Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - GBP (£)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss £ (3,321,854) £ (634,911)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 114,745 169,155
Amortization of intangible assets 12,276 11,815
Share-based compensation expense 784,555 139,815
Change in fair value of derivative liability (11,446) (3,148,648)
Offering costs satisfied by issue of Series C Placement Agent Warrants 219,830
Net foreign exchange loss (17,214)
Noncash interest expense 11,705
Changes in operating assets and liabilities:    
Change in corporation tax receivable (110,742) (400,000)
Change in prepaid expenses and other current assets 127,236 332,510
Change in operating lease right of use assets 48,061 46,211
Change in accounts payable and accrued liabilities 21,607 447,418
Change in lease liabilities (73,031) (88,933)
Net cash used in operating activities (2,408,593) (2,911,247)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (120,182)
Purchase of intangible assets (5,618) (25,051)
Net cash used in investing activities (5,618) (145,233)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Series D warrant exercises 986,772
Proceeds from sale of warrants 2,673,789
Issuance of ordinary shares 19,765 1,439,414
Ordinary shares and warrant issuance costs (73,980) (158,965)
Net cash provided by financing activities 932,557 3,954,238
NET CHANGE IN CASH (1,481,654) 897,758
Cash - Beginning of period 2,462,609 4,808,060
Cash - End of period £ 980,955 £ 5,705,818