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1 Accounting policies
Oxford Biomedica plc (\"the Company\") is a public company limited by shares, incorporated and domiciled in England, and listed on
the London Stock Exchange. The consolidated
financial statements for the year ended 31 December 2023 comprise the results of
the Company and its subsidiary undertakings (together referred to as \"Oxford Biomedica\" or the \"Group\").
As at 31 December 2023, the Company's principal subsidiaries were Oxford Biomedica (UK) Limited and Oxford Biomedica (US) LLC.
The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties
as well as performing internal research and development for its own purposes. The Group currently has no marketed
pharmaceutical products.
Basis of preparation
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have
been consistently applied to all the financial years presented, unless otherwise stated.
The Group and parent Company financial statements were prepared in accordance with UK-adopted international accounting
standards. As more fully explained in the Directors\u2019 Report on pages 115-121 and below, the going concern basis has been adopted
in preparing the financial statements.
A summary of the material Group accounting policies is set out below.
The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving
a higher degree of judgement or complexity, or where assumptions and estimates are material to the financial statements, are
disclosed in note 2.
Measurement convention
The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their
fair value:
\u2022 Assets held at fair value through profit & loss
\u2022 Put option liability
Non-current assets and disposal groups held for sale are stated at the lower of the previous carrying amount and fair value less
costs to sell.
Going concern
The financial position of the Group and Company, their cash flows and liquidity position are described in the Financial Statements
and notes to these financial statements section of this Annual report and accounts.
The Group and the Company made a loss after tax for the year ended 31 December 2023 of \u00a3184.2 million and \u00a3120.0 million
respectively, and consumed net cash flows from operating activities for the year of \u00a328.5 million and \u00a39.8 million. The Group also:
\u2022 Sold its Harrow House manufacturing facility in a sale and leaseback transaction for \u00a34.5 million to Kadans Science Partner in
June, whilst also agreeing an occupational lease of the property for 15 years;
\u2022 Closed the acquisition of ABL Europe in January 2024 for a consideration of \u20ac15 million, (including \u20ac10million of pre-completion
cash funding from Institut M\u00e9rieux); and
\u2022 Ended the year with cash and cash equivalents of \u00a3103.7 million.
In considering the basis of preparation of the Annual Report and accounts, the Directors have prepared cash flow forecasts for a
period of at least 12 months from the date of approval of these financial statements, based in the first instance on the Group\u2019s
2024 annual budget and forecasts for 2025. The Directors have undertaken a rigorous assessment of the forecasts in a base case
scenario and assessed identified downside risks and mitigating actions. These cash flow forecasts also take into consideration
severe but plausible downside scenarios including:
\u2022 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the
LentiVector\u00ae platform and AAV businesses;
\u2022 No revenues from new clients;
\u2022 Decreases in forecasted existing client milestones and removal of any future licence revenues; and
\u2022 The potential impacts of a downturn in the biotechnology sector on the Group and its clients including expected revenues from
existing clients under long term arrangements.
Under both the base case and mitigated downside scenario, the Group and Company have sufficient cash resources to continue in
operation for a period of at least 12 months from the date of approval of these financial statements. In the event of all the downside
scenarios above crystallising, the Group and Company would continue to meet their existing loan covenants until March 2025
without taking any mitigating actions, but the Board has mitigating actions in place that are largely within its control that would
enable the Group to reduce its spend within a reasonably short time-frame to increase the Group and Company\u2019s cash covenant
headroom as required by the loan facility with Oaktree Capital Management. Specifically, the Group will continue to monitor its
performance against the base case scenario and if base case cash-flows do not crystallise, start taking mitigating action by the end
of Q3 2024 which may include rationalisation of facilities and rightsizing the workforce.
In addition, the Board has confidence in the Group and Company\u2019s ability to continue as a going concern for the following reasons: \u2022 As noted above, the Group has cash balances of \u00a3103.7 million at the end of December 2023; \u2022 More than 50% of 2024 base case forecasted revenues are covered by binding purchase orders and rolling client forecasts which give confidence in the level of revenues forecast over the next 12 months; \u2022 The Group intends to delay the construction element of its Oxbox manufacturing facility expansion to now take place during 2028 and 2029; \u2022 The Group\u2019s ability to continue to be successful in winning new clients and building its brand as demonstrated by successfully entering into new client agreements including with Arcellx, Cargo Therapeutics, Cabaletta Bio and Oxford University over the last 12 months; and \u2022 The Group has the ability to control capital expenditure costs and lower other operational spend, as necessary. Taking account of the matters described above, the Directors are confident that the Group and Company will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Accounting developments The Group has adopted the following IFRSs in these financial statements: \u2022 Amendment to IAS 12 - deferred tax related to assets and liabilities from a single transaction \u2022 Disclosure of accounting policies - Amendments to IAS 1 At the date of authorisation of these Group financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards has been adopted early by the Group. The Directors anticipate that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group financial statements. Basis of consolidation The consolidated financial statements comprise the Company and its subsidiary undertakings for the year to 31 December each year. Subsidiaries are entities that are directly or indirectly controlled by the Group. Subsidiaries are consolidated from the date at which control is transferred to the Group. Control exists where the Group has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. The Group does not currently have any associates. All intra-group transactions and balances are eliminated on consolidation. Foreign currencies Foreign currency transactions The Group's presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency are translated into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within operational costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at the average exchange rate for the year, with the exception of the impairment charge in 2023 which has been translated at the year end rate. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. The assets and liabilities of foreign operations are translated to the Group's presentational currency at foreign exchange rates in effect at the Statement of Financial Position date. The revenue and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates in effect at the dates of the translations. Exchange differences arising from the translation of foreign operations are reported as an item of other comprehensive income and accumulated in an exchange reserve and subsequently reclassified to the Consolidated Income Statement on disposal of the net investment. Revenue Revenue comprises income derived from bioprocessing of clinical product for clients, fees charged for providing development services to clients, product and technology licence transactions, royalties, options and milestones. Platform The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial purposes. The bioprocessing of a batch creates an asset with no alternative use and the Group has an enforceable right to payment for performance completed to date, thereby meeting IFRS 15.35. Bioprocessing of clinical/commercial product for clients
is therefore recognised on a percentage of completion basis over time as the processes are carried out using the Input Method
under IFRS. Progress is determined based on the achievement of verifiable stages of the process with incremental adjustments
made based on the percentage of completion of the next unachieved verifiable stage. The gross amount due from clients, on all
partnerships with regards to bioprocessing batches in progress for which costs incurred plus recognised profits exceed progress
billings, is presented separately as a contract asset within the note to Trade and Other receivables as presented in the Statement of
Financial Position.
Consideration received in excess of the stage of completion will be deferred until such time as it is appropriate to recognise the
revenue. The Group has determined that its contracts with clients do not contain a significant financing component.
Revenues for providing process development activities to clients are recognised during the period in which the service is rendered
on a percentage of completion basis over time as the processes are carried out. The process development activities are recognised
over time as the activities create an asset that has no alternative use to the Group and the Group has an enforceable right to
payment for the work packages within the process development activity completed to date.
\u2022 Oxford Biomedica (UK) Ltd makes use of the output method under IFRS with revenue being recognised based on the
achievement of verifiable stages of the process, except for project management services which are recognised based on the
input method.
\u2022 As a resut of the processes and procedures implemented by Oxford Biomedica (US) LLC for the purposes of tracking and
accounting for its costs against projects, the company makes makes use of the input method under IFRS with revenue being
recognised based on the labour and other resources expended to provide the services as a percentage of the total expected
effort to complete the services.
Technology licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright
to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to
the client.
The granting of the technology licences to the Group's background intellectual property and know-how constitutes a \u201cright to
use\u201d licence as the Group's clients are able to conduct development work on the licence independent of the Group. The Group
is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for
recognising these technology licences as \u201cright to access\u201d licences has therefore not been met.
The achievement of milestones relating to bioprocessing or process development activities are assessed against the conditions
stipulated in the relevant agreements or contracts. Each milestone is determined as either binary or non-binary.
Milestones that are considered to be binary relate to the achievement of specific events rather than the provision of, for example,
support. Milestones related to the achievement of the specific deliverables are considered to be binary milestones and will be
recognised in full once it is deemed highly probable that the milestone will be achieved.
Milestones related to the provision of support services are considered to be non-binary. Milestones are recognised on a percentage
of completion basis, but taking into account the likelihood of achievement of the deliverable. Amounts receivable on the
achievement of the milestone represents variable consideration and has been allocated to the relevant performance obligation.
Options to technology licences are considered to form part of the technology licence performance obligation and as such are
recognised when the client exercises the option to obtain that licence. Options to technology licences are not considered to be
material rights because the client needs to pay fair value at point of exercising.
Product
Product licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright
to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to
the client.
The granting of the product licences to the Group's background intellectual property and know-how constitutes a \u201cright to use\u201d
licence as the Group's clients are able to conduct development work on the licence independent of the Group. The Group is
incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for
recognising these technology licences as \u201cright to access\u201d licences has therefore not been met.
Where amounts receivable in respect of milestone payments are binary, they will be recognised in full once it is deemed highly
probable that the conditions associated with the milestone payment have been met. Payments linked to \"success\" such as
regulatory filing or approval, or achievement of specified sales volumes, are recognised in full when the relevant event occurs.
Non-binary milestones are recognised on a percentage of completion basis in the period in which related costs are incurred, or
over the estimated period to completion of the relevant phase of development or associated clinical trials. Amounts receivable on
the achievement of the milestone represents variable consideration and has been allocated to the relevant performance obligation.
Royalty revenue is recognised as the underlying commercial sales of the underlying manufactured product occur to third parties of
contracted clients.
Cost of sales
Cost of sales comprises the cost of bioprocessing clinical product for clients, the cost of client development project activities, and
royalties arising on clients\u2019 licences.
The cost of client development project activities includes the labour costs, overheads and other directly attributable material and
third party costs. Costs are recognised as incurred.
The cost of bioprocessing clinical product for clients includes the raw materials, labour costs, overheads and other directly attributable third party costs. Costs are recognised as incurred. The Group's products and technologies include technology elements that are licencced from third parties. Royalties arising from such clients\u2019 licences are treated as cost of sales. Where royalties due have not been paid they are included in accruals. Where revenue is spread over a number of accounting periods, the royalty attributable to the deferred revenue is included in prepayments. Research, development and bioprocessing Research, development and bioprocessing expenditure is charged to the statement of comprehensive income in the period in which it is incurred. Employee benefit costs Employee benefit costs, notably holiday pay and contributions to the Group's defined contribution pension plan, are charged to the Statement of Comprehensive Income on an accruals basis. The assets of the pension scheme are held separately from those of the Group in independently administered funds. The Group does not offer any other post-retirement benefits. Share based payments The Group's employee share option schemes, long term incentive plans, a sharesave scheme and deferred bonus plans allow Group employees to acquire shares of the Company subject to certain criteria. The fair value of options granted is recognised as an expense of employment in the Statement of Comprehensive Income with a corresponding increase in equity. The fair value is measured at the date of grant and spread over the period during which the employees become unconditionally entitled to the options where the options are not nil cost options. Nil cost options are valued at the market price on the date of grant of the options. The fair value of options granted under the share option schemes and sharesave scheme is measured using the Black-Scholes model. The fair value of options granted under the LTIP schemes, which includes market condition performance criteria, is measured using a Monte Carlo model taking into account the performance conditions under which the options were granted. The fair value of options granted under the deferred bonus plans is based on the market value of the underlying shares at the date of grant of these options. At each financial year end, the Group revises its estimate of the number of options that are expected to become exercisable based on forfeiture such that at the end of the vesting period the cumulative charge reflects the actual options that have vested, with no charge for those options which were forfeited prior to vesting. When share options are exercised the proceeds received are credited to equity. Options over the Company's shares have been awarded to employees of Oxford Biomedica (UK) Ltd. In accordance with IFRS 2 \u2019Share- based Payments\u2019, the expense in respect of these awards is recognised in the subsidiaries\u2019 financial statements. In accordance with IFRS 2 the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment and a corresponding credit to reserves. Employee Benefit Trust The Oxford Biomedica Employee Benefit Trust (EBT) has been set up to hold market-purchased shares to settle share awards made to Executive Directors and employees. Within the Company financial statements, the investment in the Oxford Biomedica Employee Benefit Trust forms part of the Investments and loans in subsidiary, taking the form of a loan to subsidiaries. The EBT is consolidated within the Group financial statements. Leases As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property, the Group has elected not to separate non-lease components, and to account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset, or to restore the underlying asset or site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining relevant interest rates from external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the asset leased. Lease payments included in the measurement of the lease liability comprise fixed payments. The lease liability is measured at amortised cost using the effective interest method. It is re-measured if: \u2022 there is a change in the Group's estimate of the amount expected to be payable under residual future lease payments; \u2022 the Group changes its assessment of whether it will exercise a purchase, extension or termination option; or \u2022 there is a revised in-substance fixed lease payment. If a lease liability is re-measured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the Profit or Loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets in property, plant and equipment and lease liabilities as a category on the face of the Statement of Financial Position. Short term or low-value leases The Group has elected not to recognise right-of-use assets and lease liabilities of short term and low-value leases. The Group recognises lease payments associated with these leases as an expense on a straight-line basis over the lease term. Sales & Leaseback A sale and leaseback is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. For sale and operating leasebacks, generally the assets are sold at fair value, and accordingly the profits and loss from the sale are recognised immediately in the Statement of Profit and loss. The fair value is determined by obtaining a valuation from an independent property valuation firm. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. Finance income and costs Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate method. It also includes the revaluation of external loans denominated in a foreign currency. Financing expenses include interest payable and finance charges on lease liabilities recognised in profit or loss using the effective interest method and unwinding of the discount on provisions. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Taxation In 2023 and before, the Group was entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The Group receives a Research and Development Expenditure Credit (\u2019RDEC\u2019) which is accounted for as a reduction in research and development costs in the statement of comprehensive income, and within trade and other receivables in the Statement of Financial Position. The credit is paid in arrears once tax returns have been filed and agreed. For expenditure starting on or after 1st April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%. As the financial year end of OXB is 31 December 2023, this will be applied pro rata for 2023. The benefit to the Group of this change for 2023 is estimated to be \u00a31.4 million. However, there is now also a requirement to provide additional information alongside the claim, including technical narratives for a certain proportion of the research and development projects for which a claim is being made. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted, or substantially enacted, by the Statement of Financial Position date. Deferred tax is calculated in respect of all temporary differences identified at the Statement of Financial Position date except for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Temporary differences are differences between the carrying amount of the Group's assets and liabilities and their tax base. Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable profits within the same jurisdiction in the foreseeable future against which the deductible temporary difference can be utilised. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled, based on tax rates and laws that have been enacted or substantially enacted by the Statement of Financial Position date. Measurement of deferred tax liabilities and assets reflects the tax consequence expected to fall from the manner in which the asset or liability is recovered or settled. Property, plant and equipment Property, plant and equipment are carried at cost, together with any incidental expenses of acquisition, less depreciation. Cost includes the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values on a straight- line basis over the expected useful economic lives of the assets concerned. Depreciation of an asset begins when it is available for use. The principal annual rates used for this purpose are:
Freehold property
10%
Leasehold improvements
10%
(over remaining term of the lease if shorter)
Office equipment and computers
20-33%
Bioprocessing and laboratory equipment
14% -20%
The assets\u2019 residual values and useful lives are reviewed annually. Residual values are set at zero and will be reassessed should the asset's selling price exceed its net book value. The bioprocessing plants are reviewed annually for impairment triggers and, where necessary, a full impairment review is performed. Assets under construction are capitalised throughout the course of the construction period with depreciation starting once the asset is available for use. Assets capitalised under a category of fixed assets may be transferred to another category within fixed assets if, upon review, it is identified that the asset is more appropriately identifiable with that other category of fixed asset. Intangible assets & Goodwill Recognition and measurement
Goodwill
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
Developed Developed technology acquired by the Group (see note 11) has a finite useful life. It is measured at cost less accumulated
technology amortisation and any accumulated impairment losses.
Patents
Patents have finite useful lives and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2022 patents: 3\u201320 years \u2022 developed technology: 15 years Amortisation charges are included within research, development and bioprocessing costs in the Statement of Comprehensive Income. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent of the cash flows generated by other assets. Investments in subsidiaries Investments are carried at cost less any provision made for impairment. Options over the Company's shares have been awarded to employees of subsidiary companies. In accordance with IFRS2, the Company treats the value of these awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment. Investments in subsidiary undertakings, including shares and loans, are carried at cost less any impairment provision. Such investments are subject to review, and any impairment is charged to the statement of comprehensive income. At each year end, the Directors review the carrying value of the Company's investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a significant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company's investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Company's subsidiaries for this purpose. At year end, the Directors will assess the requirement to write back a portion or all of any impairment previously recognised on its investment in subsidiaries. Factors which will be taken into account with regard to this decision will be the Group's track record of improved financial results across the last three to four years, as well as the expectation of future impairments being required after a write back was accounted for. Financial assets Assets at fair value through profit and loss The gain or loss on Assets at fair value through profit and loss is recognised in the statement of comprehensive income. Bank deposits Bank deposits with original maturities between three months and twelve months are included in current assets and are valued at amortised cost. Financial instruments Classification On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal, and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or significantly reduces an accounting mismatch that would otherwise arise. Derecognition Financial assets The Group derecognises a financial asset when: \u2022 the contractual rights to the cash flows from the financial asset expire; or \u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred, or \u2022 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of the financial asset. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), is recognised in profit or loss. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Trade receivables Trade receivables are recognised initially at the transaction price as these assets do not have significant financing components, and are subsequently measured at amortised cost. The Group recognises loss allowances for receivables under the expected credit loss model as established by evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Contract Assets Contract assets relate to the Group's rights to consideration for work completed but not invoiced at the reporting date for commercial development work and bioprocesing batches. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the client. Cash and cash equivalents Cash and cash equivalents include cash in hand, bank deposits repayable on demand, and other short term highly liquid investments with original maturities of three months or less. Deposits Deposits consist of amounts held in escrow and is included within other receivables within the Statement of financial position until such time as the restrictions relating to those amounts have been lifted. Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Contract liabilities Contract liabilities primarily relate to the advance consideration received from clients for commercial development work and bioprocessing batches, and funded research and development activities. Deferred income Deferred income primarily relates to the advance consideration received for grants. Provisions Provisions for dilapidation costs and other potential liabilities are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using the 3 year historical inflation rate. The increase in the provision due to the passage of time is recognised as a finance cost. Share capital Ordinary shares are classified as equity. Costs of share issues are charged to the share premium account. Merger reserve A merger reserve is used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under s612 and s613 of the Companies Act 2006. Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process, and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2019concentration test\u2019 that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Non-controlling interests (NCI) NCI are measured initially at the Group's proportionate interest in the recognised amount of the identifiable assets and liabilities of the acquiree. NCI are measured subsequently at their proportionate share of the subsidiary's net assets at the reporting date. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. When a foreign operation is disposed of in its entirety, or partially such that control, significant control or joint control, is lost, the cumulative amount in the translation reserve related to the foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. Financial liability: loans On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent measurement, external loans are measured at amortised cost under the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest expense over the relevant period. The calculation of the effective interest rate takes into account the estimated cash flows which consider all the contractual terms of the financial instrument, including any embedded derivatives which are not subject to separation. Financial liability: Put options Where a put option with non-controlling shareholders (NCI) exists on their equity interests, a liability for the fair value of the exercise price of the option is recognised. Management have assessed that the NCI still have access to the returns associated with the underlying ownership interests, and have therefore chosen to apply the present access method under which the corresponding entry is recognised in Other Equity. As required by IFRS, Oxford Biomedica has chosen to apply an accounting policy, to be applied consistently for all put liabilities: that subsequent to initial recognition, changes in fair value of the put liability will be recognised in equity. The value of the put liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put option, taking into consideration Oxford Biomedica (US) LLC's forecasted cash flows over the period up until the expected exercise date along with the expected volatility of those cash flows over that same period. The expected future exercise value is then discounted to the present using a discount rate in order to capture the counter party risk of the expected payment. The discount rate may be impacted by economic and market factors as well as changes to the risk free rate of return which impacts debt borrowing rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "1 Accounting policies Oxford Biomedica plc (\"the Company\") is a public company limited by shares, incorporated and domiciled in England, and listed on the London Stock Exchange. The consolidated financial statements for the year ended 31 December 2023 comprise the results of the Company and its subsidiary undertakings (together referred to as \"Oxford Biomedica\" or the \"Group\"). As at 31 December 2023, the Company's principal subsidiaries were Oxford Biomedica (UK) Limited and Oxford Biomedica (US) LLC. The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties as well as performing internal research and development for its own purposes. The Group currently has no marketed pharmaceutical products. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Oxford Biomedica plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "The Group is a cell and gene therapy research, development and bioprocessing business providing services to third parties as well as performing internal research and development for its own purposes. The Group currently has no marketed pharmaceutical products. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Basis of preparation The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the financial years presented, unless otherwise stated. The Group and parent Company financial statements were prepared in accordance with UK-adopted international accounting standards. As more fully explained in the Directors\u2019 Report on pages 115-121 and below, the going concern basis has been adopted in preparing the financial statements. A summary of the material Group accounting policies is set out below. The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are material to the financial statements, are disclosed in note 2", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "The Group and parent Company financial statements were prepared in accordance with UK-adopted international accounting standards. Measurement convention The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: \u2022 Assets held at fair value through profit & loss \u2022 Put option liability Non-current assets and disposal groups held for sale are stated at the lower of the previous carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "Going concern The financial position of the Group and Company, their cash flows and liquidity position are described in the Financial Statements and notes to these financial statements section of this Annual report and accounts. The Group and the Company made a loss after tax for the year ended 31 December 2023 of \u00a3184.2 million and \u00a3120.0 million respectively, and consumed net cash flows from operating activities for the year of \u00a328.5 million and \u00a39.8 million. The Group also: \u2022 Sold its Harrow House manufacturing facility in a sale and leaseback transaction for \u00a34.5 million to Kadans Science Partner in June, whilst also agreeing an occupational lease of the property for 15 years; \u2022 Closed the acquisition of ABL Europe in January 2024 for a consideration of \u20ac15 million, (including \u20ac10million of pre-completion cash funding from Institut M\u00e9rieux); and \u2022 Ended the year with cash and cash equivalents of \u00a3103.7 million. In considering the basis of preparation of the Annual Report and accounts, the Directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements, based in the first instance on the Group\u2019s 2024 annual budget and forecasts for 2025. The Directors have undertaken a rigorous assessment of the forecasts in a base case scenario and assessed identified downside risks and mitigating actions. These cash flow forecasts also take into consideration severe but plausible downside scenarios including: \u2022 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the LentiVector\u00ae platform and AAV businesses; \u2022 No revenues from new clients; \u2022 Decreases in forecasted existing client milestones and removal of any future licence revenues; and \u2022 The potential impacts of a downturn in the biotechnology sector on the Group and its clients including expected revenues from existing clients under long term arrangements. Under both the base case and mitigated downside scenario, the Group and Company have sufficient cash resources to continue in operation for a period of at least 12 months from the date of approval of these financial statements. In the event of all the downside scenarios above crystallising, the Group and Company would continue to meet their existing loan covenants until March 2025 without taking any mitigating actions, but the Board has mitigating actions in place that are largely within its control that would enable the Group to reduce its spend within a reasonably short time-frame to increase the Group and Company\u2019s cash covenant headroom as required by the loan facility with Oaktree Capital Management. Specifically, the Group will continue to monitor its performance against the base case scenario and if base case cash-flows do not crystallise, start taking mitigating action by the end of Q3 2024 which may include rationalisation of facilities and rightsizing the workforce.
In addition, the Board has confidence in the Group and Company\u2019s ability to continue as a going concern for the following reasons:
\u2022 As noted above, the Group has cash balances of \u00a3103.7 million at the end of December 2023;
\u2022 More than 50% of 2024 base case forecasted revenues are covered by binding purchase orders and rolling client forecasts which
give confidence in the level of revenues forecast over the next 12 months;
\u2022 The Group intends to delay the construction element of its Oxbox manufacturing facility expansion to now take place during
2028 and 2029;
\u2022 The Group\u2019s ability to continue to be successful in winning new clients and building its brand as demonstrated by successfully
entering into new client agreements including with Arcellx, Cargo Therapeutics, Cabaletta Bio and Oxford University over the last
12 months; and
\u2022 The Group has the ability to control capital expenditure costs and lower other operational spend, as necessary.
Taking account of the matters described above, the Directors are confident that the Group and Company will have sufficient funds
to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and
therefore have prepared the financial statements on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "
Accounting developments
The Group has adopted the following IFRSs in these financial statements:
\u2022 Amendment to IAS 12 - deferred tax related to assets and liabilities from a single transaction
\u2022 Disclosure of accounting policies - Amendments to IAS 1
At the date of authorisation of these Group financial statements, several new, but not yet effective, Standards and amendments
to existing Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing
Standards has been adopted early by the Group.
The Directors anticipate that all relevant pronouncements will be adopted for the first period beginning on or after the effective
date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been
disclosed as they are not expected to have a material impact on the Group financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "The Group has adopted the following IFRSs in these financial statements: \u2022 Amendment to IAS 12 - deferred tax related to assets and liabilities from a single transaction \u2022 Disclosure of accounting policies - Amendments to IAS 1 ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "At the date of authorisation of these Group financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB. None of these Standards or amendments to existing Standards has been adopted early by the Group. The Directors anticipate that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "
Basis of consolidation
The consolidated financial statements comprise the Company and its subsidiary undertakings for the year to 31 December each
year. Subsidiaries are entities that are directly or indirectly controlled by the Group. Subsidiaries are consolidated from the date at
which control is transferred to the Group. Control exists where the Group has the power to govern the financial and operating
policies of the entity so as to obtain benefits from its activities. The Group does not currently have any associates.
