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"fact-349": { "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 2024 comprise the results of
the Company and its subsidiary undertakings (together referred to as OXB or the Group).
As at 31 December 2024, the Company's principal subsidiaries were Oxford Biomedica (UK) Limited (OXB UK), Oxford Biomedica
(US) Inc. (OXB US Inc), Oxford Biomedica (US) LLC (OXB US) and Oxford Biomedica (France) SAS (OXB France).
The Group is a cell and gene therapy contract development and manufacturing organisation providing services to third parties as
well as performing internal research and development for its own purposes. The Group has no marketed pharmaceutical products.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "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 2024 comprise the results of the Company and its subsidiary undertakings (together referred to as OXB or the Group). As at 31 December 2024, the Company's principal subsidiaries were Oxford Biomedica (UK) Limited (OXB UK), Oxford Biomedica (US) Inc. (OXB US Inc), Oxford Biomedica (US) LLC (OXB US) and Oxford Biomedica (France) SAS (OXB France). The Group is a cell and gene therapy contract development and manufacturing organisation providing services to third parties as well as performing internal research and development for its own purposes. The Group 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 the Company financial statements were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. As stated in the Directors report and more fully explained below, the financial statements have been prepared on a going concern basis. 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 for the following assets and liabilities that are stated at their fair value: \u2022 Put/ call option liability Going concern The financial position of the Group and the Company, their cash flows and the liquidity position are described in the Financial Statements and notes to these financial statements section of this Annual report and accounts.\u202fThe Group and the Company made a loss after tax for the year ended 31 December 2024 of \u00a3(48.6) million and \u00a3(12.8) million respectively and consumed net cash flows from operating activities for the year of \u00a350.7 million and \u00a32.0 million. The Group also: \u2022 Closed the acquisition of ABL Europe SAS (OXB France) in January 2024 for a consideration of \u20ac15 million, (including \u20ac10million of pre-completion cash funding from Institut M\u00e9rieux). \u2022 Ended the period with cash and cash equivalents of \u00a360.7 million.\u202fIn considering the basis of preparation of the FY24 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 2025 latest forecast and forecasts for 2026. 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:\u202f\u2022 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the LentiVector\u00ae platform and AAV businesses. \u2022 Considerable reduction in revenues from new clients. \u2022 Removal of any future licence revenues. \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 the 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 the Company would continue to comply with its existing loan covenants until the maturity of the Oaktree loan 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 the Company\u2019s cash covenant headroom as required by the Oaktree loan facility. 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 Q4 2025 which may include rationalisation of facilities and rightsizing the workforce. In addition, the Board has confidence in the Group and the Company\u2019s ability to continue as a going concern for the following reasons: As noted above, the Group has cash balances of \u00a360.7 million at the end of December 2024. \u2022 \u00a3141 million of 2025 forecasted revenues are covered by contracted client orders 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 multiple new clients over the last six months. \u2022 The Group has the ability to control capital expenditure costs and lower other operational spend, as necessary.\u202fTaking account of the matters described above, the Directors are confident that the Group and the 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 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. IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement offinancial performance and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. 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 Company. 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 Other Comprehensive Income (OCI) and accumulated in the translation reserve, except to the extent that the translation difference is allocated to Non-controlling interests (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 manufacturing of clinical product for clients, fees charged for providing development or procurement services to clients, product and technology licence transactions, royalties, options and milestones. The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial purposes. The manufacturing 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. Manufacturing 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 manufacturing batches in progress for which costs incurred plus recognised profits exceed progress billings, is presented separately as a contract asset within the note 15 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. In certain agreements there is a provision for delivery of procurement and storage services for clients. These procurement services are delivered as the activities are completed and revenue recognised at point in time control passes to the client. The storage services are delivered over time and revenue is recognised as such. 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 OXB UK 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 result of the processes and procedures implemented by OXB US for the purposes of tracking and accounting for its costs against projects, the Company 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 and 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 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 manufacturing 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. These milestones 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. 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 manufacturing clinical product for clients, the cost of client development project activities, the cost of inventories from procurement services 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 manufacturing clinical product for clients includes the raw materials, labour costs, overheads and other directly attributable third party costs. Costs are recognised as incurred. The cost related to procurement and storage services activities includes the raw materials, labour costs, overheads and other directly attributable costs incurred. Costs are recognised as control of the inventories passes. The Group's products and technologies include technology elements that are licensed 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. Operating costs Operating expenditure relates to under recovery of operational costs associated with client projects and 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 OXB UK, OXB US, OXB US Inc and OXB France. 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 OXB 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 OXB 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. \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. Sale & 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 2024 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. 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%
Manufacturing 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 manufacturing 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\ue062\ue062
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 manufacturing 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 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. Financial assets 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: \u25e6 substantially all of the risks and rewards of ownership of the financial asset are transferred, or \u25e6 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 Inventory is stated at the lower of cost and net realisable value. Cost is determined using the FIFO (First in first out) 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 manufacturing 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 three 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/ call options Where a put/ call option with Non-controlling interests (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, OXB has chosen to apply an accounting policy, to be applied consistently for all put/ call liabilities: that subsequent to initial recognition, changes in fair value of the put/ call liability will be recognised in equity. The value of the put/ call liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put/ call option, taking into consideration OXB US 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. Investments in subsidiaries (Company only) 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Oxford Biomedica plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "The Group is a cell and gene therapy contract development and manufacturing organisation providing services to third parties as well as performing internal research and development for its own purposes. The Group has no marketed pharmaceutical products. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "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 the Company financial statements were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. As stated in the Directors report and more fully explained below, the financial statements have been prepared on a going concern basis. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "
The Group and the Company financial statements were prepared in accordance with UK-adopted international accounting
standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
Measurement convention
The financial statements are prepared on the historical cost basis except for the following assets and liabilities that are stated at their
fair value:
\u2022 Put/ call option liability
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "
Going concern
The financial position of the Group and the Company, their cash flows and the liquidity position are described in the Financial
Statements and notes to these financial statements section of this Annual report and accounts.\u202f
The Group and the Company made a loss after tax for the year ended 31 December 2024 of \u00a3(48.6) million and \u00a3(12.8) million
respectively and consumed net cash flows from operating activities for the year of \u00a350.7 million and \u00a32.0 million.
The Group also:
\u2022 Closed the acquisition of ABL Europe SAS (OXB France) in January 2024 for a consideration of \u20ac15 million, (including \u20ac10million
of pre-completion cash funding from Institut M\u00e9rieux).
\u2022 Ended the period with cash and cash equivalents of \u00a360.7 million.\u202f
In considering the basis of preparation of the FY24 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
2025 latest forecast and forecasts for 2026. 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:\u202f
\u2022 Commercial challenges leading to a substantial manufacturing and development revenue downside affecting both the
LentiVector\u00ae platform and AAV businesses.
\u2022 Considerable reduction in revenues from new clients.
\u2022 Removal of any future licence revenues.
\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 the 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 the Company would continue to comply with its
existing loan covenants until the maturity of the Oaktree loan 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 the Company\u2019s cash covenant headroom as required by the Oaktree loan facility. 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 Q4 2025 which may include rationalisation of facilities and rightsizing the workforce.
In addition, the Board has confidence in the Group and the Company\u2019s ability to continue as a going concern for the following reasons: As noted above, the Group has cash balances of \u00a360.7 million at the end of December 2024. \u2022 \u00a3141 million of 2025 forecasted revenues are covered by contracted client orders 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 multiple new clients over the last six months. \u2022 The Group has the ability to control capital expenditure costs and lower other operational spend, as necessary.\u202fTaking account of the matters described above, the Directors are confident that the Group and the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "
Accounting developments
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.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)
will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the
financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will
not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are
expected to be pervasive, in particular those related to the statement of
financial performance and providing management-defined
performance measures within the financial statements. Management is currently assessing the detailed implications of applying the
new standard on the Group\u2019s consolidated financial statements.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "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. IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement offinancial performance and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "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 Company. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "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 Other Comprehensive Income (OCI) and accumulated in the translation reserve,
except to the extent that the translation difference is allocated to Non-controlling interests (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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "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 Other Comprehensive Income (OCI) and accumulated in the translation reserve, except to the extent that the translation difference is allocated to Non-controlling interests (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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "
Revenue
Revenue comprises income derived from manufacturing of clinical product for clients, fees charged for providing development or
procurement services to clients, product and technology licence transactions, royalties, options and milestones.
The Group bioprocesses batches on behalf of clients who use this manufactured clinical product for clinical and commercial
purposes. The manufacturing 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. Manufacturing 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 manufacturing batches in progress for which costs incurred plus recognised profits exceed progress
billings, is presented separately as a contract asset within the note 15 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.
In certain agreements there is a provision for delivery of procurement and storage services for clients. These procurement services
are delivered as the activities are completed and revenue recognised at point in time control passes to the client. The storage
services are delivered over time and revenue is recognised as such.
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 OXB UK 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 result of the processes and procedures implemented by OXB US for the purposes of tracking and accounting for its costs
against projects, the Company 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 and 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 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 manufacturing 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. These milestones 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "
Cost of sales
Cost of sales comprises the cost of manufacturing clinical product for clients, the cost of client development project activities, the
cost of inventories from procurement services 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 manufacturing clinical product for clients includes the raw materials, labour costs, overheads and other directly
attributable third party costs. Costs are recognised as incurred.
The cost related to procurement and storage services activities includes the raw materials, labour costs, overheads and other
directly attributable costs incurred. Costs are recognised as control of the inventories passes.
The Group's products and technologies include technology elements that are licensed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
Operating costs
Operating expenditure relates to under recovery of operational costs associated with client projects and is charged to the statement
of comprehensive income in the period in which it is incurred.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAcccountingPolicyForOperatingCosts", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "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 OXB UK, OXB US, OXB US Inc and OXB France. 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 OXB 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 OXB 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "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.
\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.
Sale & 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "
Taxation
In 2024 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "Taxation In 2024 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "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%
Manufacturing 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 manufacturing 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "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%
Manufacturing and laboratory equipment
14% - 20%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "
Intangible assets & Goodwill
Recognition and measurement
Goodwill\ue062\ue062
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 manufacturing 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 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill\ue062\ue062
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 manufacturing 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 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill\ue062\ue062
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 manufacturing 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 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "Intangible assets & Goodwill Recognition and measurement
Goodwill\ue062\ue062
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 manufacturing 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 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "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 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "
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 subsidiaries (Company only)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "
Financial assets
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "Financial assets 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:
\u25e6 substantially all of the risks and rewards of ownership of the financial asset are transferred, or
\u25e6 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/ call options Where a put/ call option with Non-controlling interests (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, OXB has chosen to apply an accounting policy, to be applied consistently for all put/ call liabilities: that subsequent to initial recognition, changes in fair value of the put/ call liability will be recognised in equity. The value of the put/ call liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put/ call option, taking into consideration OXB US 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "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: \u25e6 substantially all of the risks and rewards of ownership of the financial asset are transferred, or \u25e6 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "
Inventories
Inventory is stated at the lower of cost and net realisable value. Cost is determined using the FIFO (First in first out) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "
Contract liabilities
Contract liabilities primarily relate to the advance consideration received from clients for commercial development work and
manufacturing batches and funded research and development activities.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForContractLiabilities", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "
Deferred income
Deferred income primarily relates to the advance consideration received for grants.
", "dimensions": { "concept": "oxfordbiomedicaplc:DescriptionOfAccountingPolicyForDeferredIncome", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "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 three 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "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/ call options Where a put/ call option with Non-controlling interests (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, OXB has chosen to apply an accounting policy, to be applied consistently for all put/ call liabilities: that subsequent to initial recognition, changes in fair value of the put/ call liability will be recognised in equity. The value of the put/ call liability is determined using a Monte Carlo simulation which calculates the expected future exercise value of the put/ call option, taking into consideration OXB US 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "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
Acquisition date of OXB France
The acquisition date of ABL Europe SAS (OXB France) has been deemed to be 29 January 2024 and is the date that control passed
to OXB. This is due to multiple substantive conditions which existed in the Sale and Purchase Agreement, which were not all fully
completed until this date.
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.
Procurement and storage services : revenue recognition
The Group has identified requirements within certain agreements that necessitate the procurement and storage of key materials.
In these cases, the Group has determined that there are two additional distinct performance obligations; the procurement of the
materials and their storage. These are contractual obligations which are reportable to the Clients.
On completion of the procurement activities, control is passed over to the client as the materials are quality checked then
segregated within Group premises and solely for the use of the specified client under the contractual terms. The determination
of the passing of control is a key judgement, which dictates the timing of the revenue recognition, as at this point, revenue is
recognised. The point of the passing of control has been deemed as the point where the materials are segregated for sole use and
checks are completed as this completes the procurement service obligations.
Once control passes to the client, the storage services commence and revenue is recognised over time in accordance with IFRS 15.
The Group has made a judgement that it considers itself to be the principal in such cases since:
\u2022 The Group is solely responsible for order, acceptance and testing inventories of the quantum required to meet the client
confirmed orders.
\u2022 The Group bears risk before the control of the materials are passed over to clients which includes the completion of quality
testing and compliance with regulatory requirements. These tasks are not deemed to be solely trivial or administrative in nature
and therefore the principal judgement is appropriate.
\u2022 Further, the Group negotiates the purchase price with suppliers of the materials and bears pricing risk as the selling price is
agreed and can only be renegotiated annually subject to breaching certain thresholds.
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: Percentage of completion of manufacturing batch revenues
Manufacturing of clinical/commercial product for clients 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 manufacturing 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 manufacturing batch. The value of the
revenue recognised with regards to the manufacturing batches which remain in progress at period end is \u00a340.4 million. If the
assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been
\u00a34.2 million higher or \u00a35.0 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 \u00a318.9 million. If the
assessed percentage of completion was 10 percentage points higher or lower, revenue recognised in the period would have been
\u00a32.7 million higher or \u00a32.9 million lower.
Revenue recognition: Provision for out of specification manufacturing batches
Manufacturing of clinical/commercial product for clients 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 manufacturing 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 three 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 manufacturing 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 manufacturing batches actually going out of specification in future. The estimate will increase
or decrease based on the number of manufacturing batches undertaken, the percentage of completion of those manufacturing
batches and the number of batches which go out of specification over the assessment period. If three additional batches failed
during the year, this would lead to a material variance on the estimate.
Consequently, manufacturing revenue of \u00a31.3 million (31 December 2023: \u00a31.1 million) has not been recognised during the year
ended 31 December 2024 with the corresponding credit to contract liabilities. This revenue will be recognised as the batches
complete manufacturing.
Fair value assumptions on acquisition of OXB France
The estimations for the fair value of the Plant, Property and Equipment has been made using a Depreciated Replacement Cost. This
cost has then been adjusted for economic obsolescence to determine the fair value adjustments to the opening acquisition balance
sheet, refer to note 35.
Impairment assessment of OXB US Cash Generating Unit (CGU)
OXB 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 the CGU as it did not fully deliver its annual budget and accordingly, a full impairment
assessment has been performed as at 31 December 2024.
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 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's approach and the key assumptions used to determine the CGU\u2019s FVLCOD were as follows:
The Group assessed the FVLCOD of the OXB US 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.
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 24% 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\u00ae platform for which the know how transfer was completed in 2024.
\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 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 Expected volatility of cash flows \u2013 should the expected volatility of OXB US cash flows vary, this may impact the FVLCOD of
the CGU.
Sensitivities to the FVLCOD model outcome
31-Dec-24 Higher/ Longer Lower/Shorter
\u00a3'ms \u00a3'ms
Forecast revenues 10% higher or lower 43.2 (43.5)
Operational expenditure 10% higher or lower (19.8) 19.8
Capital expenditure 10% higher or lower (1.5) 1.5
Long term inflation rates 2% higher or lower 20.6 (13.1)
Discount rate 3% higher or lower (17.5) 33.3
Long Term Growth Rate 2% higher or lower 19.4 (12.6)
Based on the valuation of the CGU through a discounted cash flow calculation, the Group has assessed that no further impairment
of OXB US is required in 2024 (2023: \u00a399.3 million ($126.4 million)).
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 will become fully obsolete. Over time as the platform
technology is improved, parts of the technology will 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 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
2024 would be \u00a30.7 million higher (2023: \u00a33.6 million); whilst, if the estimated useful life of the assets had been 20 years, the
estimated amortisation for the year ended 31 December 2024 would be \u00a30.8 million lower (2023: \u00a31.8 million lower).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "
3 Financial risk management
Financial risk factors
The Group has a simple corporate structure which consists of the Company and three main operating subsidiaries, one domiciled
in the UK, one in France 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 2024, the Group's revenues were mostly receivable in Sterling, Euro 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 \u00a31.3 million (2023: \u00a30.4 million) 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 2024 on loan amounts would have been approximately \u00a3(0.5) million
(2023: \u00a30.5 million).
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 2024 would have been approximately \u00a30.6 million (2023: \u00a30.4
milllion). 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 2024 was \u00a33,236,000 (2023: \u00a34,910,000).
On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree Capital Management, L.P. (Oaktree) to finance
the acquisition of OXB US, 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 the 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 2024 the impact on cash interest paid would have been \u00a3nil (2023: \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 15). 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 2024 or 31 December 2023 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.
2024
2023
Group
\u00a3'000
\u00a3'000
Net Cash
20,579
65,182
Equity
60,487
77,834
Net Cash/Equity
-34%
-84%
20 Loans
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
38,534
39,780
38,534
39,780
Acquisitions through business combinations
756
-
-
-
Interest accrued
4,515
4,570
4,515
4,570
Interest paid
(4,086)
(4,136)
(4,075)
(4,136)
Foreign exchange movement
502
(2,003)
502
(2,003)
Amortised fees
316
323
316
323
Loan repayment
(466)
-
-
At 31 December
40,071
38,534
39,792
38,534
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Current
281
-
-
-
Non-current
39,790
38,534
39,790
38,534
Total Loans
40,071
38,534
39,790
38,534
On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree Capital Management, L.P. (Oaktree) to finance
the acquisition of OXB US 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 the 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 has also 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 loan facility 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 loan facility was secured by a pledge over
substantially all of the Group's assets.
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/ call option liability. Additional disclosures are set out in note 3relating to risk management. The Group had the following financial instruments at 31 December each year.
Financial assets held at Financial liabilities held at Financial liabilities held at
amortised cost amortised cost fair value
2024
2023
2024
2023
2024
2023
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
60,650
103,716
-
-
-
-
Trade receivables and other receivables 15
63,905
24,628
-
-
-
-
Trade and other payables excluding tax 17
-
-
24,656
16,324
-
-
Loan 20
-
-
40,071
38,534
-
-
Put/ call option 21
-
-
-
-
2,388
9,348
At 31 December
124,555
128,344
64,727
54,858
2,388
9,348
Included in 2023 was \u00a397,000 relating to assets at fair value through profit and loss. This relates to an investment asset sold in 2024. The Company had the following financial instruments at 31 December each year:
Financial assets held at Financial liabilities held at
amortised cost amortised cost
2024
2023
2024
2023
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
16,950
47
-
-
Trade and other payables excluding tax 17
-
-
268
1,578
Loan 20
-
-
39,790
38,534
Total
16,950
47
40,058
40,112
Floating rate instant access deposits earned interest at prevailing bank rates.
2024
2023
period average period average
weighted weighted
average rate average rate
Sterling
5.38%
4.50%
US Dollars
4.56%
N/A
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 there is no history of client default. There has been no change in the determined risk during 2024, therefore no reconciliation between the 2023 and 2024 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2023: 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:
2024
2023
\u00a3'000
\u00a3'000
Sterling
29,428
92,634
Euro
2,653
545
US Dollars
28,569
10,537
60,650
103,716
Financial liabilities classified as level 3 in hierarchy The Put/ call option liability is classified 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/ call option liability
Monte
Revenues of OXB US
\u2014 The revenues of OXB US are based on the management approved
Carlo simulation 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/
call 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/
call 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.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Share
Group
Lease liability
Loans
Share capital
premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
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
4,518
-
-
-
4,518
Disposals
-
-
-
-
-
Interest
6,097
4,570
-
-
10,667
Fee amortisation
(1,701)
323
-
-
(1,378)
Foreign exchange
(1,272)
(2,003)
-
-
(3,275)
At 31 December 2023
72,924
38,534
48,403
380,333
540,194
Issue of shares
-
-
4,578
14,523
19,101
Interest accrued
-
4,515
-
-
4,515
Loans repaid
-
(466)
-
-
(466)
Interest paid
-
(4,086)
-
-
(4,086)
Payments for the principal portion of lease liabilities
(4,725)
-
-
-
(4,725)
Payments for the interest portion of lease liabilities
(5,343)
-
-
-
(5,343)
Total change from financing cash flows
(10,068)
(37)
4,578
14,523
8,996
Other Changes
Other
1,758
-
-
-
1,758
Additions
(156)
756
-
-
600
Disposals
(1,377)
-
-
-
(1,377)
Interest Accrued
5,343
-
-
-
5,343
Fee amortisation
-
316
-
-
316
Foreign exchange
266
502
-
-
768
At 31 December 2024
68,690
40,071
52,981
394,856
556,598
Share
Company
Lease liability
Loans
Share capital
premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
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
(6,985)
Other Changes
Interest
-
4,570
-
-
4,570
Fee amortisation
2,817
323
-
-
3,140
Foreign exchange
-
(2,003)
-
-
(2,003)
At 31 December 2023
34,939
38,534
48,403
380,333
502,209
Issue of shares
-
-
4,578
14,523
19,101
Interest paid
-
(4,090)
-
-
(4,090)
Payments for the principal portion of lease liabilities
(1,170)
-
-
-
(1,170)
Payments for the interest portion of lease liabilities
(2,330)
-
-
-
(2,330)
Total change from financing cash flows
(3,500)
(4,090)
4,578
14,523
11,511
Other Changes
Additions
(69)
-
-
-
(69)
Interest
2,330
4,515
-
-
6,845
Fee amortisation
-
316
-
-
316
Foreign exchange
-
514
-
-
514
At 31 December 2024
33,700
39,789
52,981
394,856
521,326
Exposure to liquidity risk
Contracted Cashflows
Group
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
68,690
115,787
-
10,072
47,601
36,197
21,917
Loans
40,071
48,049
-
4,367
43,682
-
-
Contracted Cashflows
Group
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2023
\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
-
Contracted Cashflows
Company
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
33,700
56,226
-
3,500
7,000
8,696
37,030
Loans
39,789
47,817
-
4,135
43,682
-
-
Contracted Cashflows
Company
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2023
\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
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "3 Financial risk management Financial risk factors The Group has a simple corporate structure which consists of the Company and three main operating subsidiaries, one domiciled in the UK, one in France 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 2024, the Group's revenues were mostly receivable in Sterling, Euro 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 \u00a31.3 million (2023: \u00a30.4 million) 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 2024 on loan amounts would have been approximately \u00a3(0.5) million (2023: \u00a30.5 million). 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 2024 would have been approximately \u00a30.6 million (2023: \u00a30.4 milllion). 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 2024 was \u00a33,236,000 (2023: \u00a34,910,000). On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree Capital Management, L.P. (Oaktree) to finance the acquisition of OXB US, 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 the 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 2024 the impact on cash interest paid would have been \u00a3nil (2023: \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 15). 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 2024 or 31 December 2023 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.
2024
2023
Group
\u00a3'000
\u00a3'000
Net Cash
20,579
65,182
Equity
60,487
77,834
Net Cash/Equity
-34%
-84%
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 there is no history of client default. There has been no change in the determined risk during 2024, therefore no reconciliation between the 2023 and 2024 closing debtor balance assessed by risk of default has been provided. The opening and closing position was low (2023: 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
Contracted Cashflows
Group
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
68,690
115,787
-
10,072
47,601
36,197
21,917
Loans
40,071
48,049
-
4,367
43,682
-
-
Contracted Cashflows
Group
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2023
\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
-
Contracted Cashflows
Company
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
33,700
56,226
-
3,500
7,000
8,696
37,030
Loans
39,789
47,817
-
4,135
43,682
-
-
Contracted Cashflows
Company
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2023
\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
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "Foreign exchange risk In 2024, the Group's revenues were mostly receivable in Sterling, Euro 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 \u00a31.3 million (2023: \u00a30.4 million) 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 2024 on loan amounts would have been approximately \u00a3(0.5) million (2023: \u00a30.5 million). 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 2024 would have been approximately \u00a30.6 million (2023: \u00a30.4 milllion). 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 2024 was \u00a33,236,000 (2023: \u00a34,910,000). On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree Capital Management, L.P. (Oaktree) to finance the acquisition of OXB US, 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 the 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 2024 the impact on cash interest paid would have been \u00a3nil (2023: \u00a3nil) as the rate is capped. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "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 15).
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 there is no history of client default. There has been no change
in the determined risk during 2024, therefore no reconciliation between the 2023 and 2024 closing debtor balance assessed by risk
of default has been provided. The opening and closing position was low (2023: 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "
Derivative financial instruments and hedging
There were no material derivatives at 31 December 2024 or 31 December 2023 which have required separation and hedge
accounting has not been used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "Derivative financial instruments and hedging There were no material derivatives at 31 December 2024 or 31 December 2023 which have required separation and hedge accounting has not been used. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "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.
2024
2023
Group
\u00a3'000
\u00a3'000
Net Cash
20,579
65,182
Equity
60,487
77,834
Net Cash/Equity
-34%
-84%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "4 Single segment analysis and reporting Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
2024
2023
\u00a3'000
\u00a3'000
Manufacturing services (Previously Bioprocessing)
68,350
51,050
Licence fees & incentives
7,325
6,684
Development
47,274
31,805
1
Procurement and storage services
5,848
-
Total
128,797
89,539
1 2023 includes \u00a3129,000 previously included within Product segment Timing of transfer of goods or services
2024
2023
\u00a3'000
\u00a3'000
Products and services transferred at a point in time
13,016
6,684
Products and goods transferred over time
115,781
82,855
Total revenue
128,797
89,539
The majority of the Group's revenue is typically recognised over time as the performance obligations in the contract are being fulfilled. Unsatisfied performance obligations The following table shows revenue remaining from unsatisfied performance obligations:
2024
2023
\u00a3'000
\u00a3'000
Revenue remaining to be recognised on partially or fully unsatisfied performance obligations
103,897
63,013
Results by geographical location The Group's revenue derives wholly from assets located in the United Kingdom, United States and Europe. Analysed by location the Group's revenues derive predominantly from United Kingdom, United States and Europe:
2024
2023
Revenue by client location
\u00a3'000
\u00a3'000
UK
6,924
3,984
United States
79,987
65,757
Europe
41,886
19,798
Total revenue
128,797
89,539
In 2024, six clients each generated more than 10% of the Group's revenue.
2024
2023
Geographic split of operating (loss)/profit
\u00a3'000
\u00a3'000
United Kingdom
5,492
(47,542)
United States
(33,021)
(136,632)
Europe
(11,846)
-
Total operating loss
(39,375)
(184,174)
2024
2023
Geographic split of non-current assets
\u00a3'000
\u00a3'000
United Kingdom
47,801
60,881
United States
44,395
50,132
Europe
6,253
-
Total non-current assets
98,449
111,013
Other operating income Other operating income of \u00a35.3 million (2023: \u00a32.8 million) includes :
2024
2023
\u00a3'000
\u00a3'000
Rental income
2,475
2,201
Negative goodwill
1,721
-
Grant income
1,058
602
Total other income
5,254
2,803
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "4 Single segment analysis and reporting Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
2024
2023
\u00a3'000
\u00a3'000
Manufacturing services (Previously Bioprocessing)
68,350
51,050
Licence fees & incentives
7,325
6,684
Development
47,274
31,805
1
Procurement and storage services
5,848
-
Total
128,797
89,539
1 2023 includes \u00a3129,000 previously included within Product segment Timing of transfer of goods or services
2024
2023
\u00a3'000
\u00a3'000
Products and services transferred at a point in time
13,016
6,684
Products and goods transferred over time
115,781
82,855
Total revenue
128,797
89,539
The majority of the Group's revenue is typically recognised over time as the performance obligations in the contract are being fulfilled. Unsatisfied performance obligations The following table shows revenue remaining from unsatisfied performance obligations:
2024
2023
\u00a3'000
\u00a3'000
Revenue remaining to be recognised on partially or fully unsatisfied performance obligations
103,897
63,013
Results by geographical location
The Group's revenue derives wholly from assets located in the United Kingdom, United States and Europe. Analysed by location the
Group's revenues derive predominantly from United Kingdom, United States and Europe:
2024
2023
Revenue by client location
\u00a3'000
\u00a3'000
UK
6,924
3,984
United States
79,987
65,757
Europe
41,886
19,798
Total revenue
128,797
89,539
In 2024, six clients each generated more than 10% of the Group's revenue.
2024
2023
Geographic split of operating (loss)/profit
\u00a3'000
\u00a3'000
United Kingdom
5,492
(47,542)
United States
(33,021)
(136,632)
Europe
(11,846)
-
Total operating loss
(39,375)
(184,174)
2024
2023
Geographic split of non-current assets
\u00a3'000
\u00a3'000
United Kingdom
47,801
60,881
United States
44,395
50,132
Europe
6,253
-
Total non-current assets
98,449
111,013
Other operating income
Other operating income of \u00a35.3 million (2023: \u00a32.8 million) includes :
2024
2023
\u00a3'000
\u00a3'000
Rental income
2,475
2,201
Negative goodwill
1,721
-
Grant income
1,058
602
Total other income
5,254
2,803
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
2024
2023
\u00a3'000
\u00a3'000
Manufacturing services (Previously Bioprocessing)
68,350
51,050
Licence fees & incentives
7,325
6,684
Development
47,274
31,805
1
Procurement and storage services
5,848
-
Total
128,797
89,539
1 2023 includes \u00a3129,000 previously included within Product segment Timing of transfer of goods or services
2024
2023
\u00a3'000
\u00a3'000
Products and services transferred at a point in time
13,016
6,684
Products and goods transferred over time
115,781
82,855
Total revenue
128,797
89,539
The majority of the Group's revenue is typically recognised over time as the performance obligations in the contract are being fulfilled. Unsatisfied performance obligations The following table shows revenue remaining from unsatisfied performance obligations:
2024
2023
\u00a3'000
\u00a3'000
Revenue remaining to be recognised on partially or fully unsatisfied performance obligations
103,897
63,013
Results by geographical location The Group's revenue derives wholly from assets located in the United Kingdom, United States and Europe. Analysed by location the Group's revenues derive predominantly from United Kingdom, United States and Europe:
2024
2023
Revenue by client location
\u00a3'000
\u00a3'000
UK
6,924
3,984
United States
79,987
65,757
Europe
41,886
19,798
Total revenue
128,797
89,539
In 2024, six clients each generated more than 10% of the Group's revenue.
2024
2023
Geographic split of operating (loss)/profit
\u00a3'000
\u00a3'000
United Kingdom
5,492
(47,542)
United States
(33,021)
(136,632)
Europe
(11,846)
-
Total operating loss
(39,375)
(184,174)
2024
2023
Geographic split of non-current assets
\u00a3'000
\u00a3'000
United Kingdom
47,801
60,881
United States
44,395
50,132
Europe
6,253
-
Total non-current assets
98,449
111,013
Other operating income Other operating income of \u00a35.3 million (2023: \u00a32.8 million) includes :
2024
2023
\u00a3'000
\u00a3'000
Rental income
2,475
2,201
Negative goodwill
1,721
-
Grant income
1,058
602
Total other income
5,254
2,803
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "Disaggregation of revenue Revenue is disaggregated by the type of revenue which is generated by the commercial arrangement.
2024
2023
\u00a3'000
\u00a3'000
Manufacturing services (Previously Bioprocessing)
68,350
51,050
Licence fees & incentives
7,325
6,684
Development
47,274
31,805
1
Procurement and storage services
5,848
-
Total
128,797
89,539
1 2023 includes \u00a3129,000 previously included within Product segmen", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "
Unsatisfied performance obligations
The following table shows revenue remaining from unsatisfied performance obligations:
2024
2023
\u00a3'000
\u00a3'000
Revenue remaining to be recognised on partially or fully unsatisfied performance obligations
103,897
63,013
Results by geographical location The Group's revenue derives wholly from assets located in the United Kingdom, United States and Europe. Analysed by location the Group's revenues derive predominantly from United Kingdom, United States and Europe:
2024
2023
Revenue by client location
\u00a3'000
\u00a3'000
UK
6,924
3,984
United States
79,987
65,757
Europe
41,886
19,798
Total revenue
128,797
89,539
In 2024, six clients each generated more than 10% of the Group's revenue.
2024
2023
Geographic split of operating (loss)/profit
\u00a3'000
\u00a3'000
United Kingdom
5,492
(47,542)
United States
(33,021)
(136,632)
Europe
(11,846)
-
Total operating loss
(39,375)
(184,174)
2024
2023
Geographic split of non-current assets
\u00a3'000
\u00a3'000
United Kingdom
47,801
60,881
United States
44,395
50,132
Europe
6,253
-
Total non-current assets
98,449
111,013
Other operating income Other operating income of \u00a35.3 million (2023: \u00a32.8 million) includes :
2024
2023
\u00a3'000
\u00a3'000
Rental income
2,475
2,201
Negative goodwill
1,721
-
Grant income
1,058
602
Total other income
5,254
2,803
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "
5 Employees and Directors
The monthly average number of persons (including Executive Directors) employed by the Group during the year was:
2024
2023
By activity
\u00a3'000
\u00a3'000
Office and management
133
122
Operational
712
732
Total
84 5
854
2024 2023
Employee benefit costs \u00a3'000 \u00a3'000
Wages and salaries 60,071 68,537
Social security costs
7,189
5,378
Other pension costs
3,738
3,764
Share based payments
2,083
3,516
Total
73,081
81,195
2024
2023
Key management compensation
\u00a3'000
\u00a3'000
Short- term employee benefits
5,303
5,162
Post-employment benefits
287
311
Share based payments
676
444
Total
6,266
5,917
The key management figures above include Executive and Non-Executive Directors and the other members of the CET. 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 92-104 which forms part of these financial statements.
The Company had no employees during the year (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "Key management compensation \u00a3'000 \u00a3'000 Short- term employee benefits 5,303 5,162 Post-employment benefits 287 311 Share based payments 676 444 Total 6,266 5,917 The key management figures above include Executive and Non-Executive Directors and the other members of the CET. 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 92-104 which forms part of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "
6 Finance income and costs
Group
2024
2023
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
3,236
4,910
Total finance income
3,236
4,910
Finance costs:
Unwinding of discount in provisions
(666)
(528)
(Loss)/gain on foreign exchange
(621)
1,936
Interest payable on loan
(4,515)
(4,570)
Interest payable on finance leases
(5,324)
(6,101)
Total finance costs
(11,126)
(9,263)
Net finance costs
(7,890)
(4,353)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "6 Finance income and costs
Group
2024
2023
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
3,236
4,910
Total finance income
3,236
4,910
Finance costs:
Unwinding of discount in provisions
(666)
(528)
(Loss)/gain on foreign exchange
(621)
1,936
Interest payable on loan
(4,515)
(4,570)
Interest payable on finance leases
(5,324)
(6,101)
Total finance costs
(11,126)
(9,263)
Net finance costs
(7,890)
(4,353)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "6 Finance income and costs
Group
2024
2023
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
3,236
4,910
Total finance income
3,236
4,910
Finance costs:
Unwinding of discount in provisions
(666)
(528)
(Loss)/gain on foreign exchange
(621)
1,936
Interest payable on loan
(4,515)
(4,570)
Interest payable on finance leases
(5,324)
(6,101)
Total finance costs
(11,126)
(9,263)
Net finance costs
(7,890)
(4,353)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "6 Finance income and costs
Group
2024
2023
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
3,236
4,910
Total finance income
3,236
4,910
Finance costs:
Unwinding of discount in provisions
(666)
(528)
(Loss)/gain on foreign exchange
(621)
1,936
Interest payable on loan
(4,515)
(4,570)
Interest payable on finance leases
(5,324)
(6,101)
Total finance costs
(11,126)
(9,263)
Net finance costs
(7,890)
(4,353)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "6 Finance income and costs
Group
2024
2023
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
3,236
4,910
Total finance income
3,236
4,910
Finance costs:
Unwinding of discount in provisions
(666)
(528)
(Loss)/gain on foreign exchange
(621)
1,936
Interest payable on loan
(4,515)
(4,570)
Interest payable on finance leases
(5,324)
(6,101)
Total finance costs
(11,126)
(9,263)
Net finance costs
(7,890)
(4,353)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "6 Finance income and costs
Group
2024
2023
Finance income:
\u00a3'000
\u00a3'000
Bank interest receivable
3,236
4,910
Total finance income
3,236
4,910
Finance costs:
Unwinding of discount in provisions
(666)
(528)
(Loss)/gain on foreign exchange
(621)
1,936
Interest payable on loan
(4,515)
(4,570)
Interest payable on finance leases
(5,324)
(6,101)
Total finance costs
(11,126)
(9,263)
Net finance costs
(7,890)
(4,353)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "
7 Expenses by nature
2024
2023
Note
\u00a3'000
\u00a3'000
Employee benefit costs 5
73,081
81,195
Depreciation of property, plant and equipment 12
20,084
21,504
Amortisation 11
2,343
7,206
Impairment of assets
-
99,284
Raw materials and consumables used in manufacturing services
14,860
14,961
Operating lease payments
471
249
Net gain on foreign exchange
(1,156)
(71)
Company employee benefit costs include \u00a31.2 million (2023: \u00a31.4 million) relating to Non-Executive Directors' costs paid by OXB
UK and recharged to the Company.
Depreciation and Amortisation is charged to cost of goods and operating 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:
2024
2023
Services provided by the Group's auditors
\u00a3'000
\u00a3'000
Fees payable for the audit of the parent company & Group Financial Statements
459
80
Fees payable for other services:
The audit of the Company's subsidiaries
525
817
Additional fees relating to prior period audit
188
-
Review of interim results
47
45
Total
1,219
942
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "7 Expenses by nature
2024
2023
Note
\u00a3'000
\u00a3'000
Employee benefit costs 5
73,081
81,195
Depreciation of property, plant and equipment 12
20,084
21,504
Amortisation 11
2,343
7,206
Impairment of assets
-
99,284
Raw materials and consumables used in manufacturing services
14,860
14,961
Operating lease payments
471
249
Net gain on foreign exchange
(1,156)
(71)
Company employee benefit costs include \u00a31.2 million (2023: \u00a31.4 million) relating to Non-Executive Directors' costs paid by OXB UK and recharged to the Company. Depreciation and Amortisation is charged to cost of goods and operating 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:
2024
2023
Services provided by the Group's auditors
\u00a3'000
\u00a3'000
Fees payable for the audit of the parent company & Group Financial Statements
459
80
Fees payable for other services:
The audit of the Company's subsidiaries
525
817
Additional fees relating to prior period audit
188
-
Review of interim results
47
45
Total
1,219
942
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "
2024
2023
Note
\u00a3'000
\u00a3'000
Employee benefit costs 5
73,081
81,195
Depreciation of property, plant and equipment 12
20,084
21,504
Amortisation 11
2,343
7,206
Impairment of assets
-
99,284
Raw materials and consumables used in manufacturing services
14,860
14,961
Operating lease payments
471
249
Net gain on foreign exchange
(1,156)
(71)
Company employee benefit costs include \u00a31.2 million (2023: \u00a31.4 million) relating to Non-Executive Directors' costs paid by OXB UK and recharged to the Company. Depreciation and Amortisation is charged to cost of goods and operating costs in the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "During the year, the Group (including its subsidiaries) obtained services from the Group's auditors, PwC and their associates, as detailed below:
2024
2023
Services provided by the Group's auditors
\u00a3'000
\u00a3'000
Fees payable for the audit of the parent company & Group Financial Statements
459
80
Fees payable for other services:
The audit of the Company's subsidiaries
525
817
Additional fees relating to prior period audit
188
-
Review of interim results
47
45
Total
1,219
942
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "
8 Taxation
The Group claims research and development tax credits under the UK Government's Research and Development Expenditure
Credit (RDEC) Scheme for large companies.
2024
2023
Current tax
\u00a3'000
\u00a3'000
Corporation tax
(1,809)
(1,487)
Total
(1,809)
(1,487)
Adjustments in respect of prior periods:
France corporation tax research and development credit
219
-
United Kingdom corporation tax research and development credit
246
(58)
Current tax
(1,344)
(1,545)
Deferred tax
Deferred tax relating to the origination of timing differences
-
5,910
Deferred tax
-
5,910
Taxation (charge)/ credit
(1,344)
4,365
UK income tax
The amount of \u00a31.8 million (2023: \u00a31.5 million) included as part of the taxation (charge)/credit within the Statement of
Comprehensive income for the year ended 31 December 2024 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 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.
The adjustment of current tax in respect of the prior year is \u00a3246,000. The adjustment in 2023 was \u00a358,000 which related to the
corporation tax credit on a lower than anticipated RDEC tax receipt. During 2024, the Group recognised \u00a3nil (2023: \u00a3nil) 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 any other tax credits (2023: \u00a3nil).
At 31 December 2024, the Group had UK tax losses, with no expiry date, to be carried forward of approximately \u00a3118.3 million
(2023: \u00a3127.6 million).
US income tax
Deferred tax of \u00a3nil (2023: \u00a3nil) relates to temporary differences relating to intangible assets. At 31 December 2024, the Group had
US tax losses to be carried forward of approximately \u00a357.7 million (2023: \u00a319.7 million) that expire 20 years from it being incurred.
France income tax
The adjustment of current tax in respect of the prior year is \u00a3219,000 which related to a lower than anticipated Corporate income
tax (CIT) tax credit.
Reconciliation of effective tax rate
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25%
(rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year
ended 31 December 2024 the tax rate was 25% (2023: the weighted averaged tax rate was 23.5%).
The tax credit for the year is lower (2023: lower) than the standard rate of corporation tax in the UK. The differences are
explained below:
2024
2023
Total tax
\u00a3'000
\u00a3'000
(Loss) on ordinary activities before tax
(47,265)
(188,527)
(Loss) on ordinary activities before tax multiplied
by the standard rate of corporation tax in the UK of 25% (2023 23.52%)
(11,816)
(44,342)
Expenses not deductible for tax purposes
308
2,624
Income not taxable
3,498
(288)
Group relief
-
-
Deferred tax not recognised
10,974
43,496
Effects of overseas tax rates
(1,155)
(6,510)
Adjustments in respect of prior periods
(465)
(58)
Other
-
503
Exempt items
-
211
Total tax charge/(credit) for the period
1,344
(4,365)
23 Deferred taxation
UK deferred tax
The Group has recognised UK deferred tax assets and liabilities at 31 December 2024 and 31 December 2023. 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 2024 \u00a3nil (31 December 2023: \u00a3nil).
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.
US deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Trading
temporary Intangible
Group - recognised
differences
Fixed assets
Tax losses
asset
Total
Deferred tax (assets)/
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
(2,202)
1,560
(1,749)
2,391
-
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
1,394
(408)
(1,109)
123
-
At 31 December 2024
(808)
1,152
(2,858)
2,514
-
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
(946)
(1,797)
1,741
(5,111)
(6,113)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
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 2024
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
Origination and reversal of
temporary differences
424
(5,581)
-
(81)
(14,976)
(1,560)
(21,774)
At 31 December 2024
39
(37,114)
-
(275)
(52,318)
(3,866)
(93,534)
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)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a33,136,000 (2023: \u00a32,716,000) relating to non temporary
trading differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "
9 Basic and diluted loss per ordinary share
The basic loss per share of (41.75)p (2023: (163.11)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 2024 being 103,458,254 (2023: 96,555,347).
As the Group incurred a loss in both the current and prior year, there is no difference between the basic loss per ordinary share and
the diluted loss per ordinary share for the reporting period, as the impact of potential dilutive instruments is anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "
10 Loss for the financial year
As permitted under 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 \u00a312,810,000 (2023: \u00a3119,947,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "
11 Intangible assets & goodwill
Developed
Goodwill
technology
Patents
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
628
105,889
1,811
108,328
Additions
-
28
9
37
Effects of movements in exchange rates
8
1,567
-
1,575
At 31 December 2024
636
107,484
1,820
109,940
Amortisation and impairment
At 1 January 2024
628
74,914
1,805
77,347
Charge for the period
-
2,341
2
2,343
Effects of movements in exchange rates
8
1,023
-
1,031
At 31 December 2024
636
78,278
1,807
80,721
Net book amount at 31 December 2024
-
29,206
13
29,219
Developed
Goodwill
technology
Patents
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2023
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 2023
-
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
Intangible assets comprise Developed technology and Patents for intellectual property rights. The Developed Technology is being
amortised over the period to February 2037. The Group has not capitalised any internally generated intangible assets.
In 2024, an impairment indicator relating to the manufacturing and process development operation of the OXB US cash generating
unit (CGU) located at the Bedford, MA, US site was identified. The CGU was tested for impairment at 31 December 2024 which
concluded no further impairment was required (2023: \u00a362.6 million).
Due to a tax deduction not being available on a portion of the developed technology intangible asset, there is a deferred tax
liability of \u00a32.1 million at 31 December 2024. \u00a37.3 million was recognised at the acquisition date, reduced to \u00a32.2 million after the
December 2023 impairment, with the liability expected to unwind in line with the 15 year useful life of the developed technology
intangible asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "11 Intangible assets & goodwill
Developed
Goodwill
technology
Patents
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
628
105,889
1,811
108,328
Additions
-
28
9
37
Effects of movements in exchange rates
8
1,567
-
1,575
At 31 December 2024
636
107,484
1,820
109,940
Amortisation and impairment
At 1 January 2024
628
74,914
1,805
77,347
Charge for the period
-
2,341
2
2,343
Effects of movements in exchange rates
8
1,023
-
1,031
At 31 December 2024
636
78,278
1,807
80,721
Net book amount at 31 December 2024
-
29,206
13
29,219
Developed
Goodwill
technology
Patents
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2023
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 2023
-
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
Intangible assets comprise Developed technology and Patents for intellectual property rights. The Developed Technology is being amortised over the period to February 2037. The Group has not capitalised any internally generated intangible assets. In 2024, an impairment indicator relating to the manufacturing and process development operation of the OXB US cash generating unit (CGU) located at the Bedford, MA, US site was identified. The CGU was tested for impairment at 31 December 2024 which concluded no further impairment was required (2023: \u00a362.6 million). Due to a tax deduction not being available on a portion of the developed technology intangible asset, there is a deferred tax liability of \u00a32.1 million at 31 December 2024. \u00a37.3 million was recognised at the acquisition date, reduced to \u00a32.2 million after the December 2023 impairment, with the liability expected to unwind in line with the 15 year useful life of the developed technology intangible asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "11 Intangible assets & goodwill
Developed
Goodwill
technology
Patents
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
628
105,889
1,811
108,328
Additions
-
28
9
37
Effects of movements in exchange rates
8
1,567
-
1,575
At 31 December 2024
636
107,484
1,820
109,940
Amortisation and impairment
At 1 January 2024
628
74,914
1,805
77,347
Charge for the period
-
2,341
2
2,343
Effects of movements in exchange rates
8
1,023
-
1,031
At 31 December 2024
636
78,278
1,807
80,721
Net book amount at 31 December 2024
-
29,206
13
29,219
Developed
Goodwill
technology
Patents
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2023
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 2023
-
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
Intangible assets comprise Developed technology and Patents for intellectual property rights. The Developed Technology is being amortised over the period to February 2037. The Group has not capitalised any internally generated intangible assets. In 2024, an impairment indicator relating to the manufacturing and process development operation of the OXB US cash generating unit (CGU) located at the Bedford, MA, US site was identified. The CGU was tested for impairment at 31 December 2024 which concluded no further impairment was required (2023: \u00a362.6 million). Due to a tax deduction not being available on a portion of the developed technology intangible asset, there is a deferred tax liability of \u00a32.1 million at 31 December 2024. \u00a37.3 million was recognised at the acquisition date, reduced to \u00a32.2 million after the December 2023 impairment, with the liability expected to unwind in line with the 15 year useful life of the developed technology intangible asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "
12 Property, plant & equipment
Office Bio processing
Freehold Leasehold equipment and and laboratory Right of use
property improvements computers equipment
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
-
61,063
10,371
54,960
50,766
177,160
Additions at cost
1,333
194
1,224
4,707
260
7,718
Additions through
business combinations
1,456
-
205
644
1,545
3,850
Reallocation between asset classes
-
(354)
12
342
-
-
Disposals
-
(11)
(759)
(996)
(1,063)
(2,829)
Change of Estimate
-
-
-
-
(1,226)
(1,226)
Effects of movements in
exchange rates
(53)
393
(4)
91
210
637
At 31 December 2024
2,736
61,285
11,049
59,748
50,492
185,310
Depreciation & Impairment
At 1 January 2024
-
33,901
8,182
34,982
24,403
101,468
Charge for the period
364
7,201
869
8,483
3,167
20,084
Reallocation between asset classes
-
(958)
782
176
-
(0)
Impairment of assets
-
(8)
-
-
178
170
Effects of movements in
exchange rates
(7)
349
15
185
227
769
Disposals
-
(11)
(739)
(727)
-
(1,477)
At 31 December 2024
357
40,474
9,109
43,099
27,975
121,014
Net book value at
31 December 2024
2,379
20,811
1,940
16,649
22,517
64,296
Office Bio processing
Freehold Leasehold equipment and and laboratory Right-of-use
property improvements computers equipment
assets
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 value at
31 December 2023
-
27,162
2,189
19,978
26,363
75,692
Leasehold improvements are capital improvements to buildings which the Group leases. Manufacturing and laboratory equipment
is equipment purchased for the Group's laboratory and manufacturing processes and are generally movable from one facility
to another.
In 2024, an impairment indicator relating to the manufacturing and process development operation of the OXB US cash generating
unit (CGU) located at the Bedford, MA, US site was identified. The CGU was tested for impairment at 31 December 2024 which
concluded no further impairment was required (2023: \u00a336.7 million).
Right of Use
Total
Company
\u00a3'000
\u00a3'000
Cost
At 1 January 2023
39,717
39,717
change in estimate
(209)
(209)
At 31 December 2023
39,508
39,508
Change in estimate
(589)
(589)
Effects of movements in exchange rates
-
-
Disposals
-
-
At 31 December 2024
38,919
38,919
Accumulated depreciation
At 1 January 2023
323
323
Charge for the period
2,641
2,641
Impairment
-
-
At 31 December 2023
2,964
2,964
Charge for the period
2,613
2,613
At 31 December 2024
5,577
5,577
Net book amount at 31 December 2024
33,342
33,342
Net book amount at 31 December 2023
36,544
36,544
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "12 Property, plant & equipment
Office Bio processing
Freehold Leasehold equipment and and laboratory Right of use
property improvements computers equipment
assets
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost
At 1 January 2024
-
61,063
10,371
54,960
50,766
177,160
Additions at cost
1,333
194
1,224
4,707
260
7,718
Additions through
business combinations
1,456
-
205
644
1,545
3,850
Reallocation between asset classes
-
(354)
12
342
-
-
Disposals
-
(11)
(759)
(996)
(1,063)
(2,829)
Change of Estimate
-
-
-
-
(1,226)
(1,226)
Effects of movements in
exchange rates
(53)
393
(4)
91
210
637
At 31 December 2024
2,736
61,285
11,049
59,748
50,492
185,310
Depreciation & Impairment
At 1 January 2024
-
33,901
8,182
34,982
24,403
101,468
Charge for the period
364
7,201
869
8,483
3,167
20,084
Reallocation between asset classes
-
(958)
782
176
-
(0)
Impairment of assets
-
(8)
-
-
178
170
Effects of movements in
exchange rates
(7)
349
15
185
227
769
Disposals
-
(11)
(739)
(727)
-
(1,477)
At 31 December 2024
357
40,474
9,109
43,099
27,975
121,014
Net book value at
31 December 2024
2,379
20,811
1,940
16,649
22,517
64,296
Office Bio processing
Freehold Leasehold equipment and and laboratory Right-of-use
property improvements computers equipment
assets
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 value at
31 December 2023
-
27,162
2,189
19,978
26,363
75,692
Leasehold improvements are capital improvements to buildings which the Group leases. Manufacturing and laboratory equipment is equipment purchased for the Group's laboratory and manufacturing processes and are generally movable from one facility to another. In 2024, an impairment indicator relating to the manufacturing and process development operation of the OXB US cash generating unit (CGU) located at the Bedford, MA, US site was identified. The CGU was tested for impairment at 31 December 2024 which concluded no further impairment was required (2023: \u00a336.7 million).
Right of Use
Total
Company
\u00a3'000
\u00a3'000
Cost
At 1 January 2023
39,717
39,717
change in estimate
(209)
(209)
At 31 December 2023
39,508
39,508
Change in estimate
(589)
(589)
Effects of movements in exchange rates
-
-
Disposals
-
-
At 31 December 2024
38,919
38,919
Accumulated depreciation
At 1 January 2023
323
323
Charge for the period
2,641
2,641
Impairment
-
-
At 31 December 2023
2,964
2,964
Charge for the period
2,613
2,613
At 31 December 2024
5,577
5,577
Net book amount at 31 December 2024
33,342
33,342
Net book amount at 31 December 2023
36,544
36,544
Right-of-use assets:
Laboratory
Property
Equipment
IT Equipment
Motor Vehicles
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Balance at 1 January 2024
26,363
-
-
-
26,363
Acquisitions
1,431
-
54
60
1,545
Reclassifications
(55)
55
-
-
-
Additions
217
-
-
43
260
Disposals
(1,057)
-
(4)
(2)
(1,063)
Impairment of assets
(178)
-
-
-
(178)
Change in estimate
(1,226)
-
-
-
(1,226)
Depreciation charge for the period
(3,093)
(27)
(14)
(33)
(3,167)
Effects of movements in exchange rates
(10)
(3)
(2)
(2)
(17)
Balance at 31 December 2024
22,392
25
34
66
22,517
Company
Property
Total
\u00a3'000
\u00a3'000
Balance at 1 January 2024
36,544
36,544
Change in estimate
(589)
(589)
Depreciation charge for the period
(2,613)
(2,613)
Disposals
-
-
Balance at 31 December 2024
33,342
33,342
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "
13 Investments in and loans to subsidiary undertakings
2024
2023
Note
\u00a3'000
\u00a3'000
Shares in subsidiary undertakings
At 1 January
15,182
15,182
Additions
148,894
-
At 31 December
164,076
15,182
Loans to subsidiary Undertakings
At 1 January
428,990
426,855
Loan advanced in period
-
2,136
Loan repaid in period
(11,302)
-
Loans converted to equity
(141,393)
-
At 31 December
276,295
428,991
Total investments in and loans to subsidiary undertakings
440,371
444,173
Accumulated impairment
At 1 January
226,215
126,065
Impairment in the period
1,458
100,150
At 31 December
227,673
226,215
Net book amount at 31 December
212,698
217,958
Capital contribution in respect of employee share schemes
At 1 January
28,779
25,264
Additions in the period 26
2,083
3,516
At 31 December
30,862
28,780
Total investments in and loans to subsidiary undertakings
243,560
246,738
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 \u00a393.1 million (2023: \u00a3193.3 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 \u00a3133.1 million (2023: \u00a332.9 million). The Company has impaired its
investment in OXB France by \u00a31.46 million to the supporting value of the tangible assets.
The loan from the Company to OXB UK 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
In February 2024, the Company's $180 million intercompany loan to OXB US Inc loan was converted into equity. In prior years it
was designated a monetary item that forms part of the Group's net investment in OXB US with the foreign exchange differences
recognised as a separate component in Other Comprehensive income until such time as the investment in OXB US is disposed of. A
translation loss of \u00a3(0.7) million was recognised in 2024 (2023: \u00a35.3 million loss) .
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 research
(UK) Limited development and manufacturing
Oxford Biomedica
Ireland
\u00a31 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
90%
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
Oxford Biomedica
France
1\u20ac ordinary shares
100%
Gene therapy research,
(France) SAS development and manufacturing
The registered office of the Company, its UK subsidiaries and OXB 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. The registered office of Oxford Biomedica (France) SAS is 4 Rue Laurent FriesIllkirch-Graffenstaden 67400, France. 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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "13 Investments in and loans to subsidiary undertakings
2024
2023
Note
\u00a3'000
\u00a3'000
Shares in subsidiary undertakings
At 1 January
15,182
15,182
Additions
148,894
-
At 31 December
164,076
15,182
Loans to subsidiary Undertakings
At 1 January
428,990
426,855
Loan advanced in period
-
2,136
Loan repaid in period
(11,302)
-
Loans converted to equity
(141,393)
-
At 31 December
276,295
428,991
Total investments in and loans to subsidiary undertakings
440,371
444,173
Accumulated impairment
At 1 January
226,215
126,065
Impairment in the period
1,458
100,150
At 31 December
227,673
226,215
Net book amount at 31 December
212,698
217,958
Capital contribution in respect of employee share schemes
At 1 January
28,779
25,264
Additions in the period 26
2,083
3,516
At 31 December
30,862
28,780
Total investments in and loans to subsidiary undertakings
243,560
246,738
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 \u00a393.1 million (2023: \u00a3193.3 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 \u00a3133.1 million (2023: \u00a332.9 million). The Company has impaired its investment in OXB France by \u00a31.46 million to the supporting value of the tangible assets. The loan from the Company to OXB UK 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 In February 2024, the Company's $180 million intercompany loan to OXB US Inc loan was converted into equity. In prior years it was designated a monetary item that forms part of the Group's net investment in OXB US with the foreign exchange differences recognised as a separate component in Other Comprehensive income until such time as the investment in OXB US is disposed of. A translation loss of \u00a3(0.7) million was recognised in 2024 (2023: \u00a35.3 million loss)
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 research
(UK) Limited development and manufacturing
Oxford Biomedica
Ireland
\u00a31 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
90%
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
Oxford Biomedica
France
1\u20ac ordinary shares
100%
Gene therapy research,
(France) SAS development and manufacturing
The registered office of the Company, its UK subsidiaries and OXB 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.
The registered office of Oxford Biomedica (France) SAS is 4 Rue Laurent FriesIllkirch-Graffenstaden 67400, France.
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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "13 Investments in and loans to subsidiary undertakings
2024
2023
Note
\u00a3'000
\u00a3'000
Shares in subsidiary undertakings
At 1 January
15,182
15,182
Additions
148,894
-
At 31 December
164,076
15,182
Loans to subsidiary Undertakings
At 1 January
428,990
426,855
Loan advanced in period
-
2,136
Loan repaid in period
(11,302)
-
Loans converted to equity
(141,393)
-
At 31 December
276,295
428,991
Total investments in and loans to subsidiary undertakings
440,371
444,173
Accumulated impairment
At 1 January
226,215
126,065
Impairment in the period
1,458
100,150
At 31 December
227,673
226,215
Net book amount at 31 December
212,698
217,958
Capital contribution in respect of employee share schemes
At 1 January
28,779
25,264
Additions in the period 26
2,083
3,516
At 31 December
30,862
28,780
Total investments in and loans to subsidiary undertakings
243,560
246,738
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 \u00a393.1 million (2023: \u00a3193.3 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 \u00a3133.1 million (2023: \u00a332.9 million). The Company has impaired its investment in OXB France by \u00a31.46 million to the supporting value of the tangible assets. The loan from the Company to OXB UK 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 In February 2024, the Company's $180 million intercompany loan to OXB US Inc loan was converted into equity. In prior years it was designated a monetary item that forms part of the Group's net investment in OXB US with the foreign exchange differences recognised as a separate component in Other Comprehensive income until such time as the investment in OXB US is disposed of. A translation loss of \u00a3(0.7) million was recognised in 2024 (2023: \u00a35.3 million loss) . 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 research
(UK) Limited development and manufacturing
Oxford Biomedica
Ireland
\u00a31 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
90%
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
Oxford Biomedica
France
1\u20ac ordinary shares
100%
Gene therapy research,
(France) SAS development and manufacturing
The registered office of the Company, its UK subsidiaries and OXB 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. The registered office of Oxford Biomedica (France) SAS is 4 Rue Laurent FriesIllkirch-Graffenstaden 67400, France. 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 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "
14 Inventories
2024
2023
\u00a3'000
\u00a3'000
Raw materials
13,573
12,872
Total Inventory
13,573
12,872
Inventory constitutes raw materials held for commercial development and manufacturing purposes, all of which are expected to be
recovered within the next 12 months.
During the year, the Group wrote down \u00a34.7 million (2023: \u00a32,066,000) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "
15 Trade and other receivables
Group
2024
2023
Current
\u00a3'000
\u00a3'000
Trade receivables
23,281
8,114
Contract assets
18,048
5,228
Other receivables
784
2,081
Other tax receivable
12,914
4,962
Prepayments
3,944
4,356
58,971
24,741
Non-current trade and other receivables constitute other receivables of \u00a34.9 million (2023: \u00a34.3 million) which are deposits held in
escrow as part of the Oxbox lease arrangements as well as security deposits held on the Group's Bedford, MA, US site 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:
2024
2023
\u00a3'000
\u00a3'000
Sterling
48,035
21,574
US Dollar
12,426
7,507
Euro
3,444
-
63,905
29,081
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 \u00a35.3 million (2023: \u00a33.5 million) which were
past due at the reporting date and of which \u00a34.9 million (2023: \u00a33.5 million) has been received after the reporting date.
Ageing of past due but not impaired trade receivables:
2024
2023
\u00a3'000
\u00a3'000
0 - 30 days
3,022
1,054
30 - 60 days
632
1,320
60+ days
1,680
1,098
5,334
3,472
Contract assets
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "15 Trade and other receivables
Group
2024
2023
Current
\u00a3'000
\u00a3'000
Trade receivables
23,281
8,114
Contract assets
18,048
5,228
Other receivables
784
2,081
Other tax receivable
12,914
4,962
Prepayments
3,944
4,356
58,971
24,741
Non-current trade and other receivables constitute other receivables of \u00a34.9 million (2023: \u00a34.3 million) which are deposits held in escrow as part of the Oxbox lease arrangements as well as security deposits held on the Group's Bedford, MA, US site 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:
2024
2023
\u00a3'000
\u00a3'000
Sterling
48,035
21,574
US Dollar
12,426
7,507
Euro
3,444
-
63,905
29,081
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 \u00a35.3 million (2023: \u00a33.5 million) which were past due at the reporting date and of which \u00a34.9 million (2023: \u00a33.5 million) has been received after the reporting date. Ageing of past due but not impaired trade receivables:
2024
2023
\u00a3'000
\u00a3'000
0 - 30 days
3,022
1,054
30 - 60 days
632
1,320
60+ days
1,680
1,098
5,334
3,472
Contract assets 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 2024 and 31 December 2023. 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 2024 \u00a3nil (31 December 2023: \u00a3nil). 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. US deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Trading
temporary Intangible
Group - recognised
differences
Fixed assets
Tax losses
asset
Total
Deferred tax (assets)/
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
(2,202)
1,560
(1,749)
2,391
-
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
1,394
(408)
(1,109)
123
-
At 31 December 2024
(808)
1,152
(2,858)
2,514
-
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
(946)
(1,797)
1,741
(5,111)
(6,113)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
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 2024
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
Origination and reversal of
temporary differences
424
(5,581)
-
(81)
(14,976)
(1,560)
(21,774)
At 31 December 2024
39
(37,114)
-
(275)
(52,318)
(3,866)
(93,534)
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)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a33,136,000 (2023: \u00a32,716,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "
Group
2024
2023
Current
\u00a3'000
\u00a3'000
Trade receivables
23,281
8,114
Contract assets
18,048
5,228
Other receivables
784
2,081
Other tax receivable
12,914
4,962
Prepayments
3,944
4,356
58,971
24,741
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "
16 Cash and cash equivalents
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash at bank and in hand
60,650
103,716
16,950
47
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "16 Cash and cash equivalents
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash at bank and in hand
60,650
103,716
16,950
47
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "
17 Trade and other payables
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade payables
9,612
6,052
-
-
Other taxation and social security
1,513
1,478
-
-
Accruals
15,044
10,272
268
1,578
Total Trade and other payables
26,169
17,802
268
1,578
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "17 Trade and other payables
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade payables
9,612
6,052
-
-
Other taxation and social security
1,513
1,478
-
-
Accruals
15,044
10,272
268
1,578
Total Trade and other payables
26,169
17,802
268
1,578
Current
Non-Current
Total
At 31 December 2023
\u00a3'000
\u00a3'000
\u00a3'000
Manufacturing services income
18,784
3,738
22,521
Process development income
2,798
697
3,494
Licence fees and incentives
16
59
75
Contract Liabilities
21,598
4,494
26,092
Grant
514
837
1,351
Deferred Income
514
837
1,351
Contract liabilities and deferred income of \u00a327.4 million are included in the statement of financial position at the end of 2023, \u00a323.9 million has been recognised as revenue during the 2024 financial year. Included within manufacturing services contract liabilities is revenue of \u00a31.3 million which has not been recognised during 2024 (2023: \u00a31.1 million) relating to the estimate of out of specification batches (refer note 2: Estimations\u2019 for additional information). In 2024 all of the \u00a31.1 million held in contract liabilities as an out of specification provision at 31 December 2023 was recognised as revenue. Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox manufacturing 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 2024 or 2023. 23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2024 and 31 December 2023. 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 2024 \u00a3nil (31 December 2023: \u00a3nil). 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. US deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Trading
temporary Intangible
Group - recognised
differences
Fixed assets
Tax losses
asset
Total
Deferred tax (assets)/
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
(2,202)
1,560
(1,749)
2,391
-
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
1,394
(408)
(1,109)
123
-
At 31 December 2024
(808)
1,152
(2,858)
2,514
-
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
(946)
(1,797)
1,741
(5,111)
(6,113)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
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 2024
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
Origination and reversal of
temporary differences
424
(5,581)
-
(81)
(14,976)
(1,560)
(21,774)
At 31 December 2024
39
(37,114)
-
(275)
(52,318)
(3,866)
(93,534)
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)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a33,136,000 (2023: \u00a32,716,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "17 Trade and other payables
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Trade payables
9,612
6,052
-
-
Other taxation and social security
1,513
1,478
-
-
Accruals
15,044
10,272
268
1,578
Total Trade and other payables
26,169
17,802
268
1,578
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "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 which are expected to be released as the related performance obligations are satisfied over the period as
described below:
Current
Non-Current
Total
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
Manufacturing services income
14,335
6
14,341
Process development income
6,158
-
6,158
Procurement and storage services
3,121
-
3,121
Licence fees and incentives
16
44
60
Contract Liabilities
23,630
50
23,680
Grant
562
1,020
1,582
Deferred Income
562
1,020
1,582
Current
Non-Current
Total
At 31 December 2023
\u00a3'000
\u00a3'000
\u00a3'000
Manufacturing services income
18,784
3,738
22,521
Process development income
2,798
697
3,494
Licence fees and incentives
16
59
75
Contract Liabilities
21,598
4,494
26,092
Grant
514
837
1,351
Deferred Income
514
837
1,351
Contract liabilities and deferred income of \u00a327.4 million are included in the statement of financial position at the end of 2023,
\u00a323.9 million has been recognised as revenue during the 2024 financial year.
Included within manufacturing services contract liabilities is revenue of \u00a31.3 million which has not been recognised during 2024
(2023: \u00a31.1 million) relating to the estimate of out of specification batches (refer note 2: Estimations\u2019 for additional information).
In 2024 all of the \u00a31.1 million held in contract liabilities as an out of specification provision at 31 December 2023 was recognised
as revenue.
Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox
manufacturing 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 2024 or 2023.
", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "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 which are expected to be released as the related performance obligations are satisfied over the period as described below:
Current
Non-Current
Total
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
Manufacturing services income
14,335
6
14,341
Process development income
6,158
-
6,158
Procurement and storage services
3,121
-
3,121
Licence fees and incentives
16
44
60
Contract Liabilities
23,630
50
23,680
Grant
562
1,020
1,582
Deferred Income
562
1,020
1,582
Current
Non-Current
Total
At 31 December 2023
\u00a3'000
\u00a3'000
\u00a3'000
Manufacturing services income
18,784
3,738
22,521
Process development income
2,798
697
3,494
Licence fees and incentives
16
59
75
Contract Liabilities
21,598
4,494
26,092
Grant
514
837
1,351
Deferred Income
514
837
1,351
Contract liabilities and deferred income of \u00a327.4 million are included in the statement of financial position at the end of 2023, \u00a323.9 million has been recognised as revenue during the 2024 financial year. Included within manufacturing services contract liabilities is revenue of \u00a31.3 million which has not been recognised during 2024 (2023: \u00a31.1 million) relating to the estimate of out of specification batches (refer note 2: Estimations\u2019 for additional information). In 2024 all of the \u00a31.1 million held in contract liabilities as an out of specification provision at 31 December 2023 was recognised as revenue. Deferred income relates to grant funding received from the UK Government for capital equipment purchased as part of the Oxbox manufacturing 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 2024 or 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "
19 Provisions
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
8,457
8,424
2,715
2,758
New provision
563
772
-
-
Unwinding of discount
661
528
210
167
Change in estimate
(1,105)
(552)
(495)
(210)
Derecognition
-
(715)
-
-
At 31 December
8,576
8,457
2,430
2,715
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Current
1,152
747
-
-
Non-current
7,424
7,710
2,430
2,715
Total provisions
8,576
8,457
2,430
2,715
Provisions are exclusively in respect of dilapidations. The dilapidations provisions relate to properties in Oxford and Wallingford,
UK. They relate to anticipated costs of restoring the leasehold properties at the Corporate Office, Oxbox, Wallingford Warehouse,
Windrush Court, Yarnton and Harrow House to their original condition at the end of the lease terms in 2025, 2033, 2037, 2037, 2024
and 2033 respectively.
The future anticipated costs of restoring the properties is calculated by inflating the current expected restoration costs using the
three 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 9.20% (2023: 7.69%) 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
9.20% (2023: 7.69%). The unwinding of this discount over time is included within finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "19 Provisions
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
8,457
8,424
2,715
2,758
New provision
563
772
-
-
Unwinding of discount
661
528
210
167
Change in estimate
(1,105)
(552)
(495)
(210)
Derecognition
-
(715)
-
-
At 31 December
8,576
8,457
2,430
2,715
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Current
1,152
747
-
-
Non-current
7,424
7,710
2,430
2,715
Total provisions
8,576
8,457
2,430
2,715
Provisions are exclusively in respect of dilapidations. The dilapidations provisions relate to properties in Oxford and Wallingford, UK. They relate to anticipated costs of restoring the leasehold properties at the Corporate Office, Oxbox, Wallingford Warehouse, Windrush Court, Yarnton and Harrow House to their original condition at the end of the lease terms in 2025, 2033, 2037, 2037, 2024 and 2033 respectively. The future anticipated costs of restoring the properties is calculated by inflating the current expected restoration costs using the three 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 9.20% (2023: 7.69%) 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 9.20% (2023: 7.69%). 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 \u00a31.4 million (2023: \u00a31.4 million) 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 \u00a31.1 million for capital expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December 2024 (2023: \u00a33.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "20 Loans
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
38,534
39,780
38,534
39,780
Acquisitions through business combinations
756
-
-
-
Interest accrued
4,515
4,570
4,515
4,570
Interest paid
(4,086)
(4,136)
(4,075)
(4,136)
Foreign exchange movement
502
(2,003)
502
(2,003)
Amortised fees
316
323
316
323
Loan repayment
(466)
-
-
At 31 December
40,071
38,534
39,792
38,534
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Current
281
-
-
-
Non-current
39,790
38,534
39,790
38,534
Total Loans
40,071
38,534
39,790
38,534
On 10 March 2022, the Group drew down an $85 million loan facility with Oaktree Capital Management, L.P. (Oaktree) to finance the acquisition of OXB US 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 the 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 has also 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 loan facility 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 loan facility was secured by a pledge over substantially all of the Group's assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "
21 Put/ call option liability
2024
2023
\u00a3'000
\u00a3'000
At 1 January
9,348
38,182
Revaluation
(6,960)
(28,834)
At 31 December
2,388
9,348
On 10 March 2022, the Group recognised a put/ call option liability to acquire the remaining 20% of OXB US that it doesn't already
own from Q32. The fair value of the put/ call option at the date of acquisition was assessed to be \u00a339.0 million. In June 2024, the
Group increased its ownership in OXB US by a further 10% to 90%.
At 31 December 2024, the fair value of the put/ call option liability was \u00a32.4 million (Dec 2023: \u00a39.3m). The lower liability valuation
was due to 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 and due to the ownership change.
", "dimensions": { "concept": "oxfordbiomedicaplc:DisclosureOfPutOptionLiability", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "
The Group had the following financial instruments at 31 December each year.
Financial assets held at Financial liabilities held at Financial liabilities held at
amortised cost amortised cost fair value
2024
2023
2024
2023
2024
2023
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
60,650
103,716
-
-
-
-
Trade receivables and other receivables 15
63,905
24,628
-
-
-
-
Trade and other payables excluding tax 17
-
-
24,656
16,324
-
-
Loan 20
-
-
40,071
38,534
-
-
Put/ call option 21
-
-
-
-
2,388
9,348
At 31 December
124,555
128,344
64,727
54,858
2,388
9,348
Included in 2023 was \u00a397,000 relating to assets at fair value through profit and loss. This relates to an investment asset sold in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "The Group had the following financial instruments at 31 December each year.
Financial assets held at Financial liabilities held at Financial liabilities held at
amortised cost amortised cost fair value
2024
2023
2024
2023
2024
2023
Note
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Cash and cash equivalents 16
60,650
103,716
-
-
-
-
Trade receivables and other receivables 15
63,905
24,628
-
-
-
-
Trade and other payables excluding tax 17
-
-
24,656
16,324
-
-
Loan 20
-
-
40,071
38,534
-
-
Put/ call option 21
-
-
-
-
2,388
9,348
At 31 December
124,555
128,344
64,727
54,858
2,388
9,348
Included in 2023 was \u00a397,000 relating to assets at fair value through profit and loss. This relates to an investment asset sold in 2024.
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:
2024
2023
\u00a3'000
\u00a3'000
Sterling
29,428
92,634
Euro
2,653
545
US Dollars
28,569
10,537
60,650
103,716
Financial liabilities classified as level 3 in hierarchy The Put/ call option liability is classified 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/ call option liability
Monte
Revenues of OXB US
\u2014 The revenues of OXB US are based on the management approved
Carlo simulation 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/
call 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/
call 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "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:
2024
2023
\u00a3'000
\u00a3'000
Sterling
29,428
92,634
Euro
2,653
545
US Dollars
28,569
10,537
60,650
103,716
Financial liabilities classified as level 3 in hierarchy The Put/ call option liability is classified 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/ call option liability
Monte
Revenues of OXB US
\u2014 The revenues of OXB US are based on the management approved
Carlo simulation 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/
call 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/
call 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "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/ call option liability
Monte
Revenues of OXB US
\u2014 The revenues of OXB US are based on the management approved
Carlo simulation 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/
call 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/
call 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "
Share
Company
Lease liability
Loans
Share capital
premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
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
(6,985)
Other Changes
Interest
-
4,570
-
-
4,570
Fee amortisation
2,817
323
-
-
3,140
Foreign exchange
-
(2,003)
-
-
(2,003)
At 31 December 2023
34,939
38,534
48,403
380,333
502,209
Issue of shares
-
-
4,578
14,523
19,101
Interest paid
-
(4,090)
-
-
(4,090)
Payments for the principal portion of lease liabilities
(1,170)
-
-
-
(1,170)
Payments for the interest portion of lease liabilities
(2,330)
-
-
-
(2,330)
Total change from financing cash flows
(3,500)
(4,090)
4,578
14,523
11,511
Other Changes
Additions
(69)
-
-
-
(69)
Interest
2,330
4,515
-
-
6,845
Fee amortisation
-
316
-
-
316
Foreign exchange
-
514
-
-
514
At 31 December 2024
33,700
39,789
52,981
394,856
521,326
Strategic report Corporate Governance Financial statements Other information
30 Cash flows from operating activities
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Continuing operations
Loss before tax
(47,265)
(188,527)
(12,810)
(119,947)
Adjustment for:
Depreciation
20,084
21,504
2,604
2,641
Amortisation of intangible assets
2,343
7,206
-
-
Impairment charge
179
99,285
1,458
100,150
Loss on disposal of property, plant and equipment
289
197
-
-
Gain on sale and leaseback
-
(1,018)
-
-
Net finance costs
7,890
4,353
7,626
5,551
Charge in relation to employee share schemes
1,690
3,516
1,688
-
Non-cash loss/(gains)
(1,493)
-
(1,303)
-
Changes in working capital:
1
(Increase)/Decrease in contract assets and trade and
other receivables
(33,338)
28,793
-
-
Increase/(Decrease) in trade and other payables
2,893
(18,125)
(1,309)
1,758
(Decrease)/Increase in contract liabilities
(6,048)
7,034
-
-
(Decrease)/Increase in provisions
(83)
2
-
-
Decrease/(Increase) in inventory
2,193
(247)
-
-
Net cash used in operations
(50,666)
(36,027)
(2,046)
(9,847)
1
The movements in working capital attributable to subsidiary acquisition, as detailed in Note 35, are considered non-cash. Therefore, these movements have been excluded from the
calculation of changes in working capital. Further details regarding the net assets acquired are provided in Note 35
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "
Share
Company
Lease liability
Loans
Share capital
premium
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
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
(6,985)
Other Changes
Interest
-
4,570
-
-
4,570
Fee amortisation
2,817
323
-
-
3,140
Foreign exchange
-
(2,003)
-
-
(2,003)
At 31 December 2023
34,939
38,534
48,403
380,333
502,209
Issue of shares
-
-
4,578
14,523
19,101
Interest paid
-
(4,090)
-
-
(4,090)
Payments for the principal portion of lease liabilities
(1,170)
-
-
-
(1,170)
Payments for the interest portion of lease liabilities
(2,330)
-
-
-
(2,330)
Total change from financing cash flows
(3,500)
(4,090)
4,578
14,523
11,511
Other Changes
Additions
(69)
-
-
-
(69)
Interest
2,330
4,515
-
-
6,845
Fee amortisation
-
316
-
-
316
Foreign exchange
-
514
-
-
514
At 31 December 2024
33,700
39,789
52,981
394,856
521,326
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "Exposure to liquidity risk
Contracted Cashflows
Group
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
68,690
115,787
-
10,072
47,601
36,197
21,917
Loans
40,071
48,049
-
4,367
43,682
-
-
Contracted Cashflows
Group
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2023
\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
-
Contracted Cashflows
Company
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2024
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease Liabilities
33,700
56,226
-
3,500
7,000
8,696
37,030
Loans
39,789
47,817
-
4,135
43,682
-
-
Contracted Cashflows
Company
Carrying Amount
Total
2m or less
2-12 months
1-2 yrs
2-5 yrs
>5 yrs
At 31 December 2023
\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
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2024 and 31 December 2023. 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 2024 \u00a3nil (31 December 2023: \u00a3nil). 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. US deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Trading
temporary Intangible
Group - recognised
differences
Fixed assets
Tax losses
asset
Total
Deferred tax (assets)/
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
(2,202)
1,560
(1,749)
2,391
-
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
1,394
(408)
(1,109)
123
-
At 31 December 2024
(808)
1,152
(2,858)
2,514
-
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
(946)
(1,797)
1,741
(5,111)
(6,113)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
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 2024
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
Origination and reversal of
temporary differences
424
(5,581)
-
(81)
(14,976)
(1,560)
(21,774)
At 31 December 2024
39
(37,114)
-
(275)
(52,318)
(3,866)
(93,534)
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)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a33,136,000 (2023: \u00a32,716,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "23 Deferred taxation UK deferred tax The Group has recognised UK deferred tax assets and liabilities at 31 December 2024 and 31 December 2023. 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 2024 \u00a3nil (31 December 2023: \u00a3nil). 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. US deferred tax assets and liabilities are calculated at a blended rate of approximately 28%.
Trading
temporary Intangible
Group - recognised
differences
Fixed assets
Tax losses
asset
Total
Deferred tax (assets)/
liabiltiies - recognised
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
(2,202)
1,560
(1,749)
2,391
-
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
1,394
(408)
(1,109)
123
-
At 31 December 2024
(808)
1,152
(2,858)
2,514
-
At 1 January 2023
(1,256)
3,357
(3,490)
7,502
6,113
Arising on acquisition
-
-
-
-
-
Foreign exchange
-
-
-
-
-
Income statement credit
(946)
(1,797)
1,741
(5,111)
(6,113)
At 31 December 2023
(2,202)
1,560
(1,749)
2,391
-
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 2024
(385)
(31,533)
-
(194)
(37,342)
(2,306)
(71,760)
Origination and reversal of
temporary differences
424
(5,581)
-
(81)
(14,976)
(1,560)
(21,774)
At 31 December 2024
39
(37,114)
-
(275)
(52,318)
(3,866)
(93,534)
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)
Oxford Biomedica plc has unrecognised deferred tax assets of \u00a33,136,000 (2023: \u00a32,716,000) relating to non temporary trading differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "
24 Ordinary shares
Group and Company
2024
2023
Issued and fully paid
\u00a3'000
\u00a3'000
Ordinary shares of 50p each
At 1 January - 96,804,353 (2023: 96,263,165) shares
48,403
48,132
Allotted for cash in placing and subscription - 8,350,481 shares
4,175
-
Allotted on exercise of share options - 806,365 (2023: 541,188) shares
403
271
At 31 December - 105,961,199 (2023: 96,804,353)
52,981
48,403
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.
25 Share premium account
2024
2023
Group and Company
\u00a3'000
\u00a3'000
At 1 January
380,333
379,953
Premium on shares issued for cash in placing and subscription
14,485
-
Premium on exercise of share options
38
380
At 31 December
394,856
380,333
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "24 Ordinary shares
Group and Company
2024
2023
Issued and fully paid
\u00a3'000
\u00a3'000
Ordinary shares of 50p each
At 1 January - 96,804,353 (2023: 96,263,165) shares
48,403
48,132
Allotted for cash in placing and subscription - 8,350,481 shares
4,175
-
Allotted on exercise of share options - 806,365 (2023: 541,188) shares
403
271
At 31 December - 105,961,199 (2023: 96,804,353)
52,981
48,403
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. 25 Share premium account
2024
2023
Group and Company
\u00a3'000
\u00a3'000
At 1 January
380,333
379,953
Premium on shares issued for cash in placing and subscription
14,485
-
Premium on exercise of share options
38
380
At 31 December
394,856
380,333
28 Accumulated losses
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
(352,918)
(198,545)
(253,534)
(133,403)
Loss for the period
(43,190)
(157,490)
(12,810)
(119,947)
Share based payments
2,079
3,117
-
Acquisition of NCI without a change in control
(5,077)
-
-
-
Exercise of nil cost options
(394)
-
(396)
(184)
At 31 December
(399,500)
(352,918)
(266,740)
(253,534)
The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans of \u00a32,083,000 (2023: \u00a33,516,000) (note 27), \u00a3451,000 (2023: \u00a3nil) related to the vesting of deferred share awards made to Executive Directors and senior managers less \u00a346,000 of share based payment charge allocated to Non-controlling interests (2023: \u00a3399,000). Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2024 or 31 December 2023.
29 Other reserves
Translation
Reserve
Other Equity
Merger reserve
Total
Group
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
3,956
(8,059)
2,291
(1,812)
Put/ call option revaluation
-
7,083
-
7,083
Foreign currency translation differences
(688)
-
-
(688)
Acquition of OXB France
-
-
4,126
4,126
At 31 December 2024
3,268
(976)
6,417
8,709
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/ call 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)
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
1,580
28,779
30,359
Acquisition of OXB France
4,126
-
4,126
Share based payments
-
2,083
2,083
At 31 December 2024
5,706
30,862
36,568
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
1,580
25,263
26,843
Share based payments
-
3,516
3,516
At 31 December 2023
1,580
28,779
30,359
Merger reserve
The Group merger reserve at 31 December 2024 comprised \u00a3711,000 arising from the consolidation of OXB UK 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. In 2024, the acquitision of OXB France gave rise to an addition of \u00a34,126,000 to the merger reserve.
Share scheme reserve
Options over the Company's shares have been awarded to employees of OXB UK, OXB US, OXB France and OXB 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 \u00a32,083,000 (2023: \u00a33,516,000) (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 OXB US on acquisition was determined to be \u00a334.6 million. Goodwill of \u00a30.6 million and acquisition of
NCI without a change in control of \u00a30.4 million was recognised.
In June 2024, the Group acquired a further 10% of the equity of OXB US, bringing the residual NCI percentage to 10%. The Oaktree
loan facility terms were amended to facilitate this.
The following table summarises the information relating to the Group's subsidiary that has material NCI:
2024
2023
\u00a3'000
\u00a3'000
NCI percentage
10%
20%
Non-current assets
60,113
50,282
Current assets
10,451
11,813
Non-current liabilities
(20,594)
(22,479)
Current liabilities
(15,560)
(20,477)
Net assets
34,410
19,139
Net assets attritutable to NCI
3,441
3,828
Revenue
3,290
26,813
Loss
(34,624)
(133,361)
Other comprehensive expense
(384)
(7,190)
Total comprehensive expense
(35,008)
(140,551)
Loss allocated to NCI
(5,419)
(26,672)
Other comprehensive expense allocated to NCI
(49)
(1,438)
Cash flows from operating activities
(24,516)
(15,105)
Cash flows from investment activities
(19,397)
3,077
Cash flow from financing activities (dividends to NCI: nil)
45,469
(3,717)
Net increase in cash and cash equivalents
1,556
(15,745)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "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)
\u2022 The 2024 Long Term Incentive Plan (LTIP) (approved June 2024)
\u2022 The 2024 Deferred Bonus Plan (approved June 2024)
\u2022 The 2024 Sharesave scheme (approved June 2024)
Share options are granted to Executive Directors and selected senior managers under the Company's Long Term Incentive Plans
(LTIP) and Deferred Bonus Plans (DBP) and to other employees under 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 since 2019 also have a two 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 and 2024 Executive Share Option Schemes 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 and 2024 Sharesave schemes 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 2024 have the following expiry date and exercise prices:
Options granted to employees under the Oxford Biomedica 2007 and 2015 Share Option Scheme
2024
Number of shares
2023
Number of shares
Exercise price Date from Expiry date
per share which exercisable
0
14,942
100p to 200p
Vested
Expired
18,420
25,926
490p
Vested
13/03/25 to 10/06/25
17,863
38,944
275p
Vested
16/05/26 to 13/10/26
58,867
78,334
495p
Vested
13/07/27
87,585
104,253
502p to 904p
Vested
15/02/28 to 07/08/28
200,303
292,483
618p to 705p
Vested
04/01/29 to 12/09/29
264,220
408,113
760p to 817p
Vested
26/06/30 to 05/10/30
647,258
962,995
Options granted to employees under the Oxford Biomedica 2015 Sharesave scheme
2024
Number of shares
2023
Number of shares
Exercise price Date from Expiry date
per share which exercisable
0
60,513
672p
31/10/23
Expired
16,481
34,232
1226p
20/10/24
20/04/25
350,910
471,553
294p
19/10/25
19/04/26
210,612
-
333p
22/11/27
22/05/28
578,003
566,298
Options granted under the Oxford Biomedica 2007 and 2015 Long Term Incentive Plans
2024
Number of shares
2023
Number of shares
Exercise price Date from Expiry date
per share which exercisable
0
4,378
50p
Vested
Expired
0
43,824
0p
Vested
10/01/25
26,210
82,185
0p
Vested
16/05/26
19,540
1
123,754
0p
Vested
17/07/27 to 25/09/27
7,357
2
31,714
0p
Vested
15/02/28 to 07/08/28
24,515
2
77,062
0p
Vested
18/04/29 to 12/09/29
76,545
2
99,807
0p
Vested
26/06/30
131,940
2
208,250
0p
08/06/24
08/06/31
64,193
3
179,197
0p
08/06/24
08/06/31
196,003
2
486,616
0p
29/04/25
29/04/32
423,331
3
711,740
0p
10/09/22 to 20/12/26
18/03/32 to 20/12/32
719,867
2
979,634
0p
04/10/26 to 24/11/28
04/10/33 to 24/11/33
970,226
3
1,752,761
0p
04/10/24 to 04/10/27
04/10/33
1,305,092
4
-
0p
02/02/27 to 03/10/29
02/02/34 to 22/11/34
126,042
4
-
0p
03/10/27
03/10/34
4,090,861
4,780,922
5,316,122
6,310,215
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
4
Options and Restricted Share Options (RSUs) granted under the 2024 LTIP issued to employees vesting over 3 years
Deferred Share Awards
The Executive Directors, the CET 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 \u00a3451,000 vested during 2024 (2023: \u00a3nil).
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 2024, 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 nil shares (2023: 15,050) 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
2024
Number of shares
2023
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
0
25,000
0p
Exercisable
Expired
0
27,402
0p
Exercisable
04/05/25
0
32,010
0p
Exercisable
14/05/26
6,402
27,696
0p
Exercisable
11/07/27
5,156
31,815
0p
Exercisable
07/08/28
7,634
59,177
0p
Exercisable
18/04/29
8,427
54,237
0p
Exercisable
20/06/30
9,087
53,046
0p
Exercisable
08/06/31
77,601
161,124
0p
29/04/23 to 29/04/25
29/04/32
256,707
329,443
0p
04/10/24 to 04/10/26
04/10/33
371,014
800,950
National insurance liability
Certain options granted to UK employees could give rise to a national insurance (NI) liability on exercise. A liability of \u00a3153,000
(2023: \u00a3283,000) 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 420p (2023: 220p) per share.
27 Share based payments
LTIP awards
LTIPs awarded
LTIPs awarded
(Model used: Black Scholes)
3-Oct-24
22-Nov-24
Share price at grant date
380.0p
420.0p
Exercise price
0p
0p
Vesting period (years)
3
3
Total number of shares under option
679,486
53,724
Expected volatility (weighted average)
47.5%
48.0%
Expected life (years)
3
3
Risk free rate (weighted average)
3.7%
4.1%
Fair value per option
380.0p
420.0p
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 (2023: nil).
806,365 options were exercised in 2024 (2023: 548,925), including 243,011 of deferred bonus options (2023: 34,373). The total
charge for the year relating to employee share-based payment plans was \u00a32,083,000 (2023: \u00a33,516,000), all of which related to
equity-settled share based payment transactions.
2024
2023
Weighted average Weighted average
Share options excluding LTIP
Number
exercise price
Number
exercise price
in pence
Outstanding at 1 January
1,529,293
586.2p
2,102,654
565.3p
Granted
210,612
333.0p
-
0.0p
Forfeited
(408,988)
656.7p
(254,588)
878.8p
1
Exercised
(19,334)
235.1p
(110,550)
109
3.1p
Cancelled
(86,322)
412.2p
(208,223)
521.4p
1
Outstanding at 31 December
1,225,261
536.9p
1,529,293
586.2p
1
Exercisable at 31 December
663,739
729.8p
1,023,508
699.2p
1
Exercisable and where market price exceeds exercise
17,863
274.7p
14,942
151.3p
price at 31 December
1 The 2023 weighted average exercise prices have been corrected to align with the methodology used in 2024.
2024
2023
LTIP awards (options exercisable at par value 1p or nil cost)
Number
Number
Outstanding at 1 January
4,780,922
3,078,692
Granted
1,442,937
2,772,592
Expired
(1,588,978)
(666,360)
Exercised
(544,020)
(404,002)
Outstanding at 31 December
4,090,861
4,780,922
Exercisable at 31 December
350,300
462,724
2024 Weighted 2023 Weighted Weighted average Weighted 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 4,090,861 8.6 0p 4,780,922 8.7 Deferred bonus: Exercisable at par or at nil cost 0p 371,014 8.1 0p 800,950 7.5 Options: 50p to 150p 0p - - 101.5p 7,386 0.4 150p to 250p 0p - - 200.0p 7,556 0.8 250p to 350p 307.8p 579,385 8.4 292.9p1 510,497 8.3 350p to 650p 494.4p 77,287 2.0 494.3p 104,260 3.0 650+p 776.1p 568,589 4.8 770.5p1 899,594 6.0 At 31 December 5,687,136 7,111,165 1 The 2023 weighted average exercise prices have been corrected to align with the methodology used in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "Options granted to employees under the Oxford Biomedica 2007 and 2015 Share Option Scheme
2024
Number of shares
2023
Number of shares
Exercise price Date from Expiry date
per share which exercisable
0
14,942
100p to 200p
Vested
Expired
18,420
25,926
490p
Vested
13/03/25 to 10/06/25
17,863
38,944
275p
Vested
16/05/26 to 13/10/26
58,867
78,334
495p
Vested
13/07/27
87,585
104,253
502p to 904p
Vested
15/02/28 to 07/08/28
200,303
292,483
618p to 705p
Vested
04/01/29 to 12/09/29
264,220
408,113
760p to 817p
Vested
26/06/30 to 05/10/30
647,258
962,995
Options granted to employees under the Oxford Biomedica 2015 Sharesave scheme
2024
Number of shares
2023
Number of shares
Exercise price Date from Expiry date
per share which exercisable
0
60,513
672p
31/10/23
Expired
16,481
34,232
1226p
20/10/24
20/04/25
350,910
471,553
294p
19/10/25
19/04/26
210,612
-
333p
22/11/27
22/05/28
578,003
566,298
Options granted under the Oxford Biomedica 2007 and 2015 Long Term Incentive Plans
2024
Number of shares
2023
Number of shares
Exercise price Date from Expiry date
per share which exercisable
0
4,378
50p
Vested
Expired
0
43,824
0p
Vested
10/01/25
26,210
82,185
0p
Vested
16/05/26
19,540
1
123,754
0p
Vested
17/07/27 to 25/09/27
7,357
2
31,714
0p
Vested
15/02/28 to 07/08/28
24,515
2
77,062
0p
Vested
18/04/29 to 12/09/29
76,545
2
99,807
0p
Vested
26/06/30
131,940
2
208,250
0p
08/06/24
08/06/31
64,193
3
179,197
0p
08/06/24
08/06/31
196,003
2
486,616
0p
29/04/25
29/04/32
423,331
3
711,740
0p
10/09/22 to 20/12/26
18/03/32 to 20/12/32
719,867
2
979,634
0p
04/10/26 to 24/11/28
04/10/33 to 24/11/33
970,226
3
1,752,761
0p
04/10/24 to 04/10/27
04/10/33
1,305,092
4
-
0p
02/02/27 to 03/10/29
02/02/34 to 22/11/34
126,042
4
-
0p
03/10/27
03/10/34
4,090,861
4,780,922
5,316,122
6,310,215
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 4 Options and Restricted Share Options (RSUs) granted under the 2024 LTIP issued to employees vesting over 3 years Options granted to employees under the Oxford Biomedica 2013 and 2015 Deferred Bonus Plan
2024
Number of shares
2023
Number of shares
Exercise price per share
Date from Expiry date
which exercisable
0
25,000
0p
Exercisable
Expired
0
27,402
0p
Exercisable
04/05/25
0
32,010
0p
Exercisable
14/05/26
6,402
27,696
0p
Exercisable
11/07/27
5,156
31,815
0p
Exercisable
07/08/28
7,634
59,177
0p
Exercisable
18/04/29
8,427
54,237
0p
Exercisable
20/06/30
9,087
53,046
0p
Exercisable
08/06/31
77,601
161,124
0p
29/04/23 to 29/04/25
29/04/32
256,707
329,443
0p
04/10/24 to 04/10/26
04/10/33
371,014
800,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "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 (2023: nil). 806,365 options were exercised in 2024 (2023: 548,925), including 243,011 of deferred bonus options (2023: 34,373). The total charge for the year relating to employee share-based payment plans was \u00a32,083,000 (2023: \u00a33,516,000), all of which related to equity-settled share based payment transactions.
2024
2023
Weighted average Weighted average
Share options excluding LTIP
Number
exercise price
Number
exercise price
in pence
Outstanding at 1 January
1,529,293
586.2p
2,102,654
565.3p
Granted
210,612
333.0p
-
0.0p
Forfeited
(408,988)
656.7p
(254,588)
878.8p
1
Exercised
(19,334)
235.1p
(110,550)
109
3.1p
Cancelled
(86,322)
412.2p
(208,223)
521.4p
1
Outstanding at 31 December
1,225,261
536.9p
1,529,293
586.2p
1
Exercisable at 31 December
663,739
729.8p
1,023,508
699.2p
1
Exercisable and where market price exceeds exercise
17,863
274.7p
14,942
151.3p
price at 31 December
1 The 2023 weighted average exercise prices have been corrected to align with the methodology used in 2024.
2024
2023
LTIP awards (options exercisable at par value 1p or nil cost)
Number
Number
Outstanding at 1 January
4,780,922
3,078,692
Granted
1,442,937
2,772,592
Expired
(1,588,978)
(666,360)
Exercised
(544,020)
(404,002)
Outstanding at 31 December
4,090,861
4,780,922
Exercisable at 31 December
350,300
462,724
2024 Weighted 2023 Weighted Weighted average Weighted 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 4,090,861 8.6 0p 4,780,922 8.7 Deferred bonus: Exercisable at par or at nil cost 0p 371,014 8.1 0p 800,950 7.5 Options: 50p to 150p 0p - - 101.5p 7,386 0.4 150p to 250p 0p - - 200.0p 7,556 0.8 250p to 350p 307.8p 579,385 8.4 292.9p1 510,497 8.3 350p to 650p 494.4p 77,287 2.0 494.3p 104,260 3.0 650+p 776.1p 568,589 4.8 770.5p1 899,594 6.0 At 31 December 5,687,136 7,111,165 1 The 2023 weighted average exercise prices have been corrected to align with the methodology used in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "
28 Accumulated losses
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January
(352,918)
(198,545)
(253,534)
(133,403)
Loss for the period
(43,190)
(157,490)
(12,810)
(119,947)
Share based payments
2,079
3,117
-
Acquisition of NCI without a change in control
(5,077)
-
-
-
Exercise of nil cost options
(394)
-
(396)
(184)
At 31 December
(399,500)
(352,918)
(266,740)
(253,534)
The credit to accumulated losses is made up out of the charge for the year relating to employee share-based payment plans
of \u00a32,083,000 (2023: \u00a33,516,000) (note 27), \u00a3451,000 (2023: \u00a3nil) related to the vesting of deferred share awards made to
Executive Directors and senior managers less \u00a346,000 of share based payment charge allocated to Non-controlling interests
(2023: \u00a3399,000).
Neither the Company nor its subsidiary undertakings had reserves available for distribution at 31 December 2024 or
31 December 2023.
29 Other reserves
Translation
Reserve
Other Equity
Merger reserve
Total
Group
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
3,956
(8,059)
2,291
(1,812)
Put/ call option revaluation
-
7,083
-
7,083
Foreign currency translation differences
(688)
-
-
(688)
Acquition of OXB France
-
-
4,126
4,126
At 31 December 2024
3,268
(976)
6,417
8,709
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/ call 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)
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2024
1,580
28,779
30,359
Acquisition of OXB France
4,126
-
4,126
Share based payments
-
2,083
2,083
At 31 December 2024
5,706
30,862
36,568
Share Scheme
Merger reserve
reserve
Total
Company
\u00a3'000
\u00a3'000
\u00a3'000
At 1 January 2023
1,580
25,263
26,843
Share based payments
-
3,516
3,516
At 31 December 2023
1,580
28,779
30,359
Merger reserve The Group merger reserve at 31 December 2024 comprised \u00a3711,000 arising from the consolidation of OXB UK 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. In 2024, the acquitision of OXB France gave rise to an addition of \u00a34,126,000 to the merger reserve. Share scheme reserve Options over the Company's shares have been awarded to employees of OXB UK, OXB US, OXB France and OXB 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 \u00a32,083,000 (2023: \u00a33,516,000) (refer note 13) and a corresponding credit to reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "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 \u00a33,738,000 (2023: \u00a33,764,000) represents amounts payable by
the Group to the scheme. Contributions of \u00a3342,000 (2023: \u00a3434,000), included in accruals, were payable to the scheme at the
year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "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 \u00a33,738,000 (2023: \u00a33,764,000) represents amounts payable by the Group to the scheme. Contributions of \u00a3342,000 (2023: \u00a3434,000), included in accruals, were payable to the scheme at the year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "
32 Leases
In 2024, a break clause was exercised on the Corporate Office lease for April 2025. The building was vacated in May 2024 and the
resultant Right of Use Asset impaired. The acquisitions in the year related to the leases of OXB France.
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:
Laboratory
Property
Equipment
IT Equipment
Motor Vehicles
Total
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Balance at 1 January 2024
26,363
-
-
-
26,363
Acquisitions
1,431
-
54
60
1,545
Reclassifications
(55)
55
-
-
-
Additions
217
-
-
43
260
Disposals
(1,057)
-
(4)
(2)
(1,063)
Impairment of assets
(178)
-
-
-
(178)
Change in estimate
(1,226)
-
-
-
(1,226)
Depreciation charge for the period
(3,093)
(27)
(14)
(33)
(3,167)
Effects of movements in exchange rates
(10)
(3)
(2)
(2)
(17)
Balance at 31 December 2024
22,392
25
34
66
22,517
Company
Property
Total
\u00a3'000
\u00a3'000
Balance at 1 January 2024
36,544
36,544
Change in estimate
(589)
(589)
Depreciation charge for the period
(2,613)
(2,613)
Disposals
-
-
Balance at 31 December 2024
33,342
33,342
Lease liabilities
Maturity analysis - contractual undiscounted cash flows
Group
Company
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Maturity analysis - contractual undiscounted
cash flows
Less than one year
10,072
9,439
3,500
3,500
One to five years
47,601
40,896
15,696
14,498
Six to ten years
36,197
43,090
23,491
23,491
More than ten years
21,917
19,861
13,538
18,236
Total undiscounted cash flows
115,787
113,286
56,226
59,726
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Lease liabilities included in the Statement of
Financial Position
Current
4,139
3,654
758
740
Non-current
64,551
69,270
32,942
34,199
Total lease liabilities at 31 December
68,690
72,924
33,700
34,939
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Amounts recognised in statement of
comprehensive income
Interest on lease liabilities
5,343
6,101
2,330
2,817
Expense relating to short-term leases
24
234
-
-
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Amounts recognised in the statement of
cash flows
Total cash outflow for leases
(10,068)
(9,219)
(3,500)
(3,500)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "
33 Contingent liabilities and capital commitments
The Group has a letter of credit for \u00a31.4 million (2023: \u00a31.4 million) 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 \u00a31.1 million for capital
expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December
2024 (2023: \u00a33.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "33 Contingent liabilities and capital commitments The Group has a letter of credit for \u00a31.4 million (2023: \u00a31.4 million) 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 \u00a31.1 million for capital expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December 2024 (2023: \u00a33.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "33 Contingent liabilities and capital commitments The Group has a letter of credit for \u00a31.4 million (2023: \u00a31.4 million) 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 \u00a31.1 million for capital expenditure for leasehold improvements and plant and equipment not provided for in the financial statements at 31 December 2024 (2023: \u00a33.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "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 OXB US on acquisition was determined to be \u00a334.6 million. Goodwill of \u00a30.6 million and acquisition of NCI without a change in control of \u00a30.4 million was recognised. In June 2024, the Group acquired a further 10% of the equity of OXB US, bringing the residual NCI percentage to 10%. The Oaktree loan facility terms were amended to facilitate this. The following table summarises the information relating to the Group's subsidiary that has material NCI:
2024
2023
\u00a3'000
\u00a3'000
NCI percentage
10%
20%
Non-current assets
60,113
50,282
Current assets
10,451
11,813
Non-current liabilities
(20,594)
(22,479)
Current liabilities
(15,560)
(20,477)
Net assets
34,410
19,139
Net assets attritutable to NCI
3,441
3,828
Revenue
3,290
26,813
Loss
(34,624)
(133,361)
Other comprehensive expense
(384)
(7,190)
Total comprehensive expense
(35,008)
(140,551)
Loss allocated to NCI
(5,419)
(26,672)
Other comprehensive expense allocated to NCI
(49)
(1,438)
Cash flows from operating activities
(24,516)
(15,105)
Cash flows from investment activities
(19,397)
3,077
Cash flow from financing activities (dividends to NCI: nil)
45,469
(3,717)
Net increase in cash and cash equivalents
1,556
(15,745)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "
35 Acquisition of subsidiary
On 29 January 2024, the Group acquired 100% of the shares and voting interests in ABL Europe SAS (OXB France). As a result, the
Group\u2019s equity interest granted it control of OXB France.
Included in the identifiable assets and liabilities acquired at the date of acquisition are inputs, production processes and an
organised workforce. The Group has determined that together the acquired inputs and processes contribute to the ability to create
revenue. The Group has concluded that the acquired inputs and processes constitute a business.
a. Consideration transferred: On acquisition date the fair value of the shares in Oxford Biomedica plc was 180.6p, this represents the
fair value of the consideration under IFRS 3. 3.149 million shares were issued giving a consideration of \u00a35.7 million.
Consideration transferred:
Dec 24
\u00a3'000
Fair value of shares in OXB issued to Institut M\u00e9rieux
5,700
Total consideration transferred
5,700
b. Acquisition related expenses: The Group incurred acquisition related legal and due diligence expenses of \u00a31.5 million which is
included in Administrative expenses.
c. Identifiable assets acquired and liabilities assumed:
Acquired net Fair value of net
Identifiable assets acquired and liabilities assumed:
assets
Fair value adj
assets
\u00a3'000
\u00a3'000
\u00a3'000
Property plant and equipment
8,018
(4,168)
3,850
Intangible assets
832
(832)
-
Long term receivables
191
-
191
Inventory
2,894
-
2,894
Cash and cash equivalents
9,004
-
9,004
Prepayments and accrued income
2,145
-
2,145
Trade and other receivables
1,384
-
1,384
Lease liabilities
(1,548)
-
(1,548)
Payroll and other taxes
(2,568)
-
(2,568)
Other liabilities
(7,931)
-
(7,931)
Total identifiable net assets acquired:
12,421
(5,000)
7,421
d. Goodwill: The acquisition of OXB France increases access to EU-based clients and broadens the Group's international
development, manufacturing and testing presence, whilst increasing its capacity in process and analytical development and early
stage manufacturing. Conversely, the vendors have been able to dispose of a business that was not profitable for them. As a
result of the mutual benefits of the transaction, the fair value of the net assets acquired is in excess of the fair value of the shares
transferred as consideration which has created a negative goodwill.
Negative goodwill arising from the acquisition has been recognised through the profit and loss in other operating income
as follows:
Acquired net
Goodwill assets
\u00a3'000
Consideration transferred
5,700
Fair value of identifiable assets
7,421
Negative goodwill
(1,721)
e. Impact of acquisition: During the year ended 31 December 2024, the acquisition has contributed \u00a311.5 million revenue and
pre-tax loss of \u00a311.7 million. Had the acquisition taken place on 1 Jan 2024, then the revenue contributed in the period would have
been \u00a30.7 million more and a further \u00a30.9 million loss.
f. Acquired receivables: The fair value of trade and other receivables is \u00a31.4 million and includes trade receivables with a fair value of
\u00a31.4 million. The gross contractual amount for trade receivables due is equal to the fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Oxford Biomedica plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "36 Related party transactions Identity of related parties As at 31 December 2024, the Group consisted of: \u2022 the parent company, Oxford Biomedica plc. \u2022 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company. \u2022 one US trading subsidiary, 90% owned, Oxford Biomedica (US) LLC. \u2022 one wholly-owned French trading subsidiary, Oxford Biomedica (France) SAS. \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 parent company, it\u2019s UK subsidiaries and OXB 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 registered office of Oxford Biomedica (France) SAS is 4 Rue Laurent FriesIllkirch-Graffenstaden 67400, France. The parent company is responsible for financing and setting Group strategy. OXB UK 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. OXB US and OXB France carry out the US and French equivalent activities respectively. The proceeds from the issue of shares by the parent company are passed from the Company to OXB UK as a loan and OXB UK manages Group funds and makes payments, including the expenses of the parent company.
Transactions
Balance outstanding
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Sales of goods and services
Q32 (formerly Homology Medicines, Inc)
145
23,664
-
2,429
Purchase of services
Q32 (formerly Homology Medicines, Inc)\u2013 rental income
-
387
-
17
Other
Other: Q32 (formerly Homology Medicines, Inc)\u2013 rental income
1,743
1,074
-
258
The loans from the parent company to OXB UK and OXB 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:
2024
2023
Company: period-end balance of loan
\u00a3'000
\u00a3'000
Loan to subsidiary : Oxford Biomedica (UK) Ltd
276,290
287,592
Loan to subsidiary: Oxford Biomedica (US) Inc.
3
141,398
The investment in the subsidiaries, of which the loans form a part, have been impaired by \u00a3227.7 million including \u00a31.46 million in OXB France (note 13) in 2024. The parent expenses in the year paid for by OXB UK was \u00a311.3 million (2023: \u00a39.6 million) In addition to the transactions above, options over the parent Company's shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the parent Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a330.9 million (2023: \u00a328.8 million). There were no transactions (2023: none) with Oxxon Therapeutics Limited. Parent Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2024 (2023: 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "36 Related party transactions Identity of related parties As at 31 December 2024, the Group consisted of: \u2022 the parent company, Oxford Biomedica plc. \u2022 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company. \u2022 one US trading subsidiary, 90% owned, Oxford Biomedica (US) LLC. \u2022 one wholly-owned French trading subsidiary, Oxford Biomedica (France) SAS. \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 parent company, it\u2019s UK subsidiaries and OXB 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 registered office of Oxford Biomedica (France) SAS is 4 Rue Laurent FriesIllkirch-Graffenstaden 67400, France. The parent company is responsible for financing and setting Group strategy. OXB UK 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. OXB US and OXB France carry out the US and French equivalent activities respectively. The proceeds from the issue of shares by the parent company are passed from the Company to OXB UK as a loan and OXB UK manages Group funds and makes payments, including the expenses of the parent company.
Transactions
Balance outstanding
2024
2023
2024
2023
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Sales of goods and services
Q32 (formerly Homology Medicines, Inc)
145
23,664
-
2,429
Purchase of services
Q32 (formerly Homology Medicines, Inc)\u2013 rental income
-
387
-
17
Other
Other: Q32 (formerly Homology Medicines, Inc)\u2013 rental income
1,743
1,074
-
258
The loans from the parent company to OXB UK and OXB 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:
2024
2023
Company: period-end balance of loan
\u00a3'000
\u00a3'000
Loan to subsidiary : Oxford Biomedica (UK) Ltd
276,290
287,592
Loan to subsidiary: Oxford Biomedica (US) Inc.
3
141,398
The investment in the subsidiaries, of which the loans form a part, have been impaired by \u00a3227.7 million including \u00a31.46 million in OXB France (note 13) in 2024. The parent expenses in the year paid for by OXB UK was \u00a311.3 million (2023: \u00a39.6 million) In addition to the transactions above, options over the parent Company's shares have been awarded to employees of subsidiary companies. In accordance with IFRS 2, the parent Company has treated the awards as a capital contribution to the subsidiaries, resulting in a cumulative increase in the cost of investment of \u00a330.9 million (2023: \u00a328.8 million). There were no transactions (2023: none) with Oxxon Therapeutics Limited. Parent Company: transactions with related parties There were no other outstanding balances in respect of transactions with Directors and connected persons at 31 December 2024 (2023: 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "
Identity of related parties
As at 31 December 2024, the Group consisted of:
\u2022 the parent company, Oxford Biomedica plc.
\u2022 one wholly-owned UK trading subsidiary Oxford Biomedica (UK) Limited, the principal trading company.
\u2022 one US trading subsidiary, 90% owned, Oxford Biomedica (US) LLC.
\u2022 one wholly-owned French trading subsidiary, Oxford Biomedica (France) SAS.
\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "
37 Re-presentation
In 2024, the Group has pivoted to a pure-play CDMO and as a result, the classification of the expenditure types has been reviewed
and represented in a more meaningful way.
\u2022 The costs previously disclosed as Bioprocessing and the element of Research and Development which related to Development
services are now included as operating costs.
\u2022 Innovation costs relate to the internal development work undertaken on OXB platforms.
\u2022 Commercial costs relate to the teams engaged in business development activities.
\u2022 Administration expenses are those departments who support the operational teams across the Group.
The table below shows the impact on 2023 of the changes made in the year.
Re- 2023 as
023
Re-
2
presentation previously
presented Impact reported
\u00a3'000
\u00a3'000
\u00a3'000
Revenue
89,539
-
89,539
Cost of sales
(49,812)
-
(49,812)
Gross Profit
39,727
-
39,727
Operating costs
(86,163)
86,163
-
Bioprocessing costs
-
(43,746)
(43,746)
Research and Development costs
-
(59,353)
(59,353)
Innovation costs
(11,471)
11,471
-
Commercial costs
(3,911)
3,911
-
Administration expenses
(26,893)
1,480
(25,413)
Impairment of assets
(99,284)
-
(99,284)
Other operating income
2,803
-
2,803
Gain/loss on sale and leaseback
1,018
-
1,018
Change in fair value of available for sale assets
-
74
74
Operating loss
(184,174)
-
(184,174)
Finance income
4,910
-
4,910
Finance costs
(9,263)
-
(9,263)
Loss before tax
(188,527)
-
(188,527)
Taxation
4,365
-
4,365
Loss for the period
(184,162)
-
(184,162)
Other comprehensive income
Foreign currency translation differences
(5,307)
-
(5,307)
Other comprehensive income
(5,307)
-
(5,307)
Total comprehensive expense
(189,469)
-
(189,469)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
38 Post balance sheet event
Put/ call option
On 1 March 2025, OXB US Inc exercised the call option for the purchase of the remaining 10% of OXB US LLC from Q32. At the date
of this report, the transfer of Q32\u2019s remaining 10% holding in OXB US to OXB US Inc is in the process of being finalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "Windrush Court, Transport Way Oxford OX4 6LT, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800S1GVQNXQ15K851", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }