Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above:

	As at December 31, 2023
	Total		Level 1		Level 2		Level 3
	($'000)		($'000)		($'000)		($'000)
Financial liabilities
Warrant liabilities		412		—		412		—
CVR liability		—		—		—		—

	As at December 31, 2022
	Total		Level 1		Level 2		Level 3
	($'000)		($'000)		($'000)		($'000)
Financial liabilities
Warrant liabilities		643		—		157		486
CVR liability		—		—		—		—

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2023 and 2022.

Schedule of changes in material

The CVR liability was $nil throughout both 2022 and 2023.

The following table presents the changes in material Level 3 items for the years ended December 31, 2023 and December 31, 2022.

	Warrant labilities
	($'000)
January 1, 2022		11,276
Change in fair value		(9,607	)
Foreign exchange		(1,026	)
December 31, 2022	$	643
Change in fair value		(245	)
Foreign exchange		14
December 31, 2023	$	412

Schedule of Significant Unobservable Inputs used in Level 3

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, 2023 and 2022 are as follows:

	Valuation technique	Significant unobservable inputs	Input range	Sensitivity of the input to fair value
Warrant liability related to the private placement warrants	Black- Scholes model	Expected volatility	2023: n/a 2022: 95.5%	The warrants expired in June 2023, therefore the fair value at December 31, 2023 was $nil
CVR liability	Discounted cash flow	Ongoing uncertainty in the   clinical development of the   Navi product		Total potential future payments relating to the contingent consideration liability on a gross, undiscounted basis are approximately $80 million. However, the agreement expires in April 2024. If none of the milestones are achieved, then no further payments will be required.
		Regulatory approval and   commercialization risks		Sensitivity of the input to fair value is primarily driven by uncertainty in the clinical development of the Navi product. Future potential payments under the CVR arrangement are contingent on i) future development milestones and ii) future sales of the Navi product, following regulatory approval and commercialization. In January 2020, the Company entered into the license agreement. Although pursuant to the license agreement the Company is entitled to additional payments of up to $302 million, there continues to be no expectation of any milestone or royalty payments under the license agreement before the CVR arrangement expires in April 2024.