All intra-group transactions and balances are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "
Foreign currencies
Foreign currency transactions
The Group's presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange
ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional
currency at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency
are translated into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are
measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency
differences are generally recognised in profit or loss and presented within operational costs.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated
into sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at
the average exchange rate for the year, with the exception of the impairment charge in 2023 which has been translated at the year
end rate.
Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the
translation difference is allocated to NCI.
The assets and liabilities of foreign operations are translated to the Group's presentational currency at foreign exchange rates
in effect at the Statement of Financial Position date. The revenue and expenses of foreign operations are translated at an
average rate for the year where this rate approximates to the foreign exchange rates in effect at the dates of the translations.
Exchange differences arising from the translation of foreign operations are reported as an item of other comprehensive income
and accumulated in an exchange reserve and subsequently reclassified to the Consolidated Income Statement on disposal of the
net investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "Foreign currencies Foreign currency transactions The Group's presentational currency is sterling. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that are measured at fair value in a foreign currency are translated into functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within operational costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into sterling at the exchanges rates at reporting date. The income and expenses of foreign operations are translated into sterling at the average exchange rate for the year, with the exception of the impairment charge in 2023 which has been translated at the year end rate. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. The assets and liabilities of foreign operations are translated to the Group's presentational currency at foreign exchange rates in effect at the Statement of Financial Position date. The revenue and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates in effect at the dates of the translations. Exchange differences arising from the translation of foreign operations are reported as an item of other comprehensive income and accumulated in an exchange reserve and subsequently reclassified to the Consolidated Income Statement on disposal of the net investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "
Revenue
Revenue comprises income derived from bioprocessing of clinical product for clients, fees charged for providing development
services to clients, product and technology licence transactions, royalties, options and milestones.
Platform
The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial
purposes. The bioprocessing of a batch creates an asset with no alternative use and the Group has an enforceable right to
payment for performance completed to date, thereby meeting IFRS 15.35. Bioprocessing of clinical/commercial product for clients
is therefore recognised on a percentage of completion basis over time as the processes are carried out using the Input Method under IFRS. Progress is determined based on the achievement of verifiable stages of the process with incremental adjustments made based on the percentage of completion of the next unachieved verifiable stage. The gross amount due from clients, on all partnerships with regards to bioprocessing batches in progress for which costs incurred plus recognised profits exceed progress billings, is presented separately as a contract asset within the note to Trade and Other receivables as presented in the Statement of Financial Position. Consideration received in excess of the stage of completion will be deferred until such time as it is appropriate to recognise the revenue. The Group has determined that its contracts with clients do not contain a significant financing component. Revenues for providing process development activities to clients are recognised during the period in which the service is rendered on a percentage of completion basis over time as the processes are carried out. The process development activities are recognised over time as the activities create an asset that has no alternative use to the Group and the Group has an enforceable right to payment for the work packages within the process development activity completed to date. \u2022 Oxford Biomedica (UK) Ltd makes use of the output method under IFRS with revenue being recognised based on the achievement of verifiable stages of the process, except for project management services which are recognised based on the input method. \u2022 As a resut of the processes and procedures implemented by Oxford Biomedica (US) LLC for the purposes of tracking and accounting for its costs against projects, the company makes makes use of the input method under IFRS with revenue being recognised based on the labour and other resources expended to provide the services as a percentage of the total expected effort to complete the services. Technology licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client. The granting of the technology licences to the Group's background intellectual property and know-how constitutes a \u201cright to use\u201d licence as the Group's clients are able to conduct development work on the licence independent of the Group. The Group is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these technology licences as \u201cright to access\u201d licences has therefore not been met. The achievement of milestones relating to bioprocessing or process development activities are assessed against the conditions stipulated in the relevant agreements or contracts. Each milestone is determined as either binary or non-binary. Milestones that are considered to be binary relate to the achievement of specific events rather than the provision of, for example, support. Milestones related to the achievement of the specific deliverables are considered to be binary milestones and will be recognised in full once it is deemed highly probable that the milestone will be achieved. Milestones related to the provision of support services are considered to be non-binary. Milestones are recognised on a percentage of completion basis, but taking into account the likelihood of achievement of the deliverable. Amounts receivable on the achievement of the milestone represents variable consideration and has been allocated to the relevant performance obligation. Options to technology licences are considered to form part of the technology licence performance obligation and as such are recognised when the client exercises the option to obtain that licence. Options to technology licences are not considered to be material rights because the client needs to pay fair value at point of exercising. Product Product licences that have been established by the Group have all been determined as \u201cright to use\u201d licences, rather than \u201cright to access\u201d licences. As such, the revenue from these licences is recognised at the point in time at which the licence transfers to the client. The granting of the product licences to the Group's background intellectual property and know-how constitutes a \u201cright to use\u201d licence as the Group's clients are able to conduct development work on the licence independent of the Group. The Group is incentivised separately for its performance obligations in relation to development work and milestone payments. The criteria for recognising these technology licences as \u201cright to access\u201d licences has therefore not been met. Where amounts receivable in respect of milestone payments are binary, they will be recognised in full once it is deemed highly probable that the conditions associated with the milestone payment have been met. Payments linked to \"success\" such as regulatory filing or approval, or achievement of specified sales volumes, are recognised in full when the relevant event occurs. Non-binary milestones are recognised on a percentage of completion basis in the period in which related costs are incurred, or over the estimated period to completion of the relevant phase of development or associated clinical trials. Amounts receivable on the achievement of the milestone represents variable consideration and has been allocated to the relevant performance obligation. Royalty revenue is recognised as the underlying commercial sales of the underlying manufactured product occur to third parties of contracted clients. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Cost of sales Cost of sales comprises the cost of bioprocessing clinical product for clients, the cost of client development project activities, and royalties arising on clients\u2019 licences. The cost of client development project activities includes the labour costs, overheads and other directly attributable material and third party costs. Costs are recognised as incurred.
The cost of bioprocessing clinical product for clients includes the raw materials, labour costs, overheads and other directly
attributable third party costs. Costs are recognised as incurred.
The Group's products and technologies include technology elements that are licencced from third parties. Royalties arising from
such clients\u2019 licences are treated as cost of sales. Where royalties due have not been paid they are included in accruals. Where
revenue is spread over a number of accounting periods, the royalty attributable to the deferred revenue is included in prepayments.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "
Research, development and bioprocessing
Research, development and bioprocessing expenditure is charged to the statement of comprehensive income in the period in
which it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "
Employee benefit costs
Employee benefit costs, notably holiday pay and contributions to the Group's defined contribution pension plan, are charged to the
Statement of Comprehensive Income on an accruals basis. The assets of the pension scheme are held separately from those of the
Group in independently administered funds. The Group does not offer any other post-retirement benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "
Share based payments
The Group's employee share option schemes, long term incentive plans, a sharesave scheme and deferred bonus plans allow
Group employees to acquire shares of the Company subject to certain criteria. The fair value of options granted is recognised as
an expense of employment in the Statement of Comprehensive Income with a corresponding increase in equity. The fair value
is measured at the date of grant and spread over the period during which the employees become unconditionally entitled to
the options where the options are not nil cost options. Nil cost options are valued at the market price on the date of grant of
the options. The fair value of options granted under the share option schemes and sharesave scheme is measured using the
Black-Scholes model. The fair value of options granted under the LTIP schemes, which includes market condition performance
criteria, is measured using a Monte Carlo model taking into account the performance conditions under which the options were
granted. The fair value of options granted under the deferred bonus plans is based on the market value of the underlying shares at
the date of grant of these options.
At each financial year end, the Group revises its estimate of the number of options that are expected to become exercisable based
on forfeiture such that at the end of the vesting period the cumulative charge reflects the actual options that have vested, with
no charge for those options which were forfeited prior to vesting. When share options are exercised the proceeds received are
credited to equity.
Options over the Company's shares have been awarded to employees of Oxford Biomedica (UK) Ltd. In accordance with IFRS
2 \u2019Share- based Payments\u2019, the expense in respect of these awards is recognised in the subsidiaries\u2019 financial statements. In
accordance with IFRS 2 the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in
the cost of investment and a corresponding credit to reserves.
Employee Benefit Trust
The Oxford Biomedica Employee Benefit Trust (EBT) has been set up to hold market-purchased shares to settle share awards made
to Executive Directors and employees. Within the Company financial statements, the investment in the Oxford Biomedica Employee
Benefit Trust forms part of the Investments and loans in subsidiary, taking the form of a loan to subsidiaries. The EBT is consolidated
within the Group financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "
Leases
As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in
the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property, the
Group has elected not to separate non-lease components, and to account for the lease and non-lease components as a single
lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset,
or to restore the underlying asset or site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the end of
the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
re-measurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental
borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining relevant interest rates from external financing sources and
makes certain adjustments to reflect the terms of the lease and the type of the asset leased.
Lease payments included in the measurement of the lease liability comprise fixed payments.
The lease liability is measured at amortised cost using the effective interest method. It is re-measured if:
\u2022 there is a change in the Group's estimate of the amount expected to be payable under residual future lease payments;
\u2022 the Group changes its assessment of whether it will exercise a purchase, extension or termination option; or
\u2022 there is a revised in-substance fixed lease payment.
If a lease liability is re-measured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is
recorded in the Profit or Loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in property, plant and equipment and lease liabilities as a category on the face of the
Statement of Financial Position.
Short term or low-value leases
The Group has elected not to recognise right-of-use assets and lease liabilities of short term and low-value leases. The Group
recognises lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Sales & Leaseback
A sale and leaseback is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with
the buyer.
For sale and operating leasebacks, generally the assets are sold at fair value, and accordingly the profits and loss from the sale
are recognised immediately in the Statement of Profit and loss. The fair value is determined by obtaining a valuation from an
independent property valuation firm.
A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant
and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the
right retained. Any gain or loss arising relates to the rights transferred to the buyer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "
Finance income and costs
Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate
method. It also includes the revaluation of external loans denominated in a foreign currency.
Financing expenses include interest payable and finance charges on lease liabilities recognised in profit or loss using the effective
interest method and unwinding of the discount on provisions.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "Finance income and costs Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate method. It also includes the revaluation of external loans denominated in a foreign currency. Financing expenses include interest payable and finance charges on lease liabilities recognised in profit or loss using the effective interest method and unwinding of the discount on provisions. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "Finance income and costs Finance income and costs comprise interest income and interest payable during the year, calculated using the effective interest rate method. It also includes the revaluation of external loans denominated in a foreign currency. Financing expenses include interest payable and finance charges on lease liabilities recognised in profit or loss using the effective interest method and unwinding of the discount on provisions. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "
Taxation
In 2023 and before, the Group was entitled to claim tax credits in the United Kingdom for certain research and development
expenditure. The Group receives a Research and Development Expenditure Credit (\u2019RDEC\u2019) which is accounted for as a reduction
in research and development costs in the statement of comprehensive income, and within trade and other receivables in the
Statement of Financial Position. The credit is paid in arrears once tax returns have been filed and agreed. For expenditure starting
on or after 1st April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%. As the
financial year end of OXB is 31 December 2023, this will be applied pro rata for 2023. The benefit to the Group of this change
for 2023 is estimated to be \u00a31.4 million. However, there is now also a requirement to provide additional information alongside
the claim, including technical narratives for a certain proportion of the research and development projects for which a claim is
being made.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax
rates and laws that have been enacted, or substantially enacted, by the Statement of Financial Position date.
Deferred tax is calculated in respect of all temporary differences identified at the Statement of Financial Position date except for:
the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other
than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not
reverse in the foreseeable future.
Temporary differences are differences between the carrying amount of the Group's assets and liabilities and their tax base. Deferred
tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining
deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be
suitable taxable profits within the same jurisdiction in the foreseeable future against which the deductible temporary difference can
be utilised.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability
settled, based on tax rates and laws that have been enacted or substantially enacted by the Statement of Financial Position date.
Measurement of deferred tax liabilities and assets reflects the tax consequence expected to fall from the manner in which the asset
or liability is recovered or settled.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Taxation In 2023 and before, the Group was entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The Group receives a Research and Development Expenditure Credit (\u2019RDEC\u2019) which is accounted for as a reduction in research and development costs in the statement of comprehensive income, and within trade and other receivables in the Statement of Financial Position. The credit is paid in arrears once tax returns have been filed and agreed. For expenditure starting on or after 1st April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%. As the financial year end of OXB is 31 December 2023, this will be applied pro rata for 2023. The benefit to the Group of this change for 2023 is estimated to be \u00a31.4 million. However, there is now also a requirement to provide additional information alongside the claim, including technical narratives for a certain proportion of the research and development projects for which a claim is being made. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted, or substantially enacted, by the Statement of Financial Position date. Deferred tax is calculated in respect of all temporary differences identified at the Statement of Financial Position date except for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Temporary differences are differences between the carrying amount of the Group's assets and liabilities and their tax base. Deferred tax liabilities may be offset against deferred tax assets within the same taxable entity or qualifying local tax group. Any remaining deferred tax asset is recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable profits within the same jurisdiction in the foreseeable future against which the deductible temporary difference can be utilised. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the asset is realised or liability settled, based on tax rates and laws that have been enacted or substantially enacted by the Statement of Financial Position date. Measurement of deferred tax liabilities and assets reflects the tax consequence expected to fall from the manner in which the asset or liability is recovered or settled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "Property, plant and equipment Property, plant and equipment are carried at cost, together with any incidental expenses of acquisition, less depreciation. Cost includes the original purchase price of the asset and any costs attributable to bringing the asset to its working condition for its intended use
Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values on a straight-
line basis over the expected useful economic lives of the assets concerned. Depreciation of an asset begins when it is available for
use. The principal annual rates used for this purpose are:
Freehold property
10%
Leasehold improvements
10%
(over remaining term of the lease if shorter)
Office equipment and computers
20-33%
Bioprocessing and laboratory equipment
14% -20%
The assets\u2019 residual values and useful lives are reviewed annually. Residual values are set at zero and will be reassessed should the
asset's selling price exceed its net book value.
The bioprocessing plants are reviewed annually for impairment triggers and, where necessary, a full impairment review
is performed.
Assets under construction are capitalised throughout the course of the construction period with depreciation starting once the
asset is available for use.
Assets capitalised under a category of fixed assets may be transferred to another category within fixed assets if, upon review, it is
identified that the asset is more appropriately identifiable with that other category of fixed asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values on a straight- line basis over the expected useful economic lives of the assets concerned. Depreciation of an asset begins when it is available for use. The principal annual rates used for this purpose are:
Freehold property
10%
Leasehold improvements
10%
(over remaining term of the lease if shorter)
Office equipment and computers
20-33%
Bioprocessing and laboratory equipment
14% -20%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
Developed Developed technology acquired by the Group (see note 11) has a finite useful life. It is measured at cost less accumulated
technology amortisation and any accumulated impairment losses.
Patents
Patents have finite useful lives and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2022 patents: 3\u201320 years \u2022 developed technology: 15 years Amortisation charges are included within research, development and bioprocessing costs in the Statement of Comprehensive Income. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent of the cash flows generated by other assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
Developed Developed technology acquired by the Group (see note 11) has a finite useful life. It is measured at cost less accumulated
technology amortisation and any accumulated impairment losses.
Patents
Patents have finite useful lives and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2022 patents: 3\u201320 years \u2022 developed technology: 15 years Amortisation charges are included within research, development and bioprocessing costs in the Statement of Comprehensive Income. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent of the cash flows generated by other assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
Developed Developed technology acquired by the Group (see note 11) has a finite useful life. It is measured at cost less accumulated
technology amortisation and any accumulated impairment losses.
Patents
Patents have finite useful lives and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2022 patents: 3\u201320 years \u2022 developed technology: 15 years Amortisation charges are included within research, development and bioprocessing costs in the Statement of Comprehensive Income. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent of the cash flows generated by other assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.
Developed Developed technology acquired by the Group (see note 11) has a finite useful life. It is measured at cost less accumulated
technology amortisation and any accumulated impairment losses.
Patents
Patents have finite useful lives and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
Intellectual property rights comprise third party patent rights or rights to market commercial products for key therapeutic indications that have been purchased by the Group. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognised in profit or loss. Goodwill is not amortised. The estimated useful lives for current and comparative periods are as follows: \u2022 patents: 3\u201320 years \u2022 developed technology: 15 years Amortisation charges are included within research, development and bioprocessing costs in the Statement of Comprehensive Income. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. Cash generating unit (CGU) A cash generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent of the cash flows generated by other assets. Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets
is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive
process, and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2019concentration test\u2019
that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration
test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of
similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable
net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in
profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "value": "Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "Impairment The carrying value of non-financial assets is reviewed annually for impairment, or earlier if an indication of impairment occurs, and provision made where appropriate. Charges or credits for impairment are passed through the statement of comprehensive income. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows or cash-generating units. Impairment losses are recognised for the amount by which each asset's carrying amount exceeds recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell, and value in use. Value in use is calculated using estimated discounted future cash flows. The key assumptions used in calculating the discounted future cash flows are management estimates, based where possible on available market information and information for similar products. Impairment charges are included on the face of the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "
Investments in subsidiaries
Investments are carried at cost less any provision made for impairment. Options over the Company's shares have been awarded
to employees of subsidiary companies. In accordance with IFRS2, the Company treats the value of these awards as a capital
contribution to the subsidiaries, resulting in an increase in the cost of investment.
Investments in subsidiary undertakings, including shares and loans, are carried at cost less any impairment provision. Such
investments are subject to review, and any impairment is charged to the statement of comprehensive income.
At each year end, the Directors review the carrying value of the Company's investment in subsidiaries. Where there is a material
and sustained shortfall in the market capitalisation, or a significant and sustained change in the business resulting in a decrease in
market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value
of the Company's investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the
Group is an appropriate external measure of the value of the Company's subsidiaries for this purpose.
At year end, the Directors will assess the requirement to write back a portion or all of any impairment previously recognised on its
investment in subsidiaries. Factors which will be taken into account with regard to this decision will be the Group's track record of
improved financial results across the last three to four years, as well as the expectation of future impairments being required after a
write back was accounted for.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "
Financial assets
Assets at fair value through profit and loss
The gain or loss on Assets at fair value through profit and loss is recognised in the statement of comprehensive income.
Bank deposits
Bank deposits with original maturities between three months and twelve months are included in current assets and are valued at
amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "Financial assets Assets at fair value through profit and loss The gain or loss on Assets at fair value through profit and loss is recognised in the statement of comprehensive income. Bank deposits Bank deposits with original maturities between three months and twelve months are included in current assets and are valued at amortised cost. Financial instruments Classification On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal, and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or significantly reduces an accounting mismatch that would otherwise arise. Derecognition Financial assets The Group derecognises a financial asset when: \u2022 the contractual rights to the cash flows from the financial asset expire; or \u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred, or \u2022 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of the financial asset. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid
(including any non-cash assets transferred or liabilities assumed), is recognised in profit or loss.
Financial liability: loans
On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent
measurement, external loans are measured at amortised cost under the effective interest rate method. The effective interest rate
method is a method of calculating the amortised cost of a financial liability and allocating the interest expense over the relevant
period. The calculation of the effective interest rate takes into account the estimated cash flows which consider all the contractual
terms of the financial instrument, including any embedded derivatives which are not subject to separation.
Financial liability: Put options
Where a put option with non-controlling shareholders (NCI) exists on their equity interests, a liability for the fair value of the
exercise price of the option is recognised.
Management have assessed that the NCI still have access to the returns associated with the underlying ownership interests, and
have therefore chosen to apply the present access method under which the corresponding entry is recognised in Other Equity. As
required by IFRS, Oxford Biomedica has chosen to apply an accounting policy, to be applied consistently for all put liabilities: that
subsequent to initial recognition, changes in fair value of the put liability will be recognised in equity.
The value of the put liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of
the put option, taking into consideration Oxford Biomedica (US) LLC's forecasted cash flows over the period up until the expected
exercise date along with the expected volatility of those cash flows over that same period. The expected future exercise value
is then discounted to the present using a discount rate in order to capture the counter party risk of the expected payment. The
discount rate may be impacted by economic and market factors as well as changes to the risk free rate of return which impacts
debt borrowing rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "Assets at fair value through profit and loss The gain or loss on Assets at fair value through profit and loss is recognised in the statement of comprehensive income. Classification On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal, and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or significantly reduces an accounting mismatch that would otherwise arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "Assets at fair value through profit and loss The gain or loss on Assets at fair value through profit and loss is recognised in the statement of comprehensive income.
Classification
On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity
investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial
assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal, and interest on the principal
amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent
changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortised cost or FVOCI as described above, are measured at FVTPL. This includes
all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets
the requirements to be measured at amortised cost or at FVOCI, as at FVTPL if doing so eliminates, or significantly reduces an
accounting mismatch that would otherwise arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "
Derecognition
Financial assets
The Group derecognises a financial asset when:
\u2022 the contractual rights to the cash flows from the financial asset expire; or
\u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either:
\u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred, or
\u2022 the Group neither transfers nor retains substantially all of the risks and rewards of ownership, and it does not retain control of the
financial asset.
Financial liabilities
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also
derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in
which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed), is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. It
excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable
variable selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
Trade receivables
Trade receivables are recognised initially at the transaction price as these assets do not have significant financing components, and
are subsequently measured at amortised cost. The Group recognises loss allowances for receivables under the expected credit loss
model as established by evidence that the Group will not be able to collect all amounts due according to the original terms of
the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "
Contract Assets
Contract assets relate to the Group's rights to consideration for work completed but not invoiced at the reporting date for
commercial development work and bioprocesing batches. The contract assets are transferred to receivables when the rights
become unconditional. This usually occurs when the Group issues an invoice to the client.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForContractAssets", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "
Cash and cash equivalents
Cash and cash equivalents include cash in hand, bank deposits repayable on demand, and other short term highly liquid
investments with original maturities of three months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "
Deposits
Deposits consist of amounts held in escrow and is included within other receivables within the Statement of financial position until
such time as the restrictions relating to those amounts have been lifted.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForDeposits", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as
non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "
Contract liabilities
Contract liabilities primarily relate to the advance consideration received from clients for commercial development work and
bioprocessing batches, and funded research and development activities.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForContractLiabilities", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
Deferred income
Deferred income primarily relates to the advance consideration received for grants.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForDeferredIncome", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
Provisions
Provisions for dilapidation costs and other potential liabilities are recognised when the Group has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the
amount has been reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using the 3 year
historical inflation rate. The increase in the provision due to the passage of time is recognised as a finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "
Share capital
Ordinary shares are classified as equity. Costs of share issues are charged to the share premium account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "
Merger reserve
A merger reserve is used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of
new shares by the Company, thereby attracting merger relief under s612 and s613 of the Companies Act 2006.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForMergerReserve", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "
Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets
the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets
is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process, and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2019concentration test\u2019 that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are
generally recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "
Non-controlling interests (NCI)
NCI are measured initially at the Group's proportionate interest in the recognised amount of the identifiable assets and liabilities
of the acquiree. NCI are measured subsequently at their proportionate share of the subsidiary's net assets at the reporting date.
Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
When a foreign operation is disposed of in its entirety, or partially such that control, significant control or joint control, is lost, the
cumulative amount in the translation reserve related to the foreign operation is reclassified to profit or loss as part of the gain or
loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the
cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining
significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "Financial liability: loans On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent measurement, external loans are measured at amortised cost under the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest expense over the relevant period. The calculation of the effective interest rate takes into account the estimated cash flows which consider all the contractual terms of the financial instrument, including any embedded derivatives which are not subject to separation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "Financial liability: loans On initial recognition, external loans are measured at fair value plus directly attributable transaction costs. On subsequent measurement, external loans are measured at amortised cost under the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial liability and allocating the interest expense over the relevant period. The calculation of the effective interest rate takes into account the estimated cash flows which consider all the contractual terms of the financial instrument, including any embedded derivatives which are not subject to separation. Financial liability: Put options Where a put option with non-controlling shareholders (NCI) exists on their equity interests, a liability for the fair value of the exercise price of the option is recognised. Management have assessed that the NCI still have access to the returns associated with the underlying ownership interests, and have therefore chosen to apply the present access method under which the corresponding entry is recognised in Other Equity. As required by IFRS, Oxford Biomedica has chosen to apply an accounting policy, to be applied consistently for all put liabilities: that subsequent to initial recognition, changes in fair value of the put liability will be recognised in equity. The value of the put liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put option, taking into consideration Oxford Biomedica (US) LLC's forecasted cash flows over the period up until the expected exercise date along with the expected volatility of those cash flows over that same period. The expected future exercise value is then discounted to the present using a discount rate in order to capture the counter party risk of the expected payment. The discount rate may be impacted by economic and market factors as well as changes to the risk free rate of return which impacts debt borrowing rates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
2 Critical accounting judgements and estimates
In applying the Group's accounting policies, management is required to make judgements and assumptions concerning the
future in a number of areas. Actual results may be different from those estimated using these judgements and assumptions. The
key sources of estimation uncertainty and the critical accounting judgements that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Key accounting matters
Judgements
Contract revenues: Identification of performance obligations, allocation of revenue and timing of revenue recognition
The Group has identified three key areas of judgement within the collaboration agreements entered into during the period. Firstly,
in relation to the number of distinct performance obligations contained within each collaboration agreement; secondly the fair
value allocation of revenue to each performance obligation based on its relative stand alone selling price; and thirdly the timing
of revenue recognition based on the achievement of the relevant performance obligation. The sales royalties contained within the
collaboration agreements qualify for the royalty exemption available under IFRS 15 and will only be recognised as the underlying
sales are made even though the performance obligation, in terms of the technology licence, has already been met.
