0001104659-22-037794 | 10-K | XBRL Viewer

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Convertible loan notes

12 Months Ended

Dec. 31, 2021

Convertible loan notes

Convertible loan notes

10. Convertible loan notes

In 2020, the Company entered into a series of unsecured convertible loan notes arrangements on various dates between July through November 2020 for a total amount of $41,184 thousand, net of transaction costs of $57 thousand.

The convertible loan notes accrue interest daily at 8% per annum, which is payable in (a) cash upon an event of default or (b) cash or shares at the Board’s discretion upon conversion. The convertible loan notes will mature on June 6, 2023. On maturity, the lenders can elect cash redemption in lieu of conversion, in an amount that equals all outstanding principal plus a redemption premium. The convertible loan notes may not be prepaid without the consent of the lenders.

The convertible loan notes are automatically converted (a) upon an equity financing occurring after the issuance date and before maturity raising at least £10 million (“qualified equity financing”); or (b) upon an exit event, including a change of control or an initial public offering, if the cash value to be received for the converted shares is greater than the redemption value or if the lenders do not elect cash redemption for an exit event that settles in noncash consideration.

The convertible loan notes are also convertible at the lenders’ option upon a nonqualified equity financing. If an exit occurs within six months of a nonqualified financing event where the lenders had elected to convert, the lenders will receive consideration in cash or other assets so that the aggregate value they receive equals the greater of:

●

The as-converted value of the convertible loan notes that the lenders would have received if the convertible loan notes were converted upon the exit event, or

●

The amount of outstanding principal plus the redemption premium.

All conversion features, the cash redemption feature on maturity and the cash redemption feature upon an exit event that settles in noncash consideration; meet the characteristics of embedded derivatives in accordance with ASC 815 Derivatives and Hedging, that are required to be bifurcated and accounted for as separate derivative liabilities. The derivative liabilities are originally recorded at its estimated fair value and are required to be revalued at each conversion event and reporting period. Changes in the derivative liabilities’ fair value are reported in consolidated statement of operations and comprehensive loss at each reporting period.

On initial recognition of the convertible loan notes, the Company fair valued the conversion and redemptions features resulting in an initial fair value of $20,944 thousand. The proceeds, net of financing costs from convertible loan notes of $41,184 thousand was first allocated to the compound embedded derivatives at its initial fair values, the residual amount of $20,240 thousand was recorded as the initial net carrying value of the convertible loan notes. The Company valued the cash redemption features based on the difference of the present value of cash flows with and without the redemption features. The conversion features upon a nonqualified equity financing and qualified equity financing were valued based on the conversion formula stated in the convertible agreement, present valued at the risk-free rate for the expected period until the nonqualified equity financing and qualified equity financing (assumed and adjusted for the present value of cash flows of debt without the feature. The conversion features upon an exit event or maturity were valued using a Monte Carlo simulation model to fair value the convertible loan notes upon an exit event and maturity adjusted for the cash redemption value discounted at the risk-free rate. The probability of exercise of conversion feature or the cash redemption upon an exit event, nonqualified equity financing, qualified equity financing and maturity ranged from 5% -75%, the risk-free rate was 0.22% and the market cost of debt without the features was 11.80%. The fair value of the embedded derivatives is a Level 3 valuation with the significant unobservable inputs being the probability of exercise of conversion and cash redemption features. Significant judgment is employed in determining the appropriateness of certain of these inputs. Changes to the inputs described above could have a material impact on the Company’s financial position and results of operations in any given period.

The Company recognized interest expense of $2,650 thousand and a change in fair value gain of $5,994 thousand in relation to the conversion and redemption features embedded in the convertible loan notes in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. For the period ended December 31, 2020, interest expense was $3,600 thousand and change in fair value in relation to the conversion and redemption features embedded in the convertible loan notes was a gain $2,039 thousand.

The Series B funding on March 15, 2021 constituted a qualified equity financing in accordance with the terms of the convertible loan notes. As a result, the convertible loan notes were converted on March 15, 2021 into 12,421 Series B Shares with the conversion price being 0.8 times the Series B Shares issue price.

The conversion was accounted for as an extinguishment of the convertible loan notes. As a result, the 12,421 Series B preferred shares issued on conversion was recognized at the settlement-date fair value of the Series B shares ($53,721 thousand) and a loss of $13,789 thousand for the year ended December 31, 2021 was recognized in earnings for the difference between (1) the fair value of those shares and (2) the sum of the carrying amounts of the convertible loan notes ($25,557 thousand) and the bifurcated conversion and redemption feature liability ($14,375 thousand).

The changes in the fair value of the embedded derivatives were as follows:


	Year ended		Year ended
	December		December 31,
	31, 2021		2020
Beginning balance	$	20,109	$	—
Additions		—		20,944
Change in fair value recognized in the net loss		(5,994)		(2,039)
Settlement via conversion		(14,375)		—
Foreign exchange translation		260		1,205
Ending balance	$	—	$	20,109

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Series A and Series B shares

Series A and Series B shares

12 Months Ended

Dec. 31, 2021

Series A and Series B shares

11. Series A and Series B Shares

On November 10, 2017, January 10, 2018 and December 21, 2018, the Company issued 13,790, 4,597, and 3,678 shares, respectively, for total gross proceeds of £15,000 thousand ($19,754 thousand), £5,000 thousand ($6,533 thousand) and £6,000 thousand ($7,592 thousand), respectively.

On March 15, 2021, the Company issued 28,957 Series B preferred shares (“Series B Shares”) amounting to $125,239 thousand and incurred transaction costs of $3,402 thousand.

On March 31, 2021, the Company subdivided each of the Series A shares and Series B shares (including the Series B shares issued on conversion of the convertible loan notes) into one share of the same class and one deferred A share with a nominal value of £1.00 per share.

On May 4, 2021 prior to the closing of the Company’s initial public offering and pursuant to the terms of its articles of association, all of the Series A Shares and Series B Shares were converted into 19,603,887 ordinary shares, 570,987 deferred B shares and 19,603,887 deferred C shares.

Ordinary Shares

12 Months Ended

Dec. 31, 2021

Ordinary Shares

Ordinary Shares

12. Ordinary Shares

On May 4, 2021, the Company closed its initial public offering (“IPO”) of 6,500,000 ADS representing 6,500,000 ordinary shares having a nominal value of £0.000025 per share, at a public offering price of $17.00 per share, for aggregate net proceeds of $102,765 thousand after deducting underwriting commissions of $7,735 thousand and incurred offering costs of $2,165 thousand.

All ordinary shares rank pari passu as a single class. The following is a summary of the rights and privileges of the holders of ordinary shares as of December 31, 2021:

Liquidation preference: in the event of the liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to holders of the ordinary shares shall be distributed amongst all holders of the ordinary shares in proportion to the number of shares held irrespective of the amount paid or credited as paid on any share.

Dividends: holders of the ordinary shares are entitled to dividend, as may be recommended from time to time by the Board and declared by the ordinary shareholders out of legally available funds.

Voting Rights: each holder of ordinary shares is entitled to one vote for each share on all matters to be voted on by ordinary shareholders.

Preemption rights: pursuant to section 561 of the Companies Act 2006, shareholders are granted preemptive rights when new shares are issued for cash. However, it is possible for our Articles, or shareholders at a general meeting representing at least 75% of our ordinary

shares present (in person or by proxy) and eligible to vote at that general meeting, to disapply these preemptive rights. Such a disapplication of preemption rights may be for a maximum period of up to five years from the date of the shareholder special resolution. In either case, this disapplication would need to be renewed by our shareholders upon its expiration (i.e., at least every five years) to remain effective.

On April 21, 2021, our shareholders approved the disapplication of preemptive rights for a period of five years from the date of approval by way of a special resolution of our shareholders. This included the disapplication of preemption rights in relation to the allotment of our ordinary shares in connection with the IPO. This disapplication will need to be renewed upon expiration (i.e., at least every five years) to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period).

As of December 31, 2021, the Company has reserved the following ordinary shares for future issuance:


Exercise of stock options		3,186,818
Shares available for future stock incentive plan awards		2,127,920
Total		5,314,738

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Deferred Shares

12 Months Ended

Dec. 31, 2021

Deferred shares

Deferred Shares

13. Deferred shares

All deferred shares rank pari passu as a single class. The deferred shares do not have rights to dividends or to participate in profits on a return of assets on liquidation, the deferred shares confer on the holders thereof an entitlement to receive out of the assets of the Company available for distribution amongst the shareholders (subject to the rights of any new class of shares with preferred rights) the amount credited as paid up on the deferred shares held by them respectively after (but only after) payment shall have been made to the holders of the ordinary shares of the amounts paid up or credited as paid up on such shares and the sum of £1,000 thousand ($1,373 thousand) in respect of each ordinary share held by them respectively. The deferred shares shall confer on the holders thereof no further right to participate in the assets of the Company.

Share-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-Based Compensation

Share-Based Compensation

14. Share-Based Compensation

On April 8, 2021, the Board of the Company adopted the Vaccitech plc Share Award Plan 2021 (“the Plan”) and the Vaccitech plc Non-Employee Sub-Plan which is a sub-plan of the Plan. Under the terms of the Plan, the Board is permitted to grant awards to employees as restricted share units, options, share appreciation rights, restricted shares. The aggregate number of shares initially available for issuance under the Plan and the Vaccitech plc Non-Employee Sub-Plan cannot exceed 3,675,680 ordinary shares (the “Initial Limit”). Beginning calendar year 2022, the total number of ordinary shares available for issuance under the Plan shall be increased on January 1 of each year in an amount equal to the lesser of (i) 4% of the Company’s issued and outstanding ordinary shares (which 4% limit shall be measured as of January 1 of such year) and (ii) such number of ordinary shares as determined by the Board in its discretion (the “Annual Increase”). The awards generally vest based on the grantee’s continued service with the Company during a specified period following grant as determined by the Board and generally expire ten years from the grant date. Option awards generally vest over one to four years, but vesting conditions can vary at the discretion of the Company’s Board. As of December 31, 2021, 2,127,920 ordinary shares are available for future grants.

In 2018, the Company’s board of directors adopted the Enterprise Management Incentive Share Option Scheme the “EMI Plan”) which provided for the grant of incentive stock options and nonqualified stock options to non-director employees of the Company. The Company also has a nonqualified stock option plan for officers and directors. The awards generally vest based on the grantee’s continued service with the Company during a specified period following grant as determined by the board of directors and generally expire ten years from the grant date. Option awards generally vest over four years, but vesting conditions can vary at the discretion of the Company’s board of directors. A total of 3,530,634 ordinary shares were reserved for issuance in accordance with the provisions of the EMI Plan and restricted stock unit (“RSUs”) plan. Upon adoption of the Plan, no further awards are to be made under the EMI Plan.

The fair value of each stock option issued to employees was estimated at the date of grant using Black-Scholes with the following weighted-average assumptions:


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Expected volatility	110.6	%	117.73	%
Expected term (years)	6.3		6.40
Risk-free interest rate	1.1	%	1.10	%
Expected dividend yield	—	%	0.00	%

The fair value of RSUs issued to employees was estimated at the date of grant using Black-Scholes with the following assumptions. No RSUs were issued for the year ended December 31, 2021.


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Expected volatility	N/A	%	110.8	%
Expected term (years)	N/A		2.75
Risk-free interest rate	N/A	%	1.6	%
Expected dividend yield	N/A	%	0.00	%

Prior to the IPO, the Company applied a discount for lack of marketability calculated using the Finnerty model.

Expected volatility: Since there is insufficient trading history for the Company’s ordinary shares, the expected price volatility for our ordinary shares was estimated using the average historical volatility of industry peers’ shares as of the grant date of our options over a period of history commensurate with the expected life of the options. To the extent that volatility of our share price increases in the future, our estimates of the fair value of options to be granted in the future could increase, thereby increasing share-based payment expense in future periods. When selecting industry peers to be used in measuring implied volatility, the Company considered the similarity of their products and business lines, as well as their stage of development, size and financial leverage. The Company intends to continue to consistently apply this process using the same or similar public companies until sufficient historical information on volatility of its share price becomes available.

Expected term (years): Expected term represents the period that the Company’s option grants are expected to be outstanding. There is not sufficient historical share exercise data to calculate the expected term of the stock options. Therefore, the Company elected to utilize the simplified method to value option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option.

Risk-free interest rate: The Company determined the risk-free interest rate by using a weighted-average equivalent to the expected term based on the daily U.S. Treasury yield curve rate in effect as of the date of grant.

Expected dividend yield: The Company does not anticipate paying any dividends in the foreseeable future.

A summary of stock option activity is presented below:


		Weighted-		Weighted-
		average		average
		Exercise		Remaining	Aggregate
	Number of	Price Per		Contractual	Intrinsic Value
	Stock Options	Option		Term (Years)	(in thousand)
Outstanding, January 1, 2021	1,544,382	$	0.0004	8.85	$	11,021
Granted	1,947,402		13.79
Exercised	(181,882)		0.05
Forfeited/expired	(123,084)		4.84
Outstanding, December 31, 2021	3,186,818	$	8.63	8.78	$	16,952
Exercisable, December 31, 2021	795,650	$	0.85	8.01	$	8,194

On April 22, 2021, the exercise price of 267,903 options was changed from $0.0004 (£0.0003) to $4.84 (£3.49) in order to enable employees to benefit from tax advantages under the Enterprise Management Incentive Scheme. This modification did not result in an incremental compensation cost and the Company continues to recognize compensation cost on these options equal to the grant date fair value of the original award.

The weighted-average grant date per-share fair value of stock options granted during the year ended December 31, 2021 was $10.98 (December 31, 2020: $5.66 per share). The aggregate intrinsic value of stock options exercised during the year ended December 31, 2021 was $1,823 thousand (December 31, 2020: $1,000 thousand). As of December 31, 2021, there was $12,524 thousand (2020: $3,089 thousand) of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.29 years.

On January 9, 2020, the Company granted 479,568 restricted stock units (“RSUs”) to an employee, which vest in two equal tranches of 239,784 each. The grant date fair value of the RSUs was $5.23. The first tranche vests on IPO Filing Date which is defined as the date on which the Company makes a confidential submission to the U.S. Securities and Exchange Commission or its equivalent under the listing rules of the relevant comparable exchange and the second tranche vests on the IPO Resolution Date which is defined as the date on which the board of the Company resolves to initiate an initial public offering on any recognized exchange after (x) completion of all registration and other listing formalities and (y) agreement on pricing and quantum of the offer. The grant contains a nondiscretionary antidilution provision which entitles the grantee to additional RSUs to ensure that the aggregate RSUs granted equal 1.5% of the total fully diluted share capital of the Company. During the year ended December 31, 2020 a further 48,513 RSUs were granted as a result of this antidilution provision. The grant of additional RSUs was treated as a modification as it results in changes in the fair-value-based measure of the award. The incremental compensation cost as a result of the modification was $147 thousand.

During the year ended December 31, 2021, 514,923 restricted stock units (including with 275,139 restricted stock units as a result of the antidilution provision) vested on occurrence of the IPO resulting in $5,760 thousand recognized as compensation cost. The incremental compensation cost as a result of the anti dilution provision was $4,420 thousand.

Share based compensation expense is classified in the consolidated statement of operations and comprehensive loss as follows:


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Research and development	$	2,281	$	614
General and administrative		14,206		3,011
Total	$	16,487	$	3,625

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

15. Income Taxes

The components of income tax benefit (expense) are as follows:


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Current income tax benefit (expense):
United Kingdom	$	—	$	—
Foreign		(91)		(95)
Deferred income tax benefit (expense)
United Kingdom		—		—
Foreign		119		—
Total income tax benefit (expense), current	$	28	$	(95)

A reconciliation of income tax benefit (expense) computed at the UK statutory income tax rate to income tax benefit (expense) as reflected in the consolidated financial statements is as follows:


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Statutory tax rate	19.00	%	19.00	%
Increase (decreases) resulting from:
Permanent differences	3.16		10.57
Provision to return adjustments	0.85		1.24
Research and development credits	(10.30)		(18.73)
Foreign rate differential	0.07		0.20
Change in valuation allowance	(7.60)		(11.37)
Other	(5.12)		(1.44)
Effective tax rate	0.06	%	(0.53)	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income and for tax carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows:


		December 31,		December 31,
		2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	10,299	$	3,759
Research and development credit carryforwards		3,340		3,533
Deferred revenue		61		47
Share based compensation		1,816		1,043
Lease liability		1,752		350
Other		235		133
Gross deferred tax asset		17,503		8,865
Valuation allowance		(13,500)		(7,283)
Net deferred tax assets		4,003		1,582
Deferred tax liabilities:
Depreciation		(283)		(102)
Right-of-use lease asset		(1,747)		(448)
Unrealized gain on investment		(1,346)		(1,033)
Intangible assets		(8,711)		—
Net deferred tax liabilities		(12,087)		(1,582)
Total net deferred tax	$	(8,084)	$	—

As of December 31, 2021, the Company had a valuation allowance of $13,500 thousand (2020: $7,283 thousand) against its deferred tax assets, which consisted principally of net operating loss and research and development credit carryforwards. The Company considered the positive and negative evidence bearing upon its ability to realize the deferred tax assets. In addition to the Company’s history of cumulative losses, the Company cannot be certain that future taxable income will be sufficient to realize its deferred tax assets. Accordingly, a valuation allowance has been provided against its deferred tax assets. When the Company changes its determination as to the amount of its deferred tax assets that can be realized, the valuation allowance is adjusted with a corresponding impact to the provision for income taxes in the period in which such determination is made.

As of December 31, 2021, the Company had NOL carryforwards totaling approximately $40,863 thousand which have an unlimited carryforward period, of which $37,762 thousand originate in the United Kingdom. At December 31, 2021, the Company had $3,342 thousand of research and development tax credit carryforwards which also have an unlimited carryforward period.

As of December 31, 2021, the Company does not have any material unrecognized tax benefit liabilities. The Company files income tax returns in the United Kingdom, Australia, and the United States. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In the United Kingdom, tax years from 2019 remain subject to examination by Her Majesty’s Revenue and Customs. In all other jurisdictions, the tax years since inception remain subject to examination by the applicable taxing authorities as of December 31, 2021.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

16. Commitments and Contingencies

In-License Agreements

The Company is party to a number of licensing agreements most of which are with related parties. These agreements serve to provide the Company with the right to develop and exploit the counterparties’ intellectual property for certain medical indications. As part of execution of these arrangements, the Company paid certain upfront fees, which have been expensed as incurred because the developing technology has not yet reached technical feasibility, the lack of alternative use, and the lack of proof of potential value. The agreements cover a variety of fields, including influenza, cancer, HPV, HBV and MERS. The Company’s obligations for future payments under these arrangements are dependent on its ability to develop promising drug candidates, the potential market for these candidates and potential competing products, and the payment mechanisms in place in countries where the Company retains the right to sell. Each agreement provides for specific milestone payments, typically triggered by achievement of certain testing phases in human candidates, and future royalties ranging from 1 to 5% for direct sales of a covered product to 3 to 7% of net payments received for allowable sublicenses of technology developed by the Company. The obligation to make these payments is contingent upon the Company’s ability to develop candidates for submission for phased testing and approvals, and for the development of markets for the products developed by the Company. The Company has not made any material payments under these license agreements during the year ended December 31, 2021, and 2020.

Leases

The Company leases certain laboratory and office space under operating leases, which are described below.

The Oxford Science Park, Oxford

The Company leases an office and laboratory space from a related party in Oxford, England under an operating lease with a contractual term expiring in 2028. The lease does not contain renewal terms. Variable payments include amounts due to the lessor for additional services and cost reimbursements.

The Harwell Science and Innovation Campus, Oxfordshire

On September 3, 2021, the Company entered into a lease agreement for the lease of approximately 31,000 square feet in Harwell, Oxfordshire which expires in September 2031. The Company intends to use the property as its corporate headquarters. As the Company's leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date, being the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The Company has provided the lessor with a refundable security deposit of $723 thousand which is included in Other assets.

The Company recorded a right-of-use asset and a lease liability on the effective date of the lease term. The Company’s right-of-use assets and lease liabilities are as follows:


	December 31,		December 31,
	2021		2020
Right-of-use asset	$	7,257	$	2,136
Lease liability, current	$	523	$	192
Lease liability, noncurrent	$	6,540	$	1,472
Other information
Short-term lease costs	$	21	$	—
Operating cash flows from operating leases	$	331	$	301

During the year ended December 31, 2021, the Company recorded $737 thousand (December 31, 2020: $341 thousand) in operating lease costs (including short-term lease costs and variable lease costs).

Maturities of the Company's minimum lease liabilities as of December 31, 2021 were as follows:


Maturity of lease liabilities:
2022	$	599
2023		485
2024		1,205
2025		1,205
Thereafter		6,834
Total minimum lease payments		10,328
Less: imputed interest		(3,265)
Total lease liability	$	7,063

The weighted-average remaining lease terms are 9.45 years, and the weighted-average discount rate is 7.91% which approximates the Company’s incremental borrowing rate.

Non-lease and other costs paid to the lessors are primarily related to services provided by the lessors in operating the premises that includes fees, operating costs, taxes, and insurance related to the leased premises.

Other contingencies

The Company is a party in various contractual disputes, litigation, and potential claims arising in the ordinary course of business. The Company does not believe that the resolution of these matters will have a material adverse effect on its financial position or results of operations.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Employee Benefit Plans

Employee Benefit Plans

17. Employee Benefit Plans

In the United Kingdom, the Company has adopted a defined contribution plan (the U.K. Plan) which qualifies under the rules established by HM Revenue & Customs. The U.K. Plan allows all U.K. employees to contribute a minimum of 5% of salary with no maximum limit. The contribution is matched by the Company, up to a maximum of 5% of salary. Contributions to the U.K. Plan are charged to the consolidated statement of operations and comprehensive income in the year to which they relate.

The Company has 401(k) defined contribution retirement plans in which all its employees located in the U.S. are eligible to participate. Eligible employees may elect to contribute up to the maximum limits, as set by the Internal Revenue Service, of their eligible compensation. Contributions to the plans are charged to the consolidated statement of operations and comprehensive income in the year to which they relate.

During the year ended December 31, 2021, the Company provided a total of $248 thousand (December 31, 2020: $143 thousand) in matching contribution under both the U.K. Plan and the 401(k) plans.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Related Party Transactions

18. Related Party Transactions

During the year ended December 31, 2021, Company incurred expenses of $318 thousand (December 31, 2020: $281 thousand) to its shareholder, Oxford Science Enterprises plc (formerly, Oxford Sciences Innovation plc), mostly related to the lease of a laboratory and office space in Oxford. As of December 31, 2021, the Company owed $32 thousand (2020: $ Nil) to Oxford Science Enterprises Plc.

During the year ended December 31, 2021, the Company incurred expenses of $191 thousand (December 31, 2020: $478 thousand) to its shareholder, the University of Oxford, related to clinical study costs. As of December 31, 2021, the Company owed $Nil (2020: $300 thousand).

During the year ended December 31, 2021, the Company incurred expenses of $379 thousand (December 31, 2020: $208 thousand) for services from Oxford University Innovation Limited which is a wholly owned subsidiary of the Company’s shareholder, the University of Oxford. As of December 31, 2020, the Company owed $Nil (2020: $25 thousand) to Oxford University Innovation Limited.

During the year ended December 31, 2021, the interest on convertible loans issued to Oxford Science Enterprises plc and the University of Oxford, shareholders of the Company was $429 thousand (December 31, 2020: $655 thousand). As of December 31, 2021 these convertible loan notes including the embedded derivative was $ Nil (2020: $7,356 thousand).

On March 15, 2021 Oxford Science Enterprises plc subscribed to 3,468 Series B Shares in an amount of $14,999 thousand. The Company also recognized a loss of $2,125 thousand on the conversion of the convertible loan notes into 2,008 Series B Shares. On May 4, 2021 prior to the closing of the Company’s initial public offering and pursuant to the terms of its articles of association, the Series B Shares were converted into 1,692,084 ordinary shares.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events

Subsequent Events

19. Subsequent Events

In accordance with the terms of the Annual Increase of the Vaccitech plc Share Award Plan 2021, the total number of ordinary shares available for issuance under the Plan increased by 4% of the Company's issued and outstanding ordinary shares as of January 1, 2022.

In January 2022 and March 2022, the Company granted a total of 1,632,922 share options to employees and directors.

On February 1, 2022 the Company gave notice to terminate The Oxford Science Park lease. The lease will be terminated on July 30, 2022, by which date the Company will have relocated its corporate headquarters from Oxford to The Harwell Science and Innovation Campus, Oxfordshire.

On February 14, 2022 the Company repaid the debt outstanding of $159 thousand in full.

During the first quarter of 2022 and through to the date of issue of these consolidated financial statements, the Company experienced a sustained decline in the price of its ADSs. A sustained decrease in the Company’s ADSs is a potential indicator that it is more likely than not that a goodwill impairment exists. The Company will perform an impairment assessment of the Company’s, assets including goodwill and intangible assets, in the first quarter of 2022 which could lead to an impairment charge for the first quarter of 2022.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Principles of consolidation

Comprehensive loss

Comprehensive loss for all periods presented is comprised primarily of net loss and other comprehensive loss, which solely relates to foreign currency translation adjustments.

Foreign currency translation

Segment information

Noncontrolling interest

Business Combinations

Cash and cash equivalents

Revenue

Identify the contract with a customer,

Identify the performance obligations in the contract,

Determine the transaction price,

Allocate the transaction price to the performance obligations in the contract, and

Recognize revenue when or as the Company satisfies a performance obligation.

As part of the accounting for these arrangements, the Company must use judgment to determine:

The number of performance obligations and whether those performance obligations are distinct from other performance obligations in the contract,

The transaction price, and

The standalone selling price for each performance obligation identified in the contract for the allocation of transaction price.

License revenue

Research and development services

Research grants

Concentrations of credit risk

Licensees and grantors that represented 10% of more of the Company’s revenue and accounted for 10% or more of accounts receivable are presented below:


	Year ended		Year ended
	December 31,		December 31,
Revenue	2021		2020
Oxford University Innovation	—	%	51	%
U.S. Biomedical Advanced Research and Development Authority (“BARDA”)	69	%	34	%
Enara Bio	31	%	10	%


	As of		As of
	December 31,		December 31,
Accounts Receivable	2021		2020
U.S. Biomedical Advanced Research and Development Authority (“BARDA”)	—	%	51	%
Department of Health and Social Care	—	%	49	%
Scancell Ltd	100	%	—	%

Allowance for credit losses

Property and equipment


Asset Category		Estimated Useful Life
Office furniture and equipment		3 years
Laboratory equipment		4 years
Leasehold improvements		Lesser of lease term or estimated useful lives

Intangible Assets

Impairment of long-lived assets

Goodwill

Financial instruments

Fair value measurements

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Leases

Variable lease payments such as the Company’s share of real estate taxes, utilities, and common area maintenance, are reported as non-lease operating expenses.

Research and development

Clinical trial costs

Patent and licensing costs

Embedded derivatives

Embedded derivatives bifurcated are presented along with the host contract on the balance sheet.

Ordinary shares

Ordinary shares are classified in shareholders’ deficit and represent issued share capital.

Additional paid-in capital

Share based compensation

Income taxes

Research and development incentives

Net loss per share

Contingent liabilities

Recently issued accounting pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Line Items]

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]


	Year ended		Year ended
	December 31,		December 31,
Revenue	2021		2020
Oxford University Innovation	—	%	51	%
U.S. Biomedical Advanced Research and Development Authority (“BARDA”)	69	%	34	%
Enara Bio	31	%	10	%


	As of		As of
	December 31,		December 31,
Accounts Receivable	2021		2020
U.S. Biomedical Advanced Research and Development Authority (“BARDA”)	—	%	51	%
Department of Health and Social Care	—	%	49	%
Scancell Ltd	100	%	—	%

Property, Plant and Equipment [Table Text Block]


	December 31,		December 31,
	2021		2020
Office furniture and equipment	$	232	$	168
Laboratory equipment		1,855		890
Leasehold improvements		628		50
Property and equipment, at cost		2,715		1,108
Less: accumulated depreciation		(886)		(479)
Property and equipment, net	$	1,829	$	629

Property, Plant and Equipment

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment [Table Text Block]


Asset Category		Estimated Useful Life
Office furniture and equipment		3 years
Laboratory equipment		4 years
Leasehold improvements		Lesser of lease term or estimated useful lives

Business combination (Tables) - Avidea

12 Months Ended

Dec. 31, 2021

Business Acquisition [Line Items]

Summary of estimated purchase consideration

The following table summarizes the estimated purchase consideration of $35,676 thousand, as of December 10, 2021 which consisted of:


Cash consideration	$	12,204
Equity consideration¹		21,118
Estimated fair value of Contingent Consideration		2,354
	$	35,676

Schedule of allocation of purchase price to the identifiable assets acquired and liabilities assumed

The allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on estimates of fair value as of December 10, 2021, and is as follows:


Recognized identifiable assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents	$	38
Accounts receivable		56
Prepaid, other current assets and non-current assets		332
Property and equipment, net		327
Developed technology		31,612
Accounts payable, accrued expenses, other current liabilities, and debt		(1,116)
Deferred tax liabilities, net		(8,203)
Net assets acquired		23,046
Goodwill		12,630
Estimated total purchase consideration	$	35,676

Schedule of supplemental proforma information


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Revenue	$	1,003	$	7,015
Net Loss	$	(55,336)	$	(21,962)

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Net Loss Per Share

Summary of computation of basic and diluted net loss per share

The following table sets forth the computation of basic and diluted net loss per share for the year ended December 31, 2021 and 2020 (in thousands, except number of shares and per share amounts):


	Year ended		Year ended
	December 31,		December 31,
Numerator:	2021		2020
Net loss	$	(51,112)	$	(17,933)
Net loss attributable to noncontrolling interest		247		227
Net loss attributable to Vaccitech shareholders	$	(50,865)	$	(17,706)
Denominator:
Weighted-average ordinary shares outstanding, basic and diluted		25,894,375		7,904,529
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(1.96)	$	(2.24)

Summary of potential shares that are excluded from the computation of diluted weighted-average shares outstanding


	Year ended	Year ended
	December 31,	December 31,
	2021	2020
Series A shares	—	22,065
Stock options	2,604,969	1,156,278

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

Schedule of property and equipment, net


	December 31,		December 31,
	2021		2020
Office furniture and equipment	$	232	$	168
Laboratory equipment		1,855		890
Leasehold improvements		628		50
Property and equipment, at cost		2,715		1,108
Less: accumulated depreciation		(886)		(479)
Property and equipment, net	$	1,829	$	629

Prepaid and other current assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid and other current assets

Summary of prepaid and other current assets


	December 31,		December 31,
	2021		2020
Prepayments and accrued income	$	4,612	$	1,075
Value Added Tax receivable		705		305
Employee retention and payroll tax credit		150		—
Others		995		29
Total	$	6,462	$	1,409

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Other Current Liabilities

Summary of accrued expenses and other current liabilities


	December 31,		December 31,
	2021		2020
Accrued manufacturing and clinical expenses	$	1,789	$	462
Accrued board of director compensation		91		4
Accrued bonus		1,333		749
Accrued payroll and employee benefits		1,072		250
Accrued professional fees		2,338		806
Accrued other		1,252		266
Total	$	7,875	$	2,537

Out-licenses and Grants (Tables)

12 Months Ended

Dec. 31, 2021

Out-licenses and Grants

Schedule of changes in the contract liabilities


Balance as of January 1, 2021	$	245
Revenue recognized related to contract liability balance		(63)
Foreign exchange translation		0	¹
Balance as of December 31, 2021	$	182

¹Indicates amount less than thousand

Convertible loan notes (Tables)

12 Months Ended

Dec. 31, 2021

Convertible loan notes

Summary of changes in the fair value of the embedded derivatives


	Year ended		Year ended
	December		December 31,
	31, 2021		2020
Beginning balance	$	20,109	$	—
Additions		—		20,944
Change in fair value recognized in the net loss		(5,994)		(2,039)
Settlement via conversion		(14,375)		—
Foreign exchange translation		260		1,205
Ending balance	$	—	$	20,109

Ordinary Shares (Tables)

12 Months Ended

Dec. 31, 2021

Ordinary Shares

Summary of ordinary shares reserved for future issuance

As of December 31, 2021, the Company has reserved the following ordinary shares for future issuance:


Exercise of stock options		3,186,818
Shares available for future stock incentive plan awards		2,127,920
Total		5,314,738

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of each stock option issued to employees


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Expected volatility	110.6	%	117.73	%
Expected term (years)	6.3		6.40
Risk-free interest rate	1.1	%	1.10	%
Expected dividend yield	—	%	0.00	%

Schedule of stock option activity


		Weighted-		Weighted-
		average		average
		Exercise		Remaining	Aggregate
	Number of	Price Per		Contractual	Intrinsic Value
	Stock Options	Option		Term (Years)	(in thousand)
Outstanding, January 1, 2021	1,544,382	$	0.0004	8.85	$	11,021
Granted	1,947,402		13.79
Exercised	(181,882)		0.05
Forfeited/expired	(123,084)		4.84
Outstanding, December 31, 2021	3,186,818	$	8.63	8.78	$	16,952
Exercisable, December 31, 2021	795,650	$	0.85	8.01	$	8,194

Schedule of share based compensation expense


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Research and development	$	2,281	$	614
General and administrative		14,206		3,011
Total	$	16,487	$	3,625

RSU

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of each stock option issued to employees


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Expected volatility	N/A	%	110.8	%
Expected term (years)	N/A		2.75
Risk-free interest rate	N/A	%	1.6	%
Expected dividend yield	N/A	%	0.00	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Summary of components of income tax benefit (expense)


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Current income tax benefit (expense):
United Kingdom	$	—	$	—
Foreign		(91)		(95)
Deferred income tax benefit (expense)
United Kingdom		—		—
Foreign		119		—
Total income tax benefit (expense), current	$	28	$	(95)

Summary of reconciliation of income tax benefit (expense) computed at the UK statutory income tax rate to income tax benefit (expense)


	Year ended		Year ended
	December 31,		December 31,
	2021		2020
Statutory tax rate	19.00	%	19.00	%
Increase (decreases) resulting from:
Permanent differences	3.16		10.57
Provision to return adjustments	0.85		1.24
Research and development credits	(10.30)		(18.73)
Foreign rate differential	0.07		0.20
Change in valuation allowance	(7.60)		(11.37)
Other	(5.12)		(1.44)
Effective tax rate	0.06	%	(0.53)	%

Summary of significant components of the Company's deferred tax assets and liabilities


		December 31,		December 31,
		2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	10,299	$	3,759
Research and development credit carryforwards		3,340		3,533
Deferred revenue		61		47
Share based compensation		1,816		1,043
Lease liability		1,752		350
Other		235		133
Gross deferred tax asset		17,503		8,865
Valuation allowance		(13,500)		(7,283)
Net deferred tax assets		4,003		1,582
Deferred tax liabilities:
Depreciation		(283)		(102)
Right-of-use lease asset		(1,747)		(448)
Unrealized gain on investment		(1,346)		(1,033)
Intangible assets		(8,711)		—
Net deferred tax liabilities		(12,087)		(1,582)
Total net deferred tax	$	(8,084)	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Schedule of right-of-use asset and a lease liability


	December 31,		December 31,
	2021		2020
Right-of-use asset	$	7,257	$	2,136
Lease liability, current	$	523	$	192
Lease liability, noncurrent	$	6,540	$	1,472
Other information
Short-term lease costs	$	21	$	—
Operating cash flows from operating leases	$	331	$	301

Schedule of other information on lease liabilities


Maturity of lease liabilities:
2022	$	599
2023		485
2024		1,205
2025		1,205
Thereafter		6,834
Total minimum lease payments		10,328
Less: imputed interest		(3,265)
Total lease liability	$	7,063

Nature of Business and Basis of Presentation (Details) $ in Thousands		12 Months Ended
	May 04, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Subsequent Event [Line Items]
Stock Split	309
Share based compensation		$ 16,487	$ 3,625
Share based compensation correction \| Restatement
Subsequent Event [Line Items]
Share based compensation				$ 2,129

Summary of Significant Accounting Policies - Foreign currency translation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
Foreign Currency Translation
Net foreign exchange gain (loss) \| $	$ 325	$ 462
Segment information
Number of operating segment \| segment	1

Summary of Significant Accounting Policies - Noncontrolling interest (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	$ 437	$ 391
Related Party
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	3,754
VOLT
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	$ 11,900
Controlling interest	76.00%
VOLT \| Related Party
Noncontrolling Interest [Line Items]
Noncontrolling interest.	24.00%

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents
Cash equivalents	$ 0	$ 0

Summary of Significant Accounting Policies - Concentrations of credit risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue \| Oxford University Innovation
Concentration Risk [Line Items]
Concentration risk, percentage		51.00%
Revenue \| U.S. Biomedical Advanced Research and Development Authority ("BARDA")
Concentration Risk [Line Items]
Concentration risk, percentage	69.00%	34.00%
Revenue \| Enara Bio
Concentration Risk [Line Items]
Concentration risk, percentage	31.00%	10.00%
Accounts Receivable \| U.S. Biomedical Advanced Research and Development Authority ("BARDA")
Concentration Risk [Line Items]
Concentration risk, percentage		51.00%
Accounts Receivable \| Department of Health and Social Care Member
Concentration Risk [Line Items]
Concentration risk, percentage		49.00%
Accounts Receivable \| Scancell Ltd
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2021 USD ($)
Allowance for Credit Loss [Abstract]
Expected credit losses for financial assets	$ 0

Summary of Significant Accounting Policies - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	4 years

Summary of Significant Accounting Policies - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	10 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	10 years

Summary of Significant Accounting Policies - Impairment of long-lived assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Impairment or Disposal of Tangible Assets Disclosure [Abstract]
Impairments	$ 0	$ 0

Summary of Significant Accounting Policies - Fair value measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair value measurements
Transfer of assets from level 1 to level 2	$ 0	$ 0
Transfer of assets from level 2 to level 1	0	0
Transfer of liabilities from level 1 to level 2	0	0
Transfer of liabilities from level 2 to level 1	0	0
Transfer of assets (liabilities) in and out of level 3	0	0
Research and Development Incentives [Abstract]
Research and development incentives	$ 4,001,000	$ 3,279,000

Business combination - Estimated purchase consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 10, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Estimated purchase consideration		$ 35,676
Avidea
Business Acquisition [Line Items]
Cash consideration	$ 12,204	12,204
Equity consideration	21,118	$ 21,118
Estimated fair value of Contingent Consideration	2,354
Estimated purchase consideration	$ 35,676

Business combination - Allocation of purchase price to the identifiable assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 10, 2021
Business Acquisition [Line Items]
Goodwill	$ 12,630
Avidea
Business Acquisition [Line Items]
Cash and cash equivalents		$ 38
Accounts receivable		56
Prepaid, other current assets and non-current assets		332
Property and equipment, net		327
Developed technology		31,612
Accounts payable, accrued expenses, other current liabilities, and debt		(1,116)
Deferred tax liabilities, net		(8,203)
Net assets acquired		23,046
Goodwill		12,630
Estimated total purchase consideration		$ 35,676

Business combination - Supplemental Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net Loss	$ (51,112)	$ (17,933)
Avidea
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	0
Avidea \| Acquisition-related Costs [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	1,003	7,015
Net Loss	$ (55,336)	$ (21,962)

