0001782999-23-000004 | 20-F | XBRL Viewer

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Cover	12 Months Ended
Cover	Dec. 31, 2022 shares
Document and Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39670
Entity Registrant Name	PURETECH HEALTH PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	6 Tide Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
Entity Address, Country	US
Entity Common Stock, Shares Outstanding	278,566,306
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001782999
Amendment Flag	false
Entity Emerging Growth Company	false
Business Contact
Document and Entity Information [Line Items]
Entity Address, Address Line One	6 Tide Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
Entity Address, Country	US
Contact Personnel Name	Daphne Zohar
City Area Code	617
Local Phone Number	482-2333
American Depositary Shares
Document and Entity Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing 10 ordinary shares, par value £0.01 per share
Trading Symbol	PRTC
Security Exchange Name	NASDAQ
Common
Document and Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value £0.01 per share*
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Name	KPMG LLPWe have served as the Group’s auditor since 2015.
Auditor Location	London, United Kingdom
Auditor Firm ID	1118

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Contract revenue	$ 2,090	$ 9,979	$ 8,341
Grant revenue	13,528	7,409	3,427
Total revenue	15,618	17,388	11,768
Operating expenses:
General and administrative expenses	(60,991)	(57,199)	(49,440)
Research and development expenses	(152,433)	(110,471)	(81,859)
Operating income/(loss)	(197,807)	(150,282)	(119,531)
Other income/(expense):
Gain on deconsolidation of subsidiary	27,251	0	0
Gain/(loss) on investment held at fair value	(32,060)	179,316	232,674
Realized loss on sale of investments	(29,303)	(20,925)	(54,976)
Other income/(expense)	8,131	1,592	1,035
Other income/(expense)	(25,981)	159,983	178,732
Finance income/(costs):
Finance income	5,799	214	1,183
Finance costs – contractual	(3,939)	(4,771)	(2,946)
Finance income/(costs) – fair value accounting	137,063	9,606	(4,351)
Net finance income/(costs)	138,924	5,050	(6,115)
Share of net loss of associates accounted for using the equity method	(27,749)	(73,703)	(34,117)
Gain on dilution of ownership interest in associate	28,220	0	0
Impairment of investment in associate	(8,390)	0	0
Income/(loss) before taxes	(92,783)	(58,953)	18,969
Taxation	55,719	(3,756)	(14,401)
Income/(Loss) for the year	(37,065)	(62,709)	4,568
Other comprehensive income/(loss):
Equity-accounted associate – share of other comprehensive income (loss)	(166)	0	469
Reclassification of foreign currency differences on dilution of interest	(213)	0	0
Total other comprehensive income/(loss)	(379)	0	469
Total comprehensive income/(loss) for the year	(37,444)	(62,709)	5,037
Income/(loss) attributable to:
Owners of the Company	(50,354)	(60,558)	5,985
Non-controlling interests	13,290	(2,151)	(1,417)
Comprehensive income/(loss) attributable to:
Owners of the Company	(50,733)	(60,558)	6,454
Non-controlling interests	$ 13,290	$ (2,151)	$ (1,417)
Earnings/(loss) per share:
Basic earnings/ (loss) per share (in dollars per share)	$ (0.18)	$ (0.21)	$ 0.02
Diluted earnings/ (loss) per share (in dollars per share)	$ (0.18)	$ (0.21)	$ 0.02

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property and equipment, net	$ 22,957	$ 26,771
Right of use asset, net	14,281	17,166
Intangible assets, net	831	987
Investments held at fair value	251,892	397,179
Investment in associates - equity method	9,147	0
Note from associate	16,501	0
Lease receivable – long-term	835	1,285
Other non-current assets	10	810
Total non-current assets	316,454	444,197
Current assets
Trade and other receivables	11,867	3,174
Income tax receivable	10,040	4,514
Prepaid expenses	11,617	10,755
Lease receivable – short-term	450	415
Other financial assets	2,124	2,124
Short-term note from associate	0	15,120
Short-term investments	200,229	0
Cash and cash equivalents	149,866	465,708
Total current assets	386,192	501,809
Total assets	702,647	946,006
Equity
Share capital	5,455	5,444
Share premium	289,624	289,303
Treasury stock	(26,492)	0
Merger reserve	138,506	138,506
Translation reserve	89	469
Other reserve	(14,478)	(40,077)
Retained earnings/(accumulated deficit)	149,516	199,871
Equity attributable to the owners of the Company	542,220	593,515
Non-controlling interests	5,369	(9,368)
Total equity	547,589	584,147
Non-current liabilities
Deferred tax liability	19,645	89,765
Lease liability, non-current	24,155	29,040
Long-term loan	10,244	14,261
Liability for share based awards	4,128	2,659
Total non-current liabilities	58,172	135,725
Current liabilities
Deferred revenue	2,185	65
Lease liability, current	4,972	3,950
Trade and other payables	54,840	35,817
Subsidiary:
Notes payable	2,345	4,641
Warrant liability	47	6,787
Preferred shares	27,339	174,017
Current portion of long-term loan	5,156	857
Total current liabilities	96,885	226,135
Total liabilities	155,057	361,859
Total equity and liabilities	$ 702,647	$ 946,006

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share Capital	Share premium	Treasury Shares	Merger reserve	Translation reserve	Other reserve	Retained earnings/ (accumulated deficit)	Total parent equity	Non-controlling interests
Beginning balance number of shares outstanding (in shares) at Dec. 31, 2019		285,370,619
Equity at beginning of period at Dec. 31, 2019	$ 650,398	$ 5,408	$ 287,962		$ 138,506	$ 0	$ (18,282)	$ 254,444	$ 668,037	$ (17,639)
Net income/(loss)	4,568							5,985	5,985	(1,417)
Other comprehensive income/(loss), net	469					469			469
Total comprehensive income/(loss) for the year	5,037					469		5,985	6,454	(1,417)
Exercise of share-based awards (in shares)		514,406
Exercise of share-based awards	1,036	$ 9	1,016						1,025	11
Revaluation of deferred tax assets related to share-based awards	(684)						(684)		(684)
Equity settled share-based awards	10,627						7,805		7,805	2,822
Settlement of restricted stock units	(12,888)						(12,888)		(12,888)
Partial settlement of share based liability awards and settlement of equity based RSUs	0
Other	13						0	0	0	13
Ending balance number of shares outstanding (in shares) at Dec. 31, 2020		285,885,025
Equity at end of period at Dec. 31, 2020	653,539	$ 5,417	288,978		138,506	469	(24,050)	260,429	669,748	(16,209)
Net income/(loss)	(62,709)							(60,558)	(60,558)	(2,151)
Other comprehensive income/(loss), net	0
Total comprehensive income/(loss) for the year	(62,709)					0		(60,558)	(60,558)	(2,151)
Exercise of share-based awards (in shares)		1,911,560
Exercise of share-based awards	352	$ 27	326						352	0
Revaluation of deferred tax assets related to share-based awards	615						615		615
Equity settled share-based awards	13,361						7,109		7,109	6,252
Settlement of restricted stock units	(10,749)						(10,749)		(10,749)
Reclassification of equity settled awards to liability awards	(6,773)						(6,773)		(6,773)
Vesting of share-based awards and net share exercise	(2,582)						(2,582)		(2,582)
Acquisition of subsidiary non-controlling interest	(968)						(9,636)		(9,636)	8,668
Partial settlement of share based liability awards and settlement of equity based RSUs	0
NCI exercise of share options in subsidiaries	66						5,988		5,988	(5,922)
Other	(6)									(6)
Ending balance number of shares outstanding (in shares) at Dec. 31, 2021		287,796,585
Equity at end of period at Dec. 31, 2021	584,147	$ 5,444	289,303		138,506	469	(40,077)	199,871	593,515	(9,368)
Net income/(loss)	(37,065)							(50,354)	(50,354)	13,290
Other comprehensive income/(loss), net	(379)					(379)			(379)
Total comprehensive income/(loss) for the year	(37,444)					(379)		(50,354)	(50,733)	13,290
Deconsolidation of subsidiary	11,904									11,904
Exercise of share-based awards (in shares)		577,022
Exercise of share-based awards	332	$ 11	321						332
Revaluation of deferred tax assets related to share-based awards	45						45		45
Purchase of Treasury stock (in shares)				(10,595,347)
Purchase of Treasury stock	(26,492)			$ (26,492)					(26,492)
Equity settled share-based awards	13,567						8,856		8,856	4,711
Partial settlement of share based liability awards and settlement of equity based RSUs (in shares)		788,046
Partial settlement of share based liability awards and settlement of equity based RSUs	1,528						1,528		1,528
NCI exercise of share options in subsidiaries	7						15,171		15,171	(15,164)
Other	(4)									(4)
Ending balance number of shares outstanding (in shares) at Dec. 31, 2022		289,161,653		(10,595,347)
Equity at end of period at Dec. 31, 2022	$ 547,589	$ 5,455	$ 289,624	$ (26,492)	$ 138,506	$ 89	$ (14,478)	$ 149,516	$ 542,220	$ 5,369

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Income/(Loss) for the year	$ (37,065)	$ (62,709)	$ 4,568
Non-cash items:
Depreciation and amortization	8,893	7,287	6,645
Share-based compensation expense	14,698	13,950	10,718
Share-based compensation expense	32,060	(179,316)	(232,674)
Realized loss on sale of investments	29,303	20,925	54,976
Gain on dilution of ownership interest in associate	(28,220)	0	0
Impairment of investment in associate	8,390	0	0
Gain on deconsolidation of subsidiary	(27,251)	0	0
Share of net loss of associates accounted for using the equity method	27,749	73,703	34,117
Fair value gain on other financial instruments	(8,163)	(800)	0
Loss on disposal of assets	138	53	66
Income taxes, net	(55,719)	3,756	14,402
Finance (income)/costs, net	(138,924)	(5,050)	6,114
Changes in operating assets and liabilities:
Trade and other receivables	(7,734)	(617)	(529)
Prepaid expenses	(862)	(5,350)	(3,371)
Deferred revenue	2,123	(1,407)	(5,223)
Trade and other payables	22,033	8,338	605
Other	359	(103)	(7)
Income taxes paid	(20,696)	(27,766)	(20,737)
Interest received	3,460	214	1,155
Interest paid	(3,366)	(3,382)	(2,651)
Net cash used in operating activities	(178,792)	(158,274)	(131,827)
Cash flows from investing activities:
Purchase of property and equipment	(2,176)	(5,571)	(5,170)
Proceeds from sale of property and equipment	0	30	0
Purchases of intangible assets	0	(90)	(254)
Investment in associates	(19,961)	0	0
Purchase of investments other than investments accounted for using equity method	0	0	(10,000)
Purchase of investments held at fair value	(5,000)	(500)	(1,150)
Sale of investments held at fair value	118,710	218,125	350,586
Purchase of short-term note from associate	0	(15,000)	0
Repayment of short-term Note from associate	15,000	0	0
Purchases of Convertible Note	(15,000)	0	0
Cash derecognized upon loss of control over subsidiary (see table below)	(479)	0	0
Purchases of short-term investments	(248,733)	0	0
Proceeds from maturity of short-term investments	50,000	0	30,116
Receipt of payment of sublease	415	381	350
Net cash provided by (used in) investing activities	(107,223)	197,375	364,478
Cash flows from financing activities:
Receipt of PPP loan	0	0	68
Issuance of long term loan	0	0	14,720
Issuance of subsidiary preferred Shares	0	37,610	13,750
Issuance of Subsidiary Convertible Note	393	2,215	25,000
Payment of lease liability	(4,025)	(3,375)	(2,908)
Exercise of stock options	332	352	1,036
Settlement of restricted stock unit equity awards	0	(10,749)	(12,888)
Vesting of restricted stock units and net share exercise	0	(2,582)	0
NCI exercise of stock options in subsidiary	7	66	0
Issuance of warrants in subsidiary	0	0	92
Purchase of treasury stock	(26,492)	0	0
Acquisition of a non-controlling Interest of a subsidiary	0	(806)	0
Other	(41)	(5)	0
Net cash provided by (used in) financing activities	(29,827)	22,727	38,869
Net increase (decrease) in cash and cash equivalents	(315,842)	61,827	271,520
Cash and cash equivalents at beginning of year	465,708	403,881	132,360
Cash and cash equivalents at end of year	149,866	465,708	403,881
Supplemental disclosure of non-cash investment and financing activities:
Partial settlement of share based liability awards and settlement of equity based RSUs	1,528	0	0
Purchase of property, plant and equipment against trade and other payables	0	1,841	0
Leasehold improvements purchased through lease incentives (deducted from Right of Use Asset)	0	1,010	0
Conversion of subsidiary convertible note into preferred share liabilities	$ 0	$ 25,797	$ 0

Consolidated Statements of Cash Flows - Parenthetical (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Statement Of Cash Flows [Line Items]
Trade and other payables	$ 54,840
Subsidiary notes payable	2,345
Non-controlling interests	(5,369)
Total equity	547,589
Investment retained in deconsolidated subsidiary	(32,060)
Gain on deconsolidation	27,251
Deconsolidated former subsidiary operating companies
Statement Of Cash Flows [Line Items]
Trade and other payables	1,407
Subsidiary notes payable	3,403
Subsidiary preferred shares	15,853
Other assets and liabilities, net	123
Non-controlling interests	(11,904)
Total equity	8,882
Investment retained in deconsolidated subsidiary	18,848
Gain on deconsolidation	(27,251)
Cash in deconsolidated subsidiary	$ 479

Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Accounting Policies

Accounting policies

Description of Business

PureTech Health plc (“PureTech,” the “Parent” or the “Company”) is a public company incorporated, domiciled and registered in the United Kingdom (“UK”). The registered number is 09582467 and the registered address is 8th Floor, 20 Farringdon Street, London EC4A 4AB, United Kingdom.

PureTech’s group financial statements consolidate those of the Company and its subsidiaries (together referred to as the “Group”). The Parent company financial statements present financial information about the Company as a separate entity and not about its Group.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these group financial statements.

Basis of Presentation

The consolidated financial statements of the Group are presented as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020. The Group financial statements have been approved by the Directors on April 27, 2023, and are prepared in accordance with UK-adopted International Financial Reporting Standards (IFRSs). The Consolidated Financial Statements also comply fully with IFRSs as issued by the International Accounting Standards Board (IASB). UK-adopted IFRSs differs in certain respects from IFRS as issued by the IASB. However, the differences have no impact for the periods presented.

For presentation of the Consolidated Statements of Comprehensive Income/(Loss), the Company uses a classification based on the function of expenses, rather than based on their nature, as it is more representative of the format used for internal reporting and management purposes and is consistent with international practice.

Certain amounts in the Consolidated Financial Statements and accompanying notes may not add due to rounding. All percentages have been calculated using unrounded amounts.

Basis of Measurement

The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: investments held at fair value, short-term and convertible note from associate and liabilities classified as fair value through the profit or loss.

Use of Judgments and Estimates

In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis.

Significant estimation is applied in determining the following:

•Financial instruments valuations (Note 16): when estimating the fair value of subsidiary preferred shares, subsidiary warrants, and subsidiary convertible notes carried at fair value through profit and loss (FVTPL) as well as investments held at fair value, at initial recognition and upon subsequent measurement. Valuation of the aforementioned financial instruments (assets and liabilities) includes making significant estimates, specifically determining the appropriate valuation methodology and making certain estimates such as the future expected returns on the financial instrument in different scenarios, earnings potential of the subsidiary businesses, appropriate discount rate, appropriate volatility, appropriate term to exit and other industry and company specific risk factors.

Significant judgement is also applied in determining the following:

•Subsidiary preferred shares liability classification (Note 15): when determining the classification of financial instruments in terms of liability or equity. These judgements include an assessment of whether the financial instruments include any embedded derivative features, whether they include contractual obligations of the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party, and whether that obligation will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. Further information about these critical judgements and estimates is included below under Financial Instruments.

•When the power to control the subsidiaries exists (please refer to Notes 5 and 6 and accounting policy below Subsidiaries). This judgement includes an assessment of whether the Company has (i) power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the investor’s returns. The Company considers among others its voting shares, shareholder agreements, ability to appoint board members, representation on the board, rights to appoint management, de facto control, investee dependence on the Company etc. If the power to control investees exists we consolidate the financial statements of such investee in the consolidated financial statements of the Group. Upon issuance of new shares in a subsidiary and/or a change in any shareholders or governance agreements, the Group reassesses its ability to control the investee based on the revised voting interest and board composition and revised subsidiary governance and management structure. When such new circumstances result in the Group losing its power to control the investee, the investee is deconsolidated.

•Whether the Company has significant influence over financial and operating policies of investees in order to determine if the Company should account for its investment as an associate based on IAS 28 or based on IFRS 9, Financial Instruments (please refer to Note 5). This judgement includes, among others, an assessment whether the Company has representation on the Board of Directors of the investee, whether the Company participates in the policy making processes of the investee, whether there is any interchange of managerial personnel, whether there is any essential technical information provided to the investee and if there are any transactions between the Company and the investee.

•Upon determining that the Company does have significant influence over the financial and operating policies of an investee, if the Company holds more than a single instrument issued by its equity-accounted investee, judgement is required to determine whether the additional instrument forms part of the investment in the associate, which is accounted for under IAS 28 and scoped out of IFRS 9, or it is a separate financial instrument that falls in the scope of IFRS 9 (please refer to Notes 5 and 6). This judgement includes an assessment of the characteristics of the financial instrument of the investee held by the Company and whether such financial instrument provides access to returns underlying an ownership interest.

•Where the company has other investments in an equity accounted investee that are not accounted for under IAS 28, judgement is required in determining if such investments constitute Long-Term Interests for the purposes of IAS 28 (please refer to Notes 5 and 6). This determination is based on the individual facts and circumstances and characteristics of each investment, but is driven, among other factors, by the intention and likelihood to settle the instrument through redemption or repayment in the foreseeable future, and whether or not the investment is likely to be converted to common stock or other equity instruments (please also refer to accounting policy with regard to Investments in Associates below). When the Group considered the individual facts and circumstances of the Group’s investment in its associate's preferred stock in the manner described above, including the long-term nature of such investment, the ability of the Group to convert its preferred stock investment to an investment in common shares and the likelihood of such conversion, we concluded that such investment was considered a Long Term Interest.

As of December 31, 2022, the Group had cash and cash equivalents of $149.9 million and short-term investments of $200.2 million. Considering the Group’s and the Company's financial position as of December 31, 2022, and its principal risks and opportunities, a going concern analysis has been prepared for at least the twelve-month period from the date of signing the Consolidated Financial Statements ("the going concern period") utilizing realistic scenarios and applying a severe but plausible downside scenario. Even under the downside scenario, the analysis demonstrates the Group and the Company continue to maintain sufficient liquidity headroom and continue to comply with all financial obligations. The Directors believe the Group and the Company is adequately resourced to continue in operational existence for at least the twelve-month period from the date of signing the Consolidated Financial Statements. Accordingly, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements and the PureTech Health plc Financial Statements.

Basis of consolidation

The consolidated financial information as of December 31, 2022 and 2021, and for each of the years ended December 31, 2022, 2021 and 2020, comprises an aggregation of financial information of the Company and the consolidated financial information of PureTech Health LLC (“PureTech LLC”). Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated.

Subsidiaries

As used in these financial statements, the term subsidiaries refers to entities that are controlled by the Group. Financial results of subsidiaries of the Group as of December 31, 2022, are reported within the Internal segment, Controlled Founded Entities segment or the Parent Company and Other section (please refer to Note 4). Under applicable accounting rules, the Group controls an entity when it is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights, board representation, shareholders' agreements, ability to appoint Directors and management, de facto control and other related factors. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.

A list of all current and former subsidiaries organized with respect to classification as of December 31, 2022, and the Group’s total voting percentage, based on outstanding voting common and preferred shares as of December 31, 2022, 2021 and 2020, is outlined below. All current subsidiaries are domiciled within the United States and conduct business activities solely within the United States.


	Voting percentage at December 31, through the holdings in
	2022		2021		2020
Subsidiary	Common	Preferred	Common	Preferred	Common	Preferred
Subsidiary operating companies
Alivio Therapeutics, Inc.1,2	—	100.0	—	100.0	—	91.9





Entrega, Inc. (indirectly held through Enlight)1,2	—	77.3	—	77.3	—	83.1
Follica, Incorporated1,2	28.7	56.7	28.7	56.7	28.7	56.7




PureTech LYT (formerly Ariya Therapeutics, Inc.)	—	100.0	—	100.0	—	100.0
PureTech LYT-100	—	100.0	—	100.0	—	100.0
PureTech Management, Inc.3	100.0	—	100.0	—	100.0	—
PureTech Health LLC3	100.0	—	100.0	—	100.0	—

Vedanta Biosciences, Inc.1,2	—	47.0	—	48.6	—	59.3
Vedanta Biosciences Securities Corp. (indirectly held through Vedanta)1,2	—	47.0	—	48.6	—	59.3
Deconsolidated former subsidiary operating companies
Sonde Health, Inc.1,2,5	—	40.2	—	51.8	—	51.8
Akili Interactive Labs, Inc.6	14.7	—	—	26.7	—	41.9

Gelesis, Inc.1,2,6	22.8	—	4.8	19.7	4.9	20.2



Karuna Therapeutics, Inc.1,2	3.1	—	5.6	—	12.6	—
Vor Biopharma Inc.1,2	4.1	—	8.6	—	—	16.4
Nontrading holding companies
Endra Holdings, LLC (held indirectly through Enlight)2	86.0	—	86.0	—	86.0	—
Ensof Holdings, LLC (held indirectly through Enlight)2	86.0	—	86.0	—	86.0	—
PureTech Securities Corp.2	100.0	—	100.0	—	100.0	—
PureTech Securities II Corp.2	100.0	—	100.0	—	100.0	—
Inactive subsidiaries
Appeering, Inc.2	—	100.0	—	100.0	—	100.0
Commense Inc.2	—	99.1	—	99.1	—	99.1
Enlight Biosciences, LLC2	86.0	—	86.0	—	86.0	—
Ensof Biosystems, Inc. (held indirectly through Enlight)1,2	57.7	28.3	57.7	28.3	57.7	28.3
Knode Inc. (indirectly held through Enlight)2	—	86.0	—	86.0	—	86.0
Libra Biosciences, Inc.2	—	100.0	—	100.0	—	100.0
Mandara Sciences, LLC2	98.3	—	98.3	—	98.3	—

Tal Medical, Inc.1,2	—	100.0	—	100.0	—	100.0

1 The voting percentage is impacted by preferred shares that are classified as liabilities, which results in the ownership percentage not being the same as the ownership percentage used in allocations to non-controlling interests disclosed in Note 18. The allocation of losses/profits to the noncontrolling interest is based on the holdings of subordinated stock that provide ownership rights in the subsidiaries. The ownership of liability classified preferred shares are quantified in Note 15.

2 Registered address is Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801, USA.

3 Registered address is 2711 Centerville Rd., Suite 400, Wilmington, DE 19808, USA.

4 The Company’s interests in its subsidiaries are predominantly in the form of preferred shares, which have a liquidation preference over the common stock, are convertible into common stock at the holder’s discretion or upon certain liquidity events, are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared. In the case of Enlight, Mandara and PureTech Health LLC, the holdings are membership interests in an LLC. The holders of common stock are entitled to one vote per share on all matters submitted to shareholders for a vote and entitled to receive dividends when and if declared.

5 On May 25, 2022 PureTech lost control over Sonde and Sonde was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Sonde through the deconsolidation date being included in the Group’s Consolidated Statement of Comprehensive Income/(Loss). See Notes 5 and 6 for further details about the accounting for the investments in Sonde subsequent to deconsolidation.

6 See Notes 5 and 6 for the Gelesis and Akili SPAC merger and for the exchange of the Group's preferred stock investments for common stock of those entities.

Change in subsidiary ownership and loss of control

Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Where the Group loses control of a subsidiary, the assets and liabilities are derecognized along with any related non-controlling interest (“NCI”). Any interest retained in the former subsidiary is measured at fair value when control is lost. Any resulting gain or loss is recognized as profit or loss in the Consolidated Statements of Comprehensive Income/(Loss).

Associates

As used in these financial statements, the term associates are those entities in which the Group has no control but maintains significant influence over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of an entity, unless it can be clearly demonstrated that this is not the case. The Group evaluates if it maintains significant influence over associates by assessing if the Group has lost the power to participate in the financial and operating policy decisions of the associate.

Application of the equity method to associates

Associates are accounted for using the equity method (equity accounted investees) and are initially recognized at cost, or if recognized upon deconsolidation they are initially recorded at fair value at the date of deconsolidation. The consolidated financial statements include the Group’s share of the total comprehensive income and equity movements of equity accounted investees, from the date that significant influence commences until the date that significant influence ceases.

To the extent the Group holds interests in associates that are not providing access to returns underlying ownership interests, the instrument held by PureTech is accounted for in accordance with IFRS 9 as investments held at fair value.

When the Group’s share of losses exceeds its equity method investment in the investee, losses are applied against Long-Term Interests, which are investments accounted for under IFRS 9. Investments are determined to be Long-Term Interests when they are long-term in nature and in substance they form part of the Group's net investment in that associate. This determination is impacted by many factors, among others, whether settlement by the investee through redemption or repayment is planned or likely in the foreseeable future, whether the investment can be converted and/or is likely to be converted to common stock or other equity instrument and other factors regarding the nature of the investment. Whilst this assessment is dependent on many specific facts and circumstances of each investment, typically conversion features whereby the investment is likely to convert to common stock or other equity instruments would point to the investment being a Long-Term Interest. Similarly, where the investment is not planned or likely to be settled through redemption or repayment in the foreseeable future, this would indicate that the investment is a Long-Term Interest. When the net investment in the associate, which includes the Group’s investments in other long-term interests, is reduced to nil, recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an investee.

The Group has also adopted the amendments to IAS 28 Investments in Associates that addresses the dual application of IAS 28 and IFRS 9 (see below) when equity method losses are applied against Long-Term Interests (LTI). The amendments provide the annual sequence in which both standards are to be applied in such a case. The Group has applied the equity method losses to the LTIs presented as part of Investments held at fair value subsequent to remeasuring such investments to their fair value at balance sheet date.

Financial Instruments

Classification

The Group classifies its financial assets in the following measurement categories:

•Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

•Those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses are recorded in profit or loss. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. As of balance sheet dates, none of the Company's financial assets are accounted for as FVOCI.

Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets that are carried at FVTPL are expensed.

Impairment

The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

Financial Assets

The Group’s financial assets consist of cash and cash equivalents, investments in debt securities, trade and other receivables, notes, restricted cash deposits and investments in equity securities. The Group’s financial assets are virtually all classified into the following categories: investments held at fair value, notes, trade and other receivables, short-term investments and cash and cash equivalents. The Group determines the classification of financial assets at initial recognition depending on the purpose for which the financial assets were acquired.

Investments held at fair value are investments in equity instruments that are not held for trading. Such investments consist of the Group's minority interest holdings where the Group has no significant influence or preferred share investments in the Group's associates that are not providing access to returns underlying ownership interests. These financial assets are initially measured at fair value and subsequently re-measured at fair value at each reporting date. The Company elects if the gain or loss will be recognized in Other Comprehensive Income/(Loss) or through profit and loss on an instrument by instrument basis. The Company has elected to record the changes in fair values for the financial assets falling under this category through profit and loss. Please refer to Note 5.

Changes in the fair value of financial assets at FVTPL are recognized in other income/(expense) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable.

The notes from an associate, since their contractual terms do not consist solely of cash flow payments of principal and interest on the principal amount outstanding, such notes are initially and subsequently measured at fair value, with changes in fair value recognized through profit and loss.

Short term investments consist of short-term US treasury bills that are held to maturity. The contractual terms consist solely of payment of the principal and the Group's business model is to hold the treasury bills to maturity. As such, such short term

investments are recorded at amortized cost. As of balance sheet date amortized cost approximated the fair value of such short-term investments.

Trade and other receivables are non-derivative financial assets with fixed and determinable payments that are not quoted on active markets. These financial assets are carried at the amounts expected to be received less any expected lifetime losses. Such losses are determined taking into account previous experience, credit rating and economic stability of counterparty and economic conditions. When a trade receivable is determined to be uncollectible, it is written off against the available provision. As of balance sheet date, The Group did not incur or record any such expected lifetime losses. Trade and other receivables are included in current assets, unless maturities are greater than 12 months after the end of the reporting period.

Financial Liabilities

The Group’s financial liabilities consist of trade and other payables, subsidiary notes payable, long-term loan, preferred shares, and warrant liability.

Warrant liabilities are initially recognized at fair value. After initial recognition, these financial liabilities are re-measured at FVTPL using an appropriate valuation technique.

Subsidiary notes payable without embedded derivatives and the long-term loan are accounted for at amortized cost.

The majority of the Group’s subsidiaries have preferred shares and certain notes payable with embedded derivatives, which are classified as current liabilities. When the Group has preferred shares and notes with embedded derivatives that qualify for bifurcation, the Group has elected to account for the entire instrument as FVTPL after determining under IFRS 9 that the instrument qualifies to be accounted for under such FVTPL method.

The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.

Equity Instruments Issued by the Group

Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions, in accordance with IAS 32:

1.They include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavorable to the Group; and

2.Where the instrument will or may be settled in the Group’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Group’s own equity instruments or is a derivative that will be settled by the Group exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the financial instrument is classified as a financial liability. Where the instrument so classified takes the legal form of the Group’s own shares, the amounts presented in the Group's shareholders' equity exclude amounts in relation to those shares.

Changes in the fair value of liabilities at FVTPL are recognized in Net finance income (costs) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable.

IFRS 15, Revenue from Contracts with Customers

The standard establishes a five-step principle-based approach for revenue recognition and is based on the concept of recognizing an amount that reflects the consideration for performance obligations only when they are satisfied and the control of goods or services is transferred.

The majority of the Group’s contract revenue is generated from licenses and services, some of which are part of collaboration arrangements.

Management reviewed contracts where the Group received consideration in order to determine whether or not they should be accounted for in accordance with IFRS 15. To date, PureTech has entered into transactions that generate revenue and meet the scope of either IFRS 15 or IAS 20 Accounting for Government Grants. Contract revenue is recognized at either a point-in-time or over time, depending on the nature of the performance obligations.

The Group accounts for agreements that meet the definition of IFRS 15 by applying the following five step model:

•Identify the contract(s) with a customer – A contract with a customer exists when (i) the Group enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to those goods or services, (ii) the contract has commercial substance and, (iii) the Group determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration.

•Identify the performance obligations in the contract – Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from the Group, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract.

•Determine the transaction price – The transaction price is determined based on the consideration to which the Group will be entitled in exchange for transferring goods or services to the customer. To the extent the transaction price includes variable consideration, the Group estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Group’s judgement, it is probable that a significant future reversal of cumulative revenue under the contract will not occur.

•Allocate the transaction price to the performance obligations in the contract – If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis.

•Recognize revenue when (or as) the Group satisfies a performance obligation – The Group satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or service to a customer.

Revenue generated from services agreements (typically where licenses and related services were combined into one performance obligation) is determined to be recognized over time when it can be determined that the services meet one of the following: (a) the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; (b) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or (c) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.

It was determined that the Group has contracts that meet criteria (a), since the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. Therefore revenue is recognized over time using the input method based on costs incurred to date as compared to total contract costs. The Company believes that in research and development service type agreements using costs incurred to date represents the most faithful depiction of the entity’s performance towards complete satisfaction of a performance obligation.

Revenue from licenses that are not part of a combined performance obligation are recognized at a point in time due to the licenses relating to intellectual property that has significant stand-alone functionality and as such represent a right to use the entity's intellectual property as it exists at the point in time at which the license is granted.

Royalty income received in respect of licensing agreements is recognized as the related third party sales in the licensee occur.

Amounts that are receivable or have been received per contractual terms but have not been recognized as revenue since performance has not yet occurred or has not yet been completed are recorded as deferred revenue. The Company classifies as non-current deferred revenue amounts received for which performance is expected to occur beyond one year or one operating cycle.

Grant Income

The Company recognizes grants from governmental agencies as grant income in the Consolidated Statement of Comprehensive Income/(Loss), gross of the expenditures that were related to obtaining the grant, when there is reasonable assurance that the Company will comply with the conditions within the grant agreement and there is reasonable assurance that payments under the grants will be received. The Company evaluates the conditions of each grant as of each reporting date to ensure that the Company has reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant payment will be received as a result of meeting the necessary conditions.

The Company submits qualifying expenses for reimbursement after the Company has incurred the research and development expense. The Company records an unbilled receivable upon incurring such expenses. In cases were grant income is received prior to the expenses being incurred or recognized, the amounts received are deferred until the related expense is incurred and/or recognized. Grant income is recognized in the Consolidated Statements of Comprehensive Income/(Loss) at the time in which the Company recognizes the related reimbursable expense for which the grant is intended to compensate.

Functional and Presentation Currency

These consolidated financial statements are presented in United States dollars (“US dollars”). The functional currency of all members of the Group is the U.S. dollar. The Group's share in foreign exchange differences in associates were reported in Other Comprehensive Income/(Loss).

Foreign Currency

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on remeasurement are recognized in the Consolidated Statement of Comprehensive Income/(Loss). Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid instruments with original maturities of three months or less.

Share Capital

Ordinary shares are classified as equity. The Group's equity is comprised of share capital, share premium, merger reserve, other reserve, translation reserve, and retained earnings/accumulated deficit.

Treasury Shares

Treasury shares are recognized at cost and are deducted from shareholders' equity. No gain or loss is recognized in profit and loss for the purchase, sale, re-issue or cancellation of the Company's own equity shares

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Assets under construction represent leasehold improvements and machinery and equipment to be used in operations or research and development activities. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Depreciation is calculated using the straight-line method over the estimated useful life of the related asset:


Laboratory and manufacturing equipment			2-8 years
Furniture and fixtures			7 years
Computer equipment and software			1-5 years
Leasehold improvements			5-10 years, or the remaining term of the lease, if shorter

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

Intangible Assets

Intangible assets, which include purchased patents and licenses with finite useful lives, are carried at historical cost less accumulated amortization, if amortization has commenced. Intangible assets with finite lives are amortized from the time they are available for their intended use. Amortization is calculated using the straight-line method to allocate the costs of patents and licenses over their estimated useful lives.

Research and development intangible assets, which are still under development and have accordingly not yet obtained marketing approval, are presented as In-Process Research and Development (IPR&D). IPR&D is not amortized since it is not yet available for its intended use, but it is evaluated for potential impairment on an annual basis or more frequently when facts and circumstances warrant.

Impairment

Impairment of Non-Financial Assets

The Group reviews the carrying amounts of its property and equipment and intangible assets at each reporting date to determine whether there are indicators of impairment. If any such indicators of impairment exist, then an asset’s recoverable amount is estimated. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use.

The Company’s IPR&D intangible assets are not yet available for their intended use. As such, they are tested for impairment at least annually.

An impairment loss is recognized when an asset’s carrying amount exceeds its recoverable amount. For the purposes of impairment testing, assets are grouped at the lowest levels for which there are largely independent cash flows. If a non- financial asset instrument is impaired, an impairment loss is recognized in the Consolidated Statements of Comprehensive Income/(Loss).

Investments in associates are considered impaired if, and only if, objective evidence indicates that one or more events, which occurred after the initial recognition, have had an impact on the future cash flows from the net investment and that impact can be reliably estimated. If an impairment exists the Company measures an impairment by comparing the carrying value of the net investment in the associate to its recoverable amount and recording any excess as an impairment loss. See Note 6 for impairment recorded in respect of an investment in associate during the year ended December 31, 2022.

Employee Benefits

Short-Term Employee Benefits

Short-term employee benefit obligations are measured on an undiscounted basis and expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation due to past service provided by the employee, and the obligation can be estimated reliably.

Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in the periods during which related services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.

Share-based Payments

Share-based payment arrangements, in which the Group receives goods or services as consideration for its own equity instruments, are accounted for as equity-settled share-based payment transactions (except certain restricted stock units - see below) in accordance with IFRS 2, regardless of how the equity instruments are obtained by the Group. The grant date fair value of employee share-based payment awards is recognized as an expense with a corresponding increase in equity over the requisite service period related to the awards. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with market conditions, the grant date fair value is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Certain restricted stock units are treated as liability settled awards starting in 2021. Such awards are remeasured at every reporting date until settlement date and are recognized as compensation expense over the requisite service period. Differences in remeasurement are recognized in profit and loss. The cumulative cost that will ultimately be recognized in respect of these awards will equal to the amount at settlement.

The fair value of the awards is measured using option pricing models and other appropriate models, which take into account the terms and conditions of the awards granted. See further details in Note 8.

Development Costs

Expenditures on research activities are recognized as incurred in the Consolidated Statements of Comprehensive Income/(Loss). In accordance with IAS 38 development costs are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, the Group can demonstrate its ability to use or sell the intangible asset, the Group intends to and has sufficient resources to complete development and to use or sell the asset, and it is able to measure reliably the expenditure attributable to the intangible asset during its development. The point at which technical feasibility is determined to have been reached is, generally, when regulatory approval has been received where applicable. Management determines that commercial viability has been reached

when a clear market and pricing point have been identified, which may coincide with achieving meaningful recurring sales. Otherwise, the development expenditure is recognized as incurred in the Consolidated Statements of Comprehensive Income/(Loss). As of balance sheet date the Group has not capitalized any development costs.

Provisions

A provision is recognized in the Consolidated Statements of Financial Position when the Group has a present legal or constructive obligation due to a past event that can be reliably measured, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

Leases

The Group leases real estate (and some minor equipment) for use in operations. These leases generally have lease terms of 1 to 10 years. The Group includes options that are reasonably certain to be exercised as part of the determination of the lease term. The group determines if an arrangement is a lease at inception of the contract in accordance with guidance detailed in IFRS 16. ROU assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As most of the Group's leases do not provide an implicit rate, The Group used its estimated incremental borrowing rate, based on information available at commencement date, in determining the present value of future payments.

The Group’s leases are virtually all leases of real estate.

The Group has elected to account for lease payments as an expense on a straight-line basis over the life of the lease for:

•Leases with a term of 12 months or less and containing no purchase options; and

•Leases where the underlying asset has a value of less than $5,000.

The right-of-use asset is depreciated on a straight-line basis and the lease liability gives rise to an interest charge.

Further information regarding the subleases, right of use asset and lease liability can be found in Note 21.

Finance Income and Finance Costs

Finance income is comprised of income on funds invested in U.S. treasuries, income on money market funds and income on a finance lease. Financing income is recognized as it is earned. Finance costs comprise mainly of loan, notes and lease liability interest expenses and the changes in the fair value of financial liabilities carried at FVTPL (such changes can consist of finance income when the fair value of such financial liabilities decreases).

Taxation

Tax on the profit or loss for the year comprises current and deferred income tax. In accordance with IAS 12, tax is recognized in the Consolidated Statements of Comprehensive Income/(Loss) except to the extent that it relates to items recognized directly in equity.

Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized due to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets with respect to investments in associates are recognized only to the extent that it is probable the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Fair Value Measurements

The Group’s accounting policies require that certain financial assets and certain financial liabilities be measured at their fair value.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

The carrying amount of cash and cash equivalents, accounts receivable, restricted cash, deposits, accounts payable, accrued expenses and other current liabilities in the Group’s Consolidated Statements of Financial Position approximates their fair value because of the short maturities of these instruments.

Operating Segments

Operating segments are reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The CODM reviews discrete financial information for the operating segments in order to assess their performance and is responsible for making decisions about resources allocated to the segments. The CODM has been identified as the Group’s Directors.

New Standards and Interpretations Not Yet Adopted	12 Months Ended
New Standards and Interpretations Not Yet Adopted	Dec. 31, 2022
New Standards and Interpretations Not Yet Adopted [Abstract]
New Standards and Interpretations Not Yet Adopted	New Standards and Interpretations Not Yet Adopted A number of new standards, interpretations, and amendments to existing standards are effective for annual periods commencing on or after January 1, 2023 and have not been applied in preparing the consolidated financial information. The Company’s assessment of the impact of these new standards and interpretations is set out below. Effective January 1, 2023, the definition of accounting estimates has been amended as an amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively only to future transactions and future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. This amendment is not expected to have an impact on the Group's financial statements. Effective January 1, 2023, IAS 1 has been amended to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The Company does not expect this amendment will have a material impact on its financial statements. Effective January 1, 2023, IAS 12 is amended to narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The amendment is not expected to have an impact on the Group's financial statements as the Group has already recognized a deferred tax asset and deferred tax liability that arose on initial recognition of its leases (the Group does not have decommissioning provisions). None of the other new standards, interpretations, and amendments are applicable to the Company’s financial statements and therefore will not have an impact on the Company.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue [abstract]

Revenue

Revenue recorded in the Consolidated Statement of Comprehensive Income/(Loss) consists of the following:


For the years ended December 31,	2022 $000s	2021 $000s	2020 $000s
Contract revenue	2,090	9,979	8,341
Grant income	13,528	7,409	3,427
Total revenue	15,618	17,388	11,768

All amounts recorded in contract revenue were generated in the United States. For the years ended December 31, 2022, 2021 and 2020 contract revenue includes royalties received from an associate in the amount of $509 thousand, $231 thousand, and $54 thousand, respectively.

Primarily all of the Company’s other contracts for the years ended December 31, 2022, 2021 and 2020 were determined to have a single performance obligation which consists of a combined deliverable of license to intellectual property and research and development services (not including the license acquired by Imbrium upon option exercise – see below). Therefore, for such contracts, revenue is recognized over time based on the input method which the Company believes is a faithful depiction of the transfer of goods and services. Progress is measured based on costs incurred to date as compared to total projected costs. Payments for such contracts are primarily made up front on a periodic basis.

During the year ended December 31, 2021, the company received a $6.5 million payment from Imbrium Therapeutics, Inc. following the exercise of the option to acquire an exclusive license for the Initial Product Candidate, as defined in the agreement. Since the license transferred was a functional license, revenue from the option exercise was recognized at a point in time upon transfer of the license, which occurred during the year ended December 31, 2021.

During the year ended December 31, 2020, the Company received a $2.0 million milestone payment from Karuna Therapeutics, Inc. following initiation of its KarXT Phase 3 clinical study pursuant to the Exclusive Patent License Agreement between PureTech and Karuna. This milestone was recognized as revenue during the year ended December 31, 2020.

Disaggregated Revenue

The Group disaggregates contract revenue in a manner that depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Group disaggregates revenue based on contract revenue or grant revenue, and further disaggregates contract revenue based on the transfer of control of the underlying performance obligations.


Timing of contract revenue recognition For the years ended December 31,	2022 $000s	2021 $000s	2020 $000s
Transferred at a point in time – Licensing Income1	527	6,809	2,054
Transferred over time2	1,563	3,171	6,286
	2,090	9,979	8,341

1 2022 – Attributed to Non-Controlled Founded Entities segment ( $19 thousand) and to Parent Company and Other ($509 thousand); 2021 – Attributed to the Internal segment ($6,500 thousand), Non-Controlled Founded Entities segment ($74 thousand), and to Parent Company and Other ($235 thousand); 2020 – Attributed to Parent Company and Other. See note 4, Segment information.

2 2022 – Attributed to Controlled Founded Entities segment ($1,500 thousand) and to Non-Controlled Founded Entities segment ($63 thousand ); 2021 – Attributed to Internal segment ($1,629 thousand), Non-Controlled Founded Entities segment ($41 thousand), and to Controlled Founded Entities segment ($1,500 thousand). 2020 – Attributed to Internal segment ($5,297 thousand), Controlled Founded Entities segment ($896 thousand), and to Non-Controlled Founded Entities segment ($93 thousand). See Note 4, Segment Information.


Customers over 10% of revenue	2022 $000s	2021 $000s	2020 $000s


Customer A	—	—	1,518
Customer B	1,500	1,500	896
Customer C	—	—	2,043
Customer D	—	7,250	1,736
Customer E	—	—	2,000
Customer F	509	—	—
	2,009	8,750	8,193

Accounts receivables represent rights to consideration in exchange for products or services that have been transferred by the Group, when payment is unconditional and only the passage of time is required before payment is due. Accounts receivables do not bear interest and are recorded at the invoiced amount. Accounts receivable are included within Trade and other receivables on the Consolidated Statement of Financial Position.

Contract liabilities represent the Group’s obligation to transfer products or services to a customer for which consideration has been received, or for which an amount of consideration is due from the customer. Contract liabilities are included within deferred revenue on the Consolidated Statement of Financial Position.


Contract Balances	2022 $000s	2021 $000s
Accounts receivable	606	704

Deferred revenue – short term	—	65

During the year ended December 31, 2022, $65 thousand of revenue was recognized from deferred revenue outstanding at December 31, 2021.

Remaining performance obligations represent the transaction price of unsatisfied or partially satisfied performance obligations within contracts with an original expected contract term that is greater than one year and for which fulfillment of the contract has started as of the end of the reporting period. The aggregate amount of transaction consideration allocated to remaining performance obligations as of December 31, 2022, was nil.

As of December 31, 2022 the deferred revenue balance related entirely to deferred grant income.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Information [Abstract]

Segment Information

Basis for Segmentation

The Directors are the Group’s strategic decision-makers. The Group’s operating segments are reported based on the financial information provided to the Directors periodically for the purposes of allocating resources and assessing performance. The Group has determined that each entity is representative of a single operating segment as the Directors monitor the financial results at this level. When identifying the reportable segments the Group has determined that it is appropriate to aggregate multiple operating segments into a single reportable segment given the high level of operational and financial similarities across the entities.

The Group has identified multiple reportable segments as presented below. There was no change to reportable segments in 2022, except for the transfer of Sonde Health, Inc. to the Non-Controlled Founded Entities segment due to the deconsolidation of Sonde Health, Inc (Sonde) on May 25, 2022.

The Non-Controlled Founded Entities segment includes Sonde Health, Inc. which was deconsolidated on May 25, 2022. Segment results incorporate the operational results of Sonde Health, Inc. to the date of deconsolidation. Following the date of deconsolidation, the Company accounts for its investment in Sonde Health, Inc. at the parent level, and therefore the results associated with investment activity following the date of deconsolidation (including the Group's share in Sonde losses) is included in the Parent Company and Other section.

The Company has revised in these financial statements the prior year financial information to conform to the presentation as of and for the year ending December 31, 2022 to include Sonde in the Non-Controlled Founded Entities segment. The change in segments reflects how the Company’s Board of Directors reviews the Group’s results, allocates resources and assesses performance of the Group at this time.

Virtually all of the revenue and profit generating activities of the Group are generated within the United States and accordingly, no geographical disclosures are provided.

Internal

The Internal segment (the “Internal segment”), is advancing Wholly Owned Programs which are focused on treatments for patients with devastating diseases. The Internal segment is comprised of the technologies that are wholly owned and will be advanced through either PureTech Health funding or non-dilutive sources of financing in the near-term. The operational management of the Internal segment is conducted by the PureTech Health team, which is responsible for the strategy, business development, and research and development. As of December 31, 2022, this segment included PureTech LYT, PureTech LYT-100 and Alivio Therapeutics, Inc.

Controlled Founded Entities

The Controlled Founded Entity segment (the “Controlled Founded Entity segment”) is comprised of the Group’s subsidiaries that are currently consolidated operational subsidiaries that either have, or have plans to hire, independent management teams and currently have already raised third-party dilutive capital. These subsidiaries have active research and development programs and either have entered into or plan to seek an equity or debt investment partner, who will provide additional industry knowledge and access to networks, as well as additional funding to continue the pursued growth of the company. As of December 31, 2022, this segment included Entrega Inc., Follica Incorporated, and Vedanta Biosciences, Inc.

Non-Controlled Founded Entities

The Non-Controlled Founded Entities segment (the “Non-Controlled Founded Entities segment”) is comprised of the entities in respect of which PureTech Health no longer has control over the entity. Upon deconsolidation of an entity the segment disclosure is restated to reflect the change on a retrospective basis, as this constitutes a change in the composition of its reportable segments. The Non-Controlled Founded Entities segment includes Sonde Health Inc. which was deconsolidated on May 25, 2022.

The Non-Controlled Founded Entities segment incorporates the operational results of the aforementioned entity to the date of deconsolidation. Following the date of deconsolidation, the Company accounts for its investment in each entity at the parent level, and therefore the results associated with investment activity (including the recognition of equity method income/ (losses)) following the date of deconsolidation is included in the Parent Company and Other section.

Parent Company and Other

Parent Company and Other includes activities that are not directly attributable to the operating segments, such as the activities of the Parent, corporate support functions and certain research and development support functions that are not directly attributable to a strategic business segment as well as the elimination of intercompany transactions. Intercompany transactions between segments consist primarily of management fees charged from the Parent Company to the other segments. This section also captures the accounting for the Company’s holdings in entities for which control has been lost, which is inclusive of the following items: gain on deconsolidation, gain or loss on investments held at fair value, realized loss on sale of investments, the share of net income/ (loss) of associates accounted for using the equity method, gain on dilution of ownership interest in associate, impairment of investment in associate. As of December 31, 2022, this segment included PureTech Health plc, PureTech Health LLC, PureTech Management, Inc., PureTech Securities Corp. and PureTech Securities II Corp., as well as certain other dormant, inactive and shell entities.

Information About Reportable Segments:


	2022
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	—	1,500	81	509	2,090
Grant revenue	2,826	10,702	—	—	13,528
Total revenue	2,826	12,202	81	509	15,618
General and administrative expenses	(8,301)	(16,462)	(1,296)	(34,933)	(60,991)
Research and development expenses	(116,054)	(34,668)	(826)	(885)	(152,433)
Total operating expense	(124,355)	(51,130)	(2,122)	(35,817)	(213,425)

Other income/(expense):
Gain on deconsolidation of subsidiary	—	—	—	27,251	27,251
Gain/(loss) on investment held at fair value	—	—	—	(32,060)	(32,060)
Realized loss on sale of investments	—	—	—	(29,303)	(29,303)



Other income/(expense)	(204)	(3)	—	8,338	8,131
Total other income/(expense)	(204)	(3)	—	(25,775)	(25,981)
Net finance income/(costs)	615	138,006	(3,045)	3,348	138,924
Share of net income/(loss) of associates accounted for using the equity method	—	—	—	(27,749)	(27,749)
Gain on dilution of ownership interest in associate	—	—	—	28,220	28,220
Impairment of investment in associate	—	—	—	(8,390)	(8,390)
Income/(loss) before taxes	(121,118)	99,075	(5,085)	(65,655)	(92,783)
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(114,255)	(32,468)	(2,079)	(57,452)	(206,254)

Finance income/(costs) – IFRS 9 fair value accounting	—	140,056	(2,993)	—	137,063
Share-based payment expense	(5,136)	(4,703)	(8)	(4,852)	(14,699)
Depreciation of tangible assets	(1,727)	(2,526)	(4)	(1,588)	(5,845)
Amortization of ROU assets	—	(1,283)	—	(1,764)	(3,047)
Amortization of intangible assets	—	—	(1)	—	(1)

Taxation	—	—	—	55,719	55,719
Income/(loss) for the year	(121,118)	99,075	(5,085)	(9,936)	(37,065)
Other comprehensive income/(loss)	—	—	—	(379)	(379)
Total comprehensive income/(loss) for the year	(121,118)	99,075	(5,085)	(10,316)	(37,444)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(121,118)	85,471	(4,755)	(10,331)	(50,733)
Non-controlling interests	—	13,604	(330)	15	13,290
	December 31, 2022 $000s
Consolidated Statements of Financial Position:
Total assets	51,599	35,341	—	615,707	702,647
Total liabilities1	271,186	76,635	—	(192,763)	155,057
Net assets/(liabilities)	(219,587)	(41,294)	—	808,470	547,589

1 Parent Company and Other Includes eliminations of intercompany liabilities between the Parent Company and the reportable segments in the amount of $255.5 million.


	2021
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	8,129	1,500	115	235	9,979
Grant revenue	1,253	6,156	—	—	7,409
Total revenue	9,382	7,656	115	235	17,388
General and administrative expenses	(8,673)	(17,504)	(3,225)	(27,797)	(57,199)
Research and development expenses	(65,444)	(40,667)	(3,116)	(1,244)	(110,471)
Total Operating expenses	(74,118)	(58,171)	(6,341)	(29,041)	(167,671)

Other income/(expense):

Gain/(loss) on investment held at fair value	—	—	—	179,316	179,316
Realized loss on sale of investments	—	—	—	(20,925)	(20,925)


Other income/(expense)	—	70	—	1,523	1,593
Total other income/(expense)	(1)	70	—	159,914	159,983
Net finance income/(costs)	(16)	7,528	(784)	(1,679)	5,050
Share of net income/(loss) of associate accounted for using the equity method	—	—	—	(73,703)	(73,703)
Income/(loss) before taxes	(64,753)	(42,917)	(7,010)	55,727	(58,953)
(Loss)/income before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(60,368)	(44,335)	(6,248)	63,628	(47,323)

Finance income/(costs) – IFRS 9 fair value accounting	—	10,322	(716)	—	9,606
Share-based payment expense	(3,066)	(6,224)	(32)	(4,628)	(13,950)
Depreciation of tangible assets	(1,319)	(1,506)	(12)	(1,510)	(4,347)
Amortization of ROU assets	—	(1,174)	—	(1,764)	(2,938)
Amortization of intangible assets	—	—	(2)	—	(2)
Taxation	—	—	—	(3,756)	(3,756)
Income/(loss) for the year	(64,753)	(42,917)	(7,010)	51,971	(62,709)
Other comprehensive income/(loss)	—	—	—	—	—
Total comprehensive income/(loss) for the year	(64,753)	(42,917)	(7,010)	51,971	(62,709)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(64,657)	(41,283)	(6,574)	51,956	(60,558)
Non-controlling interests	(96)	(1,634)	(436)	15	(2,151)
	December 31, 2021 $000s
Consolidated Statements of Financial Position:
Total assets	125,726	64,508	1,765	754,007	946,006
Total liabilities1	228,789	209,212	19,645	(95,787)	361,859
Net (liabilities)/assets	(103,063)	(144,704)	(17,880)	849,794	584,147

1 Parent Company and Other Includes eliminations of intercompany liabilities between the Parent Company and the reportable segments in the amount of $233.3 million.

The proportion of net assets shown above that is attributable to non-controlling interest is disclosed in Note 18.


	2020
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Loss
Contract revenue	5,297	896	93	2,054	8,341
Grant revenue	1,563	1,864	—	—	3,427
Total revenue	6,860	2,760	93	2,054	11,768
General and administrative expenses	(3,482)	(10,752)	(2,939)	(32,267)	(49,440)
Research and development expenses	(45,346)	(33,152)	(3,128)	(234)	(81,859)
Total operating expense	(48,828)	(43,904)	(6,067)	(32,500)	(131,299)
Other income/(expense):

Gain/(loss) on investment held at fair value	—	—	—	232,674	232,674
Realized loss on sale of investments	—	—	—	(54,976)	(54,976)

Gain/(loss) on disposal of assets	(15)	(15)	—	—	(30)

Other income/(expense)	—	100	—	965	1,065
Other income/(expense)	(15)	85	—	178,662	178,732
Net finance income/(costs)	19	(4,352)	(852)	(930)	(6,115)
Share of net income/(loss) of associate accounted for using the equity method	—	—	—	(34,117)	(34,117)

Income/(loss) before taxes	(41,964)	(45,410)	(6,826)	113,170	18,969
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(38,349)	(36,736)	(5,866)	121,644	40,694

Finance income/(costs) – IFRS 9 fair value accounting	—	(3,492)	(859)	—	(4,351)
Share-based payment expense	(2,762)	(2,469)	(83)	(5,405)	(10,718)

Depreciation of tangible assets	(854)	(1,528)	(17)	(1,547)	(3,945)
Amortization of ROU assets	—	(1,186)	—	(1,523)	(2,709)
Amortization of intangible assets	—	—	(1)	—	(1)

Taxation	—	(1)	—	(14,400)	(14,401)
Income/(loss) for the year	(41,964)	(45,411)	(6,826)	98,769	4,568
Other comprehensive income/(loss)	—	—	—	469	469
Total comprehensive income/(loss) for the year	(41,964)	(45,411)	(6,826)	99,238	5,037
Total comprehensive income/(loss) attributable to:
Owners of the Company	(41,773)	(44,506)	(6,519)	99,253	6,454
Non-controlling interests	(191)	(905)	(306)	(15)	(1,417)

Investments held at fair value

12 Months Ended

Dec. 31, 2022

Investments held at fair value [Abstract]

Investments held at fair value

Investments held at fair value include both unlisted and listed securities held by PureTech. These investments, which include interests in Akili, Vor, Karuna, Gelesis (preferred shares until exchanged for common stock, accounted for under the equity method, and Earn-out shares following exchange), Sonde and other insignificant investments, are initially measured at fair value and are subsequently re-measured at fair value at each reporting date with changes in the fair value recorded through profit and loss. Interests in these investments were accounted for as shown below:


Investments held at fair value			$000's










Balance as of January 1, 2021			553,167
Sale of Karuna shares			(218,125)

Loss realised on sale of investments			(20,925)

Cash purchase of Vor preferred shares			500
Gain – change in fair value through profit and loss			179,271
Balance as of December 31, 2021 and January 1, 2022 before allocation of share in associate loss to long-term interest (*)			493,888
Investment in Sonde Preferred shares – Sonde deconsolidation			11,168
Sale of Karuna and Vor shares			(118,710)
Loss realised on sale of investments as a result of written call option			(29,303)
Cash Investment (Akili)			5,000

Gelesis Earn out shares received in SPAC exchange			14,214
Exchange of Gelesis preferred shares to Gelesis common shares			(92,303)
Loss – change in fair value through profit and loss			(32,060)

Balance as of December 31, 2022			251,892

(*) Share in associate losses allocated to long-term interest amounted to $96.7 million as of December 31, 2021 and January 1, 2022

Vor

Vor was deconsolidated in February 2019. As PureTech did not hold common shares in Vor upon deconsolidation and the preferred shares it held did not have equity-like features, PureTech had no basis to account for its investment in Vor under IAS 28. The preferred shares held by PureTech fell under the guidance of IFRS 9 and were treated as a financial asset held at fair value with changes in fair value recorded in the Consolidated Statement of Comprehensive Income/(Loss).

2020

On February 12, 2020, PureTech participated in the second closing of Vor’s Series A-2 Preferred Share financing. For consideration of $0.7 million, PureTech received 1,625,000 A-2 shares. On June 30, 2020, PureTech participated in the first closing of Vor’s Series B Preferred Share financing. For consideration of $0.5 million, PureTech received 961,538 shares. Upon the conclusion of such Vor financings PureTech no longer had significant influence over Vor.

2021

On January 8, 2021, PureTech participated in the second closing of Vor’s Series B Preferred Share financing. For consideration of $0.5 million, PureTech received an additional 961,538 B Preferred shares.

On February 9, 2021, Vor closed its initial public offering (IPO) of 9,828,017 shares of its common stock at a price to the public of $18.00 per share. Subsequent to the closing, PureTech held 3,207,200 shares of Vor common stock, representing 8.6 percent of Vor common stock. Following its IPO, the valuation of Vor common stock is based on level 1 inputs in the fair value hierarchy. See Note 16.

2022

In August and December 2022, PureTech sold an aggregate of 535,400 shares of Vor common shares for aggregate proceeds of $3.3 million .

During the years ended December 31, 2022, 2021 and 2020, the Company recognized a loss of $16.2 million, a gain of $3.9 million, and a gain of $19.1 million, respectively for the changes in the fair value of the investment that were recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). Please refer to Note 16 for information regarding the valuation of these instruments.

Gelesis

Gelesis was deconsolidated in July 2019. The common stock held in Gelesis is accounted for under the equity method, while the preferred shares and warrants held by PureTech fell under the guidance of IFRS 9 and were treated as financial assets held at fair value, where changes to the fair value of the preferred shares and warrant were recorded through the Consolidated Statement of Income/(Loss). Please refer to Note 6 for information regarding the Company's investment in Gelesis as an associate.

2020

On April 1, 2020, PureTech participated in the 2nd closing of Gelesis’s Series 3 Growth Preferred Share financing. For consideration of $10.0 million, PureTech received 579,038 Series 3 Growth shares.

2020 and 2021

During the years ended December 31, 2021 and 2020, due to the equity method based investment in Gelesis being reduced to zero, the Group allocated a portion of its share in the net loss in Gelesis in the years ended December 31, 2021 and 2020, totaling $73.7 million, and $23.0 million, respectively, to its preferred share and warrant investments in Gelesis, which were considered to be long-term interests in Gelesis.

2022

On January 13, 2022, Gelesis completed its business combination with Capstar Special Purpose Acquisition Corp ("Capstar"). As part of the business combination, all shares in Gelesis, common and preferred, including the shares held by PureTech, were exchanged for common shares of the merged entity and unvested common shares that will vest upon the stock price of the new combined entity reaching certain target prices (hereinafter "Earn-out shares"). In addition, PureTech invested $15.0 million in the class A common shares of Capstar as part of the Private Investment in Public Equity ("PIPE") transaction that took place immediately prior to the closing of the business combination and an additional approximately $5.0 million, as part of the Backstop agreement signed with Capstar on December 30, 2021 (See Note 6). Pursuant to the business combination, Gelesis became a wholly-owned subsidiary of Capstar and Capstar changed its name to Gelesis Holdings, Inc., which began trading on the New York Stock Exchange under the ticker symbol "GLS" on January 14, 2022. The exchange of the preferred stock (including warrants) for common stock (including common stock warrants) represents an additional investment in Gelesis equity investment. The Group recorded the changes in fair value of the preferred stock (including warrant) through the date of the exchange upon which the preferred stock were derecognized and recorded as an additional investment in Gelesis equity interest – See Note 6 for the net gain on the dilution of the equity interest in Gelesis, resulting from the exchange of all preferred stock in Gelesis to common stock of Gelesis Holdings Inc, the PIPE transaction and the closing of the merger. All equity method losses allocated in prior periods against the investment in Gelesis held at fair value are now included within the equity method investment in Gelesis and were offset against the gain on dilution of interest – see Note 6.

As part of the aforementioned exchange PureTech received 4,526,622 Earn-out shares, which were valued on the date of the exchange at $14.2 million. The Group accounts for such Earn-out shares under IFRS 9 as investments held at fair value with changes in fair value recorded through profit and loss.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized a loss of $4.4 million, a gain of $34.6 million, and a gain of $7.1 million, respectively related to the change in the fair value of the preferred shares and warrants that was recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss).

In addition, the Company recognized a loss of $14.1 million during the year ended December 31, 2022 in respect of the Earn-out shares, for the change in the fair value related to such investment during the period. As of December 31, 2022 the value of such earn-out shares amounted to $0.1 million.

Karuna

Karuna was deconsolidated in March 2019. During 2019 Karuna completed its IPO and PureTech lost its significant influence in Karuna. The shares held in Karuna are accounted for as an investment held at fair value.

2020

On January 22, 2020, PureTech sold 2,100,000 shares of Karuna common shares for aggregate proceeds of $200.9 million. On May 26, 2020, PureTech sold an additional 555,500 Karuna common shares for aggregate proceeds of $45.0 million. On August 26, 2020, PureTech sold 1,333,333 common shares of Karuna for aggregate proceeds of $101.6 million. As a result of the sales, Puretech recorded a loss of $54.8 million attributable to blockage discount included in the sales price, to the line item Loss Realized on Sale of Investment within the Consolidated Statement of Comprehensive Income/(Loss). See below for gain recorded in respect of the change in fair value of the Karuna investment.

2021

On February 9, 2021, the Group sold 1,000,000 common shares of Karuna for $118.0 million. Following the sale the Group held 2,406,564 common shares of Karuna, which represented 8.2 percent of Karuna common stock at the time of sale. On November 9, 2021, the group sold an additional 750,000 common shares of Karuna for $100.1 million. Following the sale the group holds 1,656,564 common shares of Karuna, which represented 5.6 percent at time of sale. As a result of the aforementioned sales, the Company recorded a loss of $20.9 million, attributable to blockage discount included in the sales price, to the line item Loss Realised on Sale of Investment within the Consolidated Statement of Comprehensive Income/ (Loss). See below for gain recorded in respect of the change in fair value of the Karuna investment.

2022

On August 8, 2022, the Company sold 125,000 shares of Karuna common stock. In addition, the Company wrote a series of call options entitling the holders thereof to purchase up to 477,100 Karuna common stock at a set price, which were exercised in full in August and September 2022. Aggregate proceeds to the Company from all aforementioned transactions amounted to $115.5 million, net of transaction fees. As a result of the aforementioned sales, the Company recorded a loss of $29.3 million, attributable to the exercise of the aforementioned call options, to the line item Realized Loss on Sale of Investment within the Consolidated Statement of Comprehensive Income/ (Loss).See below for gain recorded in respect of the change in fair value of the Karuna investment.

During the years ended December 31, 2022, 2021, and 2020 the Company recognized gains of $135.0 million, $110.0 million and $191.2 million, respectively for the changes in the fair value of the Karuna investment that were recorded in the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). As of December 31, 2022, PureTech continued to hold Karuna common shares or 3.1 percent of total outstanding Karuna common shares. Please refer to Note 16 for information regarding the valuation of these instruments.

Akili

Akili was deconsolidated in 2018. As PureTech did not hold common shares in Akili and the preferred shares it held did not have equity-like features, PureTech had no basis to account for its investment in Akili under IAS 28. The preferred shares held by PureTech Health fell under the guidance of IFRS 9 and were treated as a financial asset held at fair value and all movements to the value of the preferred shares were recorded through the Consolidated Statements of Comprehensive Income/(Loss), in accordance with IFRS 9.

2021

On May 25, 2021, Akili completed its Series D financing for gross proceeds of $110.0 million in which Akili issued 13,053,508 Series D preferred shares. The Group did not participate in this round of financing and as a result, the Group's interest in Akili was reduced from 41.9 percent to 27.5 percent.

2022

On January 26, 2022, Akili Interactive and Social Capital Suvretta Holdings Corp. I, a special purpose acquisition company, announced they had entered into a definitive business combination agreement. The transaction closed on August 19, 2022 and the combined company's securities began trading on August 22, 2022 on the Nasdaq Stock Market under the ticker symbol "AKLI". As part of this transaction the Akili Interactive shares held by the Company were exchanged for the common stock of the combined company's securities as well as unvested common stock ("Akili Earnout Shares") that will vest when the share price exceeds certain thresholds. In addition, as part of a PIPE transaction that took place concurrently with the closing of the transaction, the Company purchased 500,000 shares in consideration for $5.0 million. Following the closing of the aforementioned transactions, the Company holds 12,527,477 shares of the combined entity (excluding the Akili Earnout Shares), which represents 14.7 percent of its outstanding common stock. The Company also holds 1,433,914 Akili Earn-out Shares, which fair value amounted to $1.0 million as of December 31, 2022.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized a loss of $131.4 million, a gain of $32.2 million, and a gain of $14.4 million, respectively for the changes in the fair value of the investment in Akili that was recorded on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). Please refer to Note 16 for information regarding the valuation of these instruments.

resTORbio

On April 30, 2020, PureTech sold its remaining 2,119,696 resTORbio common shares, for aggregate proceeds of $3.0 million. As a result of the sale, the Company recorded a loss of $0.2 million attributable to blockage discount included in the sales price, to the line item Loss realized on sale of investments within the Consolidated Statement of Comprehensive Income/(Loss). Additionally, during the year ended December 31, 2020, the Company recognized a gain of $0.1 million that was recorded on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss).

Sonde – Investment and gain on deconsolidation

On May 25, 2022, Sonde completed a Series B Preferred Share financing. As part of the financing a new investor invested $3.5 million in cash in exchange for 1,125,401 shares and all convertible notes, including the convertible notes held by PureTech, converted into Preferred B shares at the price per share paid by the investor minus a 20% discount. As a result of the aforementioned financing, the Group's voting interest was reduced below 50% and the Group no longer controls Sonde's Board of Directors, which is the governance body that has the power to direct the relevant activities of Sonde. Consequently, the Group concluded it lost control over Sonde and as such it should cease to consolidate Sonde on the date the round of financing was completed. Therefore, the results of operations of Sonde are included in the consolidated financial statements through the date of deconsolidation.

Following deconsolidation, the Group still has significant influence in Sonde through its voting interest in Sonde and its remaining representation on Sonde's Board of Directors. The Group holds Preferred A-1, A-2 and B shares. The Preferred A-1 shares, in substance, have the same terms as common stock and as such provide their shareholders with access to returns associated with a residual equity ownership in Sonde. Consequently, the investment in Preferred A-1 shares is accounted for under the equity method. The Preferred A-2 and B shares, however, do not provide their shareholders with access to returns associated with a residual equity interest and as such are accounted for under IFRS 9, as investments held at fair value with changes in fair value recorded in profit and loss.

Upon deconsolidation, the Group derecognized its assets and liabilities and non controlling interest in respect of Sonde and recorded its aforementioned investments in Sonde at fair value. The deconsolidation resulted in a gain of $27.3 million. As of the date of deconsolidation, the investment in Sonde preferred shares held at fair value amounted to $11.2 million.

During the year ended December 31, 2022, the Company recognized a gain of $0.2 million for the changes in the fair value of the investment in Sonde that was recorded on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss). Please refer to Note 16 for information regarding the valuation of these instruments.

Investments in Associates

12 Months Ended

Dec. 31, 2022

Investment in Associates [Abstract]

Investments in Associates

Gelesis

Gelesis was founded by PureTech and raised funding through preferred shares financings as well as issuances of warrants and loans. As of July 1, 2019, Gelesis was deconsolidated from the Group’s financial statements. While the Group no longer controls Gelesis, it was concluded that PureTech still has significant influence over Gelesis and as such Gelesis is accounted for as an associate under IAS 28 in the consolidated financial statements.

Upon the date of deconsolidation, PureTech held preferred shares and common shares of Gelesis and warrants issued by Gelesis to PureTech. PureTech’s investment in common shares of Gelesis is subject to equity method accounting. See table below for the Group's share in the profits and losses of Gelesis for the periods presented.

The preferred shares and warrants held by PureTech fell under the guidance of IFRS 9 and were treated as financial assets held at fair value, where changes to the fair value of the preferred shares and warrants were recorded through the Consolidated Statement of Comprehensive Income/(Loss). See Note 5 above.

Years ended December 31, 2020 and 2021

During the years ended December 31, 2021 and 2020, the Group recorded its share in the losses of Gelesis. In 2020 the Group's investment in associates accounted for under the equity method was reduced to zero. Since the Group had investments in Gelesis warrants and preferred shares that were deemed to be Long-term interests, the Company continued recognizing its share in Gelesis losses while applying such losses to its preferred share and warrant investment in Gelesis accounted for as an investment held at fair value. In 2021, the total investment in Gelesis, including the Long-term interests, was reduced to zero. Since the Group did not incur legal or constructive obligations or made payments on behalf of Gelesis, the Group discontinued recognizing equity method losses in 2021. As of December 31, 2021, unrecognized equity method losses amounted to $38.1 million, which included $0.7 million of unrecognized other comprehensive loss.