The judgements with regards to the number of distinct performance obligations and the fair value allocation of revenue to
each performance obligation, based on relative stand alone selling price, takes place on a contract-by-contract basis across
numerous contracts entered into by the Group. As these judgements take place across numerous contracts, each with different
characteristics, it is not practical to provide a quantitative analysis of the impact of applying different judgements, and the Directors
do not believe that disclosing a range of outcomes resulting from applying different judgements provides meaningful information to
the reader of the financial statements. Consequently, no quantitative analysis has been provided for these judgements.
Timing of revenue recognition: technology licence revenues
One of the key judgemental areas identified within the collaboration agreements is the timing of recognition of licence revenue
based on the achievement of the relevant performance obligation. The individual factors and aspects relating to licence revenue
are assessed as part of the IFRS 15 accounting paper prepared for each agreement and a judgement is made as to whether the
licence fee performance obligation related to the granting of the licence to the client has been achieved. If it was judged that the
performance obligations on licences granted in 2023 had not been met, revenues would have been \u00a31.7 million lower with the
revenue expected to be recognised in future when the performance obligations were deemed to have been met.
Estimations
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
discussed below. The nature of estimation means that actual outcomes could differ from those estimates.
Revenue recognition: The allocation of the transaction price to each performance obligation based on its relative stand alone
selling price
Because there is no readily available market price for many of the performance obligations contained in the client contracts, the
Group estimates the stand alone selling price of each of these performance obligations. Key areas of estimation are assessed to be:
\u2022 The stand alone selling price of technology licences. The Group assesses the stand alone selling price of licences by reference to
the stand alone selling price of previously recognised client technology licences, the size of the market of the target indication,
and other market related observable inputs;
\u2022 The stand alone selling price of bioprocessing batches. The Group assesses the stand alone selling price of the batches in terms
the stand alone selling price of its other client contract batch selling prices; and
\u2022 The stand alone selling price in terms of the annual full time equivalent rate to charge for process development activities. The
Group assesses the full time equivalent rate in terms the stand alone equivalent rate of its other client contract equivalent rates.
Revenue recognition: Percentage of completion of bioprocessing batch revenues
Bioprocessing of clinical/commercial product for partners is recognised on a percentage of completion basis over time as the
processes are carried out. Progress is determined based on the achievement of verifiable stages of the bioprocessing process.
Revenues are recognised on a percentage of completion basis and as such require estimation in terms of the assessment of the
correct stage of completion including the expected costs of completion for that specific bioprocessing batch. The value of the
revenue recognised with regards to the bioprocessing batches which remain in progress at period end is \u00a312.9 million. If the
assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been
\u00a31.1 million higher or \u00a31.6 million lower.
Revenue recognition: Percentage of completion of fixed price process development revenues
As it satisfies its performance obligations, the Group recognises revenue and the related contract asset with regards to fixed price
process development work packages. Revenues are recognised on a percentage of completion basis and as such require estimation
in terms of the assessment of the correct percentage of completion for that specific process development work package. The
value of the revenue recognised with regards to the work packages which remain in progress at year end is \u00a311.9 million. If the
assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been
\u00a31.9 million higher or \u00a32.2 million lower.
Revenue recognition: Provision for out of specification bioprocessing batches
Bioprocessing of clinical/commercial product for partners is recognised on a percentage of completion basis over time as the
processes are carried out. Progress is determined based on the achievement of verifiable stages of the process.
As the Group has now been bioprocessing product across a number of years, and also in a commercial capacity, the Group has
assessed the need to include an estimate of bioprocessed product for which revenue has previously been recognised and which
may be reversed should the product go out of specification during the remaining period over which the product is bioprocessed.
In calculating this estimate the Group has looked at historical rates of out of specification batches across the last five years
and has applied the percentage of out of specification batches to total batches produced across the assessed period to the
revenue recognised on batches which have not yet completed the bioprocessing process at period end. The Group makes specific
provisions for product batches where it is considered that the average overall historical failure rate does not adequately cover the
perceived risk of revenue recognised on those specific batches having to be subsequently reversed.
This estimate, based on the historical average percentage as well as certain specific provisions, may be significantly higher or
lower depending on the number of bioprocessing batches actually going out of specification in future. The estimate will increase
or decrease based on the number of bioprocessing batches undertaken, the percentage of completion of those bioprocessing
batches, and the number of batches which go out of specification over the assessment period.
Consequently, bioprocessing revenue of \u00a31.1 million (31 December 2022: \u00a32.6 million) has not been recognised during the year
ended 31 December 2023 with the corresponding credit to contract liabilities. This revenue will be recognised as the batches
complete bioprocessing.
Impairment assessment of OXB (US) LLC Cash Generating Unit (CGU)
Oxford Biomedica (US) has been identified as a CGU (cash generating unit) of the business. Since the last impairment assessment
performed, an impairment trigger was identified in that it was assessed that the CGU did not meet the original revenues forecasted
as part of the acquisition of Oxford Biomedica (US) and the business unit\u2019s largest customer, Homology Medicines, gave notice that
it was not intending to progress development of its clinical products any further. Accordingly, a full impairment assessment has
been performed as at 31 December 2023.
The recoverable amount of the CGU is deemed to be the higher of its fair value less cost of disposal, or value in use. The Group has
determined that the recoverable amount of the CGU is the fair value less costs of disposal (FVLCOD) of the OXB (US) LLC CGU as
it expects this value to be higher than the value in use. The valuation is considered to be level 3 in the fair value hierarchy due to
unobservable inputs used in the valuation.
Management\u2019s approach and the key assumptions used to determine the CGU\u2019s FVLCOD were as follows:
The Group assessed the FVLCOD of the OXB (US) LLC CGU through a discounted cash flow calculation to approximate the fair
value a buyer would be willing to pay for the CGU. The discounted cash flow calculation calculates the present value of the CGU
taking into consideration the forecasted cash flows based on the Board approved long term forecast, as well as the calculation of
the terminal value at the end of the cash flow period. Management has prepared the FVLCOD calculation based on an approved
forecast of 10 years.
Management have assessed this to be 10 years followed by the calculation of the terminal value. The forecast period has been
brought down from 15 years to 10 years as the CGU did not meet the original revenues forecasted as part of the acquisition of
OXB (US) LLC and the business units largest customer, Homology Medicines gave notice that it was not intending to progress
development of its clinical products any further. This created sufficient uncertainty regarding outer years for management to assess
that a 10 year forecast would be more appropriate.
Sensitivity calculation:
Key estimation uncertainty inputs which directly impact the FVLCOD of the CGU are assessed to be:
\u2022 Revenue growth rates including the ability of the CGU to acquire new clients and increase revenues from existing clients.
Average growth rates of 34% over the period as assessed to be the expected growth rates for a start-up CDMO entity over the
initial growth period after which growth rates are brought down to more inflationary levels. Revenues include revenues with
respect to the Lentivector platform which will be commercialised through the Solutions business from 2025 onwards. We have
estimated that 20% of the current Group pipeline will be routed through the US business;
\u2022 Discount rate \u2013 the discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of
return which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact
the FVLCOD of the CGU. The discount rate used of 12.3% has been calculated based on the current risk free rate, the NASDAQ
biotechnology Index\u2019s expected rate of return, and the Group\u2019s cost of debt;
\u2022 Operational expenditure and capital expenditure \u2013 the cash flows of OXB (US) LLC are based on the management approved
forecasts. These forecasts may change in future or the actual results vary;
\u2022 Long term inflation rates in the United States which are used to approximate the long term growth rate into perpetuity for the
terminal value;
\u2022 The calculation includes a Group technology licensing charge for the use by the CGU of the Group's Lentivector technology
platform. The charge is estimated until such time as a transfer pricing study is completed;
\u2022 Expected volatility of cash flows \u2013 should the expected volatility of OXB (US) LLC cash flows vary, this may impact the FVLCOD
of the CGU.
Sensitivities
31-Dec-23 Higher/ Longer
Lower/Shorter
\u00a3'ms
\u00a3'ms
Forecast revenues 10% higher or lower
45.8
(47.7)
Operational expenditure 10% higher or lower
(30.4)
29.8
Capital expenditure 10% higher or lower
(2.5)
2.6
Group technology licencing charge 10% higher or lower
(2.3)
2.4
Long term inflation rates 2% higher or lower
27.7
(17.8)
Discount rate 3% higher or lower
(30.1)
64.0
Based on the valuation of the CGU through a discounted cash flow calculation, the Group has assessed that an impairment of OXB
(US) LLCof \u00a399.3 million ($126.4 million) was required at 31 December 2023. This impairment has been reflected in the financial
statements of the Group at year end 31 December 2023. No impairment triggers were identified in the prior year and therefore no
full assessment was required to be performed.
Amortisation of intangibles assets (developed technology)
The estimated useful life of developed technology acquired by the Group is 15 years as the Group expects the technology to
generate cash flows for a total of 15 years. The estimate of 15 years is based on management\u2019s experience of the time period over
which the technology acquired as part of the acquisition of OXB (US) LLC will become fully obsolete. Over time as the platform
technology is improved, parts of the technology become obsolete as they are superseded by new technology until after 15 years
the original technology is expected to have been fully replaced by newer/improved technology.
The effective date of the impairment of OXB (US) LLC was 31 December 2023, therefore the amortisation charge in 2023 is
pre-impairment. If the estimated useful life of the assets had been 10 years, the estimated amortisation for the year ended
31 December 2023 would be \u00a33.6 million higher (2022: \u00a31.2 million); whilst, if the estimated useful life of the assets had been 20
years, the estimated amortisation for the year ended 31 December 2023 would be \u00a31.8 million lower (2022: \u00a30.6m).
Valuation of put option liability
Where a put option with non-controlling shareholders exists on their equity interests, a liability for the fair value of the exercise
price of the option is recognised. On 10 March 2022, the Group recognised a put option liability to acquire the remaining 20% of
OXB (US) LLC that it doesn't already own, from Homology. The fair value of the option at the date of acquisition was assessed to be
\u00a339.0 million. At 31 December 2023, the fair value of the put option liability was \u00a39.3 million (Dec 2022: \u00a338.2m).
The Group estimates the value of the put liability using a Monte Carlo simulation which calculates the expected future exercise
value of the put option, taking into consideration OXB (US) LLC's forecasted revenues over the period up until the expected
exercise date along with the expected volatility of those revenues over that same period. The expected future exercise value is then
discounted to the present using a discount rate in order to capture the counter party risk of the expected payment.
Key estimation and judgemental uncertainty inputs which directly impact the valuation of the put option liability are assessed to be:
\u2022 Revenues of OXB (US) LLC \u2013the revenues of OXB (US) LLC are based on the management approved forecast up until the end of
the option period. Should the forecast change or the actual results vary this may impact the value of the put option liability;
\u2022 Expected volatility of revenues\u2013 should the expected volatility of OXB (US) LLC revenues vary, this may impact the value of the
put option liability; and
\u2022 Discount rate \u2013 the discount rate may be impacted by economic and market factors, as well as changes to the risk free rate of
return which impacts debt borrowing rates. Should the discount rate calculated by management be adjusted, this may impact
the value of the put option. Management has calculated the discount rate based on the risk free rate, the expected return from
similar companies and the Group's cost of debt.
\u2022 Expected exercise date - this is judged to be 10 March 2025 which is 3 years since the date of the Agreement. This is the earliest
date on which both parties to the option have the ability to unilaterally exercise the option.
Fair value
Put option liability
Increase
Decrease
31-Dec-23
\u00a3'000s
\u00a3'000s
Revenues of Oxford Biomedica (US) LLC 20% higher or lower
1,900
(1,900)
Discount rate 2% lower or higher
200
(200)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "3 Financial risk management Financial risk factors The Group has a simple corporate structure which consists of the Company and two main operating subsidiaries, one domiciled in the UK and the other in the US. Monitoring of financial risk is part of the Board's ongoing risk management, the effectiveness of which is reviewed annually. The Group's agreed policies are implemented by the Chief Financial Officer, who submits reports at each Board meeting. The Group does not use financial derivatives, and it is the Group's policy not to undertake any trading in financial instruments. Foreign exchange risk In 2023, the Group's revenues were mostly receivable in Sterling and US Dollars, and certain of its expenditures were payable in Euros and US Dollars. The majority of the UK based entities\u2019 operating costs are denominated in Sterling. A 10% difference in the \u00a3/$ average exchange rate would have had an impact of approximately \u00a3426,000 (2022: \u00a31,121,000) over the year. The US based entities\u2019 revenue and operating costs are all in USD. The Group also has exposure to the \u00a3/$ exchange rate due to the Oaktree loan facility denominated in Dollars. Had the \u00a3/$ exchange rate been 10% different, the impact on cost in 2023 would have been approximately \u00a3461,000 (2022: \u00a3455,000). The Group also has exposure to the \u00a3/\u20ac exchange rate due to the need to fund certain expenditure denominated in Euros. Had the average \u00a3/\u20ac exchange rate been 10% different, the impact on cost in 2023 would have been approximately \u00a3426,000 (2022: \u00a3418,000). The Group's policy is to hold the majority of its funds in Sterling and US Dollars. No other hedging of foreign currency cash flows is undertaken. Interest rate risk The Group's policy is to maximise interest receivable on deposits, subject to maintaining access to sufficient liquid funds to meet day to day operational requirements and preserving the security of invested funds. With the current level of bank interest rates at the start of the year, interest receivable on bank deposits in 2023 was \u00a34,910,000 (2022: \u00a3973,000). On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree to finance the acquisition of Oxford Biomedica (US) LLC, under a 1 year facility agreement maturing in 2023. On 7 October 2022, the loan facility was refinanced with Oaktree. Under the terms of such refinancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of $50 million. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the first twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. If interest rates had been 1% higher in 2023 the impact on cash interest paid would have been \u00a3nil (2022: \u00a3nil) as the rate is capped.. Credit risks Cash balances are mainly held on short term deposits with financial institutions with a credit rating of at least A, in line with the Group's policy to minimise the risk of loss. Trade debtors are monitored to minimise the risk of loss (note 16). Loss allowances on intercompany balances The Company performs an assessment of the required loss allowance for expected credit losses on financial assets. The expected credit losses are estimated by reference to an analysis of the subsidiary\u2019s current financial position and future repayment expectations. Derivative financial instruments and hedging There were no material derivatives at 31 December 2023 or 31 December 2022 which have required separation, and hedge accounting has not been used. Capital Management The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to minimise the cost of capital.
2023
2022
Group
\u00a3'000
\u00a3'000
Net Cash
65,182
101,505
Equity
77,834
236,192
Debt/Equity
-84%
-43%
Assessment of financial assets by credit risk rating: Cash and cash equivalents are held with reputable banks with a low assessed risk of default. All trade receivables are assessed as having a low credit risk rating as the debt is owed by blue chip pharmaceutical groups in the top 10 in the world by market capitalisation, and by biotechnology companies with sufficient cash reserves to satisfy their obligations. There has been no change in the determined risk during 2023, therefore no reconciliation between the 2022 and 2023 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2022: low). Other receivables are rent deposits held in separately administered bank accounts with covenants limiting their use and are as such assessed as having a low risk of default. The Group considers a financial asset to be in default when: \u2022 The debtor is unlikely to pay its credit obligation to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2022 the financial asset is more than 90 days past its contracted due date. Exposure to liquidity risk
Group
At 31 December 2023
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
72,924
113,286
508
8,931
9,474
31,422
62,951
Loans
38,534
53,961
-
4,306
4,294
45,361
-
Group
At 31 December 2022
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
74,501
119,496
-
9,179
18,681
24,353
67,283
Loans
39,780
59,082
-
4,294
4,306
50,482
-
Company
At 31 December 2023
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
34,939
59,726
-
3,500
3,500
10,998
41,728
Loans
38,534
53,961
-
4,306
4,294
45,361
-
Company
At 31 December 2022
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
35,622
63,226
-
3,500
7,000
6,300
46,426
Loans
39,780
59,082
-
4,294
4,306
50,482
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "3 Financial risk management Financial risk factors The Group has a simple corporate structure which consists of the Company and two main operating subsidiaries, one domiciled in the UK and the other in the US. Monitoring of financial risk is part of the Board's ongoing risk management, the effectiveness of which is reviewed annually. The Group's agreed policies are implemented by the Chief Financial Officer, who submits reports at each Board meeting. The Group does not use financial derivatives, and it is the Group's policy not to undertake any trading in financial instruments. Foreign exchange risk In 2023, the Group's revenues were mostly receivable in Sterling and US Dollars, and certain of its expenditures were payable in Euros and US Dollars. The majority of the UK based entities\u2019 operating costs are denominated in Sterling. A 10% difference in the \u00a3/$ average exchange rate would have had an impact of approximately \u00a3426,000 (2022: \u00a31,121,000) over the year. The US based entities\u2019 revenue and operating costs are all in USD. The Group also has exposure to the \u00a3/$ exchange rate due to the Oaktree loan facility denominated in Dollars. Had the \u00a3/$ exchange rate been 10% different, the impact on cost in 2023 would have been approximately \u00a3461,000 (2022: \u00a3455,000). The Group also has exposure to the \u00a3/\u20ac exchange rate due to the need to fund certain expenditure denominated in Euros. Had the average \u00a3/\u20ac exchange rate been 10% different, the impact on cost in 2023 would have been approximately \u00a3426,000 (2022: \u00a3418,000). The Group's policy is to hold the majority of its funds in Sterling and US Dollars. No other hedging of foreign currency cash flows is undertaken. Interest rate risk The Group's policy is to maximise interest receivable on deposits, subject to maintaining access to sufficient liquid funds to meet day to day operational requirements and preserving the security of invested funds. With the current level of bank interest rates at the start of the year, interest receivable on bank deposits in 2023 was \u00a34,910,000 (2022: \u00a3973,000). On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree to finance the acquisition of Oxford Biomedica (US) LLC, under a 1 year facility agreement maturing in 2023. On 7 October 2022, the loan facility was refinanced with Oaktree. Under the terms of such refinancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of $50 million. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the first twelve months payable in kind as additional loan principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. If interest rates had been 1% higher in 2023 the impact on cash interest paid would have been \u00a3nil (2022: \u00a3nil) as the rate is capped.. Credit risks Cash balances are mainly held on short term deposits with financial institutions with a credit rating of at least A, in line with the Group's policy to minimise the risk of loss. Trade debtors are monitored to minimise the risk of loss (note 16). Loss allowances on intercompany balances The Company performs an assessment of the required loss allowance for expected credit losses on financial assets. The expected credit losses are estimated by reference to an analysis of the subsidiary\u2019s current financial position and future repayment expectations. Derivative financial instruments and hedging There were no material derivatives at 31 December 2023 or 31 December 2022 which have required separation, and hedge accounting has not been used. Capital Management The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to minimise the cost of capital.
2023
2022
Group
\u00a3'000
\u00a3'000
Net Cash
65,182
101,505
Equity
77,834
236,192
Debt/Equity
-84%
-43%
20 Loans
On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree to finance the acquisition of OXB (US) LLC under
a 1 year facility agreement maturing in 2023. Over the course of the loan term interest was payable quarterly with a nominal interest
rate on the loan of 8.5%.
On 7 October 2022, the loan facility was refinanced with Oaktree. Under the terms of such refinancing, the Company has
partially repaid the outstanding amounts and amended the facility into a new senior secured four year term loan facility provided
by Oaktree in a principal amount of $50 million. The term loan carries a variable interest rate, which is capped at 10.25% per
annum and payable quarterly in cash, with up to 50% of interest for the first twelve months payable in kind as additional loan
principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions. The Company also has secured the option, subject to the same commercial conditions as the amended facility and available for a three-year period, to draw down a further $25 million from Oaktree to fund certain permitted acquisitions. If the option were to be exercised, it would be assessed against meeting the substantial modification requirements under IFRS 9. The terms include financial covenants including holding a minimum of $20 million cash at all times, restrictions on the level of indebtedness the Group may enter into or distributions made by the Group. The Oaktree facility was secured by a pledge over substantially all of the Group's assets.
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
39,780
-
39,780
-
New loan
-
64,866
-
64,866
Interest accrued
4,570
5,564
4,570
5,564
Interest paid
(4,136)
(4,554)
(4,136)
(4,554)
Foreign exchange movement
(2,003)
7,964
(2,003)
7,964
Amortised fees
323
588
323
588
Loan repayment
-
(31,424)
-
(31,424)
Arrangement fees
-
(3,224)
-
(3,224)
At 31 December
38,534
39,780
38,534
39,780
22 Financial instruments The Group and Company's financial instruments comprise cash and cash equivalents, trade and other receivables, assets at fair value through profit and loss, trade and other payables, loans and the put option liability. Additional disclosures are set out in the Corporate Governance Report and in note 3 relating to risk management. The Group had the following financial instruments at 31 December each year.
Financial assets at fair Assets held at Amortised costs, loans &
value through profit & loss amortised cost other liabilities
2023
2022
2023
2022
2023
2022
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
-
-
103,716
141,285
-
-
Trade receivables and other receivables 15
-
-
24,628
62,605
-
-
Assets at fair value through profit & loss
97
23
-
-
-
-
Trade and other payables excluding tax 17
-
-
-
-
16,324
34,232
Loan 20
-
-
-
-
38,534
39,780
Put Option 21
-
-
-
-
9,348
38,182
At 31 December
97
23
128,344
203,890
64,206
112,194
1 1 Although the put option is included within the amortised cost table, it is not measured at amortised cost but at the fair value of the expected consideration payable. The Company had the following financial instruments at 31 December each year:
Amortised costs, loans &
Assets held at amortised cost other liabilities
2023
2022
2023
2022
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
47
19,197
-
Trade and other payables excluding tax 17
-
1,578
143
Loan 20
-
38,534
39,780
Total
47
19,197
40,112
39,923
Floating rate instant access deposits earned interest at prevailing bank rates.
2023
2022
period average period average
weighted weighted
average rate average rate
Sterling
4.50%
1.67%
US Dollars
4.52%
1.26%
Assessment of financial assets by credit risk rating: Cash and cash equivalents are held with reputable banks with a low assessed risk of default. All trade receivables are assessed as having a low credit risk rating as the debt is owed by blue chip pharmaceutical groups in the top 10 in the world by market capitalisation, and by biotechnology companies with sufficient cash reserves to satisfy their obligations. There has been no change in the determined risk during 2023, therefore no reconciliation between the 2022 and 2023 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2022: low). Other receivables are rent deposits held in separately administered bank accounts with covenants limiting their use and are as such assessed as having a low risk of default. The Group considers a financial asset to be in default when: \u2022 The debtor is unlikely to pay its credit obligation to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or \u2022 the financial asset is more than 90 days past its contracted due date. Fair value The Directors consider that the fair values of the Group's financial instruments do not differ significantly from their book values. The carrying amounts of the Group's cash and cash equivalents are denominated in the following currencies:
2023
2022
\u00a3'000
\u00a3'000
Sterling
92,634
117,247
Euro
545
623
US Dollars
10,537
23,415
103,716
141,285
Financial assets classified as level 1 in hierarchy The investment asset represented by ordinary shares in Orchard Therapeutics Limited is classified as at fair value through profit and loss. Please refer to note 13 for further information. Financial liabilities classified as level 3 in hierarchy The Put option liability is classified as at fair value as a liability. Please refer to note 21 for further information. Measurement of fair values Valuation techniques and significant unobservable inputs: The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable inputs used:
Significant Inter-relationship between unobservable inputs and fair
Type
Valuation technique
unobservable inputs value measurement:
Put option liability
Monte
Revenues of Oxford \u2014 The revenues of Oxford Biomedica (US) LLC are based on the
Carlo simulation Biomedica (US) LLC management approved forecast up until the end of the option period.
Should the forecast change or the actual results vary this may impact
the value of the put option liability.
Discount rate
\u2014 The discount rate may be impacted by economic and market
factors, as well as changes to the risk free rate of return which
impacts debt borrowing rates. Should the discount rate calculated
by management be adjusted, this may impact the value of the put
option. Management has calculated the discount rate based on the
risk free rate, the expected return from similar companies and the
Group\u2019s cost of debt.
Sensitivity analysis For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:
Fair value
Put option liability
Increase
Decrease
31-Dec-23
\u00a3'000s
\u00a3'000s
Revenues of Oxford Biomedica (US) LLC 20% higher or lower
1,900
(1,900)
Discount rate 2% lower or higher
200
(200)
Reconciliation of movements of liabilities to cash flows arising from financing activities
Group
Lease liability
Loans
Share capital
Share premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2022
9,341
-
43,088
307,765
360,194
Share options
-
-
106
78
184
Issue of shares (exlcuding options)
-
-
4,938
75,062
80,000
Cost of share issues
-
-
-
(2,952)
(2,952)
Loans received
-
64,866
-
-
64,866
Loans repaid
-
(31,424)
-
-
(31,424)
Interest paid
-
(4,554)
-
-
(4,554)
Arrangement fees
-
(3,224)
-
-
(3,224)
Payments for the principal portion of
lease liabilities
(1,120)
-
-
-
(1,120)
Payments for the interest portion of
lease liabilities
(3,124)
-
-
-
(3,124)
Total change from financing cash flows
(4,244)
25,664
5,044
72,188
98,652
0
Other Changes
0
Acquisitions
24,974
-
-
-
24,974
Additions
39,193
-
-
-
39,193
Interest
3,124
5,564
-
-
8,688
Fee amortisation
-
588
-
-
588
Foreign exchange
2,113
7,964
-
-
10,077
At 31 December 2022
74,501
39,780
48,132
379,953
542,366
Share options
-
-
271
380
651
Interest paid
-
(4,136)
-
-
(4,136)
Payments for the principal portion of
lease liabilities
(3,118)
-
-
-
(3,118)
Payments for the interest portion of
lease liabilities
(6,101)
-
-
-
(6,101)
Total change from financing cash flows
(9,219)
(4,136)
271
380
(12,704)
Other Changes
Additions
4,525
-
-
-
4,525
Disposals
(1,744)
-
-
-
(1,744)
Interest
6,101
4,570
-
-
10,671
Fee amortisation
-
323
-
-
323
Foreign exchange
(1,240)
(2,003)
-
-
(3,243)
At 31 December 2023
72,924
38,534
48,403
380,333
540,194
Company
Lease liability
Loans
Share capital
Share premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2022
-
-
43,088
307,765
350,853
Share options
-
-
106
78
184
Issue of shares (exlcuding options)
-
-
4,938
75,062
80,000
Cost of share issues
-
-
-
(2,952)
(2,952)
Loans received
-
64,866
-
-
64,866
Loans repaid
-
(31,424)
-
-
(31,424)
Interest paid
-
(4,554)
-
-
(4,554)
Arrangement fees
-
(3,224)
-
-
(3,224)
Payments for the principal portion of
lease liabilities
55
-
-
-
55
Payments for the interest portion of
lease liabilities
(477)
-
-
-
(477)
Total change from financing cash flows
(422)
25,664
5,044
72,188
102,474
Other Changes
Acquisitions
-
-
-
-
-
Company
Lease liability
Loans
Share capital
Share premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Additions
35,567
-
-
-
35,567
Interest
477
5,564
-
-
6,041
Fee amortisation
-
588
-
-
588
Foreign exchange
-
7,964
-
-
7,964
At 31 December 2022
35,622
39,780
48,132
379,953
503,487
Share options
-
-
271
380
651
Interest paid
-
(4,136)
-
-
(4,136)
Payments for the principal portion of
lease liabilities
(683)
-
-
-
(683)
Payments for the interest portion of
lease liabilities
(2,817)
-
-
-
(2,817)
Total change from financing cash flows
(3,500)
(4,136)
271
380
(6,986)
Other Changes
Interest
-
4,570
-
-
4,570
Fee amortisation
2,817
323
-
-
3,141
Foreign exchange
-
(2,003)
-
-
(2,003)
At 31 December 2023
34,939
38,534
48,403
380,333
502,209
Exposure to liquidity risk
Group
At 31 December 2023
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
72,924
113,286
508
8,931
9,474
31,422
62,951
Loans
38,534
53,961
-
4,306
4,294
45,361
-
Group
At 31 December 2022
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
74,501
119,496
-
9,179
18,681
24,353
67,283
Loans
39,780
59,082
-
4,294
4,306
50,482
-
Company
At 31 December 2023
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
34,939
59,726
-
3,500
3,500
10,998
41,728
Loans
38,534
53,961
-
4,306
4,294
45,361
-
Company
At 31 December 2022
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
35,622
63,226
-
3,500
7,000
6,300
46,426
Loans
39,780
59,082
-
4,294
4,306
50,482
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "
Foreign exchange risk
In 2023, the Group's revenues were mostly receivable in Sterling and US Dollars, and certain of its expenditures were payable in
Euros and US Dollars. The majority of the UK based entities\u2019 operating costs are denominated in Sterling. A 10% difference in the
\u00a3/$ average exchange rate would have had an impact of approximately \u00a3426,000 (2022: \u00a31,121,000) over the year. The US based
entities\u2019 revenue and operating costs are all in USD.
The Group also has exposure to the \u00a3/$ exchange rate due to the Oaktree loan facility denominated in Dollars. Had the \u00a3/$
exchange rate been 10% different, the impact on cost in 2023 would have been approximately \u00a3461,000 (2022: \u00a3455,000).
The Group also has exposure to the \u00a3/\u20ac exchange rate due to the need to fund certain expenditure denominated in Euros. Had
the average \u00a3/\u20ac exchange rate been 10% different, the impact on cost in 2023 would have been approximately \u00a3426,000 (2022:
\u00a3418,000). The Group's policy is to hold the majority of its funds in Sterling and US Dollars. No other hedging of foreign currency
cash flows is undertaken.
Interest rate risk
The Group's policy is to maximise interest receivable on deposits, subject to maintaining access to sufficient liquid funds to meet
day to day operational requirements and preserving the security of invested funds. With the current level of bank interest rates at
the start of the year, interest receivable on bank deposits in 2023 was \u00a34,910,000 (2022: \u00a3973,000).
On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree to finance the acquisition of Oxford Biomedica
(US) LLC, under a 1 year facility agreement maturing in 2023. On 7 October 2022, the loan facility was refinanced with Oaktree.
Under the terms of such refinancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility
and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of
$50 million. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with
up to 50% of interest for the first twelve months payable in kind as additional loan principal, at the option of the Company. The
interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions.
If interest rates had been 1% higher in 2023 the impact on cash interest paid would have been \u00a3nil (2022: \u00a3nil) as the rate is capped..
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "
Credit risks
Cash balances are mainly held on short term deposits with financial institutions with a credit rating of at least A, in line with the
Group's policy to minimise the risk of loss.
Trade debtors are monitored to minimise the risk of loss (note 16).
Loss allowances on intercompany balances
The Company performs an assessment of the required loss allowance for expected credit losses on financial assets. The
expected credit losses are estimated by reference to an analysis of the subsidiary\u2019s current financial position and future
repayment expectations.
Assessment of financial assets by credit risk rating:
Cash and cash equivalents are held with reputable banks with a low assessed risk of default.
All trade receivables are assessed as having a low credit risk rating as the debt is owed by blue chip pharmaceutical groups in
the top 10 in the world by market capitalisation, and by biotechnology companies with sufficient cash reserves to satisfy their
obligations. There has been no change in the determined risk during 2023, therefore no reconciliation between the 2022 and 2023
closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2022: low).
Other receivables are rent deposits held in separately administered bank accounts with covenants limiting their use and are as such
assessed as having a low risk of default.
The Group considers a financial asset to be in default when:
\u2022 The debtor is unlikely to pay its credit obligation to the Group in full, without recourse by the Group to actions such as realising
security (if any is held); or
\u2022 the financial asset is more than 90 days past its contracted due date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "
Derivative financial instruments and hedging
There were no material derivatives at 31 December 2023 or 31 December 2022 which have required separation, and hedge
accounting has not been used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Derivative financial instruments and hedging There were no material derivatives at 31 December 2023 or 31 December 2022 which have required separation, and hedge accounting has not been used. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "
Capital Management
The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to
provide returns to shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to minimise the
cost of capital.
2023
2022
Group
\u00a3'000
\u00a3'000
Net Cash
65,182
101,505
Equity
77,834
236,192
Debt/Equity
-84%
-43%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "
4 Segmental analysis and segmental reporting
During 2023, in order to reflect the way the business has been managed by the Corporate Executive Team (CET) (previously known
as the Senior Executive Team (SET) until November 2023), the Group reported its results within two segments, namely:
1. the \u2018Platform\u2019 segment which includes the revenue generating bioprocessing and process development activities for third parties
(i.e. the Partner programmes CDMO business), and internal technology projects to develop new potentially saleable technology,
improve the Group\u2019s current processes, and bring development and manufacturing costs down within the LentiVector
\u00ae
platform; and
2. the \u2018Product\u2019 segment, which includes the costs of research and development of new gene therapeutic product candidates.
Revenues, other operating income and operating (loss) by segment
Operating EBITDA and Operating loss represent the Group's measures of segment loss as they are a primary measure used for the
purpose of making decisions about allocating resources and assessing performance of segments.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
89,410
129
89,539
Other operating income
2,803
-
2,803
Operating EBITDA
(45,081)
(7,742)
(52,823)
Impairment of assets
(99,284)
-
(99,284)
Depreciation, amortisation and share based payment
(30,652)
(1,489)
(32,141)
Change in fair value of asset held at fair value through profit and loss
74
-
74
Operating loss
(174,943)
(9,231)
(184,174)
Net finance cost
(4,353)
Loss before tax
(188,527)
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
139,903
86
139,989
Other operating income
2,307
-
2,307
Gain on sale and leaseback
21,389
-
21,389
Operating EBITDA
11,654
(10,023)
1,631
Depreciation, amortisation and share based payment
(29,551)
(2,250)
(31,801)
Change in fair value of asset held at fair value through profit and loss
(51)
-
(51)
Operating loss
(17,948)
(12,272)
(30,220)
Net finance cost
(15,756)
Loss before tax
(45,976)
Other operating income of \u00a32.8 million (2022: \u00a32.3 million) includes sub lease rental income of \u00a32.2 million (2022: \u00a31.4 million) in
relation to a portion of the Patriot\u2019s Park property in the US accounted for as a as a short term lease, and grant income to further
develop supply chain capabilities of \u00a30.6 million (2022: \u00a30.9 million) which is included within the Platform segment.
Costs are allocated to the segments on a specific basis as far as possible. Costs which cannot readily be allocated specifically are
apportioned between the segments using relevant metrics such as headcount or direct costs.
An impairment charge of \u00a399.3 million has been recognised in respect of the Platform division in 2023. No intangible assets or fixed
assets of any significant value have been assessed to be assigned specifically to the Products division, and therefore no impairment
has been required as a result of the decision by the Group to look for alternative funding for the Product division.
A segmental or geographical split of assets and liabilities is not provided because this information is not received or reviewed by the
chief operating decision-maker. All assets are located within the United Kingdom and United States.
Disaggregation of revenue
Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
82,726
129
82,855
Licence fees & incentives
6,684
-
6,684
Total
89,410
129
89,539
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
127,994
86
128,080
Licence fees & incentives
11,909
-
11,909
Total
139,903
86
139,989
Timing of transfer of goods or services
2023
2022
\u00a3'000
\u00a3'000
Products and services transferred at a point in time
6,684
11,909
Products and goods transferred over time
82,855
128,080
Total revenue
89,539
139,989
The majority of the Group's revenue is typically recognised over time as the performance obligations in the contract are being fulfilled. Unsatified performance obligations The following table shows revenue remaining from unsatisfied performance obligations:
2023
2022
\u00a3'000
\u00a3'000
Revenue remaining to be recognisedon partially or fully unsatified performance obligations
63,013
59,643
Results by geographical location The Group's revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the Group's revenues derive predominantly from United Kingdom, United States and Europe:
Revenue by client location
2023
2022
\u00a3'000
\u00a3'000
UK
3,984
49,939
United States
65,757
61,591
Europe
19,798
28,063
Rest of World
-
396
Total revenue
89,539
139,989
In 2023 four clients each generated more than 10% of the Group's revenue in the platform segment.
2023
2022
Geographic split of operating loss
\u00a3'000
\u00a3'000
United Kingdom
(47,542)
(1,465)
United States
(136,632)
(28,755)
Total operating loss
(184,174)
(30,220)
2023
2022
Geographic split of non current assets
\u00a3'000
\u00a3'000
United Kingdom
60,881
94,997
United States
50,132
149,679
Total non current assets
111,013
244,676
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "Revenues, other operating income and operating (loss) by segment Operating EBITDA and Operating loss represent the Group's measures of segment loss as they are a primary measure used for the purpose of making decisions about allocating resources and assessing performance of segments.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
89,410
129
89,539
Other operating income
2,803
-
2,803
Operating EBITDA
(45,081)
(7,742)
(52,823)
Impairment of assets
(99,284)
-
(99,284)
Depreciation, amortisation and share based payment
(30,652)
(1,489)
(32,141)
Change in fair value of asset held at fair value through profit and loss
74
-
74
Operating loss
(174,943)
(9,231)
(184,174)
Net finance cost
(4,353)
Loss before tax
(188,527)
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
139,903
86
139,989
Other operating income
2,307
-
2,307
Gain on sale and leaseback
21,389
-
21,389
Operating EBITDA
11,654
(10,023)
1,631
Depreciation, amortisation and share based payment
(29,551)
(2,250)
(31,801)
Change in fair value of asset held at fair value through profit and loss
(51)
-
(51)
Operating loss
(17,948)
(12,272)
(30,220)
Net finance cost
(15,756)
Loss before tax
(45,976)
Other operating income of \u00a32.8 million (2022: \u00a32.3 million) includes sub lease rental income of \u00a32.2 million (2022: \u00a31.4 million) in relation to a portion of the Patriot\u2019s Park property in the US accounted for as a as a short term lease, and grant income to further develop supply chain capabilities of \u00a30.6 million (2022: \u00a30.9 million) which is included within the Platform segment. Costs are allocated to the segments on a specific basis as far as possible. Costs which cannot readily be allocated specifically are apportioned between the segments using relevant metrics such as headcount or direct costs. An impairment charge of \u00a399.3 million has been recognised in respect of the Platform division in 2023. No intangible assets or fixed assets of any significant value have been assessed to be assigned specifically to the Products division, and therefore no impairment has been required as a result of the decision by the Group to look for alternative funding for the Product division. A segmental or geographical split of assets and liabilities is not provided because this information is not received or reviewed by the chief operating decision-maker. All assets are located within the United Kingdom and United States. Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
82,726
129
82,855
Licence fees & incentives
6,684
-
6,684
Total
89,410
129
89,539
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
127,994
86
128,080
Licence fees & incentives
11,909
-
11,909
Total
139,903
86
139,989
Timing of transfer of goods or services
2023
2022
\u00a3'000
\u00a3'000
Products and services transferred at a point in time
6,684
11,909
Products and goods transferred over time
82,855
128,080
Total revenue
89,539
139,989
The majority of the Group's revenue is typically recognised over time as the performance obligations in the contract are being fulfilled. Unsatified performance obligations The following table shows revenue remaining from unsatisfied performance obligations:
2023
2022
\u00a3'000
\u00a3'000
Revenue remaining to be recognisedon partially or fully unsatified performance obligations
63,013
59,643
Results by geographical location The Group's revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the Group's revenues derive predominantly from United Kingdom, United States and Europe:
Revenue by client location
2023
2022
\u00a3'000
\u00a3'000
UK
3,984
49,939
United States
65,757
61,591
Europe
19,798
28,063
Rest of World
-
396
Total revenue
89,539
139,989
In 2023 four clients each generated more than 10% of the Group's revenue in the platform segment.
2023
2022
Geographic split of operating loss
\u00a3'000
\u00a3'000
United Kingdom
(47,542)
(1,465)
United States
(136,632)
(28,755)
Total operating loss
(184,174)
(30,220)
2023
2022
Geographic split of non current assets
\u00a3'000
\u00a3'000
United Kingdom
60,881
94,997
United States
50,132
149,679
Total non current assets
111,013
244,676
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "Revenues, other operating income and operating (loss) by segment Operating EBITDA and Operating loss represent the Group's measures of segment loss as they are a primary measure used for the purpose of making decisions about allocating resources and assessing performance of segments.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
89,410
129
89,539
Other operating income
2,803
-
2,803
Operating EBITDA
(45,081)
(7,742)
(52,823)
Impairment of assets
(99,284)
-
(99,284)
Depreciation, amortisation and share based payment
(30,652)
(1,489)
(32,141)
Change in fair value of asset held at fair value through profit and loss
74
-
74
Operating loss
(174,943)
(9,231)
(184,174)
Net finance cost
(4,353)
Loss before tax
(188,527)
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
139,903
86
139,989
Other operating income
2,307
-
2,307
Gain on sale and leaseback
21,389
-
21,389
Operating EBITDA
11,654
(10,023)
1,631
Depreciation, amortisation and share based payment
(29,551)
(2,250)
(31,801)
Change in fair value of asset held at fair value through profit and loss
(51)
-
(51)
Operating loss
(17,948)
(12,272)
(30,220)
Net finance cost
(15,756)
Loss before tax
(45,976)
Other operating income of \u00a32.8 million (2022: \u00a32.3 million) includes sub lease rental income of \u00a32.2 million (2022: \u00a31.4 million) in relation to a portion of the Patriot\u2019s Park property in the US accounted for as a as a short term lease, and grant income to further develop supply chain capabilities of \u00a30.6 million (2022: \u00a30.9 million) which is included within the Platform segment. Costs are allocated to the segments on a specific basis as far as possible. Costs which cannot readily be allocated specifically are apportioned between the segments using relevant metrics such as headcount or direct costs. An impairment charge of \u00a399.3 million has been recognised in respect of the Platform division in 2023. No intangible assets or fixed assets of any significant value have been assessed to be assigned specifically to the Products division, and therefore no impairment has been required as a result of the decision by the Group to look for alternative funding for the Product division. A segmental or geographical split of assets and liabilities is not provided because this information is not received or reviewed by the chief operating decision-maker. All assets are located within the United Kingdom and United States. Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
82,726
129
82,855
Licence fees & incentives
6,684
-
6,684
Total
89,410
129
89,539
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
127,994
86
128,080
Licence fees & incentives
11,909
-
11,909
Total
139,903
86
139,989
Timing of transfer of goods or services
2023
2022
\u00a3'000
\u00a3'000
Products and services transferred at a point in time
6,684
11,909
Products and goods transferred over time
82,855
128,080
Total revenue
89,539
139,989
The majority of the Group's revenue is typically recognised over time as the performance obligations in the contract are being fulfilled. Unsatified performance obligations The following table shows revenue remaining from unsatisfied performance obligations:
2023
2022
\u00a3'000
\u00a3'000
Revenue remaining to be recognisedon partially or fully unsatified performance obligations
63,013
59,643
Results by geographical location The Group's revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the Group's revenues derive predominantly from United Kingdom, United States and Europe:
Revenue by client location
2023
2022
\u00a3'000
\u00a3'000
UK
3,984
49,939
United States
65,757
61,591
Europe
19,798
28,063
Rest of World
-
396
Total revenue
89,539
139,989
In 2023 four clients each generated more than 10% of the Group's revenue in the platform segment.
2023
2022
Geographic split of operating loss
\u00a3'000
\u00a3'000
United Kingdom
(47,542)
(1,465)
United States
(136,632)
(28,755)
Total operating loss
(184,174)
(30,220)
2023
2022
Geographic split of non current assets
\u00a3'000
\u00a3'000
United Kingdom
60,881
94,997
United States
50,132
149,679
Total non current assets
111,013
244,676
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
Platform
Product
Total
2023
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
82,726
129
82,855
Licence fees & incentives
6,684
-
6,684
Total
89,410
129
89,539
Platform
Product
Total
2022
\u00a3'000
\u00a3'000
\u00a3'000
Bioprocessing/ Commercial development
127,994
86
128,080
Licence fees & incentives
11,909
-
11,909
Total
139,903
86
139,989
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "
Unsatified performance obligations
The following table shows revenue remaining from unsatisfied performance obligations:
2023
2022
\u00a3'000
\u00a3'000
Revenue remaining to be recognisedon partially or fully unsatified performance obligations
63,013
59,643
Results by geographical location
The Group's revenue derives wholly from assets located in the United Kingdom and the United States. Analysed by location the
Group's revenues derive predominantly from United Kingdom, United States and Europe:
Revenue by client location
2023
2022
\u00a3'000
\u00a3'000
UK
3,984
49,939
United States
65,757
61,591
Europe
19,798
28,063
Rest of World
-
396
Total revenue
89,539
139,989
In 2023 four clients each generated more than 10% of the Group's revenue in the platform segment.
2023
2022
Geographic split of operating loss
\u00a3'000
\u00a3'000
United Kingdom
(47,542)
(1,465)
United States
(136,632)
(28,755)
Total operating loss
(184,174)
(30,220)
2023
2022
Geographic split of non current assets
\u00a3'000
\u00a3'000
United Kingdom
60,881
94,997
United States
50,132
149,679
Total non current assets
111,013
244,676
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
5 Employees and directors
The monthly average number of persons (including Executive Directors) employed by the Group during the year was:
2023
2022
By activity
\u00a3'000
\u00a3'000
Office and management
122
117
Research, development
& bioprocessing
732
812
Total
854
929
2023
2022
Employee benefit costs
\u00a3'000
\u00a3'000
Wages and salaries
68,537
70,042
Social security costs
5,378
6,165
Other pension costs
3,764
3,560
Share based payments
3,516
6,471
Total
81,195
86,238
2023
2022
Key management compensation
\u00a3'000
\u00a3'000
Short- term employee benefits
5,162
5,246
Post-employment benefits
311
293
Share based payments
444
2,620
Total
5,917
8,159
The key management figures above include Executive and Non-Executive Directors and the other members of the CET (known
as SET until November 2023). Further information about the remuneration of individual Directors, including the highest paid
Director, is provided in the audited part of the Directors\u2019 Remuneration Report on page 96-105 which forms part of these
financial statements.
The Company had no employees during the year (2022: zero).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "Key management compensation \u00a3'000 \u00a3'000 Short- term employee benefits 5,162 5,246 Post-employment benefits 311 293 Share based payments 444 2,620 Total 5,917 8,159 The key management figures above include Executive and Non-Executive Directors and the other members of the CET (known as SET until November 2023). Further information about the remuneration of individual Directors, including the highest paid Director, is provided in the audited part of the Directors\u2019 Remuneration Report on page 96-105 which forms part of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "
6 Finance income and costs
Group
2023
2022
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
4,910
973
Total finance income
4,910
973
Finance costs:
Unwinding of discount in provisions
(528)
(66)
Loss/(gain) on foreign exchange
1,936
(7,975)
Interest payable on loan
(4,570)
(5,564)
Interest payable on finance leases
(6,101)
(3,124)
Total finance costs
(9,263)
(16,729)
Net finance costs
(4,353)
(15,756)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "value": "6 Finance income and costs
Group
2023
2022
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
4,910
973
Total finance income
4,910
973
Finance costs:
Unwinding of discount in provisions
(528)
(66)
Loss/(gain) on foreign exchange
1,936
(7,975)
Interest payable on loan
(4,570)
(5,564)
Interest payable on finance leases
(6,101)
(3,124)
Total finance costs
(9,263)
(16,729)
Net finance costs
(4,353)
(15,756)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "6 Finance income and costs
Group
2023
2022
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
4,910
973
Total finance income
4,910
973
Finance costs:
Unwinding of discount in provisions
(528)
(66)
Loss/(gain) on foreign exchange
1,936
(7,975)
Interest payable on loan
(4,570)
(5,564)
Interest payable on finance leases
(6,101)
(3,124)
Total finance costs
(9,263)
(16,729)
Net finance costs
(4,353)
(15,756)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "6 Finance income and costs
Group
2023
2022
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
4,910
973
Total finance income
4,910
973
Finance costs:
Unwinding of discount in provisions
(528)
(66)
Loss/(gain) on foreign exchange
1,936
(7,975)
Interest payable on loan
(4,570)
(5,564)
Interest payable on finance leases
(6,101)
(3,124)
Total finance costs
(9,263)
(16,729)
Net finance costs
(4,353)
(15,756)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "6 Finance income and costs
Group
2023
2022
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
4,910
973
Total finance income
4,910
973
Finance costs:
Unwinding of discount in provisions
(528)
(66)
Loss/(gain) on foreign exchange
1,936
(7,975)
Interest payable on loan
(4,570)
(5,564)
Interest payable on finance leases
(6,101)
(3,124)
Total finance costs
(9,263)
(16,729)
Net finance costs
(4,353)
(15,756)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "6 Finance income and costs
Group
2023
2022
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
4,910
973
Total finance income
4,910
973
Finance costs:
Unwinding of discount in provisions
(528)
(66)
Loss/(gain) on foreign exchange
1,936
(7,975)
Interest payable on loan
(4,570)
(5,564)
Interest payable on finance leases
(6,101)
(3,124)
Total finance costs
(9,263)
(16,729)
Net finance costs
(4,353)
(15,756)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "7 Expenses by nature
2023
2022
Note
\u00a3'000
\u00a3'000
Employee benefit costs 5
81,195
86,238
Depreciation of property, plant and equipment 12
21,504
20,271
Amortisation 11
7,206
6,088
Impairment of assets
99,284
-
Raw materials and consumables used in bioprocessing
14,961
27,449
Operating lease payments
249
231
Net (loss) on foreign exchange
(71)
(751)
Company employee benefit costs include \u00a31,415,000 (2022: \u00a3992,000) relating to Non-Executive Directors' costs paid by Oxford Biomedica (UK) Ltd and recharged to the Company. Depreciation and Amortisation is charged to cost of goods, research and development, and bioprocessing costs in the Statement of Comprehensive Income. The operating lease payments relate to short term leases which have been accounted for under the IFRS 16 exemption. During the year, the Group (including its subsidiaries) obtained services from the Group's auditors, PwC and their associates, as detailed below (2022 audit services were provided by KPMG):
2023
2022
Services provided by the Group's auditors
\u00a3'000
\u00a3'000
Fees payable for the audit of the parent company & Financial Statements
80
50
Fees payable for other services:
The audit of the Company's subsidiaries
817
895
Additional fees relating to prior period audit
-
98
Review of interim results
45
35
Total
942
1,078
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "7 Expenses by nature
2023
2022
Note
\u00a3'000
\u00a3'000
Employee benefit costs 5
81,195
86,238
Depreciation of property, plant and equipment 12
21,504
20,271
Amortisation 11
7,206
6,088
Impairment of assets
99,284
-
Raw materials and consumables used in bioprocessing
14,961
27,449
Operating lease payments
249
231
Net (loss) on foreign exchange
(71)
(751)
Company employee benefit costs include \u00a31,415,000 (2022: \u00a3992,000) relating to Non-Executive Directors' costs paid by Oxford Biomedica (UK) Ltd and recharged to the Company. Depreciation and Amortisation is charged to cost of goods, research and development, and bioprocessing costs in the Statement of Comprehensive Income. The operating lease payments relate to short term leases which have been accounted for under the IFRS 16 exemption. During the year, the Group (including its subsidiaries) obtained services from the Group's auditors, PwC and their associates, as detailed below (2022 audit services were provided by KPMG): ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "
2023
2022
Note
\u00a3'000
\u00a3'000
Employee benefit costs 5
81,195
86,238
Depreciation of property, plant and equipment 12
21,504
20,271
Amortisation 11
7,206
6,088
Impairment of assets
99,284
-
Raw materials and consumables used in bioprocessing
14,961
27,449
Operating lease payments
249
231
Net (loss) on foreign exchange
(71)
(751)
Company employee benefit costs include \u00a31,415,000 (2022: \u00a3992,000) relating to Non-Executive Directors' costs paid by Oxford
Biomedica (UK) Ltd and recharged to the Company.
Depreciation and Amortisation is charged to cost of goods, research and development, and bioprocessing costs in the Statement of
Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "During the year, the Group (including its subsidiaries) obtained services from the Group's auditors, PwC and their associates, as detailed below (2022 audit services were provided by KPMG):
2023
2022
Services provided by the Group's auditors
\u00a3'000
\u00a3'000
Fees payable for the audit of the parent company & Financial Statements
80
50
Fees payable for other services:
The audit of the Company's subsidiaries
817
895
Additional fees relating to prior period audit
-
98
Review of interim results
45
35
Total
942
1,078
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "
8 Taxation
The Group claims research and development tax credits under the UK Government's Large Company scheme.
2023
2022
Current tax
\u00a3'000
\u00a3'000
Corporation tax
(1,487)
(1,282)
Adjustments in respect of prior periods:
(1,487)
(1,282)
United Kingdom corporation tax research and development credit
(58)
307
Current tax
(1,545)
(975)
Deferred tax
Deferred tax relating to the origination of timing differences
5,910
1,792
Deferred tax
5,910
1,792
Taxation (charge)/ credit
4,365
817
UK income tax
The amount of \u00a31,487,000 (2022:\u00a31,282,000) included as part of the taxation charge within the Statement of Comprehensive
income for the year ended 31 December 2023 comprises the corporation tax payable on the amount claimed as a Large Company
Tax Credit (RDEC) within research and development expenses in the Statement of Comprehensive Income.
The adjustment of current tax in respect of the prior year is \u00a358,000. The adjustment in 2022 was \u00a3307,000 which related to the
corporation tax credit on a lower than anticipated RDEC tax receipt.
The United Kingdom corporation tax research and development (RDEC) credit which is included in research and development
expenses, is paid in arrears once tax returns have been filed and agreed. The tax credit recognised in the financial statements but
not yet received is included in trade and other receivables in the Statement of financial position.
During 2023, the Group recognised \u00a3nil (2022: \u00a3125,000) of current tax relating to tax relief obtained on exercise of share options
directly within equity.
The Company has no tax liability, nor is it entitled to tax credits (2022: \u00a3nil).
At 31 December 2023, the Group had UK tax losses, with no expiry date, to be carried forward of approximately \u00a3127.6 million
(2022: \u00a376.2 million).
US income tax
Deferred tax of \u00a3nil (2022: \u00a31,792,000) relates to temporary differences relating to intangible assets.
At 31 December 2023, the Group had US tax losses to be carried forward of approximately \u00a319.7 million (2022: \u00a37.3m) that expire 20
years from it being incurred.
Reconciliation of effective tax rate
The tax credit for the year is lower (2022: lower) than the standard rate of corporation tax in the UK. The differences are
explained below:
Group
Company
2023
2022
2023
2022
Current tax
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
(Loss) on ordinary activities before tax
(188,527)
(45,976)
(119,947)
(4,804)
(Loss) on ordinary activities before tax multiplied
by the standard rate of corporation tax in the UK of 23.52%
(2022 19%)
(44,342)
(8,734)
(28,211)
(913)
Expenses not deductible for tax purposes
2,624
1,985
2,101
28
Income not taxable
(288)
(376)
-
(1,272)
Transfer pricing
-
1,005
-
1,005
Tax deduction for share options less than share option
accounting charge
-
517
-
0
Group relief
-
-
-
158
Deferred tax not recognised
43,496
-
24,378
(579)
Rolled over gains
-
4,753
-
1,573
Effects of overseas tax rates
(6,510)
3,074
-
-
Tax losses carried forward to future periods
-
(2,734)
-
-
Adjustments in respect of prior periods
(58)
(307)
-
-
Other
503
-
-
-
Exempt items
211
-
-
-
Total tax credit for the period
(4,365)
(817)
-
-
23 Deferred taxation
UK deferred tax
The Group has recognised UK deferred tax assets and liabilities at 31 December 2023 and 31 December 2022. In light of the Group's
history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been
recognised only to the extent that there is a deferred tax liability.
Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was
Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this
rate has been applied when calculating the UK deferred tax at the year end.
US deferred tax The Group have recognised US deferred tax assets and liabilities at 31 December 2023 \u00a3nil (31 December 2022: \u00a36.1 million). The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future profits against which to offset the tax losses will arise. U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%. Group - recognised
Trading
temporary Intangible
Deferred tax (assets)/
differences
Fixed assets
Tax losses
asset
Total
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Foreign exchange
-
-
-
(206)
(206)
Income statement credit
(946)
(1,797)
1,741
(4,905)
(5,907)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
At 1 January 2022
-
3,051
(3,051)
-
-
Arising on acquisition
-
-
-
7,397
7,397
Foreign exchange
-
-
-
508
508
Income statement credit
(1,256)
306
(439)
(403)
(1,792)
At 31 December 2022
(1,256)
3,357
(3,490)
7,502
6,113
Trading
temporary Loan Share
Group - not recognised
differences
Intangibles
relationships
Provisions
Tax losses
options
Total
Deferred tax (assets)/
liabiltiies - not recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Origination and reversal of
temporary differences
(385)
(26,714)
-
54
(19,093)
(1)
(46,139)
At 31 December 2023
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
At 1 January 2022
-
-
(1,668)
(298)
(21,760)
(6,176)
(29,902)
Origination and reversal of
temporary differences
-
(4,819)
1,668
50
3,511
3,871
4,281
At 31 December 2022
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a3385,000 (2022: \u00a335,000) relating to non temporary trading differences", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "
9 Basic and diluted profit/(loss) per ordinary share
The basic loss per share of (163.11)p (2022: (41.29)p) has been calculated by dividing the loss for the period by the weighted average
number of shares in issue during the year ended 31 December 2023 being 96,555,347 (2022: 94,829,892).
As the Group made a loss this year and the prior year, there is therefore no difference between the basic loss per ordinary share and
the diluted loss per ordinary share in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "
10 Loss for the financial year
As permitted by section 408 of the Companies Act 2006, the Company's statement of comprehensive income has not been
included in these financial statements. The Company's loss for the year was \u00a3119,947,000 (2022: \u00a34,808,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "
11 Intangible assets
Developed
Goodwill
technology
Patents
Total
Note
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2022
-
-
5,636
5,636
Acquisitions through business combinations
610
102,869
-
103,479
Retirements
-
-
(3,825)
(3,825)
Effects of movements in exchange rates
51
8,536
-
8,587
At 31 December 2022
661
111,405
1,811
113,877
Effects of movements in exchange rates
(33)
(5,516)
-
(5,549)
At 31 December 2023
628
105,889
1,811
108,328
Amortisation and impairment
At 1 January 2022
-
-
5,584
5,584
Charge for the period
-
6,072
16
6,088
Retirements
-
-
(3,797)
(3,797)
Effects of movements in exchange rates
-
116
-
116
At 31 December 2022
-
6,188
1,803
7,991
Charge for the period
-
7,205
2
7,207
Impairment of assets
628
61,972
-
62,600
Effects of movements in exchange rates
-
(451)
-
(451)
At 31 December 2023
628
74,914
1,805
77,347
Net book amount at 31 December 2023
-
30,975
6
30,981
Net book amount at 31 December 2022
661
105,217
8
105,886
Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not
capitalised any internally generated intangible assets.
An impairment indicator relating to the manufacturing and process development operation of the Oxford Biomedica (US) LLC
Cash-generating unit (CGU) located at the Bedford site in the United States, was identified. The CGU was tested for impairment at
31 December 2023 with an impairment of \u00a399.3 million being recognised of which \u00a362.6 million has been allocated to intangible
assets on a pro-rata basis based on the carrying value of the intangible asset as a proportion of the total assets of the CGU, in line
with the requirements of IFRS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "11 Intangible assets
Developed
Goodwill
technology
Patents
Total
Note
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2022
-
-
5,636
5,636
Acquisitions through business combinations
610
102,869
-
103,479
Retirements
-
-
(3,825)
(3,825)
Effects of movements in exchange rates
51
8,536
-
8,587
At 31 December 2022
661
111,405
1,811
113,877
Effects of movements in exchange rates
(33)
(5,516)
-
(5,549)
At 31 December 2023
628
105,889
1,811
108,328
Amortisation and impairment
At 1 January 2022
-
-
5,584
5,584
Charge for the period
-
6,072
16
6,088
Retirements
-
-
(3,797)
(3,797)
Effects of movements in exchange rates
-
116
-
116
At 31 December 2022
-
6,188
1,803
7,991
Charge for the period
-
7,205
2
7,207
Impairment of assets
628
61,972
-
62,600
Effects of movements in exchange rates
-
(451)
-
(451)
At 31 December 2023
628
74,914
1,805
77,347
Net book amount at 31 December 2023
-
30,975
6
30,981
Net book amount at 31 December 2022
661
105,217
8
105,886
Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not capitalised any internally generated intangible assets. An impairment indicator relating to the manufacturing and process development operation of the Oxford Biomedica (US) LLC Cash-generating unit (CGU) located at the Bedford site in the United States, was identified. The CGU was tested for impairment at 31 December 2023 with an impairment of \u00a399.3 million being recognised of which \u00a362.6 million has been allocated to intangible assets on a pro-rata basis based on the carrying value of the intangible asset as a proportion of the total assets of the CGU, in line with the requirements of IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "11 Intangible assets
Developed
Goodwill
technology
Patents
Total
Note
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2022
-
-
5,636
5,636
Acquisitions through business combinations
610
102,869
-
103,479
Retirements
-
-
(3,825)
(3,825)
Effects of movements in exchange rates
51
8,536
-
8,587
At 31 December 2022
661
111,405
1,811
113,877
Effects of movements in exchange rates
(33)
(5,516)
-
(5,549)
At 31 December 2023
628
105,889
1,811
108,328
Amortisation and impairment
At 1 January 2022
-
-
5,584
5,584
Charge for the period
-
6,072
16
6,088
Retirements
-
-
(3,797)
(3,797)
Effects of movements in exchange rates
-
116
-
116
At 31 December 2022
-
6,188
1,803
7,991
Charge for the period
-
7,205
2
7,207
Impairment of assets
628
61,972
-
62,600
Effects of movements in exchange rates
-
(451)
-
(451)
At 31 December 2023
628
74,914
1,805
77,347
Net book amount at 31 December 2023
-
30,975
6
30,981
Net book amount at 31 December 2022
661
105,217
8
105,886
Intangible assets comprise Goodwill, Developed Technology and Patents for intellectual property rights. The Group has not capitalised any internally generated intangible assets. An impairment indicator relating to the manufacturing and process development operation of the Oxford Biomedica (US) LLC Cash-generating unit (CGU) located at the Bedford site in the United States, was identified. The CGU was tested for impairment at 31 December 2023 with an impairment of \u00a399.3 million being recognised of which \u00a362.6 million has been allocated to intangible assets on a pro-rata basis based on the carrying value of the intangible asset as a proportion of the total assets of the CGU, in line with the requirements of IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "
12 Property, plant & equipment
Office Bio-processing Right-of-use
Freehold
Leasehold
equipment and assets
Laboratory
property Improvements
and computers
equipment
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2023
9,848
60,228
12,420
48,596
57,146
188,238
Additions at cost
-
3,155
1,474
5,203
4,357
14,189
Reallocation between asset classes
-
943
(222)
2,999
(3,720)
-
Disposals
(9,848)
(1,318)
(2,872)
(510)
(5,155)
(19,703)
Change of Estimate
-
-
-
-
(552)
(552)
Effects of movements in exchange rates
-
(1,945)
(429)
(1,328)
(1,310)
(5,012)
At 31 December 2023
-
61,063
10,371
54,960
50,766
177,160
Depreciation & Impairment
At 1 January 2023
6,494
11,440
9,042
18,386
9,096
54,458
Charge for the period
336
5,760
1,765
8,034
5,609
21,504
Reallocation between asset classes
-
958
(226)
1,691
(2,423)
-
Impairment of assets
-
16,056
479
7,234
12,914
36,683
Effects of movements in exchange rates
-
(194)
(8)
(129)
(190)
(521)
Disposals
(6,830)
(119)
(2,870)
(234)
(603)
(10,656)
At 31 December 2023
-
33,901
8,182
34,982
24,403
101,468
Net book amount at 31 December 2023
-
27,162
2,189
19,978
26,363
75,692
Office Bio-processing Right-of-use
Freehold
Leasehold
equipment and assets
Laboratory
propertyImprovements
and computers
equipment
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2022
25,409
28,145
10,663
29,505
18,411
112,133
Additions at cost
113
7,767
955
7,461
13,038
29,334
Reallocations
14
(417)
(6)
409
-
-
Acquisitions through business combinations
-
22,747
788
10,436
24,974
58,945
Disposals
(15,688)
-
(45)
(127)
-
(15,860)
Change of Estimate
-
-
-
-
(1,349)
(1,349)
Effects of movements in exchange rates
-
1,986
65
912
2,072
5,035
At 31 December 2022
9,848
60,228
12,420
48,596
57,146
188,238
Depreciation & Impairment
At 1 January 2022
12,652
6,226
6,863
12,519
4,145
42,405
Charge for the period
2,052
5,167
2,204
5,916
4,932
20,271
Effects of movements in exchange rates
-
47
2
40
19
108
Disposals
(8,210)
-
(27)
(89)
-
(8,326)
At 31 December 2022
6,494
11,440
9,042
18,386
9,096
54,458
Net book amount at 31 December 2022
3,354
48,788
3,378
30,210
48,050
133,780
Included within Leasehold Improvements are Assets under Construction of \u00a3nil (2022:\u00a35.54 million) representing ongoing
construction works at Patriots Park, Boston, which will start being depreciated once completed and in use.
Leasehold improvements are capital improvements to buildings which the Group leases. Bioprocessing and laboratory equipment
is equipment purchased for the Group's laboratory and bioprocessing processes, and are generally movable from one facility
to another.
During the year a sale and leaseback transaction was completed on the Harrow House facility and as a result, assets with a net book
value of \u00a33.0 million have been disposed of in the period and a Right of use Asset of \u00a32.1 million recognised at Group. Refer to note
32 for details of the lease.
An impairment indicator relating to the manufacturing and process development operation of the Oxford Biomedica (US) LLC
Cash-generating unit (CGU) located at the Bedford site in the United States, was identified. The CGU was tested for impairment at
31 December 2023 with an impairment of \u00a399.3 million being recognised of which \u00a336.7 million has been allocated to property,
plant and equipment on a pro-rata basis based on the carrying value of the fixed assets as a proportion of the total assets of the
CGU, in line with the requirements of IFRS.
Right of Use
Total
Company
\u00a3'000
\u00a3'000
Cost
At 1 January 2022
-
-
Additions at cost
39,717
39,717
At 31 December 2022
39,717
39,717
Change in estimate
(209)
(209)
Disposals
-
-
At 31 December 2023
39,508
39,508
Accumulated depreciation
At 1 January 2022
-
-
Charge for the period
323
323
At 31 December 2022
323
323
Charge for the period
2,641
2,641
At 31 December 2023
2,964
2,964
Net book amount at 31 December 2023
36,544
36,544
Net book amount at 31 December 2022
39,394
39,394
The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building was immediately leased under a 15 year lease by Oxford Biomedica plc on the same day. In the Company's individual accounts, the Company has accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst Oxford Biomedica (UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective the transaction has been accounted for as a sale and leaseback transaction as both companies form part of the same group and both the sale and leaseback was negotiated and entered into at the same time.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "12 Property, plant & equipment
Office Bio-processing Right-of-use
Freehold
Leasehold
equipment and assets
Laboratory
property Improvements
and computers
equipment
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2023
9,848
60,228
12,420
48,596
57,146
188,238
Additions at cost
-
3,155
1,474
5,203
4,357
14,189
Reallocation between asset classes
-
943
(222)
2,999
(3,720)
-
Disposals
(9,848)
(1,318)
(2,872)
(510)
(5,155)
(19,703)
Change of Estimate
-
-
-
-
(552)
(552)
Effects of movements in exchange rates
-
(1,945)
(429)
(1,328)
(1,310)
(5,012)
At 31 December 2023
-
61,063
10,371
54,960
50,766
177,160
Depreciation & Impairment
At 1 January 2023
6,494
11,440
9,042
18,386
9,096
54,458
Charge for the period
336
5,760
1,765
8,034
5,609
21,504
Reallocation between asset classes
-
958
(226)
1,691
(2,423)
-
Impairment of assets
-
16,056
479
7,234
12,914
36,683
Effects of movements in exchange rates
-
(194)
(8)
(129)
(190)
(521)
Disposals
(6,830)
(119)
(2,870)
(234)
(603)
(10,656)
At 31 December 2023
-
33,901
8,182
34,982
24,403
101,468
Net book amount at 31 December 2023
-
27,162
2,189
19,978
26,363
75,692
Office Bio-processing Right-of-use
Freehold
Leasehold
equipment and assets
Laboratory
propertyImprovements
and computers
equipment
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2022
25,409
28,145
10,663
29,505
18,411
112,133
Additions at cost
113
7,767
955
7,461
13,038
29,334
Reallocations
14
(417)
(6)
409
-
-
Acquisitions through business combinations
-
22,747
788
10,436
24,974
58,945
Disposals
(15,688)
-
(45)
(127)
-
(15,860)
Change of Estimate
-
-
-
-
(1,349)
(1,349)
Effects of movements in exchange rates
-
1,986
65
912
2,072
5,035
At 31 December 2022
9,848
60,228
12,420
48,596
57,146
188,238
Depreciation & Impairment
At 1 January 2022
12,652
6,226
6,863
12,519
4,145
42,405
Charge for the period
2,052
5,167
2,204
5,916
4,932
20,271
Effects of movements in exchange rates
-
47
2
40
19
108
Disposals
(8,210)
-
(27)
(89)
-
(8,326)
At 31 December 2022
6,494
11,440
9,042
18,386
9,096
54,458
Net book amount at 31 December 2022
3,354
48,788
3,378
30,210
48,050
133,780
Included within Leasehold Improvements are Assets under Construction of \u00a3nil (2022:\u00a35.54 million) representing ongoing construction works at Patriots Park, Boston, which will start being depreciated once completed and in use. Leasehold improvements are capital improvements to buildings which the Group leases. Bioprocessing and laboratory equipment is equipment purchased for the Group's laboratory and bioprocessing processes, and are generally movable from one facility to another. During the year a sale and leaseback transaction was completed on the Harrow House facility and as a result, assets with a net book value of \u00a33.0 million have been disposed of in the period and a Right of use Asset of \u00a32.1 million recognised at Group. Refer to note 32 for details of the lease. An impairment indicator relating to the manufacturing and process development operation of the Oxford Biomedica (US) LLC Cash-generating unit (CGU) located at the Bedford site in the United States, was identified. The CGU was tested for impairment at 31 December 2023 with an impairment of \u00a399.3 million being recognised of which \u00a336.7 million has been allocated to property, plant and equipment on a pro-rata basis based on the carrying value of the fixed assets as a proportion of the total assets of the CGU, in line with the requirements of IFRS.
Right of Use
Total
Company
\u00a3'000
\u00a3'000
Cost
At 1 January 2022
-
-
Additions at cost
39,717
39,717
At 31 December 2022
39,717
39,717
Change in estimate
(209)
(209)
Disposals
-
-
At 31 December 2023
39,508
39,508
Accumulated depreciation
At 1 January 2022
-
-
Charge for the period
323
323
At 31 December 2022
323
323
Charge for the period
2,641
2,641
At 31 December 2023
2,964
2,964
Net book amount at 31 December 2023
36,544
36,544
Net book amount at 31 December 2022
39,394
39,394
The Windrush Court building was owned and then sold by Oxford Biomedica (UK) Ltd in October 2022, after which the building
was immediately leased under a 15 year lease by Oxford Biomedica plc on the same day. In the Company's individual accounts, the
Company has accounted for the lease as a standalone lease with the resultant lease liability and matching right of use asset, whilst
Oxford Biomedica (UK) Ltd has accounted for the transaction as a standalone sale of an asset. However, from a Group perspective
the transaction has been accounted for as a sale and leaseback transaction as both companies form part of the same group and
both the sale and leaseback was negotiated and entered into at the same time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "
13 Company investments and loans in subsidiaries
2023
2022
Note
\u00a3'000
\u00a3'000
Shares in Group undertakings
At 1 January and 31 December
15,182
15,182
Loans to Group Undertakings
At 1 January
426,855
273,253
Loan advanced in period
2,136
153,602
At 31 December
428,991
426,855
Total investments in shares and loans to group undertakings
444,173
442,037
Accumulated impairment
At 1 January
126,065
126,065
Impairment in period
100,150
-
At 31 December
226,215
126,065
Net book amount at 31 December
217,958
315,972
Capital contribution in respect of employee share schemes
At 1 January
25,264
18,793
Additions in the period 26
3,516
6,471
At 31 December
28,780
25,264
Total investments
246,738
341,237
The Company recognised a loss allowance for expected credit losses on financial assets. The expected credit losses are estimated
by reference to an analysis of the subsidiary's current financial position and future repayment expectations. The loss allowance
recognised on loans in subsidiaries at the end of the year was \u00a3193.3 million (2022: \u00a393.1 million). In addition to the loss allowance
recognised on loans in subsidiaries, an impairment loss is recognised under IAS 36 for shares in Group undertakings and for capital
contributions in respect of employee share schemes of \u00a332.9 million (2022: \u00a332.9 million).
The loan from Oxford Biomedica plc to Oxford Biomedica (UK) Limited is unsecured and interest free. The loan is legally due for
repayment on demand though the expectation is that it will not be repaid within 12 months of the year end.
Net investment in foreign operations:
The company has designated a $180 million intercompany loan to Oxford Biomedica (US) Inc as a monetary item that forms
part of the Group's net investment in Oxford Biomedica (US) LLC with the foreign exchange differences recognised as a separate
component in Other Comprehensive income until such time as the investment in Oxford Biomedica (US) LLC is disposed of. A
translation loss of \u00a35.3 million was recognised in 2023 (2022: \u00a310.6 million gain). The $180 million loan was converted into equity in
February 2024 and remains part of the Group's net investment in Oxford Biomedica (US) LLC.
Interests in subsidiary undertakings
Country
Description of shares held
Proportion of nominal
Nature of business
of incorporation value of issued shares
held by the Group
and Company
Oxford Biomedica
Great Britain
1p ordinary shares
100%
Gene therapy
(UK) Limited research development
and manufacturing
Oxford Biomedica
Ireland
1p ordinary shares
100%
Product release
(Ireland) Limited
Oxxon Therapeutics Limited
Great Britain
1p ordinary shares
100%
Dormant
Oxford Biomedica (US) LLC
United States
N/A
80%
Gene therapy
research, development
and manufacturing
Oxford Biomedica (US) Inc.
United States
1c ordinary shares
100%
Business Development
Invivusbio Limited
Great Britain
1p ordinary shares
100%
Dormant
The registered office of the Company, its UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford,
OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered
office of Oxford Biomedica (US) LLC is 1 Patriots Park, Bedford, MA 01730, USA.
In addition, the Group set up the Oxford Biomedica Employee Benefit Trust (EBT) to hold market-purchased shares to settle the
2013 deferred bonus share awards made to Executive Directors and employees (note 26).
All of the above subsidiaries have been consolidated in these financial statements.
