022 \u00a0has power over the investee;
\u2022 \u00a0is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 \u00a0has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more
of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are
sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts
and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022 \u00a0the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022 \u00a0potential voting rights held by the Company, other vote holders or other parties;
\u2022 \u00a0rights arising from other contractual arrangements; and
\u2022 \u00a0any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant
activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of
the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated
statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company
ceases to control the subsidiary.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s
accounting policies.
3.4 \u00a0Revenue recognition
The Group manufactures and sells a range of DNA and RNA sequencing products and provides technical training, consultancy and
sequencing services to customers.
Revenue is recognised when control of the products has transferred, typically being when the products are delivered to the customer at the
location specified during the sales ordering process. Revenue from providing services is recognised in the period either at a point in time or
over time, depending on the nature of the service.
Revenue from the sale of bundled goods and services includes multiple performance obligations which are separately recognised when
distinct. For example, a bundled contract might include the lease of a sequencing device, software licences required to operate the device,
sequencing consumables and technical training services. Each deliverable is accounted for as a separate performance obligation and the
transaction price for the bundle is allocated to each performance obligation based on the stand-alone selling prices of each deliverable
observed on the Group\u2019s online store. In instances where stand-alone selling prices are not directly observable, management applies
estimation techniques using available market data, an expected cost-plus estimate at an appropriate margin, or a residual method to
determine the allocation. As each performance obligation in the bundle is satisfied, revenue is recognised either at the point in time when the
consumables are delivered or, in the case of the lease of the sequencing device or provision of software licence, recognised over the period to
which they relate.
In the case of bundled goods and services contracts, customers typically pay for goods and services as they are delivered, however,
customers may elect to be billed upfront for the full contract value. If the payment exceeds the transaction price allocated to the goods
delivered or services rendered by the Group, a contract liability is recognised. In the case of non-bundled goods and services contracts,
payment of the transaction price is typically due when the customer receives the goods or services.
For bill-and-hold arrangements in respect of the supply and delivery of goods, revenue is recognised when the customer has obtained
control of the goods. Control is deemed to have transferred when the goods have been delivered to the specified delivery location.
Under bill-and-hold arrangements it is deemed appropriate to recognise revenue provided the customer has requested the bill-and-hold
arrangement for substantive purposes, for example, because it lacks the physical space/facilities to store the goods. In addition, the goods
must be able to be identified as belonging to the customer and cannot be used to satisfy orders for other customers, meaning that the
customer can redirect or determine how the goods are used or where the goods are delivered to.
Consistent with the terms of agreement with distributors, revenue from distributors is recognised upon transfer of control over the goods
to a third party. Typically this occurs when title passes to the customer, either on shipment or on receipt of goods by the customer, depending
on local trading terms. The terms of these agreements are such that the Group\u2019s customer is deemed to be the distributor, and therefore the
Group recognises revenue as principal in the transaction with the distributor. The distributor subsequently controls the products before
making sales to end users, and bears inventory risk and has discretion for specific commercial arrangements with the end users of the
products. On this basis revenue is recorded by the Group at the point control of the products is passed to the distributors. The agreements
do not contain a clause for the Group to repurchase the goods from the distributors. For the year ended 31 December 2025, the Group\u2019s
revenue from distributor sales amounted to \u00a352.3 million (2024: \u00a346.7 million), representing 23.4% (2024: 25.5%) of the Group\u2019s total revenue
for the year.
Revenue includes royalty income from collaboration agreements, where the Group has licensed certain rights associated with products.
These agreements cover the development, manufacturing and/or commercialisation of products with third parties. The income generated
from these agreements is defined as revenue, since licensing and collaboration agreements are considered to form part of the Group\u2019s
ordinary activities. Income from the agreements may take the form of upfront fees, milestone payments and/or royalties. For the year ended
December 2025, the Group earned \u00a30.6 million (2024: \u00a30.6 million) of its revenue from collaboration and royalty agreements, representing
0.2% (2024: 0.3%) of the Group\u2019s total revenue for the year.
3.5 \u00a0Alternative performance measures
Alternative performance measures are used by the Directors and management to monitor business performance internally and exclude
certain items which they believe are not reflective of the normal day-to-day operating activities of the Group. The Directors believe that
disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on the income statement and provides
additional information to assist stakeholders\u2019 understanding of the performance from year to year. Alternative performance measures may
not be directly comparable with other similarly titled measures used by other companies. A detailed reconciliation between reported and
adjusted measures is presented in note 31.
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"decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007422": { "value": "77800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007423": { "value": "131300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007424": { "value": "105400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007425": { "value": "97700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007426": { "value": "98900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007427": { "value": "188900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007428": { "value": "158800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007429": { "value": "-155300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007430": { "value": "-152300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007431": { "value": "11800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007432": { "value": "14800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007433": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007434": { "value": "3600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007435": { "value": "6400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007436": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007437": { "value": "-139900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007438": { "value": "-140000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007439": { "value": "5300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007440": { "value": "6200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007441": { "value": "-145200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": 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"entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007456": { "value": "-144700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007374": { "value": "
Note
2025
Pence
2024
Pence
Loss per share\u00a013\u00a0(15.1)\u00a0(16.3)
Loss per share
2025
Pence
2024
Pence
Basic and diluted loss per share
Total basic and diluted loss per share attributable to the ordinary equity holders of the Group from continuing
operations
(15.1)\u00a0(16.3)
2025
\u00a3m
2024
\u00a3m
Reconciliation of earnings used in calculating earnings per share
Loss attributable to the ordinary equity holders of the Group used in calculating basic and diluted loss per
share from continuing operations
(145.2)\u00a0(146.2)
2025
Number
2024
Number
Weighted average number of shares used as the denominator
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in
calculating basic and diluted earnings per share
960,989,097\u00a0897,796,423
Options
Options granted to employees under the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies
Limited Share Option Plan 2018 are considered to be potential ordinary shares. These options have not been included in the determination
of the basic and diluted loss per share as shown above, because they are anti-dilutive for the years ended 31 December 2025 and
31 December 2024. These options could potentially dilute basic earnings per share in the future. Details relating to share options are set out
in note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12013735": { "value": "-0.151", "decimals": 3, "dimensions": { "concept": "ext:TotalBasicAndDilutedEarningsPerShare", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_12013736": { "value": "-0.163", "decimals": 3, "dimensions": { "concept": "ext:TotalBasicAndDilutedEarningsPerShare", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "shtag_12007457": { "value": "61900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007458": { "value": "66300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007459": { "value": "55800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007460": { "value": "43800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007461": { "value": "30900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007462": { "value": "34900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007463": { "value": "51200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007464": { "value": "74300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007465": { "value": "2700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007466": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007467": { "value": "202500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007468": { "value": "221900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007469": { "value": "81500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007470": { "value": "99500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007471": { "value": "72400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007472": { "value": "62700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007473": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007474": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007475": { "value": "10500000.0", "decimals": -5, "dimensions": { "concept": "ext:RDTaxCreditRecoverable", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_12007476": { "value": "18400000.0", "decimals": 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The financial statements on pages 156 to 195 were approved and authorised for issue by the Board of Directors on 20 March 2026 and were\u00a0
signed on its behalf by:\u00a0
Nick Keher
Director
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"General information
Oxford Nanopore Technologies plc (\u2018the Company\u2019) is a public limited company incorporated in the United Kingdom under the Companies Act 2006
and is registered in England and Wales. The Company\u2019s registered office is at Gosling Building, Edmund Halley Road, Oxford Science Park, Oxford, OX4\u00a0
4DQ. These consolidated financial statements comprise the Company and its subsidiaries (collectively \u2018the Group\u2019 and individually \u2018Group companies\u2019).\u00a0
The Group is primarily involved in researching, developing, manufacturing and commercialising deoxyribonucleic acid (DNA) or ribonucleic acid (RNA)
sequencing technology that provides rich data, is fast, accessible and easy to use, and which allows the real-time analysis of DNA or RNA.
The Company is the ultimate parent company of the Group.
The financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the
Group operates, and are rounded to the nearest hundred thousand pounds. Foreign operations are included in accordance with the policies
set out in the accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007342": { "value": "Oxford Nanopore Technologies plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007343": { "value": "Oxford Nanopore Technologies plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007340": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007341": { "value": "Gosling Building, Edmund Halley Road, Oxford Science Park,OX44DQ.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007344": { "value": "Adoption of new and revised standards
New and amended IFRS Accounting Standards that are effective for the current year
In the current year, the Group has applied the following amendment to IFRS Accounting Standards issued by the IASB which is mandatorily
effective for an accounting period that begins on or after 1 January 2025. Its adoption has not had any material impact on the disclosures or\u00a0
on the amounts reported in these financial statements.
Amendments to IAS 21, \u2018The Effects of Changes in
Foreign Exchange Rates\u2019, titled \u2018Lack of
Exchangeability\u2019
The Group has adopted the amendments to IAS 21 for the first time in the current year.
The amendments specify how to assess whether a currency is exchangeable, and how to
determine the exchange rate when it is not.
New and revised IFRS standards in issue but not yet effective
At the date of authorisation of the consolidated financial statements, the Group has not applied the following new and revised IFRS standards
that have been issued but are not yet effective:
Amendments to IFRS 9 and IFRS 7\u00a0Amendments to the classification and measurement of financial instruments.
Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11
Amendments to IFRS 1, \u2018First-time Adoption of International Financial Reporting
Standards\u2019, IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and its accompanying guidance on
implementing IFRS 7, IFRS 9, \u2018Financial Instruments\u2019, IFRS 10, \u2018Consolidated Financial
Statements\u2019, and IAS 7, \u2018Statement of Cash Flows\u2019.
Amendments to IFRS 9 and IFRS 7\u00a0Contracts referencing nature-dependent electricity.
IFRS 18\u00a0Presentation and Disclosures in Financial Statements.
IFRS 19\u00a0Subsidiaries without Public Accountability: Disclosures.
The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the
Group in future years, except as indicated below.
IFRS 18, \u2018Presentation and Disclosure in Financial Statements\u2019, was issued by the IASB on 9 April 2024 and introduces new presentation and
disclosure requirements, particularly for the income statement. Furthermore, the new accounting standard provides enhanced principles on
aggregation and disaggregation of information and introduces new disclosures for Management Performance Measures. The requirements
are effective for periods beginning on or after 1 January 2027 and are not yet endorsed by the UK Endorsement Board. The Group is\u00a0
assessing the impact of adopting the new requirements introduced by IFRS 18, and will adopt the standard for the year ending 31 December
2027, subject to endorsement in the UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007416": { "value": "
In the current year, the Group has applied the following amendment to IFRS Accounting Standards issued by the IASB which is mandatorily
effective for an accounting period that begins on or after 1 January 2025. Its adoption has not had any material impact on the disclosures or\u00a0
on the amounts reported in these financial statements.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007351": { "value": "Basis of preparation
These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006 and IFRSs as issued by the IASB and adopted by the UK.
The consolidated financial statements have been prepared on the historical cost basis, modified by the revaluation of certain items, as stated
in the accounting policies below. Historical cost is generally based on the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take
those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure
purposes in the financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of
IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair
value, such as net realisable value in IAS 2 or value in use in IAS 36.
The principal accounting policies adopted are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007352": { "value": "
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take
those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure
purposes in the financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of
IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair
value, such as net realisable value in IAS 2 or value in use in IAS 36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007399": { "value": "
3.6 \u00a0Leased assets
The Group as a lessee
The Group leases various offices and buildings. Rental contracts are typically made for fixed periods of up to 20 years and may include\u00a0
extension and termination options. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s
operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and low-value leases. For these leases, the Group recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which
economic benefits from the leased assets are consumed.
The Group as a lessee continued
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
by the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 \u00a0fixed lease payments (including in substance fixed payments), less any lease incentives receivable;
\u2022 \u00a0variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022 \u00a0the amount expected to be payable by the lessee under residual value guarantees;
\u2022 \u00a0the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022 \u00a0payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease
The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently
measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing
the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
\u2022 \u00a0the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise
of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; and/
or
\u2022 \u00a0the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in\u00a0
which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease
payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and/or
\u2022 \u00a0a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability
is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the
effective date of the modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore
the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37,
\u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. To the extent that the costs relate to a right-of-use asset, the costs are included in
the related right-of-use asset, unless those costs are incurred to produce inventory.
Right-of-use assets are depreciated over the shorter period of lease term and useful economic life (UEL) of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase
option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement
date of the lease.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36,
\u2018Impairment of Assets\u2019, to determine whether a right-of-use asset is impaired and to account for any identified impairment loss as described
in the \u2018Property, plant and equipment\u2019 policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset.
The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs
and are included within \u2018operating expenses\u2019 in the statement of comprehensive income.
The Group as a lessor
The Group also leases devices to customers. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All
other leases are classified as operating leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis
over the lease term. See note 5 for income from leases.
When a contract includes both lease and non-lease components, the Group applies IFRS 15, \u2018Revenue from Contracts with Customers\u2019, to
allocate the consideration under the contract to each component.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007398": { "value": "
3.6 \u00a0Leased assets
The Group as a lessee
The Group leases various offices and buildings. Rental contracts are typically made for fixed periods of up to 20 years and may include\u00a0
extension and termination options. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s
operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a
corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and low-value leases. For these leases, the Group recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which
economic benefits from the leased assets are consumed.
The Group as a lessee continued
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
by the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 \u00a0fixed lease payments (including in substance fixed payments), less any lease incentives receivable;
\u2022 \u00a0variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022 \u00a0the amount expected to be payable by the lessee under residual value guarantees;
\u2022 \u00a0the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022 \u00a0payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007346": { "value": "
When a contract includes both lease and non-lease components, the Group applies IFRS 15, \u2018Revenue from Contracts with Customers\u2019, to
allocate the consideration under the contract to each component.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007347": { "value": "Foreign currencies
In preparing the financial statements of each individual Group entity, transactions in currencies other than the entity\u2019s functional currency (foreign
currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary
items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
\u2022 \u00a0exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 26); and
\u2022 \u00a0exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor
likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive
income and reclassified from equity to profit or loss on repayment of the monetary items.
For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are
translated into Pounds Sterling using exchange rates prevailing at the end of each reporting period. Income and expense items are translated
at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange
rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and
accumulated in equity (and attributed to non-controlling interests as appropriate).
Foreign exchange risk
Foreign exchange risk arises because the Group from time to time enters into transactions denominated in a currency other than Pounds
Sterling. Where it is considered that the risk to the Group is significant, it will enter into a matching forward contract or hold deposits of the
currency in cash.
Derivatives are only used for economic hedging purposes and not as speculative investments.
In addition, significant amounts of currency were held during the year. In the year ended 31 December 2025, approximately 26% (2024: 26%)
of the Group\u2019s annual expenditure was denominated in US Dollars and approximately 10% (2024: 11%) in Euros. A significant portion of the\u00a0
Group\u2019s revenue is denominated in US Dollars.
In 2025, the Group generated a Euro surplus of \u20ac4.3 million. This marked a change from prior years, when Euro requirements exceeded
currency receipts. The surplus position was monitored through the weekly cash forecasting process, with the excess Euros used via spot
trades to support Group liquidity and funding needs in other currencies.
Exchange rate exposures are managed within approved policy parameters. The carrying amounts of the Group\u2019s foreign currency
denominated monetary assets and monetary liabilities at the reporting date were as follows:
Assets\u00a0Liabilities
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Financial assets and liabilities\u00a059.2\u00a083.0\u00a0(29.5)\u00a0(36.5)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007348": { "value": "
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
\u2022 \u00a0exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 26); and
\u2022 \u00a0exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor
likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive
income and reclassified from equity to profit or loss on repayment of the monetary items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007349": { "value": "
3.8 \u00a0Employee benefits
i) \u00a0\u00a0\u00a0Retirement costs
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling
them to the contributions.
ii) \u00a0\u00a0\u00a0Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the
related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid
in exchange for the related service. Liabilities recognised in respect of other long-term employee benefits are measured at the present value of
the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007350": { "value": "Current tax
Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting period date.
A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will
be required to settle that obligation. Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to
a taxing authority. Provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the
judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based
on specialist independent tax advice.
The Group is entitled to claim tax credits primarily in the United Kingdom for certain research and development expenditure. The credit
is paid in arrears once tax returns have been filed. An estimate of the tax credit expected to be received is recognised in the consolidated
income statement above the line of profit before tax. A notional tax charge on the credit is recognised within the taxation line in the
consolidated income statement, and the corresponding net asset is included within current assets in the consolidated statement of financial
position until such time as it is received.
Deferred tax continued
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based
on tax laws and rates that have been enacted, or substantively enacted, at the reporting date.
Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and the deferred taxes relate to income taxes levied by the same taxation authority and the Group intends to settle its current
tax assets and liabilities on a net basis.
iii) \u00a0\u00a0\u00a0Current and deferred tax
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive
income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly
in equity respectively", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007392": { "value": "Deferred tax
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts
of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. It
is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible
temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition,
a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill.
Deferred tax assets are reviewed at each reporting date and recognised to the extent that it is probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered. In considering the recoverability of deferred tax assets, the Group assesses the likelihood
of their being recovered within a reasonably foreseeable timeframe, being typically a period of between three to five years, taking into account the
future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007353": { "value": "Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items
(major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised
in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure
will flow to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007354": { "value": "
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected UEL.
It is provided at the following rates:
Leasehold improvements \u00a0\u00a0\u00a0over the shorter of the UEL and the term of the lease
Plant and machinery \u00a0\u00a0\u00a0\u00a0\u00a03\u201310 years straight line
Equipment \u00a0\u00a0\u00a0\u00a0\u00a03 years straight line
Assets subject to operating leases \u00a03\u20135 years straight line
Assets under construction are not depreciated.
The UELs, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes
in estimate accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007355": { "value": "
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the
continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007393": { "value": "
3.11 \u00a0Intangible assets
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for
on a prospective basis.
i) \u00a0\u00a0\u00a0Patents and licences
Patents and licences are measured initially at purchase cost and are amortised on a straight-line basis over the expected duration
of the patent or licence.
ii) \u00a0\u00a0\u00a0Capitalised development costs
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised
if all of the following have been demonstrated:
\u2022 \u00a0the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2022 \u00a0the intention to complete the intangible asset and use or sell it;
\u2022 \u00a0the ability to use or sell the intangible asset;
\u2022 \u00a0how the intangible asset will generate probable future economic benefits;
\u2022 \u00a0the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
\u2022 \u00a0the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period in which it is incurred.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated
impairment losses, on the same basis as intangible assets that are acquired separately.
3.11 \u00a0Intangible assets continued
ii) \u00a0\u00a0\u00a0Capitalised development costs continued
The Group regularly assesses the development expenditures against the criteria for development costs to be recognised as an asset, as set
out in IAS 38, \u2018Intangible Assets\u2019. The amortisation periods for internally generated assets incurred by the Group are:
Development of core technology platform \u00a0\u00a0\u00a03 years straight line
Development of sequencing kits \u00a0\u00a0\u00a0\u00a0\u00a0\u00a02 years straight line
iii) \u00a0\u00a0\u00a0Digital infrastructure improvements
This comprises replatforming the Group corporate website and enhancements to the registration service.
Development of digital infrastructure improvements \u00a05 years straight line
iv) \u00a0\u00a0\u00a0Impairment of intangible assets excluding goodwill
At each reporting date, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that
those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine
the extent of any impairment loss.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
(including e-commerce sales, based on the related device sales) are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows
have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the
asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss
is recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007356": { "value": "
3.12 Inventory
Inventory is stated at the lower of cost, calculated as standard cost based on average cost, and net realisable value. Consideration is made
of the technical properties of the inventory and its effect on net realisable value.
Cost comprises direct materials and, when applicable, direct labour cost and those overheads that have been incurred in bringing the
inventory to its present location and condition. Net realisable value represents the estimated selling price less all estimated costs of
completion. Management judgement is primarily used to assess future revenues of product lines and where there is a doubt over its future
net realisable value a provision is made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007394": { "value": "
3.13 \u00a0Financial instruments
Financial assets, other than those at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI), are
generally valued at amortised cost using the effective interest method, less any impairment, based on expected credit losses. They are
assessed for indicators of impairment at each balance sheet date. In accordance with IFRS 9, \u2018Financial Instruments\u2019, impairment of financial
assets is based on the expected credit loss (ECL) model. The ECL model requires the Group to account for the ECLs and changes in those ECLs
at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Financial assets are impaired
where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the
estimated future cash flows of the investment have been affected; IFRS 9 also requires current and future events to be considered when
making an impairment assessment.
The Group applies the IFRS 9 simplified approach to the measurement of the ECLs which uses a lifetime ECL for all trade receivables. The
ECL on these trade receivables is estimated using a provision matrix for collective assessment based on the Group\u2019s historical credit loss
experience, adjusted to reflect debtor-specific factors, current conditions and forward-looking macroeconomic information expected to affect
recoverability. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics where relevant, and the
days past due. The ECL percentage rates of default applied to trade receivables grouped by days past due are based on the payment profiles
of sales over a selected period and the corresponding historical default experience (defined as non-payment resulting in write-offs)
experienced in relation to these sales. The percentage rates of default are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of customers to settle the receivables where applicable. Similarly, other financial assets are
assessed to determine whether an ECL provision is required.
For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset\u2019s carrying amount and the
present value of estimated future cash flows, discounted at the financial asset\u2019s original effective interest rate. Financial assets that are held
at FVOCI are debt investments; the accounting policy is based on the business model of both collecting contractual cash flows, and selling the
financial assets. Financial assets that are held at FVTPL are generally foreign exchange derivatives; they are valued based on the rate applying
at the balance sheet date.
Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on
the repayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the
carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign
exchange gains or losses which are recognised in profit or loss. On derecognition, the cumulative gain or loss recognised in other
comprehensive income is reclassified from equity to profit or loss.
3.13 \u00a0Financial instruments continued
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade
receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered
uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against
the allowance account. Changes in the carrying amount of the allowance account are recognised in the income statement.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added
to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the
statement of comprehensive income. Financial liabilities mainly comprise trade and other payables and are stated at amortised cost which
equates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007357": { "value": "Investment in associate
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture.
Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control
over those policies.
Under the equity method, the carrying amount of the associate investment of the Group was fully impaired and provided for in the statement
of comprehensive income in 2024. Since then it has been held at zero value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007358": { "value": "Trade and other receivables
Trade receivables are recognised at amortised cost, in line with IFRS 9, less allowances for expected credit losses. They arise principally
through the provision of goods and services to customers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007359": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and deposits held at call with banks and other short-term highly liquid investments with a
maturity of three months or less at the date of acquisition.
Cash is not held for the purpose of investment in its own right and the primary goal of investment strategies is capital preservation. Cash not
required for short-term working capital requirements is invested in investment bonds, including UK government bonds (other financial assets).
To the extent that it is reasonable, deposits are spread between banks that have been approved by the Directors. Cash required to meet
short-term working capital requirements as they arise is maintained in instant access accounts at one or more approved banks", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007360": { "value": "Trade and other payables
Trade payables are non-interest bearing and are held at amortised cost, in line with IFRS 9; their carrying value approximates to fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007361": { "value": "Other financial assets
Other financial assets comprise unlisted investments, UK government bonds and investment bonds held with banks that do not meet the
definition of cash equivalents under IAS 7, \u2018Statement of Cash Flows\u2019. These financial assets are recognised and measured in accordance with
IFRS 9. Unlisted investments are measured at FVTPL, UK government bonds are measured at amortised cost, and investment bonds are
measured at FVOCI. See note 3.13.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007362": { "value": "Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the
Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value
of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007395": { "value": "Share-based payments
Where share options and other equity instruments are awarded to employees, the fair value of the instrument at the date of grant is charged
to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity
instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is
based on the number of instruments that eventually vest.
Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge
is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a
market vesting condition. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the
options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods
and services received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007363": { "value": "
4. \u00a0Critical accounting judgements and sources of estimation uncertainty
In applying the Group\u2019s accounting policies, which are described in note 3, the Directors are required to make judgements, estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements and estimates that the Directors have made in the process of applying the Group\u2019s accounting
policies and that have the most significant effect on the amounts recognised in the financial statements.
Judgements
Internally generated intangible assets \u2013 R&D expenditure
Critical judgements are required in determining whether development expenditure meets the criteria for capitalisation of such costs as laid
out in IAS 38, \u2018Intangible Assets\u2019, in particular whether any future economic benefit will be derived from the costs and flow to the Group. The\u00a0
Directors believe that the criteria for capitalisation as set out in IAS 38, paragraph 57, for specific projects were met during the year and
accordingly all amounts in relation to the development phase of those projects have been capitalised as an intangible asset. All other
expenditure on R&D projects has been recognised within R&D expenses in the income statement during the year.
Estimates
Key sources of estimation uncertainty
i) \u00a0Inventory
The Group holds inventory across a number of locations for the purposes of fulfilling sales orders and contractual obligations. Additionally,
certain components of inventory are held for use within research and development. Net inventory at 31 December 2025 was \u00a381.5 million
(2024: \u00a399.5 million). In line with the requirements of IAS 2, \u2018Inventories\u2019, inventory is stated at the lower of cost and net realisable value.
Management is required to make a number of estimates around the net realisable value of inventory, which represents the estimated selling
price less all estimated costs of completion. In cases where the net realisable value is below cost, management records a provision such that
inventory is held at the lower of cost and net realisable value. Consideration is made of the technical properties of the inventory and its effect
on net realisable value.
To estimate the inventory provision, management uses inputs based on the location and status of inventory held by the Group. This includes
the intended use of the inventory, including whether it is expected to be sold or used for research and development purposes.
Management makes assumptions around the net realisable value of each category of inventory. These estimates are then applied to the
inventory balance, based on its cost, location and intended use, to record a provision in cases where the net realisable value is below cost.
If the provisioning estimate had decreased by 6%, then the net realisable value of inventory at 31 December 2025 would have increased by
\u00a33.4 million, and the revised inventory value would have been \u00a384.9 million (2024: \u00a33.0 million and \u00a3102.5 million respectively). If the
provisioning against inventory had increased by 3%, then the net realisable value of inventory would have decreased by \u00a32.9 million and the
revised inventory value would have been \u00a378.6 million (2024: \u00a33.2 million and \u00a396.3 million respectively).
Other sources of estimation uncertainty
ii) \u00a0Internally generated intangible assets R&D expenditure
Management consults with the relevant project leaders on a regular basis to understand and estimate the time spent on R&D projects in their
development stage. When a percentage allocation has been agreed, this is then applied to other, non-employee-related development costs to
ensure that costs are consistently and appropriately capitalised. The net book value of internally generated capitalised assets at 31 December
2025 was \u00a353.2 million (2024: \u00a341.7 million).
Development costs capitalised in 2025 amounted to \u00a341.5 million (2024: \u00a334.6 million). If the estimated time spent on these projects had
varied by up to 5% then the development costs capitalised in 2025 would have been in the range of \u00a339.5 million to \u00a343.6 million (2024: \u00a333.0
million to \u00a336.4 million).
iii) \u00a0Non-standard customer contracts
As stated in the revenue recognition accounting policy in note 3, revenue contracts for the sale of bundled goods and services require
the allocation of the total contract price to individual performance obligations based on their stand-alone selling prices. The Group
occasionally enters into larger bespoke contracts where stand-alone selling prices are not directly observable. In such cases, management
applies estimation techniques using available market data, an expected cost-plus estimate at an appropriate margin, or a residual method to
determine the allocation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007365": { "value": "Revenue
The Group derives revenue from the transfer of goods and services as follows:
2025
\u00a3m
2024
\u00a3m
Geographical region
EMEAI\u00a0100.4\u00a079.6
AMR\u00a074.9\u00a063.2
APAC\u00a048.6\u00a040.4
Total revenue\u00a0223.9\u00a0183.2
2025
\u00a3m
2024
\u00a3m
Category
Sale of goods\u00a0194.5\u00a0154.1
Rendering of services\u00a022.1\u00a019.0
Lease income\u00a07.3\u00a010.1
Total revenue\u00a0223.9\u00a0183.2
2025
\u00a3m
2024
\u00a3m
Timing of revenue recognition
At a point in time\u00a0195.6\u00a0155.7
Over time\u00a028.3\u00a027.5
Total revenue\u00a0223.9\u00a0183.2
Notes 19 and 22 disclose assets and liabilities the Group has recognised in relation to contracts with customers.
In respect of contract liabilities:
2025
\u00a3m
2024
\u00a3m
Revenue recognised that was included in the contract liability balance at the beginning of the year\u00a014.9\u00a012.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007364": { "value": "Revenue
The Group derives revenue from the transfer of goods and services as follows:
2025
\u00a3m
2024
\u00a3m
Geographical region
EMEAI\u00a0100.4\u00a079.6
AMR\u00a074.9\u00a063.2
APAC\u00a048.6\u00a040.4
Total revenue\u00a0223.9\u00a0183.2
2025
\u00a3m
2024
\u00a3m
Category
Sale of goods\u00a0194.5\u00a0154.1
Rendering of services\u00a022.1\u00a019.0
Lease income\u00a07.3\u00a010.1
Total revenue\u00a0223.9\u00a0183.2
2025
\u00a3m
2024
\u00a3m
Timing of revenue recognition
At a point in time\u00a0195.6\u00a0155.7
Over time\u00a028.3\u00a027.5
Total revenue\u00a0223.9\u00a0183.2
Notes 19 and 22 disclose assets and liabilities the Group has recognised in relation to contracts with customers.
In respect of contract liabilities:
2025
\u00a3m
2024
\u00a3m
Revenue recognised that was included in the contract liability balance at the beginning of the year\u00a014.9\u00a012.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007396": { "value": "Segment information
The Group\u2019s senior management team is considered to be the chief operating decision maker (CODM) for the purposes of resource allocation
and assessment of segment performance, as defined under IFRS 8, \u2018Operating Segments\u2019. The CODM considers that the only reportable
segment is revenue generation from providing products and services related to the sale and use of its nanopore-based sensing technology.
There were no individual customers representing more than 10% of the Group\u2019s total revenue in either the current or prior year.
Geographical regions
Revenue by geographical region is shown in note 5. The Group\u2019s non-current assets by geographical location, excluding other financial assets\u00a0
and deferred tax assets, are detailed below:
2025
\u00a3m
2024
\u00a3m
EMEAI\u00a0130.5\u00a0127.0
AMR\u00a015.0\u00a015.7
APAC\u00a03.1\u00a02.3
148.6\u00a0145.0
Segment information continued
Some countries are individually significant to the Group. These are detailed below. Revenue and non-current assets in all other countries were
below 5% of the total in both of the two years.
Revenue\u00a0Non-current assets
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
UK\u00a029.5\u00a021.1\u00a0129.7\u00a0125.8
USA\u00a066.3\u00a056.2\u00a013.5\u00a015.7
China\u00a018.1\u00a016.0\u00a00.2\u00a00.4
Germany\u00a013.9\u00a011.0\u00a0\u2013\u00a0\u2013
Rest of World\u00a096.1\u00a078.9\u00a05.2\u00a03.1
223.9\u00a0183.2\u00a0148.6\u00a0145.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007367": { "value": "Finance income and expense
2025
\u00a3m
2024
\u00a3m
Finance income
Bank interest\u00a08.0\u00a09.3
Interest on UK government bonds\u00a00.1\u00a0\u2013
Interest on investment bonds\u00a03.7\u00a05.5
Total finance income\u00a011.8\u00a014.8
Finance expense
Interest on leases\u00a0(2.8)\u00a0(3.6)
Total finance expense\u00a0(2.8)\u00a0(3.6)
Net finance income recognised in profit or loss\u00a09.0\u00a011.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007366": { "value": "Finance income and expense
2025
\u00a3m
2024
\u00a3m
Finance income
Bank interest\u00a08.0\u00a09.3
Interest on UK government bonds\u00a00.1\u00a0\u2013
Interest on investment bonds\u00a03.7\u00a05.5
Total finance income\u00a011.8\u00a014.8
Finance expense
Interest on leases\u00a0(2.8)\u00a0(3.6)
Total finance expense\u00a0(2.8)\u00a0(3.6)
Net finance income recognised in profit or loss\u00a09.0\u00a011.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007338": { "value": "Other gains and losses2025\u00a3m2024\u00a3mIncome statementGain on investment bonds\u00a08.2\u00a02.0Loss on derivative financial instruments\u00a0\u2013\u00a0(0.2)Impairment loss on intangible assets\u00a0(1.8)\u00a0\u2013Losses from associate\u00a0\u2013\u00a0(0.7)6.4\u00a01.12025\u00a3m2024\u00a3mOther comprehensive incomeUnrealised fair value gains on investment bonds\u00a03.1\u00a04.6Reclassification to profit or loss on disposal of investment bonds\u00a0(8.2)\u00a0(2.0)Fair value movements on investment bonds\u00a0(5.1)\u00a02.6", "dimensions": { "concept": "ifrs-full:DescriptionOfLineItemsInOtherComprehensiveIncomeWhereGainsLossesAreRecognisedFairValueMeasurementEntitysOwnEquityInstruments", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007368": { "value": "Auditor\u2019s remuneration
During the year, the Group obtained the following services from its auditors:
2025
\u00a3m
2024
\u00a3m
Audit of parent company and consolidated financial statements\u00a00.5\u00a00.5
Audit of the Company\u2019s subsidiaries\u00a00.1\u00a00.1
Assurance-related non-audit services\u00a00.1\u00a00.1
0.7\u00a00.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007369": { "value": "\u00a0Staff costs
Employee benefit expenses (including Directors) comprise:
2025
\u00a3m
2024
\u00a3m
Wages and salaries\u00a0129.6\u00a0124.4
Social security costs\u00a015.6\u00a013.0
Pension costs\u00a05.5\u00a04.9
Share-based payment expenses\u00a020.2\u00a05.9
Social security expenses/(credits) on share awards\u00a00.2\u00a0(2.0)
Other staff costs\u00a03.9\u00a04.6
Severance and other costs from restructuring activities\u00a012\u00a0.1\u00a0\u2013
187.1\u00a0150.8
Directors and key management personnel
Directors and key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the Group, including the Directors of the Company listed in the section of the Annual Report labelled Board of Directors.
Director and key management personnel compensation was as follows:
2025
\u00a3m
2024
\u00a3m
Salaries, bonuses and benefits in kind\u00a08.9\u00a08.4
Amounts paid as directors\u2019 fees\u00a00.8\u00a00.8
Share-based payment expenses\u00a0\u2013\u00a00.6
9.7\u00a09.8
The share-based payment charge generally comprises the value of awards that have vested relating to the Share Price Performance Condition
and the Revenue Condition awards. There is no value for 2025 as no awards vested.
Further information on the remuneration of the Directors is given in the sections of the annual report on remuneration labelled as audited in
the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007370": { "value": "
Employee numbers
The monthly average number of employees was as follows:
2025
Number
2024
Number
Research and development\u00a0504\u00a0512
Production\u00a0176\u00a0158
Selling, general and administration\u00a0655\u00a0645
1,335\u00a01,315
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007372": { "value": "Loss before tax
2025
\u00a3m
2024
\u00a3m
This is after charging/(crediting):
Amortisation of intangible assets\u00a028.9\u00a023.9
Depreciation of property, plant and equipment\u00a015.4\u00a013.5
Depreciation of right-of-use assets\u00a05.5\u00a05.9
Loss on disposal of property, plant and equipment\u00a03.8\u00a07.5
Cost of inventory\u00a069.8\u00a061.3
Write-down of inventory\u00a04.4\u00a00.8
Short-term lease costs\u00a01.2\u00a01.0
Impairment losses\u00a01.8\u00a00.7
Net foreign exchange loss/(gain)\u00a04.4\u00a0(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007397": { "value": "Taxation
i) \u00a0\u00a0Income tax recognised in statement of comprehensive income
Income tax recognised in profit and loss
2025
\u00a3m
2024
\u00a3m
Current tax
Notional tax on R&D expenditure credit\u00a02.5\u00a03.3
Prior year adjustment in respect of notional tax on R&D expenditure credit\u00a00.3\u00a00.1
Prior year adjustment in respect of current tax\u00a0\u2013\u00a00.2
Tax payable on foreign subsidiaries\u00a01.3\u00a00.3
Total current tax\u00a04.1\u00a03.9
Deferred tax
Origination and reversal of temporary differences\u00a01.2\u00a02.3
Total deferred tax\u00a01.2\u00a02.3
Total tax\u00a05.3\u00a06.2
Income tax recognised in other comprehensive income (OCI)
2025
\u00a3m
2024
\u00a3m
Deferred tax on investment bonds\u00a0(1.3)\u00a00.6
Total tax\u00a0(1.3)\u00a00.6
Current tax balances have been calculated at the rates enacted for the period. The effective rate of corporation tax is -3.74% (2024: -4.45%) of
the loss before tax for the Group.
Taxation continued
i) \u00a0\u00a0Income tax recognised in statement of comprehensive income continued
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom
applied to the Group loss before tax are as follows:
2025
\u00a3m
2024
\u00a3m
Loss for the year\u00a0(145.2)\u00a0(146.2)
Income tax expense\u00a05.3\u00a06.2
Loss before income tax\u00a0(139.9)\u00a0(140.0)
Tax rate in the UK for period as a percentage of losses at 25.0% (2024: 25.0%)\u00a0(35.0)\u00a0(35.0)
Movement on unrecognised deferred tax\u00a035.5\u00a039.4
R&D incentives\u00a02.3\u00a03.2
Adjustment in respect of overseas tax rates\u00a0\u2013\u00a00.1
Adjustments to tax charge in respect of prior years\u00a00.3\u00a00.3
Impact of share options\u00a01.9\u00a0(2.8)
Expenses not deductible for tax purposes\u00a00.4\u00a01.4
Other\u00a0(0.1)\u00a0(0.4)
Total tax expense\u00a05.3\u00a06.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007410": { "value": "Current tax asset
2025
\u00a3m
2024
\u00a3m
Corporation tax asset\u00a00.3\u00a01.2\u00a0
0.3\u00a01.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007409": { "value": "Deferred tax balances
Deferred tax balances have been recognised at the rate expected to apply when the deferred tax attribute is forecast to be utilised based on
substantively enacted rates at the balance sheet date. The rate of UK corporation tax increased to 25% from 1 April 2023. Taxation for other
jurisdictions is calculated at the rates prevailing in the respective territories.
In respect of share-based payments, to the extent that the tax deduction (or future estimated tax deduction) exceeds the amount of the
related cumulative IFRS 2 expense, the excess of the associated current or deferred tax has been recognised in equity and not in the
consolidated statement of comprehensive income. For current tax, there is no impact on the charge to the consolidated statement of
changes in equity (2024: no impact). For deferred tax, there is a credit to the consolidated statement of changes in equity of \u00a30.1 million (2024:
credit of less than \u00a30.1 million).
Of the \u00a319.3 million deferred tax asset (DTA), a DTA has been recognised in relation to Oxford Nanopore Technologies plc of \u00a314.0 million
(2024: \u00a312.1 million), being the amount equal to the deferred tax liability (DTL) in the same entity.
A DTA of \u00a35.3 million (2024: \u00a35.5 million) has been recognised in relation to future share option exercises and other timing differences in\u00a0
Oxford Nanopore Technologies, Inc. and other overseas subsidiaries, because it is probable that the asset will be utilised in the foreseeable
future as a result of taxable profits forecast in future years.
Recognised DTAs and DTLs are made up as follows:
2025
\u00a3m
2024
\u00a3m
Net deferred tax balance
Deferred tax assets\u00a019.3\u00a017.5
Deferred tax liabilities\u00a0(16.6)\u00a0(14.9)
Total recognised deferred tax assets\u00a02.7\u00a02.6
\u00a32.4 million (2024: \u00a32.4\u00a0million) of the net recognised DTA relates to Oxford Nanopore Technologies, Inc., the US subsidiary, which is profitable.
Taxation continued
iii) \u00a0Deferred tax balances continued
DTAs and DTLs have been offset where the Group has a legally enforceable right to set off DTAs against DTLs and where the DTAs and the
DTLs relate to income taxes levied by the same tax authority on the same taxable entity.
Provisions
\u00a3m
Losses
\u00a3m
Share
awards
\u00a3m
Accelerated
capital
allowances
\u00a3m
Investment
bonds
\u2013 unrealised
gain
\u00a3m
Intangibles
\u00a3m
Other
\u00a3m
Total
\u00a3m
Balance at 1 January 2024\u00a01.5\u00a08.1\u00a06.3\u00a0(2.3) \u00a0(1.2) \u00a0(6.9) \u00a0 \u2013 \u00a05.5
Credit/(charge) to income statement\u00a00.2\u00a04.7\u00a0(4.0)\u00a0\u00a0(0.4)\u00a0\u00a0 \u2013 \u00a0(3.0)\u00a0\u00a0 0.2\u00a0(2.3)
Charge to statement of other comprehensive income\u00a0 \u2013 \u00a0 \u2013 \u00a0 \u2013 \u00a0 \u2013 \u00a0(0.6) \u00a0 \u2013 \u00a0 \u2013 \u00a0(0.6)
Foreign exchange adjustments\u00a0 \u2013 \u00a0 \u2013 \u00a0 \u2013 \u00a0(0.1)\u00a0\u00a0 \u2013 \u00a0 \u2013 \u00a0 0.1\u00a0 \u2013
Balance at 31 December 2024\u00a01.7\u00a012.8\u00a02.3\u00a0(2.8) \u00a0(1.8)\u00a0\u00a0(9.9) \u00a0 0.3 \u00a02.6
Credit/(charge) to income statement\u00a00.7\u00a01.2\u00a00.5\u00a0\u2013\u00a0\u2013\u00a0(3.3)\u00a0(0.3)\u00a0(1.2)
Credit to statement of other comprehensive income\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a01.3\u00a0\u2013\u00a0\u2013\u00a01.3
Credit to statement of equity\u00a0\u2013\u00a0\u2013\u00a00.1\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a00.1
Foreign exchange adjustments\u00a0(0.1)\u00a0\u2013\u00a0(0.1)\u00a00.2\u00a0(0.1)\u00a0\u2013\u00a0\u2013\u00a0(0.1)
Balance at 31 December 2025\u00a02.3\u00a014.0\u00a02.8\u00a0(2.6)\u00a0(0.6)\u00a0(13.2)\u00a0\u2013\u00a02.7
A DTA of \u00a3258.6 million (2024: \u00a3219.9 million) has not been recognised due to uncertainty that the asset will be utilised in the foreseeable
future due to the absence of sufficient taxable profits. This DTA relates to the UK (2024: UK). This includes a DTA of \u00a3223.4 million (2024:
\u00a3191.3 million) in relation to UK tax losses. The losses and deductible temporary differences are expected to be available indefinitely.
2025\u00a02025\u00a02024\u00a02024
Gross amount
\u00a3m
Tax effected
\u00a3m
Gross amount
\u00a3m
Tax effected
\u00a3m
Unrecognised deferred tax assets
Losses\u00a0893.5\u00a0223.4\u00a0765.1\u00a0191.3
Provisions\u00a010.6\u00a02.6\u00a012.5\u00a03.1
Share awards\u00a018.7\u00a04.7\u00a022.5\u00a05.6
Share awards (equity)\u00a05.7\u00a01.4\u00a02.3\u00a00.6
Accelerated capital allowances\u00a062.9\u00a015.7\u00a045.4\u00a011.3
R&D tax credit\u00a043.2\u00a010.8\u00a032.0\u00a08.0
Total unrecognised deferred tax assets\u00a01,034.6\u00a0258.6\u00a0879.8\u00a0219.9
The Group has \u00a32.3 million undistributed earnings (2024: \u00a31.3 million) which, if paid out as dividends, would be subject to tax in the hands
of the recipient. An assessable temporary difference exists but no DTL has been recognised since Oxford Nanopore Technologies plc is able
to control the timing of distributions from subsidiaries and is not expected to distribute these profits in the foreseeable future.
Taxation continued
iv) \u00a0R&D tax credit recoverable
In the statement of comprehensive income the R&D tax credit is recognised in the loss before tax and a notional tax charge is recognised in
the tax expense. The net asset is included within current assets in the consolidated statement of financial position. The current asset is made
up as follows:
2025
\u00a3m
2024
\u00a3m
At 1 January\u00a018.4\u00a012.8
Adjustment to R&D tax credit in respect of previous years \u00a01.0\u00a00.4
Cash receipt \u00a0(19.4)\u00a0(4.9)
R&D tax credit for the year \u00a013.0\u00a013.4
Notional tax charge on R&D tax credit for the year \u00a0(2.5)\u00a0(3.3)
At 31 December\u00a010.5\u00a018.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007408": { "value": "Property, plant and equipment
Leasehold
improvements
\u00a3m
Plant and
machinery
\u00a3m
Assets under
construction
\u00a3m
Assets subject
to operating
leases
\u00a3m
Equipment
\u00a3m
Total
\u00a3m
Cost
At 1 January 2024\u00a011.7\u00a028.2\u00a01.5\u00a054.8\u00a019.8\u00a0116.0
Additions\u00a0\u2013\u00a00.1\u00a013.7\u00a020.6\u00a02.9\u00a037.3
Disposals\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(13.6)\u00a0\u2013\u00a0(13.6)
Transfers between classes\u00a00.5\u00a03.6\u00a0(4.7)\u00a0\u2013\u00a00.6\u00a0\u2013
Foreign exchange movements\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a00.3\u00a0\u2013\u00a00.3
At 31 December 2024\u00a012.2\u00a031.9\u00a010.5\u00a062.1\u00a023.3\u00a0140.0
Additions\u00a0\u2013\u00a0\u2013\u00a03.5\u00a010.1\u00a02.7\u00a016.3
Disposals\u00a0\u2013\u00a0(0.2)\u00a0\u2013\u00a0(6.8)\u00a0(0.1)\u00a0(7.1)
Transfers to intangible assets\u00a0\u2013\u00a0\u2013\u00a0(0.5)\u00a0\u2013\u00a0\u2013\u00a0(0.5)
Transfers between classes\u00a07.8\u00a02.1\u00a0(10.4)\u00a0(0.8)\u00a01.3\u00a0\u2013
Foreign exchange movements\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(1.7)\u00a0(0.1)\u00a0(1.8)
At 31 December 2025\u00a020.0\u00a033.8\u00a03.1\u00a062.9\u00a027.1\u00a0146.9
Depreciation and impairment
At 1 January 2024\u00a06.2\u00a017.7\u00a0\u2013\u00a027.1\u00a015.1\u00a066.1
Charge for the year\u00a01.4\u00a03.0\u00a0\u2013\u00a06.2\u00a02.9\u00a013.5
Disposals\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(6.1)\u00a0\u2013\u00a0(6.1)
Foreign exchange movements\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a00.2\u00a0\u2013\u00a00.2
At 31 December 2024\u00a07.6\u00a020.7\u00a0\u2013\u00a027.4\u00a018.0\u00a073.7
Charge for the year\u00a01.3\u00a03.0\u00a0\u2013\u00a07.8\u00a03.3\u00a015.4
Disposals\u00a0\u2013\u00a0(0.2)\u00a0\u2013\u00a0(3.0)\u00a0(0.1)\u00a0(3.3)
Transfers between classes\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(0.4)\u00a00.4\u00a0\u2013
Foreign exchange movements\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(0.7)\u00a0(0.1)\u00a0(0.8)
At 31 December 2025\u00a08.9\u00a023.5\u00a0\u2013\u00a031.1\u00a021.5\u00a085.0
Net book value
At 31 December 2024\u00a04.6\u00a011.2\u00a010.5\u00a034.7\u00a05.3\u00a066.3
At 31 December 2025\u00a011.1\u00a010.3\u00a03.1\u00a031.8\u00a05.6\u00a061.9
The Group leases some of its devices to customers. Lease payments in relation to these devices are received in full either in advance
or on shipping of the device, meaning that there are no undiscounted future lease payments expected to be received on these devices.
On return of these items, in certain cases management makes the decision to dispose of these items for nil consideration. This represents
a non-cash transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007407": { "value": "Intangible assets
Capitalised
development
costs
\u00a3m
Digital
infrastructure
improvements
\u00a3m
Patents and
licences
\u00a3m
Total
\u00a3m
Cost
At 1 January 2024\u00a077.1\u00a0\u2013\u00a02.3\u00a079.4
Additions\u00a034.7\u00a0\u2013\u00a00.3\u00a035.0
Foreign exchange movements\u00a0\u2013\u00a0\u2013\u00a0(0.1)\u00a0(0.1)
At 31 December 2024\u00a0111.8\u00a0\u2013\u00a02.5\u00a0114.3
Additions\u00a041.5\u00a00.7\u00a0\u2013\u00a042.2
Transfers from PPE\u00a00.5\u00a0\u2013\u00a0\u2013\u00a00.5
At 31 December 2025\u00a0153.8\u00a00.7\u00a02.5\u00a0157.0
Amortisation and impairment
At 1 January 2024\u00a046.4\u00a0\u2013\u00a00.2\u00a046.6
Charge for the year\u00a023.7\u00a0\u2013\u00a00.2\u00a023.9
At 31 December 2024\u00a070.1\u00a0\u2013\u00a00.4\u00a070.5
Charge for the year\u00a028.7\u00a0\u2013\u00a00.2\u00a028.9
Impairment\u00a01.8\u00a0\u2013\u00a0\u2013\u00a01.8
At 31 December 2025\u00a0100.6\u00a0\u2013\u00a00.6\u00a0101.2
Net book value
At 31 December 2024\u00a041.7\u00a0\u2013\u00a02.1\u00a043.8
At 31 December 2025\u00a053.2\u00a00.7\u00a01.9\u00a055.8
Development costs have been capitalised in accordance with IAS 38, \u2018Intangible Assets\u2019 and are therefore not treated as a realised loss until
recognised as an amortisation or impairment charge in the statement of comprehensive income.
In line with IAS 36, \u2018Impairment of Assets\u2019, the Directors have considered whether there are indicators, either internal or external,
of impairment. No such indicators were identified in the current or prior year other than in respect of a refinement of the Group\u2019s product
range taken in the year. This led to an adjusted impairment charge of \u00a31.8 million (note 31) as a result of the Group\u2019s decision to stop selling
the ElysION platform and focus on the P2i product.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007406": { "value": "Right-of-use assetsTotal\u00a3mCostAt 1 January 2024\u00a045.8Additions\u00a08.6Disposals\u00a0(2.5)Foreign exchange movements\u00a00.1At 31 December 2024\u00a052.0Additions\u00a02.3Disposals\u00a0(2.7)Foreign exchange movements\u00a0(0.4)At 31 December 2025\u00a051.2DepreciationAt 1 January 2024\u00a013.2Charge for the year\u00a05.9Disposals\u00a0(2.1)Foreign exchange movements\u00a00.1At 31 December 2024\u00a017.1Charge for the year\u00a05.5Disposals\u00a0(2.1)Foreign exchange movements\u00a0(0.2)At 31 December 2025\u00a020.3Net book valueAt 31 December 2024\u00a034.9At 31 December 2025\u00a030.9", "dimensions": { "concept": "ifrs-full:DescriptionOfLineItemsInStatementOfFinancialPositionWhichIncludeRightofuseAssets", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007405": { "value": "Other financial assets
2025
\u00a3m
2024
\u00a3m
Investment bonds\u00a074.2\u00a0211.8
UK government bonds (gilts)\u00a050.0\u00a0\u2013
Unlisted investments\u00a01.2\u00a01.3
125.4\u00a0213.1
These items were analysed as follows:
2025
\u00a3m
2024
\u00a3m
Current\u00a074.2\u00a0138.8
Non-current\u00a051.2\u00a074.3
125.4\u00a0213.1
Investment bonds are classified as financial assets at FVOCI.
UK government bonds (gilts) are measured at amortised cost.
The Group also holds 24.9% of the voting rights (26.0% ownership) in Veiovia Limited, which is accounted for as an investment in an associate
due to the Group\u2019s ability to exercise significant influence over the entity\u2019s operational decisions, in accordance with the equity method
described in note 3. The investment had a net carrying value of \u00a3nil at the year end, following full impairment in 2024. Veiovia\u2019s principal
activity is technology development, and its registered office is located at The University of York, Biology B/A/039, Wentworth Way, York, YO10
5DD, UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007404": { "value": "Inventory
2025
\u00a3m
2024
\u00a3m
Raw materials\u00a024.8\u00a037.6
Work in progress\u00a045.6\u00a045.7
Finished goods\u00a011.1\u00a016.2
81.5\u00a099.5
The carrying amount of inventory was not materially different from its recoverable value.
The cost of inventory recognised as an expense includes \u00a34.4 million (2024: \u00a30.8 million) in respect of write-downs of inventory to net
realisable value. There were no reversals of write-downs in either year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007403": { "value": "Trade and other receivables
2025
\u00a3m
2024
\u00a3m
Trade receivables\u00a046.5\u00a037.3
Contract assets\u00a00.2\u00a00.3
Accrued income and other debtors\u00a05.0\u00a06.4
Accrued interest\u00a00.8\u00a00.6
Other taxes\u00a03.3\u00a05.2
Prepayments\u00a016.6\u00a012.9
72.4\u00a062.7
Trade and other receivables continued
The ageing of trade receivables and the loss allowance calculated using the Group\u2019s provision matrix was as follows:
Not past due
\u00a3m
30\u201360 days
\u00a3m
61\u201390 days
\u00a3m
91+ days
\u00a3m
Total
\u00a3m
Gross receivable\u00a040.7\u00a02.2\u00a01.4\u00a05.4\u00a049.7
Loss allowance\u00a0(0.8)\u00a0(0.2)\u00a0(0.3)\u00a0(1.9)\u00a0(3.2)
Trade receivables at 31 December 2025\u00a039.9\u00a02.0\u00a01.1\u00a03.5\u00a046.5
Gross receivable\u00a030.2\u00a02.8\u00a01.8\u00a04.5\u00a039.3
Loss allowance\u00a0(0.4)\u00a0(0.1)\u00a0(0.1)\u00a0(1.4)\u00a0(2.0)
Trade receivables at 31 December 2024\u00a029.8\u00a02.7\u00a01.7\u00a03.1\u00a037.3
The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simplified
approach set out in IFRS 9:
\u00a3m
At 1 January 2024\u00a00.9
Net charges and releases to statement of comprehensive income\u00a01.1
At 31 December 2024\u00a02.0
Net charges and releases to statement of comprehensive income\u00a01.2
At 31 December 2025\u00a03.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007402": { "value": "Lease liabilities2025\u00a3m2024\u00a3mCurrent\u00a05.2\u00a05.4Non-current\u00a036.3\u00a040.6Lease liabilities included in the statement of financial position\u00a041.5\u00a046.02025\u00a3m2024\u00a3mMaturity analysis - contractual undiscounted cash flowsUp to one year\u00a08.1\u00a08.3Two to five years\u00a031.9\u00a033.1Greater than five years\u00a014.4\u00a020.5Total undiscounted lease liabilities at 31 December\u00a054.4\u00a061.9Information on the associated right-of-use assets is included in note 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfLineItemsInStatementOfFinancialPositionWhichIncludeLeaseLiabilities", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007401": { "value": "Provisions
Dilapidation
provisions
\u00a3m
Employer
taxes
\u00a3m
Other
\u00a3m
Total
provisions
\u00a3m
At 31 December 2024\u00a02.4\u00a04.7\u00a00.1\u00a07.2
Movement in provision\u00a00.1\u00a00.2\u00a02.0\u00a02.3
Payments\u00a0\u2013\u00a0(1.0)\u00a0(0.2)\u00a0(1.2)
At 31 December 2025\u00a02.5\u00a03.9\u00a01.9\u00a08.3
Current\u00a0\u00a0\u2013\u00a0\u00a0\u00a02.0\u00a0\u00a0\u00a01.9\u00a0\u00a0\u00a03.9
Non-current\u00a02.5\u00a01.9\u00a0\u2013\u00a04.4
At 31 December 2025\u00a02.5\u00a03.9\u00a01.9\u00a08.3
Current\u00a0\u2013\u00a03.7\u00a00.1\u00a03.8
Non-current\u00a02.4\u00a01.0\u00a0\u2013\u00a03.4
At 31 December 2024\u00a02.4\u00a04.7\u00a00.1\u00a07.2
The dilapidation provisions relate to leased properties, representing an obligation to restore the premises to their original condition at the
time the Group vacates them. The provision is non-current and expected to be utilised in less than 20 years.
Employer taxes relate to the expected employer social security taxes on share-based payments. This is expected to be utilised in between
one and ten years. The provision is based on the best estimate of the liability, which is reviewed and updated at each reporting period. The
provision is accrued over the vesting period to build up to the required liability at the point it is ultimately due.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007400": { "value": "Trade and other payables
2025
\u00a3m
2024
\u00a3m
Trade payables\u00a018.4\u00a031.3
Share-based payments\u00a00.4\u00a00.2
Payroll taxation and social security\u00a05.4\u00a04.5
Accruals\u00a050.3\u00a045.7
Contract liabilities\u00a034.4\u00a020.6
108.9\u00a0102.3
The average credit period taken for trade purchases by the Group is 31 days (2024: 54 days).
The Group has financial risk management policies in place to ensure that all undisputed payables are paid within the pre-agreed credit terms.
The Directors consider that the carrying amount of trade payables approximates their fair value.
Contract liabilities primarily relate to performance obligations on customer contracts which were not satisfied at 31 December. In 2025, they
increased by \u00a313.8 million (2024: decrease of \u00a35.5 million). Management expects that most of the transaction price allocated to unsatisfied
performance obligations as at 31 December 2025 will be recognised as revenue during the following year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007391": { "value": "Share capital and share premium
No shares
issued\u00a0
No.
Share capital\u00a0
\u00a3m
Share
premium
\u00a3m
Ordinary shares of \u00a30.0001 each (issued and fully paid)
At 31 December 2024\u00a0955,039,240\u00a0\u00a00.1\u00a0779.7
Issued under employee share schemes\u00a011,017,785\u00a0\u2013\u00a06.7
At 31 December 2025\u00a0966,057,025 \u00a00.1\u00a0786.4
All issued shares are fully paid and there are no shares authorised but not in issue.
In the course of the year, 11,017,785 ordinary shares (2024: 29,148,526) were issued in respect of employee share schemes. This resulted in an
increase in the share premium reserve of \u00a36.7 million (2024: \u00a33.2 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007390": { "value": "Share-based payment reserve
2025
\u00a3m
2024
\u00a3m
At 1 January\u00a0209.1\u00a0203.1
Equity settled share-based payment transactions\u00a019.4\u00a06.0
Tax in relation to share-based payment transactions\u00a00.1\u00a0\u2013
At 31 December\u00a0228.6\u00a0209.1
Share-based payment transactions
2025
\u00a3m
2024
\u00a3m
Expense arising from share-based payment transactions:
Included in research and development expenses\u00a06.8\u00a04.6
Included in selling, general and administrative expenses\u00a013.4\u00a01.3
20.2\u00a05.9
Equity settled share-based payment transactions\u00a019.4\u00a06.0
Cash settled share-based payment transactions\u00a00.8\u00a0(0.1)
20.2\u00a05.9
The Group operates a number of share schemes. Awards are normally granted to employees to acquire shares but in some circumstances
may be settled in cash. The schemes are listed here; the first four are the most significant and further details on those are given below.
\u2022 \u00a0Oxford Nanopore Technologies Limited Share Option Plan
\u2022 \u00a0Oxford Nanopore Technologies Limited Share Option Plan 2018
\u2022 \u00a0Oxford Nanopore Technologies Limited Long-Term Incentive Plan 2021 (\u2018Founder LTIP\u2019)
\u2022 \u00a0Oxford Nanopore Technologies plc Long-Term Incentive Plan 2021 (\u2018plc LTIP\u2019)
\u2022 \u00a0Oxford Nanopore Technologies Deferred Bonus Plan 2021
\u2022 \u00a0Oxford Nanopore Technologies Share Incentive Plan 2021
\u2022 \u00a0Oxford Nanopore Technologies 2021 Employee Stock Purchase Plan
Share option plans
Share options were awarded under two equity-settled share-based remuneration schemes, both of which were closed to new members
following the Company\u2019s admission to the London Stock Exchange in 2021. All unexercised awards will have expired by 2031.
All employees were eligible to be awarded approved share options, with the exception of employees in some foreign subsidiaries.
\u00a0Share-based payment reserve continued
These employees were instead eligible to be remunerated under a local phantom bonus scheme. Awards granted to participants were subject
to either service conditions or both service and market performance conditions. Options were not normally able to be exercised before the
third anniversary of the date of grant.
The movement in share options outstanding is summarised in the following table:
2025\u00a02024
Number of
share options
(millions)
Weighted
average
exercise price
(pence)
Number of
share options
(millions)
Weighted
average
exercise price
(pence)
At 1 January\u00a039.1\u00a0193\u00a047.0\u00a0190
Forfeited\u00a0(6.7)\u00a0222\u00a0(4.5)\u00a0241
Exercised\u00a0(5.7)\u00a0113\u00a0(3.4)\u00a085
Outstanding at 31 December\u00a026.7\u00a0198\u00a039.1\u00a0193
Exercisable at 31 December\u00a026.7\u00a0198\u00a039.1\u00a0193
Share options outstanding at the end of the year have the following expiry and exercise prices:
Grant year\u00a0Expiry year\u00a0Exercise price
(pence)
2025
Number
(millions)
2024
Number
(millions)
Oxford Nanopore Technologies Limited Share Option Plan\u00a02008\u20132018\u00a02024\u20132028\u00a073\u2013140\u00a05.8\u00a010.2
Oxford Nanopore Technologies Limited Share Option Plan
2018
2019\u20132021\u00a02029\u20132031\u00a0104\u2013350\u00a020.9\u00a028.9
26.7\u00a039.1
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.59 (2024: \u00a31.21). The options
outstanding at 31 December 2025 had a weighted average exercise price of \u00a31.98 (2024: \u00a31.93), and a weighted average remaining
contractual life of 3.6 years (2024: 4.5 years).
Valuation models
There were no options granted during the current or prior years. The fair value of share options previously granted was determined using the
Monte Carlo Simulation model and Black-Scholes model dependent on the performance vesting conditions.
Black-Scholes: The following assumptions were used in the Black-Scholes model in calculating the fair values of the options granted:
Range of share prices\u00a0\u00a32.65\u2013\u00a33.50
Range of exercise prices\u00a0\u00a32.12\u2013\u00a33.50
Expected volatility range\u00a047%\u201350%
Expected life\u00a06.5 years
Risk-free rate range\u00a00% - 0.4%
Expected dividend yields\u00a0Nil
The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options
granted during 2021, the expected life of six and a half years assumes exercise will occur halfway through the total exercisable period, being
the midpoint of years three and ten. The risk-free interest rate used reflects the UK government five-year gilt rate as reported by the Bank of
England at the point of initial grant.
Share-based payment reserve continued
Monte Carlo Simulations: The inputs into the Monte Carlo Simulation model for options issued were as follows:
Weighted average share price\u00a0\u00a32.65
Weighted average exercise price\u00a0\u00a32.12
Expected volatility\u00a048%
Expected life\u00a02.5 years
Risk-free rate\u00a00%
Expected dividend yields\u00a0Nil
The Monte Carlo Simulation model has been used to value the portion of the awards which have a market performance vesting condition
(achievement of a target company valuation). The model incorporates a discount factor reflecting this performance condition into the fair
value of this portion of the award.
The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options
granted during 2021, the expected life represents the term until expected vesting and exercise. The risk-free interest rate used reflects\u00a0
the UK government five-year gilt rate as reported by the Bank of England at the point of initial grant.
Long-term incentive plans
Founder LTIP
This was a one-off discretionary share plan, under which the Company granted awards over 6.5% of the Company\u2019s ordinary share capital (at
the date of grant) to the Executive Directors. The Founder LTIP awards were free to the recipient. The plan was approved by the Board on
22 June 2021. Awards were granted as conditional awards of ordinary shares (Conditional Awards) subject to achievement of performance
obligations tied to revenue and share price and are subject to holding periods.
There were no awards granted during the current or prior years and 15.5 million awards (2024: 15.6 million) remained outstanding as at
31 December 2025 with a weighted average remaining contractual life of one year (2024: two years).
Valuation models
The inputs into the valuation models for Founder LTIP awards were as follows:
Monte Carlo\u00a0Black-Scholes
Share price at grant\u00a0\u00a33.50\u00a0\u00a33.50
Share price\u00a0\u00a34.50\u00a0n/a
Expected volatility\u00a050.14%\u00a050.14%
Expected term\u00a02.16 years \u00a05 years
Risk-free rate\u00a00.4%\u00a00.4%
Expected dividend yields\u00a0Nil \u00a0Nil
The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. The risk-free interest
rate used reflects the UK government five-year gilt rate as reported by the Bank of England at the point of initial grant.
The weighted average fair value of Founder LTIP awards granted, determined using the Black-Scholes model at the grant date, was \u00a33.22 per
award. The weighted average fair value of Founder LTIP awards granted, determined using the Monte Carlo simulation model at the grant date,
was \u00a32.18 per award.
plc LTIP
The plc LTIP is a share scheme designed to reward and incentivise employees by granting equity awards subject to service and, in some
cases, performance conditions. The scheme is open to all permanent employees, with awards typically granted annually and vesting over
a three-year period, with one-third of each award vesting on the first, second, and third anniversaries of the grant date.
Certain plc LTIP awards are subject to performance conditions, determined by the Remuneration Committee at the time of grant.
These performance conditions are based on Relative Total Shareholder Return (TSR), which compares the Company\u2019s TSR against
a sector-specific peer group and the FTSE 350 (excluding investment trusts). The Monte Carlo simulation model has been used to incorporate
the likelihood of achieving TSR conditions. For Executive Directors, a two-year post-vesting holding period applies, which has been
incorporated into the fair value calculation using the Ghaidarov model. Certain plc LTIP awards are subject to an Adjusted EBITDA
performance condition which measures the Adjusted EBITDA performance of the Company for the financial year ending 31 December 2027.
For plc LTIP awards subject to continued employment only, the fair value of these awards is determined as the share price at the grant date.
Share-based payment reserve continued
The following table presents the key assumptions used in the valuation for plc LTIP grants:
2025\u00a02024
Relative TSR
vs. FTSE 350
excluding
investment
trusts
Relative TSR
vs. sector
comparator
group
Relative TSR
vs. FTSE 350
excluding
investment
trusts
Relative TSR
vs. sector
comparator
group
Grant date\u00a011 April\u00a011 April
Expected life (years)\u00a03\u00a03
Share price at grant date\u00a0\u00a31.16\u00a0\u00a31.09
Exercise price\u00a0\u00a3nil\u00a0\u00a3nil
Dividend yield\u00a0\u00a3nil\u00a0\u00a3nil
Risk-free rate\u00a03.90%\u00a04.29%
Projection period\u00a02.72 years\u00a02.72 years
Volatility \u2013 Company\u00a056.0%\u00a055.7%
Volatility \u2013 median comparator\u00a031%\u00a076%\u00a031%\u00a0\u00a078%
Average correlation between Company and comparators\u2019 TSR\u00a024%\u00a034%\u00a027%\u00a0\u00a038%
Ranking of Company\u2019s TSR during averaging period within comparator group\u00a0200th of 260\u00a0
companies
8th of 14
companies
265th of 265
companies
15th of 17
companies
Fair value per award\u00a0\u00a30.69\u00a0\u00a30.85\u00a0\u00a30.35\u00a0\u00a30.63
The risk-free interest rate used reflects the UK government five-year gilt rate as reported by the Bank of England at the point of initial grant.
For Executive Director awards, the Ghaidarov model has been used to determine the discount applied with the following assumptions:
2025\u00a02024
Share price volatility\u00a056.0%\u00a055.7%
Holding period term\u00a02 years\u00a02 years
Dividend yield\u00a00%\u00a00%
Discount applied to fair value\u00a018.5%\u00a018.4%
The movement in plc LTIP awards outstanding is summarised in the following table:
2025\u00a02024
Number of
share awards
(millions)
Number of
share awards
(millions)
Outstanding, beginning of year\u00a025.5\u00a011.2
Granted\u00a028.7\u00a017.6
Forfeited\u00a0(8.3)\u00a0(2.0)
Vested\u00a0(4.6)\u00a0(1.3)
Outstanding, end of year\u00a041.3\u00a025.5
The weighted average share price at the date of vest for awards vesting during the year was \u00a31.15 (2024: \u00a31.12). The weighted average
exercise price was zero in all categories in both years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007389": { "value": "Notes to the cash flow statements
2025
\u00a3m
2024
\u00a3m
Cash and cash equivalents\u00a0181.1\u00a0199.5
Cash and cash equivalents comprised cash held at banks. The carrying amount of this asset was approximately equal to its fair value.
2025
\u00a3m
2024
\u00a3m
Loss before tax\u00a0(139.9)\u00a0(140.0)
Depreciation on property, plant and equipment \u00a015.4\u00a013.5
Depreciation on right-of-use assets \u00a05.5\u00a05.9
Amortisation on intangible assets \u00a028.9\u00a023.9
Loss on disposal of property, plant and equipment and right-of-use assets\u00a03.8\u00a07.5
R&D tax credit\u00a0(14.3)\u00a0(13.9)
Foreign exchange movements \u00a03.7\u00a0(1.4)
Interest on leases \u00a02.8\u00a03.6
Interest income\u00a0(11.8)\u00a0(14.8)
Fair value movements on investment bonds\u00a0(7.9)\u00a0(1.5)
Movements on derivatives \u00a0\u2013\u00a00.3
Impairment losses\u00a01.8\u00a00.7
Employee share benefit costs including employer\u2019s social security taxes \u00a020.4\u00a03.9
Operating cash flows before movements in working capital\u00a0(91.6)\u00a0(112.3)
Increase in receivables\u00a0(9.4)\u00a0(1.8)
Decrease/(increase) in inventory and assets subject to operating leases \u00a04.9\u00a0(21.2)
Increase in payables\u00a06.6\u00a021.1
Cash used in operations\u00a0(89.5)\u00a0(114.2)
R&D tax credit received\u00a019.4\u00a04.9
Foreign tax paid\u00a0(0.5)\u00a0(0.6)
Net cash outflow from operating activities\u00a0(70.6)\u00a0(109.9)
The cash expense of purchases of property, plant and equipment is different from the additions figure disclosed in note 14. This is because
additions to assets subject to operating leases and assets used internally (within Equipment) arise out of transfers from inventory.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007388": { "value": "Notes to the cash flow statements
2025
\u00a3m
2024
\u00a3m
Cash and cash equivalents\u00a0181.1\u00a0199.5
Cash and cash equivalents comprised cash held at banks. The carrying amount of this asset was approximately equal to its fair value.
2025
\u00a3m
2024
\u00a3m
Loss before tax\u00a0(139.9)\u00a0(140.0)
Depreciation on property, plant and equipment \u00a015.4\u00a013.5
Depreciation on right-of-use assets \u00a05.5\u00a05.9
Amortisation on intangible assets \u00a028.9\u00a023.9
Loss on disposal of property, plant and equipment and right-of-use assets\u00a03.8\u00a07.5
R&D tax credit\u00a0(14.3)\u00a0(13.9)
Foreign exchange movements \u00a03.7\u00a0(1.4)
Interest on leases \u00a02.8\u00a03.6
Interest income\u00a0(11.8)\u00a0(14.8)
Fair value movements on investment bonds\u00a0(7.9)\u00a0(1.5)
Movements on derivatives \u00a0\u2013\u00a00.3
Impairment losses\u00a01.8\u00a00.7
Employee share benefit costs including employer\u2019s social security taxes \u00a020.4\u00a03.9
Operating cash flows before movements in working capital\u00a0(91.6)\u00a0(112.3)
Increase in receivables\u00a0(9.4)\u00a0(1.8)
Decrease/(increase) in inventory and assets subject to operating leases \u00a04.9\u00a0(21.2)
Increase in payables\u00a06.6\u00a021.1
Cash used in operations\u00a0(89.5)\u00a0(114.2)
R&D tax credit received\u00a019.4\u00a04.9
Foreign tax paid\u00a0(0.5)\u00a0(0.6)
Net cash outflow from operating activities\u00a0(70.6)\u00a0(109.9)
The cash expense of purchases of property, plant and equipment is different from the additions figure disclosed in note 14. This is because
additions to assets subject to operating leases and assets used internally (within Equipment) arise out of transfers from inventory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007387": { "value": "Non-cash transactionsAdditions to right-of-use assets during the year of \u00a32.3 million (2024: \u00a38.6 million) were financed by lease liabilities.", "dimensions": { "concept": "ifrs-full:ExplanationOfInvestingAndFinancingTransactionsNotRequireUseOfCashOrCashEquivalents", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007386": { "value": "
Changes in liabilities arising from financing activities
The table below details change in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities
arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated cash
flow statement as cash flows from financing activities.
Lease
liabilities
\u00a3m
At 1 January 2024\u00a041.7
Non-cash changes
New leases\u00a08.6
Leases surrendered\u00a0(0.4)
Interest and rent accrued\u00a03.5
Foreign exchange movements \u00a0(0.1)
Cash changes
Principal repaid\u00a0(4.7)
Interest paid\u00a0(2.6)
At 31 December 2024\u00a046.0
Non-cash changes
New leases\u00a02.3
Leases surrendered\u00a0(0.7)
Interest and rent accrued\u00a02.5
Foreign exchange movements \u00a00.1
Cash changes
Principal repaid\u00a0(5.8)
Interest paid\u00a0(2.9)
At 31 December 2025\u00a041.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationThatEnablesUsersOfFinancialStatementsToEvaluateChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007381": { "value": "Financial instruments \u2013 risk management
i) \u00a0\u00a0Classes and categories of financial instruments and their fair values
The following table combines information about:
\u2022 \u00a0classes of financial instruments based on their nature and characteristics;
\u2022 \u00a0the carrying amount of financial instruments; and
\u2022 \u00a0the fair value of financial instruments.
Amortised \u00a0cost\u00a0\u00a0
\u00a3m
FVTPL\u00a0\u00a0
\u00a3m
FVOCI\u00a0\u00a0
\u00a3m
Total\u00a0\u00a0carrying \u00a0
value
\u00a3m
Fair value
\u00a3m
31 December 2025
Financial assets
Investment bonds\u00a0\u2013\u00a0\u2013\u00a074.2\u00a074.2\u00a074.2
UK government bonds\u00a050.0\u00a0\u2013\u00a0\u2013\u00a050.0\u00a050.0
Unlisted investments\u00a0\u2013\u00a01.2\u00a0\u2013\u00a01.2\u00a01.2
Cash and cash equivalents\u00a0181.1\u00a0\u2013\u00a0\u2013\u00a0181.1\u00a0181.1
Trade and other receivables\u00a055.8\u00a0\u2013\u00a0\u2013\u00a055.8\u00a055.8
Financial liabilities
Trade and other payables\u00a0(76.6)\u00a0\u2013\u00a0\u2013\u00a0(76.6)\u00a0(76.6)
Lease liabilities\u00a0(41.5)\u00a0\u2013\u00a0\u2013\u00a0(41.5)\u00a0(41.5)
Financial instruments \u2013 risk management continued
i) \u00a0\u00a0Classes and categories of financial instruments and their fair values continued
Amortised \u00a0cost\u00a0\u00a0
\u00a3m
FVTPL\u00a0\u00a0
\u00a3m
FVOCI\u00a0\u00a0
\u00a3m
Total\u00a0\u00a0carrying \u00a0
value
\u00a3m
Fair value
\u00a3m
31 December 2024
Financial assets
Investment bonds\u00a0\u2013\u00a0\u2013\u00a0211.8\u00a0211.8\u00a0211.8
Unlisted investments\u00a0\u2013\u00a01.3\u00a0\u2013\u00a01.3\u00a01.3
Cash and cash equivalents\u00a0199.5\u00a0\u2013\u00a0\u2013\u00a0199.5\u00a0199.5
Trade and other receivables\u00a044.6\u00a0\u2013\u00a0\u2013\u00a044.6\u00a044.6
Financial liabilities
Trade and other payables\u00a0(97.7\u00a0)\u00a0\u2013\u00a0\u2013\u00a0(97.7\u00a0)\u00a0(97.7\u00a0)
The methods and assumptions used in estimating the fair value of financial instruments reflected in the above table were as follows:
\u2022 \u00a0investment bonds, UK government bonds and unlisted investments have been classified based on three categories depending on the
inputs used in the valuation technique \u2013 see below;
\u2022 \u00a0cash and cash equivalents have a fair value equal to their carrying value; and
\u2022 \u00a0trade and other receivables and payables generally have a remaining life of less than one year, so their value as recorded in the balance
sheet is considered to be a reasonable approximation of fair value.
The categories used in the valuation inputs were as follows:
\u2022 \u00a0Level 1: quoted prices for identical instruments;
\u2022 \u00a0Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and\u00a0
\u2022 \u00a0Level 3: inputs which are not based on observable market data.
Hierarchy table
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Investment bonds\u00a074.2\u00a0\u2013\u00a0\u2013\u00a074.2
UK government bonds\u00a050.0\u00a0\u2013\u00a0\u2013\u00a050.0
Other financial assets\u00a0\u2013\u00a0\u2013\u00a01.2\u00a01.2
At 31 December 2025\u00a0124.2\u00a0\u2013\u00a01.2\u00a0125.4
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Investment bonds\u00a0211.8\u00a0\u2013\u00a0\u2013\u00a0211.8
Other financial assets\u00a0\u2013\u00a0\u2013\u00a01.3\u00a01.3
At 31 December 2024\u00a0211.8\u00a0\u2013\u00a01.3\u00a0213.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007382": { "value": "Financial risk management objectives and policies
Overview
The Group has exposure to liquidity, credit, market and foreign exchange risks from its use of financial instruments. This note sets out the
Group\u2019s key policies and processes for managing these risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007383": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is
to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities as they fall due, under both normal and stressed\u00a0
conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group has sufficient cash to fund its operations.
Financial instruments \u2013 risk management continued
ii) \u00a0Financial risk management objectives and policies continued
At 31 December, the Group had the following maturity analysis:
2025
\u00a3m
2024
\u00a3m
Expiring within one year\u00a012.0\u00a012.1
Expiring after more than one year\u00a050.7\u00a057.0
62.7\u00a069.1
The amounts disclosed in this table are for lease liabilities and provisions, based on contractual undiscounted cash flows.
The Directors consider that except for these items, all of the Group\u2019s financial liabilities at the current and prior year end have maturity dates
of less than 12 months from the balance sheet date.
Management monitors rolling forecasts of the Group\u2019s financing arrangements (comprising the liabilities above) and cash and
cash equivalents (note 25) on the basis of expected cash flows.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007384": { "value": "
Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty should fail. Maturities are staggered whenever possible to spread
exposure to interest rate movement. Although the Board accepts that this policy neither protects the Group from the risk of receiving rates
below the current market rates nor eliminates the cash flow risk associated with interest receipts, it considers that it achieves an appropriate
balance of exposure to these risks. Total credit risk was \u00a3349.3 million (2024: \u00a3441.0 million), which is approximately equal to the carrying
value of the financial assets.
As at year end, the Group had placed \u00a3302.8 million (2024: \u00a3404.0 million) with several financial institutions that meet the minimum credit
rating set out in the Group\u2019s Treasury Policy. \u00a3301.6 million (2024: \u00a3391.0 million) of this was placed at institutions with a grade of AAA, with
the remainder all being placed at grade A or higher institutions in line with the Group\u2019s Treasury Policy.
Additional credit risk exists on trade receivables, which is managed by a centralised accounts receivable process including credit checks on
initial order acceptance.
Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts.
Furthermore, the Group reviews the recoverable amount of each trade debt and debt investment on an individual basis at the end of the
reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, the Directors consider that the
Group\u2019s credit risk is significantly reduced and will remain at the same level for the foreseeable future. Trade receivables consist of a large
number of customers, spread across diverse geographical areas.
At 31 December 2025, an amount of \u00a33.2 million (2024: \u00a32.0 million) measured at an amount equal to lifetime expected credit losses was
estimated as a loss allowance in accordance with IFRS 9 (see note 19).
The credit risk on liquid funds, investment bonds and gilts is measured at an amount equal to lifetime expected credit losses. The credit risk is
considered as limited because the counterparties have high credit ratings assigned by international credit rating agencies. The Group
monitors the fair value of the assets and credit rating of the counterparties in determining whether a significant increase in credit risk since
recognition has occurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007385": { "value": "
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s
costs or the value of its holdings in financial instruments.
The Group\u2019s principal market risk exposure is movements in foreign exchange rates.
Investment bonds (including UK government bonds) offer fixed coupon interest rates and are subject to variations in market value arising due
to movements in the prevailing base interest rate. The Group mitigates this by holding a wide range of bonds in various jurisdictions.
Interest rate risk also arises on returns on short-term fixed interest deposits which will vary with movements in underlying bank interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007380": { "value": "
Sensitivity analysis
A 5% strengthening/weakening of the US Dollar relative to Pounds Sterling at 31\u00a0December 2025 would have impacted profit or loss and
Group equity by \u00a31.0 million (2024: \u00a31.9 million).
The interest yield on investments in money markets is variable between funds. During the year ended 31 December 2025, investment was
split between 13 different funds. GBP funds returned an average yield of 3.9% (2024: 4.7%). USD funds achieved 3.7% (2024: 4.3%).
The Group has considered its sensitivity to interest rate fluctuations and does not believe that a change in interest rates would have a material
risk impact on the Group financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007379": { "value": "
Capital management
The Group defines the capital that it manages as the Group\u2019s total equity. The Group\u2019s objectives when managing capital are:
\u2022 \u00a0to safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to strive to provide returns to investors;
\u2022 \u00a0to provide an adequate return to investors based on the level of risk undertaken;
\u2022 \u00a0to have available the necessary financial resources to allow the Group to invest in areas that may deliver future benefits; and
\u2022 \u00a0to maintain sufficient financial resources to mitigate against risks and unforeseen events.
The Debt to Equity ratio of the Group was 9.0% (2024: 7.8%).
Debt is defined as long and short-term borrowings (excluding derivatives and financial guarantee contracts), and in this instance comprised
lease liabilities in both years. Equity includes all capital and reserves of the Group that are managed as capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007378": { "value": "
27. \u00a0Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on
consolidation and are not disclosed here. There were no transactions between the Group and other related parties which require disclosure here.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007377": { "value": "28. \u00a0Retirement benefit planThe Group operates a defined contribution pension scheme for the benefit of its employees. Most of the employees who contribute to the Group\u2019s pension scheme do so via salary sacrifice. The total expense of \u00a35.5 million (2024: \u00a34.9 million) recognised in the consolidated statement of comprehensive income representscontributions payable to the scheme by the Group at rates specified in the rules of the scheme. As at 31 December 2025, contributions of \u00a30.8 million (2024: \u00a30.8 million) due in respect of the current year had not been paid over to the plans.", "dimensions": { "concept": "ifrs-full:DescriptionOfRetirementBenefitPlan", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007376": { "value": "
29. Commitments
2025
\u00a3m
2024
\u00a3m
Within one year\u00a01.5\u00a04.0
In the second to fifth years inclusive\u00a00.6\u00a01.4
2.1\u00a05.4
Commitments relate to collaboration agreements and other arrangements with third parties, universities and research institutions. The
amounts are not risk-adjusted or discounted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007373": { "value": "
30. \u00a0Events after the reporting date
Subsequent to the balance sheet date, the Group has evaluated events occurring after year end and up to the date of approval of these
financial statements. No events have been identified that require disclosure as non-adjusting post-balance-sheet events under IAS 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "shtag_12007371": { "value": " Alternative performance measures
The Group\u2019s performance is assessed using a number of financial measures which are not defined under IFRS and which therefore comprise
alternative (non-GAAP) performance measures. These are as follows:
Metric\u00a0Definition\u00a0Rationale
Revenue growth on a
constant currency basis
Revenue growth is calculated by adjusting current
period revenue to prior period foreign exchange rates
and determining the percentage difference from the
prior period revenue.
Helps evaluate growth trends, establish budgets
and assess operational performance.
Adjusting items\u00a0Significant unusual, infrequent, or non-recurring\u00a0
income or charges that do not comprise typical
ongoing operating income or expenses that underpin
long-term value generation. In the periods presented,
where relevant, these adjustments comprise
restructuring costs, share-based payment expenses
related to the Founder LTIP, and the associated
employer social security taxes on both the Founder
LTIP and pre-IPO share awards.
These are non-GAAP adjustments made by
management in order to reflect the underlying
operating performance of the Group.
Adjusted research and
development expenses
Research and development expenses after adjusting
for Adjusting items.
This measure shows the underlying R&D
expenditure by adjusting for one-off Adjusting
items.
Adjusted research and
development and capitalised
development costs
Adjusted research and development costs (as defined
above) adjusted for amortisation and amounts
capitalised in the period.
This measure shows the adjusted cash impact of
R&D expenditure.
Adjusted selling, general and
administrative expenses
Selling, general and administrative expenses after
adjusting for Adjusting items.
This shows the underlying selling, general and
administrative expenses by removing the
impact of one-off Adjusting\u00a0items.
Adjusted EBITDA\u00a0Loss from operations adjusted for depreciation and
amortisation and for Adjusting items.
Adjusted EBITDA is used as a key profit measure
because it shows the results of core operations
exclusive of income or charges that are not
considered to represent the underlying
operational performance and excludes one-off
or intermittent Adjusting items.
Cash and cash equivalents
and other liquid investments
Cash and cash equivalents, which comprise cash in
hand, deposits held at call and other short-term highly
liquid investments with a maturity of three months or
less at the date of acquisition. Other liquid investments
comprise investment bonds, where a fixed amount is
invested in an asset-backed fund, and UK government
bonds.
Cash and cash equivalents and other liquid
investments is a measure that shows underlying
liquidity reserves.
Gross margin %\u00a0Gross profit divided by revenue.\u00a0Helps evaluate profitability of core operations\u00a0
including cost management of production and
pricing\u00a0strategy effectiveness.
Adjusted gross profit\u00a0Adjusted gross profit is gross profit after removing
items that are unusual, non-recurring, or not reflective
of the Group\u2019s underlying operational performance.
Helps assess underlying profitability of the core
business, remove distortion from one-off events
and improve comparability year-on-year.
Alternative performance measures continued
The following table presents revenue growth on a reported and constant currency basis:
H1 2025
\u00a3m
H2 2025
\u00a3m
2025
\u00a3m
H1 2024
\u00a3m
H2 2024
\u00a3m
Total 2024
\u00a3m
Revenue\u00a0105.6\u00a0118.3\u00a0223.9\u00a084.1\u00a099.1\u00a0183.2
Growth\u00a025.6%\u00a019.4%\u00a022.2%\u00a0(2.2)%\u00a018.5%\u00a08.0%
Impact of foreign exchange\u00a02.0\u00a01.7\u00a03.7\u00a02.4\u00a03.0\u00a05.4
Revenue on a constant currency basis\u00a0107.6\u00a0120.0\u00a0227.6\u00a086.5\u00a0102.1\u00a0188.6
Growth\u00a028.0%\u00a021.1%\u00a024.2%\u00a00.6%\u00a022.0%\u00a011.1%
The following table presents adjusted gross profit:
2025
\u00a3m
2024
\u00a3m
Gross profit\u00a0131.3\u00a0105.4
Adjusting items:
Restructuring costs\u00a01.8\u00a0\u2013
Adjusted gross profit\u00a0133.1\u00a0105.4
Gross margin %\u00a058.6%\u00a057.5%
Adjusted gross margin %\u00a059.4%\u00a057.5%
The following table presents adjusted research and development expenses:
2025
\u00a3m
2024
\u00a3m
Research and development expenses\u00a097.7\u00a098.9
Adjusting items:
Employer\u2019s social security taxes on pre-IPO share awards\u00a0(0.2)\u00a00.5
Restructuring costs\u00a0(8.1)\u00a0\u2013
Adjusted research and development expenses\u00a089.4\u00a099.4
Amortisation of capitalised development costs\u00a0(28.7)\u00a0(23.7)
Capitalised development costs\u00a041.5\u00a034.7
Adjusted research and development expenses and capitalised development costs\u00a0102.2\u00a0110.4
The following table presents adjusted selling, general and administrative expenses:
2025
\u00a3m
2024
\u00a3m
Selling, general and administrative expenses\u00a0188.9\u00a0158.8
Adjusting items:
Share-based payment expense on Founder LTIP\u00a0(0.2)\u00a06.1
Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards\u00a02.0\u00a02.3
Restructuring costs\u00a0(10.9)\u00a0\u2013
Adjusted selling, general and administrative expenses\u00a0179.8\u00a0167.\u00a02
Alternative performance measures continued
The following table presents Group Adjusted EBITDA:
H1 2025
\u00a3m
H2 2025
\u00a3m
2025
\u00a3m
H1 2024
*
\u00a3m
H2 2024
*
\u00a3m
2024
*
\u00a3m
Loss from operations\u00a0(77.8)\u00a0(77.5)\u00a0(155.3)\u00a0(77.0)\u00a0(75.3)\u00a0(152.3)
Depreciation and amortisation\u00a022.9\u00a026.5\u00a049.4\u00a019.8\u00a023.5\u00a043.3
Share-based payments (Founder LTIP)\u00a02.0\u00a0(1.8)\u00a00.2\u00a01.1\u00a0(7.2)\u00a0(6.1)
Employer\u2019s social security (charge)/credit on Founder
LTIP and pre-IPO share-based awards
0.4\u00a0(2.2)\u00a0(1.8)\u00a0(5.6)\u00a02.8\u00a0(2.8)
Restructuring costs\u00a04.2\u00a016.6\u00a020.8\u00a0\u2013\u00a0\u2013\u00a0\u2013
Adjusted EBITDA\u00a0(48.3)\u00a0(38.4)\u00a0(86.7)\u00a0(61.7)\u00a0(56.2)\u00a0(117.9)
During the year, the Group implemented restructuring actions in both H1 and H2 to enhance cost efficiency and align its operating model
with its strategic priorities. These actions resulted in total restructuring and associated costs of \u00a322.6 million, including headcount
reductions, a refocusing of R&D activity, and adjustments to certain product offerings.
* \u00a0\u00a0In order to reflect the core performance of the business, versus the definition presented in the financial statements of the Group for the year ended 31 December 2024, management
has redefined Adjusted EBITDA to also exclude the impacts of other gains and losses as well as results from the associate. This is on the bases that neither of these items are included
within profit or loss from operations, they are outside the direct control of management, and they relate to financing or investment activities. The results to 31 December 2024 have
been restated to reflect this. Adjusted EBITDA for the year ended 31 December 2024 has been restated to a loss of \u00a3117.9 million (previously a loss of \u00a3116.1 million when including the
impact of other gains and losses as well as results from the associate).
The following table presents cash, cash equivalents and other liquid investments:
2025
\u00a3m
2024
\u00a3m
Cash and cash equivalents\u00a0\u00a0181.1\u00a0199.5
Investment bonds, including UK government bonds\u00a0124.2\u00a0211.8
Less: unrealised interest income\u00a0(0.1)\u00a0\u2013
Less: fair value movements on investment bonds\u00a0(2.4)\u00a0(7.5)
Cash, cash equivalents and other liquid investments\u00a0302.8\u00a0403.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }