Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2018
shares
| |
Document and entity information [abstract] | |
Document Type | 20-F/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | MREO |
Entity Registrant Name | Mereo Biopharma Group plc |
Entity Central Index Key | 0001719714 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 71,240,272 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Document and entity information. No definition available.
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Consolidated statement of comprehensive loss - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of comprehensive income [abstract] | |||
Research and development expenses | £ (22,703,553) | £ (34,606,649) | £ (24,562,502) |
Administrative expenses | (12,504,887) | (10,697,194) | (11,616,816) |
Operating loss | (35,208,440) | (45,303,843) | (36,179,318) |
Finance income | 306,831 | 826,855 | 374,906 |
Finance charge | (2,360,648) | (1,089,925) | (179,765) |
Net foreign exchange gain/(loss) | (43,863) | (1,384,225) | 2,262,626 |
Loss before tax | (37,306,120) | (46,951,138) | (33,721,551) |
Taxation | 5,277,380 | 8,152,084 | 5,331,271 |
Loss attributable to equity holders of the parent | (32,028,740) | (38,799,054) | (28,390,280) |
Other comprehensive income for the year, net of tax | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax and attributable to the equity holders of the parent | £ (32,028,740) | £ (38,799,054) | £ (28,390,280) |
Basic and diluted loss per share | £ (0.45) | £ (0.56) | £ (0.63) |
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- Definition The amount of expenses that the entity classifies as being administrative. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Consolidated balance sheet - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Non-current assets | ||
Property, plant and equipment | £ 148,934 | £ 153,361 |
Intangible assets | 32,632,229 | 33,005,229 |
Total non-current assets | 32,781,164 | 33,158,590 |
Current assets | ||
Prepayments | 1,066,932 | 1,970,781 |
R&D tax credits | 5,277,380 | 8,152,084 |
Other receivables | 608,893 | 509,350 |
Short-term investments | 2,500,000 | 2,500,000 |
Cash and short-term deposits | 25,041,945 | 50,044,672 |
Total current assets | 34,495,150 | 63,176,887 |
Total assets | 67,276,314 | 96,335,477 |
Equity | ||
Issued capital | 213,721 | 213,285 |
Share premium | 118,492,073 | 118,226,956 |
Other capital reserves | 18,592,618 | 16,359,169 |
Employee Benefit Trust shares | (306,838) | |
Other reserves | 7,000,000 | 7,000,000 |
Accumulated loss | (111,220,794) | (79,315,920) |
Total equity | 32,770,780 | 62,483,490 |
Non-current liabilities | ||
Provisions | 2,641,353 | 4,075,386 |
Interest-bearing loans and borrowings | 14,646,753 | 18,812,511 |
Warrant liability | 1,005,613 | 1,346,484 |
Other liabilities | 34,289 | |
Total non-current liabilities | 18,328,008 | 24,234,381 |
Current liabilities | ||
Trade and other payables | 4,570,307 | 3,024,026 |
Accruals | 4,437,321 | 4,379,774 |
Provisions | 332,014 | 274,000 |
Interest-bearing loans and borrowings | 6,837,884 | 1,939,806 |
Total current liabilities | 16,177,526 | 9,617,606 |
Total liabilities | 34,505,534 | 33,851,987 |
Total equity and liabilities | £ 67,276,314 | £ 96,335,477 |
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- Definition The amount of liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing the capital reserves. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current prepayments. [Refer: Prepayments] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The current amount of current tax assets. [Refer: Current tax assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The nominal value of capital issued. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The non-current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of assets that do not meet the definition of current assets. [Refer: Current assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of non-current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current other receivables. [Refer: Other receivables] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing the entity's cumulative undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount received or receivable from the issuance of the entity's shares in excess of nominal value. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition An entity’s own equity instruments, held by the entity or other members of the consolidated group. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of non-current liabilities related to issued warrants. No definition available.
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- Definition Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for interest paid, classified as financing activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from interest received, classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from interest received, classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for debt issue costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for share issue costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow to acquire or redeem entity's shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from borrowings obtained. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from the issuing of bonds, notes and debentures. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from issuing equity instruments that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from issuing shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Adjustments for modification loss on bank loan. No definition available.
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- Definition Adjustments for provision for deferred cash consideration. No definition available.
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- Definition Adjustments for provision for social security contributions on employee share options. No definition available.
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- Definition Working capital adjustments. No definition available.
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Consolidated statement of changes in equity - GBP (£) |
Total |
Share options [member] |
LTIPs [member] |
Deferred bonus shares [member] |
Deferred equity consideration [member] |
Conversion of loan note [member] |
April 4, 2017 [member] |
October 31, 2017 [member] |
June 1, 2018 [member] |
August 3, 2018 [member] |
October 22, 2018 [member] |
Issued capital [member] |
Issued capital [member]
Conversion of loan note [member]
|
Issued capital [member]
Novartis bonus shares [member]
|
Issued capital [member]
April 4, 2017 [member]
|
Issued capital [member]
October 31, 2017 [member]
|
Issued capital [member]
June 1, 2018 [member]
|
Issued capital [member]
August 3, 2018 [member]
|
Issued capital [member]
October 22, 2018 [member]
|
Share premium [member] |
Share premium [member]
Conversion of loan note [member]
|
Share premium [member]
Novartis bonus shares [member]
|
Share premium [member]
April 4, 2017 [member]
|
Share premium [member]
October 31, 2017 [member]
|
Share premium [member]
June 1, 2018 [member]
|
Share premium [member]
August 3, 2018 [member]
|
Share premium [member]
October 22, 2018 [member]
|
Other capital reserves [member] |
Other capital reserves [member]
Share options [member]
|
Other capital reserves [member]
LTIPs [member]
|
Other capital reserves [member]
Deferred bonus shares [member]
|
Other capital reserves [member]
Deferred equity consideration [member]
|
Other capital reserves [member]
Novartis bonus shares [member]
|
Employee Benefit Trust [member] |
Other reserves [member] |
Accumulated Losses [member] |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | £ 62,483,490 | £ 213,285 | £ 118,226,956 | £ 16,359,169 | £ 7,000,000 | £ (79,315,920) | ||||||||||||||||||||||||||||||
Loss for the year | (28,390,280) | (28,390,280) | ||||||||||||||||||||||||||||||||||
Issue of share capital | 67,888,821 | 107,709 | 67,781,112 | |||||||||||||||||||||||||||||||||
Issue of share capital | 26,092 | 15,977,271 | (16,003,363) | |||||||||||||||||||||||||||||||||
Share-based payments | 6,494,018 | £ 6,185,067 | £ 133,601 | £ 175,350 | £ 6,185,067 | £ 133,601 | £ 175,350 | |||||||||||||||||||||||||||||
Equity element of convertible loan | 516,802 | 516,802 | ||||||||||||||||||||||||||||||||||
Share capital reduction | (7,000,000) | 7,000,000 | ||||||||||||||||||||||||||||||||||
Transaction costs on issuance of share capital | (2,995,864) | (2,995,864) | ||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2016 | 79,256,742 | 193,022 | 99,975,399 | 12,667,562 | 7,000,000 | (40,579,241) | ||||||||||||||||||||||||||||||
Loss for the year | (38,799,054) | (38,799,054) | ||||||||||||||||||||||||||||||||||
Issue of share capital | £ 1,398,553 | £ 15,000,000 | £ 1,520,000 | £ 1,899 | £ 1,766 | £ 15,125 | £ 1,473 | £ 1,396,654 | £ 1,081,133 | £ 14,984,875 | £ 1,518,527 | £ (1,082,899) | ||||||||||||||||||||||||
Share-based payments | 3,027,963 | 298,287 | £ 325,648 | £ 1,331,288 | 3,027,963 | 298,287 | £ 325,648 | £ 1,331,288 | ||||||||||||||||||||||||||||
Equity element of convertible loan | (208,680) | (208,680) | ||||||||||||||||||||||||||||||||||
Conversion of convertible loan | 62,375 | 62,375 | ||||||||||||||||||||||||||||||||||
Transaction costs on issuance of share capital | (729,632) | (729,632) | ||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2017 | 62,483,490 | 213,285 | 118,226,956 | 16,359,169 | 7,000,000 | (79,315,920) | ||||||||||||||||||||||||||||||
Loss for the year | (32,028,740) | (32,028,740) | ||||||||||||||||||||||||||||||||||
Issue of share capital | £ 150,228 | £ 12,900 | £ 109,936 | £ 150 | £ 30 | £ 256 | £ 150,078 | £ 12,870 | £ 109,680 | |||||||||||||||||||||||||||
Adoption of IFRS 9 | 123,866 | 123,866 | ||||||||||||||||||||||||||||||||||
Share-based payments | £ 1,869,955 | £ 319,338 | £ 1,869,955 | £ 319,338 | ||||||||||||||||||||||||||||||||
Issue of warrants for TAP agreement | 44,156 | 44,156 | ||||||||||||||||||||||||||||||||||
Transaction costs on issuance of share capital | (7,511) | (7,511) | ||||||||||||||||||||||||||||||||||
Purchase of treasury shares | (306,838) | £ (306,838) | ||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | £ 32,770,780 | £ 213,721 | £ 118,492,073 | £ 18,592,618 | £ (306,838) | £ 7,000,000 | £ (11,120,794) |
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- Definition The decrease in equity resulting from a reduction in issued capital. [Refer: Issued capital] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cost related to the issuance of shares. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase in equity through the issue of equity instruments. No definition available.
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- Definition Increase (decrease) through equity component of convertible instruments. No definition available.
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Corporate information |
12 Months Ended |
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Dec. 31, 2018 | |
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Corporate information | 1. Corporate information Mereo BioPharma Group plc (the “Company”) is a clinical-stage, U.K.-based biopharmaceutical company focused on rare diseases. The Company is a public limited company incorporated and domiciled in the U.K., and registered in England, with our shares publicly traded on the Alternative Investment Market of the London Stock Exchange under the ticker symbol “MPH”. As of April 24, 2019, we are also listed on the Nasdaq Global Exchange via American Depositary Receipts (ADRs) under the ticker symbol “MREO” following the completion of the merger with OncoMed Pharmaceuticals, Inc. (“OncoMed”). Our registered office is located at Fourth Floor, 1 Cavendish Place, London W1G 0QF. The consolidated financial statements of Mereo BioPharma Group plc and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2018 were authorized for issue in accordance with a resolution of the directors on April 26, 2019. |
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- Definition Text block [abstract] No definition available.
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Significant accounting policies |
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Significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation The Group’s annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial information is presented in pounds sterling (“Sterling”). 2.2 Adoption of new accounting policies The following policies have been adopted since the start of the period: a) IFRS 9 Financial Instruments. In the current period the Group has applied IFRS 9 Financial Instruments (as revised in July 2014) and the related consequential amendments to other IFRS. IFRS 9 introduces new requirements for 1) the classification and measurement of financial assets and financial liabilities, 2) impairment for financial assets, 3) general hedge accounting and 4) new accounting for certain modifications and exchanges of financial liabilities measured at amortized cost. The only impact on the Group is in relation to the non-substantial modification of the convertible loan notes, as detailed below. The Group has applied IFRS 9 in full without restating comparatives with an initial date of application of January 1, 2018. In relation to the non-substantial modification of financial liabilities, IFRS 9 requires the recognition of a modification gain or loss for exchanges or modifications of financial liabilities that do not result in derecognition of the financial liability. As a result, under IFRS 9 the carrying value of the convertible loan notes at the date of modification, as more fully described in Note 18a, was adjusted to recognize the modification gain in the retained earnings as of the date of initial application of IFRS 9 (January 1, 2018). Interest-bearing loans and borrowings – convertible loan notes
The Group has considered the adoption of IFRS 9 on receivables and determined the expected credit loss to be immaterial, and therefore no adjustment has been made for this. b) IFRS 15 Revenue from Contracts with Customers In the current period the Group has adopted IFRS 15 Revenue from Contracts with Customers. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. There has been no impact on Group reporting in the period.
c) IFRS 16 Leases General impact of application of IFRS 16 Leases IFRS 16 provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both lessors and lessees. IFRS 16 will supersede the current lease guidance including IAS 17 Leases and the related Interpretations when it becomes effective for accounting periods beginning on or after January 1, 2019. The date of initial application of IFRS 16 for the Group will be January 1, 2019. The Group has chosen the modified retrospective application of IFRS 16 in accordance with IFRS 16:C5(b). Consequently, the Group will not restate the comparative information. In contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Impact of the new definition of a lease The Group will make use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 will continue to apply to those leases entered or modified before 1 January 2019. The change in definition of a lease mainly relates to the concept of control. IFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has:
The Group will apply the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or modified on or after January 1, 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time application of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in IFRS 16 will not change significantly the scope of contracts that meet the definition of a lease for the Group. Impact on lessee accounting IFRS 16 will change how the Group accounts for leases previously classified as operating leases under IAS 17, which were off-balance sheet. On initial application of IFRS 16, for all leases (except as noted below), the Group will:
Lease incentives (e.g. rent-free period) will be recognized as part of the measurement of the right-of-use assets and lease liabilities whereas under IAS 17 they resulted in the recognition of a lease liability incentive, amortized as a reduction of rental expenses on a straight-line basis. Under IFRS 16, right-of-use assets will be tested for impairment in accordance with IAS 36 Impairment of Assets. This will replace the previous requirement to recognize a provision for onerous lease contracts. For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as personal computers and office furniture), the Group will opt to recognize a lease expense on a straight-line basis as permitted by IFRS 16. As at December 31, 2018, the Group had non-cancellable operating lease commitments of £535,665. The non-cancellable operating lease commitment and the expected lease liability balance to be recognized upon transition differs as a result of IFRS 16’s requirement to include, within the lease term, the non-cancellable period of a lease, together with periods covered by an option to extend, if that option is reasonably certain to be exercised and periods covered by an option to terminate, if that option is reasonably certain to not be exercised.
A preliminary assessment indicates that all of these arrangements relate to leases other than short-term leases and leases of low-value assets, and hence the Group will recognise a right-of-use asset of £2,551,810 and a corresponding lease liability of £2,533,647 in respect of all these leases. The impact on 2019 profit or loss is to decrease other expenses by £1,093,920, to increase depreciation by £696,948 and to increase interest expense by £322,662. Lease liability incentives of £32,090 previously recognized in respect of the operating leases will be derecognized and the amount factored into the measurement of the right-to-use assets and lease liabilities. The preliminary assessment indicates that £nil of these arrangements relate to short-term leases and leases of low-value assets. Under IAS 17, all lease payments on operating leases are presented as part of cash flows from operating activities. The impact of the changes under IFRS 16 to the 2019 statement of cash flows would be to reduce the cash used in operating activities by £932,268 and to increase net cash used in financing activities by the same amount. 2.3 Going concern Though the Group continues to make losses, the directors believe it is appropriate to prepare the financial information on the going concern basis. This is because the Group’s research into new products continues to progress according to plan and the funding secured to date, together with the funds that have come into the Group since the year end by way of the completed merger with OncoMed (as described more fully in Note 29) will allow it to meet its liabilities as they fall due for at least 12 months from the date of authorization for the issue of these consolidated financial statements. 2.4 Basis of consolidation The consolidated financial information comprises the financial statements of Mereo BioPharma Group plc and its subsidiaries as at December 31, 2018. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated in preparing the consolidated financial statements. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. The Company has an employee share trust to facilitate share transactions pursuant to employee share schemes. Although the trust is a separate legal entity from the Group, it is consolidated into the Group’s results in accordance with the IFRS 10 rules on special purpose vehicles. The Company is deemed to control the trust principally because the trust cannot operate without the funding the Group provides. All Group subsidiaries prepare yearly financial information to December 31 consistent with the Company. 2.5 Summary of significant accounting policies a) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, and include R&D tax credits receivable under the HM Revenue and Customs (HMRC) small or medium enterprise (SME) scheme, which provides additional taxation relief for qualifying expenditure on R&D activities, and allows for the surrender of tax losses in exchange for a cash payment from HMRC. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of comprehensive loss.