During 2021, due to exercise of stock options into common shares in Gelesis the Group's equity interest in Gelesis was reduced from 47.9 percent at December 31, 2020 to 42.0 percent as of December 31, 2021. The gain resulting from the issuance of shares to third parties and the resulting reduction in the Group's share in the accumulated deficit of Gelesis under the equity method was fully offset by the unrecognized equity method losses.

Backstop agreement – 2022 and 2021

On December 30, 2021, PureTech signed a Backstop agreement with Capstar according to which PureTech had committed to acquire Capstar class A common shares immediately prior to the closing of the business combination between Gelesis and Capstar, in case subsequent to the redemptions of Capstar shares being completed, the Available Funds, as defined in the agreement, were less than$15.0 million. PureTech had committed to acquire two thirds of the necessary shares at $10 per share so that the Available Funds increase to $15.0 million. According to the Backstop agreement, in case PureTech were required to acquire any shares under the agreement, PureTech would receive an additional 1,322,500 class A common shares of Capstar (immediately prior to the closing of the business combination) at no additional consideration.

The Company determined that such agreement meets the definition of a derivative under IFRS 9 and as such should be recorded at fair value with changes in fair value recorded through profit and loss. The derivative was initially recorded at fair value adjusted to defer the day 1 gain equal to the difference between the fair value of $11.2 million and transaction price of zero on the effective date and as such was initially recorded at zero. The deferred gain was amortized to Other income (expense) in the Consolidated Statement of Income (loss) over the period from the effective date until settlement date, January 13, 2022. During the years ended December 31, 2022 and 2021, the Group recognized income of $10.4 million and $0.8 million, respectively for the amortization of the deferred gain. During the year ended December 31, 2022 the Group recognized a loss of $2.8 million in respect of the decrease in the fair value of the derivative until date of settlement, resulting in a net gain of $7.6 million recorded during the year ended December 31, 2022 in respect of the Backstop agreement. The gain was recorded in the line item Other Income/(expense) in the Consolidated Statements of Comprehensive Income/(Loss). The fair value of the derivative on the date of settlement in the amount of $8.4 million represents an additional investment in Gelesis as part of the SPAC transaction described below.

On January 13, 2022, as part of the conclusion of the aforementioned Backstop agreement, the Group acquired 496,145 class A common shares of Capstar for $5.0 million and received an additional 1,322,500 common A shares of Capstar for no additional consideration.

2022

Share exchange – Capstar

On January 13, 2022, Gelesis completed its business combination with Capstar Special Purpose Acquisition Corp ("Capstar"). As part of the business combination, all shares in Gelesis, common and preferred, including the shares held by PureTech, were exchanged for common shares of the merged entity and unvested common shares that will vest upon the stock price of the new combined entity reaching certain target prices (hereinafter "Earn-out shares"). In addition, PureTech invested $15.0 million in the class A common shares of Capstar as part of the PIPE transaction that took place immediately prior to the closing of the business combination and an additional $5.0 million, as part of the Backstop agreement described above. Pursuant to the business combination, Gelesis became a wholly-owned subsidiary of Capstar and Capstar changed its name to Gelesis Holdings, Inc., which began trading on the New York Stock Exchange under the ticker symbol "GLS" on January 14, 2022. Following the closing of the business combination, the PIPE transaction, the settlement of the aforementioned Backstop agreement with Capstar, and the exchange of all preferred shares in Gelesis to common shares in the new combined entity, PureTech holds 16,727,582 common shares of Gelesis Holdings Inc., which was equal to approximately 23.2% of Gelesis Holdings Inc's outstanding common shares at the time of the exchange. Due to PureTech's significant equity holding and voting interest in Gelesis, PureTech continues to maintain significant influence in Gelesis and as such continues to account for its Gelesis equity investment under the equity method.

Gelesis was deemed to be the acquirer in Gelesis Holdings Inc. and the financial assets and financial liabilities in Capstar were deemed to be acquired by Gelesis in consideration for the shares held by Capstar legacy shareholders. As such, the Group did

not revalue the retained investment in Gelesis but rather treated the exchange as a dilution of its equity interest in Gelesis from 42.0 percent as of December 31, 2021 to 22.8 percent as of January 13, 2022 (including warrants that provide its holders access to returns associated with equity holders). After considering the aforementioned additional investments, the exchange of the preferred stock, previously accounted for as an investment held at fair value, to common stock (and representing an additional equity investment in Gelesis – See Note 5), the Earn-out shares received in Gelesis (see Note 5) and the offset of previously unrecognized equity method losses, the net gain recorded on the dilution of interest amounted to $28.3 million.

Impairment

Following Gelesis’s decline in its market price in 2022 and its lack of liquidity, the Group recorded an impairment loss of $8.4 million as of December 31, 2022 in respect of its investment in Gelesis. The recoverable amount of the investment in Gelesis was $4.9 million as of December 31, 2022, which was determined based on fair value less costs to sell (costs to sell were estimated to be insignificant). Fair value was determined based on level 1 of the fair value hierarchy as Gelesis shares were traded on an active market as of December 31, 2022.

The impairment loss was presented separately in the Consolidated Statement of Comprehensive Income/ (loss) for the year ended December 31, 2022 in the line item Impairment of investment in associate.

Sonde

On May 25, 2022, Sonde completed a Series B Preferred Share financing. As a result of the aforementioned financing, the Group's voting interest was reduced below 50% and the Group lost its control over Sonde and as such ceased to consolidate Sonde on the date the round of financing was completed. See Note 5 above for further details.

Following deconsolidation, the Group has significant influence in Sonde through its voting interest in Sonde and its remaining representation on Sonde's Board of Directors. The Group's voting interest at date of deconsolidation and as of December 31, 2022 was 48.2% and 40.17%, respectively. The Group holds Preferred A-1, A-2 and B shares. The Preferred A-1 shares, in substance, have the same terms as common stock and as such provide their shareholders with access to returns associated with a residual equity ownership in Sonde. Consequently, the investment in Preferred A-1 shares is accounted for under the equity method. The Preferred A-2 and B shares, however, do not provide their shareholders with access to returns associated with a residual equity interest and as such are accounted for under IFRS 9, as investments held at fair value. See Note 5.

The fair value of the Preferred A-1 shares on the date of deconsolidation amounted to $7.7 million, which is the initial value of the equity method investment in Sonde. When applying the equity method, the Group records its share of the losses in Sonde based on its equity interest in Sonde. Since only the common shares and Preferred A-1 shares in Sonde represent a residual equity interest and PureTech is the sole holder of the Preferred A-1 shares, the Group's share in Sonde's equity is 93.6%.

During the year ended December 31, 2022 the Company recorded $3.4 million of equity method losses in respect of Sonde.

The following table summarizes the activity related to the investment in associates balance for the years ended December 31, 2022 and 2021.


Investment in Associates			$000's










As of January 1, 2021			—
Share of net loss in Gelesis - limited to net investment amount			(73,703)

Share of losses recorded against Long Term Interests (LTIs)			73,703
As of December 31, 2021 and January 1, 2022			—
Cash investment in associate			19,961
Additional investment as a result of backstop settlement (see above)			8,424
Gain on dilution of interest in associate (*)			13,793
Investment in Sonde - deconsolidation			7,680
Share in net loss of associates			(27,749)
Reversal of equity method losses recorded against LTIs (due to decrease in LTI fair value)			(4,406)
Share in other comprehensive loss of associates			(166)
Impairment			(8,390)
As of December 31, 2022			9,147

* Gain on dilution of interest was further increased due to the receipt of Gelesis earn out shares accounted for as investments held at fair value (see above).

Summarized financial information

The following table summarizes the financial information of Gelesis as included in its own financial statements, adjusted for fair value adjustments at deconsolidation and differences in accounting policies. The table also reconciles the summarized financial information to the carrying amount of the Company’s interest in Gelesis.


	2022 $000s		2021 $000s
As of and for the year ended December 31,
Percentage ownership interest	22.5	%	42.0	%
Non-current assets	333,040		357,508
Current assets	23,495		66,092
Non-current liabilities	(99,053)		(120,786)
Current liabilities	(80,010)		(537,432)
Non controlling interests and options issued to third parties	(46,204)		(14,216)
Net assets (deficit) attributable to shareholders of Gelesis Inc.	131,268		(248,834)
Group's share of net assets (net deficit)	29,504		(104,527)
Goodwill	3,858		7,211
Impairment	(28,452)		(37,495)
Equity method losses recorded against Long-term Interests	—		96,709
Unrecognized equity method losses (*)	—		38,101
Investment in associate	4,910		—
	2022 $000s		2021 $000s		2020 $000s

Revenue	25,767		11,185		21,442
Loss from continuing operations (100%)	(111,567)		(271,430)		(71,157)
Total comprehensive loss (100%)	(112,285)		(273,005)		(70,178)
Group's share in net losses - limited to net investment amount (**)	(24,306)		(73,703)		(34,117)
Group's share of total comprehensive loss - limited to net investment amount	(24,472)		(73,703)		(33,648)

* Unrecognized equity method losses includes unrecognized other comprehensive loss of $0.7 million for the year ended December 31, 2021.

** For the year ended December 31, 2022 includes $4.4 million reversal of equity method losses recorded against Long-Term Interest (LTI) due to the decrease in fair value of such LTI.

Subsequent to balance sheet date, on April 10, 2023, the NYSE commenced proceedings to delist the common stock of Gelesis from the NYSE due to Gelesis ceasing to meet certain conditions to trade on such stock exchange. Trading in Gelesis’s common stock was suspended immediately, and it was subsequently delisted from the NYSE. The common stock of Gelesis is currently available for trading in the over-the-counter (“OTC”) market under the symbol GLSH.

In addition, in April 2023 (subsequent to balance sheet date) PureTech submitted a non-binding proposal to acquire all of the outstanding equity of Gelesis. Negotiations related to the proposal and any potential deal remain ongoing and are subject to, among other things, approval of any definitive transaction by independent committees of the boards of both Gelesis and PureTech.

See note 16 for the note issued to the Group by Gelesis and see Note 26 for additional details, including information related to an additional note issued by Gelesis to the Group subsequent to balance sheet date.

Operating Expenses

12 Months Ended

Dec. 31, 2022

Operating Expenses [Abstract]

Operating Expenses

Total operating expenses were as follows:


For the years ending December 31,	2022 $000s	2021 $000s	2020 $000s
General and administrative	60,991	57,199	49,440
Research and development	152,433	110,471	81,859
Total operating expenses	213,425	167,671	131,299

The average number of persons employed by the Group during the year, analyzed by category, was as follows:


For the years ending December 31,	2022	2021	2020
General and administrative	57	52	43
Research and development	144	119	95
Total	201	171	138

The aggregate payroll costs of these persons were as follows:


	2022 $000s	2021 $000s	2020 $000s
For the years ending December 31,
General and administrative	25,322	26,438	22,943
Research and development	36,321	28,950	20,674
Total	61,643	55,388	43,616

Detailed operating expenses were as follows:


	2022 $000s	2021 $000s	2020 $000s
For the years ending December 31,
Salaries and wages	41,750	36,792	29,403
Healthcare benefits	2,908	2,563	1,866
Payroll taxes	2,286	2,084	1,629
Share-based payments	14,699	13,950	10,718
Total payroll costs	61,643	55,388	43,616
Other general and administrative expenses	35,669	30,761	26,497
Other research and development expenses	116,113	81,521	61,186
Total other operating expenses	151,782	112,282	87,683
Total operating expenses	213,425	167,671	131,299

Auditor's remuneration:


For the years ending December 31,	2022 $000s	2021 $000s	2020 $000s
Audit of these financial statements	1,716	1,183	1,145
Audit of the financial statements of subsidiaries	132	312	291
Audit of the financial statements of associate**	814	571	350
Audit-related assurance services*	1,157	1,868	490
Non-audit related services	—	—	173

Total	3,819	3,934	2,449

* 2021 – $468.2 thousand represents prepaid expenses related to an expected initial public offering of a subsidiary.

** Audit fees of $720.0 thousand, $500.0 thousand and $350.0 thousand in respect of financial statements of associates for the years ended December 31, 2022, 2021, and 2020 respectively, are not included within the consolidated financial statements. Fees related to the audit of the financial statements of associates have been disclosed in respect of 2022, 2021, and 2020 as these fees went towards supporting the audit opinion on the Group accounts. Such amounts were not previously disclosed in the 2020 financial statements.

Please refer to Note 8 for further disclosures related to share-based payments and Note 24 for management’s remuneration disclosures.

Share-based Payments

12 Months Ended

Dec. 31, 2022

Share-based Payments [Abstract]

Share-based Payments

Share-based payments includes stock options, restricted stock units (“RSUs”) and performance-based RSUs in which the expense is recognized based on the grant date fair value of these awards, except for performance based RSUs to executives that are treated as liability awards where expense is recognized based on reporting date fair value up until settlement date.

Share-based Payment Expense

The Group share-based payment expense for the years ended December 31, 2022, 2021 and 2020, were comprised of charges related to the PureTech Health plc incentive stock and stock option issuances and subsidiary stock plans.

The following table provides the classification of the Group’s consolidated share-based payment expense as reflected in the Consolidated Statement of Income/(Loss):


Year ended December 31,	2022 $000s	2021 $000s	2020 $000s
General and administrative	8,862	9,310	7,650
Research and development	5,837	4,640	3,068
Total	14,699	13,950	10,718

The Performance Share Plan

In June 2015, the Group adopted the Performance Stock Plan (“PSP”). Under the PSP and subsequent amendments, awards of ordinary shares may be made to the Directors, senior managers and employees of, and other individuals providing services to the Company and its subsidiaries up to a maximum authorized amount of 10.0 percent of the total ordinary shares outstanding. The shares have various vesting terms over a period of service between two and four years, provided the recipient remains continuously engaged as a service provider.

The share-based awards granted under the PSP are generally equity settled (see cash settlements below) and expire 10 years from the grant date. As of December 31, 2022, the Company had issued share-based awards to purchase an aggregate of 24,889,462 shares under this plan.

RSUs

RSU activity for the years ended December 31, 2022, 2021 and 2020 is detailed as follows:


	Number of Shares/Units	Wtd Avg Grant Date Fair Value (GBP) (*)
Outstanding (Non-vested) at January 1, 2020	4,636,347	2.08
RSUs Granted in Period	1,759,011	1.80
Vested	(2,781,687)	1.54
Forfeited	(191,089)	2.37
Outstanding (Non-vested) at December 31, 2020 and January 1, 2021	3,422,582	2.46
RSUs Granted in Period	2,195,133	2.15
Vested	(1,176,695)	2.93
Forfeited	(808,305)	2.25
Outstanding (Non-vested) at December 31, 2021 and January 1, 2022	3,632,715	1.91
RSUs Granted in Period	4,309,883	1.76
Vested	(696,398)	2.80
Forfeited	(1,155,420)	2.67
Outstanding (Non-vested) at December 31, 2022	6,090,780	1.74

* 2021 – for liability awards based on fair value at reporting date.

Each RSU entitles the holder to one ordinary share on vesting and the RSU awards are generally based on a cliff vesting schedule over a one to three-year requisite service period in which the Company recognizes compensation expense for the RSUs. Following vesting, each recipient will be required to make a payment of one pence per ordinary share on settlement of the RSUs. Vesting of the majority of the RSUs is subject to the satisfaction of performance and market conditions. The grant date fair value of market condition awards that were treated as equity settled awards were measured to reflect such conditions and there was no true-up for differences between expected and actual outcomes. For liability settled awards, see below.

The Company recognizes the estimated fair value of performance-based awards as share-based compensation expense over the performance period based upon its determination of whether it is probable that the performance targets will be achieved. The Company assesses the probability of achieving the performance targets at each reporting period. Cumulative adjustments, if any, are recorded to reflect subsequent changes in the estimated outcome of performance-related conditions.

The fair value of the market and performance-based awards is based on the Monte Carlo simulation analysis utilizing a Geometric Brownian Motion process with 100,000 simulations to value those shares. The model considers share price volatility, risk-free rate and other covariance of comparable public companies and other market data to predict distribution of relative share performance.

The performance and market conditions attached to the RSU awards are based on the achievement of total shareholder return (“TSR”), based on the achievement of absolute TSR targets, and to a lesser extent based on TSR as compared to the FTSE 250 Index, and the MSCI Europe Health Care Index. The remaining portion is based on the achievement of strategic targets. The RSU award performance criteria have changed over time as the criteria is continually evaluated by the Group’s Remuneration Committee.

In 2017, the Company granted certain executives RSUs that vested based on the service, market and performance conditions, as described above. The vesting of all RSUs was achieved by December 31, 2019 where all service, market and performance conditions were met. The remuneration committee of PureTech's Board of Directors approved the achievement of the vesting conditions as of December 31, 2019 and reached the decision during the year ended December 31, 2020 to cash settle the 2017 RSUs. The settlement value was determined based on the 3 day average closing price of the shares. The settlement value was $12.5 million (which after deducting tax withheld on behalf of recipients amounted to $7.2 million). The settlement value did not exceed the fair value at settlement date and as such the cash settlement was treated as an equity transaction in the financial statements for the year ended December 31, 2020, whereby the full repurchase cash settlement amount was charged to equity in Other reserves.

Similarly in 2018, the Company granted certain executives RSUs that vested based on service, market and performance conditions, as described above. The vesting of all RSUs was achieved by December 31, 2020 where all service, market and performance conditions were met. In February 2021 the remuneration committee of PureTech's board of directors approved the achievement of the vesting conditions as of December 31, 2020 and on May 28, 2021 reached the decision to cash settle RSUs to certain employees while others were issued shares. The settlement value was determined based on the three day average closing price of the shares. The settlement value was $10.7 million (which after deducting tax withheld on behalf of recipients amounted to $6.4 million). The settlement value did not exceed the fair value at settlement date and as such the cash settlement was treated as an equity transaction, whereby the full repurchase cash settlement amount was charged to equity in Other reserves in the financial statements as of and for the year ended December 31, 2021.

Following the different cash settlements, the Company concluded that although the remaining RSUs are to be settled by shares according to their respective agreements, and any cash settlement is at the Company's discretion, due to past practice of cash settlement to multiple employees, some for multiple years, these RSUs to the company executives should be treated as liability awards and as such adjusted to fair value at every reporting date with changes in fair value recorded in earnings as stock based compensation expense.

Consequently, the Company reclassified during the year ended December 31, 2021 $1.9 million from equity to other non-current liabilities and $4.8 million from equity to other payables equal to the fair value of the awards at the date of reclassification. The Company treated the excess of the fair value at the reclassification date over the grant date fair value of the RSUs (for the portion of the vesting period that has already elapsed) in the amount of $2.9 million as an equity transaction. Therefore the full amount of the liability at reclassification was recorded as a charge to equity. The changes in fair value of the liability from reclassification date to balance sheet date or settlement date are recorded as stock-based compensation expense in the Consolidated Statement of Comprehensive Income (loss).

The Company incurred share-based payment expenses for performance, market and service based RSUs of $1.6 million (including $1.1 million expense in respect of RSU liability awards), $1.5 million (including $0.6 million expense in respect of RSU liability awards), and $5.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. The decrease in the share based compensation expense in respect of the RSUs for the year ended December 31, 2021, as compared to the year ended December 31, 2020 is due to reduction in the fair value of the liability awards as compared to their value at the date the awards were reclassified from equity awards to liability awards, as well as forfeitures of certain awards due to unexpected terminations of RSU holders.

As of December 31, 2022, the carrying amount of the RSU liability awards was $5.9 million, $1.8 million current; $4.1 million non current, out of which $1.8 million related to awards that have met all their performance and market conditions.

Stock Options

Stock option activity for the years ended December 31, 2022, 2021 and 2020, is detailed as follows:


	Number of Options	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)	Wtd Average Stock Price at Exercise (GBP)
Outstanding at January 1, 2020	8,472,827	1.16	8.55
Granted	4,076,982	3.14
Exercised	(514,410)	1.52		2.88
Forfeited and expired	(1,119,313)	1.88
Options Exercisable at December 31, 2020 and January 1, 2021	5,447,405	0.98	7.46
Outstanding at December 31, 2020 and January 1, 2021	10,916,086	1.81	8.38
Granted	5,424,000	3.34
Exercised	(2,238,187)	0.70		3.63
Forfeited and expired	(687,781)	2.53
Options Exercisable at December 31, 2021 and January 1, 2022	4,773,873	1.42	6.50
Outstanding at December 31, 2021 and January 1, 2022	13,414,118	2.58	8.29
Granted	8,881,000	2.04
Exercised	(577,022)	0.50		2.43
Forfeited and expired	(3,924,215)	2.89
Options Exercisable at December 31, 2022	6,185,216	2.03	6.21
Outstanding at December 31, 2022	17,793,881	2.31	8.03

The fair value of the stock options awarded by the Company was estimated at the grant date using the Black-Scholes option valuation model, considering the terms and conditions upon which options were granted, with the following weighted-average assumptions:


At December 31,	2022		2021		2020
Expected volatility	41.70	%	41.05	%	41.25	%
Expected terms (in years)	6.11		6.16		6.11
Risk-free interest rate	2.13	%	1.06	%	0.53	%
Expected dividend yield	—		—		—
Grant date fair value	$1.15		$1.87		$1.72

The Company incurred share-based payment expense for the stock options of $8.4 million, $6.2 million and $2.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. The increase in expense for the year ended December 31, 2022, as compared to the year ended December 31, 2021, is due to the new grants granted in 2022. The increase in expense for the year ended December 31, 2021, as compared to the year ended December 31, 2020, is due to new grants granted in 2021.

For shares outstanding as of December 31, 2022, the range of exercise prices is detailed as follows:


Range of Exercise Prices (GBP)	Options Outstanding	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)
0.01	439,490	—	6.76
1.00 to 2.00	6,276,391	1.58	7.00
2.00 to 3.00	5,375,750	2.26	8.92
3.00 to 4.00	5,702,250	3.34	8.40
Total	17,793,881	2.31	8.03

Subsidiary Plans

Certain subsidiaries of the Group have adopted stock option plans. A summary of stock option activity by number of shares in these subsidiaries is presented in the following table:


	Outstanding as of January 1, 2022	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2022




Entrega	349,500	45,000	—	(50,000)	—	—	344,500
Follica	2,686,120	90,000	—	—	—	—	2,776,120


Sonde	2,049,004	—	—	—	—	(2,049,004)	—


Vedanta	1,991,637	490,506	(400,000)	(65,235)	(192,332)	—	1,824,576


	Outstanding as of January 1, 2021	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2021

Alivio	3,888,168	197,398	(2,373,750)	(506,260)	(1,205,556)	—	—



Entrega	962,000	—	(525,000)	(87,500)	—	—	349,500
Follica	1,309,040	1,383,080	—	(6,000)	—	—	2,686,120


Sonde	2,192,834	—	—	(51,507)	(92,323)	—	2,049,004


Vedanta	1,741,888	451,532	(52,938)	(76,491)	(72,354)	—	1,991,637


	Outstanding as of January 1, 2020	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2020

Alivio	3,698,244	189,924	—	—	—	—	3,888,168



Entrega	972,000	—	—	—	(10,000)	—	962,000
Follica	1,309,040	—	—	—	—	—	1,309,040


Sonde	1,829,004	363,830	—	—	—	—	2,192,834


Vedanta	1,450,100	493,951	(813)	—	(201,350)	—	1,741,888

The weighted-average exercise prices and remaining contractual life for the options outstanding as of December 31, 2022, were as follows:


Outstanding at December 31, 2022	Number of options	Weighted-average exercise price $	Weighted-average contractual life outstanding

Entrega	344,500	1.91	4.92
Follica	2,776,120	1.41	6.38
Vedanta	1,824,576	15.89	6.88

The weighted average exercise prices for the options granted for the years ended December 31, 2022, 2021 and 2020, were as follows:


For the years ended December 31,	2022 $	2021 $	2020 $

Alivio	—	—	0.47


Entrega	0.02	—	—
Follica	1.86	1.86	—

Sonde	—	—	0.18

Vedanta	14.94	19.69	19.59

The weighted average exercise prices for options forfeited during the year ended December 31, 2022, were as follows:

Forfeited during the year ended December 31, 2022

Number of options

Weighted-average exercise price

Vedanta

192,332

19.64

The weighted average exercise prices for options exercised during the year ended December 31, 2022, were as follows:


Exercised during the year ended December 31, 2022	Number of options	Weighted-average exercise price $


Vedanta	400,000	0.02

The weighted average exercise prices for options exercisable as of December 31, 2022, were as follows:


Exercisable at December 31, 2022	Number of Options	Weighted-average exercise price $	Exercise Price Range $

Entrega	344,500	1.91	0.02-2.36
Follica	2,776,120	1.41	0.03-1.86
Vedanta	1,824,576	15.89	0.02-21.35

Significant Subsidiary Plans

Vedanta 2020 Stock Incentive Plan

On June 2, 2020, the Company’s Board of Directors approved the 2020 Stock Incentive Plan, or 2020 Plan, which replaced the 2010 Stock Incentive Plan, or 2010 Plan, which was set to expire in December 2020. All authorized and issued shares under the 2010 Plan were transferred to the 2020 Plan. The 2020 Plan provides for the grant of incentive stock options, nonqualified stock options, and restricted stock to employees, directors, and nonemployees of the Company up to an aggregate of 2,145,867 shares of the Company's common stock. In March 2021, the Company’s Board of Directors approved an increase in

the authorized shares of 151,188 for a total of 2,297,055. In July 2021, the Company’s Board of Directors approved an increase in the authorized shares of 500,000 for a total of 2,797,055. Under the 2020 Plan, 914,331 shares remained available for issuance as of December 31, 2022.

The options granted under the 2020 Plan are equity settled and expire 10 years from the grant date. Typically, the awards vest in four years but vesting conditions can vary based on the discretion of Vedanta’s Board of Directors.

Options granted under the 2020 Plan are exercisable at a price per share not less than the fair market value of the underlying ordinary shares on the date of grant. The estimated fair value of options, including the effect of estimated forfeitures, is recognized over the options’ vesting period.

The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following range of assumptions:


Assumption/Input	2022	2021	2020
Expected award life (in years)	6.00-8.33	6.00-7.11	6.00-10.00
Expected award price volatility	88.22%-89.68%	88.05%-88.59%	89.24%-95.46%
Risk free interest rate	1.67%-3.13%	0.96%-1.32%	0.32%-0.87%
Expected dividend yield	—	—	—
Grant date fair value	$10.51-$15.14	$13.84-$16.23	$13.09-$16.54
Share price at grant date	$14.00-$18.84	$19.00-$21.35	$19.59

Vedanta incurred share-based compensation expense of $4.3 million, $5.4 million and $2.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Other Plans

The stock compensation expense under plans at other subsidiaries of the Group not including Vedanta amounted to $0.4 million, $0.8 million and $0.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Finance Cost, Net

12 Months Ended

Dec. 31, 2022

Finance Cost Net [Abstract]

Finance Cost, net

The following table shows the breakdown of finance income and costs:


	2022 $000s	2021 $000s	2020 $000s
For the years ended December 31,
Finance income
Interest income from financial assets	5,799	214	1,183
Total finance income	5,799	214	1,183
Finance costs
Contractual interest expense on notes payable	(212)	(1,031)	(96)
Interest expense on other borrowings	(1,759)	(1,502)	(496)

Interest expense on lease liability	(1,982)	(2,181)	(2,354)


Gain/(loss) on foreign currency exchange	14	(56)	—
Total finance cost – contractual	(3,939)	(4,771)	(2,946)
Gain/(loss) from change in fair value of warrant liability	6,740	1,419	(117)
Gain/(loss) from change in fair value of preferred shares	130,825	8,362	(4,234)
Gain/(loss) from change in fair value of convertible debt	(502)	(175)	—
Total finance income/(costs) – fair value accounting	137,063	9,606	(4,351)


Finance income/(costs), net	138,924	5,050	(6,115)

Earnings/(Loss) per Share

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Earnings/(Loss) per Share

The basic and diluted income/(loss) per share has been calculated by dividing the income/(loss) for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the years ended December 31, 2022, 2021 and 2020, respectively. During the years ended December 31, 2022 and 2021 the Company incurred a net loss and therefore all outstanding potential securities were considered anti-dilutive. The amount of potential securities that were excluded from the calculation amounted to 3,134,131 and 6,553,905 shares, respectively.

Earnings/(Loss) Attributable to Owners of the Company:


	2022		2021		2020
	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s
Income/(loss) for the year, attributable to the owners of the Company	(50,354)	(50,354)	(60,558)	(60,558)	5,985	5,985
Income/(loss) attributable to ordinary shareholders	(50,354)	(50,354)	(60,558)	(60,558)	5,985	5,985

Weighted-Average Number of Ordinary Shares:


	2022		2021		2020
	Basic	Diluted	Basic	Diluted	Basic	Diluted
Issued ordinary shares at January 1,	287,796,585	287,796,585	285,885,025	285,885,025	285,370,619	285,370,619
Effect of shares issued	690,772	690,772	705,958	705,958	233,048	233,048
Effect of dilutive shares (please refer to Note 8)	—	—	—	—	—	7,252,246
Effect of treasury shares purchased	(3,727,922)	(3,727,922)	—	—	—	—
Weighted average number of ordinary shares at December 31,	284,759,435	284,759,435	286,590,983	286,590,983	285,603,667	292,855,913

Earnings/(Loss) per Share:


	2022		2021		2020
	Basic $	Diluted $	Basic $	Diluted $	Basic $	Diluted $
Basic and diluted earnings/(loss) per share	(0.18)	(0.18)	(0.21)	(0.21)	0.02	0.02

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, plant and equipment [abstract]

Property and Equipment


Cost	Laboratory and Manufacturing Equipment $000s	Furniture and Fixtures $000s	Computer Equipment and Software $000s	Leasehold Improvements $000s	Construction in process $000s	Total $000s






Balance as of January 1, 2021	8,420	1,452	1,519	18,054	3,852	33,297
Additions, net of transfers	1,424	—	92	183	6,723	8,422
Disposals	(323)	—	(282)	—	—	(605)

Reclassifications	2,211	—	—	248	(2,459)	—

Balance as of December 31, 2021	11,733	1,452	1,329	18,485	8,116	41,115
Additions, net of transfers	390	—	11	412	1,362	2,176
Disposals	(118)	—	—	—	(77)	(195)
Deconsolidation of subsidiaries	—	—	(58)	—	—	(58)
Reclassifications	1,336	58	137	5,067	(6,598)	—

Balance as of December 31, 2022	13,341	1,510	1,419	23,964	2,803	43,037


Accumulated depreciation and impairment loss	Laboratory and Manufacturing Equipment $000s	Furniture and Fixtures $000s	Computer Equipment and Software $000s	Leasehold Improvements $000s	Construction in process $000s	Total $000s






Balance as of January 1, 2021	(3,965)	(454)	(1,287)	(4,815)	—	(10,520)
Depreciation	(1,973)	(208)	(174)	(1,991)	—	(4,346)
Disposals	251	—	271	—	—	522



Balance as of December 31, 2021	(5,686)	(663)	(1,190)	(6,806)	—	(14,344)
Depreciation	(2,082)	(212)	(107)	(3,444)	—	(5,845)
Disposals	57	—	—	—	—	57
Deconsolidation of subsidiaries	—	—	53	—	—	53


Balance as of December 31, 2022	(7,711)	(875)	(1,244)	(10,250)	—	(20,080)


Property and Equipment, net	Laboratory and Manufacturing Equipment $000s	Furniture and Fixtures $000s	Computer Equipment and Software $000s	Leasehold Improvements $000s	Construction in process $000s	Total $000s

Balance as of December 31, 2021	6,047	790	139	11,679	8,116	26,771
Balance as of December 31, 2022	5,630	635	174	13,714	2,803	22,957

Depreciation of property and equipment is included in the General and administrative expenses and Research and development expenses line items in the Consolidated Statements of Comprehensive Income/(Loss). The Company recorded depreciation expense of $5.8 million, $4.3 million and $3.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets [Abstract]

Intangible Assets

Intangible assets consist of licenses of intellectual property acquired by the Group through various agreements with third parties and are recorded at the value of the consideration transferred. Information regarding the cost and accumulated amortization of intangible assets is as follows:


Cost			Licenses $000s



Balance as of January 1, 2021			900
Additions			90

Balance as of December 31, 2021			990
Additions			25
Write-off			(163)
Deconsolidation of subsidiaries			(21)
Balance as of December 31, 2022			831


Accumulated amortization			Licenses $000s



Balance as of January 1, 2021			(1)
Amortization			(2)

Balance as of December 31, 2021			(3)
Amortization			(1)
Deconsolidation of subsidiary			4
Balance as of December 31, 2022			—


Intangible assets, net			Licenses $000s


Balance as of December 31, 2021			987
Balance as of December 31, 2022			831

Substantially all the intangible asset licenses represent in-process-research-and-development assets since they are still being developed and are not ready for their intended use. As such, these assets are not yet amortized but tested for impairment annually.

During 2022, the company wrote off one of its research intangible assets for which research was ceased in the amount of $162.5 thousand.

The Company tested all other such intangible assets for impairment as of balance sheet date and concluded that none of such assets were impaired.

During the year ended December 31, 2022, Sonde Health, Inc. was deconsolidated and as such $17.5 thousand in net assets were derecognised.

The company had negligible Amortization expense for the years ended December 31, 2022 2021 and 2020.

Other Financial Assets

12 Months Ended

Dec. 31, 2022

Other Financial Assets [Abstract]

Other Financial Assets

Other financial assets consist of restricted cash held, which represents amounts that are reserved as collateral against letters of credit with a bank that are issued for the benefit of a landlord in lieu of a security deposit for office space leased by the Group. Information regarding restricted cash was as follows:


	2022 $000s	2021 $000s
As of December 31,
Restricted cash	2,124	2,124
Total other financial assets	2,124	2,124

Equity

12 Months Ended

Dec. 31, 2022

Equity [abstract]

Equity

Total equity for PureTech as of December 31, 2022, and 2021, was as follows:


	December 31, 2022 $000s	December 31, 2021 $000s
Equity
Share capital, £0.01 par value, issued and paid 278,566,306 and 287,796,585 as of December 31, 2022 and 2021, respectively	5,455	5,444
Merger Reserve	138,506	138,506
Share premium	289,624	289,303
Treasury shares, 10,595,347 and zero as of December 31, 2022 and 2021, respectively	(26,492)	—
Translation reserve	89	469
Other reserves	(14,478)	(40,077)
Retained earnings/(accumulated deficit)	149,516	199,871
Equity attributable to owners of the Group	542,220	593,515
Non-controlling interests	5,369	(9,368)
Total equity	547,589	584,147

Changes in share capital and share premium relate primarily to incentive options exercises during the period.

Shareholders are entitled to vote on all matters submitted to shareholders for a vote. Each ordinary share is entitled to one vote. Each ordinary share is entitled to receive dividends when and if declared by the Company’s Directors. The Company has not declared any dividends in the past.

On June 18, 2015, the Company acquired the entire issued share capital of PureTech LLC in return for 159,648,387 Ordinary Shares. This was accounted for as a common control transaction at cost. It was deemed that the share capital was issued in line with movements in share capital as shown prior to the transaction taking place. In addition, the merger reserve records amounts previously recorded as share premium.

Other reserves comprise the cumulative credit to share-based payment reserves corresponding to share-based payment expenses recognized through Consolidated Statements of Comprehensive Income/(Loss), settlements of vested share based payment awards as well as other additions that flow directly through equity such as the excess or deficit from changes in ownership of subsidiaries while control is maintained by the Group.