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Business combination - Additional information (Details) - USD ($)		12 Months Ended
	Dec. 10, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 09, 2021
Business Acquisition [Line Items]
Estimated purchase consideration		$ 35,676,000
Contingent consideration, Dependent On Conditions		40,000,000
Interest expenses unwinding of discount		17,000
Foreign exchange gain recognized		47,000
Contingent consideration fair value		2,371,000
Other comprehensive loss - foreign currency translation adjustments		$ (7,248,000)	$ (776,000)
Estimated usefule life		10 years
Loss from operations		$ (45,221,000)	$ (20,046,000)
American Depositary Shares
Business Acquisition [Line Items]
Business acquisition, Number of shares issued		2,163,694
Avidea
Business Acquisition [Line Items]
Percentage of interest acquired				100.00%
Estimated purchase consideration	$ 35,676,000
Upfront amount		$ 33,322,000
Cash consideration	12,204,000	12,204,000
Equity consideration	21,118,000	21,118,000
Contingent consideration, Dependent On Conditions		15,000,000
Transaction cost		898,000
Loss from operations		320,000
Revenue		0
Avidea \| American Depositary Shares
Business Acquisition [Line Items]
Equity consideration	$ 2,163,694
Aggregate contingent consideration		40,000,000
Share price	$ 9.76
Avidea \| Developed technology
Business Acquisition [Line Items]
Contingent consideration, Dependent on license or sale of technology		$ 25,000,000

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (51,112)	$ (17,933)
Net loss attributable to noncontrolling interest	247	227
Net loss attributable to Vaccitech shareholders	$ (50,865)	$ (17,706)
Denominator:
Weighted-average ordinary shares outstanding, basic	25,894,375	7,904,529
Weighted-average ordinary shares outstanding, diluted	25,894,375	7,904,529
Net loss per share attributable to ordinary shareholders, basic	$ (1.96)	$ (2.24)
Net loss per share attributable to ordinary shareholders, diluted	$ (1.96)	$ (2.24)

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Net Loss Per Share - Diluted weighted-average shares outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Series A shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted weighted-average shares outstanding		22,065
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted weighted-average shares outstanding	2,604,969	1,156,278

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 2,715	$ 1,108
Less: accumulated depreciation	(886)	(479)
Property and equipment, net	1,829	629
Depreciation expense	420	208
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	232	168
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,855	890
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 628	$ 50

Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 182	$ 0
Estimated annual amortization expense	3,161
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	31,612	0
Intangible assets, accumulated amortization	$ 182	$ 0

Prepaid and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid and other current assets
Prepayments and accrued income	$ 4,612	$ 1,075
Value Added Tax receivable	705	305
Employee retention and payroll tax credit	150
Others	995	29
Total	$ 6,462	$ 1,409

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued manufacturing and clinical expenses	$ 1,789	$ 462
Accrued board of director compensation	91	4
Accrued bonus	1,333	749
Accrued payroll and employee benefits	1,072	250
Accrued professional fees	2,338	806
Accrued other	1,252	266
Total	$ 7,875	$ 2,537

Out-licenses and Grants (Details)	1 Months Ended		12 Months Ended
Out-licenses and Grants (Details)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 28, 2019 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 268,000	$ 4,821,000
Outstanding payable			182,000	245,000
License revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			63,000	2,553,000
Service revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			21,000	405,000
Research grants and contracts
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			184,000	1,863,000
Enara Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 317,062	£ 250,000
Additional milestone payments received	$ 30,000,000	£ 22,500,000
Enara Agreement \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalties on net sales	1.50%	1.50%
Enara Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalties on net sales	4.00%	4.00%
Enara Agreement \| License revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			63,000	70,000
Enara Agreement \| Service revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			21,000	386,000
BARDA contract
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			184,000	1,651,000
Outstanding payable			$ 18,000	263,000
Maximum reimbursement amount receivable					$ 8,593,000
Agreement With Oxford University Innovation \| Research grants and contracts
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				$ 2,483,000

Out-licenses and Grants - Changes in the contract liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Out-licenses and Grants
Balance at beginning of period	$ 245
Revenue recognized related to contract liability balance	(63)
Foreign exchange translation	0
Balance at end of period	$ 182

Convertible loan notes (Details) $ in Thousands, £ in Millions	5 Months Ended		12 Months Ended
	Nov. 30, 2020 USD ($)	Nov. 30, 2020 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Transaction costs				$ 57
Interest expense recognized				3,600
Change in fair value of derivatives			$ 5,994	$ 2,039
Convertible loan notes.
Debt Instrument [Line Items]
Principal amount of notes	$ 41,184
Transaction costs	$ 57
Interest rate	8.00%	8.00%
Qualified equity financing \| £		£ 10
Exit term of nonqualified financing event where lenders will receive consideration in cash or other assets	6 months	6 months
Embedded derivatives at its initial fair values			20,944
Initial net carrying value of the convertible loan notes			41,184
Residual amount			20,240
Interest expense recognized			2,650
Change in fair value of derivatives			$ 5,994
Convertible loan notes. \| Measurement Input, Risk Free Interest Rate [Member]
Debt Instrument [Line Items]
Interest rate			0.22%
Convertible loan notes. \| Market cost of debt
Debt Instrument [Line Items]
Interest rate			11.80%
Convertible loan notes. \| Minimum
Debt Instrument [Line Items]
Probability of exercise of conversion feature or the cash redemption			5.00%
Convertible loan notes. \| Maximum
Debt Instrument [Line Items]
Probability of exercise of conversion feature or the cash redemption			75.00%

Convertible loan notes - Series B Shares (Details) $ in Thousands		12 Months Ended
	Mar. 15, 2021 USD ($) shares	Dec. 31, 2021 USD ($) shares
Debt Instrument [Line Items]
Loss on extinguishment of convertible loan notes		$ (13,789)
Series B redeemable convertible preferred shares
Debt Instrument [Line Items]
Loss on extinguishment of convertible loan notes	$ 2,125
Series B redeemable convertible preferred shares \| Convertible loan notes.
Debt Instrument [Line Items]
Shares issued on conversion \| shares	12,421	12,421
Conversion price, multiplier	0.8
Fair value of shares issued on conversion		$ 53,721
Loss on extinguishment of convertible loan notes		13,789
Carrying amounts of the convertible loan notes		25,557
Conversion and redemption feature liability		$ 14,375

Convertible loan notes - fair value of the embedded derivatives (Details) - Embedded derivatives - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 20,109
Additions		$ 20,944
Change in fair value recognized in net loss	(5,994)	(2,039)
Settlement via conversion	(14,375)
Foreign exchange translation	$ 260	1,205
Ending balance		$ 20,109

Series A and Series B shares (Details) £ / shares in Units, £ in Thousands, $ in Thousands	May 04, 2021 shares	Mar. 31, 2021 £ / shares shares	Mar. 15, 2021 USD ($) shares	Dec. 21, 2018 USD ($) shares	Dec. 21, 2018 GBP (£) shares	Jan. 10, 2018 USD ($) shares	Jan. 10, 2018 GBP (£) shares	Oct. 10, 2017 USD ($) shares	Oct. 10, 2017 GBP (£) shares
Redeemable Noncontrolling Interest [Line Items]
Stock issued				3,678	3,678	4,597	4,597	13,790	13,790
Gross value of shares issued				$ 7,592	£ 6,000	$ 6,533	£ 5,000	$ 19,754	£ 15,000
Series B redeemable convertible preferred shares
Redeemable Noncontrolling Interest [Line Items]
Stock issued			28,957
Gross value of shares issued \| $			$ 125,239
Transaction cost \| $			$ 3,402
Deferred A shares
Redeemable Noncontrolling Interest [Line Items]
Shares issued upon conversion		1
Nominal value per share \| £ / shares		£ 1.00
Deferred B shares
Redeemable Noncontrolling Interest [Line Items]
Shares issued upon conversion	570,987
Deferred C shares
Redeemable Noncontrolling Interest [Line Items]
Shares issued upon conversion	19,603,887
Ordinary Shares [Member]
Redeemable Noncontrolling Interest [Line Items]
Shares issued upon conversion	19,603,887

Ordinary Shares (Details)			12 Months Ended
Ordinary Shares (Details)	May 04, 2021 USD ($) $ / shares shares	Apr. 21, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2021 £ / shares shares	May 04, 2021 £ / shares shares	Dec. 31, 2020 £ / shares shares
Ordinary Shares
Ordinary shares, shares authorized \| shares				37,188,730		7,960,458
Ordinary shares, nominal value \| £ / shares				£ 0.000025		£ 0.000025
Aggregate net proceeds from IPO			$ 102,765,000
Voting rights			one
Percentage of ordinary shares present to exercise preemptive rights				75.00%
Maximum period to exercise preemptive rights			5 years
IPO
Ordinary Shares
Number of ADS shares closed (in shares) \| shares	6,500,000
Ordinary shares, shares authorized \| shares	6,500,000				6,500,000
Ordinary shares, nominal value \| £ / shares					£ 0.000025
Ordinary shares, public offering price \| $ / shares	$ 17.00
Aggregate net proceeds from IPO	$ 102,765
Underwriting commissions	7,735
Offering cost	$ 2,165
Maximum period to exercise preemptive rights		5 years

Ordinary Shares - Ordinary shares for future issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Ordinary Shares
Options outstanding	3,186,818	1,544,382
Shares available for future stock incentive plan awards	2,127,920
Total	5,314,738

Deferred Shares (Details) - Dec. 31, 2021 £ in Thousands, $ in Thousands	USD ($)	GBP (£)
Deferred A shares
Ordinary shares, liquidation preference	$ 1,373	£ 1,000

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Apr. 22, 2021 $ / shares shares	Apr. 22, 2021 £ / shares shares	Apr. 21, 2021 $ / shares	Apr. 21, 2021 £ / shares	Apr. 08, 2021 shares	Jan. 09, 2020 USD ($) tranche $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of options granted \| $ / shares							$ 13.79
Options outstanding							3,186,818	1,544,382
Number of shares reserved for issuance							5,314,738
Unrecognized compensation cost related to options \| $							$ 12,524	$ 3,089
Weighted-average grant date per-share fair value of stock options granted \| $ / shares							$ 10.98	$ 5.66
Aggregate intrinsic value of stock options exercised \| $							$ 1,823	$ 1,000
Unrecognized compensation cost which is expected to be recognized over a weighted-average period							2 years 3 months 14 days
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price of options granted \| (per share)	$ 4.84	£ 3.49	$ 0.0004	£ 0.0003
Options outstanding	267,903	267,903
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units						479,568
Number of awards granted						479,568
Grant date fair value of awards granted \| $ / shares						$ 5.23
Aggregate shares granted as percentage of total fully diluted share capital						1.50%
Number of awards granted as a result of this antidilution provision							275,139	48,513
Incremental compensation cost as a result of the modification \| $						$ 147	$ 4,420
Number of awards vested							514,923
Unrecognized compensation cost of awards other than stock options \| $							$ 5,760
Unrecognized compensation cost related to RSUs \| $							$ 5,760
RSU \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal tranches \| tranche						239,784
RSU \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal tranches \| tranche						239,784
Vaccitech plc Share Award Plan 2021 \| Restricted share units, options, share appreciation rights and restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted					3,675,680
Percentage of issued and outstanding ordinary shares available for issuance under the Plan					4.00%
Expiration period of grants					10 years
Options outstanding							2,127,920
Vaccitech plc Share Award Plan 2021 \| Restricted share units, options, share appreciation rights and restricted shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Vaccitech plc Share Award Plan 2021 \| Restricted share units, options, share appreciation rights and restricted shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Enterprise Management Incentive Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									4 years
Expiration term									10 years
Enterprise Management Incentive Share Option Scheme \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance									3,530,634

Share-Based Compensation - Fair value of each stock option issued to employees - (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Enterprise Management Incentive Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	110.60%	117.73%
Expected term (years)	6 years 3 months 18 days	6 years 4 months 24 days
Risk-free interest rate	1.10%	1.10%
Expected dividend yield		0.00%
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		110.80%
Expected term (years)		2 years 9 months
Risk-free interest rate		1.60%
Expected dividend yield		0.00%

Share-Based Compensation - Summary of stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Stock Options
Outstanding at the beginning	1,544,382
Granted	1,947,402
Exercised	(181,882)
Forfeited/expired	(123,084)
Outstanding at the end	3,186,818	1,544,382
Exercisable at the end	795,650
Weighted-average Exercise Price Per Option
Outstanding at the beginning (in dollars per share)	$ 0.0004
Granted (in dollars per share)	13.79
Exercised (in dollars per share)	0.05
Forfeited/expired (in dollars per share)	4.84
Outstanding at the end (in dollars per share)	8.63	$ 0.0004
Exercisable at the end (in dollars per share)	$ 0.85
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted- average remaining contractual term (Years)	8 years 9 months 10 days	8 years 10 months 6 days
Exercisable at the end (in years)	8 years 3 days
Outstanding at the beginning (in dollars)	$ 11,021
Outstanding at the end (in dollars)	16,952	$ 11,021
Exercisable at the end (in dollars)	$ 8,194

Share-Based Compensation - Share based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 16,487	$ 3,625
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	2,281	614
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 14,206	$ 3,011

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current income tax benefit (expense):
Foreign	$ (91)	$ (95)
Deferred income tax benefit (expense)
Foreign	119
Total income tax benefit (expense), current	$ 28	$ (95)