Income tax credit The Group benefits from the U.K. R&D tax credit regime whereby a portion of the Group’s losses can be surrendered for a cash rebate of up to 33.35% of eligible expenditures. Such credits are accounted for within the tax provision, in the year in which the expenditures were incurred. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply to the year when the asset is realized, based on tax rates (and tax laws) enacted or substantively enacted at the end of the reporting period. b) Foreign currencies The functional currency of the Company and its subsidiaries is Sterling. Transactions in foreign currencies are initially recorded by the Group’s entities at the rate ruling on the date the transaction first qualifies for recognition. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Gains or losses on the retranslation of foreign currency balances at the year end are recognized in the consolidated statement of comprehensive loss under net foreign exchange gains/(losses). c) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment if the recognition criteria are met. All other repair and maintenance costs are recognized in profit or loss as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of comprehensive loss when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. d) Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive loss on a straight-line basis over the period of the lease. The Group leases its premises (see Note 26). The Company recognizes any lease incentives on a straight-line basis over the entire period of the lease, assuming that any break clauses available will not be exercised. By not exercising any break clauses, the Group receives a 50% rent discount from the landlord for a fixed period of time as described in Note 26.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. e) Intangible assets Intangible assets, relating to intellectual property rights acquired through licensing or assigning patents and know-how, are initially recognized at cost which has been determined as the fair value of the consideration paid and payable. Consideration comprises cash paid together with the net present value of any provision for deferred cash consideration (see Note 2.5p) and the fair value of consideration settled in shares. The fair value of consideration is regularly reviewed based on the probability of achieving the contractual milestones. Where share transfer occurs, the cost is measured at fair value of the shares issued or to be issued in accordance with IFRS 2. Intangible assets are held at cost less accumulated amortization and provision for impairment, if any. Where a finite useful life of the acquired intangible asset cannot be determined or the intangible asset is not yet available for use, the asset is tested annually for impairment by allocating the assets to the cash-generating units to which they relate. Amortization would commence when product candidates underpinned by the intellectual property rights become available for commercial use. No amortization has been charged to date, as the product candidates underpinned by the intellectual property rights are not yet available for commercial use. f) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. g) Impairment of non-financial assets Further disclosures relating to impairment of non-financial assets are also provided in the following notes:
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment losses are recognized in the statement of comprehensive loss in expense categories consistent with the function of the impaired asset. An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of comprehensive loss unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. Intangible assets not yet available for use are tested for impairment annually as at December 31 at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired. An impairment test was performed at December 31, 2018. h) Cash and short-term deposits Cash and short-term deposits in the balance sheet comprise cash at banks and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. i) Short-term investments Cash on deposit for terms greater than three months are recognized at fair value in the balance sheet. j) Provisions General Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of comprehensive loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. k) Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity settled transactions). Incentives in the form of shares are provided to employees under the Share Option Plan. Executive officers are also provided with shares under a deferred bonus share plan (“DBSP Plan”) and a long-term incentive plan (“LTIP Plan”). In accordance with IFRS 2 Share-based Payment (“IFRS 2”), charges for these incentives are expensed through the consolidated statement of comprehensive loss on a straight-line basis over their vesting period, based on the Group’s estimate of shares that will eventually vest. The total amount to be expensed is determined by reference to the fair value of the options or awards at the date they were granted. For LTIP shares, the fair value excludes the impact of any non-market vesting conditions. The fair value of LTIP shares, which have market conditions attached, includes an adjustment based on the probability of the shares vesting at the end of the vesting period. Under the 2015 Plan, options were historically awarded to employees, NEDs and certain consultants. Share options awarded to non-employees under the 2015 Plan are accounted for as options awarded to employees as the value of non-employee services could be readily determined. In accordance with IFRS 2, the cancellation of share options is accounted for as an acceleration of the vesting period and therefore any amount unrecognized that would otherwise have been charged in future accounting periods is recognized immediately. When options are forfeited, the accounting expense for any unvested awards is reversed. Purchases, where consideration is satisfied by issuing equity shares is accounted for as equity settled share-based payment transactions in accordance with IFRS 2. Fair value is determined by the share price at the date of purchase. l) Costs of issuing capital The Group deducts directly attributable costs of issuing capital from the proceeds in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Incremental costs incurred and directly attributable to the offering of equity securities are deducted from the related proceeds of the offering. The net amount is recorded as share premium in the period when such shares are issued. Where such expenses are incurred prior to the offering they are recorded in prepayments until the offering completes. Other costs incurred in such offerings are expensed as incurred and included in general and administrative expenses. m) Convertible loan instrument Convertible loan notes are regarded as compound instruments consisting of a liability component and an equity component. At the date of issue the fair value of the liability component is estimated using a discount rate for an equivalent liability without the conversion feature. The difference between the proceeds of issue of the convertible loan note and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity. An exchange between an existing borrower and lender of debt instruments with substantially different terms are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability as per IAS 39 and IFRS 9. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it (whether or not due to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In line with IAS 39 the terms of exchanged or modified debt are regarded as substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is at least 10% different from the discounted present value of the remaining cash flows of the original debt instrument. Where such modifications are less than 10% different, the effective interest rate is adjusted to take account of the new terms. n) Employee Benefit Trust The Group operates an Employee Benefit Trust (EBT): Mereo BioPharma Group plc Employee Benefit Trust. The EBT has been established to fulfil awards made under the Deferred Bonus Share Plan and the Long Term Incentive Plan. The EBT is a Jersey-based trust which is funded by a loan from the Company, which it will utilize to buy shares at nominal value from the Company in sufficient quantity to fulfil the envisaged awards. The EBT will acquire shares in the Company and these will be deducted from the shareholders’ funds on the consolidated balance sheet at the cost of acquisition less proceeds on disposal. In compliance with IAS 32 Financial Instruments: Presentation Group, shares held by the EBT are included in the consolidated balance sheet as a reduction in equity. Gains and losses on Group shares are recognized directly in equity.
The Group consolidated accounts treat the EBT as an extension of the Group and the Company as it is controlled and therefore consolidated. o) Research and development Expenditure on product development is capitalized as an intangible asset and amortized over the expected useful economic life of the product candidate concerned. Capitalization commences from the point at which technical feasibility and commercial viability of the product candidate can be demonstrated and the Group is satisfied that it is probable that future economic benefits will result from the product candidate once completed. Capitalization ceases when the product candidate receives regulatory approval for launch. No such costs have been capitalized to date. Expenditure on R&D activities that do not meet the above criteria, including ongoing costs associated with acquired intellectual property rights and intellectual property rights generated internally by the Group, is charged to the statement of comprehensive loss as incurred. Intellectual property and in-process research and development from asset acquisitions are recognized as intangible assets at cost. p) Provision for deferred cash consideration Provision for deferred cash consideration consists of future payments which are contractually committed but not yet certain. In respect of products which are not yet approved, such deferred cash consideration excludes potential milestones, royalties or other payments that are deemed to be so uncertain as to be unquantifiable. Deferred cash consideration is recognized as a liability with the amounts calculated as the risk adjusted net present value of anticipated deferred payments. The provision is reviewed at each balance sheet date and adjusted based on the likelihood of contractual milestones being achieved and therefore the deferred payment being settled. Increases in the provision relating to changes in the probability are recognized as an intangible asset. Increases in the provision relating to the unwinding of the time value of money are recognized as a finance expense. q) Bank loan and associated warrants After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate (EIR) method. The EIR amortization is included as a finance charge in the statement of comprehensive loss. This category applies to interest-bearing borrowings, trade and other payables. As the terms of the warrant instrument allow for a cashless exercise, in line with IAS 32 the associated warrants are measured at fair value with changes recorded through the statement of comprehensive loss (see Note 20). An exchange between an existing borrower and lender of debt instruments with substantially different terms are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability as per IAS 39 and IFRS 9. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, (whether or not due to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In line with IAS 39 the terms of exchanged or modified debt are regarded as substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is at least 10% different from the discounted present value of the remaining cash flows of the original debt instrument. Where such modifications are less than 10% different, the effective interest rate is adjusted to take account of the new terms. r) The Alpha-1 Project (TAP) funding agreement and associated warrants The agreement is regarded as a compound instrument which includes both debt and equity components. As per IAS 32:31 the liability is measured first at fair value and the residual value allocated to the equity component. The difference between the funding payment amount received and the measurement of the liability will be allocated to the warrants and recognized in equity. The value of warrants in equity will not be subsequently re-measured, as the warrants will be settled by providing a fixed number of shares for a fixed amount of cash. |
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12 Months Ended |
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Significant accounting judgments, estimates and assumptions | 3. Significant accounting judgments, estimates and assumptions The preparation of the consolidated accounts requires the management of the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Group bases its estimates and judgments on historical experience and on various other assumptions that it considers to be reasonable. Actual results may differ from these estimates under different assumptions or conditions. Judgements Share-based compensation Incentives in the form of shares are provided to employees under a share option plan, long-term incentive plan and deferred bonus share plan. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The expense is based upon a number of assumptions disclosed in Note 25. The selection of different assumptions could affect the results of the Group. Impairment of intangible assets and property, plant and equipment An assessment was made in respect of indicators of impairment in the carrying value of the Group’s intangible assets (see Note 13) and leasehold improvements, office equipment and IT equipment as at December 31, 2018. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement. The assessment of intangible assets involves a number of judgments regarding the likelihood of successful product approval, the costs of reaching approval and the subsequent commercial profitability of the product once approved. Estimates Deferred license consideration Deferred consideration in the form of cash is recognized as a provision at each balance sheet date, to the extent its amount is quantifiable at the inception of the arrangement. The amount provided is based on a number of estimates regarding the timing and progress of the related research. Deferred consideration in the form of shares is recognized as a share-based payment when it is probable that shares will be transferred. Bank loan and associated warrants As part of the bank loan the Group has issued warrants to subscribe for shares. The fair value of the warrants issued is assessed at each balance sheet date based upon a number of estimates, as disclosed in Note 20. |
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- Definition The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Segment information | 4. Segment information Management views the business as a single portfolio of product candidates. Only R&D expenses are monitored at a product candidate level, however the Chief Operating Decision Maker (CODM) makes decisions over resource allocation at an overall portfolio level. The Group’s financing is managed and monitored on a consolidated basis. All non-current assets held by the Group are located in the U.K. The Company’s CODM is the executive management team (comprised of the Chief Executive Officer, Chief Financial Officer, Chief Medical Officer, General Counsel, the Head of Corporate Development and the Head of Patient Access and Commercial Planning) which manages the operating results of the business. |
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- Definition The entire disclosure for operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Group information |
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Group information | 5. Group information Information about subsidiaries The consolidated financial statements of the Group include:
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- Definition The disclosure of the composition of the group (the parent and all its subsidiaries). [Refer: Subsidiaries [member]; Parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Compensation of key management personnel of the Group |
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Compensation of key management personnel of the Group | 6. Compensation of key management personnel of the Group Key management includes directors (executive and non-executive) and executive officers being the General Counsel, the Chief Medical Officer, the Head of Corporate Development and the Head of Patient Access and Commercial Planning. The compensation paid or payable to key management is set out below:
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- Definition The disclosure of compensation of key management personnel and directors. No definition available.
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Finance income and Finance charge |
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Finance income and Finance charge | 7. Finance income and Finance charge Finance income
Finance charge
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- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Employee benefits expense |
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Employee benefits expense | 8. Employee benefits expense
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- Definition The entire disclosure of employee benefits expenses explanatory. No definition available.
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Income tax |
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Income tax | 9. Income tax The Group is entitled to claim tax credits in the U.K. under the U.K. R&D small or medium-sized enterprise (SME) scheme, which provides additional taxation relief for qualifying expenditure on R&D activities and includes an option to surrender a portion of tax losses arising from qualifying activities in return for a cash payment from HM Revenue & Customs (HMRC). The amount included in the financial statements represents the credit receivable by the Group for the year. The claims in respect of the year ended December 31, 2016 were received by the Group in May 2017. The claims in respect of the year ended December 31, 2017 were received by the Group in August 2018. In the year ended December 31, 2018 amounts have not yet been agreed with the relevant tax authorities.
The charge for the year can be reconciled to the loss per the income statement as follows:
At December 31, 2018 the Group had tax losses to be carried forward of approximately £50,611,184 (2017: £36,010,916). Deferred tax Deferred tax relates to the following:
The deferred tax asset has not been recognized as there is uncertainty regarding when suitable future profits against which to offset the accumulated tax losses will arise. There is no expiration date for the accumulated tax losses. A reduction in the rate of U.K. corporation tax to 19% from April 1, 2017 and to 17% from April 1, 2020 has been substantively enacted. The standard rate of corporation tax applied to reported loss is 19% (2017: 19.25%) and any U.K. deferred tax assets and liabilities would be recognized at a rate of 17%. |
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- Definition The entire disclosure for income taxes. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Loss per share |
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Loss per share | 10. Loss per share Basic loss per share is calculated by dividing the loss attributable for the year to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. As net losses from continuing operations were recorded in the year, the dilutive potential shares are anti-dilutive for the earnings per share calculation.
The Company operates share option schemes (see Note 25) which could potentially dilute basic earnings per share in the future. In addition, there exist within equity 864,988 (2017: 864,988) shares to be issued which also have the potential to dilute basic earnings per share in the future (see Note 17). As part of a license and option agreement with AstraZeneca (see Note 26), additional future payments of a maximum of 1,349,692 new ordinary shares would be payable on reaching certain clinical milestones. Warrants totalling 41,286 were issued in 2018 that could potentially dilute basic earnings per share if converted. Warrants totalling 696,490 were issued in 2017 that could potentially dilute basic earnings per share if converted. For transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements, see Note 29. |
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Property, plant and equipment |
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Property, plant and equipment | 11. Property, plant and equipment
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- Definition The entire disclosure for property, plant and equipment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Intangible assets |
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Intangible assets | 12. Intangible assets
The Group’s strategy is to acquire clinical-stage development programs for the treatment of non-rare and rare diseases from large pharmaceutical companies. On October 28, 2017, the Group acquired the exclusive license for MPH-966MPH-966 and included the option to acquire certain assets from AstraZeneca AB (“AstraZeneca”). MPH-966 is being developed for the treatment of severe alpha-1 antitrypsin deficiency, at a cost of £7,192,288 as follows:
The present value of the provision for deferred cash consideration was reviewed at December 31, 2018 (see Note 19). The decrease in present value due to changes in timelines and probability of contractual milestones being achieved was £373,000 and is recognized in the intangible asset in line with our accounting policies. |
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- Definition The entire disclosure for intangible assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Impairment testing of acquired development programs not yet available for use |
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Impairment testing of acquired development programs not yet available for use | 13. Impairment testing of acquired development programs not yet available for use Acquired development programs not yet available for use are assessed annually for impairment. The carrying amount of acquired development programs is as follows:
The Group considers the future development costs, the probability of successfully progressing each program to product approval and the likely commercial returns after product approval, among other factors, when reviewing for indicators of impairment. The results of this testing did not indicate any impairment of the acquired products’ rights in the year to December 31, 2018. The directors believe that the likelihood of a materially different outcome using different assumptions is remote. The acquired development programs are assets which are not used in launched products. These assets have not yet begun to be amortized but have been tested for impairment by assessing their value in use. Value in use calculations for each program are utilized to calculate the recoverable amount. The calculations use pre-tax cash flow projections covering the period through product development to commercial sales up to the later of loss of patent protection or market exclusivity, which extend beyond five years from the balance sheet date. Approved products are assumed to be out-licensed such that the Group receives signature fees, milestone receipts and royalties on sales; therefore, the Group does not incur any costs of commercialization after out-licensing. Key assumptions for the value in use calculations are described as follows:
At this stage of product development, the key sensitivity for all three development programs is the probability of successful completion of clinical trials in order to obtain regulatory approval for sale. Therefore, full impairment of a development program is expected should such related trials be unsuccessful. |
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- Definition Disclosure of impairment testing of acquired development programs not yet available for use. No definition available.
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Other receivables |
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Other receivables | 14. Other receivables
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- Definition The disclosure of other receivables. No definition available.
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Cash and short-term deposits |
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Cash and short-term deposits | 15. Cash and short-term deposits
Cash at banks earns interest at floating rates based on daily bank deposit rates, with maturity of three months or less. Short-term deposits are available immediately and earn fixed interest at the respective short-term deposit rates and are held in a diversified portfolio of counterparties. |
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- Definition The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Short-term investments | 16. Short-term investments
Short-term investments consist of cash deposits held with greater than three months term to maturity. None of these investments are held with terms greater than a year. |
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Issued capital and reserves |
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Issued capital and reserves | 17. Issued capital and reserves
Since January 1, 2016, the following alterations to the Company’s share capital have been made:
Other capital reserves
Share-based payments The Group has various share option schemes under which options to subscribe for the Group’s shares have been granted to certain executives, NEDs and employees (see Note 25 for further details). The share-based payment reserve is used to recognize a) the value of equity settled share-based payments provided to employees, including key management personnel, as part of their remuneration and b) deferred equity consideration. Refer to Note 25 for further details of these plans. Of the £6,494,018 share-based payment expense in 2016, £298,836 is an accelerated charge relating to 500,000 share options which were cancelled on June 9, 2016. Shares issued/to be issued Shares to be issued at January 1, 2016 of £18,677,840 represented a maximum potential 10,151,000 bonus shares due to Novartis under the terms of an investment in the prior year. Of the 44,600,502 ordinary shares issued on June 9, 2016, 8,697,480 shares were issued to Novartis as fully paid up bonus shares (for £nil consideration), the number of which was calculated to maintain its shareholding at 19.5%. The fair value of these shares was £1.84 per share. At December 31, 2016, £2,674,477 representing a maximum of 1,453,520 shares at £1.84 were remaining to be issued to Novartis pro rata to their percentage shareholding as and when the Company issues further ordinary shares. Of the 1,221,361 ordinary shares issued on April 26, 2017, 588,532 shares were issued to Novartis as fully paid up bonus shares (for £nil consideration), the number of which was calculated to maintain its shareholding at 19.5%. The fair value of these shares was £1.84 per share. At December 31, 2018 and December 31, 2017, £1,591,578 representing a maximum of 864,988 shares at £1.84 were remaining to be issued to Novartis pro rata to its percentage shareholding as and when the Company issues further ordinary shares. Equity component of convertible loan instrument The convertible loan notes issued to Novartis are a compound instrument consisting of a liability and an equity component (see Note 18a). The value of the equity component (cost of the conversion option) as at December 31, 2018 is £308,122 (2017: £308,122; 2016: £516,802). Warrants issued for TAP funding The funding arrangements with The Alpha-1 Project are a compound instrument consisting of a liability and an equity component (see Note 21). The value of the equity component (consideration received for the warrants) as at December 31, 2018 is £44,156 (2017: £nil; 2016: £nil).
Accumulated loss
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- Definition The entire disclosure for share capital, reserves and other equity interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Interest-bearing loans and borrowings |
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Interest-bearing loans and borrowings | 18. Interest-bearing loans and borrowings
18a. Convertible loan note On June 3, 2016, the Company issued 3,463,563 £1 unsecured convertible loan notes (“Novartis Notes”) to Novartis Pharma AG, a shareholder of the Company (see Note 26) in consideration for an investment in cash by Novartis at the time of the private placement on June 9, 2016. The Novartis Notes attract an interest rate of 4% per annum, accruing daily, and constitute direct, unsecured obligations of the Company ranking ahead of any other unsecured obligations of the Company. On April 26, 2017 Novartis converted £1,398,553 of loan notes into 632,829 ordinary shares at the fixed conversion price of £2.21 per share. This has been recorded as a £1,187,974 reduction in interest-bearing loans and borrowings, a reduction in other capital reserves of £208,680 and a reduction in accumulated losses of £62,375. Under the terms of the notes, Novartis also received 588,532 bonus shares. Novartis holds £2,065,011 principal value of notes at December 31, 2017 representing 934,394 ordinary shares if converted, together with 864,988 potential bonus shares; together these represent 2.5% of the current share capital of the Company as at December 31, 2017. In August 2017, in connection with the new loan agreements (see Note 18b), Novartis agreed to amend the terms of its Novartis Notes. Under the revised terms of the Novartis Notes, the loan is subordinated to the Silicon Valley Bank and Kreos Capital loan such that Novartis shall be entitled, at any time up to the repayment of the foregoing loan, being March 2, 2021, to serve a conversion notice on the Company to convert all or some only of the outstanding Novartis Notes into fully paid ordinary shares at a conversion price of £2.21 per share. To the extent the Novartis Notes are not converted at that date, the outstanding principal amount of the Novartis Notes, together with any accrued and unconverted interest, is redeemable. Upon conversion of any Novartis Notes, in addition to the relevant number of conversion shares, Novartis is entitled to receive an additional number of ordinary shares in the Company equal to the number of conversion shares into which such Novartis Notes are to convert, multiplied by 0.93, up to a maximum aggregate number of 864,988 such bonus shares. The value of the debt component of the notes at the date of issue was calculated as £2,946,761. The cash flows attached to the note up to the maturity date were calculated and discounted at an appropriate venture debt rate of 10%. The carrying amount at December 31, 2018 is £2,038,881 (2017: £1,977,393). The Group has applied IFRS 9 Financial Instruments in full without restating comparatives with an initial date of application of January 1, 2018 (see Note 2.2). The value of the equity component of the Notes at December 31, 2018 was calculated as £308,123 (2017: £308,123). 18b. Bank loan On August 7, 2017, the Group entered into a loan agreement with Silicon Valley Bank and Kreos Capital V (UK) Limited, which provides for total borrowings of £0 million and the issue of warrants over shares in the Company (see Note 20). £10.0 million was drawn down on each of August 21, 2017 (Tranche 1) and December 29, 2017 (Tranche 2) for general working capital purposes. The Group was obligated to make interest-only payments on the loan amount until September 30, 2018, and thereafter the Group was obligated to pay interest and principal in 30 equal monthly instalments until March 31, 2021, the maturity date. The loan bore interest at an annual fixed rate equal to 9.0%. In addition, a final payment of 7.5% of the principal loan amount was due upon the earlier of the maturity date, prepayment in whole of the loan amount, mandatory repayment, acceleration of the loan, and the loan becoming immediately due and payable due to an event of default. The loan was secured by substantially all of the Group’s assets, including intellectual property rights owned or controlled by the Group. The terms of the debt facility included an interest-only period to September 30, 2018, a 30-month capital and interest repayment period thereafter, a 9% headline interest rate and customary security over all assets of the Group. The fair value of warrants issued as part of Tranche 1 on August 21, 2017 was £657,676. The fair value of the loan liability of Tranche 1 on August 21, 2017 was £9,342,324. Application of the effective interest method was required to accrete the initial loan liability value up to the face value of the loan at the end of the loan term. This non-cash interest charge was to be made in each statutory reporting period. The annual value of this interest charge was £182,133, which was an effective interest rate of 1.95%. The fair value of warrants issued as part of Tranche 2 on December 29, 2017 was £634,335. The fair value of the loan liability of Tranche 2 on December 29, 2017 was £9,365,665. Application of the effective interest method was required to accrete the initial loan liability value up to the face value of the loan at the end of the loan term. This non-cash interest charge was to be made in each statutory reporting period. The annual value of this interest charge is £194,892, which was an effective interest rate of 2.08%. On 30 September 2018 (the “modification date”), the Group and the lender signed a revised loan agreement (the “new loan”), with the intention that this would replace the old loan (with the proceeds of the new loan being used to settle the old loan). The new loan is viewed as a modification of the original loan because it was agreed with the same lenders as under the old loan and the old loan was not repayable at par with no penalty. The new loan has a principal amount of £20,455,000 and will mature on March 1, 2021, unless extended on reaching certain milestones. The Group is obligated to make interest-only payments on the loan amount until April 30, 2019, and thereafter the Group is obligated to pay interest and principal in 23 equal monthly instalments until March 31, 2021, the maturity date. The loan bears interest at an annual fixed rate equal to 8.5%. In addition, a final payment of 10.5% of the principal loan amount is due upon the earlier of the maturity date, prepayment in whole of the loan amount, mandatory repayment, acceleration of the loan, and the loan becoming immediately due and payable due to an event of default. The loan is secured by substantially all of the Group’s assets, including intellectual property rights owned or controlled by the Group. The terms of the debt facility include an interest-only period to April 30, 2019, a 23-month capital and interest repayment period thereafter, a 8.5% headline interest rate and customary security over all assets of the Group. The modification loss is calculated as the difference in the present value of the cash flows under the original and modified terms. The modification loss has been calculated accordingly in the amount of £730,037 and has been recognized in profit and loss as of the date of the modification. The old loan was not derecognized; instead, at the point of modification, the carrying value of the loan was revised to reflect the new cash flows discounted by the original EIR as well as costs and fees incurred for the modification and any cash paid to or received from the lender under the terms of the new loan. Once the carrying amount of the liability was adjusted for costs and fees incurred as part of the modification, the EIR was recalculated to spread those costs and fees over the life of the modified liability. On the modification date, the Group issued 225,974 additional warrants (“additional warrants”), for nil consideration, to the lender with the same key terms as the original warrants. The fair value of the additional warrants as of their grant date (30 September 2018) was £375,343. The total carrying value of the loan at December 31, 2018 was £19,445,756 (2017: £18,774,924). £6,837,884 (2017: £1,939,806) is a current liability and £12,607,872 (2017: £16,835,118) is a non-current liability. A total of £781,998 (2017: £66,935) of non-cash interest has been charged to the statement of comprehensive loss in the period. |
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- Definition The disclosure of interest bearing loans and borrowings. No definition available.
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Provisions |
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Provisions | 19. Provisions
The provision for social security contributions on share options is calculated based on the number of options outstanding at the reporting date that are expected to be exercised. The provision is based on the estimated gain arising on exercise of the share options, using the best estimate of the market price at the balance sheet date. Since the directors assume the options will be held for their full contractual life of ten years (see Note 25) the liability has been classified as non-current. The provision has been discounted. The negative charge in 2018 is due to the fall in the Company’s share price between December 31, 2017 and December 31, 2018.
The deferred cash consideration is the estimate of the quantifiable but not certain future cash payment obligations due to AstraZeneca for the acquisition of certain assets (see Note 12). This liability is calculated as the risk-adjusted net present value of future cash payments to be made by the Group. The payments are dependent on reaching certain milestones based on the commencement and outcome of clinical trials. The likelihood of achieving such milestones is reviewed at the balance sheet date and increased or decreased as appropriate. |
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Warrant liability |
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Warrant liability | 20. Warrant liability
As part of the bank loan facility (see Note 18b), 363,156 warrants to subscribe for shares were issued to the lenders on August 21, 2017. These warrants will be capable of exercise until August 7, 2027 at an exercise price of £3.029. A further 333,334 warrants were issued to the lenders on December 29, 2017. These warrants will be capable of exercise until August 7, 2027 at an exercise price of £3.30. A further 225,974 warrants were issued to the lenders on October 1, 2018. These warrants will be capable of exercise until October 1, 2028 at an exercise price of £2.31. The total of 922,464 warrants is equivalent to 1.30% of ordinary share capital at December 31, 2018. The terms of the warrant instrument allow for a cashless exercise. In line with IAS 32, the future number of shares to be issued to the warrant holder under a cashless exercise can only be determined at that future date. At each balance sheet date, the fair value of the warrants will be assessed using the Black Scholes model taking into account appropriate amendments to inputs in respect of volatility and remaining expected life of the warrants. The following table lists the weighted average inputs to the models used for the fair value of warrants granted during the year ended December 31:
The fair value of the warrants at grant was £1,667,354. At December 31, 2018 it was £1,005,613 (2017: £1,346,484). Since there is no historical data in relation to the expected life of the warrants, the contractual life of the options was used in calculating the expense for the year. Volatility was estimated by reference to the share price volatility of a group of comparable companies over a retrospective year equal to the expected life of the warrants. |
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Other liability |
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Other liability | 21. Other liability
On October 8, 2018, the Group entered into a funding agreement with The Alpha-1 Project (“TAP”), which provides for total potential payments to Mereo of $400,000 as contributions towards the development of MPH-966 upon completion of certain milestones by the Group. In exchange, on receipt of such funding, the Group will issue warrants allowing TAP to subscribe for shares in the company (see Note 17). Under the agreement, TAP is potentially entitled to receive a payment equivalent to amounts received by Mereo (up to a maximum of $400,000) conditional on and within thirty days of the first regulatory approval received by the Group for MPH-966.
The first payment (“Payment 1”) of $100,000 (£78,445) was made to Mereo on November 16, 2018. The fair value of the liability of Payment 1 on November 16, 2018 was £34,289. Application of the effective interest method is required to accrete the initial liability value up to the face value of the liability over a period of five years, being the estimate of the earliest date that the liability could be repaid and assuming that the agreement is not terminated earlier. This non-cash interest charge will be made in each statutory reporting period. The annual value of this interest charge is 25.8%. The fair value of warrants issued as part of Payment 1 on November 16, 2018 was £44,156. The total carrying value of the liability at December 31, 2018 was £34,289. £34,289 is a non-current liability. |
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- Definition The disclosure of other liabilities. [Refer: Other liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Trade and other payables |
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Trade and other payables | 22. Trade and other payables
Terms and conditions of the above financial liabilities:
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Changes in liabilities arising from financing activities |
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Changes in liabilities arising from financing activities | 23. Changes in liabilities arising from financing activities
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- Definition The disclosure of changes in liabilities arising from financing activities. No definition available.
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Financial and capital risk management and fair value measurement |
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Financial and capital risk management and fair value measurement | 24. Financial and capital risk management and fair value measurement 24.1. Capital risk management For the purpose of the Group’s capital management, capital includes issued capital, share premium, the equity component of a convertible loan note and all other equity reserves attributable to the equity holders of the parent. The Group’s objectives when managing capital are to safeguard the ability to continue as a going concern and ensure that sufficient capital is in place to fund the Group’s R&D activities. The Group’s principal method of adjusting the capital available is through issuing new shares or arranging suitable debt financing, including any related warrants. The Group’s share capital and share premium are disclosed in Note 17. The Group’s loans are disclosed in Note 18. The Group monitors the availability of capital with regard to its committed and planned forecast future expenditure on an ongoing basis. The Group has set up an Employee Benefit Trust which makes market purchases of the Company’s shares to provide some cover against future exercise of options under the Company’s share option schemes (see Note 27). 24.2. Financial risk management objectives and policies Monitoring of financial risk is part of the Board’s ongoing risk management, the effectiveness of which is reviewed annually. Our agreed policies are implemented by the Chief Financial Officer, who submits periodic reports to the Board. The Group seeks to maintain a balance between equity capital and convertible and secured debt to provide sufficient cash resources to execute the business plan. In addition, the Group maintains a balance between cash held on deposit and short-term investments in Sterling and other currencies to reduce its exposure to foreign exchange fluctuations in respect of its planned expenditure. During the year, in order to maintain a strong cash runway the Group completed an equity placing and arranged and drew down a new bank debt facility, which includes an initial interest-only period until September 2018. Except for the bank loans and the existing convertible loan notes issued in 2016, the Group’s principal financial instruments comprise trade payables which arise directly from its operations and are not designed as a means of raising finance for the Group’s operations. The Group has various financial assets, such as receivables and cash and short-term deposits. The Group does not consider that its financial instruments gave rise to any material financial risks during the year to December 31, 2018. Interest rate risk The Group’s policy in relation to interest rate risk is to monitor short and medium-term interest rates and to place cash on deposit for periods that optimize the amount of interest earned while maintaining access to sufficient funds to meet day-to-day cash requirements. The interest payable on both the convertible loan note and bank loan is fixed. Consequently, there is no material exposure to interest rate risk in respect of interest payable. Foreign currency risk The Group currently has no revenue. The majority of operating costs are denominated in Sterling, Euros and U.S. Dollars (USD). Funding to date has been secured in a mixture of Sterling and USD (in respect of funding attributable to the merger with OncoMed) and therefore a level of natural hedging exists in respect of operating costs. Foreign exchange risk arises from commercial transactions and recognized assets and liabilities in foreign currencies.
Credit risks The Group’s policy is to place funds with financial institutions which have a minimum long-term credit rating with Standard & Poor’s of A. The Group also allocates a quota to individual institutions in respect of cash deposits and also seeks to diversify its investments where this is consistent with achieving competitive rates of return. It is the Group’s policy to place not more than £10 million with any one investment counterparty and no more than £5 million with any one cash deposit counterparty. Cash flow and liquidity risk Credit risk from balances with banks and financial institutions is managed by the Group’s finance department in accordance with the Group’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group’s Board of directors on an annual basis, and may be updated throughout the year subject to approval of the Group’s Audit and Risk Committee. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. The Group’s maximum exposure to credit risk for the components of the balance sheet at December 31, 2018 is the carrying amounts. The Group monitors its funding requirements through preparation of short-term, mid-term and long-term forecasts. All short-term deposits are immediately convertible to liquid funds without penalty and are recorded in the balance sheet at their open market value. Please refer to Note 2.3 regarding the directors’ assessment of liquidity for further information. 24.3. Fair value hierarchy
There were no transfers between Level 1 and Level 2 during 2018. Fair value measurement hierarchy for liabilities as at December 31, 2017:
There were no transfers between Level 1 and Level 2 during 2017.
Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments:
The management of the Group assessed that the fair values of cash and short-term deposits, other receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The following methods and assumptions were used to estimate the fair values:
The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31, 2018 and 2017 are as shown below:
The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments at December 31, 2018:
The table below summarizes our contractual obligations at December 31, 2017:
The Group may incur potential payments upon achievement of clinical, regulatory and commercial milestones, as applicable, or royalty payments that may be required to be made under license agreements the Group entered into with various entities pursuant to which the Group has in-licensed certain intellectual property, including license agreements with Novartis and AstraZeneca. Due to the uncertainty of the achievement and timing of the events requiring payment under these agreements, the amounts to be paid are not fixed or determinable at this time. |
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Share-based payments |
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Share-based payments | 25. Share-based payments The charge for share-based payments under IFRS 2 arises across the following schemes:
The 2015 Plan Under the Mereo BioPharma Group Limited Share Option Plan (the “2015 Plan”), the Group, at its discretion, granted share options to employees, including executive management, and NEDs. Share options vest over four years for executive management and employees and over three years for NEDs. There are no performance conditions attached to the options issued under the Option Plan. The fair value of share options granted was estimated at the date of grant using a Black Scholes pricing model, taking into account the terms and conditions upon which the share options were granted. The fair value calculation does not include any allowance for dividends as the Company has no available profits for distribution. The exercise price of the share options will be equal to the market price of the underlying shares on the date of grant, less a discount agreed with the Group’s institutional investors. The contractual term of the share options is ten years. Of the £6,185,067 expense recognized under the option plan for employee services received during 2016, £298,836 is an accelerated charge relating to 500,000 options which were cancelled on June 9, 2016. No share options were issued during the year under the 2015 Share Plan. Movements during the year The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, options for the 2015 Plan during the year:
The weighted average remaining contractual life for the share options outstanding as at December 31, 2018 was 6.6 years (2017: 7.6 years; 2016: 8.3 years). The weighted average fair value of options granted during 2016 was £1.29. There were no options granted in 2017. Options outstanding at the end of the year had an exercise price of between £1.29 and £2.21. The following tables list the weighted average inputs to the models used for the fair value of share options granted during the years ended December 31, 2016, 2017 and 2018:
Since there is no historical data in relation to the expected life of the share options the contractual life of the options was used in calculating the expense for the year. Volatility was estimated by reference to the share price volatility of a group of comparable companies over a retrospective year equal to the expected life of the share options. The Mereo BioPharma Group plc Share Option Plan The Mereo BioPharma Group plc Share Option Plan (“Share Option Plan”) provides for the grant of options to acquire our ordinary shares to employees, executive directors and executive officers. Options may be granted to all eligible employees on commencement of employment and may be granted on a periodic basis after that. Under the Share Option Plan, our Board of directors may determine if the vesting of an option will be subject to the satisfaction of a performance condition. With regard to an option which is subject to satisfaction of a performance condition, the option will normally vest on the later of: (i) the date on which our Board of directors determines that the performance condition has been satisfied; and (ii) the third anniversary of the date of grant. With regard to an option which is not subject to the satisfaction of a performance condition, the option will normally vest on the third anniversary of the date of grant, or such other date determined by our Board of directors and notified to the participant. Once an option has vested, it may be exercised during the period ending on the tenth anniversary of the date of grant, after which time it will lapse. The exercise price of an option may not be less than the greater of: (i) the market value of a share on the date of grant; or (ii) if the shares are to be subscribed, the nominal value of a share. Options are not currently subject to performance conditions other than continued service with us and typically vest on the third anniversary of the date of grant, after which they remain exercisable generally until the tenth anniversary of the grant date. Our Board of directors may determine that an option be settled in cash or by net exercise of the option. Movements during the year The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, options for the Option Plan during the year:
The weighted average remaining contractual life for the share options outstanding as at December 31, 2018 was 8.6 years (2017: 9.4 years). The weighted average fair value of options granted during the year was £2.29 (2017: £1.85). Options outstanding at the end of the year had an exercise price of between £2.76 and £3.23. The following tables list the weighted average inputs to the models used for the fair value of share options granted during the years ended December 31:
Since there is no historical data in relation to the expected life of the share options, the contractual life of the options was used in calculating the expense for the year. Volatility was estimated by reference to the share price volatility of a group of comparable companies over a retrospective period equal to the expected life of the share options. Long Term Incentive Plan Under the Company’s Long Term Incentive Plan (“LTIP”), initiated in 2016, the Group, at its discretion, may grant nil-cost options to acquire shares to employees. Under the LTIP rules, vesting of 75% of the options issued to employees is subject to a share price performance condition (the “Share Price Element”) and vesting of 25% of the options is subject to achievement of strategic operational targets (the “Strategic Element”). Share options vest over a maximum of five years, dependent upon achievement of these targets. The fair value of the LTIP Share Price Element is estimated at the date of grant using a Monte Carlo pricing model, taking into account the terms and conditions upon which the share options were granted. The fair value of the LTIP Strategic Element is estimated at the date of grant using a Black Scholes pricing model, taking into account the terms and conditions upon which the share options were granted, and the expense recorded is based upon the expected level of achievement of strategic targets. The fair value calculations do not include any allowance for dividends as the Company has no available profits for distribution. The contractual term of the LTIP options is five years. The expense recognized for employee services received during the year to December 31, 2018 was £319,338 (2017: £298,287).
Movements during the year The following table illustrates the number of, and movements in, LTIP options during the year:
The weighted average remaining contractual life for the LTIP options outstanding as at December 31, 2018 was 1.8 years (2017: 2.9 years; 2016: 3.7 years). The weighted average fair value of LTIP options granted during the year to December 31, 2018 was £nil (2017: £1.99; 2016: £1.21). The following tables list the weighted average inputs to the models used for the fair value of LTIP options granted during the years ended December 31: LTIP Share Price Element
LTIP Strategic Element
Since there is no historical data in relation to the expected life of the LTIP options, the contractual life of the options has been used in calculating the expense for the year. Volatility is estimated by reference to the share price volatility of a group of comparable companies over a retrospective period equal to the expected life of the LTIP options. Deferred Bonus Share Plan Under the previous terms of the Company’s Deferred Bonus Share Plan (DBSP), 30% of the annual bonus for 2017 for the senior management team was payable in deferred shares, which are governed by the DBSP plan rules. At the date of grant of the awards, the monetary bonus amount will be divided by the closing share price to give the number of shares issued to the employee under the DBSP. The number of shares is fixed and not subject to adjustment between the issue date and vesting date. Under the DBSP, awards vest after three years from the date of the award. There are no further performance conditions attached to the award, nor any service conditions (including no requirement for continued employment once the awards have been made). The plan does allow for adjustment of awards in the event of a material misstatement of Mereo’s accounts or fraud or misconduct on the part of an individual. The plan also allows for adjustment of awards in the event there was an error in calculating the vesting of the awards. Since the awards are issued at nil cost they will be satisfied by the issue of shares from the Employee Benefit Trust.
The following table illustrates the number of, and movements in, DBSP options during the year:
The weighted average remaining contractual life for the DBSP options outstanding as at December 31, 2018 was 2.6 years (2017: 3.6 years; 2016: 4 years). The weighted average fair value of DBSP options granted during the year was £nil (2017: £3.23; 2016: £2.80). On January 18, 2019 the Board approved an amendment to the terms of the Deferred Bonus Share Plan and the terms were amended such that in the event that the Board decides to award a bonus to eligible participants in respect of performance for any given financial year, 30% of the bonus (after deduction of income tax and employee’s National Insurance contributions) must be used to purchase ordinary shares in the Company within 12 months. Following a purchase, the relevant ordinary shares must be held for a period of at least two years. Bonus awards made in respect of 2018 were awarded under these revised terms. The Mereo 2019 Equity Incentive Plan (The 2019 EIP) On April 4, 2019 the Company established The Mereo 2019 Equity Incentive Plan. Under the plan it is anticipated that market value options will be granted to executives and other employees with a four-year vesting period and no performance conditions. No grants have been made under this plan as at the date of this report. The plan provides a framework for the grant of market value options and/or restricted stock unit awards to officers of the Company (or of any subsidiary). The Mereo 2019 NED Equity Incentive Plan (The 2019 NED EIP) On April 4, 2019 the Company established The Mereo 2019 NED Equity Incentive Plan. Under the plan it is anticipated that market value options will be granted to non-executive directors with no performance conditions. Options to existing non-executive directors will be granted with a one-year vesting period and options to newly appointed non-executive directors will be granted with a three-year vesting period. No grants have been made under this plan as at the date of this report. The plan provides a framework for a range of different types of share related awards (including market value options, share appreciation rights, restricted stock and restricted stock units). Deferred equity consideration In October 2017, our wholly owned subsidiary Mereo BioPharma 4 Limited entered into an exclusive license and option agreement (the “License Agreement”), to obtain from AstraZeneca an exclusive worldwide, sub-licensable license under AstraZeneca’s intellectual property rights relating to MPH-966, with an option to acquire such intellectual property rights following commencement of a pivotal trial and payment of related milestone payments (the “Option”), together with the acquisition of certain related assets. Under the agreement with AstraZeneca, the Company may issue up to 1,349,693 ordinary shares which are dependent on achieving certain milestones. In respect of milestones that are probable, the Group has accounted for, but not yet issued, 429,448 ordinary shares which have been measured at fair value, being £3.10, giving a total of £1,331,288. |
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Commitments and contingencies | 26. Commitments and contingencies Operating lease commitments – Group as lessee Future minimum rentals payable under non-cancellable operating leases as at December 31, 2018 are as follows:
The Group has entered into a lease for its premises at Fourth Floor, 1 Cavendish Place, London W1G 0QF. The term of the lease agreement is from August 17, 2015 through to August 16, 2025. The total lease expense for the year ended December 31, 2018 was £293,328 (2017: £293,328). The premises comprise approximately 4,000 sq ft. The principal rent for the premises is £162,960 per annum through December 16, 2016 and £325,920 per annum thereafter, subject to an increase on August 17, 2020 based on the open market value of the premises (the “Principal Rent”). In addition to the Principal Rent, the Group is responsible for value-added tax on the Principal Rent and certain insurance costs and service charges incurred by the landlord. The Group may break the lease agreement on August 16, 2020 by providing six months’ prior written notice to the landlord. If the Group does not exercise its break option, the landlord will decrease by 50% the Principal Rent for the period from August 16, 2020 through to April 15, 2021. The Group has entered into a lease for six high-resolution peripheral quantitative computed tomography (HRpQCT) scanners for use in its ongoing clinical studies. Each scanner has a lease term of 12 months from the date on which delivery of that scanner occurred. The Company has the right to extend the lease period for a further six months at any point during the lease term. This option may be exercised in respect of any of the individual scanners and does not have to be exercised in respect of all the scanners. Finance leases – Group as lessee The Group did not have any leasing arrangements classified as finance leases at December 31, 2018 (2017: £nil). Financial commitments Each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited issued to Novartis loan notes (the “Novartis Notes”) (which were assigned by Novartis to the Company in exchange for ordinary shares pursuant to the Subscription Agreement) and each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited agreed to make future payments to Novartis comprising amounts equal to ascending specified percentages of tiered annual worldwide net sales (beginning at high single digits and reaching into double digits at higher sales) by such subsidiary of products that include the assets acquired. The levels of ascending percentages of tiered annual worldwide net sales are the same for each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited under the respective Purchase Agreements. Each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited further agreed that in the event it transfers, licenses, assigns or leases all or substantially all of its assets, it will pay Novartis a percentage of the proceeds of such transaction. The Company will retain the majority of the proceeds from such a transaction. Such percentage is the same for each of Mereo BioPharma 1 Limited, Mereo BioPharma 2 Limited and Mereo BioPharma 3 Limited under the respective Purchase Agreements. The payment of a percentage of proceeds is not payable with respect to any transaction involving equity interests of Mereo BioPharma Group plc, a merger or consolidation of Mereo BioPharma Group plc, or a sale of any assets of Mereo BioPharma Group plc. In October 2017, the Group’s wholly owned subsidiary Mereo BioPharma 4 Limited entered into an exclusive license and option agreement (the “License Agreement”), to obtain from AstraZeneca an exclusive worldwide, sub-licensable license under AstraZeneca’s intellectual property rights relating to MPH-966, with an option to acquire such intellectual property rights following commencement of a pivotal trial and payment of related milestone payments (the “Option”), together with the acquisition of certain related assets. Upon entering into the License Agreement, the Group made a payment of $3.0 million and issued 490,798 ordinary shares to AstraZeneca, for an aggregate upfront payment equal to $5.0 million. In connection with certain development and regulatory milestones, the Group has agreed to make payments of up to $115.5 million in the aggregate and issue additional ordinary shares to AstraZeneca for licensed products containing MPH-966. In addition, the Group has agreed to make payments to AstraZeneca based on specified commercial milestones of the product. The Group has also agreed to pay a specified percentage of sub-licensing revenue to AstraZeneca and to make royalty payments to AstraZeneca equal to ascending specified percentages of tiered annual worldwide net sales by the Group of licensed products (subject to certain reductions), ranging from the high single digits to low double digits. Royalties will be payable on a licensed-product-by-licensed-product and country-by-country basis until the later of ten years after the first commercial sale of such licensed product in such country and expiration of the last patent covering such licensed product in such country that would be sufficient to prevent generic entry. Under the License Agreement, the Group may freely grant sub-licenses to affiliates upon notice to AstraZeneca and must obtain AstraZeneca’s consent, which is not be unreasonably withheld, to grant sub-licenses to a third party. The Group has agreed to use commercially reasonable efforts to develop and commercialize at least one licensed product. The License Agreement will expire on the expiry of the last-to-expire royalty term with respect to all licensed products. Upon the expiration of the royalty term for a licensed product in a particular country, the licenses to the Group for such product in such country will become fully paid and irrevocable. Prior to exercise of the Option, if at all, the Group may terminate the License Agreement upon prior written notice. Either party may terminate the agreement upon prior written notice for the other party’s material breach that remains uncured for a specified period of time or insolvency. AstraZeneca has agreed to a three-year non-competition restriction in relation to the direct or indirect commercialization or development of NE inhibitors for the treatment of AATD. In addition, AstraZeneca agreed not to assert any AstraZeneca intellectual property rights that were included in the scope of the License Agreement against the Group. |
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Related party disclosures | 27. Related party disclosures The following transactions have been entered into with related parties for the year ended December 31, 2017 and 2018. Novartis Pharma AG (“Novartis”) holds shares in the Company at December 31, 2016. On June 3, 2016, the Group issued 3,463,563 £1 unsecured convertible loan notes (the “Novartis Notes”) to Novartis and received £3,463,563 from Novartis in consideration (Note 18a). The Group purchased goods and services from Novartis in the year as set out below:
The amount outstanding to be paid to Novartis at December 31, 2018 was £nil (2017: £nil; 2016: £35,249). The purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Employee Benefit Trust In 2016 the Company set up an Employee Benefit Trust for the purposes of buying and selling shares on the employees’ behalf. A total of £325,000 of funding was paid into the Trust by the Company during the year ended December 31, 2018 (2017:£nil). A total of 163,000 shares were purchased by the Trust during the year ended December 31, 2018 (2017: nil). As at December 31, 2018 a cash balance of £21,762 (2017: £3,600) was held by the Trust. |
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Standards issued but not yet effective |
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Standards issued but not yet effective | 28. Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.
Other standards The following standards and interpretations, applicable for annual periods beginning on or after January 1, 2017, are not expected to have any impact on the results of the Group or the presentation of the financial statements:
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Event after the reporting period | 29. Event after the reporting period (a) On February 8, 2019, Dr. Frank Armstrong resigned as a non-executive director of the Group. (b) On April 23, 2019 the Group agreed an amendment to the terms of its bank loan with the lenders. The new terms extended the interest-only period to December 31, 2019 followed by a 15-month capital and interest repayment period. The Group has undertaken a preliminary assessment under IFRS 9 and determined it to be a non-substantial modification.
Following completion of the merger with OncoMed, under the terms of the loan agreement, Mereo expects to issue approximately 321,444 additional warrants to its lenders giving them the right to subscribe for ordinary shares at an exercise price of £2.95. (c) On April 23, 2019, Mereo completed the acquisition of OncoMed, a clinical-stage biopharmaceutical company whose shares were previously traded on NASDAQ. Mereo acquired 100% of the voting equity interests declared, and OncoMed will continue as a wholly-owned indirect subsidiary of Mereo. The Mereo Board believes that the combination of Mereo’s biopharmaceutical portfolio of four assets with OncoMed’s two lead assets will create a diversified combined portfolio, resulting in an increased number of potential near-term catalysts with a core focus remaining on Mereo’s strategy to target rare diseases, and that the cash position of the Combined Company will provide an extended operational runway, with the potential for such runway to be extended significantly further through partnering deals. The initial consideration for the purchase amounted to £40,892,478 in the form of 24,783,320 ordinary shares. The fair value of the ordinary shares issued was measured using the closing market price of Mereo’s ordinary shares at the acquisition date. Further amounts may be payable the former owners of OncoMed governed by the terms of an agreed Contingent Value Rights (CVR) agreement. The CVR represents the non-transferable contractual right for previous shareholders in OncoMed, Inc. to receive certain share and cash payments from Mereo if specified milestones are achieved within agreed time periods. The CVR milestone relates to OncoMed’s etigilimab (anti-TIGIT, OMP-313M32) and navicixizumab (anti-DLL4/VEGF, OMP-305B83) therapeutic candidates. The contingent payments become payable upon the achievement of the milestones as follows: The TIGIT milestone A payment, in the form of Mereo ADSs, will be made to CVR holders if, prior to December 31, 2019, the following milestone is achieved:
If the TIGIT milestone is achieved, holders of CVRs would be entitled to receive a number of Mereo ADSs equal to the $35 million cash milestone payment received net of any tax and other reasonable expenses, divided by the volume-weighted average price per Mereo ADS for the 10-trading day period immediately following the date of the announcement by Mereo of the receipt of such cash payment. The TIGIT milestone payment is subject to a share consideration cap, such that the number of Mereo shares underlying the Mereo ADSs to be issued pursuant to the CVR agreement, when aggregated with the number of Mereo shares underlying the Mereo ADSs issued as share consideration pursuant to the merger agreement, cannot exceed 40% of the enlarged Group after issuing the consideration shares. The NAVI milestones A cash payment will be made to CVR holders if, within 18 months following the closing of the merger, Mereo or any of its subsidiaries enters into a definitive agreement with one or more third parties regarding the OMP-305B83 products and, within five years of the closing of the merger, Mereo or any of its subsidiaries receives eligible cash milestone payments. If a NAVI milestone is achieved, holders of CVRs would be entitled to receive an amount in cash equal to 70% of the amount of such eligible cash milestone payment, net of any tax and other reasonable expenses. The NAVI milestone payments are subject to a cash consideration cap, pursuant to which the aggregate principal amount of all cash payments made to holders of CVRs by Mereo shall in no case exceed $79.7 million. We have estimated that the fair value of the deferred consideration is immaterial and have not provided for any amount payable. We are finalizing the purchase price allocation and have determined a preliminary estimate of the fair value of the intangible assets acquired of £14.5 million. We acquired cash and cash equivalents, and short-term investments at completion of $50.8 million.
We are finalizing the valuation of other assets and liabilities which will determine the amount of goodwill to be recognised. This will be disclosed in our interim financial statements for the period ending June 30, 2019. |
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Significant accounting policies (Policies) |
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Basis of preparation | 2.1 Basis of preparation The Group’s annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial information is presented in pounds sterling (“Sterling”). |
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Adoption of new accounting policies | 2.2 Adoption of new accounting policies The following policies have been adopted since the start of the period: a) IFRS 9 Financial Instruments. In the current period the Group has applied IFRS 9 Financial Instruments (as revised in July 2014) and the related consequential amendments to other IFRS. IFRS 9 introduces new requirements for 1) the classification and measurement of financial assets and financial liabilities, 2) impairment for financial assets, 3) general hedge accounting and 4) new accounting for certain modifications and exchanges of financial liabilities measured at amortized cost. The only impact on the Group is in relation to the non-substantial modification of the convertible loan notes, as detailed below. The Group has applied IFRS 9 in full without restating comparatives with an initial date of application of January 1, 2018. In relation to the non-substantial modification of financial liabilities, IFRS 9 requires the recognition of a modification gain or loss for exchanges or modifications of financial liabilities that do not result in derecognition of the financial liability. As a result, under IFRS 9 the carrying value of the convertible loan notes at the date of modification, as more fully described in Note 18a, was adjusted to recognize the modification gain in the retained earnings as of the date of initial application of IFRS 9 (January 1, 2018). Interest-bearing loans and borrowings – convertible loan notes
The Group has considered the adoption of IFRS 9 on receivables and determined the expected credit loss to be immaterial, and therefore no adjustment has been made for this. b) IFRS 15 Revenue from Contracts with Customers In the current period the Group has adopted IFRS 15 Revenue from Contracts with Customers. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. There has been no impact on Group reporting in the period.
c) IFRS 16 Leases General impact of application of IFRS 16 Leases IFRS 16 provides a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both lessors and lessees. IFRS 16 will supersede the current lease guidance including IAS 17 Leases and the related Interpretations when it becomes effective for accounting periods beginning on or after January 1, 2019. The date of initial application of IFRS 16 for the Group will be January 1, 2019. The Group has chosen the modified retrospective application of IFRS 16 in accordance with IFRS 16:C5(b). Consequently, the Group will not restate the comparative information. In contrast to lessee accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Impact of the new definition of a lease The Group will make use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 will continue to apply to those leases entered or modified before 1 January 2019. The change in definition of a lease mainly relates to the concept of control. IFRS 16 distinguishes between leases and service contracts on the basis of whether the use of an identified asset is controlled by the customer. Control is considered to exist if the customer has:
The Group will apply the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or modified on or after January 1, 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time application of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in IFRS 16 will not change significantly the scope of contracts that meet the definition of a lease for the Group. Impact on lessee accounting IFRS 16 will change how the Group accounts for leases previously classified as operating leases under IAS 17, which were off-balance sheet. On initial application of IFRS 16, for all leases (except as noted below), the Group will:
Lease incentives (e.g. rent-free period) will be recognized as part of the measurement of the right-of-use assets and lease liabilities whereas under IAS 17 they resulted in the recognition of a lease liability incentive, amortized as a reduction of rental expenses on a straight-line basis. Under IFRS 16, right-of-use assets will be tested for impairment in accordance with IAS 36 Impairment of Assets. This will replace the previous requirement to recognize a provision for onerous lease contracts. For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as personal computers and office furniture), the Group will opt to recognize a lease expense on a straight-line basis as permitted by IFRS 16. As at December 31, 2018, the Group had non-cancellable operating lease commitments of £535,665. The non-cancellable operating lease commitment and the expected lease liability balance to be recognized upon transition differs as a result of IFRS 16’s requirement to include, within the lease term, the non-cancellable period of a lease, together with periods covered by an option to extend, if that option is reasonably certain to be exercised and periods covered by an option to terminate, if that option is reasonably certain to not be exercised.
A preliminary assessment indicates that all of these arrangements relate to leases other than short-term leases and leases of low-value assets, and hence the Group will recognise a right-of-use asset of £2,551,810 and a corresponding lease liability of £2,533,647 in respect of all these leases. The impact on 2019 profit or loss is to decrease other expenses by £1,093,920, to increase depreciation by £696,948 and to increase interest expense by £322,662. Lease liability incentives of £32,090 previously recognized in respect of the operating leases will be derecognized and the amount factored into the measurement of the right-to-use assets and lease liabilities. The preliminary assessment indicates that £nil of these arrangements relate to short-term leases and leases of low-value assets. Under IAS 17, all lease payments on operating leases are presented as part of cash flows from operating activities. The impact of the changes under IFRS 16 to the 2019 statement of cash flows would be to reduce the cash used in operating activities by £932,268 and to increase net cash used in financing activities by the same amount. |
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Going concern | 2.3 Going concern Though the Group continues to make losses, the directors believe it is appropriate to prepare the financial information on the going concern basis. This is because the Group’s research into new products continues to progress according to plan and the funding secured to date, together with the funds that have come into the Group since the year end by way of the completed merger with OncoMed (as described more fully in Note 29) will allow it to meet its liabilities as they fall due for at least 12 months from the date of authorization for the issue of these consolidated financial statements. |
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Basis of consolidation | 2.4 Basis of consolidation The consolidated financial information comprises the financial statements of Mereo BioPharma Group plc and its subsidiaries as at December 31, 2018. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated in preparing the consolidated financial statements. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. The Company has an employee share trust to facilitate share transactions pursuant to employee share schemes. Although the trust is a separate legal entity from the Group, it is consolidated into the Group’s results in accordance with the IFRS 10 rules on special purpose vehicles. The Company is deemed to control the trust principally because the trust cannot operate without the funding the Group provides. All Group subsidiaries prepare yearly financial information to December 31 consistent with the Company. |
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Taxes | a) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, and include R&D tax credits receivable under the HM Revenue and Customs (HMRC) small or medium enterprise (SME) scheme, which provides additional taxation relief for qualifying expenditure on R&D activities, and allows for the surrender of tax losses in exchange for a cash payment from HMRC. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of comprehensive loss.
Income tax credit The Group benefits from the U.K. R&D tax credit regime whereby a portion of the Group’s losses can be surrendered for a cash rebate of up to 33.35% of eligible expenditures. Such credits are accounted for within the tax provision, in the year in which the expenditures were incurred. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply to the year when the asset is realized, based on tax rates (and tax laws) enacted or substantively enacted at the end of the reporting period. |
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Foreign currencies | b) Foreign currencies The functional currency of the Company and its subsidiaries is Sterling. Transactions in foreign currencies are initially recorded by the Group’s entities at the rate ruling on the date the transaction first qualifies for recognition. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Gains or losses on the retranslation of foreign currency balances at the year end are recognized in the consolidated statement of comprehensive loss under net foreign exchange gains/(losses). |
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Property, plant and equipment | c) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment if the recognition criteria are met. All other repair and maintenance costs are recognized in profit or loss as incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of comprehensive loss when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
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Leases | d) Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive loss on a straight-line basis over the period of the lease. The Group leases its premises (see Note 26). The Company recognizes any lease incentives on a straight-line basis over the entire period of the lease, assuming that any break clauses available will not be exercised. By not exercising any break clauses, the Group receives a 50% rent discount from the landlord for a fixed period of time as described in Note 26.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. |
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Intangible assets | e) Intangible assets Intangible assets, relating to intellectual property rights acquired through licensing or assigning patents and know-how, are initially recognized at cost which has been determined as the fair value of the consideration paid and payable. Consideration comprises cash paid together with the net present value of any provision for deferred cash consideration (see Note 2.5p) and the fair value of consideration settled in shares. The fair value of consideration is regularly reviewed based on the probability of achieving the contractual milestones. Where share transfer occurs, the cost is measured at fair value of the shares issued or to be issued in accordance with IFRS 2. Intangible assets are held at cost less accumulated amortization and provision for impairment, if any. Where a finite useful life of the acquired intangible asset cannot be determined or the intangible asset is not yet available for use, the asset is tested annually for impairment by allocating the assets to the cash-generating units to which they relate. Amortization would commence when product candidates underpinned by the intellectual property rights become available for commercial use. No amortization has been charged to date, as the product candidates underpinned by the intellectual property rights are not yet available for commercial use. |
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Fair value measurement | f) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
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Impairment of non-financial assets | g) Impairment of non-financial assets Further disclosures relating to impairment of non-financial assets are also provided in the following notes:
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment losses are recognized in the statement of comprehensive loss in expense categories consistent with the function of the impaired asset. An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of comprehensive loss unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. Intangible assets not yet available for use are tested for impairment annually as at December 31 at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired. An impairment test was performed at December 31, 2018. |
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Cash and short-term deposits | h) Cash and short-term deposits Cash and short-term deposits in the balance sheet comprise cash at banks and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. |
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Short-term investments | i) Short-term investments Cash on deposit for terms greater than three months are recognized at fair value in the balance sheet. |
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Provisions | j) Provisions General Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of comprehensive loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. |
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Share-based payments | k) Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity settled transactions). Incentives in the form of shares are provided to employees under the Share Option Plan. Executive officers are also provided with shares under a deferred bonus share plan (“DBSP Plan”) and a long-term incentive plan (“LTIP Plan”). In accordance with IFRS 2 Share-based Payment (“IFRS 2”), charges for these incentives are expensed through the consolidated statement of comprehensive loss on a straight-line basis over their vesting period, based on the Group’s estimate of shares that will eventually vest. The total amount to be expensed is determined by reference to the fair value of the options or awards at the date they were granted. For LTIP shares, the fair value excludes the impact of any non-market vesting conditions. The fair value of LTIP shares, which have market conditions attached, includes an adjustment based on the probability of the shares vesting at the end of the vesting period. Under the 2015 Plan, options were historically awarded to employees, NEDs and certain consultants. Share options awarded to non-employees under the 2015 Plan are accounted for as options awarded to employees as the value of non-employee services could be readily determined. In accordance with IFRS 2, the cancellation of share options is accounted for as an acceleration of the vesting period and therefore any amount unrecognized that would otherwise have been charged in future accounting periods is recognized immediately. When options are forfeited, the accounting expense for any unvested awards is reversed. Purchases, where consideration is satisfied by issuing equity shares is accounted for as equity settled share-based payment transactions in accordance with IFRS 2. Fair value is determined by the share price at the date of purchase. |
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Costs of issuing capital | l) Costs of issuing capital The Group deducts directly attributable costs of issuing capital from the proceeds in accordance with IAS 39 Financial Instruments: Recognition and Measurement. Incremental costs incurred and directly attributable to the offering of equity securities are deducted from the related proceeds of the offering. The net amount is recorded as share premium in the period when such shares are issued. Where such expenses are incurred prior to the offering they are recorded in prepayments until the offering completes. Other costs incurred in such offerings are expensed as incurred and included in general and administrative expenses. |
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Convertible loan instrument | m) Convertible loan instrument Convertible loan notes are regarded as compound instruments consisting of a liability component and an equity component. At the date of issue the fair value of the liability component is estimated using a discount rate for an equivalent liability without the conversion feature. The difference between the proceeds of issue of the convertible loan note and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in equity. An exchange between an existing borrower and lender of debt instruments with substantially different terms are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability as per IAS 39 and IFRS 9. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it (whether or not due to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In line with IAS 39 the terms of exchanged or modified debt are regarded as substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is at least 10% different from the discounted present value of the remaining cash flows of the original debt instrument. Where such modifications are less than 10% different, the effective interest rate is adjusted to take account of the new terms. |
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Employee Benefit Trust | n) Employee Benefit Trust The Group operates an Employee Benefit Trust (EBT): Mereo BioPharma Group plc Employee Benefit Trust. The EBT has been established to fulfil awards made under the Deferred Bonus Share Plan and the Long Term Incentive Plan. The EBT is a Jersey-based trust which is funded by a loan from the Company, which it will utilize to buy shares at nominal value from the Company in sufficient quantity to fulfil the envisaged awards. The EBT will acquire shares in the Company and these will be deducted from the shareholders’ funds on the consolidated balance sheet at the cost of acquisition less proceeds on disposal. In compliance with IAS 32 Financial Instruments: Presentation Group, shares held by the EBT are included in the consolidated balance sheet as a reduction in equity. Gains and losses on Group shares are recognized directly in equity.
The Group consolidated accounts treat the EBT as an extension of the Group and the Company as it is controlled and therefore consolidated. |
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Research and development | o) Research and development Expenditure on product development is capitalized as an intangible asset and amortized over the expected useful economic life of the product candidate concerned. Capitalization commences from the point at which technical feasibility and commercial viability of the product candidate can be demonstrated and the Group is satisfied that it is probable that future economic benefits will result from the product candidate once completed. Capitalization ceases when the product candidate receives regulatory approval for launch. No such costs have been capitalized to date. Expenditure on R&D activities that do not meet the above criteria, including ongoing costs associated with acquired intellectual property rights and intellectual property rights generated internally by the Group, is charged to the statement of comprehensive loss as incurred. Intellectual property and in-process research and development from asset acquisitions are recognized as intangible assets at cost. |
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Provision for deferred cash consideration | p) Provision for deferred cash consideration Provision for deferred cash consideration consists of future payments which are contractually committed but not yet certain. In respect of products which are not yet approved, such deferred cash consideration excludes potential milestones, royalties or other payments that are deemed to be so uncertain as to be unquantifiable. Deferred cash consideration is recognized as a liability with the amounts calculated as the risk adjusted net present value of anticipated deferred payments. The provision is reviewed at each balance sheet date and adjusted based on the likelihood of contractual milestones being achieved and therefore the deferred payment being settled. Increases in the provision relating to changes in the probability are recognized as an intangible asset. Increases in the provision relating to the unwinding of the time value of money are recognized as a finance expense. |
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Bank loan and associated warrants | q) Bank loan and associated warrants After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate (EIR) method. The EIR amortization is included as a finance charge in the statement of comprehensive loss. This category applies to interest-bearing borrowings, trade and other payables. As the terms of the warrant instrument allow for a cashless exercise, in line with IAS 32 the associated warrants are measured at fair value with changes recorded through the statement of comprehensive loss (see Note 20). An exchange between an existing borrower and lender of debt instruments with substantially different terms are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability as per IAS 39 and IFRS 9. Similarly, a substantial modification of the terms of an existing financial liability, or a part of it, (whether or not due to the financial difficulty of the debtor) should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In line with IAS 39 the terms of exchanged or modified debt are regarded as substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted at the original effective interest rate is at least 10% different from the discounted present value of the remaining cash flows of the original debt instrument. Where such modifications are less than 10% different, the effective interest rate is adjusted to take account of the new terms. |
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The Alpha-1 Project (TAP) funding agreement and associated warrants | r) The Alpha-1 Project (TAP) funding agreement and associated warrants The agreement is regarded as a compound instrument which includes both debt and equity components. As per IAS 32:31 the liability is measured first at fair value and the residual value allocated to the equity component. The difference between the funding payment amount received and the measurement of the liability will be allocated to the warrants and recognized in equity. The value of warrants in equity will not be subsequently re-measured, as the warrants will be settled by providing a fixed number of shares for a fixed amount of cash. |
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- Definition The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for foreign currency translation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for income tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for issued capital. [Refer: Issued capital] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for research and development expense. [Refer: Research and development expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the entity's accounting policy for adoption of new accounting policies. No definition available.
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- Definition Description of accounting policy for bank loan and associated warrants . No definition available.
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- Definition The description of the entity's accounting policy for basis of consolidation. No definition available.
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- Definition The entire disclosure for accounting policy for basis of preparation. No definition available.
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- Definition Description of accounting policy for convertible loan instrument. No definition available.
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- Definition Description of accounting policy for funding agreement and associated warrants. No definition available.
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- Definition Description of accounting policy for going concern. No definition available.
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- Definition Description of accounting policy for provisions for deferred cash consideration. No definition available.
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- Definition Description of accounting policy for short term investments. No definition available.
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Significant accounting policies (Tables) |
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Summary of Interest-Bearing Loans and Borrowings - Convertible Loan Notes | Interest-bearing loans and borrowings – convertible loan notes
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Summary of Depreciation Calculated on Straight-Line Basis Over Estimated Useful Lives of Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
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- Definition Disclosure of depreciation method for property plant and equipment and useful life. No definition available.
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- Definition Disclosure of interest-bearing loans and borrowings - convertible loan notes. No definition available.
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Group information (Tables) |
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Summary of Information About Subsidiaries of the Group | The consolidated financial statements of the Group include:
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- Definition The disclosure of subsidiaries. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Compensation of key management personnel of the Group (Tables) |
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Summary of Compensation Paid or Payable to Key Management | The compensation paid or payable to key management is set out below:
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- Definition The disclosure of information about key management personnel. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Finance income and Finance charge (Tables) |
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Summary of Finance Income | Finance income
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Summary of Finance Costs | Finance charge
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- Definition The disclosure of finance income. [Refer: Finance income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The disclosure of finance costs. No definition available.
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Employee benefits expense (Tables) |
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Summary of Employee Benefits Expense |
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- Definition The disclosure of detailed information about employee benefits and related expenses. No definition available.
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- Definition Text block [abstract] No definition available.
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Income tax (Tables) |
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Summary of Income Tax Credit |
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Summary of Reconciliation to the Earnings Loss Per Income Statement | The charge for the year can be reconciled to the loss per the income statement as follows:
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Summary of Deferred Tax | Deferred tax relates to the following:
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X | ||||||||||
- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Disclosure of income tax credit. No definition available.
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X | ||||||||||
- Definition Disclosure of the reconciliation to the earnings loss per the income statement. No definition available.
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Loss per share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Loss Per Share |
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X | ||||||||||
- Definition Disclosure of detailed information about loss per share. No definition available.
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Property, plant and equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Property, Plant and Equipment |
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X | ||||||||||
- Definition The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Detailed Information about Intangible Assets |
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Summary of Intangible Assets Material to Entity |
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X | ||||||||||
- Definition The disclosure of detailed information about intangible assets. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The disclosure of intangible assets that are material to the entity. [Refer: Intangible assets material to entity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Impairment testing of acquired development programs not yet available for use (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Carrying Amount of Acquired Development Programs | The carrying amount of acquired development programs is as follows:
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X | ||||||||||
- Definition The disclosure of receivables acquired in a business combination. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Text block [abstract] No definition available.
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Other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Other Receivables |
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X | ||||||||||
- Definition Disclosure of detailed information of other receivables. No definition available.
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Cash and short-term deposits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Cash and Short-term Deposits |
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X | ||||||||||
- Definition The disclosure for detailed information about cash and cash equivalents. No definition available.
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Short-term investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Short-term Investments |
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X | ||||||||||
- Definition The disclosure of short-term investments. No definition available.
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Issued capital and reserves (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Detailed Information of Ordinary Share Capital | Issued capital and reserves
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Summary of Share Premium |
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Summary of Other Capital Reserves | Other capital reserves
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Summary of Accumulated Loss |
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X | ||||||||||
- Definition The disclosure of classes of share capital. [Refer: Share capital [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Disclosure of accumulated losses within equity. No definition available.
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X | ||||||||||
- Definition The entire disclosure of other reserves. No definition available.
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X | ||||||||||
- Definition Disclosure of share premium. No definition available.
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Interest-bearing loans and borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Interest-bearing Loans and Borrowings |
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- Definition Disclosure of detailed information about interest bearing loans and borrowings. No definition available.
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Provisions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Provisions |
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Summary of Social Security Contributions on Share Options |
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Summary of Provisions for Deferred Cash Consideration |
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- Definition The disclosure of other provisions. [Refer: Other provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of detailed information about provisions. No definition available.
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- Definition Disclosure of social security contributions on share options. No definition available.
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- Definition Text block [abstract] No definition available.
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Warrant liability (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Warrant Liability |
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Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted | The following table lists the weighted average inputs to the models used for the fair value of warrants granted during the year ended December 31:
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- Definition Disclosure of detailed information about warrant liability. No definition available.
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- Definition Disclosure of weighted average inputs to the models used for the fair value of warrants granted. No definition available.
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Other liability (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Summary of Other Liabilities |
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- Definition Disclosure of detailed information of other liabilities. No definition available.
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Trade and other payables (Tables) |
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Summary of Trade and Other Payables |
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- Definition Disclosure of trade and other payables. No definition available.
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Changes in liabilities arising from financing activities (Tables) |
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Summary of Changes in Liabilities Arising from Financing Activities |
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- Definition The disclosure of the reconciliation of liabilities arising from financing activities. [Refer: Liabilities arising from financing activities] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Financial and capital risk management and fair value measurement (Tables) |
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Summary of Fair Value Hierarchy | 24.3. Fair value hierarchy
There were no transfers between Level 1 and Level 2 during 2018. Fair value measurement hierarchy for liabilities as at December 31, 2017:
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Summary of Comparison, by Class, of the Carrying Amounts and Fair Values of Financial Instruments | Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments:
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Summary of Changes In Significant Unobservable Inputs Under Valuation Model Used In Level Fair Value Measurement | The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31, 2018 and 2017 are as shown below:
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Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments | The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments at December 31, 2018:
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Summary of Contractual Obligations | The table below summarizes our contractual obligations at December 31, 2017:
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- Definition The disclosure of the fair value measurement of liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of carrying amounts and fair values of the financial instruments No definition available.
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- Definition Disclosure of contractual obligations . No definition available.
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- Definition Disclosure of maturity profile of financial liabilities based on contractual undiscounted. No definition available.
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Share-based payments (Tables) |
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Charge for Share-based Payments Under IFRS 2 | The charge for share-based payments under IFRS 2 arises across the following schemes:
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Summary of Number and Weighted Average Exercise Prices (WAEP) of, and Movements in, Options | The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, options for the 2015 Plan during the year:
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Summary of Weighted Average Inputs to the Models Used for the Fair Value of Share Options Granted | The following tables list the weighted average inputs to the models used for the fair value of share options granted during the years ended December 31, 2016, 2017 and 2018:
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Mereo BioPharma Group plc Share Option Plan [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Number and Weighted Average Exercise Prices (WAEP) of, and Movements in, Options | The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, options for the Option Plan during the year:
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Summary of Weighted Average Inputs to the Models Used for the Fair Value of Share Options Granted | The following tables list the weighted average inputs to the models used for the fair value of share options granted during the years ended December 31:
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Long-term incentive plan [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Weighted Average Inputs to the Models Used for the Fair Value of Share Options Granted | The following tables list the weighted average inputs to the models used for the fair value of LTIP options granted during the years ended December 31: LTIP Share Price Element
LTIP Strategic Element
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Summary of Number and Movements in Long Term Incentive Plan Options | The following table illustrates the number of, and movements in, LTIP options during the year:
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Deferred bonus share plan [member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Number and Movements in Deferred Bonus Share Plan | The following table illustrates the number of, and movements in, DBSP options during the year:
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X | ||||||||||
- Definition The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The disclosure of the general terms and conditions of share-based payment arrangements. [Refer: Share-based payment arrangements [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Disclosure of number and movements in deferred bonus share plan. No definition available.
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X | ||||||||||
- Definition The disclosure of number of share options. No definition available.
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X | ||||||||||
- Definition Disclosure of weighted average inputs to the models used for the fair value of share options granted. No definition available.
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text block [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases | Future minimum rentals payable under non-cancellable operating leases as at December 31, 2018 are as follows:
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X | ||||||||||
- Definition The disclosure of finance leases and operating leases by the lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Related party disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text block [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Purchased Goods and Services | The Group purchased goods and services from Novartis in the year as set out below:
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X | ||||||||||
- Definition The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Text block [abstract] No definition available.
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Significant Accounting Policies - Summary of Interest-Bearing Loans and Borrowings - Convertible Loan Notes (Detail) |
Jan. 01, 2018
GBP (£)
|
---|---|
Disclosure of financial liabilities at date of initial application of IFRS 9 [abstract] | |
At January 1, 2018 calculated under IAS 39 | £ 1,977,393 |
Amounts restated through retained earnings | (123,865) |
At January 1, 2018 under IFRS 9 | £ 1,853,528 |
X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The carrying amount of financial liabilities immediately after the initial application of IFRS 9. [Refer: Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The carrying amount of financial liabilities at the date of initial application of IFRS 9, determined in accordance with IAS 39 or in accordance with a previous version of IFRS 9 (if the entity’s chosen approach to applying IFRS 9 involves more than one date of initial application for different requirements). [Refer: Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of financial liabilities in the statement of financial position that were previously designated as measured at fair value through profit or loss but are no longer so designated, and that were reclassified due to the requirements of IFRS 9 when the entity initially applies IFRS 9. [Refer: Financial liabilities at fair value through profit or loss] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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X | ||||||||||
- Definition The amount of expense arising from interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'function of expense' form for its analysis of expenses. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Effective interest rate. No definition available.
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X | ||||||||||
- Definition Lease liability incentives. No definition available.
|
X | ||||||||||
- Definition Losses surrendered for cash rebate percentage of eligible expenditures. No definition available.
|
X | ||||||||||
- Definition Percentage of rent discount received from landlord. No definition available.
|
X | ||||||||||
- Definition Short-term leases and leases of low-value assets. No definition available.
|
X | ||||||||||
- Details
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Significant Accounting Policies - Summary of Depreciation Calculated on Straight-Line Basis Over Estimated Useful Lives of Assets (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | ten years |
Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | five years |
IT equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | three years |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The useful lives or depreciation rates used for property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Definition The country in which a subsidiary of the entity is incorporated. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The description of the nature of the entity's operations and principal activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The name of a subsidiary. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Compensation of Key Management Personnel of the Group - Summary of Compensation Paid or Payable to Key Management (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of transactions between related parties [abstract] | |||
Short-term benefits | £ 3,176,168 | £ 2,756,979 | £ 2,111,712 |
Post-employment benefits | 59,522 | 87,269 | 106,500 |
IFRS 2 share-based payment charge | 1,470,025 | 2,726,337 | 4,631,853 |
Total compensation paid to key management personnel | £ 4,705,715 | £ 5,570,585 | £ 6,850,065 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of post-employment benefits. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Finance Income and Finance Charge - Summary of Finance Income (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Material income and expense [abstract] | |||
Bank interest earned | £ 306,831 | £ 826,855 | £ 374,906 |
X | ||||||||||
- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
Finance Income and Finance Charge - Summary of Finance Costs (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Material income and expense [abstract] | |||
Interest payable on convertible loan | £ (185,352) | £ (103,115) | £ (179,765) |
Interest payable on bank loan | (1,644,610) | (327,123) | |
Accreted interest on bank loan | (781,998) | (66,935) | |
Transaction costs on bank loan | (200,000) | ||
Loss on short-term deposits | (21,903) | (338,279) | |
Increase in provision for deferred cash consideration | (443,000) | ||
Change in warrant fair value | 716,214 | (54,473) | |
Total finance charge | £ (2,360,648) | £ (1,089,925) | £ (179,765) |
X | ||||||||||
- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Accreted interest on bank loan. No definition available.
|
X | ||||||||||
- Definition Gain (Loss) on change in fair value of warrants. No definition available.
|
X | ||||||||||
- Definition Increase in provision for deferred cash consideration. No definition available.
|
X | ||||||||||
- Definition Interest charges on bank loan. No definition available.
|
X | ||||||||||
- Definition Interest charges on convertible loan. No definition available.
|
X | ||||||||||
- Definition Loss on short term deposits. No definition available.
|
X | ||||||||||
- Definition Transaction costs on bank loan. No definition available.
|
Employee Benefits Expense - Summary of Employee Benefits Expense (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of employee benefits expense [line items] | |||
Share-based payment expense | £ 2,189,293 | £ 3,651,898 | £ 6,494,018 |
Total employee benefits expense | 6,197,916 | 9,299,652 | 11,322,086 |
Research and development expenses [member] | |||
Disclosure of employee benefits expense [line items] | |||
Salaries | 1,791,679 | 1,640,373 | 1,150,222 |
Social security costs | (29,670) | 420,417 | 344,467 |
Pension contributions | 73,401 | 77,425 | 50,864 |
Share-based payment expense | 525,972 | 822,173 | 1,550,884 |
Administrative expenses [member] | |||
Disclosure of employee benefits expense [line items] | |||
Salaries | 2,902,759 | 2,253,393 | 2,132,920 |
Social security costs | (827,509) | 1,159,548 | 1,040,409 |
Pension contributions | 97,962 | 96,598 | 109,187 |
Share-based payment expense | £ 1,663,322 | £ 2,829,725 | £ 4,943,133 |
X | ||||||||||
- Definition The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of expense from share-based payment transactions with employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of post-employment benefit expense relating to defined benefit plans. [Refer: Defined benefit plans [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition A class of employee benefits expense that represents social security contributions. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Disclosure of employee benefits expense. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Income Tax - Summary of Income Tax Credit (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Major components of tax expense (income) [abstract] | |||
U.K. corporation tax R&D credit | £ 5,277,380 | £ 8,152,084 | £ 5,331,271 |
Income tax credit | £ 5,277,380 | £ 8,152,084 | £ 5,331,271 |
X | ||||||||||
- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tax effect of research and development credits. No definition available.
|
Income Tax - Summary of Reconciliation to the Earnings Loss Per Income Statement (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Major components of tax expense (income) [abstract] | |||
Loss on ordinary activities before income tax | £ (37,306,120) | £ (46,951,138) | £ (33,721,551) |
Loss on ordinary activities before tax at the U.K.'s statutory income tax rate of 19% (2017: 19.25%) | 7,088,163 | 9,038,094 | 6,744,310 |
Expenses not deductible for tax purposes (permanent differences) | (1,069,606) | (14,316) | (15,116) |
Temporary timing differences | (276,881) | (711,677) | (1,300,044) |
R&D relief uplift | 2,270,777 | 3,447,474 | 2,134,107 |
Losses (unrecognized) | (2,803,796) | (3,784,801) | (2,231,986) |
Deferred income from MBG loan guarantee costs | 68,723 | 177,310 | |
Tax credit for the year | £ 5,277,380 | £ 8,152,084 | £ 5,331,271 |
X | ||||||||||
- Definition The amount of deferred tax expense or income relating to the creation or reversal of temporary differences. [Refer: Temporary differences [member]; Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining taxable profit (tax loss). [Refer: Accounting profit] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to tax losses. [Refer: Accounting profit] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Tax effect of deferred income from MBG loan guarantee costs. No definition available.
|
X | ||||||||||
- Definition Tax effect of R & D relief uplift. No definition available.
|
Income Tax - Summary of Reconciliation to the Earnings Loss Per Income Statement (Parenthetical) (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Major components of tax expense (income) [abstract] | ||
Statutory income tax rate | 19.00% | 19.25% |
X | ||||||||||
- Definition The applicable income tax rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
Income Tax - Additional Information (Detail) - GBP (£) |
12 Months Ended | |||
---|---|---|---|---|
Apr. 01, 2020 |
Apr. 01, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disclosure of income tax credit [line items] | ||||
Tax losses to be carried forward | £ 50,611,184 | £ 36,010,916 | ||
Description of accumulated tax losses | The deferred tax asset has not been recognized as there is uncertainty regarding when suitable future profits against which to offset the accumulated tax losses will arise. There is no expiration date for the accumulated tax losses. | |||
Description of corporate tax reduction | A reduction in the rate of U.K. corporation tax to 19% from April 1, 2017 and to 17% from April 1, 2020 has been substantively enacted. | |||
Corporate tax reduction | 19.00% | |||
Standard rate of corporation tax applied to reported loss | 19.00% | 19.25% | ||
Rate at which deferred tax assets and liabilities would be recognized | 17.00% | |||
Changes in tax rates or tax laws enacted or announced [member] | ||||
Disclosure of income tax credit [line items] | ||||
Corporate tax reduction | 17.00% |
X | ||||||||||
- Definition The applicable income tax rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The explanation of the changes in the entity's applicable income tax rate(s) compared to the previous accounting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from a change in tax rate. [Refer: Average effective tax rate; Applicable tax rate] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Description of accumulated tax losses. No definition available.
|
X | ||||||||||
- Definition Disclosure of income tax credit. No definition available.
|
X | ||||||||||
- Definition Tax losses carried forward. No definition available.
|
X | ||||||||||
- Definition Tax rate effect of deferred tax assets and liability. No definition available.
|
X | ||||||||||
- Details
|
Income Tax - Summary of Deferred Tax (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset | £ 9,104,580 | £ 8,388,198 | £ 2,770,723 |
Losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset | 8,603,902 | 6,121,400 | 2,778,396 |
Fixed assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset | 3,011 | (9,883) | |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset | 2,888 | £ 2,210 | |
Temporary differences trading [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax asset | £ 494,779 | £ 2,266,798 |
X | ||||||||||
- Definition The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Loss per share - Summary of Loss Per Share (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Earnings per share [abstract] | |||
Loss | £ (32,028,740) | £ (38,799,054) | £ (28,390,280) |
Weighted shares number | 71,144,786 | 69,012,348 | 44,789,893 |
Loss per share | £ (0.45) | £ (0.56) | £ (0.63) |
X | ||||||||||
- Definition The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Loss per share - Additional information (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Apr. 26, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Earnings per share [abstract] | |||
Equity shares to be issued | 864,988 | 864,988 | |
New ordinary shares payable | 1,349,692 | ||
Warrants issued | 632,829 | 41,286 | 696,490 |
X | ||||||||||
- Definition The number of dilutive potential ordinary shares that relate to the assumed conversion of the entity's convertible instruments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The number of dilutive potential ordinary shares that relate to the assumed exercise of the entity's share options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Ordinary shares outstanding. No definition available.
|
X | ||||||||||
- Definition The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The decrease in property, plant and equipment resulting from disposals. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Intangible Assets - Summary of Detailed Information about Intangible Assets (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | £ 33,005,229 | £ 25,812,941 | £ 25,812,941 |
Ending balance | 32,632,229 | 33,005,229 | 25,812,941 |
Cost or valuation member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 33,005,229 | 25,812,941 | 25,812,941 |
Additions | 7,192,288 | ||
Ending balance | 33,005,229 | 33,005,229 | 25,812,941 |
Depreciation/Amortization and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Revision to estimated value | (373,000) | ||
Impairment | £ 0 | £ 0 | |
Ending balance | £ (373,000) |
X | ||||||||||
- Definition The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of impairment loss recognised in profit or loss for intangible assets and goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets and goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of reversal of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Reversal of impairment loss recognised in profit or loss; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Intangible Assets - Additional Information (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Oct. 28, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Cost or valuation member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | £ 7,192,288 | ||
Cost or valuation member] | MPH-9668 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | £ 7,192,288 | ||
Depreciation/Amortization and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Revision to estimated value | £ 373,000 |
X | ||||||||||
- Definition The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of reversal of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Reversal of impairment loss recognised in profit or loss; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Intangible Assets - Summary of Intangible Assets Material to Entity (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of detailed information about intangible assets [line items] | |||
Cash payment | £ 2,280,000 | ||
Equity issued | £ 67,888,821 | ||
Deferred equity consideration | £ 6,494,018 | ||
Present value of provision for deferred cash consideration | £ 443,000 | ||
Total | 32,632,229 | 33,005,229 | |
MPH-9668 [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cash payment | 2,280,000 | 2,280,000 | |
Equity issued | 1,520,000 | 1,520,000 | |
Deferred equity consideration | 1,331,288 | 1,331,288 | |
Present value of provision for deferred cash consideration | 1,688,000 | 2,061,000 | |
Total | £ 6,819,288 | £ 7,192,288 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of intangible assets representing such assets under development. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Increase in provision for deferred cash consideration. No definition available.
|
X | ||||||||||
- Details
|
Impairment Testing of Acquired Development Programs Not Yet Available for Use - Summary of Carrying Amount of Acquired Development Programs (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Disclosure of detailed information about intangible assets [line items] | ||
Acquired development programs | £ 32,632,229 | £ 33,005,229 |
BPS-804 [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Acquired development programs | 11,615,824 | 11,615,824 |
MPH-9668 [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Acquired development programs | 6,819,288 | 7,192,288 |
BGS-649 [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Acquired development programs | 9,886,356 | 9,886,356 |
BCT-197 [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Acquired development programs | £ 4,310,761 | £ 4,310,761 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of intangible assets representing such assets under development. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Impairment Testing of Acquired Development Programs Not Yet Available for Use - Additional Information (Detail) - GBP (£) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Impairment of the acquired products' rights | £ 0 | |
Cash flow projections - Industry-standard asset life | P20Y | |
Discount rates | 15.30% | 15.30% |
X | ||||||||||
- Definition The discount rate used in the previous estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of impairment loss on financial assets. [Refer: Financial assets; Impairment loss] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Industry-standard asset life. No definition available.
|
Other Receivables - Summary of Other Receivables (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Disclosure of other receivables [abstract] | ||
Rent deposit | £ 293,328 | £ 293,328 |
VAT recoverable | 315,565 | 212,422 |
Cash held by Employee Benefit Trust | 3,600 | |
Total | £ 608,893 | £ 509,350 |
X | ||||||||||
- Definition The amount of current value added tax receivables. [Refer: Value added tax receivables] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of current other receivables. [Refer: Other receivables] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Cash held by employee benefit trust. No definition available.
|
X | ||||||||||
- Definition Disclosure of other receivables [abstract]. No definition available.
|
X | ||||||||||
- Definition Rent deposit. No definition available.
|
Cash and Short-term Deposits - Summary of Cash and Short-term Deposits (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Cash and cash equivalents [abstract] | ||||
Cash at banks and on hand | £ 5,343,975 | £ 11,005,675 | ||
Short-term deposits | 19,697,970 | 39,038,997 | ||
Total | £ 25,041,945 | £ 50,044,672 | £ 53,577,571 | £ 12,247,986 |
X | ||||||||||
- Definition The amount of cash on hand and demand deposits. [Refer: Cash on hand] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
Short-term Investments - Summary of Short-term Investments (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Short- Term Investments [abstract] | ||
Short-term investments | £ 2,500,000 | £ 2,500,000 |
X | ||||||||||
- Definition The amount of current investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Short- term Investments [abstract]. No definition available.
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of shares issued by the entity, for which full payment has been received. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The nominal value per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition The amount of consideration paid or received in respect of both obtaining and losing control of subsidiaries or other businesses. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of dilutive potential ordinary shares that relate to the assumed conversion of the entity's convertible instruments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The change in equity resulting from the issuing of convertible instruments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The number of shares issued by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The number of shares issued by the entity, for which full payment has been received. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The nominal value per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The decrease in equity resulting from a reduction in issued capital. [Refer: Issued capital] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition A component of equity representing components of convertible instruments classified as equity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Bonus shares received. No definition available.
|
X | ||||||||||
- Definition Employee share option charge. No definition available.
|
X | ||||||||||
- Definition Maximum number of shares to be issued. No definition available.
|
X | ||||||||||
- Definition Number of share options cancelled in share based payment arrangement. No definition available.
|
X | ||||||||||
- Definition Reserve of warrants issued for TAP funding. No definition available.
|
X | ||||||||||
- Definition Share conversion price per share. No definition available.
|
X | ||||||||||
- Definition Share options cancelled date. No definition available.
|
X | ||||||||||
- Definition Shareholding percentage. No definition available.
|
X | ||||||||||
- Definition Shares issued price per share 1. No definition available.
|
X | ||||||||||
- Definition Shares to be issued price per share 1. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount received or receivable from the issuance of the entity's shares in excess of nominal value. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Decrease in share capital. No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for acquisition of license No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for conversion of loan note No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for exercise of share options No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for private financing. No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for private placement. No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for private placement financing No definition available.
|
X | ||||||||||
- Definition Issuance of share capital for public offering No definition available.
|
X | ||||||||||
- Definition Transaction costs for issued share capital. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in equity resulting from the conversion of convertible instruments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Share-based payments release for exercise of options. No definition available.
|
X | ||||||||||
- Definition Warrants issued for TAP funding. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Issued Capital and Reserves - Summary of Accumulated Loss (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Disclosure of classes of share capital [abstract] | |||
Other reserves | £ 7,000,000 | £ 7,000,000 | £ 7,000,000 |
Accumulated losses | (111,220,794) | (79,315,920) | (40,579,241) |
Accumulated deficit | £ (104,220,794) | £ (72,315,920) | £ (33,579,241) |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition A component of equity representing the entity's cumulative undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The amount of accumulated deficit. No definition available.
|
Interest-bearing Loans and Borrowings - Summary of Interest-bearing Loans and Borrowings (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Disclosure of detailed information about borrowings [abstract] | ||
Novartis Notes | £ 2,038,881 | £ 1,977,393 |
Bank loan | 19,445,756 | 18,774,924 |
Interest-bearing loans and borrowings | 21,484,637 | 20,752,317 |
Current | 6,837,884 | 1,939,806 |
Non-current | 14,646,753 | 18,812,511 |
Interest-bearing loans and borrowings | £ 21,484,637 | £ 20,752,317 |
X | ||||||||||
- Definition The amount of outstanding funds that the entity is obligated to repay. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of loans received. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The non-current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of notes and debentures issued by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The interest rate on borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in equity resulting from the exercise of warrants. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The non-current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The nominal or face amount of a financial instrument, used to calculate payments made on that instrument. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition A component of equity representing components of convertible instruments classified as equity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Accreted interest on bank loan. No definition available.
|
X | ||||||||||
- Definition Annual interest charges. No definition available.
|
X | ||||||||||
- Definition Borrowings principal amount. No definition available.
|
X | ||||||||||
- Definition Conversion price per share. No definition available.
|
X | ||||||||||
- Definition Conversion share ratio. No definition available.
|
X | ||||||||||
- Definition Convertible secured loans amount. No definition available.
|
X | ||||||||||
- Definition Decrease in interest bearing loans and borrowings. No definition available.
|
X | ||||||||||
- Definition Decrease in Retained Earnings No definition available.
|
X | ||||||||||
- Definition Discounted debt ratio percentage. No definition available.
|
X | ||||||||||
- Definition Effective interest rate. No definition available.
|
X | ||||||||||
- Definition Fair value of additional warrants. No definition available.
|
X | ||||||||||
- Definition Fair value of loan liability. No definition available.
|
X | ||||||||||
- Definition Fair value of warrants issued. No definition available.
|
X | ||||||||||
- Definition Gain losses on borrowings recognized in profit and loss. No definition available.
|
X | ||||||||||
- Definition Interest-bearing loans and borrowings. No definition available.
|
X | ||||||||||
- Definition Issue of convertible instruments shares. No definition available.
|
X | ||||||||||
- Definition Loan amount final payment date. No definition available.
|
X | ||||||||||
- Definition Loan interest rate. No definition available.
|
X | ||||||||||
- Definition Loan maturity date. No definition available.
|
X | ||||||||||
- Definition Number of additional warrants offered. No definition available.
|
X | ||||||||||
- Definition Number of bonus shares. No definition available.
|
X | ||||||||||
- Definition Number of convertible loan notes converted into ordinary shares. No definition available.
|
X | ||||||||||
- Definition Number of monthly installments. No definition available.
|
X | ||||||||||
- Definition Percentage of ordinary share capital. No definition available.
|
X | ||||||||||
- Definition Percentage of principal amount due. No definition available.
|
X | ||||||||||
- Definition Principal value convertible loans. No definition available.
|
X | ||||||||||
- Definition Reduction in other capital reserves. No definition available.
|
X | ||||||||||
- Definition Share price per share. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Provisions - Summary of Provisions (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Disclosure of other provisions [line items] | ||||
Provisions | £ 2,973,367 | £ 4,349,386 | ||
Current | 332,014 | 274,000 | ||
Non-current | 2,641,353 | 4,075,386 | ||
Social security contributions on share options [member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 842,367 | 2,288,386 | £ 1,172,420 | £ 141,311 |
Current | 0 | 0 | 0 | |
Non-current | 842,367 | 2,288,386 | £ 1,172,420 | |
Provision for deferred cash consideration [member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 2,131,000 | 2,061,000 | ||
Current | 332,014 | 274,000 | ||
Non-current | £ 1,798,986 | £ 1,787,000 |
X | ||||||||||
- Definition The amount of current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of non-current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of liabilities of uncertain timing or amount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Provisions - Summary of Social Security Contributions on Share Options (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of other provisions [line items] | |||
Beginning balance | £ 4,349,386 | ||
Ending balance | 2,973,367 | £ 4,349,386 | |
Current | 332,014 | 274,000 | |
Non-current | 2,641,353 | 4,075,386 | |
Social security contributions on share options [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 2,288,386 | 1,172,420 | £ 141,311 |
Accretion of discount | 7,293 | ||
Arising during the year | 1,115,966 | 1,084,181 | |
Released | (1,446,019) | (60,365) | |
Ending balance | 842,367 | 2,288,386 | 1,172,420 |
Current | 0 | 0 | 0 |
Non-current | £ 842,367 | £ 2,288,386 | £ 1,172,420 |
X | ||||||||||
- Definition The amount of additional other provisions made. [Refer: Other provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in other provisions resulting from a change in discount rate. [Refer: Other provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of non-current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount used (ie incurrent and charged against the provision) for other provisions. [Refer: Other provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of liabilities of uncertain timing or amount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
Provisions - Summary of Provisions for Deferred Cash Consideration (Detail) - GBP (£) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disclosure of other provisions [line items] | ||
Beginning balance | £ 4,349,386 | |
Ending balance | 2,973,367 | £ 4,349,386 |
Current | 332,014 | 274,000 |
Non-current | 2,641,353 | 4,075,386 |
Provision for deferred cash consideration [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 2,061,000 | |
Arising during the year | 2,061,000 | |
Increase in provision due to the unwinding of the time value of money | 443,000 | |
Decrease in provision due to a change in estimates relating to timelines and probabilities of contractual milestones being achieved (see Note 12) | (373,000) | |
Ending balance | 2,131,000 | 2,061,000 |
Current | 332,014 | 274,000 |
Non-current | £ 1,798,986 | £ 1,787,000 |
X | ||||||||||
- Definition The amount of additional other provisions made. [Refer: Other provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase in other provisions through adjustments arising from the passage of time. [Refer: Other provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of non-current provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of liabilities of uncertain timing or amount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Decrease in provision due to a change in estimates r No definition available.
|
X | ||||||||||
- Details
|
Warrant Liability - Summary of Warrant Liability (Detail) - GBP (£) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disclosure of classes of share capital [abstract] | ||
Beginning balance | £ 1,346,484 | |
Arising during the year | 375,343 | £ 1,292,011 |
Movement during the year | (716,214) | 54,473 |
Ending balance | £ 1,005,613 | £ 1,346,484 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of non-current liabilities related to issued warrants. No definition available.
|
X | ||||||||||
- Definition Warrant liability arising during the year. No definition available.
|
X | ||||||||||
- Definition Warrant liability movement during the year. No definition available.
|
Warrant Liability - Additional Information (Detail) - GBP (£) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disclosure of classes of share capital [line items] | ||
Warrants issued | 922,464 | |
Percentage of ordinary share capital | 1.30% | |
Fair value of warrants granted during prior period | £ 1,667,354 | |
Fair value of the warrants at grant | £ 1,005,613 | £ 1,346,484 |
Warrants issued on August 21, 2017 [member] | ||
Disclosure of classes of share capital [line items] | ||
Warrants issued | 363,156 | |
Exercise price | £ 3.029 | |
Exercise date | Aug. 07, 2027 | |
Warrants issued on December 29, 2017 [member] | ||
Disclosure of classes of share capital [line items] | ||
Warrants issued | 333,334 | |
Exercise price | £ 3.30 | |
Exercise date | Aug. 07, 2027 | |
Warrants issued on October 1, 2018 [member] | ||
Disclosure of classes of share capital [line items] | ||
Warrants issued | 225,974 | |
Exercise price | £ 2.31 | |
Exercise date | Oct. 01, 2028 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The percentage of an expected dividend used to calculate the fair value of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Exercise price of warrants exercised. No definition available.
|
X | ||||||||||
- Definition Fair value of warrants at grant. No definition available.
|
X | ||||||||||
- Definition Fair value of warrants granted prior period. No definition available.
|
X | ||||||||||
- Definition Number of warrants issued. No definition available.
|
X | ||||||||||
- Definition Warrants exercisable date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Warrant Liability - Summary of Weighted Average Inputs to the Models Used for the Fair Value of Warrants Granted (Detail) - Warrant liability [member] - GBP (£) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disclosure of classes of share capital [line items] | ||
Expected volatility | 65.00% | |
Risk-free interest rate | 1.56% | |
Expected life of share options (years) | 10 years | |
Market price of ordinary shares | £ 2.31 | |
Model used | Black Scholes | |
Bottom of range [member] | ||
Disclosure of classes of share capital [line items] | ||
Expected volatility | 50.00% | |
Risk-free interest rate | 1.10% | |
Expected life of share options (years) | 9 years 7 months 6 days | |
Market price of ordinary shares | £ 3.00 | |
Model used | Black Scholes | |
Top of range [member] | ||
Disclosure of classes of share capital [line items] | ||
Expected volatility | 51.00% | |
Risk-free interest rate | 1.25% | |
Expected life of share options (years) | 10 years | |
Market price of ordinary shares | £ 3.25 |
X | ||||||||||
- Definition The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The description of the option pricing model used for share options granted. [Refer: Option pricing model [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition Expected life of share options granted. No definition available.
|
X | ||||||||||
- Definition Market price of ordinary shares. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Other Liability - Summary of Other Liabilities (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2018
GBP (£)
| |
Disclosure Of Other Liabilities [abstract] | |
Beginning balance | £ 0 |
Arising during the year | 34,289 |
Ending balance | £ 34,289 |
X | ||||||||||
- Definition The amount of liabilities that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Disclosure Of Other Liabilities [abstract] No definition available.
|
X | ||||||||||
- Definition Increase decrease in other non-current liabilities 1. No definition available.
|
Other Liability - Additional Information (Detail) |
12 Months Ended | ||||
---|---|---|---|---|---|
Nov. 16, 2018
GBP (£)
|
Dec. 31, 2018
GBP (£)
|
Nov. 16, 2018
USD ($)
|
Oct. 08, 2018
USD ($)
|
Dec. 31, 2017
GBP (£)
|
|
Disclosure Of Other Liabilities [line items] | |||||
Payments from TAP agreement | £ 78,445 | $ 100,000 | |||
Fair value of liability | £ 34,289 | ||||
Non cash interest charge | 25.80% | ||||
Fair value of warrants issued | £ 44,156 | £ 44,156 | |||
Carrying value of other liability | 34,289 | £ 0 | |||
Carrying value of other non current liability | £ 34,289 | ||||
MPH-966 [member] | |||||
Disclosure Of Other Liabilities [line items] | |||||
Payments from TAP agreement | $ | $ 400,000 |
X | ||||||||||
- Definition The increase (decrease) in equity resulting from the exercise of warrants. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of liabilities that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Disclosure of other liabilities line items. No definition available.
|
X | ||||||||||
- Definition Milestone payments. No definition available.
|
X | ||||||||||
- Definition Non cash interest rate. No definition available.
|
X | ||||||||||
- Definition Other financial liabilities at fair value. No definition available.
|
X | ||||||||||
- Details
|
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Trade and other payables [abstract] | ||
Trade payables | £ 4,392,602 | £ 2,860,303 |
Social security and other taxes | 160,719 | 144,348 |
Other payables | 16,986 | 19,375 |
At December 31 | £ 4,570,307 | £ 3,024,026 |
X | ||||||||||
- Definition The amount of current payables that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of payment due on social security and taxes other than income tax. Income taxes include all domestic and foreign taxes that are based on taxable profits. Income taxes also include taxes, such as withholding taxes, that are payable by a subsidiary, associate or joint arrangement on distributions to the reporting entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) in liabilities arising from financing activities resulting from changes in fair values. [Refer: Liabilities arising from financing activities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of liabilities for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities. [Refer: Cash flows from (used in) financing activities; Liabilities] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Adjustment for bank loan transaction costs. No definition available.
|
X | ||||||||||
- Definition Adjustments of non cash amounts restated through retained earnings. No definition available.
|
X | ||||||||||
- Definition Adjustments of non cash interest accrual liabilities arising from financing activities. No definition available.
|
X | ||||||||||
- Definition Adjustments of non cash provision for deferred cash consideration. No definition available.
|
X | ||||||||||
- Definition Changes in accreted interest liabilities arising from financing activities No definition available.
|
X | ||||||||||
- Definition Changes in non cash fair value warrant liabilities arising from financing activities. No definition available.
|
X | ||||||||||
- Definition Changes through interest payments liabilities arising from financing activities. No definition available.
|
X | ||||||||||
- Definition Increase decrease in non cash warrant liability. No definition available.
|
X | ||||||||||
- Definition Increase (decrease) through bank loan liabilities arising from financing activities. No definition available.
|
X | ||||||||||
- Definition Increase (decrease) through non cash bank modification loss liabilities arising from financing activities. No definition available.
|
X | ||||||||||
- Definition Increase (decrease) through TAP funding liabilities arising from financing activities. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Financial and Capital Risk Management and Fair Value Measurement - Additional Information (Detail) - Credit risk [member] |
Dec. 31, 2018
GBP (£)
|
---|---|
Investment counterparties [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure risk | £ 10,000,000 |
Cash deposit counterparties [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exposure risk | £ 5,000,000 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Fair value hierarchy, valuation date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Financial and Capital Risk Management and Fair Value Measurement - Summary of Comparison, by Class, of the Carrying Amounts and Fair Values of Financial Instruments (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Provision for deferred cash consideration [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | £ 2,131,000 | £ 2,061,000 |
Fair value | 2,131,000 | 2,061,000 |
Warrant liability [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 1,005,613 | 1,346,484 |
Fair value | £ 1,005,613 | £ 1,346,484 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Historical volatility for shares used as a significant Level 3 unobservable input for liabilities. [Refer: Level 3 of fair value hierarchy [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Interest rate used as a significant Level 3 unobservable input for liabilities. [Refer: Level 3 of fair value hierarchy [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Probability of default used as a significant Level 3 unobservable input for assets. [Refer: Level 3 of fair value hierarchy [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Weighted average cost of capital used as a significant Level 3 unobservable input for assets. [Refer: Level 3 of fair value hierarchy [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Clone 1 Of Disclosure of significant unobservable inputs used in fair value measurement [line items] No definition available.
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- Definition Increase Decrease in sensitivity analysis affecting input to fair value No definition available.
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- Definition Percentage Of Increase Decrease in sensitivity analysis affecting input to fair value. No definition available.
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- Definition Remaining life Of Increase Decrease in sensitivity analysis affecting input to fair value. No definition available.
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- Definition Remaining life of, significant unobservable inputs, liabilities. No definition available.
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
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- Definition The amount of contractual undiscounted cash flows in relation to non-derivative financial liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Contractual Obligations No definition available.
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- Definition Disclosure of contractual obligation No definition available.
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- Details
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Share-based Payments - Charge for Share-based Payments Under IFRS 2 (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | £ 2,189,293 | £ 3,651,898 | £ 6,494,018 |
2015 Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | 805,738 | 2,441,671 | 6,185,067 |
Mereo BioPharma Group plc Share Option Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | 1,064,217 | 586,291 | |
Long-term incentive plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | £ 319,338 | 298,287 | 133,601 |
Deferred bonus share plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | £ 325,649 | £ 175,350 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The amount of expense from share-based payment transactions with employees. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Share-based payment arrangements [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The exercise price of outstanding share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average fair value of share options granted during the period at the measurement date. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition Employee services expenses. No definition available.
|
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- Definition Employee share option charge. No definition available.
|
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- Definition Fair value of ordinary shares but not yet issued. No definition available.
|
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- Definition Number of share options cancelled in share based payment arrangement. No definition available.
|
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- Definition Number of shares granted amount No definition available.
|
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- Definition Number of shares granted but not yet issued. No definition available.
|
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- Definition Number of shares issued for consideration. No definition available.
|
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- Definition Percentage of annual bonus. No definition available.
|
X | ||||||||||
- Definition Percentage of options issued to employees . No definition available.
|
X | ||||||||||
- Definition Percentage of options vested to employees. No definition available.
|
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award percent of annual bonus for purchasing ordinary shares. No definition available.
|
X | ||||||||||
- Definition Share option contractual term. No definition available.
|
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- Definition Share options cancelled date. No definition available.
|
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- Definition Share options vesting period. No definition available.
|
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- Definition Weighted average remaining contractual life of outstanding share options period. No definition available.
|
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options exercisable in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options exercised in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options expired in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options forfeited in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Details
|
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|
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- Definition The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The description of the option pricing model used for share options granted. [Refer: Option pricing model [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
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- Definition Expected life of share options granted. No definition available.
|
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- Definition Market price of ordinary shares. No definition available.
|
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|
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|
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|
Share-based Payments - Summary of Number and Movements in Long Term Incentive Plan Options (Detail) - Long-term incentive plan [member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Granted during the year | 185,950 | 1,199,658 | |
Cancelled during the year | 0 | 0 | 0 |
Forfeited during the year | (234,162) | ||
Number of options outstanding at December 31 | 1,151,446 | 1,151,446 | 965,496 |
Exercisable at December 31 | 0 | 0 | 0 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
Share-based Payments - Summary of Number and Movements in Deferred Bonus Share Plan (Detail) - Deferred bonus share plan [member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options outstanding at beginning of the year | 163,000 | 62,180 | |
Awarded during the year | 100,820 | 62,180 | |
Granted during the year | 0 | 0 | 0 |
Number of options outstanding at December 31 | 163,000 | 163,000 | 62,180 |
Exercisable at December 31 | 0 | 0 | 0 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Number of share options awarded in share based payment arrangement. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) - GBP (£) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Disclosure of finance lease and operating lease by lessee [line items] | ||
Non cancellable operating leases | £ 535,665 | £ 1,279,061 |
Within one year [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Non cancellable operating leases | 331,527 | 743,858 |
After one year but not more than three years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Non cancellable operating leases | £ 204,138 | £ 535,203 |
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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|
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 16, 2020 |
Oct. 31, 2017
USD ($)
shares
|
Dec. 31, 2018
GBP (£)
|
Dec. 31, 2017
GBP (£)
|
Dec. 16, 2017
GBP (£)
|
Dec. 16, 2016
GBP (£)
|
|
Disclosure of commitments and contingencies [line items] | ||||||
Lease expense | £ | £ 293,328 | £ 293,328 | ||||
Principal rent for the premises | £ | £ 325,920 | £ 162,960 | ||||
Lease term | 12 months | |||||
Finance leases | £ | £ 0 | £ 0 | ||||
Mereo BioPharma 4 Limited [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Payment of ordinary shares | $ | $ 3.0 | |||||
Issuance of aggregate ordinary shares | shares | 490,798 | |||||
Aggregate upfront payment amount | $ | $ 5.0 | |||||
Payments of aggregate and issue additional ordinary shares | $ | $ 115.5 | |||||
Subsequent Event [member] | ||||||
Disclosure of commitments and contingencies [line items] | ||||||
Percentage of decrease of principal rent | 50.00% |
X | ||||||||||
- Definition The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of expense recognised on rental activities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Aggregate upfront payment amount. No definition available.
|
X | ||||||||||
- Definition Disclosure of commitments and contingencies [line items] No definition available.
|
X | ||||||||||
- Definition Finance leases No definition available.
|
X | ||||||||||
- Definition Lease term period. No definition available.
|
X | ||||||||||
- Definition Leases expenses. No definition available.
|
X | ||||||||||
- Definition Payments of aggregate and issue additional ordinary shares. No definition available.
|
X | ||||||||||
- Definition Payments of ordinary shares. No definition available.
|
X | ||||||||||
- Definition Percentage of decrease of principal rent. No definition available.
|
X | ||||||||||
- Details
|
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- Details
|
Related Party Disclosures - Additional Information (Detail) - GBP (£) |
12 Months Ended | |||
---|---|---|---|---|
Jun. 03, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of transactions between related parties [line items] | ||||
Amount outstanding | £ 0 | £ 0 | £ 35,249 | |
Amount paid to trust by the company | £ 325,000 | £ 0 | ||
Shares purchased by the trust | 163,000 | 0 | ||
Cash balance held by the trust | £ 21,762 | £ 3,600 | ||
Novartis Pharma AG [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Convertible loan issued | 3,463,563 | |||
Share price per share | £ 1 | |||
Cash consideration received | £ 3,463,563 |
X | ||||||||||
- Definition The amounts payable resulting from related party transactions. [Refer: Related parties [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The amount of outstanding commitments made by the entity in related party transactions. [Refer: Related parties [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Cash consideration received. No definition available.
|
X | ||||||||||
- Definition Cash held by employee benefit trust. No definition available.
|
X | ||||||||||
- Definition Issue of convertible instruments shares. No definition available.
|
X | ||||||||||
- Definition Number of shares purchased by entity. No definition available.
|
X | ||||||||||
- Definition Share price per share. No definition available.
|
X | ||||||||||
- Details
|
Related Party Disclosures - Summary of Purchased Goods and Services (Detail) - GBP (£) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of transactions between related parties [abstract] | |||
Manufacture and supply of clinical trial material | £ 60,027 | £ 4,610,106 | £ 968,219 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Manufacture and supply of clinical trial material No definition available.
|
X | ||||||||||
- Definition The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
X | ||||||||||
- Definition The exercise price of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Business combination initial consideration purchase shares. No definition available.
|
X | ||||||||||
- Definition Cash and cash equivalents and short term investments in subsidiary or businesses acquired or disposed. No definition available.
|
X | ||||||||||
- Definition Eligible percentage of cash equal to milestone payment. No definition available.
|
X | ||||||||||
- Definition Fair value of the intangible assets acquired. No definition available.
|
X | ||||||||||
- Definition Initial cash milestone payment due. No definition available.
|
X | ||||||||||
- Definition Maximum cash payment limit. No definition available.
|
X | ||||||||||
- Definition Maximum limit of enlarged Group after issuing the consideration shares. No definition available.
|
X | ||||||||||
- Definition Number of warrants issued during period. No definition available.
|
X | ||||||||||
- Details
|
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- Details
|
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- Details
|
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- Details
|