Annual report [Section 13 and 15(d), not S-K Item 405]

Geographic and segmental information

v3.25.1
Geographic and segmental information
 12 Months Ended
Dec. 31, 2024
Geographic and segmental information  
Geographic and segmental information

Note 14 — Geographic and segmental information

Operations by geographic area

Product revenue represents sales of TECELRA. All product revenue was derived in the United States.

Development revenue represents recognized income from the Astellas Collaboration Agreement, the Galapagos Collaboration and License Agreement, the Genentech Collaboration and License Agreement, the GSK Collaboration and License Agreement and the GSK Termination and Transfer Agreement. All development revenue was derived in the United Kingdom.

Long-lived assets (excluding intangibles, deferred tax and financial instruments) were located as follows (in thousands):

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December 31, 

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December 31, 

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2024

    

2023

U.K.

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$

24,264

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$

40,988

U.S.

​

 

26,954

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30,720

Total long-lived assets

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$

51,218

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$

71,708

Major customers:

During the year ended December 31, 2024, 0%, 93% and 7% of the Company’s revenues were generated from Galapagos, Genentech and GSK, respectively.

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Segment reporting:

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The Company has one reportable segment relating to the research, development and commercialization of its novel cell therapies. The segment derives its current revenues from research and development collaborations.

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The Company’s CODM, its Chief Executive Officer and the senior leadership team (comprising the Executive Team members and three senior vice presidents), manages the Company’s operations on an integrated basis for the purposes of allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews total revenues, total expenses and expenses by function and the CODM makes decisions using this information on a global basis.

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Year ended

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December 31, 

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2024

    

2023

​

2022

Revenue

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$

178,032

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$

60,281

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$

27,148

Less:

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Research

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(13,404)

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​

(13,228)

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​

(22,912)

CMC and Quality

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(61,350)

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(60,466)

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(61,850)

Biomarkers

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(8,227)

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(4,235)

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(8,977)

Development and Compliance

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(52,737)

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​

(43,863)

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(43,614)

Infrastructure management and Facilities

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(31,739)

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​

(28,481)

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​

(25,266)

Commercial and Commercial planning

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​

(15,860)

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(3,344)

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(4,329)

Support and corporate functions

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(45,186)

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(43,614)

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(32,483)

Other segment expenses(a)

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(18,289)

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(2,791)

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8,318

Total operating expenses

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(246,792)

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(200,022)

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(191,113)

Operating loss

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(68,760)

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(139,741)

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(163,965)

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Interest income

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​

6,596

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​

5,964

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​

1,542

Interest expense

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(3,348)

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—

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—

Gain on bargain purchase

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—

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​

22,049

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—

Other income (expense), net

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​

(1,726)

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​

(807)

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(536)

Income tax expense

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(3,576)

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(1,336)

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(2,497)

Segment and consolidated net loss

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$

(70,814)

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$

(113,871)

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(165,456)

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(a)Other segment expenses includes reimbursements receivable for research and development tax and expenditure credits, depreciation, amortization, impairment of long-lived assets and share-based compensation expenses which are included in Note 2q, Note 6, Note 7, Note 17 and Note 12, respectively. Restructuring charges are included in Support and corporate functions and disclosed in Note 17.

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The main measure of assets reviewed by the CODM is the Company’s cash and cash equivalents and marketable securities. Total cash outflows relating to additions to long-lived assets have been disclosed in the Consolidated Statements of Cash Flows as cash outflows from investing activities.