Quantitative and Qualitative Disclosures About Market Risk
−Removed: Our activities expose us to a variety of financial risks:
−Removed: foreign currency risk, interest rate risk, credit risk and liquidity risk.
−Removed: Our principal financial instrument comprises cash and cash equivalents, and this is used to finance our operations.
−Removed: We have various other financial instruments such as accounts and other receivables and trade and other payables that arise directly from our operations.
−Removed: The category of loans and receivables contains only accounts and other receivables, shown on the face of the balance sheet, all of which mature within one year.
−Removed: We have compared fair value to book value for each class of financial asset and liability and no difference was identified.
−Removed: Further information is included in Note 16 to our consolidated financial statements appearing at the end of this Report.
−Removed: We have a policy, which has been consistently followed, of not trading in financial instruments.
+Added: Our primary exposures to market risk are liquidity risk and foreign currency risk.
+Added: Liquidity Risk
+Added: We have funded our operations since inception primarily through the issuance of equity and debt securities.
+Added: We have also received funding from our license, collaboration, and commercialization arrangements, for example, our license and commercialization agreement with Eurofarma, as well as philanthropic, non-government and not-for-profit organizations and grant funding from government entities, including BARDA, CARB-X, Innovate UK, Wellcome Trust and a number of not-for-profit organizations.
+Added: Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity or debt financings or other sources.
+Added: Adequate additional financing may not be available to us on acceptable terms, or at all.
+Added: Our inability to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy.
Foreign Currency Risk
Foreign currency risk refers to the risk that the value of a financial commitment or recognized asset or liability will fluctuate due to changes in foreign currency rates.
−Removed: Our net income (loss) and financial position, as expressed in U.S.
+Added: Our net loss and financial position, as expressed in U.S.
dollar, are exposed to movements in foreign exchange rates against the pounds sterling and the euro.
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dollar, and the euro.
−Removed: We are exposed to foreign currency risk as a result of operating transactions, capital raises in the United Kingdom and the translation of foreign bank accounts.
+Added: We are exposed to foreign currency risk as a result of operating transactions and the translation of foreign bank accounts.
We monitor our exposure to foreign exchange risk.
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We consider the credit risk for each of our counterparties to be low and do not have a significant concentration of credit risk at any of our counterparties.
−Removed: We had $0.3 million of accounts and other receivables outstanding at December 31, 2020, due primarily from BARDA.
+Added: We had $1.5 million of accounts receivable outstanding at December 31, 2021, due primarily from BARDA.
This amount was collected subsequent to the period end.
−Removed: Liquidity Risk
−Removed: We have funded our operations since inception primarily through the issuance of equity and debt securities.
−Removed: We have also received funding from our license and commercialization agreement with Eurofarma and our former license and collaboration agreement with Sarepta (now terminated), as well as philanthropic, non-government and not for profit organizations and patient advocacy groups and grant funding from government entities, including BARDA, CARB-X, Innovate UK, Wellcome Trust and a number of not for profit organizations.
−Removed: Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity or debt financings or other sources.
−Removed: Adequate additional financing may not be available to us on acceptable terms, or at all.
−Removed: Our inability to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy.
+Added: We also have a $15.7 million of research and development tax credits outstanding at December 31, 2021.
+Added: Given that these receivables related to U.K.
+Added: research and development tax credit cash rebate regimes and given our history of collection, it is highly unlikely that these amounts will not be collected.
Financial Statements and Supplementary Data
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.