On May 9, 2022, the Company announced the commencement of a $50.0 million share repurchase program the ("Program") of its ordinary shares of one pence each (“Ordinary Shares”). The Company is executing the Program in two equal tranches. In respect of the two tranches, PureTech entered into an irrevocable (see below) non-discretionary instruction with Jefferies International Limited (“Jefferies”) in relation to the purchase by Jefferies of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than $25.0 million for each tranche and the simultaneous on-sale of such Ordinary Shares by Jefferies to PureTech, subject to certain volume and price restrictions. Jefferies makes its trading decisions in relation to the Ordinary Shares independently of, and uninfluenced by, the Company. Purchases may continue during any close period to which the Company is subject. The instruction to Jeffries may be amended or withdrawn so long as the Company is not in a close period or otherwise in possession of inside information.

Any purchases of Ordinary Shares under the Program were carried out on the London Stock Exchange and could be carried out on any other UK recognized investment exchange which may be agreed, in accordance with pre-set parameters and in accordance with, and subject to limits, including those limits related to daily volume and price, prescribed by the Company’s general authority to repurchase Ordinary Shares granted by its shareholders at its annual general meeting on May 27, 2021, and relevant Rules and Regulations. All Ordinary Shares repurchased under the Program are held in treasury.

As of December 31, 2022, the Company’s issued share capital was 278,566,306 shares, including 10,595,347 shares, which had been repurchased under the Program and were held by the Company in treasury.

Subsidiary Preferred Shares

12 Months Ended

Dec. 31, 2022

Subsidiary Preferred Shares [Abstract]

Subsidiary Preferred Shares

Preferred shares issued by subsidiaries often contain redemption and conversion features that are assessed under IFRS 9 in conjunction with the host preferred share instrument. This balance represents subsidiary preferred shares issued to third parties.

The subsidiary preferred shares are redeemable upon the occurrence of a contingent event, other than full liquidation of the Company, that is not considered to be within the control of the Company. Therefore these subsidiary preferred shares are classified as liabilities. These liabilities are measured at fair value through profit and loss. The preferred shares are convertible into ordinary shares of the subsidiaries at the option of the holder and mandatorily convertible into ordinary shares upon a subsidiary listing in a public market at a price above that specified in the subsidiary’s charter or upon the vote of the holders of subsidiary preferred shares specified in the charter. Under certain scenarios the number of ordinary shares receivable on conversion will change and therefore, the number of shares that will be issued is not fixed. As such the conversion feature is considered to be an embedded derivative that normally would require bifurcation. However, since the preferred share liabilities are measured at fair value through profit and loss, as mentioned above, no bifurcation is required.

The preferred shares are entitled to vote with holders of common shares on an as converted basis.

The Group recognized the preferred share balance upon the receipt of cash financing or upon the conversion of notes into preferred shares at the amount received or carrying balance of any notes converted into preferred shares.

The balance as of December 31, 2022 and December 31, 2021, represents the fair value of the instruments for all subsidiary preferred shares. The following summarizes the subsidiary preferred share balance:


	2022 $000s	2021 $000s
As of December 31,

Entrega	169	669
Follica	350	11,191


Sonde	—	13,362


Vedanta Biosciences	26,820	148,796
Total subsidiary preferred share balance	27,339	174,017

As is customary, in the event of any voluntary or involuntary liquidation, dissolution or winding up of a subsidiary, the holders of subsidiary preferred shares which are outstanding shall be entitled to be paid out of the assets of the subsidiary available for distribution to shareholders and before any payment shall be made to holders of ordinary shares. A merger, acquisition, sale of voting control or other transaction of a subsidiary in which the shareholders of the subsidiary immediately before the transaction do not own a majority of the outstanding shares of the surviving company shall be deemed to be a liquidation event. Additionally, a sale, lease, transfer or other disposition of all or substantially all of the assets of the subsidiary shall also be deemed a liquidation event.

As of December 31, 2022 and December 31, 2021, the minimum liquidation preference reflects the amounts that would be payable to the subsidiary preferred holders upon a liquidation event of the subsidiaries, which is as follows:


	2022 $000s	2021 $000s
As of December 31,

Entrega	2,216	2,216
Follica	6,405	6,405


Sonde	—	12,000


Vedanta Biosciences	149,568	149,568
Total minimum liquidation preference	158,189	170,189

For the years ended December 31, 2022 and 2021, the Group recognized the following changes in the value of subsidiary preferred shares:


			$000s










Balance as of January 1, 2021			118,972
Issuance of new preferred shares – financing cash flow			37,610
Conversion of convertible notes			25,797
Decrease in value of preferred shares measured at fair value – finance costs (income)			(8,362)




Balance as of January 1, 2022			174,017


Decrease in value of preferred shares measured at fair value – finance costs (income)			(130,825)

Deconsolidation of subsidiary – (Sonde)			(15,853)


Balance as of December 31, 2022			27,339

2022

During the year ended December 31, 2022 there were no issuances of new preferred shares.

2021

On July 21, 2021 Vedanta closed a Series D financing in which Vedanta issued 2,387,675 Preferred D shares for consideration of $68.4 million. From such consideration of $68.4 million, $25.8 million was received from Pfizer through conversion of its convertible note (see Note 17) and $5.0 million was received from PureTech in exchange for 174,520 Preferred D shares. The amount received from PureTech was eliminated in the consolidated financial statements.

Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Financial Instruments

The Group’s financial instruments consist of financial liabilities, including preferred shares, convertible notes, warrants and loans payable, as well as financial assets. Many of these financial instruments are presented at fair value with fair value changes recorded through profit and loss.

Fair Value Process

For financial instruments measured at fair value under IFRS 9, the change in the fair value is reflected through profit and loss. Using the guidance in IFRS 13, the total business enterprise value and allocable equity of each entity being valued was determined using a market backsolve approach through a recent arm’s length financing round (or a future probable arm's length transaction), market PWERM approach, discounted cash flow income approach, or hybrid approaches. The approaches, in order of strongest fair value evidence, are detailed as follows:


Valuation Method			Description
Market – Backsolve			The market backsolve approach benchmarks the original issue price (OIP) of the company’s latest funding transaction as current value.
Market/Asset – PWERM			Under a PWERM, the company value is based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise. An asset approach may be included as an expected future outcome within the PWERM method. Possible future outcomes can include IPO scenarios, potential SPAC transactions, merger and acquisition transactions as well as other similar exit transactions of the investee.
Income Based – DCF			The income approach is used to estimate fair value based on the income streams, such as cash flows or earnings, that an asset or business can be expected to generate.

As of December 31, 2022 and 2021, at each measurement date, the fair value of preferred shares and warrant liabilities, including embedded conversion rights that are not bifurcated, as well as investments held at fair value (that are not publicly traded), were determined using the following allocation methods: option pricing model (“OPM”), Probability-Weighted Expected Return Method ("PWERM"), or Hybrid allocation framework. The methods are detailed as follows:


Allocation Method			Description
OPM			The OPM model treats preferred stock as call options on the enterprise’s equity value, with exercise prices based on the liquidation preferences of the preferred stock.


PWERM			Under a PWERM, share value is based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise, as well as the rights of each share class.
Hybrid			The hybrid method (“HM”) is a combination of the PWERM and OPM. Under the hybrid method, multiple liquidity scenarios are weighted based on the probability of the scenarios occurrence, similar to the PWERM, while also utilizing the OPM to estimate the allocation of value in one or more of the scenarios.

Valuation policies and procedures are regularly monitored by the Company’s finance group. Fair value measurements, including those categorized within Level 3, are prepared and reviewed on their issuance date and then on an annual basis for reasonableness and compliance with the fair value measurements guidance under IFRS. The Group measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:


Fair Value Hierarchy Level			Description
Level 1			Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
Level 2			Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3			Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument’s valuation.

Whilst the Group considers the methodologies and assumptions adopted in fair value measurements as supportable, reasonable and robust, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investment existed.

Subsidiary Preferred Shares Liability and Subsidiary Convertible Notes

The following table summarizes the changes in the Group’s subsidiary preferred shares and convertible note liabilities measured at fair value, which were categorized as Level 3 in the fair value hierarchy:


	Subsidiary Preferred Shares $000s	Subsidiary Convertible Notes $000s
Balance at January 1, 2020	100,989	—
Value at issuance	13,750	25,000



Change in fair value	4,233	—



Balance at December 31, 2020 and January 1, 2021	118,972	25,000

Value at issuance	37,610	2,215
Conversion to subsidiary preferred shares	25,797	(25,797)


Accrued interest - contractual	—	867
Change in fair value	(8,362)	175



Balance at December 31, 2021 and January 1, 2022	174,017	2,461
Value at issuance	—	393



Accrued interest – contractual	—	48

Change in fair value	(130,825)	502
Deconsolidation - Sonde	(15,853)	(3,403)

Balance at December 31, 2022	27,339	—

The change in fair value of preferred shares and convertible notes are recorded in Finance income/(costs) – fair value accounting in the Consolidated Statements of Comprehensive Income/(Loss).

The table below sets out information about the significant unobservable inputs used at December 31, 2022, in the fair value measurement of the Group’s material subsidiary preferred shares liabilities categorized as Level 3 in the fair value hierarchy:

Fair Value at December 31, 2022

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

26,820

PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation

Estimated Time to Exit

2.14

Fair value decrease

Equity Discount Rate

30%

Fair value increase

Debt Discount Rate

15%

Fair value decrease

Volatility

95%

Fair value decrease

Subsidiary Preferred Shares Sensitivity

The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s subsidiary preferred shares liabilities (Please refer to Note 15):


Input	Subsidiary Preferred Share Liability
As of December 31, 2022	Sensitivity Range		Financial Liability Increase/(Decrease) $000s









Time to Liquidity	- 6 Months		(1,322)
	+ 6 Months		856


Volatility	(10)	%	(1,133)
	+10%		1,200
Discount Rate	(5)	%	(2,035)
	+5%		1,922

Financial Assets Held at Fair Value

Karuna, Vor and Akili Valuation

Karuna (Nasdaq: KRTX), Vor (Nasdaq: VOR), Akili (Nasdaq: AKLI) and additional immaterial investments are listed entities on an active exchange and as such the fair value as of December 31, 2022, was calculated utilizing the quoted common share price. Please refer to Note 5 for further details.

Akili, Gelesis and Sonde

In accordance with IFRS 9, the Company accounted for its preferred share investments in Akili (until the exchange of such shares to common stock traded on Nasdaq) and Gelesis (until the exchange of such shares to common stock) and accounts for its investment in Sonde (investment in Preferred A-2 and B shares, subsequent to the date of deconsolidation) as financial assets held at fair value through the profit and loss. In addition, the Company accounts for its investment in Gelesis Earn-out shares and Akili Earn-out shares (see Note 5) as investments held at fair value. All the valuations of the aforementioned investments are categorized as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs to value such assets. During the year ended December 31, 2022, the Company recorded such investments at fair value and recognized the change in fair value of the investments as a loss of $30.0 million that was recorded to the Consolidated Statements of Comprehensive Income/(Loss) in the line item Gain/(loss) on investments held at fair value.

The following table summarizes the changes in all the Group’s investments held at fair value, which were categorized as Level 3 in the fair value hierarchy:


			$'000s
Balance at January 1, 2020			154,445
Cash purchase of Gelesis preferred shares (please refer to Note 6)			10,000
Cash purchase of Vor preferred shares			1,150


Gain/(Loss) on changes in fair value			41,297


Balance at December 31, 2020 and January 1, 2021			206,892





Cash purchase of Vor preferred shares			500
Reclassification of Vor from level 3 to level 1			(33,365)
Gain/(Loss) on changes in fair value			65,505


Balance at January 1, 2022 before allocation of associate loss to long-term interest			239,533



Deconsolidation of Sonde			11,168
Gelesis – New Investment – Earn out Shares			14,214
Exchange of Gelesis preferred shares to Gelesis common shares			(92,303)
Reclassification of Akili to level 1 investment			(128,764)
Change in fair value			(31,253)





Balance as of December 31, 2022			12,593

The change in fair value of investments held at fair value are recorded in Gain/(loss) on investments held at fair value in the Consolidated Statements of Comprehensive Income/(Loss).

The table below sets out information about the significant unobservable inputs used at December 31, 2022, in the fair value measurement of the Group’s material preferred share investments held at fair value categorized as Level 3 in the fair value hierarchy:

Fair Value at December 31, 2022

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

11,403

Market Backsolve & OPM

Estimated time to exit

2.00

Fair value decrease

Volatility

55%

Fair value decrease

As the material investments held at fair value categorized as level 3 in the fair value hierarchy are based on a market backsolve approach using a recent arm's length transaction the change in unobservable inputs in reasonably possible scenarios has an immaterial impact on the financial statements.

Warrants

Warrants issued by subsidiaries within the Group are classified as liabilities, as they will be settled in a variable number of preferred shares. The following table summarizes the changes in the Group’s subsidiary warrant liabilities, which were categorized as Level 3 in the fair value hierarchy:


			Subsidiary Warrant Liability $000s
Balance at January 1, 2020			7,997
Warrant Issuance			92

Change in fair value - finance costs (income)			117
Balance at December 31, 2020 and January 1, 2021			8,206


Change in fair value - finance costs (income)			(1,419)
Balance at December 31, 2021 and January 1, 2022			6,787


Change in fair value - finance costs (income)			(6,740)
Balance at December 31, 2022			47

The change in fair value of warrants are recorded in Finance income/(costs) – fair value accounting in the Consolidated Statements of Comprehensive Income/(Loss).

In connection with various amendments to its 2010 Loan and Security Agreement, Follica issued Series A-1 preferred share warrants at various dates in 2013 and 2014. In 2017, in conjunction with the issuance of convertible notes, the exercise price of the warrants was adjusted to $0.07 per share.

In connection with the September 2, 2021 Oxford Finance LLC loan issuance, Vedanta also issued Oxford Finance LLC 12,886 Series C-2 preferred share warrants with an exercise price of $23.28 per share, expiring September 2030.

The fair value of the warrant liabilities was immaterial as of December 31, 2022 due to the decline in the fair value of the underlying preferred shares in the Follica warrant. See also Note 15 for the fair value of Follica preferred share liabilities.

Short-term Note from Associate

On December 7, 2021, Gelesis issued PureTech a $15.0 million note to be repaid the earlier of three business days after the closing of the business combination of Gelesis with Capstar Special Acquisition Corp ("Capstar"), or 30 days following the termination of such business combination. In the event of the business combination termination, the Company, who represented the majority of the note holders, could have elected to convert the note at the next equity financing at a discount of 25% from the financing price. The note bore interest at a rate of 10% per annum.

The note was repaid by Gelesis in January 2022 due to the closing of the business combination between Gelesis and Capstar on January 13, 2022.

Note from Associate

On July 27, 2022, PureTech, as a lender, entered into an unsecured Short Term Promissory Note ("Note") with Gelesis (GLS), as a borrower, in the amount of $15.0 million. The Note bears an annual interest rate of 15% per annum and accrues until the note is repaid. The term of the Note is the earlier of December 31, 2023 or five business days following the consummation of a qualified financing by Gelesis.

In case of default, PureTech will be issued a warrant which shall entitle PureTech to purchase at an exercise price per share of $0.01 a number of shares of Gelesis common Stock equal to (i) (A) 0.2 multiplied by (B) the amount of outstanding principal and accrued interest under the Note as of the date of conversion described below, divided by (ii) the volume weighted average price of each share of Common Stock, as reported by the New York Stock Exchange, for the last five (5) trading days ("the “Common Stock VWAP”) occurring immediately prior to the date of exercise. In addition, PureTech will have the option to convert the amount of outstanding principal and accrued interest under the Note into a number of shares of Gelesis Common Stock (the “Conversion Securities”) equal to (i) the amount of outstanding principal and accrued interest under the Note as of the date of such conversion, divided by (ii) the lesser of the price per share of (A) the Gelesis common Stock, as reported by the New York Stock Exchange, as of 4:00 P.M. Eastern Time on the date of the conversion notice or (B) the Common Stock VWAP as of the day prior to the date of the conversion notice.

Based on the terms of the note, the note is required to be measured at fair value with changes in fair value recorded through profit and loss. The fair value of the note as of December 31, 2022 was $16.5 million. During the year ended December 31, 2022 the Group recorded $963 thousand of interest income and a gain of $539 thousand for the change in the fair value of the note. The change in the fair value of the note was recorded in the line item Other Income/(expense) in the Consolidated Statements of Comprehensive Income/(Loss).

The note was valued using a discounted cash flow approach of the probability weighted future returns on the note, using a discount rate of 28.9%. Increasing or decreasing the discount rate by 5.0% will decrease or increase the value, respectively, by approximately $0.4 million. Also, increasing the estimated term to a qualified financing by 6 months (estimated as 3 months from December 31, 2022) will decrease the fair value by approximately $0.9 million.

Fair Value Measurement and Classification

The fair value of financial instruments by category at December 31, 2022 and 2021:


	2022
	Carrying Amount		Fair Value
	Financial Assets $000s	Financial Liabilities $000s	Level 1 $000s	Level 2 $000s	Level 3 $000s	Total $000s
Financial assets:
Money Markets1,2	95,249	—	95,249	—	—	95,249
Short-term investments1	200,229	—	200,229	—	—	200,229
Note from associate	16,501	—	—	—	16,501	16,501
Investments held at fair value	251,892	—	239,299	—	12,593	251,892
Trade and other receivables3	11,867	—	—	11,867	—	11,867
Total financial assets	575,738	—	534,777	11,867	29,094	575,738
Financial liabilities:
Subsidiary warrant liability	—	47	—	—	47	47
Subsidiary preferred shares	—	27,339	—	—	27,339	27,339
Subsidiary notes payable	—	2,345	—	2,097	248	2,345
Share based liability awards	—	5,932	4,396	—	1,537	5,932
Total financial liabilities	—	35,664	4,396	2,097	29,171	35,664

1 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade.

2 Included within Cash and cash equivalents

3 Outstanding receivables are owed primarily by government agencies and large corporations, virtually all of which are investment grade.

As of balance sheet date the long term loan book value (see Note 20) approximated its fair value due to its variable rate.


	2021
	Carrying Amount		Fair Value
	Financial Assets $000s	Financial Liabilities $000s	Level 1 $000s	Level 2 $000s	Level 3 $000s	Total $000s
Financial assets:

Money Markets1	432,649	—	432,649	—	—	432,649
Short-term note from associate	15,120	—	—	—	15,120	15,120
Investments held at fair value2	493,888	—	254,355	—	239,533	493,888

Trade and other receivables3	3,174	—	—	3,174	—	3,174
Total financial assets	944,832	—	687,005	3,174	254,653	944,832
Financial liabilities:
Subsidiary warrant liability	—	6,787	—	—	6,787	6,787
Subsidiary preferred shares	—	174,017	—	—	174,017	174,017
Subsidiary notes payable	—	4,641	—	1,945	2,696	4,641
Share based liability awards	—	7,362	6,081	—	1,281	7,362
Total financial liabilities	—	192,808	6,081	1,945	184,781	192,808

1 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. Included within Cash and cash equivalents

2 Balance prior to share of associate loss allocated to long-term interest (please refer to Note 5).

3 Outstanding receivables are owed primarily by government agencies, virtually all of which are investment grade.

Subsidiary Notes Payable

12 Months Ended

Dec. 31, 2022

Subsidiary Notes Payable [Abstract]

Subsidiary Notes Payable

The subsidiary notes payable are comprised of loans and convertible notes. As of December 31, 2022 and December 31, 2021, the loan in Follica and the financial instruments for Knode and Appeering did not contain embedded derivatives and therefore these instruments continue to be held at amortized cost. The notes payable consist of the following:


	2022 $000s	2021 $000s
As of December 31,
Loans	2,097	1,945
Convertible notes	248	2,696
Total subsidiary notes payable	2,345	4,641

Loans

In October 2010, Follica entered into a loan and security agreement with Lighthouse Capital Partners VI, L.P. The loan is secured by Follica’s assets, including Follica’s intellectual property and bears interest at a rate of 12.0 percent. The outstanding loan balance totaled approximately $2.0 million and $1.9 million as of December 31, 2022 and December 31, 2021, respectively. The increase in 2022 is attributed to interest expense for the year ended December 31, 2022.

Convertible Notes

Convertible Notes outstanding were as follows:


	Vedanta $000s	Knode $000s	Appeering $000s	Sonde $000s	Total $000s






January 1, 2021	25,000	89	134	—	25,223
Gross principal - issuance of notes - financing activity	—	—	—	2,215	2,215
Accrued interest on convertible notes - finance costs	797	5	8	70	880
Conversion to subsidiary preferred shares	(25,797)	—	—	—	(25,797)
Change in fair value - finance costs	—	—	—	175	175

December 31, 2021 and January 1, 2022	—	94	141	2,461	2,696
Gross principal - issuance of notes - financing activity	—	—	—	393	393
Accrued interest on convertible notes - finance costs	—	5	8	48	60

Change in fair value - finance costs	—	—	—	502	502
Deconsolidation	—	—	—	(3,403)	(3,403)
December 31, 2022	—	99	149	—	248

On December 30, 2020, Vedanta issued a $25.0 million convertible promissory note to an investor. The note bore interest at an annual rate of 6.0 percent and its maturity date was the first anniversary of the note. Prepayment of the note was not allowed and there was no conversion discount feature on the note. The note was mandatorily convertible in a Qualified equity financing and a Qualified Public Offering at the current price of the financing or offering, all as defined in the note purchase agreement. In addition, the note allowed for optional conversion immediately prior to a Non Qualified public offering, Non Qualified Equity financing, or a Corporate transaction and for a pay-out in the case of a change of control transaction. On July 19, 2021, upon the occurrence of Vedanta's Series D preferred share issuance that was considered to be a Qualified Equity Financing, the entire outstanding amount of the note, principal and interest, was converted into Series D preferred shares of Vedanta at the current price of the financing. For further details, please see Note 15.

On April 6, 2021, and on November 24, 2021, Sonde issued unsecured convertible promissory notes to its existing shareholders for a combined total of $4.3 million, of which $2.2 million were issued to third party shareholders (and $2.1 million were issued to the Company and eliminated in consolidation). In addition, in March 2022 Sonde issued an additional amount of $0.9 million, of which $0.4 million were issued to third parties (and $0.5 million issued to PureTech and eliminated in consolidation). The notes bore interest at an annual rate of 6.0 percent and were to mature on the second anniversary of the issuance. The notes were to mandatorily convert in a Qualified Financing, as defined in the note purchase agreement, at a discount of 20.0 percent from the price per share in the Qualified Financing. In addition, the notes allowed for optional conversion concurrently with a discount of 20.0 percent from the price per share in the Non Qualified Equity Financing. Upon the completion of the Preferred B round of financing in Sonde on May 25, 2022, the Group lost control in Sonde and all convertible notes were derecognized as part of the deconsolidation - See Note 5.

For the Vedanta and Sonde convertible notes, since these Notes contained embedded derivatives, the Notes were assessed under IFRS 9 and the entire financial instruments were elected to be accounted for as FVTPL. The Vedanta convertible note was settled through its conversion in July 2021 and the Sonde notes were deconsolidated in May 2022. See above.

Non-Controlling Interest

12 Months Ended

Dec. 31, 2022

Non-Controlling Interests [Abstract]

Non-controlling Interest

Non-Controlling Interest

During the year ended December 31, 2022, Sonde Health, Inc was deconsolidated and therefore transferred retroactively to the Non-Controlled Founded Entity segment. See Note 5. Investments Held at Fair Value.

The Company has revised in the 2022 financial statements the prior period financial information related to the segmentation of NCI, to conform to the presentation as of and for the year ending December 31, 2022. Please refer to Note 4 “Segment Information” for further details regarding reportable segments.

The following table summarizes the changes in the equity classified non-controlling ownership interest in subsidiaries by reportable segment:


	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Total $000s
Balance at January 1, 2020 *	(8,682)	1,465	(11,016)	593	(17,639)
Share of comprehensive loss	(191)	(905)	(306)	(15)	(1,417)


Equity settled share-based payments	305	2,395	122	—	2,822

Other	—	11	19	(6)	24
Balance at December 31, 2020 and January 1, 2021 *	(8,567)	2,966	(11,181)	574	(16,209)


Share of comprehensive loss	(96)	(1,634)	(436)	15	(2,151)


NCI exercise of share-based awards in subsidiaries - change in NCI interest	—	(5,922)	—	—	(5,922)
Equity settled share-based payments	(4)	6,224	32	—	6,252
Acquisition of a subsidiary non controlling interest	8,668	—	—	—	8,668
Other	—	—	—	(6)	(6)
Balance at December 31, 2021 and January 1, 2022	—	1,634	(11,585)	583	(9,368)
Share of comprehensive income (loss)	—	13,604	(330)	15	13,290
NCI exercise of share-based awards	—	(15,164)	—	—	(15,164)
Deconsolidation of subsidiaries	—	—	11,904	—	11,904

Equity settled share-based payments	—	4,703	8	—	4,711

Other	—	—	2	(6)	(4)
Balance as of December 31, 2022	—	4,778	—	592	5,369

* Revised to reclassify Sonde to the Non-controlled Founded Entities segment to comply with current period classification. See Note 4.

The following tables summarize the financial information related to the Group’s subsidiaries with material non-controlling interests, aggregated for interests in similar entities, and before and after intra group eliminations.


	2022
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Intra-group eliminations $000s	Total $000s
Statement of Comprehensive Loss
Total revenue	—	12,202	—	12,202
Income/(loss) for the year	—	98,633	1,003	99,636
Other comprehensive income/(loss)	—	—	—	—
Total comprehensive income/(loss) for the year	—	98,633	1,003	99,636
Statement of Financial Position
Total assets	—	35,341	(100)	35,241
Total liabilities	—	76,635	(11,057)	65,578
Net assets/(liabilities)	—	(41,294)	10,957	(30,336)

As of December 31, 2022, Controlled Founded Entities with non-controlling interests primarily include Follica Incorporated, Entrega Inc., and Vedanta Biosciences, Inc. Ownership interests of the non-controlling interests in Follica Incorporated, Entrega Inc., and Vedanta Biosciences, Inc are 19.9 percent, 11.7 percent, and 12.2 percent, respectively. In addition, Non-controlling interests include the amounts recorded for subsidiary stock options, with the vast majority comprising of Vedanta stock options.


	2021
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Intra-group eliminations $000s	Total $000s
Statement of Comprehensive Loss
Total revenue	—	7,771	—	7,771
Income/(loss) for the year	—	(50,436)	792	(49,644)
Other comprehensive income/(loss)	—	—	—	—
Total comprehensive income/(loss) for the year	—	(50,436)	792	(49,644)
Statement of Financial Position
Total assets	—	66,279	(161)	66,118
Total liabilities	—	228,856	(10,755)	218,101
Net assets/(liabilities)	—	(162,576)	10,594	(151,982)

As of December 31, 2021, Controlled Founded Entities with non-controlling interests primarily include, Follica Incorporated, Sonde Health Inc., Entrega Inc. and Vedanta Biosciences, Inc. Ownership interests of the non-controlling interests in Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc are 19.9 percent, 11.7 percent, 6.2 percent and 3.7 percent, respectively. In addition, Non-controlling interests include the amounts recorded for subsidiary stock options, with the vast majority comprising of Vedanta stock options.


	2020
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Intra-group eliminations	Total
Statement of Comprehensive Loss
Total revenue	3,267	1,957	—	5,224
Income/(loss) for the year	(2,407)	(53,535)	1,073	(54,869)

Total comprehensive income/(loss) for the year	(2,407)	(53,535)	1,073	(54,869)

As of December 31, 2020, Internal segment with non-controlling interests includes Alivio, Controlled Founded Entities with non-controlling interests primarily include, Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc. Ownership interests of the non-controlling interests in Alivio Therapeutics, Inc., Follica Incorporated, Sonde Health Inc., and Vedanta Biosciences, Inc are 8.1 percent, 19.9 percent, 4.5 percent and 0.4 percent, respectively. In addition, Non-controlling interests include the amounts recorded for subsidiary stock options, with the vast majority comprising of Vedanta stock options.

On June 11, 2021, PureTech acquired the remaining 17.1 percent of the minority non-controlling interests of Alivio (after exercise of all in the money stock options) increasing its ownership to 100.0 percent of Alivio. The consideration for such non controlling interests amounted to $1.2 million, to be paid in three equal installments, with the first installment of $0.4 million paid at the effective date of the transaction and two additional installment to be paid upon the occurrence of certain contingent events. The Group recorded a contingent consideration liability of $0.6 million at fair value for the two additional installments, resulting in a total acquisition cost of $1.0 million. The excess of the consideration paid over the book value of the non-controlling interest of approximately $9.6 million was recorded directly as a charge to shareholders’ equity. The second installment of $0.4 million was paid in July 2021, upon the occurrence of the contingent event specified in the agreement. The contingent consideration liability is adjusted to fair value at the end of each reporting period with changes in fair value recorded in earnings. Changes in fair value of the aforementioned contingent consideration liability were not material. As of December 31, 2022, the remaining contingent liability was reduced to zero as the second contingent event did not occur.

On December 1, 2021, options holders in Entrega exercised options into shares of common stock, increasing the NCI interest held from 0.2 percent to 11.7 percent. During 2021 option holders in Vedanta exercised options and increased the NCI interest to 3.7 percent. The exercise of the options resulted in an increase in the NCI share in Entrega's and Vedanta's shareholder's deficit of $5.9 million. The consideration paid by NCI ($0.1 million) together with the increase in NCI share in Entrega's and Vedanta's shareholder deficit ( $5.9 million) amounted to $6.0 million and was recorded as a gain directly in shareholders' equity.

On February 15, 2022, option holders in Vedanta exercised options into shares of common stock, increasing the NCI interest held from 3.7 percent to 12.2 percent. The exercise of the options resulted in an increase in the NCI share in Vedanta's shareholder's deficit of $15.2 million. The consideration paid by NCI ($7.2 thousand) together with the increase in NCI share in Vedanta's shareholder deficit ($15.2 million) amounted to $15.2 million and was recorded as a gain directly in shareholders' equity.

Trade and Other Payables

12 Months Ended

Dec. 31, 2022

Trade and other payables [abstract]

Trade and Other Payables

Information regarding Trade and other payables was as follows:


As of December 31,	2022 $000s	2021 $000s

Trade payables	26,504	11,346
Accrued expenses	24,518	17,309
Income tax payable	57	57
Liability settled share based awards	1,805	4,703
Other	1,957	2,403
Total trade and other payables	54,840	35,817

Long-term loan

12 Months Ended

Dec. 31, 2022

Long-term loan [Abstract]

Long-term loan

In September 2020, Vedanta entered into a $15.0 million loan and security agreement with Oxford Finance LLC. The loan is secured by Vedanta's assets, including equipment, inventory and intellectual property. The loan bears a floating interest rate of 7.7 percent plus the greater of (i) 30 day U.S. Dollar LIBOR reported in the Wall Street Journal or (ii) 0.17 percent. The loan matures September 2025 and requires interest only payments prior to 2023. The loan also carries a final fee upon full repayment of 7.0 percent of the original principal, or $1.1 million. As part of the loan agreement, Vedanta also issued Oxford Finance LLC 12,886 Series C-2 preferred share warrants with an exercise price of $23.28 per share, expiring September 2030. The outstanding loan balance totaled approximately $15.4 million as of December 31, 2022.

The following table summarizes long-term loan activity for the years ended December 31, 2022 and 2021:


	Long-term loan
	2022 $000s	2021 $000s

Balance at January 1,	15,118	14,818

Accrued interest	1,755	1,502
Interest paid	(1,436)	(1,201)
Other	(38)	—
Balance at December 31,	15,400	15,118

The following table summarizes Vedanta's future principal payments for the long-term loan as of December 31, 2022:


Balance Type	2023	2024	2025	Total
Principal	5,156	5,625	4,219	15,000
Balance of accreted premium net of unamortized issuance costs				400
Total				15,400

The long-term loan is presented as follows in the Statement of Financial Position as of December 31, 2022 and 2021:


	Long-term loan
	2022 $000s	2021 $000s

Current portion of Long-term loan	5,156	857
Long-term loan	10,244	14,261
Total Long-term loan	15,400	15,118

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The activity related to the Group’s right of use asset and lease liability for the years ended December 31, 2022 and 2021 is as follows:


	Right of use asset, net
	2022 $000s	2021 $000s



Balance at January 1,	17,166	20,098
Additions	163	739
Tenant improvement - lease incentive	—	(733)
Depreciation	(3,047)	(2,938)

Balance at December 31,	14,281	17,166


	Total lease liability
	2022 $000s	2021 $000s



Balance at January 1,	32,990	35,348
Additions	163	1,016
Cash paid for rent - principal - financing cash flow	(4,025)	(3,375)
Cash paid for rent - interest	(1,982)	(2,181)
Interest expense	1,982	2,181


Balance at December 31,	29,128	32,990

Depreciation of the right-of-use assets, which virtually all consist of leased real estate, is included in the General and administrative expenses and Research and development expenses line items in the Consolidated Statements of Comprehensive Income/(Loss). The Company recorded depreciation expense of $3.0 million, $2.9 million and $2.7 million for the years ended December 31, 2022, 2021 and 2020 respectively.

The following details the short term and long-term portion of the lease liability as of December 31, 2022 and 2021:


	Total lease liability
	2022 $000s	2021 $000s

Short-term Portion of Lease Liability	4,972	3,950
Long-term Portion of Lease Liability	24,155	29,040
Total Lease Liability	29,128	32,990

The following table details the future maturities of the lease liability, showing the undiscounted lease payments to be paid after the reporting date:


			2022 $000s

Less than one year			6,673
One to two years			6,763
Two to three years			5,168
Three to four years			4,419
Four to five years			4,551
More than five years			7,483
Total undiscounted lease maturities			35,056
Interest			5,928
Total lease liability			29,128

During the year ended December 31, 2019, PureTech entered into a lease agreement for certain premises consisting of approximately 50,858 rentable square feet of space located at 6 Tide Street. The lease commenced on April 26, 2019 (“Commencement Date”) for an initial term consisting of ten years and three months and there is an option to extend for two consecutive periods of five years each. The Company assessed at lease commencement date whether it is reasonably certain to exercise the extension options and deemed such options not reasonably certain to be exercised. The Company will reassess whether it is reasonably certain to exercise the options only if there is a significant event or significant changes in circumstances within its control.

On June 26, 2019, PureTech executed a sublease agreement with Gelesis. The lease is for the approximately 9,446 rentable square feet located on the sixth floor of the Company’s former offices at the 501 Boylston Street building. The sublessee obtained possession of the premises on June 1, 2019 and the rent period term began on June 1, 2019 and expires on August 31, 2025. The sublease was determined to be a finance lease. As of December 31, 2022, the balances related to the sublease were as follows:


			Total lease receivable $000s

Short-term Portion of Lease Receivable			450
Long-term Portion of Lease Receivable			835
Total Lease Receivable			1,285

The following table details the future maturities of the lease receivable, showing the undiscounted lease payments to be received after the reporting date:


			2022 $000s

Less than one year			513
One to two years			523
Two to three years			353



Total undiscounted lease receivable			1,389
Unearned Finance income			103
Net investment in the lease			1,285

On August 6, 2019, PureTech executed a sublease agreement with Dewpoint Therapeutics, Inc. (“Dewpoint”). The sublease was for approximately 11,852 rentable square feet located on the third floor of the 6 Tide Street building, where the Company’s offices are currently located. Dewpoint obtained possession of the premises on September 1, 2019 with a rent period term that began on September 1, 2019, and expired on August 31, 2021. The sublease was determined to be an operating lease.

Rental income recognized by the Company during the years ended December 31, 2021 and 2020 was $0.6 million and $1.1 million, respectively and is included in the Other income/(expense) line item in the Consolidated Statements of Comprehensive Income/(Loss).

Capital and Financial Risk Management

12 Months Ended

Dec. 31, 2022

Capital And Financial Risk Management [Abstract]

Capital and Financial Risk Management

Capital Risk Management

The Group's capital and financial risk management policy is to maintain a strong capital base so as to support its strategic priorities, maintain investor, creditor and market confidence as well as sustain the future development of the business. The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may issue new shares or incur new debt. The Group has some external debt and no material externally imposed capital requirements. The Group’s share capital is clearly set out in Note 14.

Management continuously monitors the level of capital deployed and available for deployment in the Internal segment and at the corporate level as well as at Controlled Founded Entities. The Directors seek to maintain a balance between the higher returns that might be possible with higher levels of deployed capital and the advantages and security afforded by a sound capital position.

The Group’s Directors have overall responsibility for establishment and oversight of the Group's capital and risk management framework. The Group is exposed to certain risks through its normal course of operations. The Group’s main objective in using financial instruments is to promote the development and commercialization of intellectual property through the raising and investing of funds for this purpose. The Group’s policies in calculating the nature, amount and timing of investments are determined by planned future investment activity. Due to the nature of activities and with the aim to maintain the investors’ funds as secure and protected, the Group’s policy is to hold any excess funds in highly liquid and readily available financial instruments and maintain insignificant exposure to other financial risks.

The Group has exposure to the following risks arising from financial instruments:

Credit Risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents, short term investments, and trade and other receivables. The Group held the following balances (not including the income tax receivable resulting from overpayment of income taxes, see Note 25):


	2022 $000s	2021 $000s
As of December 31
Cash and cash equivalents	149,866	465,708
Short-term investments	200,229	—
Trade and other receivables	11,867	3,174
Total	361,961	468,882

The Group invests its excess cash in U.S. Treasury Bills (presented as short-term investments), and money market accounts, which the Group believes are of high credit quality. Further the Group's cash and cash equivalents and short-term investments are held at diverse, investment-grade financial institutions.

The Group assesses the credit quality of customers on an ongoing basis. The credit quality of financial assets is assessed by historical and recent payment history, counterparty financial position, reference to credit ratings (if available) or to historical information about counterparty default rates. The Group does not have expected credit losses owing largely to a small number of counterparties and the high credit quality of most counterparties (primarily the US government and large funds with respect to grant income and large high credit quality corporations).

The aging of trade and other receivables that were not impaired at December 31 is as follows:


As of December 31	2022 $000s	2021 $000s

Not impaired	11,867	3,174
Total	11,867	3,174

With regard to the Note from associate, such note is presented at fair value which incorporates, among other factors, the credit risk of the counterparty. See Note 16 for details.

Liquidity Risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group actively manages its risk of a funds shortage by closely monitoring the maturity of its financial assets and liabilities and projected cash flows from operations, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Due to the nature of these financial liabilities, the funds are available on demand to provide optimal financial flexibility.

The table below summarizes the maturity profile of the Group’s financial liabilities, including subsidiary preferred shares that have customary liquidation preferences, as of December 31, 2022 and 2021, based on contractual undiscounted payments:


As of December 31	2022
	Carrying Amount $000s	Within Three Months $000s	Three to Twelve Months $000s	One to Five Years $000s	Total $000s (*)
Long-term loan (non-current + current)	15,400	1,838	5,281	11,413	18,531
Subsidiary notes payable	2,345	2,345	—	—	2,345
Trade and other payables	54,840	54,840	—	—	54,840
Warrants2	47	47	—	—	47
Subsidiary preferred shares (Note 15)1	27,339	27,339	—	—	27,339
Total	99,971	86,409	5,281	11,413	103,103


As of December 31	2021
	Carrying Amount $000s	Within Three Months $000s	Three to Twelve Months $000s	One to Five Years $000s	Total $000s (*)
Long-term loan	15,118	296	2,182	16,274	18,752
Subsidiary notes payable	4,641	4,641	—	—	4,641
Trade and other payables	35,817	35,817	—	—	35,817
Warrants2	6,787	6,787	—	—	6,787
Subsidiary preferred shares (Note 15)1	174,017	174,017	—	—	174,017
Total	236,381	221,559	2,182	16,274	240,015

1 Redeemable only upon a liquidation or Deemed liquidation event, as defined in the applicable shareholder documents.

2 Warrants issued by subsidiaries to third parties to purchase preferred shares.

* Does not include payments in respect of lease obligations. For the contractual future payments related to lease obligations, see Note 21.

Interest Rate Sensitivity

As of December 31, 2022, the Group had cash and cash equivalents of $149.9 million, and short term investments of $200.2 million. The Group's exposure to interest rate sensitivity is impacted by changes in the underlying U.K. and U.S. bank interest rates. The Group has not entered into investments for trading or speculative purposes. Due to the conservative nature of the Group's investment portfolio, which is predicated on capital preservation and investments in short duration, high-quality U.S. Treasury Bills and related money market accounts, a change in interest rates would not have a material effect on the fair market value of the Group's portfolio, and therefore the Group does not expect operating results or cash flows to be significantly affected by changes in market interest rates.

Controlled Founded Entity Investments

The Group maintains investments in certain Controlled Founded Entities. The Group’s investments in Controlled Founded Entities are eliminated as intercompany transactions upon financial consolidation. The Group is however exposed to a preferred share liability owing to the terms of existing preferred shares and the ownership of Controlled Founded Entities preferred shares by third parties. As discussed in Note 15, certain of the Group’s subsidiaries have issued preferred shares that include the right to receive a payment in the event of any voluntary or involuntary liquidation, dissolution or winding up of a subsidiary, including in the event of "deemed liquidation" as defined in the incorporation documents of the entities, which shall be paid out of the assets of the subsidiary available for distribution to shareholders and before any payment shall be made to holders of ordinary shares. The liability of preferred shares is maintained at fair value through the profit and loss. The Group’s strong cash position, budgeting and forecasting processes, as well as decision making and risk mitigation framework enable the Group to robustly monitor and support the business activities of the Controlled Founded Entities to ensure no exposure to dissolution or liquidation. Accordingly, the Group views exposure to 3rd party preferred share liability as low.

Non-Controlled Founded Entity Investments

The Group maintains certain investments in Non-Controlled Founded Entities which are deemed either as investments and accounted for as investments held at fair value or associates and accounted for under the equity method (please refer to Note 1). The Group's exposure to investments held at fair value is $251.9 million as of December 31, 2022, and the Group may or may not be able to realize the value in the future. Accordingly, the Group views the risk as high. The Group’s exposure to investments in associates is limited to the carrying amount of the investment in an Associate. The Group is not exposed to further contractual obligations or contingent liabilities beyond the value of the investments. Accordingly, the Group does not view this as a high risk. As of December 31, 2022, Gelesis and Sonde are the only associates. The carrying amount of the investment in Gelesis and Sonde as associates was $9.1 million. Please refer to Notes 5, 6 and 16 for further information regarding the Group's exposure to Non-Controlled Founded Entity Investments.

Equity Price Risk

As of December 31, 2022, the Group held 1,054,464 common shares of Karuna, 2,671,800 common shares of Vor and 12,527,477 common shares of Akili. The fair value of these investments in Karuna, Vor and Akili was $239.0 million.

The investments in Karuna, Vor and Akili are exposed to fluctuations in the market price of these common shares. The effect of a 10.0 percent adverse change in the market price of Karuna, Vor and Akili common shares as of December 31, 2022, would have been a loss of approximately $23.9 million, that would have been recognized as a component of Other income (expense) in the Consolidated Statements of Comprehensive Income/(Loss).

Foreign Exchange Risk

The Group maintains consolidated financial statements in the Group's functional currency, which is the U.S. dollar. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income (loss) for the respective periods. Such foreign currency gains or losses were not material for all reported periods. See Note 9.

The Group does not currently engage in currency hedging activities since its foreign currency risk is limited, but the Group may begin to do so in the future if and when its foreign currency risk exposure changes.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments And Contingencies [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Group is party to certain licensing agreements where the Group is licensing IP from third parties. In consideration for such licenses the Group has made upfront payments and may be required to make additional contingent payments based on developmental and sales milestones and/or royalty on future sales. As of December 31, 2022, these milestone events have not yet occurred and therefore the Group does not have a present obligation to make the related payments in respect of the licenses. Such milestones are dependent on events that are outside of the control of the Group and many of these milestone events are remote of occurring. As of December 31, 2022, payments in respect of developmental milestones that are dependent on events that are outside the control of the Group but are reasonably possible to occur amounted to approximately $8.7 million. These milestone amounts represent an aggregate of multiple milestone payments depending on different milestone events in multiple agreements. The probability that all such milestone events will occur in the aggregate is remote. Payments made to license IP represent the acquisition cost of intangible assets. See Note 12. The Group is party to certain sponsored research arrangements as well as arrangements with contract manufacturing and contract research organizations, whereby the counterparty provides the Company with research and/or manufacturing services. As of December 31, 2022, the noncancellable commitments in respect of such contracts amounted to approximately $11.3 million.

Related Parties Transactions

12 Months Ended

Dec. 31, 2022

Related Parties Transactions

Related Party Subleases and royalties

During 2019, PureTech executed a sublease agreement with a related party, Gelesis. Please refer to Note 21 for further details regarding the sublease.

The Group receives royalties from Gelesis on its product sales. Such royalties amounted to $509 thousand and $231 thousand for the years ended December 31, 2022 and 2021, respectively and are presented in Contract revenue in the Consolidated Statements of Comprehensive Income/(Loss).

Key Management Personnel Compensation

Key management includes executive directors and members of the executive management team of the Group (not including compensation provided to non-executive directors). The key management personnel compensation of the Group was as follows for the years ended December 31:


	2022 $000s	2021 $000s	2020 $000s
As of December 31
Short-term employee benefits	4,369	4,666	4,833
Share-based payment expense	2,741	4,045	5,822
Total	7,109	8,711	10,656

Short-term employee benefits include salaries, health care and other non-cash benefits. Share-based payments are generally subject to vesting terms over future periods.

For cash settlements of share based awards – see Note 8.

In addition the Company paid remuneration to non-executive directors in the amounts of $655 thousand, $605 thousand and $690 thousand for the years ended December 31, 2022, 2021, and 2020, respectively. Also, the Company incurred $365 thousand and $161 thousand of stock based compensation expense for such non-executive directors for the years ended December 31, 2022 and 2021, respectively. There is no stock based compensation expense for such non-executive directors for the year ended December 31, 2020.

During the years ended December 31, 2022 and 2021, the Company incurred $51 thousand, and $181 thousand, respectively of expenses paid to related parties.

Convertible Notes Issued to Directors

Certain related parties of the Group have invested in convertible notes issued by the Group’s subsidiaries. As of December 31, 2022 and 2021, the outstanding related party notes payable totaled $99 thousand and $94 thousand respectively, including principal and interest.

The notes issued to related parties bear interest rates, maturity dates, discounts and other contractual terms that are the same as those issued to outside investors during the same issuances, as described in Note 17.

Directors’ and Senior Managers’ Shareholdings and Share Incentive Awards

The Directors and senior managers hold beneficial interests in shares in the following businesses and sourcing companies as at December 31, 2022:


	Business Name (Share Class)	Number of shares held as of December 31, 2022	Number of options held as of December 31, 2022	Number of RSUs held as of December 31, 2022	Ownership Interest¹
Directors:

Ms Daphne Zohar²	Gelesis (Common)	465,121	3,303,306	1,349,697	4.45	%








Dr Robert Langer	Entrega (Common)	250,000	82,500	—	4.09	%

Dr Raju Kucherlapati	Enlight (Class B Common)	—	30,000	—	3.00	%
	Gelesis (Common)	139,625	—	50,639	0.12	%
Dr John LaMattina3	Akili (Common)	56,554	—	—	0.07	%
	Gelesis (Common)3	395,035	37,129	—	0.38	%


	Vedanta Biosciences (Common)	25,000	—	—	0.17	%



Senior Managers:
Dr Bharatt Chowrira	Karuna (Common)	5,000	—	—	0.01	%



Dr Joseph Bolen	Vor (Common)	—	9,191	—	0.01	%

1 Ownership interests as of December 31, 2022 are calculated on a diluted basis, including issued and outstanding shares, warrants and options (and written commitments to issue options) but excluding unallocated shares authorized to be issued pursuant to equity incentive plans and any shares issuable upon conversion of outstanding convertible promissory notes.

2 Common shares, RSUs and options held by Yishai Zohar, who is the husband of Ms. Zohar. Ms. Zohar does not have any direct interest in the share capital of Gelesis. Ms. Zohar recuses herself from any and all material decisions with regard to Gelesis.

3 Dr John and Ms Mary LaMattina hold 345,035 shares of common shares in Gelesis. Individually, Dr LaMattina holds 50,000 shares of Gelesis and convertible notes issued by Appeering in the aggregate principal amount o $50,000.

Directors and senior managers hold 25,371,839 ordinary shares and 9.1 percent voting rights of the Company as of December 31, 2022. This amount excludes options to purchase 2,350,000 ordinary shares. This amount also excludes 6,448,899 shares, which are issuable based on the terms of performance based RSU awards granted to certain senior managers covering the financial years 2022, 2021 and 2020, and 172,056 shares, which are issuable to directors immediately prior to the Company's 2023 Annual General Meeting of Stockholders based on the terms of the RSU awards granted to non-executive directors in 2022. Such shares will be issued to such senior managers and non executive directors in future periods provided that

performance and/or service conditions are met and certain of the shares will be withheld for payment of customary withholding taxes.

Note from Associate

See Note 16 for details on the notes issued by Gelesis to the Company. The Company recognized finance income of 1.6 million with respect to interest and changes in fair value related to the notes.

As of December 31, 2022 the Group has a receivable from an associate in the amount of 1.1 million

Taxation

12 Months Ended

Dec. 31, 2022

Taxation [Abstract]

Taxation

Tax on the profit or loss for the year comprises current and deferred income tax. Tax is recognized in the Consolidated Statements of Comprehensive Income/(Loss) except to the extent that it relates to items recognized directly in equity.

For the years ended December 31, 2022, 2021 and 2020, the Group filed a consolidated U.S. federal income tax return which included all subsidiaries in which the Company owned greater than 80 percent of the vote and value. For the years ended December 31, 2022, 2021 and 2020, the Group filed certain consolidated state income tax returns which included all subsidiaries in which the Company owned greater than 50 percent of the vote and value. The remaining subsidiaries file separate U.S. tax returns.

Amounts recognized in Consolidated Statements of Comprehensive Income/(Loss):


	2022 $000s	2021 $000s	2020 $000s
As of December 31
Income/(loss) for the year	(37,065)	(62,709)	4,568
Income tax expense/(benefit)	(55,719)	3,756	14,401
Income/(loss) before taxes	(92,783)	(58,953)	18,969

Recognized income tax expense/(benefit):


	2022 $000s	2021 $000s	2020 $000s
As of December 31
Federal	13,065	22,138	21,796
Foreign	—	—	—
State	1,336	109	—
Total current income tax expense/(benefit)	14,401	22,247	21,796
Federal	(48,240)	(15,416)	(7,349)
Foreign	—	—	—
State	(21,880)	(3,075)	(46)
Total deferred income tax expense/(benefit)	(70,120)	(18,491)	(7,395)
Total income tax expense/(benefit), recognized	(55,719)	3,756	14,401

The tax expense/(benefit) was $(55.7) million, $3.8 million and $14.4 million in 2022, 2021 and 2020 respectively. The increase in tax benefit for the year ended December 31, 2022 is primarily the result of the loss before taxes in entities in the U.S. Federal and Massachusetts consolidated return groups of the Company.

Reconciliation of Effective Tax Rate

The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows:


	2022		2021		2020
As of December 31	$000s	%	$000s	%	$000s	%
US federal statutory rate	(19,486)	21.00	(12,380)	21.00	3,984	21.00
Effects of state tax rate in U.S.	(8,043)	8.67	(4,484)	7.61	1,844	9.72
R&D and orphan drug tax credits	(6,876)	7.41	(5,056)	8.58	(5,642)	(29.74)
Non deductible share based payment expenses	788	(0.85)	555	(0.94)	327	1.73
Finance income/(costs) – fair value accounting	(28,783)	31.02	(2,017)	3.42	919	4.84
Loss with respect to associate for which no deferred tax asset is recognized	1,413	(1.52)	11,542	(19.58)	—	—
Change in blended state rate impact due to state apportionment change	(8,856)	9.54	—	—	—	—
Transaction Costs	—	—	309	(0.52)	361	1.91
Interest Expense	69	(0.07)	217	(0.37)	(2,258)	(11.91)
Executive Compensation	300	(0.32)	746	(1.27)	827	4.36






Recognition of deferred tax assets and tax benefits not previously recognized	(184)	0.20	(414)	0.70	—	—
Current year losses for which no deferred tax asset is recognized	17,287	(18.63)	14,375	(24.38)	13,948	73.53
Sonde Deconsolidation	(3,572)	3.85	—	—	—	—
Other	224	(0.25)	363	(0.62)	91	0.48
	(55,719)	60.05	3,756	(6.37)	14,401	75.92

The Company is also subject to taxation in the UK but to date no taxable income has been generated in the UK. Changes in corporate tax rates can change both the current tax expense (benefit) as well as the deferred tax expense (benefit).

Deferred Tax Assets and Liabilities

Deferred tax assets have been recognized in the U.S. jurisdiction in respect of the following items:


	2022 $000s	2021 $000s
As of December 31
Operating tax losses	48,317	46,982

Tax credits	11,101	10,673

Share-based payments	8,423	7,265
Capitalized Research & Experimental Expenditures	36,084	—

Investment in Associates	13,036	11,542
Lease Liability	7,143	8,969
Other temporary differences	2,957	2,665
Deferred tax assets	127,061	88,096
Investments held at fair value	(47,877)	(96,804)
ROU asset	(3,519)	(4,667)
Fixed assets	(2,348)	(3,547)

Deferred tax liabilities	(53,744)	(105,018)
Deferred tax assets (liabilities), net	73,317	(16,922)
Deferred tax liabilities, net, recognized	(19,645)	(89,765)

Deferred tax assets (liabilities), net, not recognized	92,962	72,843

We have recognized deferred tax assets related to entities in the U.S. Federal and Massachusetts consolidated return groups due to future reversals of existing taxable temporary differences that will be sufficient to recover the net deferred tax assets. Our unrecognized deferred tax assets of $93.0 million are primarily related to tax credit, loss carryforwards and deductible temporary differences in subsidiaries outside the U.S. Federal and Massachusetts consolidated return groups. Such deferred tax assets have not been recognized because it is not probable that future taxable profits will be available to support their realizability. The unrecognized deferred tax assets, to a lesser extent, also relate to unrecognized deferred tax assets with respect to a portion of Section 174 capitalized research & experimental expenditures which became effective in 2022 under the Tax Cuts and Jobs Act and an investment in an associate since the Group does not believe it is probable that such tax benefits will be realized in the foreseeable future.

There was movement in deferred tax recognized, which impacted income tax expense by approximately $70.1 million benefit, primarily related to changes in the value of investments and Section 174 capitalized research & experimental expenditures. The Company sold a portion of its stock in Karuna and VOR during 2022 resulting in net taxable income and current tax expense of $14.4 million.

Unrecognized Deferred Tax Assets

Deferred tax assets have not been recognized in respect of the following carryforward losses, credits and temporary differences, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.


	2022 $000s		2021 $000s
As of December 31
	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Deductible Temporary Difference	132,145	33,544	59,925	16,224
Tax Losses	219,466	48,317	215,425	46,982
Tax Credits	11,101	11,101	9,636	9,636
Total	362,712	92,962	284,986	72,843

Tax Losses and tax credits carryforwards

Tax losses and tax credits for which no deferred tax asset was recognized


As of December 31	2022 $000s		2021 $000s

	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Tax losses expiring:
Within 10 years	23,930	5,387	19,735	4,343
More than 10 years	42,822	10,509	47,937	11,611
Available Indefinitely	152,714	32,421	147,753	31,028
Total	219,466	48,317	215,425	46,982
Tax credits expiring:
Within 10 years	43	43	4	4
More than 10 years	11,058	11,058	9,632	9,632
Available indefinitely	—	—	—	—
Total	11,101	11,101	9,636	9,636

The Group had U.S. federal net operating losses carry forwards (“NOLs”) of approximately $219.5 million, $215.4 million and $169.7 million as of December 31, 2022, 2021 and 2020, respectively, which are available to offset future taxable income. These NOLs expire through 2037 with the exception of $152.7 million which is not subject to expiration. The Group had U.S. Federal research and development tax credits of approximately $4.5 million, $3.9 million and $3.9 million as of December 31, 2022, 2021 and 2020, respectively, which are available to offset future taxes that expire at various dates through 2042. The Group also had Federal Orphan Drug credits of approximately $6.1 million and $5.7 million as of December 31, 2022, and 2021, which are available to offset future taxes that expire at various dates through 2042. A portion of these Federal NOLs and credits can only be used to offset the profits from the Company’s subsidiaries who file separate Federal tax returns. These NOLs and credits are subject to review and possible adjustment by the Internal Revenue Service.

The Group had state net operating losses carry forwards (“NOLs”) of approximately $71.7 million, $27.9 million and $67.4 million for the years ended December 31, 2022, 2021 and 2020, respectively, which are available to offset future taxable income. These NOLs expire at various dates beginning in 2030. The Group had Massachusetts research and development tax credits of approximately $0.6 million, $1.3 million and $2.1 million for the years ended December 31, 2022, 2021 and 2020, respectively, which are available to offset future taxes and expire at various dates through 2037. These NOLs and credits are subject to review and possible adjustment by the Massachusetts Department of Revenue.

Utilization of the NOLs and research and development credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes may limit the amount of NOL and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company notes that a 382 analysis was performed through December 31, 2022. The results of this analysis concluded that certain net operating losses were subject to limitation under Section 382 of the Internal Revenue Code. None of the Company’s tax attributes which are subject to a restrictive Section 382 limitation have been recognized in the financial statements.

Tax Balances

The current tax related balances are presented in the Statement of Financial Position as follows:


As of December 31	2022 $000s	2021 $000s

Income tax receivable – current	10,040	4,514
Trade and Other Payables	(57)	(57)

Uncertain Tax Positions

The Company has no uncertain tax positions as of December 31, 2022. U.S. corporations are routinely subject to audit by federal and state tax authorities in the normal course of business.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events after December 31, 2022, the date of issuance of the Consolidated Financial Statements, and has not identified any recordable or disclosable events not otherwise reported in these Consolidated Financial Statements or notes thereto, except for the following: On March 1, 2023 Vedanta issued convertible debt to a syndicate of investors. The initial close of the debt was for proceeds of approximately $88.5 million. The note carries an interest rate of 9 percent per annum. The debt has various conversion triggers and the conversion price is established at the lower of 80% of the equity price of the last financing round, or a certain pre-money valuation cap established in the agreement. As part of the issuance of the debt, the convertible debt holders were granted representation in Vedanta's Board of Directors and PureTech lost control over Vedanta. On April 24, 2023, Vedanta closed the second tranche of the convertible debt for additional proceeds of $18.0 million, of which $5.0 million were invested by the Company. On March 22, 2023, the Company entered into an agreement with Royalty Pharma according to which Royalty Pharma acquired an interset in the Group's royalty from Karuna's KarXT, with $100.0 million in cash up-front, and up to $400.0 million in additional cash consideration, contingent on the achievement of certain regulatory and commercial milestones. Gelesis On February 21, 2023, the Company entered into a Note and Warrant Purchase agreement with Gelesis for $5.0 million cash consideration. As part of the agreement, the Company received a short term convertible senior secured note of $5.0 million and warrants to purchase additional shares of Gelesis' common stock. The note carries an interest rate of 12 percent per annum and holds an initial maturity date of July 31, 2023 unless the note is earlier converted or redeemed by the issuer. On April 10, 2023, the NYSE commenced proceedings to delist the common stock of Gelesis from the NYSE due to Gelesis ceasing to meet certain conditions to trade on such stock exchange. Trading in the Gelesis’s common stock was suspended immediately, and it was subsequently delisted from the NYSE. The common stock of Gelesis is currently available for trading in the over-the-counter (“OTC”) market under the symbol GLSH. In addition, in April 2023 PureTech submitted a non-binding proposal to acquire all of the outstanding equity of Gelesis. Negotiations related to the proposal and any potential deal remain ongoing and are subject to, among other things, approval of any definitive transaction by independent committees of the boards of both Gelesis and PureTech.

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Certain amounts in the Consolidated Financial Statements and accompanying notes may not add due to rounding. All percentages have been calculated using unrounded amounts.

Basis of Measurement

Basis of Measurement The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: investments held at fair value, short-term and convertible note from associate and liabilities classified as fair value through the profit or loss.

Going Concern

Considering the Group’s and the Company's financial position as of December 31, 2022, and its principal risks and opportunities, a going concern analysis has been prepared for at least the twelve-month period from the date of signing the Consolidated Financial Statements ("the going concern period") utilizing realistic scenarios and applying a severe but plausible downside scenario. Even under the downside scenario, the analysis demonstrates the Group and the Company continue to maintain sufficient liquidity headroom and continue to comply with all financial obligations. The Directors believe the Group and the Company is adequately resourced to continue in operational existence for at least the twelve-month period from the date of signing the Consolidated Financial Statements. Accordingly, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements and the PureTech Health plc Financial Statements.

Basis of consolidation

Subsidiaries

Associates

Application of the equity method to associates

Financial Instruments

Classification

The Group classifies its financial assets in the following measurement categories:

•Those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

•Those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows.

Measurement

Impairment

Financial Assets

Changes in the fair value of financial assets at FVTPL are recognized in other income/(expense) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable.

investments are recorded at amortized cost. As of balance sheet date amortized cost approximated the fair value of such short-term investments.

Financial Liabilities

The Group’s financial liabilities consist of trade and other payables, subsidiary notes payable, long-term loan, preferred shares, and warrant liability.

Warrant liabilities are initially recognized at fair value. After initial recognition, these financial liabilities are re-measured at FVTPL using an appropriate valuation technique.

Subsidiary notes payable without embedded derivatives and the long-term loan are accounted for at amortized cost.

The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.

Equity Instruments Issued by the Group

Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions, in accordance with IAS 32:

Changes in the fair value of liabilities at FVTPL are recognized in Net finance income (costs) in the Consolidated Statements of Comprehensive Income/(Loss) as applicable.

IFRS 15, Revenue from Contracts with Customers

The majority of the Group’s contract revenue is generated from licenses and services, some of which are part of collaboration arrangements.

The Group accounts for agreements that meet the definition of IFRS 15 by applying the following five step model:

Royalty income received in respect of licensing agreements is recognized as the related third party sales in the licensee occur.

Grant Income

Functional and Presentation Currency

Foreign Currency

Foreign Currency Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on remeasurement are recognized in the Consolidated Statement of Comprehensive Income/(Loss). Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid instruments with original maturities of three months or less.

Share Capital

Treasury Shares

Property and Equipment


Laboratory and manufacturing equipment			2-8 years
Furniture and fixtures			7 years
Computer equipment and software			1-5 years
Leasehold improvements			5-10 years, or the remaining term of the lease, if shorter

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

Intangible Assets

Impairment

Impairment of Non-Financial Assets

The Company’s IPR&D intangible assets are not yet available for their intended use. As such, they are tested for impairment at least annually.

Employee Benefits

Short-Term Employee Benefits

Defined Contribution Plans

The Group’s leases are virtually all leases of real estate.

The Group has elected to account for lease payments as an expense on a straight-line basis over the life of the lease for:

•Leases with a term of 12 months or less and containing no purchase options; and

•Leases where the underlying asset has a value of less than $5,000.

The right-of-use asset is depreciated on a straight-line basis and the lease liability gives rise to an interest charge.

Further information regarding the subleases, right of use asset and lease liability can be found in Note 21.

Finance Income and Finance Costs

Taxation

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

Fair Value Measurements

The Group’s accounting policies require that certain financial assets and certain financial liabilities be measured at their fair value.

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Operating Segments

New Standards and Interpretations Not Yet Adopted

A number of new standards, interpretations, and amendments to existing standards are effective for annual periods commencing on or after January 1, 2023 and have not been applied in preparing the consolidated financial information. The Company’s assessment of the impact of these new standards and interpretations is set out below.

Effective January 1, 2023, the definition of accounting estimates has been amended as an amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively only to future transactions and future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. This amendment is not expected to have an impact on the Group's financial statements.

Effective January 1, 2023, IAS 1 has been amended to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The Company does not expect this amendment will have a material impact on its financial statements.

Effective January 1, 2023, IAS 12 is amended to narrow the scope of the initial recognition exemption (IRE) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The amendment is not expected to have an impact on the Group's financial statements as the Group has already recognized a deferred tax asset and deferred tax liability that arose on initial recognition of its leases (the Group does not have decommissioning provisions).

None of the other new standards, interpretations, and amendments are applicable to the Company’s financial statements and therefore will not have an impact on the Company.

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Disclosure of subsidiaries

All current subsidiaries are domiciled within the United States and conduct business activities solely within the United States.


	Voting percentage at December 31, through the holdings in
	2022		2021		2020
Subsidiary	Common	Preferred	Common	Preferred	Common	Preferred
Subsidiary operating companies
Alivio Therapeutics, Inc.1,2	—	100.0	—	100.0	—	91.9





Entrega, Inc. (indirectly held through Enlight)1,2	—	77.3	—	77.3	—	83.1
Follica, Incorporated1,2	28.7	56.7	28.7	56.7	28.7	56.7




PureTech LYT (formerly Ariya Therapeutics, Inc.)	—	100.0	—	100.0	—	100.0
PureTech LYT-100	—	100.0	—	100.0	—	100.0
PureTech Management, Inc.3	100.0	—	100.0	—	100.0	—
PureTech Health LLC3	100.0	—	100.0	—	100.0	—

Vedanta Biosciences, Inc.1,2	—	47.0	—	48.6	—	59.3
Vedanta Biosciences Securities Corp. (indirectly held through Vedanta)1,2	—	47.0	—	48.6	—	59.3
Deconsolidated former subsidiary operating companies
Sonde Health, Inc.1,2,5	—	40.2	—	51.8	—	51.8
Akili Interactive Labs, Inc.6	14.7	—	—	26.7	—	41.9

Gelesis, Inc.1,2,6	22.8	—	4.8	19.7	4.9	20.2



Karuna Therapeutics, Inc.1,2	3.1	—	5.6	—	12.6	—
Vor Biopharma Inc.1,2	4.1	—	8.6	—	—	16.4
Nontrading holding companies
Endra Holdings, LLC (held indirectly through Enlight)2	86.0	—	86.0	—	86.0	—
Ensof Holdings, LLC (held indirectly through Enlight)2	86.0	—	86.0	—	86.0	—
PureTech Securities Corp.2	100.0	—	100.0	—	100.0	—
PureTech Securities II Corp.2	100.0	—	100.0	—	100.0	—
Inactive subsidiaries
Appeering, Inc.2	—	100.0	—	100.0	—	100.0
Commense Inc.2	—	99.1	—	99.1	—	99.1
Enlight Biosciences, LLC2	86.0	—	86.0	—	86.0	—
Ensof Biosystems, Inc. (held indirectly through Enlight)1,2	57.7	28.3	57.7	28.3	57.7	28.3
Knode Inc. (indirectly held through Enlight)2	—	86.0	—	86.0	—	86.0
Libra Biosciences, Inc.2	—	100.0	—	100.0	—	100.0
Mandara Sciences, LLC2	98.3	—	98.3	—	98.3	—

Tal Medical, Inc.1,2	—	100.0	—	100.0	—	100.0

2 Registered address is Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801, USA.

3 Registered address is 2711 Centerville Rd., Suite 400, Wilmington, DE 19808, USA.

6 See Notes 5 and 6 for the Gelesis and Akili SPAC merger and for the exchange of the Group's preferred stock investments for common stock of those entities.

Disclosure of estimated useful life of assets

Depreciation is calculated using the straight-line method over the estimated useful life of the related asset:


Laboratory and manufacturing equipment			2-8 years
Furniture and fixtures			7 years
Computer equipment and software			1-5 years
Leasehold improvements			5-10 years, or the remaining term of the lease, if shorter

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue [abstract]

Disclosure of revenue

Revenue recorded in the Consolidated Statement of Comprehensive Income/(Loss) consists of the following:


For the years ended December 31,	2022 $000s	2021 $000s	2020 $000s
Contract revenue	2,090	9,979	8,341
Grant income	13,528	7,409	3,427
Total revenue	15,618	17,388	11,768

Disclosure of disaggregation of revenue from contracts with customers


Timing of contract revenue recognition For the years ended December 31,	2022 $000s	2021 $000s	2020 $000s
Transferred at a point in time – Licensing Income1	527	6,809	2,054
Transferred over time2	1,563	3,171	6,286
	2,090	9,979	8,341


Customers over 10% of revenue	2022 $000s	2021 $000s	2020 $000s


Customer A	—	—	1,518
Customer B	1,500	1,500	896
Customer C	—	—	2,043
Customer D	—	7,250	1,736
Customer E	—	—	2,000
Customer F	509	—	—
	2,009	8,750	8,193

Disclosure of contract balances

Contract liabilities are included within deferred revenue on the Consolidated Statement of Financial Position.


Contract Balances	2022 $000s	2021 $000s
Accounts receivable	606	704

Deferred revenue – short term	—	65

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Information [Abstract]

Disclosure of operating segments

Information About Reportable Segments:


	2022
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	—	1,500	81	509	2,090
Grant revenue	2,826	10,702	—	—	13,528
Total revenue	2,826	12,202	81	509	15,618
General and administrative expenses	(8,301)	(16,462)	(1,296)	(34,933)	(60,991)
Research and development expenses	(116,054)	(34,668)	(826)	(885)	(152,433)
Total operating expense	(124,355)	(51,130)	(2,122)	(35,817)	(213,425)

Other income/(expense):
Gain on deconsolidation of subsidiary	—	—	—	27,251	27,251
Gain/(loss) on investment held at fair value	—	—	—	(32,060)	(32,060)
Realized loss on sale of investments	—	—	—	(29,303)	(29,303)



Other income/(expense)	(204)	(3)	—	8,338	8,131
Total other income/(expense)	(204)	(3)	—	(25,775)	(25,981)
Net finance income/(costs)	615	138,006	(3,045)	3,348	138,924
Share of net income/(loss) of associates accounted for using the equity method	—	—	—	(27,749)	(27,749)
Gain on dilution of ownership interest in associate	—	—	—	28,220	28,220
Impairment of investment in associate	—	—	—	(8,390)	(8,390)
Income/(loss) before taxes	(121,118)	99,075	(5,085)	(65,655)	(92,783)
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(114,255)	(32,468)	(2,079)	(57,452)	(206,254)

Finance income/(costs) – IFRS 9 fair value accounting	—	140,056	(2,993)	—	137,063
Share-based payment expense	(5,136)	(4,703)	(8)	(4,852)	(14,699)
Depreciation of tangible assets	(1,727)	(2,526)	(4)	(1,588)	(5,845)
Amortization of ROU assets	—	(1,283)	—	(1,764)	(3,047)
Amortization of intangible assets	—	—	(1)	—	(1)

Taxation	—	—	—	55,719	55,719
Income/(loss) for the year	(121,118)	99,075	(5,085)	(9,936)	(37,065)
Other comprehensive income/(loss)	—	—	—	(379)	(379)
Total comprehensive income/(loss) for the year	(121,118)	99,075	(5,085)	(10,316)	(37,444)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(121,118)	85,471	(4,755)	(10,331)	(50,733)
Non-controlling interests	—	13,604	(330)	15	13,290
	December 31, 2022 $000s
Consolidated Statements of Financial Position:
Total assets	51,599	35,341	—	615,707	702,647
Total liabilities1	271,186	76,635	—	(192,763)	155,057
Net assets/(liabilities)	(219,587)	(41,294)	—	808,470	547,589

1 Parent Company and Other Includes eliminations of intercompany liabilities between the Parent Company and the reportable segments in the amount of $255.5 million.


	2021
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	8,129	1,500	115	235	9,979
Grant revenue	1,253	6,156	—	—	7,409
Total revenue	9,382	7,656	115	235	17,388
General and administrative expenses	(8,673)	(17,504)	(3,225)	(27,797)	(57,199)
Research and development expenses	(65,444)	(40,667)	(3,116)	(1,244)	(110,471)
Total Operating expenses	(74,118)	(58,171)	(6,341)	(29,041)	(167,671)

Other income/(expense):

Gain/(loss) on investment held at fair value	—	—	—	179,316	179,316
Realized loss on sale of investments	—	—	—	(20,925)	(20,925)


Other income/(expense)	—	70	—	1,523	1,593
Total other income/(expense)	(1)	70	—	159,914	159,983
Net finance income/(costs)	(16)	7,528	(784)	(1,679)	5,050
Share of net income/(loss) of associate accounted for using the equity method	—	—	—	(73,703)	(73,703)
Income/(loss) before taxes	(64,753)	(42,917)	(7,010)	55,727	(58,953)
(Loss)/income before taxes pre IFRS 9 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(60,368)	(44,335)	(6,248)	63,628	(47,323)

Finance income/(costs) – IFRS 9 fair value accounting	—	10,322	(716)	—	9,606
Share-based payment expense	(3,066)	(6,224)	(32)	(4,628)	(13,950)
Depreciation of tangible assets	(1,319)	(1,506)	(12)	(1,510)	(4,347)
Amortization of ROU assets	—	(1,174)	—	(1,764)	(2,938)
Amortization of intangible assets	—	—	(2)	—	(2)
Taxation	—	—	—	(3,756)	(3,756)
Income/(loss) for the year	(64,753)	(42,917)	(7,010)	51,971	(62,709)
Other comprehensive income/(loss)	—	—	—	—	—
Total comprehensive income/(loss) for the year	(64,753)	(42,917)	(7,010)	51,971	(62,709)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(64,657)	(41,283)	(6,574)	51,956	(60,558)
Non-controlling interests	(96)	(1,634)	(436)	15	(2,151)
	December 31, 2021 $000s
Consolidated Statements of Financial Position:
Total assets	125,726	64,508	1,765	754,007	946,006
Total liabilities1	228,789	209,212	19,645	(95,787)	361,859
Net (liabilities)/assets	(103,063)	(144,704)	(17,880)	849,794	584,147

1 Parent Company and Other Includes eliminations of intercompany liabilities between the Parent Company and the reportable segments in the amount of $233.3 million.

The proportion of net assets shown above that is attributable to non-controlling interest is disclosed in Note 18.


	2020
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Loss
Contract revenue	5,297	896	93	2,054	8,341
Grant revenue	1,563	1,864	—	—	3,427
Total revenue	6,860	2,760	93	2,054	11,768
General and administrative expenses	(3,482)	(10,752)	(2,939)	(32,267)	(49,440)
Research and development expenses	(45,346)	(33,152)	(3,128)	(234)	(81,859)
Total operating expense	(48,828)	(43,904)	(6,067)	(32,500)	(131,299)
Other income/(expense):

Gain/(loss) on investment held at fair value	—	—	—	232,674	232,674
Realized loss on sale of investments	—	—	—	(54,976)	(54,976)

Gain/(loss) on disposal of assets	(15)	(15)	—	—	(30)

Other income/(expense)	—	100	—	965	1,065
Other income/(expense)	(15)	85	—	178,662	178,732
Net finance income/(costs)	19	(4,352)	(852)	(930)	(6,115)
Share of net income/(loss) of associate accounted for using the equity method	—	—	—	(34,117)	(34,117)

Income/(loss) before taxes	(41,964)	(45,410)	(6,826)	113,170	18,969
(Loss)/income before taxes pre IAS 39 fair value accounting, finance costs – subsidiary preferred shares, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(38,349)	(36,736)	(5,866)	121,644	40,694

Finance income/(costs) – IFRS 9 fair value accounting	—	(3,492)	(859)	—	(4,351)
Share-based payment expense	(2,762)	(2,469)	(83)	(5,405)	(10,718)

Depreciation of tangible assets	(854)	(1,528)	(17)	(1,547)	(3,945)
Amortization of ROU assets	—	(1,186)	—	(1,523)	(2,709)
Amortization of intangible assets	—	—	(1)	—	(1)

Taxation	—	(1)	—	(14,400)	(14,401)
Income/(loss) for the year	(41,964)	(45,411)	(6,826)	98,769	4,568
Other comprehensive income/(loss)	—	—	—	469	469
Total comprehensive income/(loss) for the year	(41,964)	(45,411)	(6,826)	99,238	5,037
Total comprehensive income/(loss) attributable to:
Owners of the Company	(41,773)	(44,506)	(6,519)	99,253	6,454
Non-controlling interests	(191)	(905)	(306)	(15)	(1,417)

Investments held at fair value (Tables)

12 Months Ended

Dec. 31, 2022

Investments held at fair value [Abstract]

Summary of investments held at fair value

Interests in these investments were accounted for as shown below:


Investments held at fair value			$000's










Balance as of January 1, 2021			553,167
Sale of Karuna shares			(218,125)

Loss realised on sale of investments			(20,925)

Cash purchase of Vor preferred shares			500
Gain – change in fair value through profit and loss			179,271
Balance as of December 31, 2021 and January 1, 2022 before allocation of share in associate loss to long-term interest (*)			493,888
Investment in Sonde Preferred shares – Sonde deconsolidation			11,168
Sale of Karuna and Vor shares			(118,710)
Loss realised on sale of investments as a result of written call option			(29,303)
Cash Investment (Akili)			5,000

Gelesis Earn out shares received in SPAC exchange			14,214
Exchange of Gelesis preferred shares to Gelesis common shares			(92,303)
Loss – change in fair value through profit and loss			(32,060)

Balance as of December 31, 2022			251,892

(*) Share in associate losses allocated to long-term interest amounted to $96.7 million as of December 31, 2021 and January 1, 2022

Investments in Associates (Tables)

12 Months Ended

Dec. 31, 2022

Investment in Associates [Abstract]

Summary of investments in associates

The following table summarizes the activity related to the investment in associates balance for the years ended December 31, 2022 and 2021.


Investment in Associates			$000's










As of January 1, 2021			—
Share of net loss in Gelesis - limited to net investment amount			(73,703)

Share of losses recorded against Long Term Interests (LTIs)			73,703
As of December 31, 2021 and January 1, 2022			—
Cash investment in associate			19,961
Additional investment as a result of backstop settlement (see above)			8,424
Gain on dilution of interest in associate (*)			13,793
Investment in Sonde - deconsolidation			7,680
Share in net loss of associates			(27,749)
Reversal of equity method losses recorded against LTIs (due to decrease in LTI fair value)			(4,406)
Share in other comprehensive loss of associates			(166)
Impairment			(8,390)
As of December 31, 2022			9,147

* Gain on dilution of interest was further increased due to the receipt of Gelesis earn out shares accounted for as investments held at fair value (see above).

Summary of financial information of Gelesis


	2022 $000s		2021 $000s
As of and for the year ended December 31,
Percentage ownership interest	22.5	%	42.0	%
Non-current assets	333,040		357,508
Current assets	23,495		66,092
Non-current liabilities	(99,053)		(120,786)
Current liabilities	(80,010)		(537,432)
Non controlling interests and options issued to third parties	(46,204)		(14,216)
Net assets (deficit) attributable to shareholders of Gelesis Inc.	131,268		(248,834)
Group's share of net assets (net deficit)	29,504		(104,527)
Goodwill	3,858		7,211
Impairment	(28,452)		(37,495)
Equity method losses recorded against Long-term Interests	—		96,709
Unrecognized equity method losses (*)	—		38,101
Investment in associate	4,910		—
	2022 $000s		2021 $000s		2020 $000s

Revenue	25,767		11,185		21,442
Loss from continuing operations (100%)	(111,567)		(271,430)		(71,157)
Total comprehensive loss (100%)	(112,285)		(273,005)		(70,178)
Group's share in net losses - limited to net investment amount (**)	(24,306)		(73,703)		(34,117)
Group's share of total comprehensive loss - limited to net investment amount	(24,472)		(73,703)		(33,648)

* Unrecognized equity method losses includes unrecognized other comprehensive loss of $0.7 million for the year ended December 31, 2021.

** For the year ended December 31, 2022 includes $4.4 million reversal of equity method losses recorded against Long-Term Interest (LTI) due to the decrease in fair value of such LTI.

Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Operating Expenses [Abstract]

Disclosure of total operating expense

Total operating expenses were as follows:


For the years ending December 31,	2022 $000s	2021 $000s	2020 $000s
General and administrative	60,991	57,199	49,440
Research and development	152,433	110,471	81,859
Total operating expenses	213,425	167,671	131,299

Disclosure of information about employees

The average number of persons employed by the Group during the year, analyzed by category, was as follows:


For the years ending December 31,	2022	2021	2020
General and administrative	57	52	43
Research and development	144	119	95
Total	201	171	138

Disclosure of payroll costs

The aggregate payroll costs of these persons were as follows:


	2022 $000s	2021 $000s	2020 $000s
For the years ending December 31,
General and administrative	25,322	26,438	22,943
Research and development	36,321	28,950	20,674
Total	61,643	55,388	43,616

Disclosure of other operating expense

Detailed operating expenses were as follows:


	2022 $000s	2021 $000s	2020 $000s
For the years ending December 31,
Salaries and wages	41,750	36,792	29,403
Healthcare benefits	2,908	2,563	1,866
Payroll taxes	2,286	2,084	1,629
Share-based payments	14,699	13,950	10,718
Total payroll costs	61,643	55,388	43,616
Other general and administrative expenses	35,669	30,761	26,497
Other research and development expenses	116,113	81,521	61,186
Total other operating expenses	151,782	112,282	87,683
Total operating expenses	213,425	167,671	131,299

Disclosure of auditors' remuneration

Auditor's remuneration:


For the years ending December 31,	2022 $000s	2021 $000s	2020 $000s
Audit of these financial statements	1,716	1,183	1,145
Audit of the financial statements of subsidiaries	132	312	291
Audit of the financial statements of associate**	814	571	350
Audit-related assurance services*	1,157	1,868	490
Non-audit related services	—	—	173

Total	3,819	3,934	2,449

* 2021 – $468.2 thousand represents prepaid expenses related to an expected initial public offering of a subsidiary.

Please refer to Note 8 for further disclosures related to share-based payments and Note 24 for management’s remuneration disclosures.

Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Share-based Payments [Abstract]

Disclosure of share-based payment expense as reflected in the Consolidated Statement of Income/(Loss)

The following table provides the classification of the Group’s consolidated share-based payment expense as reflected in the Consolidated Statement of Income/(Loss):


Year ended December 31,	2022 $000s	2021 $000s	2020 $000s
General and administrative	8,862	9,310	7,650
Research and development	5,837	4,640	3,068
Total	14,699	13,950	10,718

Disclosure of RSU activity

RSU activity for the years ended December 31, 2022, 2021 and 2020 is detailed as follows:


	Number of Shares/Units	Wtd Avg Grant Date Fair Value (GBP) (*)
Outstanding (Non-vested) at January 1, 2020	4,636,347	2.08
RSUs Granted in Period	1,759,011	1.80
Vested	(2,781,687)	1.54
Forfeited	(191,089)	2.37
Outstanding (Non-vested) at December 31, 2020 and January 1, 2021	3,422,582	2.46
RSUs Granted in Period	2,195,133	2.15
Vested	(1,176,695)	2.93
Forfeited	(808,305)	2.25
Outstanding (Non-vested) at December 31, 2021 and January 1, 2022	3,632,715	1.91
RSUs Granted in Period	4,309,883	1.76
Vested	(696,398)	2.80
Forfeited	(1,155,420)	2.67
Outstanding (Non-vested) at December 31, 2022	6,090,780	1.74

* 2021 – for liability awards based on fair value at reporting date.

Disclosure of stock option activity

Stock option activity for the years ended December 31, 2022, 2021 and 2020, is detailed as follows:


	Number of Options	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)	Wtd Average Stock Price at Exercise (GBP)
Outstanding at January 1, 2020	8,472,827	1.16	8.55
Granted	4,076,982	3.14
Exercised	(514,410)	1.52		2.88
Forfeited and expired	(1,119,313)	1.88
Options Exercisable at December 31, 2020 and January 1, 2021	5,447,405	0.98	7.46
Outstanding at December 31, 2020 and January 1, 2021	10,916,086	1.81	8.38
Granted	5,424,000	3.34
Exercised	(2,238,187)	0.70		3.63
Forfeited and expired	(687,781)	2.53
Options Exercisable at December 31, 2021 and January 1, 2022	4,773,873	1.42	6.50
Outstanding at December 31, 2021 and January 1, 2022	13,414,118	2.58	8.29
Granted	8,881,000	2.04
Exercised	(577,022)	0.50		2.43
Forfeited and expired	(3,924,215)	2.89
Options Exercisable at December 31, 2022	6,185,216	2.03	6.21
Outstanding at December 31, 2022	17,793,881	2.31	8.03

Disclosure of terms and conditions of share-based payment arrangement


At December 31,	2022		2021		2020
Expected volatility	41.70	%	41.05	%	41.25	%
Expected terms (in years)	6.11		6.16		6.11
Risk-free interest rate	2.13	%	1.06	%	0.53	%
Expected dividend yield	—		—		—
Grant date fair value	$1.15		$1.87		$1.72

Disclosure of range of exercise prices of outstanding share options

For shares outstanding as of December 31, 2022, the range of exercise prices is detailed as follows:


Range of Exercise Prices (GBP)	Options Outstanding	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)
0.01	439,490	—	6.76
1.00 to 2.00	6,276,391	1.58	7.00
2.00 to 3.00	5,375,750	2.26	8.92
3.00 to 4.00	5,702,250	3.34	8.40
Total	17,793,881	2.31	8.03

Disclosure of subsidiary share-based payments

Subsidiary Plans

Certain subsidiaries of the Group have adopted stock option plans. A summary of stock option activity by number of shares in these subsidiaries is presented in the following table:


	Outstanding as of January 1, 2022	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2022




Entrega	349,500	45,000	—	(50,000)	—	—	344,500
Follica	2,686,120	90,000	—	—	—	—	2,776,120


Sonde	2,049,004	—	—	—	—	(2,049,004)	—


Vedanta	1,991,637	490,506	(400,000)	(65,235)	(192,332)	—	1,824,576


	Outstanding as of January 1, 2021	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2021

Alivio	3,888,168	197,398	(2,373,750)	(506,260)	(1,205,556)	—	—



Entrega	962,000	—	(525,000)	(87,500)	—	—	349,500
Follica	1,309,040	1,383,080	—	(6,000)	—	—	2,686,120


Sonde	2,192,834	—	—	(51,507)	(92,323)	—	2,049,004


Vedanta	1,741,888	451,532	(52,938)	(76,491)	(72,354)	—	1,991,637


	Outstanding as of January 1, 2020	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2020

Alivio	3,698,244	189,924	—	—	—	—	3,888,168



Entrega	972,000	—	—	—	(10,000)	—	962,000
Follica	1,309,040	—	—	—	—	—	1,309,040


Sonde	1,829,004	363,830	—	—	—	—	2,192,834


Vedanta	1,450,100	493,951	(813)	—	(201,350)	—	1,741,888

Disclosure of weighted average exercise prices for options outstanding

The weighted-average exercise prices and remaining contractual life for the options outstanding as of December 31, 2022, were as follows:


Outstanding at December 31, 2022	Number of options	Weighted-average exercise price $	Weighted-average contractual life outstanding

Entrega	344,500	1.91	4.92
Follica	2,776,120	1.41	6.38
Vedanta	1,824,576	15.89	6.88

Disclosure of weighted average exercise prices for options granted

The weighted average exercise prices for the options granted for the years ended December 31, 2022, 2021 and 2020, were as follows:


For the years ended December 31,	2022 $	2021 $	2020 $

Alivio	—	—	0.47


Entrega	0.02	—	—
Follica	1.86	1.86	—

Sonde	—	—	0.18

Vedanta	14.94	19.69	19.59

Disclosure of weighted average exercise prices for options forfeited

The weighted average exercise prices for options forfeited during the year ended December 31, 2022, were as follows:

Forfeited during the year ended December 31, 2022

Number of options

Weighted-average exercise price

Vedanta

192,332

19.64

Disclosure of weighted average exercise prices for options exercised

The weighted average exercise prices for options exercised during the year ended December 31, 2022, were as follows:


Exercised during the year ended December 31, 2022	Number of options	Weighted-average exercise price $


Vedanta	400,000	0.02

Disclosure of weighted average exercise prices for options exercisable

The weighted average exercise prices for options exercisable as of December 31, 2022, were as follows:


Exercisable at December 31, 2022	Number of Options	Weighted-average exercise price $	Exercise Price Range $

Entrega	344,500	1.91	0.02-2.36
Follica	2,776,120	1.41	0.03-1.86
Vedanta	1,824,576	15.89	0.02-21.35

Disclosure of range of assumptions of fair value of stock option grants

The fair value of the stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following range of assumptions:


Assumption/Input	2022	2021	2020
Expected award life (in years)	6.00-8.33	6.00-7.11	6.00-10.00
Expected award price volatility	88.22%-89.68%	88.05%-88.59%	89.24%-95.46%
Risk free interest rate	1.67%-3.13%	0.96%-1.32%	0.32%-0.87%
Expected dividend yield	—	—	—
Grant date fair value	$10.51-$15.14	$13.84-$16.23	$13.09-$16.54
Share price at grant date	$14.00-$18.84	$19.00-$21.35	$19.59

Finance Cost, Net (Tables)

12 Months Ended

Dec. 31, 2022

Finance Cost Net [Abstract]

Disclosure of finance income (cost)

Finance Cost, net

The following table shows the breakdown of finance income and costs:


	2022 $000s	2021 $000s	2020 $000s
For the years ended December 31,
Finance income
Interest income from financial assets	5,799	214	1,183
Total finance income	5,799	214	1,183
Finance costs
Contractual interest expense on notes payable	(212)	(1,031)	(96)
Interest expense on other borrowings	(1,759)	(1,502)	(496)

Interest expense on lease liability	(1,982)	(2,181)	(2,354)


Gain/(loss) on foreign currency exchange	14	(56)	—
Total finance cost – contractual	(3,939)	(4,771)	(2,946)
Gain/(loss) from change in fair value of warrant liability	6,740	1,419	(117)
Gain/(loss) from change in fair value of preferred shares	130,825	8,362	(4,234)
Gain/(loss) from change in fair value of convertible debt	(502)	(175)	—
Total finance income/(costs) – fair value accounting	137,063	9,606	(4,351)


Finance income/(costs), net	138,924	5,050	(6,115)

Earnings/(Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Disclosure of earnings/(loss) attributable to owners of company

Earnings/(Loss) Attributable to Owners of the Company:


	2022		2021		2020
	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s
Income/(loss) for the year, attributable to the owners of the Company	(50,354)	(50,354)	(60,558)	(60,558)	5,985	5,985
Income/(loss) attributable to ordinary shareholders	(50,354)	(50,354)	(60,558)	(60,558)	5,985	5,985

Disclosure of weighted-average number of ordinary shares

Weighted-Average Number of Ordinary Shares:


	2022		2021		2020
	Basic	Diluted	Basic	Diluted	Basic	Diluted
Issued ordinary shares at January 1,	287,796,585	287,796,585	285,885,025	285,885,025	285,370,619	285,370,619
Effect of shares issued	690,772	690,772	705,958	705,958	233,048	233,048
Effect of dilutive shares (please refer to Note 8)	—	—	—	—	—	7,252,246
Effect of treasury shares purchased	(3,727,922)	(3,727,922)	—	—	—	—
Weighted average number of ordinary shares at December 31,	284,759,435	284,759,435	286,590,983	286,590,983	285,603,667	292,855,913

Disclosure of earnings/(loss) per share

Earnings/(Loss) per Share:


	2022		2021		2020
	Basic $	Diluted $	Basic $	Diluted $	Basic $	Diluted $
Basic and diluted earnings/(loss) per share	(0.18)	(0.18)	(0.21)	(0.21)	0.02	0.02

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment


Cost	Laboratory and Manufacturing Equipment $000s	Furniture and Fixtures $000s	Computer Equipment and Software $000s	Leasehold Improvements $000s	Construction in process $000s	Total $000s






Balance as of January 1, 2021	8,420	1,452	1,519	18,054	3,852	33,297
Additions, net of transfers	1,424	—	92	183	6,723	8,422
Disposals	(323)	—	(282)	—	—	(605)

Reclassifications	2,211	—	—	248	(2,459)	—

Balance as of December 31, 2021	11,733	1,452	1,329	18,485	8,116	41,115
Additions, net of transfers	390	—	11	412	1,362	2,176
Disposals	(118)	—	—	—	(77)	(195)
Deconsolidation of subsidiaries	—	—	(58)	—	—	(58)
Reclassifications	1,336	58	137	5,067	(6,598)	—

Balance as of December 31, 2022	13,341	1,510	1,419	23,964	2,803	43,037

Disclosure of accumulated depreciation and impairment loss


Accumulated depreciation and impairment loss	Laboratory and Manufacturing Equipment $000s	Furniture and Fixtures $000s	Computer Equipment and Software $000s	Leasehold Improvements $000s	Construction in process $000s	Total $000s






Balance as of January 1, 2021	(3,965)	(454)	(1,287)	(4,815)	—	(10,520)
Depreciation	(1,973)	(208)	(174)	(1,991)	—	(4,346)
Disposals	251	—	271	—	—	522



Balance as of December 31, 2021	(5,686)	(663)	(1,190)	(6,806)	—	(14,344)
Depreciation	(2,082)	(212)	(107)	(3,444)	—	(5,845)
Disposals	57	—	—	—	—	57
Deconsolidation of subsidiaries	—	—	53	—	—	53


Balance as of December 31, 2022	(7,711)	(875)	(1,244)	(10,250)	—	(20,080)

Disclosure of property & equipment, net


Property and Equipment, net	Laboratory and Manufacturing Equipment $000s	Furniture and Fixtures $000s	Computer Equipment and Software $000s	Leasehold Improvements $000s	Construction in process $000s	Total $000s

Balance as of December 31, 2021	6,047	790	139	11,679	8,116	26,771
Balance as of December 31, 2022	5,630	635	174	13,714	2,803	22,957

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets [Abstract]

Disclosure of detailed information about intangible assets

Information regarding the cost and accumulated amortization of intangible assets is as follows:


Cost			Licenses $000s



Balance as of January 1, 2021			900
Additions			90

Balance as of December 31, 2021			990
Additions			25
Write-off			(163)
Deconsolidation of subsidiaries			(21)
Balance as of December 31, 2022			831

Disclosure of accumulated amortization


Accumulated amortization			Licenses $000s



Balance as of January 1, 2021			(1)
Amortization			(2)

Balance as of December 31, 2021			(3)
Amortization			(1)
Deconsolidation of subsidiary			4
Balance as of December 31, 2022			—

Disclosure of intangible assets, net


Intangible assets, net			Licenses $000s


Balance as of December 31, 2021			987
Balance as of December 31, 2022			831

Other Financial Assets (Tables)

12 Months Ended

Dec. 31, 2022

Other Financial Assets [Abstract]

Disclosure of other financial assets


	2022 $000s	2021 $000s
As of December 31,
Restricted cash	2,124	2,124
Total other financial assets	2,124	2,124

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [abstract]

Disclosure of equity

Total equity for PureTech as of December 31, 2022, and 2021, was as follows:


	December 31, 2022 $000s	December 31, 2021 $000s
Equity
Share capital, £0.01 par value, issued and paid 278,566,306 and 287,796,585 as of December 31, 2022 and 2021, respectively	5,455	5,444
Merger Reserve	138,506	138,506
Share premium	289,624	289,303
Treasury shares, 10,595,347 and zero as of December 31, 2022 and 2021, respectively	(26,492)	—
Translation reserve	89	469
Other reserves	(14,478)	(40,077)
Retained earnings/(accumulated deficit)	149,516	199,871
Equity attributable to owners of the Group	542,220	593,515
Non-controlling interests	5,369	(9,368)
Total equity	547,589	584,147

Subsidiary Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2022

Subsidiary Preferred Shares [Abstract]

Disclosure of subsidiary preferred share balances

The following summarizes the subsidiary preferred share balance:


	2022 $000s	2021 $000s
As of December 31,

Entrega	169	669
Follica	350	11,191


Sonde	—	13,362


Vedanta Biosciences	26,820	148,796
Total subsidiary preferred share balance	27,339	174,017

Disclosure of subsidiary preferred shares, minimum liquidation preference


	2022 $000s	2021 $000s
As of December 31,

Entrega	2,216	2,216
Follica	6,405	6,405


Sonde	—	12,000


Vedanta Biosciences	149,568	149,568
Total minimum liquidation preference	158,189	170,189

Disclosure of changes in the value of subsidiary preferred shares

For the years ended December 31, 2022 and 2021, the Group recognized the following changes in the value of subsidiary preferred shares:


			$000s










Balance as of January 1, 2021			118,972
Issuance of new preferred shares – financing cash flow			37,610
Conversion of convertible notes			25,797
Decrease in value of preferred shares measured at fair value – finance costs (income)			(8,362)




Balance as of January 1, 2022			174,017


Decrease in value of preferred shares measured at fair value – finance costs (income)			(130,825)

Deconsolidation of subsidiary – (Sonde)			(15,853)


Balance as of December 31, 2022			27,339

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Disclosure of changes in financial liabilities, level 3 fair value - subsidiary preferred shares and convertible notes


	Subsidiary Preferred Shares $000s	Subsidiary Convertible Notes $000s
Balance at January 1, 2020	100,989	—
Value at issuance	13,750	25,000



Change in fair value	4,233	—



Balance at December 31, 2020 and January 1, 2021	118,972	25,000

Value at issuance	37,610	2,215
Conversion to subsidiary preferred shares	25,797	(25,797)


Accrued interest - contractual	—	867
Change in fair value	(8,362)	175



Balance at December 31, 2021 and January 1, 2022	174,017	2,461
Value at issuance	—	393



Accrued interest – contractual	—	48

Change in fair value	(130,825)	502
Deconsolidation - Sonde	(15,853)	(3,403)

Balance at December 31, 2022	27,339	—

Disclosure of significant unobservable inputs, level 3 fair value - preferred shares liability

Fair Value at December 31, 2022

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

26,820

PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation

Estimated Time to Exit

2.14

Fair value decrease

Equity Discount Rate

30%

Fair value increase

Debt Discount Rate

15%

Fair value decrease

Volatility

95%

Fair value decrease

Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities


Input	Subsidiary Preferred Share Liability
As of December 31, 2022	Sensitivity Range		Financial Liability Increase/(Decrease) $000s









Time to Liquidity	- 6 Months		(1,322)
	+ 6 Months		856


Volatility	(10)	%	(1,133)
	+10%		1,200
Discount Rate	(5)	%	(2,035)
	+5%		1,922

Disclosure of changes in assets, level 3 fair value - investments held at fair value

The following table summarizes the changes in all the Group’s investments held at fair value, which were categorized as Level 3 in the fair value hierarchy:


			$'000s
Balance at January 1, 2020			154,445
Cash purchase of Gelesis preferred shares (please refer to Note 6)			10,000
Cash purchase of Vor preferred shares			1,150


Gain/(Loss) on changes in fair value			41,297


Balance at December 31, 2020 and January 1, 2021			206,892





Cash purchase of Vor preferred shares			500
Reclassification of Vor from level 3 to level 1			(33,365)
Gain/(Loss) on changes in fair value			65,505


Balance at January 1, 2022 before allocation of associate loss to long-term interest			239,533



Deconsolidation of Sonde			11,168
Gelesis – New Investment – Earn out Shares			14,214
Exchange of Gelesis preferred shares to Gelesis common shares			(92,303)
Reclassification of Akili to level 1 investment			(128,764)
Change in fair value			(31,253)





Balance as of December 31, 2022			12,593

Disclosure of significant unobservable inputs - investments at fair value, assets

Fair Value at December 31, 2022

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

11,403

Market Backsolve & OPM

Estimated time to exit

2.00

Fair value decrease

Volatility

55%

Fair value decrease

Disclosure of changes in financial liabilities - warrants

The following table summarizes the changes in the Group’s subsidiary warrant liabilities, which were categorized as Level 3 in the fair value hierarchy:


			Subsidiary Warrant Liability $000s
Balance at January 1, 2020			7,997
Warrant Issuance			92

Change in fair value - finance costs (income)			117
Balance at December 31, 2020 and January 1, 2021			8,206


Change in fair value - finance costs (income)			(1,419)
Balance at December 31, 2021 and January 1, 2022			6,787


Change in fair value - finance costs (income)			(6,740)
Balance at December 31, 2022			47

Disclosure of fair value measurement and classification

The fair value of financial instruments by category at December 31, 2022 and 2021:


	2022
	Carrying Amount		Fair Value
	Financial Assets $000s	Financial Liabilities $000s	Level 1 $000s	Level 2 $000s	Level 3 $000s	Total $000s
Financial assets:
Money Markets1,2	95,249	—	95,249	—	—	95,249
Short-term investments1	200,229	—	200,229	—	—	200,229
Note from associate	16,501	—	—	—	16,501	16,501
Investments held at fair value	251,892	—	239,299	—	12,593	251,892
Trade and other receivables3	11,867	—	—	11,867	—	11,867
Total financial assets	575,738	—	534,777	11,867	29,094	575,738
Financial liabilities:
Subsidiary warrant liability	—	47	—	—	47	47
Subsidiary preferred shares	—	27,339	—	—	27,339	27,339
Subsidiary notes payable	—	2,345	—	2,097	248	2,345
Share based liability awards	—	5,932	4,396	—	1,537	5,932
Total financial liabilities	—	35,664	4,396	2,097	29,171	35,664

1 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade.

2 Included within Cash and cash equivalents

3 Outstanding receivables are owed primarily by government agencies and large corporations, virtually all of which are investment grade.

As of balance sheet date the long term loan book value (see Note 20) approximated its fair value due to its variable rate.


	2021
	Carrying Amount		Fair Value
	Financial Assets $000s	Financial Liabilities $000s	Level 1 $000s	Level 2 $000s	Level 3 $000s	Total $000s
Financial assets:

Money Markets1	432,649	—	432,649	—	—	432,649
Short-term note from associate	15,120	—	—	—	15,120	15,120
Investments held at fair value2	493,888	—	254,355	—	239,533	493,888

Trade and other receivables3	3,174	—	—	3,174	—	3,174
Total financial assets	944,832	—	687,005	3,174	254,653	944,832
Financial liabilities:
Subsidiary warrant liability	—	6,787	—	—	6,787	6,787
Subsidiary preferred shares	—	174,017	—	—	174,017	174,017
Subsidiary notes payable	—	4,641	—	1,945	2,696	4,641
Share based liability awards	—	7,362	6,081	—	1,281	7,362
Total financial liabilities	—	192,808	6,081	1,945	184,781	192,808

1 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. Included within Cash and cash equivalents

2 Balance prior to share of associate loss allocated to long-term interest (please refer to Note 5).

3 Outstanding receivables are owed primarily by government agencies, virtually all of which are investment grade.

Subsidiary Notes Payable (Tables)

12 Months Ended

Dec. 31, 2022

Subsidiary Notes Payable [Abstract]

Disclosure of subsidiary notes payable

The notes payable consist of the following:


	2022 $000s	2021 $000s
As of December 31,
Loans	2,097	1,945
Convertible notes	248	2,696
Total subsidiary notes payable	2,345	4,641

Disclosure of convertible notes

Convertible Notes outstanding were as follows:


	Vedanta $000s	Knode $000s	Appeering $000s	Sonde $000s	Total $000s






January 1, 2021	25,000	89	134	—	25,223
Gross principal - issuance of notes - financing activity	—	—	—	2,215	2,215
Accrued interest on convertible notes - finance costs	797	5	8	70	880
Conversion to subsidiary preferred shares	(25,797)	—	—	—	(25,797)
Change in fair value - finance costs	—	—	—	175	175

December 31, 2021 and January 1, 2022	—	94	141	2,461	2,696
Gross principal - issuance of notes - financing activity	—	—	—	393	393
Accrued interest on convertible notes - finance costs	—	5	8	48	60

Change in fair value - finance costs	—	—	—	502	502
Deconsolidation	—	—	—	(3,403)	(3,403)
December 31, 2022	—	99	149	—	248

Non-Controlling Interest (Tables)

12 Months Ended

Dec. 31, 2022

Non-Controlling Interests [Abstract]

Disclosure of changes in equity classified non-controlling ownership interests in subsidiaries

The following table summarizes the changes in the equity classified non-controlling ownership interest in subsidiaries by reportable segment:


	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Total $000s
Balance at January 1, 2020 *	(8,682)	1,465	(11,016)	593	(17,639)
Share of comprehensive loss	(191)	(905)	(306)	(15)	(1,417)


Equity settled share-based payments	305	2,395	122	—	2,822

Other	—	11	19	(6)	24
Balance at December 31, 2020 and January 1, 2021 *	(8,567)	2,966	(11,181)	574	(16,209)


Share of comprehensive loss	(96)	(1,634)	(436)	15	(2,151)


NCI exercise of share-based awards in subsidiaries - change in NCI interest	—	(5,922)	—	—	(5,922)
Equity settled share-based payments	(4)	6,224	32	—	6,252
Acquisition of a subsidiary non controlling interest	8,668	—	—	—	8,668
Other	—	—	—	(6)	(6)
Balance at December 31, 2021 and January 1, 2022	—	1,634	(11,585)	583	(9,368)
Share of comprehensive income (loss)	—	13,604	(330)	15	13,290
NCI exercise of share-based awards	—	(15,164)	—	—	(15,164)
Deconsolidation of subsidiaries	—	—	11,904	—	11,904

Equity settled share-based payments	—	4,703	8	—	4,711

Other	—	—	2	(6)	(4)
Balance as of December 31, 2022	—	4,778	—	592	5,369

* Revised to reclassify Sonde to the Non-controlled Founded Entities segment to comply with current period classification. See Note 4.

Disclosure of aggregation of subsidiaries with material non-controlling interests before intra-group eliminations


	2022
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Intra-group eliminations $000s	Total $000s
Statement of Comprehensive Loss
Total revenue	—	12,202	—	12,202
Income/(loss) for the year	—	98,633	1,003	99,636
Other comprehensive income/(loss)	—	—	—	—
Total comprehensive income/(loss) for the year	—	98,633	1,003	99,636
Statement of Financial Position
Total assets	—	35,341	(100)	35,241
Total liabilities	—	76,635	(11,057)	65,578
Net assets/(liabilities)	—	(41,294)	10,957	(30,336)


	2021
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Intra-group eliminations $000s	Total $000s
Statement of Comprehensive Loss
Total revenue	—	7,771	—	7,771
Income/(loss) for the year	—	(50,436)	792	(49,644)
Other comprehensive income/(loss)	—	—	—	—
Total comprehensive income/(loss) for the year	—	(50,436)	792	(49,644)
Statement of Financial Position
Total assets	—	66,279	(161)	66,118
Total liabilities	—	228,856	(10,755)	218,101
Net assets/(liabilities)	—	(162,576)	10,594	(151,982)


	2020
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Intra-group eliminations	Total
Statement of Comprehensive Loss
Total revenue	3,267	1,957	—	5,224
Income/(loss) for the year	(2,407)	(53,535)	1,073	(54,869)

Total comprehensive income/(loss) for the year	(2,407)	(53,535)	1,073	(54,869)

Trade and Other Payables (Tables)

12 Months Ended

Dec. 31, 2022

Trade and other payables [abstract]

Disclosure of trade and other payables

Information regarding Trade and other payables was as follows:


As of December 31,	2022 $000s	2021 $000s

Trade payables	26,504	11,346
Accrued expenses	24,518	17,309
Income tax payable	57	57
Liability settled share based awards	1,805	4,703
Other	1,957	2,403
Total trade and other payables	54,840	35,817

Long-term loan (Tables)

12 Months Ended

Dec. 31, 2022

Long-term loan [Abstract]

Disclosure of long-term loan obligations

The following table summarizes long-term loan activity for the years ended December 31, 2022 and 2021:


	Long-term loan
	2022 $000s	2021 $000s

Balance at January 1,	15,118	14,818

Accrued interest	1,755	1,502
Interest paid	(1,436)	(1,201)
Other	(38)	—
Balance at December 31,	15,400	15,118

Disclosure of long-term loan - Vedanta

The following table summarizes Vedanta's future principal payments for the long-term loan as of December 31, 2022:


Balance Type	2023	2024	2025	Total
Principal	5,156	5,625	4,219	15,000
Balance of accreted premium net of unamortized issuance costs				400
Total				15,400

Disclosure of detailed information about borrowings

The long-term loan is presented as follows in the Statement of Financial Position as of December 31, 2022 and 2021:


	Long-term loan
	2022 $000s	2021 $000s

Current portion of Long-term loan	5,156	857
Long-term loan	10,244	14,261
Total Long-term loan	15,400	15,118

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Disclosure of quantitative information about right-of-use assets

The activity related to the Group’s right of use asset and lease liability for the years ended December 31, 2022 and 2021 is as follows:


	Right of use asset, net
	2022 $000s	2021 $000s



Balance at January 1,	17,166	20,098
Additions	163	739
Tenant improvement - lease incentive	—	(733)
Depreciation	(3,047)	(2,938)

Balance at December 31,	14,281	17,166

Disclosure of lease liabilities


	Total lease liability
	2022 $000s	2021 $000s



Balance at January 1,	32,990	35,348
Additions	163	1,016
Cash paid for rent - principal - financing cash flow	(4,025)	(3,375)
Cash paid for rent - interest	(1,982)	(2,181)
Interest expense	1,982	2,181


Balance at December 31,	29,128	32,990

Disclosure of short-term and long-term portion of lease liability

The following details the short term and long-term portion of the lease liability as of December 31, 2022 and 2021:


	Total lease liability
	2022 $000s	2021 $000s

Short-term Portion of Lease Liability	4,972	3,950
Long-term Portion of Lease Liability	24,155	29,040
Total Lease Liability	29,128	32,990

Disclosure of maturity analysis of operating lease payments

The following table details the future maturities of the lease liability, showing the undiscounted lease payments to be paid after the reporting date:


			2022 $000s

Less than one year			6,673
One to two years			6,763
Two to three years			5,168
Three to four years			4,419
Four to five years			4,551
More than five years			7,483
Total undiscounted lease maturities			35,056
Interest			5,928
Total lease liability			29,128

Disclosure of short-term and long-term portion of lease receivable

As of December 31, 2022, the balances related to the sublease were as follows:


			Total lease receivable $000s

Short-term Portion of Lease Receivable			450
Long-term Portion of Lease Receivable			835
Total Lease Receivable			1,285

Disclosure of maturity analysis of finance lease payments receivable

The following table details the future maturities of the lease receivable, showing the undiscounted lease payments to be received after the reporting date:


			2022 $000s

Less than one year			513
One to two years			523
Two to three years			353



Total undiscounted lease receivable			1,389
Unearned Finance income			103
Net investment in the lease			1,285

Capital and Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2022

Capital And Financial Risk Management [Abstract]

Disclosure of credit risk

Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash and cash equivalents, short term investments, and trade and other receivables. The Group held the following balances (not including the income tax receivable resulting from overpayment of income taxes, see Note 25):


	2022 $000s	2021 $000s
As of December 31
Cash and cash equivalents	149,866	465,708
Short-term investments	200,229	—
Trade and other receivables	11,867	3,174
Total	361,961	468,882

Information about credit quality of neither past due nor impaired financial assets

The aging of trade and other receivables that were not impaired at December 31 is as follows:


As of December 31	2022 $000s	2021 $000s

Not impaired	11,867	3,174
Total	11,867	3,174

With regard to the Note from associate, such note is presented at fair value which incorporates, among other factors, the credit risk of the counterparty. See Note 16 for details.

Disclosure of liquidity risk


As of December 31	2022
	Carrying Amount $000s	Within Three Months $000s	Three to Twelve Months $000s	One to Five Years $000s	Total $000s (*)
Long-term loan (non-current + current)	15,400	1,838	5,281	11,413	18,531
Subsidiary notes payable	2,345	2,345	—	—	2,345
Trade and other payables	54,840	54,840	—	—	54,840
Warrants2	47	47	—	—	47
Subsidiary preferred shares (Note 15)1	27,339	27,339	—	—	27,339
Total	99,971	86,409	5,281	11,413	103,103


As of December 31	2021
	Carrying Amount $000s	Within Three Months $000s	Three to Twelve Months $000s	One to Five Years $000s	Total $000s (*)
Long-term loan	15,118	296	2,182	16,274	18,752
Subsidiary notes payable	4,641	4,641	—	—	4,641
Trade and other payables	35,817	35,817	—	—	35,817
Warrants2	6,787	6,787	—	—	6,787
Subsidiary preferred shares (Note 15)1	174,017	174,017	—	—	174,017
Total	236,381	221,559	2,182	16,274	240,015

1 Redeemable only upon a liquidation or Deemed liquidation event, as defined in the applicable shareholder documents.

2 Warrants issued by subsidiaries to third parties to purchase preferred shares.

* Does not include payments in respect of lease obligations. For the contractual future payments related to lease obligations, see Note 21.

Related Parties Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of key management personnel compensation

The key management personnel compensation of the Group was as follows for the years ended December 31:


	2022 $000s	2021 $000s	2020 $000s
As of December 31
Short-term employee benefits	4,369	4,666	4,833
Share-based payment expense	2,741	4,045	5,822
Total	7,109	8,711	10,656

Disclosure of directors’ and senior managers’ shareholdings and share incentive awards

The Directors and senior managers hold beneficial interests in shares in the following businesses and sourcing companies as at December 31, 2022:


	Business Name (Share Class)	Number of shares held as of December 31, 2022	Number of options held as of December 31, 2022	Number of RSUs held as of December 31, 2022	Ownership Interest¹
Directors:

Ms Daphne Zohar²	Gelesis (Common)	465,121	3,303,306	1,349,697	4.45	%








Dr Robert Langer	Entrega (Common)	250,000	82,500	—	4.09	%

Dr Raju Kucherlapati	Enlight (Class B Common)	—	30,000	—	3.00	%
	Gelesis (Common)	139,625	—	50,639	0.12	%
Dr John LaMattina3	Akili (Common)	56,554	—	—	0.07	%
	Gelesis (Common)3	395,035	37,129	—	0.38	%


	Vedanta Biosciences (Common)	25,000	—	—	0.17	%



Senior Managers:
Dr Bharatt Chowrira	Karuna (Common)	5,000	—	—	0.01	%



Dr Joseph Bolen	Vor (Common)	—	9,191	—	0.01	%

Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Taxation [Abstract]

Disclosure of income taxes recognized in comprehensive income

Amounts recognized in Consolidated Statements of Comprehensive Income/(Loss):


	2022 $000s	2021 $000s	2020 $000s
As of December 31
Income/(loss) for the year	(37,065)	(62,709)	4,568
Income tax expense/(benefit)	(55,719)	3,756	14,401
Income/(loss) before taxes	(92,783)	(58,953)	18,969

Disclosure of recognized income tax expense

Recognized income tax expense/(benefit):


	2022 $000s	2021 $000s	2020 $000s
As of December 31
Federal	13,065	22,138	21,796
Foreign	—	—	—
State	1,336	109	—
Total current income tax expense/(benefit)	14,401	22,247	21,796
Federal	(48,240)	(15,416)	(7,349)
Foreign	—	—	—
State	(21,880)	(3,075)	(46)
Total deferred income tax expense/(benefit)	(70,120)	(18,491)	(7,395)
Total income tax expense/(benefit), recognized	(55,719)	3,756	14,401

Disclosure of reconciliation of effective tax rate

The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows:


	2022		2021		2020
As of December 31	$000s	%	$000s	%	$000s	%
US federal statutory rate	(19,486)	21.00	(12,380)	21.00	3,984	21.00
Effects of state tax rate in U.S.	(8,043)	8.67	(4,484)	7.61	1,844	9.72
R&D and orphan drug tax credits	(6,876)	7.41	(5,056)	8.58	(5,642)	(29.74)
Non deductible share based payment expenses	788	(0.85)	555	(0.94)	327	1.73
Finance income/(costs) – fair value accounting	(28,783)	31.02	(2,017)	3.42	919	4.84
Loss with respect to associate for which no deferred tax asset is recognized	1,413	(1.52)	11,542	(19.58)	—	—
Change in blended state rate impact due to state apportionment change	(8,856)	9.54	—	—	—	—
Transaction Costs	—	—	309	(0.52)	361	1.91
Interest Expense	69	(0.07)	217	(0.37)	(2,258)	(11.91)
Executive Compensation	300	(0.32)	746	(1.27)	827	4.36






Recognition of deferred tax assets and tax benefits not previously recognized	(184)	0.20	(414)	0.70	—	—
Current year losses for which no deferred tax asset is recognized	17,287	(18.63)	14,375	(24.38)	13,948	73.53
Sonde Deconsolidation	(3,572)	3.85	—	—	—	—
Other	224	(0.25)	363	(0.62)	91	0.48
	(55,719)	60.05	3,756	(6.37)	14,401	75.92

Disclosure of deferred taxes

Deferred tax assets have been recognized in the U.S. jurisdiction in respect of the following items:


	2022 $000s	2021 $000s
As of December 31
Operating tax losses	48,317	46,982

Tax credits	11,101	10,673

Share-based payments	8,423	7,265
Capitalized Research & Experimental Expenditures	36,084	—

Investment in Associates	13,036	11,542
Lease Liability	7,143	8,969
Other temporary differences	2,957	2,665
Deferred tax assets	127,061	88,096
Investments held at fair value	(47,877)	(96,804)
ROU asset	(3,519)	(4,667)
Fixed assets	(2,348)	(3,547)

Deferred tax liabilities	(53,744)	(105,018)
Deferred tax assets (liabilities), net	73,317	(16,922)
Deferred tax liabilities, net, recognized	(19,645)	(89,765)

Deferred tax assets (liabilities), net, not recognized	92,962	72,843

Disclosure of unrecognized deferred tax assets


	2022 $000s		2021 $000s
As of December 31
	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Deductible Temporary Difference	132,145	33,544	59,925	16,224
Tax Losses	219,466	48,317	215,425	46,982
Tax Credits	11,101	11,101	9,636	9,636
Total	362,712	92,962	284,986	72,843

Disclosure of unrecognized tax losses and tax credits carryforwards

Tax losses and tax credits for which no deferred tax asset was recognized


As of December 31	2022 $000s		2021 $000s

	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Tax losses expiring:
Within 10 years	23,930	5,387	19,735	4,343
More than 10 years	42,822	10,509	47,937	11,611
Available Indefinitely	152,714	32,421	147,753	31,028
Total	219,466	48,317	215,425	46,982
Tax credits expiring:
Within 10 years	43	43	4	4
More than 10 years	11,058	11,058	9,632	9,632
Available indefinitely	—	—	—	—
Total	11,101	11,101	9,636	9,636

Disclosure of tax balances as presented in statement of financial position

Tax Balances

The current tax related balances are presented in the Statement of Financial Position as follows:


As of December 31	2022 $000s	2021 $000s

Income tax receivable – current	10,040	4,514
Trade and Other Payables	(57)	(57)

Accounting Policies - Subsidiaries (Details)	12 Months Ended
Accounting Policies - Subsidiaries (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary operating companies \| Alivio Therapeutics, Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	91.90%
Subsidiary operating companies \| Entrega, Inc. (indirectly held through Enlight) \| Preferred
Accounting Policies
Voting percentage through the holdings	77.30%	77.30%	83.10%
Subsidiary operating companies \| Follica, Incorporated \| Common
Accounting Policies
Voting percentage through the holdings	28.70%	28.70%	28.70%
Subsidiary operating companies \| Follica, Incorporated \| Preferred
Accounting Policies
Voting percentage through the holdings	56.70%	56.70%	56.70%
Subsidiary operating companies \| PureTech LYT (formerly Ariya Therapeutics, Inc.) \| Preferred
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary operating companies \| PureTech LYT-100 \| Preferred
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary operating companies \| PureTech Management, Inc. \| Common
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary operating companies \| PureTech Health LLC \| Common
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary operating companies \| Vedanta Biosciences \| Preferred
Accounting Policies
Voting percentage through the holdings	47.00%	48.60%	59.30%
Subsidiary operating companies \| Vedanta Biosciences Securities Corp. (indirectly held through Vedanta) \| Preferred
Accounting Policies
Voting percentage through the holdings	47.00%	48.60%	59.30%
Deconsolidated former subsidiary operating companies \| Sonde Health, Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	40.20%	51.80%	51.80%
Deconsolidated former subsidiary operating companies \| Akili Interactive Labs, Inc. \| Common
Accounting Policies
Voting percentage through the holdings	14.70%
Deconsolidated former subsidiary operating companies \| Akili Interactive Labs, Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	0.00%	26.70%	41.90%
Deconsolidated former subsidiary operating companies \| Gelesis, Inc. \| Common
Accounting Policies
Voting percentage through the holdings	22.80%	4.80%	4.90%
Deconsolidated former subsidiary operating companies \| Gelesis, Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	0.00%	19.70%	20.20%
Deconsolidated former subsidiary operating companies \| Karuna Therapeutics, Inc. \| Common
Accounting Policies
Voting percentage through the holdings	3.10%	5.60%	12.60%
Deconsolidated former subsidiary operating companies \| Vor Biopharma Inc. \| Common
Accounting Policies
Voting percentage through the holdings	4.10%	8.60%
Deconsolidated former subsidiary operating companies \| Vor Biopharma Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings		0.00%	16.40%
Nontrading holding companies \| Endra Holdings, LLC (held indirectly through Enlight) \| Common
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Nontrading holding companies \| Ensof Holdings, LLC (held indirectly through Enlight) \| Common
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Nontrading holding companies \| PureTech Securities Corp. \| Common
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Nontrading holding companies \| PureTech Securities II Corp. \| Common
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%
Inactive subsidiaries \| Appeering Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Inactive subsidiaries \| Commense Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	99.10%	99.10%	99.10%
Inactive subsidiaries \| Enlight Biosciences, LLC \| Common
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Inactive subsidiaries \| Ensof Biosystems, Inc. (held indirectly through Enlight) \| Common
Accounting Policies
Voting percentage through the holdings	57.70%	57.70%	57.70%
Inactive subsidiaries \| Ensof Biosystems, Inc. (held indirectly through Enlight) \| Preferred
Accounting Policies
Voting percentage through the holdings	28.30%	28.30%	28.30%
Inactive subsidiaries \| Knode Inc. (indirectly held through Enlight) \| Preferred
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Inactive subsidiaries \| Libra Biosciences, Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Inactive subsidiaries \| Mandara Sciences, LLC \| Common
Accounting Policies
Voting percentage through the holdings	98.30%	98.30%	98.30%
Inactive subsidiaries \| Tal Medical, Inc. \| Preferred
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%

Accounting Policies - Property and equipment (Details)	12 Months Ended
Accounting Policies - Property and equipment (Details)	Dec. 31, 2022
Laboratory and manufacturing equipment \| Minimum
Accounting Policies
Useful life measured as period of time, property, plant and equipment	2 years
Laboratory and manufacturing equipment \| Maximum
Accounting Policies
Useful life measured as period of time, property, plant and equipment	8 years
Furniture and fixtures
Accounting Policies
Useful life measured as period of time, property, plant and equipment	7 years
Computer equipment and software \| Minimum
Accounting Policies
Useful life measured as period of time, property, plant and equipment	1 year
Computer equipment and software \| Maximum
Accounting Policies
Useful life measured as period of time, property, plant and equipment	5 years
Leasehold improvements \| Minimum
Accounting Policies
Useful life measured as period of time, property, plant and equipment	5 years
Leasehold improvements \| Maximum
Accounting Policies
Useful life measured as period of time, property, plant and equipment	10 years

Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies
Cash and cash equivalents	$ 149,866	$ 465,708	$ 403,881	$ 132,360
Short-term investments	$ 200,229	$ 0

Revenue - Disclosure of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue [abstract]
Contract revenue	$ 2,090	$ 9,979	$ 8,341
Grant revenue	13,528	7,409	3,427
Total revenue	$ 15,618	$ 17,388	$ 11,768

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_32&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_34&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2022-03-24
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2022-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_103&doctype=Standard
-URIDate 2022-03-24

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_102&doctype=Standard
-URIDate 2022-03-24

+ Details

Revenue - Disaggregation of revenue, timing of contract (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 2,090	$ 9,979	$ 8,341
Internal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	8,129	5,297
Non-controlled founded entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	81	115	93
Controlled founded entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	1,500	1,500	896
Parent company and other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	509	235	2,054
Transferred at a point in time – licensing income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	527	6,809	2,054
Transferred at a point in time – licensing income \| Internal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue		6,500	5,297
Transferred at a point in time – licensing income \| Non-controlled founded entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	19	74
Transferred at a point in time – licensing income \| Parent company and other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	509	235
Transferred over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	1,563	3,171	$ 6,286
Transferred over time \| Internal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue		1,629
Transferred over time \| Non-controlled founded entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	63	41
Transferred over time \| Controlled founded entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 1,500	$ 1,500

Revenue - Disaggregation of revenue, customers over 10% of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 2,090	$ 9,979	$ 8,341
Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	2,009	8,750	8,193
Customer A \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	0	1,518
Customer B \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	1,500	1,500	896
Customer C \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	0	2,043
Customer D \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	7,250	1,736
Customer E \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	0	2,000
Customer F \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 509	$ 0	$ 0

Revenue - Contract balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Contract Balances [Table]
Accounts receivable	$ 606	$ 704
Deferred revenue – short term	$ 0	$ 65

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue [Line Items]
Contract revenue	$ 2,090	$ 9,979	$ 8,341
Revenue recognized on deferred revenue outstanding at prior year end	65
Revenue	15,618	17,388	11,768
Gelesis
Revenue [Line Items]
Revenue	25,767	11,185	21,442
Related parties \| Gelesis
Revenue [Line Items]
Royalty income	509	231	54
Imbrium Therapeutics L.P.
Revenue [Line Items]
Contract revenue		$ 6,500
Karuna Therapeutics, Inc.
Revenue [Line Items]
Contract revenue			$ 2,000
Performance obligations satisfied over
Revenue [Line Items]
Revenue	$ 0

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	$ 2,090	$ 9,979	$ 8,341
Grant revenue	13,528	7,409	3,427
Total revenue	15,618	17,388	11,768
General and administrative expenses	(60,991)	(57,199)	(49,440)
Research and development expenses	(152,433)	(110,471)	(81,859)
Total operating expense	(213,425)	(167,671)	(131,299)
Other income/(expense):
Gain on deconsolidation of subsidiary	27,251	0	0
Gain/(loss) on investment held at fair value	(32,060)	179,316	232,674
Realized loss on sale of investments	(29,303)	(20,925)	(54,976)
Other income/(expense)	8,131	1,592	1,035
Other income/(expense)	(25,981)	159,983	178,732
Net finance income/(costs)	138,924	5,050	(6,115)
Share of net loss of associates accounted for using the equity method	(27,749)	(73,703)	(34,117)
Gain on dilution of ownership interest in associate	28,220	0	0
Impairment of investment in associate	8,390	0	0
Income/(loss) before taxes	(92,783)	(58,953)	18,969
Finance income/(costs) – IFRS 9 fair value accounting	137,063	9,606	(4,351)
Share-based payment expense	(14,699)	(13,950)	(10,718)
Depreciation of tangible assets	(5,800)	(4,300)	(3,900)
Depreciation	(3,047)	(2,938)	(2,700)
Taxation	55,719	(3,756)	(14,401)
Income/(Loss) for the year	(37,065)	(62,709)	4,568
Other comprehensive income/(loss)	(379)	0	469
Total comprehensive income/(loss) for the year	(37,444)	(62,709)	5,037
Total comprehensive income/(loss) attributable to:
Owners of the Company	(50,733)	(60,558)	6,454
Non-controlling interests	13,290	(2,151)	(1,417)
Consolidated Statements of Financial Position
Total assets	702,647	946,006
Total liabilities	155,057	361,859
Liabilities, intercompany eliminations between parent company and reportable segments	255,500	233,300
Internal
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	0	8,129	5,297
Grant revenue	2,826	1,253	1,563
Total revenue	2,826	9,382	6,860
General and administrative expenses	(8,301)	(8,673)	(3,482)
Research and development expenses	(116,054)	(65,444)	(45,346)
Total operating expense	(124,355)	(74,118)	(48,828)
Other income/(expense):
Gain on deconsolidation of subsidiary	0
Gain/(loss) on investment held at fair value	0	0	0
Realized loss on sale of investments	0	0	0
Gain/(loss) on disposal of assets			(15)
Other income/(expense)	(204)	0	0
Other income/(expense)	(204)	(1)	(15)
Net finance income/(costs)	615	(16)	19
Share of net loss of associates accounted for using the equity method	0	0	0
Gain on dilution of ownership interest in associate	0
Impairment of investment in associate	0
Income/(loss) before taxes	(121,118)	(64,753)	(41,964)
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(114,255)	(60,368)	(38,349)
Finance income/(costs) – IFRS 9 fair value accounting	0	0	0
Share-based payment expense	(5,136)	(3,066)	(2,762)
Depreciation of tangible assets	(1,727)	(1,319)	(854)
Depreciation	0	0	0
Amortization of intangible assets	0	0	0
Taxation	0	0	0
Income/(Loss) for the year	(121,118)	(64,753)	(41,964)
Other comprehensive income/(loss)	0	0	0
Total comprehensive income/(loss) for the year	(121,118)	(64,753)	(41,964)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(121,118)	(64,657)	(41,773)
Non-controlling interests	0	(96)	(191)
Consolidated Statements of Financial Position
Total assets	51,599	125,726
Total liabilities	271,186	228,789
Net assets/(liabilities)	(219,587)	(103,063)
Controlled founded entities
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	1,500	1,500	896
Grant revenue	10,702	6,156	1,864
Total revenue	12,202	7,656	2,760
General and administrative expenses	(16,462)	(17,504)	(10,752)
Research and development expenses	(34,668)	(40,667)	(33,152)
Total operating expense	(51,130)	(58,171)	(43,904)
Other income/(expense):
Gain on deconsolidation of subsidiary	0
Gain/(loss) on investment held at fair value	0	0	0
Realized loss on sale of investments	0	0	0
Gain/(loss) on disposal of assets			(15)
Other income/(expense)	(3)	70	100
Other income/(expense)	(3)	70	85
Net finance income/(costs)	138,006	7,528	(4,352)
Share of net loss of associates accounted for using the equity method	0	0	0
Gain on dilution of ownership interest in associate	0
Impairment of investment in associate	0
Income/(loss) before taxes	99,075	(42,917)	(45,410)
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(32,468)	(44,335)	(36,736)
Finance income/(costs) – IFRS 9 fair value accounting	140,056	10,322	(3,492)
Share-based payment expense	(4,703)	(6,224)	(2,469)
Depreciation of tangible assets	(2,526)	(1,506)	(1,528)
Depreciation	(1,283)	(1,174)	(1,186)
Amortization of intangible assets	0	0	0
Taxation	0	0	(1)
Income/(Loss) for the year	99,075	(42,917)	(45,411)
Other comprehensive income/(loss)	0	0	0
Total comprehensive income/(loss) for the year	99,075	(42,917)	(45,411)
Total comprehensive income/(loss) attributable to:
Owners of the Company	85,471	(41,283)	(44,506)
Non-controlling interests	13,604	(1,634)	(905)
Consolidated Statements of Financial Position
Total assets	35,341	64,508
Total liabilities	76,635	209,212
Net assets/(liabilities)	(41,294)	(144,704)
Non-controlled founded entities
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	81	115	93
Grant revenue	0	0	0
Total revenue	81	115	93
General and administrative expenses	(1,296)	(3,225)	(2,939)
Research and development expenses	(826)	(3,116)	(3,128)
Total operating expense	(2,122)	(6,341)	(6,067)
Other income/(expense):
Gain on deconsolidation of subsidiary	0
Gain/(loss) on investment held at fair value	0	0	0
Realized loss on sale of investments	0	0	0
Gain/(loss) on disposal of assets			0
Other income/(expense)	0	0	0
Other income/(expense)	0	0	0
Net finance income/(costs)	(3,045)	(784)	(852)
Share of net loss of associates accounted for using the equity method	0	0	0
Gain on dilution of ownership interest in associate	0
Impairment of investment in associate	0
Income/(loss) before taxes	(5,085)	(7,010)	(6,826)
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(2,079)	(6,248)	(5,866)
Finance income/(costs) – IFRS 9 fair value accounting	(2,993)	(716)	(859)
Share-based payment expense	(8)	(32)	(83)
Depreciation of tangible assets	(4)	(12)	(17)
Depreciation	0	0	0
Amortization of intangible assets	(1)	(2)	(1)
Taxation	0	0	0
Income/(Loss) for the year	(5,085)	(7,010)	(6,826)
Other comprehensive income/(loss)	0	0	0
Total comprehensive income/(loss) for the year	(5,085)	(7,010)	(6,826)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(4,755)	(6,574)	(6,519)
Non-controlling interests	(330)	(436)	(306)
Consolidated Statements of Financial Position
Total assets	0	1,765
Total liabilities	0	19,645
Net assets/(liabilities)	0	(17,880)
Parent company and other
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	509	235	2,054
Grant revenue	0	0	0
Total revenue	509	235	2,054
General and administrative expenses	(34,933)	(27,797)	(32,267)
Research and development expenses	(885)	(1,244)	(234)
Total operating expense	(35,817)	(29,041)	(32,500)
Other income/(expense):
Gain on deconsolidation of subsidiary	27,251
Gain/(loss) on investment held at fair value	(32,060)	179,316	232,674
Realized loss on sale of investments	(29,303)	(20,925)	(54,976)
Gain/(loss) on disposal of assets			0
Other income/(expense)	8,338	1,523	965
Other income/(expense)	(25,775)	159,914	178,662
Net finance income/(costs)	3,348	(1,679)	(930)
Share of net loss of associates accounted for using the equity method	(27,749)	(73,703)	(34,117)
Gain on dilution of ownership interest in associate	28,220
Impairment of investment in associate	8,390
Income/(loss) before taxes	(65,655)	55,727	113,170
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(57,452)	63,628	121,644
Finance income/(costs) – IFRS 9 fair value accounting	0	0	0
Share-based payment expense	(4,852)	(4,628)	(5,405)
Depreciation of tangible assets	(1,588)	(1,510)	(1,547)
Depreciation	(1,764)	(1,764)	(1,523)
Amortization of intangible assets	0	0	0
Taxation	55,719	(3,756)	(14,400)
Income/(Loss) for the year	(9,936)	51,971	98,769
Other comprehensive income/(loss)	(379)	0	469
Total comprehensive income/(loss) for the year	(10,316)	51,971	99,238
Total comprehensive income/(loss) attributable to:
Owners of the Company	(10,331)	51,956	99,253
Non-controlling interests	15	15	(15)
Consolidated Statements of Financial Position
Total assets	615,707	754,007
Total liabilities	(192,763)	(95,787)
Net assets/(liabilities)	808,470	849,794
Operating segments
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	2,090	9,979	8,341
Grant revenue	13,528	7,409	3,427
Total revenue	15,618	17,388	11,768
General and administrative expenses	(60,991)	(57,199)	(49,440)
Research and development expenses	(152,433)	(110,471)	(81,859)
Total operating expense	(213,425)	(167,671)	(131,299)
Other income/(expense):
Gain on deconsolidation of subsidiary	27,251
Gain/(loss) on investment held at fair value	(32,060)	179,316	232,674
Realized loss on sale of investments	(29,303)	(20,925)	(54,976)
Gain/(loss) on disposal of assets			(30)
Other income/(expense)	8,131	1,593	1,065
Other income/(expense)	(25,981)	159,983	178,732
Net finance income/(costs)	138,924	5,050	(6,115)
Share of net loss of associates accounted for using the equity method	(27,749)	(73,703)	(34,117)
Gain on dilution of ownership interest in associate	28,220
Impairment of investment in associate	8,390
Income/(loss) before taxes	(92,783)	(58,953)	18,969
Income/(loss) before taxes pre IFRS 9 fair value accounting, share-based payment expense, depreciation of tangible assets and amortization of intangible assets	(206,254)	(47,323)	40,694
Finance income/(costs) – IFRS 9 fair value accounting	137,063	9,606	(4,351)
Share-based payment expense	(14,699)	(13,950)	(10,718)
Depreciation of tangible assets	(5,845)	(4,347)	(3,945)
Depreciation	(3,047)	(2,938)	(2,709)
Amortization of intangible assets	(1)	(2)	(1)
Taxation	55,719	(3,756)	(14,401)
Income/(Loss) for the year	(37,065)	(62,709)	4,568
Other comprehensive income/(loss)	(379)	0	469
Total comprehensive income/(loss) for the year	(37,444)	(62,709)	5,037
Total comprehensive income/(loss) attributable to:
Owners of the Company	(50,733)	(60,558)	6,454
Non-controlling interests	13,290	(2,151)	$ (1,417)
Consolidated Statements of Financial Position
Total assets	702,647	946,006
Total liabilities	155,057	361,859
Net assets/(liabilities)	$ 547,589	$ 584,147

Investments held at fair value - Summary of investments held at fair value (Details) - USD ($) $ in Thousands				2 Months Ended	12 Months Ended
	Jan. 08, 2021	Jun. 30, 2020	Feb. 12, 2020	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 13, 2022
Investments held at fair value [Line Items]
Beginning balance					$ 397,179	$ 553,167
Realized loss on sale of investments					(29,303)	(20,925)	$ (54,976)
Cash purchase of Vor preferred shares					5,000	500	1,150
Unrealized gain (loss) – change in fair value through profit and loss					(32,060)	179,271
Balance before allocation of share in associate loss to long-term interest						493,888
Investment in Sonde Preferred shares – Sonde deconsolidation					11,168
Cash Investment (Akili)					0	0	10,000
Ending balance					251,892	397,179	$ 553,167
Share of associate loss allocated to long-term interest (see Note 6)					(96,700)
Gelesis
Investments held at fair value [Line Items]
Gelesis Earn out shares received in SPAC exchange								$ 14,214
Exchange of Gelesis preferred shares to Gelesis common shares					(92,303)
Share of associate loss allocated to long-term interest (see Note 6)					0	96,709
Karuna
Investments held at fair value [Line Items]
Sale of Karuna shares						(218,125)
Realized loss on sale of investments				$ (29,300)	(29,303)
Karuna and Vor
Investments held at fair value [Line Items]
Sale of Karuna shares					(118,710)
Vor
Investments held at fair value [Line Items]
Cash purchase of Vor preferred shares	$ 500	$ 500	$ 700			$ 500
Akili
Investments held at fair value [Line Items]
Cash Investment (Akili)					5,000
Gelesis Earn out shares received in SPAC exchange					$ 1,000

Investments held at fair value - Narrative (Details) $ in Thousands																		2 Months Ended	5 Months Ended	12 Months Ended
	Aug. 22, 2022 shares	May 25, 2022 USD ($) shares	Jan. 13, 2022 USD ($) shares	Nov. 10, 2021 shares	Nov. 09, 2021 USD ($) shares	May 25, 2021 USD ($) shares	May 24, 2021	Feb. 10, 2021 shares	Feb. 09, 2021 USD ($) shares	Jan. 08, 2021 USD ($) shares	Aug. 26, 2020 USD ($) shares	Jun. 30, 2020 USD ($) shares	May 26, 2020 USD ($) shares	Apr. 30, 2020 USD ($) shares	Apr. 01, 2020 USD ($) shares	Feb. 12, 2020 USD ($) shares	Jan. 22, 2020 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 19, 2022 shares	Aug. 08, 2022 shares	Dec. 30, 2021 USD ($)
Investments held at fair value [Line Items]
Cash purchase of Vor preferred shares																				$ 5,000	$ 500	$ 1,150
Share of losses recorded against Long Term Interests (LTIs)																					73,703
Sale of investments held at fair value																				118,710	218,125	350,586
Realized loss on sale of investments																				29,303	20,925	54,976
Cash Investment (Akili)																				0	0	10,000
Loss – change in fair value through profit and loss																				(32,060)	179,271
Gain on deconsolidation of subsidiary																				27,251	0	0
Gelesis
Investments held at fair value [Line Items]
Share of losses recorded against Long Term Interests (LTIs)																					73,700	23,000
Gelesis Earn out shares received in SPAC exchange			$ 14,214
Gains (losses) on change in fair value of equity investments																				(4,400)	34,600	7,100
Number of earnout shares received from SPAC exchange (in shares) \| shares			4,526,622
CapStar Special Purpose Acquisition Corp
Investments held at fair value [Line Items]
Gelesis Earn out shares received in SPAC exchange																			$ 100	100
Gains (losses) on earn-out shares at fair value through profit or loss																				$ (14,100)
Vor
Investments held at fair value [Line Items]
Cash purchase of Vor preferred shares										$ 500		$ 500				$ 700					500
Acquisition of equity instruments in other entities \| shares										961,538		961,538
Share price of investee shares (in dollars per share)									18.00
Proportion of ownership interest in investee								8.60%
Sale of equity instruments in other entities (in shares) \| shares																			535,400	535,400
Proceeds from sale of equity investment																			$ (3,300)
Gains (losses) on change in fair value of equity investments																				$ 16,200	3,900	19,100
Karuna
Investments held at fair value [Line Items]
Proportion of ownership interest in investee				5.60%				8.20%												3.10%
Gains (losses) on change in fair value of equity investments																				$ 135,000	110,000	191,200
Sale of investments held at fair value					$ 100,100				$ 118,000									$ 115,500
Realized loss on sale of investments																		$ 29,300		29,303
Akili
Investments held at fair value [Line Items]
Acquisition of equity instruments in other entities \| shares	500,000
Number of shares held (in shares) \| shares																							12,527,477
Proportion of ownership interest in investee	14.70%					27.50%	41.90%
Gelesis Earn out shares received in SPAC exchange																			$ 1,000	1,000
Gains (losses) on change in fair value of equity investments																				(131,400)	$ 32,200	14,400
Cash Investment (Akili)																				5,000
Number of earnout shares received from SPAC exchange (in shares) \| shares			1,433,914
resTORbio
Investments held at fair value [Line Items]
Sale of investments held at fair value														$ 3,000
Realized loss on sale of investments																						200
Loss – change in fair value through profit and loss																						100
Sonde
Investments held at fair value [Line Items]
Gains (losses) on change in fair value of equity investments																				$ 200
Fair value of equity investment		$ 11,200
Sonde \| One Unnamed Investor
Investments held at fair value [Line Items]
Cash purchase of Vor preferred shares		$ 3,500
Acquisition of equity instruments in other entities \| shares		1,125,401
Acquisition of equity instruments in other entities, discount rate		20.00%
Capstar
Investments held at fair value [Line Items]
SPAC exchange, PIPE transaction, amount																									$ 15,000
Business combination, investment in common share			$ 5,000
Series A-2 preferred \| Vor
Investments held at fair value [Line Items]
Acquisition of equity instruments in other entities \| shares																1,625,000
Common \| Vor
Investments held at fair value [Line Items]
Number of shares issued by investee (in shares) \| shares									9,828,017
Number of shares held (in shares) \| shares								3,207,200
Common \| Karuna
Investments held at fair value [Line Items]
Number of shares held (in shares) \| shares				1,656,564				2,406,564
Sale of equity instruments in other entities (in shares) \| shares					750,000				1,000,000		1,333,333		555,500				2,100,000							125,000
Sale of investments held at fair value											$ 101,600		$ 45,000				$ 200,900
Realized loss on sale of investments																						$ 54,800
Exercise of call options, maximum number of common stocks to be purchased (in shares) \| shares																								477,100
Common \| resTORbio
Investments held at fair value [Line Items]
Sale of equity instruments in other entities (in shares) \| shares														2,119,696
Series 3 growth preferred stock \| Gelesis
Investments held at fair value [Line Items]
Cash purchase of Vor preferred shares															$ 10,000
Acquisition of equity instruments in other entities \| shares															579,038
Series D \| Akili
Investments held at fair value [Line Items]
Number of shares issued by investee (in shares) \| shares						13,053,508
Proceeds from the issuance of shares and subsidiary preferred shares						$ 110,000