At each year end, the Directors review the carrying value of the Company's investment in subsidiaries. Where there is a material
and sustained shortfall in the market capitalisation, or a significant and sustained change in the business resulting in a decrease in
market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value
of the Company's investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the
Group is an appropriate external measure of the value of the Group for this purpose. Cumulative impairment of \u00a3226.2 million has
been recognised up to 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "13 Company investments and loans in subsidiaries
2023
2022
Note
\u00a3'000
\u00a3'000
Shares in Group undertakings
At 1 January and 31 December
15,182
15,182
Loans to Group Undertakings
At 1 January
426,855
273,253
Loan advanced in period
2,136
153,602
At 31 December
428,991
426,855
Total investments in shares and loans to group undertakings
444,173
442,037
Accumulated impairment
At 1 January
126,065
126,065
Impairment in period
100,150
-
At 31 December
226,215
126,065
Net book amount at 31 December
217,958
315,972
Capital contribution in respect of employee share schemes
At 1 January
25,264
18,793
Additions in the period 26
3,516
6,471
At 31 December
28,780
25,264
Total investments
246,738
341,237
The Company recognised a loss allowance for expected credit losses on financial assets. The expected credit losses are estimated by reference to an analysis of the subsidiary's current financial position and future repayment expectations. The loss allowance recognised on loans in subsidiaries at the end of the year was \u00a3193.3 million (2022: \u00a393.1 million). In addition to the loss allowance recognised on loans in subsidiaries, an impairment loss is recognised under IAS 36 for shares in Group undertakings and for capital contributions in respect of employee share schemes of \u00a332.9 million (2022: \u00a332.9 million). The loan from Oxford Biomedica plc to Oxford Biomedica (UK) Limited is unsecured and interest free. The loan is legally due for repayment on demand though the expectation is that it will not be repaid within 12 months of the year end. Net investment in foreign operations: The company has designated a $180 million intercompany loan to Oxford Biomedica (US) Inc as a monetary item that forms part of the Group's net investment in Oxford Biomedica (US) LLC with the foreign exchange differences recognised as a separate component in Other Comprehensive income until such time as the investment in Oxford Biomedica (US) LLC is disposed of. A translation loss of \u00a35.3 million was recognised in 2023 (2022: \u00a310.6 million gain). The $180 million loan was converted into equity in February 2024 and remains part of the Group's net investment in Oxford Biomedica (US) LLC. Interests in subsidiary undertakings
Country
Description of shares held
Proportion of nominal
Nature of business
of incorporation value of issued shares
held by the Group
and Company
Oxford Biomedica
Great Britain
1p ordinary shares
100%
Gene therapy
(UK) Limited research development
and manufacturing
Oxford Biomedica
Ireland
1p ordinary shares
100%
Product release
(Ireland) Limited
Oxxon Therapeutics Limited
Great Britain
1p ordinary shares
100%
Dormant
Oxford Biomedica (US) LLC
United States
N/A
80%
Gene therapy
research, development
and manufacturing
Oxford Biomedica (US) Inc.
United States
1c ordinary shares
100%
Business Development
Invivusbio Limited
Great Britain
1p ordinary shares
100%
Dormant
The registered office of the Company, its UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford, OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of Oxford Biomedica (US) LLC is 1 Patriots Park, Bedford, MA 01730, USA. In addition, the Group set up the Oxford Biomedica Employee Benefit Trust (EBT) to hold market-purchased shares to settle the 2013 deferred bonus share awards made to Executive Directors and employees (note 26). All of the above subsidiaries have been consolidated in these financial statements. At each year end, the Directors review the carrying value of the Company's investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a significant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company's investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Group for this purpose. Cumulative impairment of \u00a3226.2 million has been recognised up to 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "13 Company investments and loans in subsidiaries
2023
2022
Note
\u00a3'000
\u00a3'000
Shares in Group undertakings
At 1 January and 31 December
15,182
15,182
Loans to Group Undertakings
At 1 January
426,855
273,253
Loan advanced in period
2,136
153,602
At 31 December
428,991
426,855
Total investments in shares and loans to group undertakings
444,173
442,037
Accumulated impairment
At 1 January
126,065
126,065
Impairment in period
100,150
-
At 31 December
226,215
126,065
Net book amount at 31 December
217,958
315,972
Capital contribution in respect of employee share schemes
At 1 January
25,264
18,793
Additions in the period 26
3,516
6,471
At 31 December
28,780
25,264
Total investments
246,738
341,237
The Company recognised a loss allowance for expected credit losses on financial assets. The expected credit losses are estimated by reference to an analysis of the subsidiary's current financial position and future repayment expectations. The loss allowance recognised on loans in subsidiaries at the end of the year was \u00a3193.3 million (2022: \u00a393.1 million). In addition to the loss allowance recognised on loans in subsidiaries, an impairment loss is recognised under IAS 36 for shares in Group undertakings and for capital contributions in respect of employee share schemes of \u00a332.9 million (2022: \u00a332.9 million). The loan from Oxford Biomedica plc to Oxford Biomedica (UK) Limited is unsecured and interest free. The loan is legally due for repayment on demand though the expectation is that it will not be repaid within 12 months of the year end. Net investment in foreign operations: The company has designated a $180 million intercompany loan to Oxford Biomedica (US) Inc as a monetary item that forms part of the Group's net investment in Oxford Biomedica (US) LLC with the foreign exchange differences recognised as a separate component in Other Comprehensive income until such time as the investment in Oxford Biomedica (US) LLC is disposed of. A translation loss of \u00a35.3 million was recognised in 2023 (2022: \u00a310.6 million gain). The $180 million loan was converted into equity in February 2024 and remains part of the Group's net investment in Oxford Biomedica (US) LLC. Interests in subsidiary undertakings
Country
Description of shares held
Proportion of nominal
Nature of business
of incorporation value of issued shares
held by the Group
and Company
Oxford Biomedica
Great Britain
1p ordinary shares
100%
Gene therapy
(UK) Limited research development
and manufacturing
Oxford Biomedica
Ireland
1p ordinary shares
100%
Product release
(Ireland) Limited
Oxxon Therapeutics Limited
Great Britain
1p ordinary shares
100%
Dormant
Oxford Biomedica (US) LLC
United States
N/A
80%
Gene therapy
research, development
and manufacturing
Oxford Biomedica (US) Inc.
United States
1c ordinary shares
100%
Business Development
Invivusbio Limited
Great Britain
1p ordinary shares
100%
Dormant
The registered office of the Company, its UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford, OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of Oxford Biomedica (US) LLC is 1 Patriots Park, Bedford, MA 01730, USA. In addition, the Group set up the Oxford Biomedica Employee Benefit Trust (EBT) to hold market-purchased shares to settle the 2013 deferred bonus share awards made to Executive Directors and employees (note 26). All of the above subsidiaries have been consolidated in these financial statements. At each year end, the Directors review the carrying value of the Company's investment in subsidiaries. Where there is a material and sustained shortfall in the market capitalisation, or a significant and sustained change in the business resulting in a decrease in market capitalisation, the Directors consider this to be a trigger of an impairment review as set out in IAS 36, and the carrying value of the Company's investments in subsidiaries is adjusted. The Directors consider that reference to the market capitalisation of the Group is an appropriate external measure of the value of the Group for this purpose. Cumulative impairment of \u00a3226.2 million has been recognised up to 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "
14 Inventory
2023
2022
\u00a3'000
\u00a3'000
Raw materials
12,872
12,625
Total Inventory
12,872
12,625
Inventories constitute raw materials held for commercial development and bioprocessing purposes, all of which the Group expects
to recover within the next 12 months.
During the year, the Group wrote down \u00a32,066,000 (2022: \u00a31,117,000) of inventory which is not expected to be used in production
or sold onwards. The Company holds no inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "
15 Trade and other receivables
Group
Company
2023
2022
2023
2022
Current
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade receivables
8,114
34,109
-
-
Contract assets
5,228
10,897
-
-
Other receivables
2,081
4,855
-
-
Other tax receivable
4,962
7,757
-
-
Prepayments
4,356
3,976
-
-
Total trade and other receivables
24,741
61,594
-
-
Non-current trade and other receivables constitute other receivables of \u00a34,340,000 (2022: \u00a35,010,000) which are deposits held in
escrow as part of the Oxbox lease arrangements as well as security deposits held on the Group's Bedford facility lease.
The fair value of trade and other receivables are the current book values. The Group has performed an impairment assessment
under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of
impairment of receivables.
The carrying amounts of the Group's trade and other receivables are denominated in the following currencies:
2023
2022
\u00a3'000
\u00a3'000
Sterling
21,574
50,395
US Dollar
7,507
16,186
29,081
66,581
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not
hold any collateral as security.
Trade receivables
Included in the Group's trade receivable balance are debtors with a carrying amount of \u00a33,472,000 (2022: \u00a31,336,000) which were
past due at the reporting date and of which \u00a33,466,000 (2022: \u00a31,333,000) has been received after the reporting date.
Ageing of past due but not impaired trade receivables:
2023
2022
\u00a3'000
\u00a3'000
0 - 30 days
1,054
171
30 - 60 days
1,320
3
60+ days
1,098
1,162
3,472
1,336
Contract assets
The balance of \u00a35.2 million (2022: \u00a310.9 million) mainly relates to commercial development milestones which have been accrued
as the
specific conditions stipulated in the licence agreement have been met, commercial development work orders accrued on a
percentage complete basis which will be invoiced as the related work package completes, and bioprocessing batches accrued on a
percentage of completion basis which will be invoiced as the manufacturing of the batch is completed.
Contract assets have decreased from \u00a310.9 million at the end of 2022 to \u00a35.2 million at the end of 2023 due to the timing of
bioprocessing and commercial development activities undertaken during the year leading to a lower level of consideration for work
completed but not yet billed.
The Group performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss
model has had an immaterial impact on the level of impairment on contract assets. The Group has noted there has been no change
in the time frame for a right to consideration to become unconditional and the performance obligation to be satisfied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "value": "15 Trade and other receivables
Group
Company
2023
2022
2023
2022
Current
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade receivables
8,114
34,109
-
-
Contract assets
5,228
10,897
-
-
Other receivables
2,081
4,855
-
-
Other tax receivable
4,962
7,757
-
-
Prepayments
4,356
3,976
-
-
Total trade and other receivables
24,741
61,594
-
-
Non-current trade and other receivables constitute other receivables of \u00a34,340,000 (2022: \u00a35,010,000) which are deposits held in escrow as part of the Oxbox lease arrangements as well as security deposits held on the Group's Bedford facility lease. The fair value of trade and other receivables are the current book values. The Group has performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of impairment of receivables. The carrying amounts of the Group's trade and other receivables are denominated in the following currencies:
2023
2022
\u00a3'000
\u00a3'000
Sterling
21,574
50,395
US Dollar
7,507
16,186
29,081
66,581
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. Trade receivables Included in the Group's trade receivable balance are debtors with a carrying amount of \u00a33,472,000 (2022: \u00a31,336,000) which were past due at the reporting date and of which \u00a33,466,000 (2022: \u00a31,333,000) has been received after the reporting date. Ageing of past due but not impaired trade receivables:
2023
2022
\u00a3'000
\u00a3'000
0 - 30 days
1,054
171
30 - 60 days
1,320
3
60+ days
1,098
1,162
3,472
1,336
Contract assets The balance of \u00a35.2 million (2022: \u00a310.9 million) mainly relates to commercial development milestones which have been accrued as the specific conditions stipulated in the licence agreement have been met, commercial development work orders accrued on a percentage complete basis which will be invoiced as the related work package completes, and bioprocessing batches accrued on a percentage of completion basis which will be invoiced as the manufacturing of the batch is completed. Contract assets have decreased from \u00a310.9 million at the end of 2022 to \u00a35.2 million at the end of 2023 due to the timing of bioprocessing and commercial development activities undertaken during the year leading to a lower level of consideration for work completed but not yet billed. The Group performed an impairment assessment under IFRS 9 and has concluded that the application of the expected credit loss model has had an immaterial impact on the level of impairment on contract assets. The Group has noted there has been no change in the time frame for a right to consideration to become unconditional and the performance obligation to be satisfied. 23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2023 and 31 December 2022. In light of the Group's history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been recognised only to the extent that there is a deferred tax liability. Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this rate has been applied when calculating the UK deferred tax at the year end. US deferred tax The Group have recognised US deferred tax assets and liabilities at 31 December 2023 \u00a3nil (31 December 2022: \u00a36.1 million). The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future profits against which to offset the tax losses will arise. U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%. Group - recognised
Trading
temporary Intangible
Deferred tax (assets)/
differences
Fixed assets
Tax losses
asset
Total
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Foreign exchange
-
-
-
(206)
(206)
Income statement credit
(946)
(1,797)
1,741
(4,905)
(5,907)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
At 1 January 2022
-
3,051
(3,051)
-
-
Arising on acquisition
-
-
-
7,397
7,397
Foreign exchange
-
-
-
508
508
Income statement credit
(1,256)
306
(439)
(403)
(1,792)
At 31 December 2022
(1,256)
3,357
(3,490)
7,502
6,113
Trading
temporary Loan Share
Group - not recognised
differences
Intangibles
relationships
Provisions
Tax losses
options
Total
Deferred tax (assets)/
liabiltiies - not recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Origination and reversal of
temporary differences
(385)
(26,714)
-
54
(19,093)
(1)
(46,139)
At 31 December 2023
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
At 1 January 2022
-
-
(1,668)
(298)
(21,760)
(6,176)
(29,902)
Origination and reversal of
temporary differences
-
(4,819)
1,668
50
3,511
3,871
4,281
At 31 December 2022
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a3385,000 (2022: \u00a335,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "
Group
Company
2023
2022
2023
2022
Current
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade receivables
8,114
34,109
-
-
Contract assets
5,228
10,897
-
-
Other receivables
2,081
4,855
-
-
Other tax receivable
4,962
7,757
-
-
Prepayments
4,356
3,976
-
-
Total trade and other receivables
24,741
61,594
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "
16 Cash and cash equivalents
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash at bank and in hand
103,716
141,285
47
19,197
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "16 Cash and cash equivalents
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash at bank and in hand
103,716
141,285
47
19,197
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "
17 Trade and other payables
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade payables
6,052
13,604
-
-
Other taxation and social security
1,478
2,347
-
-
Accruals
10,272
20,628
1,578
143
Total Trade and other payables
17,802
36,579
1,578
143
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "17 Trade and other payables
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade payables
6,052
13,604
-
-
Other taxation and social security
1,478
2,347
-
-
Accruals
10,272
20,628
1,578
143
Total Trade and other payables
17,802
36,579
1,578
143
Years
0-1
1-3
3-5
5-10
Total
At 31 December 2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Contract Liabilities
21,598
4,467
27
-
26,092
Bioprocessing income
18,784
3,738
-
-
22,522
Process development income
2,798
697
-
-
3,495
Licence fees and incentives
16
32
27
-
75
Deferred Income
514
428
287
122
1,351
Grant
514
428
287
122
1,351
0-1
1-3
3-5
5-10
Total
At 31 December 2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Contract Liabilities
18,370
32
32
12
18,446
Bioprocessing income
10,218
-
-
-
10,218
Process development income
3,136
-
-
-
3,136
Licence fees and incentives
5,016
32
32
12
5,092
Deferred Income
894
1,069
-
-
1,963
Grant
894
1,069
-
-
1,963
Included within bioprocessing contract liabilities is revenue of \u00a31.1 million which has not been recognised during 2023 (2022: \u00a32.6 million) relating to the estimate of out of specification batches (refer note 2: Estimations\u2019 for additional information). In 2023 all of the \u00a32.6 million held in contract liabilities at 31 December 2022 was recognised as revenue. Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox bioprocessing facility expansion. The income will be recognised over the period over which the purchased assets are depreciated. The Company had no contract liabilities or deferred income in 2023 or 2022. 23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2023 and 31 December 2022. In light of the Group's history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been recognised only to the extent that there is a deferred tax liability. Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this rate has been applied when calculating the UK deferred tax at the year end. US deferred tax The Group have recognised US deferred tax assets and liabilities at 31 December 2023 \u00a3nil (31 December 2022: \u00a36.1 million). The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future profits against which to offset the tax losses will arise. U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%. Group - recognised
Trading
temporary Intangible
Deferred tax (assets)/
differences
Fixed assets
Tax losses
asset
Total
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Foreign exchange
-
-
-
(206)
(206)
Income statement credit
(946)
(1,797)
1,741
(4,905)
(5,907)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
At 1 January 2022
-
3,051
(3,051)
-
-
Arising on acquisition
-
-
-
7,397
7,397
Foreign exchange
-
-
-
508
508
Income statement credit
(1,256)
306
(439)
(403)
(1,792)
At 31 December 2022
(1,256)
3,357
(3,490)
7,502
6,113
Trading
temporary Loan Share
Group - not recognised
differences
Intangibles
relationships
Provisions
Tax losses
options
Total
Deferred tax (assets)/
liabiltiies - not recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Origination and reversal of
temporary differences
(385)
(26,714)
-
54
(19,093)
(1)
(46,139)
At 31 December 2023
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
At 1 January 2022
-
-
(1,668)
(298)
(21,760)
(6,176)
(29,902)
Origination and reversal of
temporary differences
-
(4,819)
1,668
50
3,511
3,871
4,281
At 31 December 2022
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a3385,000 (2022: \u00a335,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "17 Trade and other payables
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade payables
6,052
13,604
-
-
Other taxation and social security
1,478
2,347
-
-
Accruals
10,272
20,628
1,578
143
Total Trade and other payables
17,802
36,579
1,578
143
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "
18 Contract liabilities and deferred income
Contract liabilities and deferred income arise when the Group has received payment for services in excess of the stage of
completion of the services being provided.
Contract liabilities and deferred income have increased from \u00a320.4 million at the end of 2022 to \u00a327.4 million at the end of 2023
due to funds received in advance for future licensing, bioprocessing and process development activities. Of the \u00a320.4 million
balance included in the statement of financial position at the end of 2022, \u00a311.8 million has been recognised as revenue during the
2023 financial year.
Contract liabilities consists primarily of deferred bioprocessing and process development revenues, which are expected to be
released as the related performance obligations are satisfied over the period as described below:
Years
0-1
1-3
3-5
5-10
Total
At 31 December 2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Contract Liabilities
21,598
4,467
27
-
26,092
Bioprocessing income
18,784
3,738
-
-
22,522
Process development income
2,798
697
-
-
3,495
Licence fees and incentives
16
32
27
-
75
Deferred Income
514
428
287
122
1,351
Grant
514
428
287
122
1,351
0-1
1-3
3-5
5-10
Total
At 31 December 2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Contract Liabilities
18,370
32
32
12
18,446
Bioprocessing income
10,218
-
-
-
10,218
Process development income
3,136
-
-
-
3,136
Licence fees and incentives
5,016
32
32
12
5,092
Deferred Income
894
1,069
-
-
1,963
Grant
894
1,069
-
-
1,963
Included within bioprocessing contract liabilities is revenue of \u00a31.1 million which has not been recognised during 2023 (2022:
\u00a32.6 million) relating to the estimate of out of specification batches (refer note 2: Estimations\u2019 for additional information). In 2023 all
of the \u00a32.6 million held in contract liabilities at 31 December 2022 was recognised as revenue.
Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox
bioprocessing facility expansion. The income will be recognised over the period over which the purchased assets are depreciated.
The Company had no contract liabilities or deferred income in 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "18 Contract liabilities and deferred income Contract liabilities and deferred income arise when the Group has received payment for services in excess of the stage of completion of the services being provided. Contract liabilities and deferred income have increased from \u00a320.4 million at the end of 2022 to \u00a327.4 million at the end of 2023 due to funds received in advance for future licensing, bioprocessing and process development activities. Of the \u00a320.4 million balance included in the statement of financial position at the end of 2022, \u00a311.8 million has been recognised as revenue during the 2023 financial year. Contract liabilities consists primarily of deferred bioprocessing and process development revenues, which are expected to be released as the related performance obligations are satisfied over the period as described below:
Years
0-1
1-3
3-5
5-10
Total
At 31 December 2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Contract Liabilities
21,598
4,467
27
-
26,092
Bioprocessing income
18,784
3,738
-
-
22,522
Process development income
2,798
697
-
-
3,495
Licence fees and incentives
16
32
27
-
75
Deferred Income
514
428
287
122
1,351
Grant
514
428
287
122
1,351
0-1
1-3
3-5
5-10
Total
At 31 December 2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Contract Liabilities
18,370
32
32
12
18,446
Bioprocessing income
10,218
-
-
-
10,218
Process development income
3,136
-
-
-
3,136
Licence fees and incentives
5,016
32
32
12
5,092
Deferred Income
894
1,069
-
-
1,963
Grant
894
1,069
-
-
1,963
Included within bioprocessing contract liabilities is revenue of \u00a31.1 million which has not been recognised during 2023 (2022: \u00a32.6 million) relating to the estimate of out of specification batches (refer note 2: Estimations\u2019 for additional information). In 2023 all of the \u00a32.6 million held in contract liabilities at 31 December 2022 was recognised as revenue. Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox bioprocessing facility expansion. The income will be recognised over the period over which the purchased assets are depreciated. The Company had no contract liabilities or deferred income in 2023 or 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "
19 Provisions
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
8,424
6,244
2,758
-
Unwinding of discount
528
66
167
28
New provision
772
3,463
-
3,207
Change in estimate
(552)
(1,349)
(210)
(477)
Derecognition
(715)
-
-
-
At 31 December
8,457
8,424
2,715
2,758
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Current
747
-
-
-
Non-current
7,710
8,424
2,715
2,758
Total provisions
8,457
8,424
2,715
2,758
Provisions are exclusively in respect of dilapidations. The new provision during the year relates to new lease liabilities as a result
of the sale and leaseback of the Harrow House facility and is based on the anticipated costs of restoring the leasehold properties
at the end of the lease terms which is 2033. The existing dilapidations provisions relate to anticipated costs of restoring the
leasehold properties at the Corporate Office, Oxbox, Wallingford Warehouse, Windrush Court and Yarnton properties in Oxford and
Wallingford, UK to their original condition at the end of the lease terms in 2030, 2033, 2037 and 2024 respectively.
The Windrush Innovation centre was surrendered in November 2023 with no restoration costs incurred resulting in the release of
the related restoration provision of \u00a3715,000 in 2023.
The future anticipated costs of restoring the properties is calculated by inflating the current expected restoration costs using the
3 year historic UK Consumer Price Inflation rate, up to the end of the lease term. The discount rate utilised for the purpose of
determining the present value of the provision is 7.69% (2022: 5.41%) based on the risk free rate adjusted for inflation. The present
value of the future anticipated costs of restoration is calculated by discounting the future expected value using the nominal rate of
7.69% (2022: 5.41%). The unwinding of this discount over time is included within finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "19 Provisions
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
8,424
6,244
2,758
-
Unwinding of discount
528
66
167
28
New provision
772
3,463
-
3,207
Change in estimate
(552)
(1,349)
(210)
(477)
Derecognition
(715)
-
-
-
At 31 December
8,457
8,424
2,715
2,758
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Current
747
-
-
-
Non-current
7,710
8,424
2,715
2,758
Total provisions
8,457
8,424
2,715
2,758
Provisions are exclusively in respect of dilapidations. The new provision during the year relates to new lease liabilities as a result of the sale and leaseback of the Harrow House facility and is based on the anticipated costs of restoring the leasehold properties at the end of the lease terms which is 2033. The existing dilapidations provisions relate to anticipated costs of restoring the leasehold properties at the Corporate Office, Oxbox, Wallingford Warehouse, Windrush Court and Yarnton properties in Oxford and Wallingford, UK to their original condition at the end of the lease terms in 2030, 2033, 2037 and 2024 respectively. The Windrush Innovation centre was surrendered in November 2023 with no restoration costs incurred resulting in the release of the related restoration provision of \u00a3715,000 in 2023. The future anticipated costs of restoring the properties is calculated by inflating the current expected restoration costs using the 3 year historic UK Consumer Price Inflation rate, up to the end of the lease term. The discount rate utilised for the purpose of determining the present value of the provision is 7.69% (2022: 5.41%) based on the risk free rate adjusted for inflation. The present value of the future anticipated costs of restoration is calculated by discounting the future expected value using the nominal rate of 7.69% (2022: 5.41%). The unwinding of this discount over time is included within finance costs. 33 Contingent liabilities and capital commitments The Group has a letter of credit for \u00a31,405,000 (2022: \u00a31,405,000) related to the deposit on the Patriots Park lease which is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a33,476,000 for capital expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December 2023 (2022: \u00a32,882,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "20 Loans On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree to finance the acquisition of OXB (US) LLC under a 1 year facility agreement maturing in 2023. Over the course of the loan term interest was payable quarterly with a nominal interest rate on the loan of 8.5%. On 7 October 2022, the loan facility was refinanced with Oaktree. Under the terms of such refinancing, the Company has partially repaid the outstanding amounts and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of $50 million. The term loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the first twelve months payable in kind as additional loan
principal, at the option of the Company. The interest rate is subject to downward adjustment following the satisfaction of certain
commercial conditions.
The Company also has secured the option, subject to the same commercial conditions as the amended facility and available for a
three-year period, to draw down a further $25 million from Oaktree to fund certain permitted acquisitions. If the option were to be
exercised, it would be assessed against meeting the substantial modification requirements under IFRS 9.
The terms include financial covenants including holding a minimum of $20 million cash at all times, restrictions on the level of
indebtedness the Group may enter into or distributions made by the Group. The Oaktree facility was secured by a pledge over
substantially all of the Group's assets.
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
39,780
-
39,780
-
New loan
-
64,866
-
64,866
Interest accrued
4,570
5,564
4,570
5,564
Interest paid
(4,136)
(4,554)
(4,136)
(4,554)
Foreign exchange movement
(2,003)
7,964
(2,003)
7,964
Amortised fees
323
588
323
588
Loan repayment
-
(31,424)
-
(31,424)
Arrangement fees
-
(3,224)
-
(3,224)
At 31 December
38,534
39,780
38,534
39,780
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "
21 Put option liability
2023
2022
\u00a3'000
\u00a3'000
At 1 January
38,182
-
Recognised at fair value
-
38,996
Revaluation
(28,834)
(814)
At 31 December
9,348
38,182
On 10 March 2022, the Group recognised a put option liability to acquire the remaining 20% of Oxford Biomedica (US) LLC that it
doesn't already own from Homology. The fair value of the option at the date of acquisition was assessed to be \u00a339.0 million.
At 31 December 2023 the fair value of the put option liability was \u00a39.3 million (Dec 2022: \u00a338.2m). The lower liability valuation
was due a decrease in the value at which the option is expected to be exercised as a result of lower forecasted revenues over the
option period.
", "dimensions": { "concept": "oxfordbiomedicaplc:DisclosureOfPutOptionLiability", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "
The Group had the following financial instruments at 31 December each year.
Financial assets at fair Assets held at Amortised costs, loans &
value through profit & loss amortised cost other liabilities
2023
2022
2023
2022
2023
2022
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
-
-
103,716
141,285
-
-
Trade receivables and other receivables 15
-
-
24,628
62,605
-
-
Assets at fair value through profit & loss
97
23
-
-
-
-
Trade and other payables excluding tax 17
-
-
-
-
16,324
34,232
Loan 20
-
-
-
-
38,534
39,780
Put Option 21
-
-
-
-
9,348
38,182
At 31 December
97
23
128,344
203,890
64,206
112,194
1
1
Although the put option is included within the amortised cost table, it is not measured at amortised cost but at the fair value of the expected consideration payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "The Group had the following financial instruments at 31 December each year.
Financial assets at fair Assets held at Amortised costs, loans &
value through profit & loss amortised cost other liabilities
2023
2022
2023
2022
2023
2022
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
-
-
103,716
141,285
-
-
Trade receivables and other receivables 15
-
-
24,628
62,605
-
-
Assets at fair value through profit & loss
97
23
-
-
-
-
Trade and other payables excluding tax 17
-
-
-
-
16,324
34,232
Loan 20
-
-
-
-
38,534
39,780
Put Option 21
-
-
-
-
9,348
38,182
At 31 December
97
23
128,344
203,890
64,206
112,194
1 1 Although the put option is included within the amortised cost table, it is not measured at amortised cost but at the fair value of the expected consideration payable.
Fair value
The Directors consider that the fair values of the Group's financial instruments do not differ significantly from their book values.
The carrying amounts of the Group's cash and cash equivalents are denominated in the following currencies:
2023
2022
\u00a3'000
\u00a3'000
Sterling
92,634
117,247
Euro
545
623
US Dollars
10,537
23,415
103,716
141,285
Financial assets classified as level 1 in hierarchy
The investment asset represented by ordinary shares in Orchard Therapeutics Limited is classified as at fair value through profit and
loss. Please refer to note 13 for further information.
Financial liabilities classified as level 3 in hierarchy
The Put option liability is classified as at fair value as a liability. Please refer to note 21 for further information.
Measurement of fair values
Valuation techniques and significant unobservable inputs:
The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable
inputs used:
Significant Inter-relationship between unobservable inputs and fair
Type
Valuation technique
unobservable inputs value measurement:
Put option liability
Monte
Revenues of Oxford \u2014 The revenues of Oxford Biomedica (US) LLC are based on the
Carlo simulation Biomedica (US) LLC management approved forecast up until the end of the option period.
Should the forecast change or the actual results vary this may impact
the value of the put option liability.
Discount rate
\u2014 The discount rate may be impacted by economic and market
factors, as well as changes to the risk free rate of return which
impacts debt borrowing rates. Should the discount rate calculated
by management be adjusted, this may impact the value of the put
option. Management has calculated the discount rate based on the
risk free rate, the expected return from similar companies and the
Group\u2019s cost of debt.
Sensitivity analysis
For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the significant
unobservable inputs, holding other inputs constant, would have the following effects:
Fair value
Put option liability
Increase
Decrease
31-Dec-23
\u00a3'000s
\u00a3'000s
Revenues of Oxford Biomedica (US) LLC 20% higher or lower
1,900
(1,900)
Discount rate 2% lower or higher
200
(200)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "Fair value The Directors consider that the fair values of the Group's financial instruments do not differ significantly from their book values. The carrying amounts of the Group's cash and cash equivalents are denominated in the following currencies:
2023
2022
\u00a3'000
\u00a3'000
Sterling
92,634
117,247
Euro
545
623
US Dollars
10,537
23,415
103,716
141,285
Financial assets classified as level 1 in hierarchy The investment asset represented by ordinary shares in Orchard Therapeutics Limited is classified as at fair value through profit and loss. Please refer to note 13 for further information. Financial liabilities classified as level 3 in hierarchy The Put option liability is classified as at fair value as a liability. Please refer to note 21 for further information. Measurement of fair values Valuation techniques and significant unobservable inputs: The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable inputs used:
Significant Inter-relationship between unobservable inputs and fair
Type
Valuation technique
unobservable inputs value measurement:
Put option liability
Monte
Revenues of Oxford \u2014 The revenues of Oxford Biomedica (US) LLC are based on the
Carlo simulation Biomedica (US) LLC management approved forecast up until the end of the option period.
Should the forecast change or the actual results vary this may impact
the value of the put option liability.
Discount rate
\u2014 The discount rate may be impacted by economic and market
factors, as well as changes to the risk free rate of return which
impacts debt borrowing rates. Should the discount rate calculated
by management be adjusted, this may impact the value of the put
option. Management has calculated the discount rate based on the
risk free rate, the expected return from similar companies and the
Group\u2019s cost of debt.
Sensitivity analysis For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:
Fair value
Put option liability
Increase
Decrease
31-Dec-23
\u00a3'000s
\u00a3'000s
Revenues of Oxford Biomedica (US) LLC 20% higher or lower
1,900
(1,900)
Discount rate 2% lower or higher
200
(200)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "value": "Valuation techniques and significant unobservable inputs: The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable inputs used:
Significant Inter-relationship between unobservable inputs and fair
Type
Valuation technique
unobservable inputs value measurement:
Put option liability
Monte
Revenues of Oxford \u2014 The revenues of Oxford Biomedica (US) LLC are based on the
Carlo simulation Biomedica (US) LLC management approved forecast up until the end of the option period.
Should the forecast change or the actual results vary this may impact
the value of the put option liability.
Discount rate
\u2014 The discount rate may be impacted by economic and market
factors, as well as changes to the risk free rate of return which
impacts debt borrowing rates. Should the discount rate calculated
by management be adjusted, this may impact the value of the put
option. Management has calculated the discount rate based on the
risk free rate, the expected return from similar companies and the
Group\u2019s cost of debt.
Sensitivity analysis For the fair values of the put option liability, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:
Fair value
Put option liability
Increase
Decrease
31-Dec-23
\u00a3'000s
\u00a3'000s
Revenues of Oxford Biomedica (US) LLC 20% higher or lower
1,900
(1,900)
Discount rate 2% lower or higher
200
(200)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "
Company
Lease liability
Loans
Share capital
Share premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Additions
35,567
-
-
-
35,567
Interest
477
5,564
-
-
6,041
Fee amortisation
-
588
-
-
588
Foreign exchange
-
7,964
-
-
7,964
At 31 December 2022
35,622
39,780
48,132
379,953
503,487
Share options
-
-
271
380
651
Interest paid
-
(4,136)
-
-
(4,136)
Payments for the principal portion of
lease liabilities
(683)
-
-
-
(683)
Payments for the interest portion of
lease liabilities
(2,817)
-
-
-
(2,817)
Total change from financing cash flows
(3,500)
(4,136)
271
380
(6,986)
Other Changes
Interest
-
4,570
-
-
4,570
Fee amortisation
2,817
323
-
-
3,141
Foreign exchange
-
(2,003)
-
-
(2,003)
At 31 December 2023
34,939
38,534
48,403
380,333
502,209
30 Cash flows from operating activities
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Continuing operations
Loss before tax
(188,527)
(45,976)
(119,947)
(4,804)
Adjustment for:
Depreciation
21,504
20,271
2,641
323
Amortisation of intangible assets
7,206
6,088
-
-
Impairment charge
99,285
-
100,150
-
Loss on disposal of property, plant and equipment
197
28
-
-
Gain on sale and leaseback
(1,018)
(21,389)
-
-
Loss on disposal of intangible
-
27
-
-
Amortisation of loan fees
-
588
-
588
Net finance costs
4,353
15,756
5,551
14,033
Charge in relation to employee share schemes
3,516
6,471
-
-
Non-cash loss
-
51
-
-
Changes in working capital:
Decrease/(increase) in contract assets and trade and other receivables
28,793
(17,876)
-
-
(Decrease)/increase in trade and other payables
(18,125)
16,959
1,758
6
Increase in contract liabilities
7,034
5,852
-
-
(Decrease) in deferred income
-
(691)
-
-
Increase in provisions
2
-
-
-
(Increase)/decrease in inventory
(247)
668
-
-
Net cash used in operations
(36,027)
(13,173)
(9,847)
10,146
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "
Company
Lease liability
Loans
Share capital
Share premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Additions
35,567
-
-
-
35,567
Interest
477
5,564
-
-
6,041
Fee amortisation
-
588
-
-
588
Foreign exchange
-
7,964
-
-
7,964
At 31 December 2022
35,622
39,780
48,132
379,953
503,487
Share options
-
-
271
380
651
Interest paid
-
(4,136)
-
-
(4,136)
Payments for the principal portion of
lease liabilities
(683)
-
-
-
(683)
Payments for the interest portion of
lease liabilities
(2,817)
-
-
-
(2,817)
Total change from financing cash flows
(3,500)
(4,136)
271
380
(6,986)
Other Changes
Interest
-
4,570
-
-
4,570
Fee amortisation
2,817
323
-
-
3,141
Foreign exchange
-
(2,003)
-
-
(2,003)
At 31 December 2023
34,939
38,534
48,403
380,333
502,209
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Exposure to liquidity risk
Group
At 31 December 2023
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
72,924
113,286
508
8,931
9,474
31,422
62,951
Loans
38,534
53,961
-
4,306
4,294
45,361
-
Group
At 31 December 2022
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
74,501
119,496
-
9,179
18,681
24,353
67,283
Loans
39,780
59,082
-
4,294
4,306
50,482
-
Company
At 31 December 2023
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
34,939
59,726
-
3,500
3,500
10,998
41,728
Loans
38,534
53,961
-
4,306
4,294
45,361
-
Company
At 31 December 2022
Exposure to Liquidity Risk
Contracted Cashflows
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
35,622
63,226
-
3,500
7,000
6,300
46,426
Loans
39,780
59,082
-
4,294
4,306
50,482
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2023 and 31 December 2022. In light of the Group's history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been recognised only to the extent that there is a deferred tax liability. Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this rate has been applied when calculating the UK deferred tax at the year end. US deferred tax The Group have recognised US deferred tax assets and liabilities at 31 December 2023 \u00a3nil (31 December 2022: \u00a36.1 million). The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future profits against which to offset the tax losses will arise. U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%. Group - recognised
Trading
temporary Intangible
Deferred tax (assets)/
differences
Fixed assets
Tax losses
asset
Total
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Foreign exchange
-
-
-
(206)
(206)
Income statement credit
(946)
(1,797)
1,741
(4,905)
(5,907)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
At 1 January 2022
-
3,051
(3,051)
-
-
Arising on acquisition
-
-
-
7,397
7,397
Foreign exchange
-
-
-
508
508
Income statement credit
(1,256)
306
(439)
(403)
(1,792)
At 31 December 2022
(1,256)
3,357
(3,490)
7,502
6,113
Trading
temporary Loan Share
Group - not recognised
differences
Intangibles
relationships
Provisions
Tax losses
options
Total
Deferred tax (assets)/
liabiltiies - not recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Origination and reversal of
temporary differences
(385)
(26,714)
-
54
(19,093)
(1)
(46,139)
At 31 December 2023
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
At 1 January 2022
-
-
(1,668)
(298)
(21,760)
(6,176)
(29,902)
Origination and reversal of
temporary differences
-
(4,819)
1,668
50
3,511
3,871
4,281
At 31 December 2022
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a3385,000 (2022: \u00a335,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2023 and 31 December 2022. In light of the Group's history of losses, recovery of the whole deferred tax asset is not sufficiently certain, and therefore a deferred tax asset has been recognised only to the extent that there is a deferred tax liability. Finance Act 2020 enacted provisions to increase the UK Corporation tax rate to 19% from 1 April 2021. Finance Act 2021 which was Substantively Enacted on 24 May 2022 included provisions to increase the rate further to 25% effective from 1 April 2023 and this rate has been applied when calculating the UK deferred tax at the year end.
US deferred tax
The Group have recognised US deferred tax assets and liabilities at 31 December 2023 \u00a3nil (31 December 2022: \u00a36.1 million).
The remaining deferred tax assets have not been recognised as there is uncertainty regarding when suitable future profits against
which to offset the tax losses will arise.
U.S. deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Group - recognised
Trading
temporary Intangible
Deferred tax (assets)/
differences
Fixed assets
Tax losses
asset
Total
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Foreign exchange
-
-
-
(206)
(206)
Income statement credit
(946)
(1,797)
1,741
(4,905)
(5,907)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
At 1 January 2022
-
3,051
(3,051)
-
-
Arising on acquisition
-
-
-
7,397
7,397
Foreign exchange
-
-
-
508
508
Income statement credit
(1,256)
306
(439)
(403)
(1,792)
At 31 December 2022
(1,256)
3,357
(3,490)
7,502
6,113
Trading
temporary Loan Share
Group - not recognised
differences
Intangibles
relationships
Provisions
Tax losses
options
Total
Deferred tax (assets)/
liabiltiies - not recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Origination and reversal of
temporary differences
(385)
(26,714)
-
54
(19,093)
(1)
(46,139)
At 31 December 2023
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
At 1 January 2022
-
-
(1,668)
(298)
(21,760)
(6,176)
(29,902)
Origination and reversal of
temporary differences
-
(4,819)
1,668
50
3,511
3,871
4,281
At 31 December 2022
-
(4,819)
-
(248)
(18,249)
(2,305)
(25,621)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a3385,000 (2022: \u00a335,000) relating to non temporary
trading differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "24 Ordinary shares
Group and Company
2023
2022
Issued and fully paid
\u00a3'000
\u00a3'000
Ordinary shares of 50p each
At 1 January - 96,263,165 (86,175,055)
shares
48,132
43,088
Allotted for cash in placing and subscription - (2022:9,876,544) shares
-
4,938
Allotted on exercise of share options -541,188 (2022: 212,646) shares
271
106
At 31 December - 96,804,353 (2022: 96,263,165)
48,403
48,132
The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of \u00a30.50 per share. There are no restrictions on the ability of shareholders to receive dividends, nor on the repayment of capital. All ordinary shares are equally eligible to receive dividends and the repayment of capital in accordance with the Company's Articles of Association and represent one vote at shareholders\u2019 meetings of the Company. In 2022, as part of the financing arrangements for the Oxford Biomedica (US) LLC acquisition, the Company raised gross proceeds of \u00a380.0 million through a placing of 9,876,544 shares at \u00a38.10 per share. The placing was done in 2 tranches with 5,018,134 shares placed on 28 January 2022, and a further 4,858,410 shares were placed on 10 March 2022 .
25 Share premium account
2023
2022
Group and Company
\u00a3'000
\u00a3'000
At 1 January
379,953
307,765
Premium on shares issued for cash in placing and subscription
-
75,062
Premium on exercise of share options
380
78
Costs associated with the issue of shares
-
(2,952)
At 31 December
380,333
379,953
28 Accumulated losses
Group
Company
2023
2022
2023
2022
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
(198,545)
(165,806)
(133,403)
(128,584)
Loss for the period
(157,490)
(39,157)
(119,947)
(4,804)
Share based payments
3,117
5,922
-
-
Acquisition of NCI without a change in control
-
400
-
-
Tax on share options
-
125
-
-
Exercise of nil cost options
-
(29)
(184)
(15)
At 31 December
(352,918)
(198,545)
(253,534)
(133,403)
The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans
of \u00a33,516,000 (2022: \u00a35,442,000) (note 28), \u00a3nil (2022: \u00a31,029,000) related to the vesting of deferred share awards made to
executive directors and senior managers less \u00a3399,000 of share based payment charge allocated to Non controlling interests
(2022: \u00a3549,000).
Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2023 or
31 December 2022.
29 Other reserves
Translation
Reserve
Other Equity
Merger reserve
Total
Group
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
7,825
(35,003)
2,291
(24,887)
Put option revaluation
-
26,944
-
26,944
Foreign currency translation differences
(3,869)
-
-
(3,869)
At 31 December 2023
3,956
(8,059)
2,291
(1,812)
Translation
Reserve
Other Equity
Merger reserve
Total
Group
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2022
-
-
2,291
2,291
Put option recognition
-
(38,996)
-
(38,996)
Put option revaluation
-
3,993
-
3,993
Foreign currency translation differences
7,825
-
-
7,825
At 31 December 2022
7,825
(35,003)
2,291
(24,887)
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
1,580
25,263
26,843
Exercise of options
-
3,516
3,516
At 31 December 2023
1,580
28,779
30,359
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2022
1,580
18,792
20,372
Credit in relation to employee share schemes
-
6,471
6,471
At 31 December 2022
1,580
25,263
26,843
Merger reserve
The Group merger reserve at 31 December 2023 and 2022 comprised \u00a3711,000 arising from the consolidation of Oxford Biomedica
(UK) Ltd using the merger method of accounting in 1996, and \u00a31,580,000 from the application of merger relief to the purchase of
Oxxon Therapeutics Limited in 2007.
Share scheme reserve
Options over the Company's shares have been awarded to employees of Oxford Biomedica (UK) Ltd, Oxford Biomedica (US)
LLC and Oxford Biomedica (US) Inc. In accordance with IFRS 2 \u2019Share-based Payment\u2019 the expense in respect of these awards is
recognised in the subsidiaries\u2019 financial statements (see note 27). In accordance with IFRS 2, the Company has treated the awards
as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment of \u00a33,516,000 (2022: \u00a36,471,000) (refer
note 13) and a corresponding credit to reserves.
34 Non-controlling interest
The accounting policy selected and applied by the Group to calculate Non-controlling interest (NCI) was the holders' proportionate
interest in the recognised amount of the identifiable net assets of the acquiree. The proportion of the identifiable net assets of the
Non-controlling interest in Oxford Biomedica (US) LLC on acquisition was determined to be \u00a334,642,000. Goodwill of \u00a30.6 million
and Acquisition of NCI without a change in control of \u00a30.4 million was recognised.
The following table summarises the information relating to the Group's subsidiary that has material NCI:
2023
2022
\u00a3'000
\u00a3'000
NCI percentage
20%
20%
Non-current assets
50,282
171,419
Current assets
11,813
29,732
Non-current liabilities
(22,479)
(7,473)
Current liabilities
(20,477)
(35,979)
Net assets
19,139
157,699
Net assets attritutable to NCI
3,828
31,539
Revenue
26,813
23,722
Profit
(133,361)
(30,011)
OCI
(7,190)
13,756
Total comprehensive income
(140,551)
(16,255)
Profit allocated to NCI
(26,672)
(6,002)
OCI allocated to NCI
(1,438)
2,750
2023
2022
\u00a3'000
\u00a3'000
Cash flows from operating activities
(15,105)
(9,732)
Cash flows from investment activities
3,077
30,867
Cash flow from financing activities (dividends to NCI: nil)
(3,717)
(2,293)
Net increase in cash and cash equivalents
(15,745)
18,842
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "24 Ordinary shares
Group and Company
2023
2022
Issued and fully paid
\u00a3'000
\u00a3'000
Ordinary shares of 50p each
At 1 January - 96,263,165 (86,175,055)
shares
48,132
43,088
Allotted for cash in placing and subscription - (2022:9,876,544) shares
-
4,938
Allotted on exercise of share options -541,188 (2022: 212,646) shares
271
106
At 31 December - 96,804,353 (2022: 96,263,165)
48,403
48,132
The share capital of the Company consists only of fully paid ordinary shares with a nominal (par) value of \u00a30.50 per share. There are no restrictions on the ability of shareholders to receive dividends, nor on the repayment of capital. All ordinary shares are equally eligible to receive dividends and the repayment of capital in accordance with the Company's Articles of Association and represent one vote at shareholders\u2019 meetings of the Company. In 2022, as part of the financing arrangements for the Oxford Biomedica (US) LLC acquisition, the Company raised gross proceeds of \u00a380.0 million through a placing of 9,876,544 shares at \u00a38.10 per share. The placing was done in 2 tranches with 5,018,134 shares placed on 28 January 2022, and a further 4,858,410 shares were placed on 10 March 2022 25 Share premium account
2023
2022
Group and Company
\u00a3'000
\u00a3'000
At 1 January
379,953
307,765
Premium on shares issued for cash in placing and subscription
-
75,062
Premium on exercise of share options
380
78
Costs associated with the issue of shares
-
(2,952)
At 31 December
380,333
379,953
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "
26 Options over shares of Oxford Biomedica plc
The Company has outstanding share options that were issued under the following schemes:
\u2022 The 2007 Share Option Scheme (approved February 2007)
\u2022 The 2007 Long Term Incentive Plan (LTIP) (approved February 2007)
\u2022 The 2013 Deferred Bonus Plan (approved February 2014)
\u2022 The 2015 Executive Share Option Scheme (approved May 2015)
\u2022 The 2015 Long Term Incentive Plan (LTIP) (approved May 2015)
\u2022 The 2015 Deferred Bonus Plan (approved May 2015)
\u2022 The 2015 Sharesave scheme (approved May 2015)
Share options are granted to Executive Directors and selected senior managers under the Company's Long Term Incentive Plans
(LTIP), and Deferred Bonus Plans, and to other employees under the Share Option Schemes and Sharesave scheme. All option
grants are at the discretion of the Remuneration Committee. All options granted are equity settled share options, but deferred share
awards may be settled in cash at the option of the Remuneration committee.
Options and RSUs granted under the 2007 and 2015 LTIP to Executive Directors and other senior managers are subject to both
revenue and market condition performance criteria and will vest only if, at the third anniversary of the grant, the performance
criteria have been met. Failure to meet the minimum performance criteria by the third anniversary results in all the granted
options lapsing.
The performance criteria are described in the Directors\u2019 Remuneration Report. LTIP awards made to date are exercisable at either
par or at nil cost on the third anniversary of the date of grant, and lapse 10 years after being granted. For Executive Directors,
options granted between 2019 and 2021 also have a 2 year holding period post vesting.
Restricted stock units (RSUs) granted to employees under the 2015 LTIP are issued at nil cost. They are not subject to market
condition performance criteria and the lives of the RSUs are ten years, after which the RSUs expire. RSUs granted under the 2015
Scheme cannot normally be exercised before the third anniversary of the date of grant. RSUs are valued based on the market price
at the date of grant.
Options granted under the 2007 Share Option Scheme have fixed exercise prices based on the market price at the date of grant.
They are not subject to market condition performance criteria and the lives of the options are ten years, after which the options
expire. Options granted under the 2007 Scheme during 2012 to 2014, with one exception, vest in tranches of 25% from the first to
fourth anniversaries of the grant dates.
Options granted under the 2015 Executive Share Option Scheme have fixed exercise prices based on the market price at the date
of grant. They are not subject to market condition performance criteria and the lives of the options are ten years, after which the
options expire. Options granted under the 2015 Scheme cannot normally be exercised before the third anniversary of the date
of grant.
Options granted under the 2015 Sharesave Scheme have fixed exercise prices based on the market price at the date of grant. They
are not subject to market condition performance criteria and the lives of the options are four years, after which the options expire
and the cash saved is returned. Options cannot be exercised before the third anniversary of the date of grant.
Share options outstanding at 31 December 2023 have the following expiry date and exercise prices:
Options granted to employees under the Oxford Biomedica 2007 and 2015 Share Option Scheme
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
-
12,860
80p to 140p
Vested
Expired
14,942
16,518
100p to 200p
Vested
03/06/24 to 17/10/24
25,926
38,170
490p
Vested
13/03/25 to 10/06/25
38,944
52,689
275p
Vested
16/05/26 to 13/10/26
78,334
95,927
495p
Vested
13/07/27
104,253
120,903
502p to 904p
Vested
15/02/28 to 07/08/28
292,483
326,889
618p to 705p
Vested
04/01/29 to 12/09/29
408,113
458,426
760p to 817p
Vested
26/06/30 to 05/10/30
1
1
1
1
1
1
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
962,995
1,122,382
1
Options granted under the 2015 Executive share option scheme.
Options granted to employees under the Oxford Biomedica 2015 Sharesave Scheme
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
-
187,396
422p
Vested
Expired
60,513
98,670
672p
Vested
30/04/24
34,232
71,109
1226p
20-10-2024
20/04/25
471,553
623,097
294p
19-10-2025
19/04/26
566,298
980,272
Options granted under the Oxford Biomedica 2007 and 2015 Long Term Incentive Plans
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
-
55,774
50p
Vested
Expired
4,378
29,524
50p
Vested
20/06/24 to 17/10/24
43,824
43,824
0p
Vested
10/01/25
82,185
82,185
0p
Vested
16/05/26
123,754
123,754
0p
Vested
17/07/27 to 25/09/27
31,714
39,652
0p
Vested
15/02/28 to 07/08/28
77,062
109,658
0p
Vested
18/04/29 to 12/09/29
99,807
260,577
0p
Vested
26/06/30
208,250
263,297
0p
08/06/24
08/06/31
179,197
3
205,562
0p
08/06/24
08/06/31
486,616
460,986
0p
29/04/25
29/04/32
711,740
1,403,899
0p
10/09/22 to 20/12/26
18/03/32 to 20/12/32
979,634
-
0p
04/10/26 to 24/11/28
04/10/33 to 24/11/33
1,752,761
3
-
0p
04/10/24 to 04/10/27
04/10/33
4,780,922
3,078,692
6,310,215
5,181,346
1
2
2
2
2
2
3
2
1
Options granted under the 2015 LTIP.
2
These LTIP awards will vest provided that performance conditions specified in the Directors\u2019 Remuneration Report are met.
Options granted under the 2015 LTIP.
3
Restricted Share Options (RSUs) granted under the 2015 LTIP issued to employees vesting over 3 years
Deferred Share Awards
The Executive Directors and certain other senior managers have been awarded deferred bonuses in the form of share options.
These options are exercisable at nil p on either the first three anniversaries of the grant or the third anniversary of the grant
dependent on the option conditions. Options with a value of \u00a3nil vested during 2023 (2022: \u00a31,029,000).
The options granted under the 2013 Deferred Bonus Plan will be satisfied by market-purchased shares held by the Oxford
Biomedica Employee Benefit Trust (EBT). As at 31 December 2023, all shares held by the EBT had vested. The EBT is consolidated
at year end with the shares held in trust until the exercise of the option. During the year 15,050 shares (2022: 77,376) from the EBT
were exercised. Deferred bonus share awards are valued at the market price on the date of grant.
The options granted under the 2015 Deferred Bonus Plan will be satisfied by new issue shares at the time of exercise.
Options granted to employees under the Oxford Biomedica 2013 and 2015 Deferred Bonus Plan
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
25,000
68,725
0p
Exercisable
15/06/24 and 14/10/24
27,402
27,402
0p
Exercisable
04/05/25
32,010
32,010
0p
Exercisable
14/05/26
27,696
27,696
0p
Exercisable
11/07/27
31,815
31,815
0p
Exercisable
07/08/28
59,177
67,793
0p
Exercisable
18/04/29
54,237
64,701
0p
Exercisable
20/06/30
53,046
58,943
0p
08/06/22 to 08/06/24
08/06/31
161,124
175,958
0p
29/04/23 to 29/04/25
29/04/32
329,443
-
0p
04/10/24 to 04/10/26
04/10/33
800,950
555,043
National insurance liability Certain options granted to UK employees could give rise to a national insurance (NI) liability on exercise. A liability of \u00a3283,000 (2022: \u00a3642,000) is included in accruals for the potential NI liability accrued to 31 December on exercisable options that were above water based on the year-end share price of 220p (2022: 443p) per share. 27 Share based payments
LTIP awards
LTIPs awarded
LTIPs awarded
(Model used: Monte Carlo)
4-Oct-23
24-Nov-23
Share price at grant date
300p
178p
Exercise price
0p
0p
Vesting period (years)
3
5
Total number of shares under option
913,197
66,437
Expected volatility (weighted average)
43.98%
46.57%
Expected life (years)
3
5
Risk free rate (weighted average)
4.54%
4.12%
Fair value per option
220.29p
113.77p
The tables below show the movements in the Share Option Scheme, Sharesave scheme and the LTIP during the year, together with the related weighted average exercise prices. Excluding the LTIP, RSU and Deferred Bonus awards which are exercisable at par/nil value, the weighted average exercise price for options granted during the year was nil p (2022: 294.4p). 548,925 options were exercised in 2023 (2022: 290,022), including 34,373 of deferred bonus options (2022: 4,390). The total charge for the year relating to employee share-based payment plans was \u00a33,516,000 (2022: \u00a36,471,000), all of which related to equity-settled share based payment transactions.
2023
Weighted
2022
Weighted
Share options excluding LTIP
Number
average exercise
Number
average exercise
price price in pence
Outstanding at 1 January
2,102,654
565.3p
1,845,904
695.5p
Granted
-
0.0p
626,154
294.4p
Forfeited
(254,588)
829.1p
(182,828)
718.5p
Exercised
(110,550)
109
3.1p
(19,195)
467.0p
Cancelled
(208,223)
27.5p
(167,381)
829.9p
Outstanding at 31 December
1,529,293
441.4p
2,102,654
565.3p
Exercisable at 31 December
1,023,508
659.5p
524,463
520.0p
Exercisable and where market
14,942
151.3p
269,463
520.0p
price exceeds exercise price
at 31 December
2023
2022
LTIP awards (options exercisable at par value 1p or nil cost)
Number
Number
Outstanding at 1 January
3,078,692
1,590,364
Granted
2,772,592
2,053,897
Expired
(666,360)
(299,132)
Exercised
(404,002)
(266,437)
Outstanding at 31 December
4,780,922
3,078,692
Exercisable at 31 December
462,724
484,371
2023
Weighted
2022
Weighted
Weighted
average
Weighted
average
average
Number
remaining
average
Number
remaining
exercise exercise
Range of exercise prices price in
of shares
life (years)
price in
of shares
life (years)
pence pence
LTIP:
Exercisable at par or at nil cost
0p
4,780,922
8.7
1.4p
3,078,692
8.2
Deferred bonus:
Exercisable at par or at nil cost
0p
800,950
7.5
0p
555,043
6.5
Options:
50p to 150p
102p
7,386
0.4
101p
21,822
0.9
150p to 250p
200p
7,556
0.8
200p
7,556
1.8
250p to 350p
21p
510,497
8.3
293p
675,786
9.3
350p to 650p
494p
104,260
3.0
452p
321,493
5.6
650+p
679p
899,594
6.0
782p
1,075,997
7.0
At 31 December
7,111,165
5,736,389
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "Options granted to employees under the Oxford Biomedica 2007 and 2015 Share Option Scheme
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
-
12,860
80p to 140p
Vested
Expired
14,942
16,518
100p to 200p
Vested
03/06/24 to 17/10/24
25,926
38,170
490p
Vested
13/03/25 to 10/06/25
38,944
52,689
275p
Vested
16/05/26 to 13/10/26
78,334
95,927
495p
Vested
13/07/27
104,253
120,903
502p to 904p
Vested
15/02/28 to 07/08/28
292,483
326,889
618p to 705p
Vested
04/01/29 to 12/09/29
408,113
458,426
760p to 817p
Vested
26/06/30 to 05/10/30
1 1 1 1 1 1
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
962,995
1,122,382
1 Options granted under the 2015 Executive share option scheme. Options granted to employees under the Oxford Biomedica 2015 Sharesave Scheme
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
-
187,396
422p
Vested
Expired
60,513
98,670
672p
Vested
30/04/24
34,232
71,109
1226p
20-10-2024
20/04/25
471,553
623,097
294p
19-10-2025
19/04/26
566,298
980,272
Options granted under the Oxford Biomedica 2007 and 2015 Long Term Incentive Plans
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
-
55,774
50p
Vested
Expired
4,378
29,524
50p
Vested
20/06/24 to 17/10/24
43,824
43,824
0p
Vested
10/01/25
82,185
82,185
0p
Vested
16/05/26
123,754
123,754
0p
Vested
17/07/27 to 25/09/27
31,714
39,652
0p
Vested
15/02/28 to 07/08/28
77,062
109,658
0p
Vested
18/04/29 to 12/09/29
99,807
260,577
0p
Vested
26/06/30
208,250
263,297
0p
08/06/24
08/06/31
179,197
3
205,562
0p
08/06/24
08/06/31
486,616
460,986
0p
29/04/25
29/04/32
711,740
1,403,899
0p
10/09/22 to 20/12/26
18/03/32 to 20/12/32
979,634
-
0p
04/10/26 to 24/11/28
04/10/33 to 24/11/33
1,752,761
3
-
0p
04/10/24 to 04/10/27
04/10/33
4,780,922
3,078,692
6,310,215
5,181,346
1 2 2 2 2 2 3 2 1 Options granted under the 2015 LTIP. 2 These LTIP awards will vest provided that performance conditions specified in the Directors\u2019 Remuneration Report are met. Options granted under the 2015 LTIP. 3 Restricted Share Options (RSUs) granted under the 2015 LTIP issued to employees vesting over 3 years
157
Options granted to employees under the Oxford Biomedica 2013 and 2015 Deferred Bonus Plan
2023
Number of shares
2022
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
25,000
68,725
0p
Exercisable
15/06/24 and 14/10/24
27,402
27,402
0p
Exercisable
04/05/25
32,010
32,010
0p
Exercisable
14/05/26
27,696
27,696
0p
Exercisable
11/07/27
31,815
31,815
0p
Exercisable
07/08/28
59,177
67,793
0p
Exercisable
18/04/29
54,237
64,701
0p
Exercisable
20/06/30
53,046
58,943
0p
08/06/22 to 08/06/24
08/06/31
161,124
175,958
0p
29/04/23 to 29/04/25
29/04/32
329,443
-
0p
04/10/24 to 04/10/26
04/10/33
800,950
555,043
", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "
2023
Weighted
2022
Weighted
Share options excluding LTIP
Number
average exercise
Number
average exercise
price price in pence
Outstanding at 1 January
2,102,654
565.3p
1,845,904
695.5p
Granted
-
0.0p
626,154
294.4p
Forfeited
(254,588)
829.1p
(182,828)
718.5p
Exercised
(110,550)
109
3.1p
(19,195)
467.0p
Cancelled
(208,223)
27.5p
(167,381)
829.9p
Outstanding at 31 December
1,529,293
441.4p
2,102,654
565.3p
Exercisable at 31 December
1,023,508
659.5p
524,463
520.0p
Exercisable and where market
14,942
151.3p
269,463
520.0p
price exceeds exercise price
at 31 December
2023
2022
LTIP awards (options exercisable at par value 1p or nil cost)
Number
Number
Outstanding at 1 January
3,078,692
1,590,364
Granted
2,772,592
2,053,897
Expired
(666,360)
(299,132)
Exercised
(404,002)
(266,437)
Outstanding at 31 December
4,780,922
3,078,692
Exercisable at 31 December
462,724
484,371
2023
Weighted
2022
Weighted
Weighted
average
Weighted
average
average
Number
remaining
average
Number
remaining
exercise exercise
Range of exercise prices price in
of shares
life (years)
price in
of shares
life (years)
pence pence
LTIP:
Exercisable at par or at nil cost
0p
4,780,922
8.7
1.4p
3,078,692
8.2
Deferred bonus:
Exercisable at par or at nil cost
0p
800,950
7.5
0p
555,043
6.5
Options:
50p to 150p
102p
7,386
0.4
101p
21,822
0.9
150p to 250p
200p
7,556
0.8
200p
7,556
1.8
250p to 350p
21p
510,497
8.3
293p
675,786
9.3
350p to 650p
494p
104,260
3.0
452p
321,493
5.6
650+p
679p
899,594
6.0
782p
1,075,997
7.0
At 31 December
7,111,165
5,736,389
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "28 Accumulated losses
Group
Company
2023
2022
2023
2022
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
(198,545)
(165,806)
(133,403)
(128,584)
Loss for the period
(157,490)
(39,157)
(119,947)
(4,804)
Share based payments
3,117
5,922
-
-
Acquisition of NCI without a change in control
-
400
-
-
Tax on share options
-
125
-
-
Exercise of nil cost options
-
(29)
(184)
(15)
At 31 December
(352,918)
(198,545)
(253,534)
(133,403)
The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans of \u00a33,516,000 (2022: \u00a35,442,000) (note 28), \u00a3nil (2022: \u00a31,029,000) related to the vesting of deferred share awards made to executive directors and senior managers less \u00a3399,000 of share based payment charge allocated to Non controlling interests (2022: \u00a3549,000). Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2023 or 31 December 2022. 29 Other reserves
Translation
Reserve
Other Equity
Merger reserve
Total
Group
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
7,825
(35,003)
2,291
(24,887)
Put option revaluation
-
26,944
-
26,944
Foreign currency translation differences
(3,869)
-
-
(3,869)
At 31 December 2023
3,956
(8,059)
2,291
(1,812)
Translation
Reserve
Other Equity
Merger reserve
Total
Group
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2022
-
-
2,291
2,291
Put option recognition
-
(38,996)
-
(38,996)
Put option revaluation
-
3,993
-
3,993
Foreign currency translation differences
7,825
-
-
7,825
At 31 December 2022
7,825
(35,003)
2,291
(24,887)
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
1,580
25,263
26,843
Exercise of options
-
3,516
3,516
At 31 December 2023
1,580
28,779
30,359
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2022
1,580
18,792
20,372
Credit in relation to employee share schemes
-
6,471
6,471
At 31 December 2022
1,580
25,263
26,843
Merger reserve The Group merger reserve at 31 December 2023 and 2022 comprised \u00a3711,000 arising from the consolidation of Oxford Biomedica (UK) Ltd using the merger method of accounting in 1996, and \u00a31,580,000 from the application of merger relief to the purchase of Oxxon Therapeutics Limited in 2007. Share scheme reserve Options over the Company's shares have been awarded to employees of Oxford Biomedica (UK) Ltd, Oxford Biomedica (US) LLC and Oxford Biomedica (US) Inc. In accordance with IFRS 2 \u2019Share-based Payment\u2019 the expense in respect of these awards is recognised in the subsidiaries\u2019 financial statements (see note 27). In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in an increase in the cost of investment of \u00a33,516,000 (2022: \u00a36,471,000) (refer note 13) and a corresponding credit to reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "
31 Pension commitments
The Group operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are held
in independently administered funds. The pension cost charge of \u00a33,764,000 (2022: \u00a33,560,000) represents amounts payable by
the Group to the scheme. Contributions of \u00a3434,000 (2022: \u00a3403,000), included in accruals, were payable to the scheme at
the year-end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "31 Pension commitments The Group operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are held in independently administered funds. The pension cost charge of \u00a33,764,000 (2022: \u00a33,560,000) represents amounts payable by the Group to the scheme. Contributions of \u00a3434,000 (2022: \u00a3403,000), included in accruals, were payable to the scheme at the year-end.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "
32 Leases
The additions to right of use assets during the year are as a result of the sale and leaseback of the Harrow House facility
(\u00a32.9 million) in the UK, and an expansion of the lease in Patriot's Park in the US (\u00a31.0 million).
The Windrush Innovation centre lease was surrendered in November 2023 and the subsequent right of use asset and dilapidation
estimate disposed of (\u00a31.1 million). \u00a33.9 million of funding has been received from the landlord at the Patriot's Park site in the US to
fund the leasehold improvements undertaken, resulting in a disposal from right of use assets. VMIC equipment with a carrying value
of \u00a31.3 million has been reclassified as Property, Plant and Equipment.
In 2022, leases entered into related to those at Patriot\u2019s Park (\u00a325.0 million) as part of the acquisition of Oxford Biomedica (US) LLC
and \u00a313.0 million related to the new lease liabilities as a result of the sale and leaseback of the Windrush Court facility, and the lease
of the Wallingford Warehouse.
The Group leases land and buildings and equipment. Information about leases for which the Group is a lessee, is presented below:
Right-of-use assets:
Property
Equipment
Total
\u00a3'000
\u00a3'000
\u00a3'000
Balance at 1 January 2023
46,000
2,050
48,050
Additions
4,357
-
4,357
Disposals
(4,544)
(1,305)
(5,849)
Impairment of assets
(12,914)
-
(12,914)
Change in estimate
(552)
-
(552)
Depreciation charge for the period
(4,864)
(745)
(5,609)
Effects of movements in exchange rates
(1,120)
-
(1,120)
Balance at 31 December 2023
26,363
-
26,363
Company
Property
Total
\u00a3'000
\u00a3'000
Balance at 1 January 2023
39,394
39,394
Change in estimate
(209)
(209)
Depreciation charge for the period
(2,642)
(2,642)
Balance at 31 December 2023
36,543
36,543
Lease liabilities
Group
Company
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Maturity analysis - contractual undiscounted cash flows
Less than one year
9,439
9,179
3,500
3,500
One to five years
40,896
43,035
14,498
13,300
Six to ten years
43,090
42,224
23,491
23,491
More than ten years
19,861
25,059
18,236
22,935
Total undiscounted cash flows
113,286
119,497
59,726
63,226
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease liabilities included in the Statement of Financial Position
Current
3,654
3,295
740
683
Non-current
69,270
71,206
34,199
34,939
Total lease liabilities at 31 December 2023
72,924
74,501
34,939
35,622
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Amounts recognised in statement of comprehensive income
Interest on lease liabilities
6,101
3,124
2,817
477
Expense relating to short-term leases
234
178
-
-
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Amounts recognised in the statement of cash flows
Total cash outflow for leases
9,219
4,244
3,500
422
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "
33 Contingent liabilities and capital commitments
The Group has a letter of credit for \u00a31,405,000 (2022: \u00a31,405,000) related to the deposit on the Patriots Park lease which
is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a33,476,000 for capital
expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December
2023 (2022: \u00a32,882,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "33 Contingent liabilities and capital commitments The Group has a letter of credit for \u00a31,405,000 (2022: \u00a31,405,000) related to the deposit on the Patriots Park lease which is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a33,476,000 for capital expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December 2023 (2022: \u00a32,882,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "33 Contingent liabilities and capital commitments The Group has a letter of credit for \u00a31,405,000 (2022: \u00a31,405,000) related to the deposit on the Patriots Park lease which is disclosed within Trade and other receivables in non current assets. The Group had commitments of \u00a33,476,000 for capital expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December 2023 (2022: \u00a32,882,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "34 Non-controlling interest The accounting policy selected and applied by the Group to calculate Non-controlling interest (NCI) was the holders' proportionate interest in the recognised amount of the identifiable net assets of the acquiree. The proportion of the identifiable net assets of the Non-controlling interest in Oxford Biomedica (US) LLC on acquisition was determined to be \u00a334,642,000. Goodwill of \u00a30.6 million and Acquisition of NCI without a change in control of \u00a30.4 million was recognised. The following table summarises the information relating to the Group's subsidiary that has material NCI:
2023
2022
\u00a3'000
\u00a3'000
NCI percentage
20%
20%
Non-current assets
50,282
171,419
Current assets
11,813
29,732
Non-current liabilities
(22,479)
(7,473)
Current liabilities
(20,477)
(35,979)
Net assets
19,139
157,699
Net assets attritutable to NCI
3,828
31,539
Revenue
26,813
23,722
Profit
(133,361)
(30,011)
OCI
(7,190)
13,756
Total comprehensive income
(140,551)
(16,255)
Profit allocated to NCI
(26,672)
(6,002)
OCI allocated to NCI
(1,438)
2,750
2023
2022
\u00a3'000
\u00a3'000
Cash flows from operating activities
(15,105)
(9,732)
Cash flows from investment activities
3,077
30,867
Cash flow from financing activities (dividends to NCI: nil)
(3,717)
(2,293)
Net increase in cash and cash equivalents
(15,745)
18,842
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "35 Related party transactions Identity of related parties As at 31 December 2023, the Group consisted of: \u2022 a parent, Oxford Biomedica plc; \u2022 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company; \u2022 one US trading subsidiary, 80% owned, Oxford Biomedica (US) LLC; \u2022 one wholly-owned US subsidiary, Oxford Biomedica (US) Inc; \u2022 one wholly-owned Irish subsidiary, Oxford Biomedica (Ireland) Ltd; \u2022 one wholly-owned UK dormant subsidiary, Oxxon Therapeutics Limited which was acquired and became dormant in 2007 when its assets and trade were transferred to Oxford Biomedica (UK) Limited; and \u2022 one wholly-owned UK dormant subsidiary, Invivusbio Limited, which changed its name on 18 January 2023 from OXB Solutions Limited. The registered office of the Company, it\u2019s UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of OXB Biomedica (US) LLC is 1 Patriots Park, Bedford, MA 01730, USA. The parent company is responsible for financing and setting Group strategy. Oxford Biomedica (UK) Limited carries out the UK elements of the Group strategy, employs all the UK staff including the Executive Directors, and owns and manages all of the Group's intellectual property. Oxford Biomedica (US) LLC carries out the US equivalent activities. The proceeds from the issue of shares by the parent are passed from Oxford Biomedica plc to Oxford Biomedica (UK) Limited as a loan, and Oxford Biomedica (UK) Limited manages Group funds and makes payments, including the expenses of the parent company.
Transactions
Balance outstanding
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Sales of goods and services
Homology Medicines, Inc
23,664
23,252
2,429
4,334
Purchase of services
Homology Medicines, Inc
387
4,258
17
1,158
Other
Homology Medicines, Inc - rental income
1,074
1,085
258
424
The loans from Oxford Biomedica plc to Oxford Biomedica (UK) Limited and Oxford Biomedica (US) Inc. are unsecured and interest free. The loans are not due, planned or expected for repayment within 12 months of the year end. The year-end balance on the loans was:
2023
2022
Company: period-end balance of loan
\u00a3'000
\u00a3'000
Loan to subsidiary : Oxford Biomedica (UK) Ltd
287,592
278,091
Loan to subsidiary: Oxford Biomedica (US) Inc.
141,398
148,764
The investment in the subsidiaries, of which the loan forms part, has been impaired by \u00a3226.1 million (note 14) in previous years. In addition to the transactions above, options over the Company's shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a328,781,000 (2022: \u00a325,265,000). There were no transactions (2022: none) with Oxxon Therapeutics Limited. Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2023 (2022: none). Key person remuneration can be seen in note 5 of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "35 Related party transactions Identity of related parties As at 31 December 2023, the Group consisted of: \u2022 a parent, Oxford Biomedica plc; \u2022 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company; \u2022 one US trading subsidiary, 80% owned, Oxford Biomedica (US) LLC; \u2022 one wholly-owned US subsidiary, Oxford Biomedica (US) Inc; \u2022 one wholly-owned Irish subsidiary, Oxford Biomedica (Ireland) Ltd; \u2022 one wholly-owned UK dormant subsidiary, Oxxon Therapeutics Limited which was acquired and became dormant in 2007 when its assets and trade were transferred to Oxford Biomedica (UK) Limited; and \u2022 one wholly-owned UK dormant subsidiary, Invivusbio Limited, which changed its name on 18 January 2023 from OXB Solutions Limited. The registered office of the Company, it\u2019s UK subsidiaries and Oxford Biomedica (US) Inc. is Windrush Court, Transport Way, Oxford OX4 6LT. The registered office of Oxford Biomedica (Ireland) Ltd is Earlsfort Terrace, Dublin 2, DO2 T380, Ireland. The registered office of OXB Biomedica (US) LLC is 1 Patriots Park, Bedford, MA 01730, USA. The parent company is responsible for financing and setting Group strategy. Oxford Biomedica (UK) Limited carries out the UK elements of the Group strategy, employs all the UK staff including the Executive Directors, and owns and manages all of the Group's intellectual property. Oxford Biomedica (US) LLC carries out the US equivalent activities. The proceeds from the issue of shares by the parent are passed from Oxford Biomedica plc to Oxford Biomedica (UK) Limited as a loan, and Oxford Biomedica (UK) Limited manages Group funds and makes payments, including the expenses of the parent company.
Transactions
Balance outstanding
2023
2022
2023
2022
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Sales of goods and services
Homology Medicines, Inc
23,664
23,252
2,429
4,334
Purchase of services
Homology Medicines, Inc
387
4,258
17
1,158
Other
Homology Medicines, Inc - rental income
1,074
1,085
258
424
The loans from Oxford Biomedica plc to Oxford Biomedica (UK) Limited and Oxford Biomedica (US) Inc. are unsecured and interest free. The loans are not due, planned or expected for repayment within 12 months of the year end. The year-end balance on the loans was:
2023
2022
Company: period-end balance of loan
\u00a3'000
\u00a3'000
Loan to subsidiary : Oxford Biomedica (UK) Ltd
287,592
278,091
Loan to subsidiary: Oxford Biomedica (US) Inc.
141,398
148,764
The investment in the subsidiaries, of which the loan forms part, has been impaired by \u00a3226.1 million (note 14) in previous years. In addition to the transactions above, options over the Company's shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a328,781,000 (2022: \u00a325,265,000). There were no transactions (2022: none) with Oxxon Therapeutics Limited. Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2023 (2022: none). Key person remuneration can be seen in note 5 of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "
Identity of related parties
As at 31 December 2023, the Group consisted of:
\u2022 a parent, Oxford Biomedica plc;
\u2022 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company;
\u2022 one US trading subsidiary, 80% owned, Oxford Biomedica (US) LLC;
\u2022 one wholly-owned US subsidiary, Oxford Biomedica (US) Inc;
\u2022 one wholly-owned Irish subsidiary, Oxford Biomedica (Ireland) Ltd;
\u2022 one wholly-owned UK dormant subsidiary, Oxxon Therapeutics Limited which was acquired and became dormant in 2007 when
its assets and trade were transferred to Oxford Biomedica (UK) Limited; and
\u2022 one wholly-owned UK dormant subsidiary, Invivusbio Limited, which changed its name on 18 January 2023 from OXB
Solutions Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Oxford Biomedica plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "
36 Post balance sheet event
Acquisition of ABL Europe
On the 29 January 2024 the Group acquired 100% of ABL Europe SAS (recently renamed Oxford Biomedica (France) SAS) from
Institut M\u00e9rieux SAS for a consideration of \u20ac15 million, which included \u20ac10 million of pre-completion cash funding from Institut
M\u00e9rieux in Oxford Biomedica (France) in exchange for 3,149,374 new ordinary shares in the Company which have been issued at a
price of 407.4p.
Oxford Biomedica (France) is a pure-play European CDMO with specialised expertise in the development and manufacturing of
solutions for biotechs and biopharma, including viruses for gene therapy, oncolytic viruses and vaccine candidates. The acquisition
of Oxford Biomedica (France) broadens the Group's international presence by establishing a footprint within the European Union
through facilities located in Lyon and Strasbourg, France. In addition, the acquisition increases Oxford Biomedica's capacity
in process and analytical development and early-stage manufacturing, and addresses increased client demand for the Groups
\u2018 process development services. Oxford Biomedica (France) currently works on more than 10 cell and gene therapy programmes
spanning disease areas including more than six different vector types.
This acquisition will be treated as a business combination under IFRS 3. The Group did not disclose an accounting policy or fair
value as required by IFRS 3, due to the short period of time from the date of acquisition till issuance of the annual accounts.
ABL Europe changed its name to Oxford Biomedica (France) SAS on 22 March 2024.
Conversion of intercompany loan to equity
During February 2024, the Company has converted a US$180 million intercompany loan (note 13) to Oxford Biomedica (US) Inc to
equity of Oxford Biomedica (US) Inc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "Windrush Court, Transport Way Oxford OX4 6LT, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }