Convertible preferred shares

12 Months Ended

Dec. 31, 2020

Convertible preferred shares

Convertible preferred shares

7. Convertible preferred shares

Prior to the IPO, the Company issued Series A Preferred Shares, Series B1 Preferred Shares, and Series B2 convertible preferred shares (“Series B2 Preferred Shares”) (collectively the “Preferred Shares”).

On December 20, 2018, the Company completed the issuance of 1,323,248 Series B2 Preferred Shares at a price per Series B2 Preferred Share of £15.55, for gross cash proceeds of $26.1 million (the “Series B2 Financing”). On January 3, 2019, the Company completed the issuance of 80,385 Series B2 Preferred Shares at a price per share of £15.55, for gross cash proceeds of $1.6 million.

In May 2019, the Company’s board of directors and shareholders approved the reorganization of the Company’s share capital by issuing ordinary shares as bonus shares to each holder of ordinary shares on the basis of 1.429 bonus shares for each ordinary share in issue (having the effect of a one for 1.429 share split (without having an impact on the nominal value of the ordinary shares)), which was effected on May 13, 2019 (the “Share Capital Reorganization”). All issued and outstanding share and per share amounts of ordinary shares and share options included in the accompanying consolidated financial statements have been adjusted to reflect this share split for all periods presented. Upon the closing of the IPO in May 2019, all of the Company’s outstanding convertible preferred shares automatically converted into 11,647,529 ordinary shares on a 1:1.429 basis.