Investments in Associates - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 13, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 25, 2022	Jan. 14, 2022	Dec. 30, 2021
Disclosure of associates [Line Items]
Gain on dilution of ownership interest in associate		$ 28,220	$ 0	$ 0
Impairment of investment in associate		(8,390)	0	0
Investment in associates - equity method		9,147	0	0
Capstar
Disclosure of associates [Line Items]
SPAC exchange, PIPE transaction, amount							$ 15,000
Stock committed to acquire during period (in dollars per share)							$ 10
Business combination, number of additional shares received at no additional cost (in shares)	1,322,500
Business combination, additional shares to be received at no additional cost, fair value		11,200
Business combination, additional shares to be received at no additional cost, transaction cost		0
Business combination, number of shares received for additional cost (in shares)	496,145
Business combination, investment in common share	$ 5,000
Capstar \| Derivative Asset, Backstop Agreement
Disclosure of associates [Line Items]
Gains (losses) arising from difference between fair value and transaction price of derivative assets through profit or loss		10,400	800
Gains (losses) on change in fair value of derivatives		(2,800)
Gain (loss) on derivative assets recognized through profit or loss		7,600
Derivative financial assets	$ 8,400
Gelesis Holdings Inc.
Disclosure of associates [Line Items]
Number of shares in entity held by entity or by its subsidiaries or associates (in shares)						16,727,582
Percentage of voting equity interests acquired						23.20%
Gelesis
Disclosure of associates [Line Items]
Investments in associates accounted for using equity method				$ 0
Unrecognized equity method losses		$ 0	38,101
Unrecognised share of losses of associates, other comprehensive loss			$ (700)
Percentage ownership interest		22.50%	42.00%	47.90%
Percentage of voting equity interests acquired	22.80%		42.00%
Gain on dilution of ownership interest in associate	$ 28,300
Investment in associates - equity method		$ 4,910	$ 0
Sonde
Disclosure of associates [Line Items]
Investments in associates accounted for using equity method					$ 7,680
Percentage of voting equity interests acquired		40.17%			48.20%
Ownership percentage of associate's equity		93.60%
Share of profit (loss) of associates accounted for using equity method		$ 3,400
Sonde \| Preferred A-1 Shares
Disclosure of associates [Line Items]
Investments in associates accounted for using equity method					$ 7,700

Investments in Associates - Summary of Investments in associates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 25, 2022
Disclosure of associates [Line Items]
As of period start	$ 0	$ 0
Share of losses recorded against Long Term Interests (LTIs)		73,703
Cash investment in associate	19,961	0	$ 0
Additional investment as a result of backstop settlement (see above)	8,424
Gain on dilution of ownership interest in associate	13,793
Share in net loss of associates	(27,749)	(73,703)	(34,117)
Reversal of equity method losses recorded against LTIs (due to decrease in LTI fair value)	(4,406)
Impairment	(8,390)	0	0
As of period end	9,147	0	0
Gelesis
Disclosure of associates [Line Items]
As of period start	0
Share of net loss in Gelesis	(24,306)	(73,703)	(34,117)
Share of losses recorded against Long Term Interests (LTIs)		73,700	23,000
Investment in Sonde - deconsolidation			$ 0
Share in other comprehensive loss of associates	(166)
As of period end	$ 4,910	$ 0
Sonde
Disclosure of associates [Line Items]
Investment in Sonde - deconsolidation				$ 7,680

Investments in Associates - Summary of financial information of Gelesis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of associates [Line Items]
Non-current assets	$ 316,454	$ 444,197
Current assets	386,192	501,809
Non-current liabilities	58,172	135,725
Current liabilities	96,885	226,135
Share of associate loss allocated to long-term interest (see Note 6)	(96,700)
Investment in associates - equity method	9,147	0	$ 0
Revenue	15,618	17,388	11,768
Total comprehensive income/(loss) for the year	(37,444)	$ (62,709)	$ 5,037
Reversal of equity method losses recorded against LTIs (due to decrease in LTI fair value)	$ 4,406
Gelesis
Disclosure of associates [Line Items]
Percentage ownership interest	22.50%	42.00%	47.90%
Non-current assets	$ 333,040	$ 357,508
Current assets	23,495	66,092
Non-current liabilities	99,053	120,786
Current liabilities	80,010	537,432
Non controlling interests and options issued to third parties	(46,204)	(14,216)
Net assets (deficit) attributable to shareholders of Gelesis Inc.	131,268	(248,834)
Group's share of net assets (net deficit)	29,504	(104,527)
Goodwill	3,858	7,211
Impairment of investment	(28,452)	(37,495)
Share of associate loss allocated to long-term interest (see Note 6)	0	96,709
Unrecognized equity method losses	0	38,101
Investment in associates - equity method	4,910	0
Revenue	25,767	11,185	$ 21,442
Loss from continuing operations (100%)	(111,567)	(271,430)	(71,157)
Total comprehensive income/(loss) for the year	(112,285)	(273,005)	(70,178)
Share of net loss in Gelesis	(24,306)	(73,703)	(34,117)
Group's share of total comprehensive loss - limited to net investment amount	$ (24,472)	(73,703)	$ (33,648)
Unrecognised share of losses of associates, other comprehensive loss		$ 700

Operating Expenses - Disclosure of total operating expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Expenses [Abstract]
General and administrative expenses	$ 60,991	$ 57,199	$ 49,440
Research and development expenses	152,433	110,471	81,859
Operating income/(loss)	$ 213,425	$ 167,671	$ 131,299

Operating Expenses - Disclosure of information about employees (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information of employees [Line Items]
Average number of employees	201	171	138
General and administrative
Disclosure of information of employees [Line Items]
Average number of employees	57	52	43
Research and development
Disclosure of information of employees [Line Items]
Average number of employees	144	119	95

Operating Expenses - Disclosure of payroll costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information of employees [Line Items]
Aggregate payroll costs	$ 61,643	$ 55,388	$ 43,616
General and administrative
Disclosure of information of employees [Line Items]
Aggregate payroll costs	25,322	26,438	22,943
Research and development
Disclosure of information of employees [Line Items]
Aggregate payroll costs	36,321	28,950	20,674
Total
Disclosure of information of employees [Line Items]
Aggregate payroll costs	$ 61,643	$ 55,388	$ 43,616

Operating Expenses - Disclosure of other operating expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Expenses [Abstract]
Salaries and wages	$ 41,750	$ 36,792	$ 29,403
Healthcare benefits	2,908	2,563	1,866
Payroll taxes	2,286	2,084	1,629
Share-based payment expense	14,699	13,950	10,718
Total payroll costs	61,643	55,388	43,616
Other general and administrative expenses	35,669	30,761	26,497
Other research and development expenses	116,113	81,521	61,186
Miscellaneous other operating expense	151,782	112,282	87,683
Operating income/(loss)	$ 213,425	$ 167,671	$ 131,299

Operating Expenses - Disclosure of auditor's remuneration (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Auditors Remuneration [Line Items]
Audit of these financial statements	$ 1,716,000	$ 1,183,000	$ 1,145,000
Audit of the financial statements of subsidiaries	132,000	312,000	291,000
Audit of financial statements of associates	814,000	571,000	350,000
Audit-related assurance services	1,157,000	1,868,000	490,000
Non-audit related services	0	0	173,000
Auditor's remuneration	3,819,000	3,934,000	2,449,000
Prepaid expenses for expected subsidiary IPO, audit related assurance services		468,200
Gelesis
Auditors Remuneration [Line Items]
Audit of financial statements of associates	$ 720,000	$ 500,000	$ 350,000

Share-based Payments - Disclosure of share-based payment expense as reflected in the Consolidated Statement of Income/(Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment [Line Items]
Share-based payment expense	$ 14,699	$ 13,950	$ 10,718
General and administrative
Share-based Payment [Line Items]
Share-based payment expense	8,862	9,310	7,650
Research and development
Share-based Payment [Line Items]
Share-based payment expense	$ 5,837	$ 4,640	$ 3,068

Share-based Payments - Narrative - Performance share plan (Details)		1 Months Ended	12 Months Ended
	Dec. 31, 2022 shares	Jun. 30, 2015	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Performance Share Plan [Line Items]
Number of share options granted in share-based payment arrangement (in shares)			8,881,000	5,424,000	4,076,982
Performance share plan
Performance Share Plan [Line Items]
Share-based payment arrangements, percentage of common shares outstanding		0.10
Share-based awards expiration period	10 years
Number of share options granted in share-based payment arrangement (in shares)	24,889,462

Share-based Payments - Disclosure of RSU activity (Details) - RSU	12 Months Ended
	Dec. 31, 2022 shares £ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (Non-vested), beginning of year (in shares) \| shares	3,632,715	3,422,582	4,636,347
Granted (in shares) \| shares	4,309,883	2,195,133	1,759,011
Vested (in shares) \| shares	(696,398)	(1,176,695)	(2,781,687)
Forfeited (in shares) \| shares	(1,155,420)	(808,305)	(191,089)
Outstanding (Non-vested), end of year (in shares) \| shares	6,090,780	3,632,715	3,422,582
Weighted average grant date fair value, RSU outstanding beginning balance (in GBP per share) \| £ / shares	£ 1.91	£ 2.46	£ 2.08
Weighted average grant date fair value, RSU granted (in GBP per share) \| £ / shares	1.76	2.15	1.80
Weighted average grant date fair value, RSU vested (in GBP per share) \| £ / shares	2.80	2.93	1.54
Weighted average grant date fair value, RSU forfeited (in GBP per share) \| £ / shares	2.67	2.25	2.37
Weighted average grant date fair value, RSU Ending balance (in GBP per share) \| £ / shares	£ 1.74	£ 1.91	£ 2.46

Share-based Payments - Narrative - RSU (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RSU [Line Items]
Number of common shares redeemable from each RSU (in shares)	1
Liability settled share based awards	$ 1,805	$ 4,703
Share-based payment expense	14,699	13,950	$ 10,718
Liability for share based awards	$ 4,128	2,659
Minimum
RSU [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	1 year
Maximum
RSU [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Performance based RSU
RSU [Line Items]
Liability for share based awards	$ 5,900	1,900
Liability settled share based awards		4,800
Excess of fair value at reclassification date over grant date fair value		2,900
Current liabilities from share based payment transactions	1,800
Liability for share based awards	4,100
Liabilities from share based payment transactions, performance and market conditions met	1,800
2017 performance based RSU
RSU [Line Items]
Share-based payment arrangement, cash settlement value			12,500
Share-based payment arrangement after tax deduction, cash used to settle award			7,200
2018 performance based RSU
RSU [Line Items]
Share-based payment arrangement, cash settlement value		(10,700)
Share-based payment arrangement after tax deduction, cash used to settle award		6,400
Performance, market and service based RSU
RSU [Line Items]
Share-based payment expense	1,600	1,500	$ 5,700
Expense in respect of RSU liability award	$ 1,100	$ 600

Share-based Payments - Disclosure of stock option activity (Details)	12 Months Ended
	Dec. 31, 2022 shares £ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares
Disclosure of share capital, reserves and other equity interest [Abstract]
Outstanding at beginning of period (in shares) \| shares	13,414,118	10,916,086	8,472,827
Granted (in shares) \| shares	8,881,000	5,424,000	4,076,982
Exercised (in shares) \| shares	(577,022)	(2,238,187)	(514,410)
Forfeited and expired (in shares) \| shares	(3,924,215)	(687,781)	(1,119,313)
Options exercisable (in shares) \| shares	6,185,216	4,773,873	5,447,405
Outstanding at end of period (in shares) \| shares	17,793,881	13,414,118	10,916,086	8,472,827
Weighted-average exercise price, beginning of year (in GBP per share)	£ 2.58	£ 1.81	£ 1.16
Weighted average exercise price, options granted (in GBP per share)	2.04	3.34	3.14
Weighted average exercise price, options exercised (in GBP per share)	0.50	0.70	1.52
Weighted average exercise price, options forfeited and expired (in GBP per share)	2.89	2.53	1.88
Weighted average exercise price of, options exercisable (in GBP per share)	2.03	1.42	0.98
Weighted-average exercise price, end of year (in GBP per share)	£ 2.31	£ 2.58	£ 1.81	£ 1.16
Weighted average remaining contractual life of outstanding share options (in years)	8 years 10 days	8 years 3 months 14 days	8 years 4 months 17 days	8 years 6 months 18 days
Weighted average remaining contractual life of options excisable (in years)	6 years 2 months 15 days	6 years 6 months	7 years 5 months 15 days
Weighted average stock price of share options exercised in share-based payment arrangement (in GBP per share)	£ 2.43	£ 3.63	£ 2.88

Share-based Payments - Disclosure of terms and conditions of share-based payment arrangement (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) yr	Dec. 31, 2021 USD ($) yr	Dec. 31, 2020 USD ($) yr
Weighted average assumptions [Abstract]
Expected volatility	41.70%	41.05%	41.25%
Expected terms (in years) \| yr	6.11	6.16	6.11
Risk-free interest rate	2.13%	1.06%	0.53%
Expected dividend yield	$ 0	$ 0	$ 0
Grant date fair value	$ 1.15	$ 1.87	$ 1.72

Share-based Payments - Narrative - Stock options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payments Table [Line Items]
Share-based payment expense	$ 14,699	$ 13,950	$ 10,718
Stock options
Share-based Payments Table [Line Items]
Share-based payment expense	$ 8,400	$ 6,200	$ 2,100

Share-based Payments - Disclosure of range of exercise prices of outstanding share options (Details)	12 Months Ended
	Dec. 31, 2022 shares £ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options (in shares) \| shares	17,793,881	13,414,118	10,916,086	8,472,827
Wtd Average Exercise Price (in GBP per share)	£ 2.31	£ 2.58	£ 1.81	£ 1.16
Weighted average remaining contractual life of outstanding share options (in years)	8 years 10 days	8 years 3 months 14 days	8 years 4 months 17 days	8 years 6 months 18 days
0.01
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	£ 0.01
Number of share options (in shares) \| shares	439,490
Wtd Average Exercise Price (in GBP per share)	£ 0
Weighted average remaining contractual life of outstanding share options (in years)	6 years 9 months 3 days
1.00 to 2.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options (in shares) \| shares	6,276,391
Wtd Average Exercise Price (in GBP per share)	£ 1.58
Weighted average remaining contractual life of outstanding share options (in years)	7 years
2.00 to 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options (in shares) \| shares	5,375,750
Wtd Average Exercise Price (in GBP per share)	£ 2.26
Weighted average remaining contractual life of outstanding share options (in years)	8 years 11 months 1 day
3.00 to 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options (in shares) \| shares	5,702,250
Wtd Average Exercise Price (in GBP per share)	£ 3.34
Weighted average remaining contractual life of outstanding share options (in years)	8 years 4 months 24 days
Bottom of range \| 1.00 to 2.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	£ 1.00
Bottom of range \| 2.00 to 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	2.00
Bottom of range \| 3.00 to 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	3.00
Top of range \| 1.00 to 2.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	2.00
Top of range \| 2.00 to 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	3.00
Top of range \| 3.00 to 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (in GBP per share)	£ 4.00

Share-based Payments - Disclosure of subsidiary share-based payments (Details)	12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2022	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Subsidiary Plans [Line Items]
Outstanding at beginning of period (in shares)	13,414,118		10,916,086	8,472,827
Number of share options granted in share-based payment arrangement (in shares)	8,881,000		5,424,000	4,076,982
Exercised (in shares)	(577,022)		(2,238,187)	(514,410)
Outstanding at end of period (in shares)	17,793,881		13,414,118	10,916,086
Alivio
Subsidiary Plans [Line Items]
Outstanding at beginning of period (in shares)	0		3,888,168	3,698,244
Number of share options granted in share-based payment arrangement (in shares)			197,398	189,924
Exercised (in shares)			(2,373,750)	0
Expired During the Year			(506,260)	0
Forfeited (in shares)			(1,205,556)	0
Deconsolidation (in shares)			0	0
Outstanding at end of period (in shares)			0	3,888,168
Entrega
Subsidiary Plans [Line Items]
Outstanding at beginning of period (in shares)	349,500		962,000	972,000
Number of share options granted in share-based payment arrangement (in shares)	45,000		0	0
Exercised (in shares)		0	(525,000)	0
Expired During the Year	(50,000)		(87,500)	0
Forfeited (in shares)	0		0	(10,000)
Deconsolidation (in shares)	0		0	0
Outstanding at end of period (in shares)	344,500		349,500	962,000
Follica
Subsidiary Plans [Line Items]
Outstanding at beginning of period (in shares)	2,686,120		1,309,040	1,309,040
Number of share options granted in share-based payment arrangement (in shares)	90,000		1,383,080	0
Exercised (in shares)		0	0	0
Expired During the Year	0		(6,000)	0
Forfeited (in shares)	0		0	0
Deconsolidation (in shares)	0		0	0
Outstanding at end of period (in shares)	2,776,120		2,686,120	1,309,040
Sonde
Subsidiary Plans [Line Items]
Outstanding at beginning of period (in shares)	2,049,004		2,192,834	1,829,004
Number of share options granted in share-based payment arrangement (in shares)	0		0	363,830
Exercised (in shares)		0	0	0
Expired During the Year	0		(51,507)	0
Forfeited (in shares)	0		(92,323)	0
Deconsolidation (in shares)	(2,049,004)		0	0
Outstanding at end of period (in shares)	0		2,049,004	2,192,834
Vedanta
Subsidiary Plans [Line Items]
Outstanding at beginning of period (in shares)	1,991,637		1,741,888	1,450,100
Number of share options granted in share-based payment arrangement (in shares)	490,506		451,532	493,951
Exercised (in shares)		(400,000)	(52,938)	(813)
Expired During the Year	(65,235)		(76,491)	0
Forfeited (in shares)	(192,332)	(192,332)	(72,354)	(201,350)
Deconsolidation (in shares)	0		0	0
Outstanding at end of period (in shares)	1,824,576		1,991,637	1,741,888

Share-based Payments - Disclosure of weighted average exercise prices for options outstanding (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares	Dec. 31, 2022 shares £ / shares
Weighted Average Options Outstanding [Line Items]
Number of share options (in shares)	17,793,881	13,414,118	10,916,086	8,472,827	17,793,881
Weighted-average exercise price (in dollars per share) \| £ / shares		£ 2.58	£ 1.81	£ 1.16	£ 2.31
Weighted average remaining contractual life of outstanding share options (in years)	8 years 10 days	8 years 3 months 14 days	8 years 4 months 17 days	8 years 6 months 18 days
Alivio
Weighted Average Options Outstanding [Line Items]
Number of share options (in shares)		0	3,888,168	3,698,244
Entrega
Weighted Average Options Outstanding [Line Items]
Number of share options (in shares)	344,500	349,500	962,000	972,000	344,500
Weighted-average exercise price (in dollars per share) \| $ / shares	$ 1.91
Weighted average remaining contractual life of outstanding share options (in years)	4 years 11 months 1 day
Follica
Weighted Average Options Outstanding [Line Items]
Number of share options (in shares)	2,776,120	2,686,120	1,309,040	1,309,040	2,776,120
Weighted-average exercise price (in dollars per share) \| $ / shares	$ 1.41
Weighted average remaining contractual life of outstanding share options (in years)	6 years 4 months 17 days
Sonde
Weighted Average Options Outstanding [Line Items]
Number of share options (in shares)	0	2,049,004	2,192,834	1,829,004	0
Vedanta
Weighted Average Options Outstanding [Line Items]
Number of share options (in shares)	1,824,576	1,991,637	1,741,888	1,450,100	1,824,576
Weighted-average exercise price (in dollars per share) \| $ / shares	$ 15.89
Weighted average remaining contractual life of outstanding share options (in years)	6 years 10 months 17 days

Share-based Payments - Disclosure of weighted average exercise prices for options granted (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares	Dec. 31, 2022 £ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2021 £ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2020 £ / shares
Weighted Average Options granted [Line Items]
Weighted average exercise price (in dollars per share) \| £ / shares		£ 2.04		£ 3.34		£ 3.14
Alivio
Weighted Average Options granted [Line Items]
Weighted average exercise price (in dollars per share)	$ 0		$ 0		$ 0.47
Entrega
Weighted Average Options granted [Line Items]
Weighted average exercise price (in dollars per share)	0.02		0		0
Follica
Weighted Average Options granted [Line Items]
Weighted average exercise price (in dollars per share)	1.86		1.86		0
Sonde
Weighted Average Options granted [Line Items]
Weighted average exercise price (in dollars per share)	0		0		0.18
Vedanta
Weighted Average Options granted [Line Items]
Weighted average exercise price (in dollars per share)	$ 14.94		$ 19.69		$ 19.59

Share-based Payments - Disclosure of weighted average exercise prices for options forfeited (Details) - Vedanta	12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2022 $ / shares	Dec. 31, 2022	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Weighted Average Options forfeited [Line Items]
Number of share options forfeited (in shares)	192,332		192,332	72,354	201,350
Weighted average exercise price (in dollars per share)		$ 19.64

Share-based Payments - Disclosure of weighted average exercise prices for options exercised (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares £ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares
Weighted Average Options exercisable [Line Items]
Number of share options exercised (in dollars per share) \| shares	577,022	577,022	2,238,187	514,410
Weighted average exercise price (in dollars per share) \| £ / shares		£ 0.50	£ 0.70	£ 1.52
Vedanta
Weighted Average Options exercisable [Line Items]
Number of share options exercised (in dollars per share)	400,000	400,000	52,938	813
Weighted average exercise price (in dollars per share) \| $ / shares	$ 0.02

Share-based Payments - Disclosure of weighted average exercise prices for options exercisable (Details)	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares £ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares
Weighted Average Options exercisable [Line Items]
Number of options (in shares) \| shares	6,185,216	6,185,216	4,773,873	5,447,405
Weighted average exercise price (in dollars per share) \| £ / shares		£ 2.03	£ 1.42	£ 0.98
Entrega
Weighted Average Options exercisable [Line Items]
Number of options (in shares)	344,500	344,500
Weighted average exercise price (in dollars per share)	$ 1.91
Entrega \| Bottom of range
Weighted Average Options exercisable [Line Items]
Exercise price range (in dollars per share)	0.02
Entrega \| Top of range
Weighted Average Options exercisable [Line Items]
Exercise price range (in dollars per share)	$ 2.36
Follica
Weighted Average Options exercisable [Line Items]
Number of options (in shares)	2,776,120	2,776,120
Weighted average exercise price (in dollars per share)	$ 1.41
Follica \| Bottom of range
Weighted Average Options exercisable [Line Items]
Exercise price range (in dollars per share)	0.03
Follica \| Top of range
Weighted Average Options exercisable [Line Items]
Exercise price range (in dollars per share)	$ 1.86
Vedanta
Weighted Average Options exercisable [Line Items]
Number of options (in shares)	1,824,576	1,824,576
Weighted average exercise price (in dollars per share)	$ 15.89
Vedanta \| Bottom of range
Weighted Average Options exercisable [Line Items]
Exercise price range (in dollars per share)	0.02
Vedanta \| Top of range
Weighted Average Options exercisable [Line Items]
Exercise price range (in dollars per share)	$ 21.35

Share-based Payments - Narrative - Vedanta 2010 Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2021	Mar. 31, 2021	Jun. 02, 2020
Significant Subsidiary Plan [Line Items]
Share-based payment expense	$ 14,699	$ 13,950	$ 10,718
Vedanta \| Stock incentive plan
Significant Subsidiary Plan [Line Items]
Share approved for issuance (in shares)				2,797,055	2,297,055	2,145,867
Increase in shares approved for issuance (in shares)				500,000	151,188
Shares remaining available for issuance (in shares)	914,331
Share-based payment expense	$ 4,300	$ 5,400	$ 2,400

Share-based Payments - Disclosure of range of assumptions of fair value of stock option grants (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) yr $ / shares	Dec. 31, 2021 USD ($) yr $ / shares	Dec. 31, 2020 USD ($) yr $ / shares
Significant Subsidiary Plan [Line Items]
Expected terms (in years) \| yr	6.11	6.16	6.11
Expected volatility	41.70%	41.05%	41.25%
Risk-free interest rate	2.13%	1.06%	0.53%
Expected dividend yield	$ 0	$ 0	$ 0
Grant date fair value	1.15	1.87	1.72
Vedanta
Significant Subsidiary Plan [Line Items]
Expected dividend yield	$ 0	$ 0	$ 0
Share price at grant date \| $ / shares		$ 19
Bottom of range \| Vedanta
Significant Subsidiary Plan [Line Items]
Expected terms (in years) \| yr	6.00	6.00	6.00
Expected volatility	88.22%	88.05%	89.24%
Risk-free interest rate	1.67%	0.96%	0.32%
Grant date fair value	$ 10.51	$ 13.84	$ 13.09
Share price at grant date \| $ / shares	$ 14		$ 19.59
Top of range \| Vedanta
Significant Subsidiary Plan [Line Items]
Expected terms (in years) \| yr	8.33	7.11	10.00
Expected volatility	89.68%	88.59%	95.46%
Risk-free interest rate	3.13%	1.32%	0.87%
Grant date fair value	$ 15.14	$ 16.23	$ 16.54
Share price at grant date \| $ / shares	$ 18.84

Share-based Payments - Narrative - Other plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Subsidiary Plans [Line Items]
Share-based payment expense	$ 14,699	$ 13,950	$ 10,718
Other not including Vedanta \| Stock incentive plan
Significant Subsidiary Plans [Line Items]
Share-based payment expense	$ 400	$ 800	$ 400

Finance Cost, Net - Disclosure of finance income (cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance income [Abstract]
Interest income from financial assets	$ 5,799	$ 214	$ 1,183
Total finance income	5,799	214	1,183
Finance costs
Contractual interest expense on notes payable	(212)	(1,031)	(96)
Interest expense on other borrowings	(1,759)	(1,502)	(496)
Interest expense on lease liability	(1,982)	(2,181)	(2,354)
Gain/(loss) on foreign currency exchange	14	(56)	0
Total finance cost – contractual	(3,939)	(4,771)	(2,946)
Gain/(loss) from change in fair value of warrant liability	6,740	1,419	(117)
Gain/(loss) from change in fair value of preferred shares	130,825	8,362	(4,234)
Gain/(loss) from change in fair value of convertible debt	(502)	(175)	0
Total finance income/(costs) – fair value accounting	137,063	9,606	(4,351)
Finance income/(costs), net	$ 138,924	$ 5,050	$ (6,115)

Earnings/(Loss) per share - Narrative (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Potential securities excluded from diluted EPS calculation (in shares)	3,134,131	6,553,905

Earnings/(Loss) per Share - Disclosure of earnings/(loss) attributable to owners of company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings/(Loss) attributable to owners of the Company [Line Items]
Income/(loss) for the year, attributable to the owners of the Company	$ (50,354)	$ (60,558)	$ 5,985
Basic
Earnings/(Loss) attributable to owners of the Company [Line Items]
Income/(loss) for the year, attributable to the owners of the Company	(50,354)	(60,558)	5,985
Income/(loss) attributable to ordinary shareholders	(50,354)	(60,558)	5,985
Diluted
Earnings/(Loss) attributable to owners of the Company [Line Items]
Income/(loss) for the year, attributable to the owners of the Company	(50,354)	(60,558)	5,985
Income/(loss) attributable to ordinary shareholders	$ (50,354)	$ (60,558)	$ 5,985

Earnings/(Loss) per Share - Disclosure of weighted-average number of ordinary shares (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic
Weighted Average number of ordinary shares [Line Items]
Issued ordinary shares at January 1 (in shares)		287,796,585	285,885,025	285,370,619
Effect of shares issued (in shares)	690,772	705,958	233,048
Effect of dilutive shares (in shares)	0	0	0
Effect of treasury shares purchased (in shares)	(3,727,922)	0	0
Weighted average number of ordinary shareholders at December 31 to calculate basic earnings per share (in shares)	284,759,435	286,590,983	285,603,667
Diluted
Weighted Average number of ordinary shares [Line Items]
Issued ordinary shares at January 1 (in shares)		287,796,585	285,885,025	285,370,619
Effect of shares issued (in shares)	690,772	705,958	233,048
Effect of dilutive shares (in shares)	0	0	7,252,246
Effect of treasury shares purchased (in shares)	(3,727,922)	0	0
Weighted average number of ordinary shareholders at December 31 to calculate diluted earnings per share (in shares)	284,759,435	286,590,983	292,855,913

Earnings/(Loss) per Share - Disclosure of earnings/(loss) per share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Loss per Share [Line Items]
Basic earnings/ (loss) per share (in dollars per share)	$ (0.18)	$ (0.21)	$ 0.02
Diluted earnings/ (loss) per share (in dollars per share)	(0.18)	(0.21)	0.02
Basic
Earnings Loss per Share [Line Items]
Basic earnings/ (loss) per share (in dollars per share)	(0.18)	(0.21)	0.02
Diluted
Earnings Loss per Share [Line Items]
Diluted earnings/ (loss) per share (in dollars per share)	$ (0.18)	$ (0.21)	$ 0.02

Property and Equipment - Disclosure of detailed information about property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Balance at beginning of period	$ 26,771
Balance at end of period	22,957	$ 26,771
Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	6,047
Balance at end of period	5,630	6,047
Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	790
Balance at end of period	635	790
Computer equipment and software
Property, plant and equipment
Balance at beginning of period	139
Balance at end of period	174	139
Leasehold improvements
Property, plant and equipment
Balance at beginning of period	11,679
Balance at end of period	13,714	11,679
Construction in progress
Property, plant and equipment
Balance at beginning of period	8,116
Balance at end of period	2,803	8,116
Cost
Property, plant and equipment
Balance at beginning of period	41,115	33,297
Additions, net of transfers	2,176	8,422
Disposals	(195)	(605)
Deconsolidation of subsidiaries	(58)
Reclassifications	0	0
Balance at end of period	43,037	41,115
Cost \| Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	11,733	8,420
Additions, net of transfers	390	1,424
Disposals	(118)	(323)
Deconsolidation of subsidiaries	0
Reclassifications	1,336	2,211
Balance at end of period	13,341	11,733
Cost \| Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	1,452	1,452
Additions, net of transfers	0	0
Disposals	0	0
Deconsolidation of subsidiaries	0
Reclassifications	58	0
Balance at end of period	1,510	1,452
Cost \| Computer equipment and software
Property, plant and equipment
Balance at beginning of period	1,329	1,519
Additions, net of transfers	11	92
Disposals	0	(282)
Deconsolidation of subsidiaries	(58)
Reclassifications	137	0
Balance at end of period	1,419	1,329
Cost \| Leasehold improvements
Property, plant and equipment
Balance at beginning of period	18,485	18,054
Additions, net of transfers	412	183
Disposals	0	0
Deconsolidation of subsidiaries	0
Reclassifications	5,067	248
Balance at end of period	23,964	18,485
Cost \| Construction in progress
Property, plant and equipment
Balance at beginning of period	8,116	3,852
Additions, net of transfers	1,362	6,723
Disposals	(77)	0
Deconsolidation of subsidiaries	0
Reclassifications	(6,598)	(2,459)
Balance at end of period	$ 2,803	$ 8,116

Property and Equipment - Disclosure of accumulated depreciation and impairment loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Balance at beginning of period	$ 26,771
Balance at end of period	22,957	$ 26,771
Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	6,047
Balance at end of period	5,630	6,047
Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	790
Balance at end of period	635	790
Computer equipment and software
Property, plant and equipment
Balance at beginning of period	139
Balance at end of period	174	139
Leasehold improvements
Property, plant and equipment
Balance at beginning of period	11,679
Balance at end of period	13,714	11,679
Construction in progress
Property, plant and equipment
Balance at beginning of period	8,116
Balance at end of period	2,803	8,116
Accumulated depreciation and impairment loss
Property, plant and equipment
Balance at beginning of period	(14,344)	(10,520)
Depreciation	(5,845)	(4,346)
Disposals	57	522
Deconsolidation of subsidiaries	53
Balance at end of period	(20,080)	(14,344)
Accumulated depreciation and impairment loss \| Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	(5,686)	(3,965)
Depreciation	(2,082)	(1,973)
Disposals	57	251
Deconsolidation of subsidiaries	0
Balance at end of period	(7,711)	(5,686)
Accumulated depreciation and impairment loss \| Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	(663)	(454)
Depreciation	(212)	(208)
Disposals	0	0
Deconsolidation of subsidiaries	0
Balance at end of period	(875)	(663)
Accumulated depreciation and impairment loss \| Computer equipment and software
Property, plant and equipment
Balance at beginning of period	(1,190)	(1,287)
Depreciation	(107)	(174)
Disposals	0	271
Deconsolidation of subsidiaries	53
Balance at end of period	(1,244)	(1,190)
Accumulated depreciation and impairment loss \| Leasehold improvements
Property, plant and equipment
Balance at beginning of period	(6,806)	(4,815)
Depreciation	(3,444)	(1,991)
Disposals	0	0
Deconsolidation of subsidiaries	0
Balance at end of period	(10,250)	(6,806)
Accumulated depreciation and impairment loss \| Construction in progress
Property, plant and equipment
Balance at beginning of period	0	0
Depreciation	0	0
Disposals	0	0
Deconsolidation of subsidiaries	0
Balance at end of period	$ 0	$ 0

Property and Equipment - Disclosure of property & equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Property and equipment, net	$ 22,957	$ 26,771
Laboratory and manufacturing equipment
Property, plant and equipment
Property and equipment, net	5,630	6,047
Furniture and fixtures
Property, plant and equipment
Property and equipment, net	635	790
Computer equipment and software
Property, plant and equipment
Property and equipment, net	174	139
Leasehold improvements
Property, plant and equipment
Property and equipment, net	13,714	11,679
Construction in progress
Property, plant and equipment
Property and equipment, net	$ 2,803	$ 8,116

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment [abstract]
Depreciation expense	$ 5.8	$ 4.3	$ 3.9

Intangible Assets - Disclosure of detailed information about intangible assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Balance at beginning of period	$ 987,000
Write-off	(162,500)
Balance at end of period	831,000	$ 987,000
Licenses
Intangible Assets
Balance at beginning of period	987,000
Balance at end of period	831,000	987,000
Cost \| Licenses
Intangible Assets
Balance at beginning of period	990,000	900,000
Additions	25,000	90,000
Deconsolidation of subsidiaries	(21,000)
Balance at end of period	$ 831,000	$ 990,000

Intangible Assets - Disclosure of accumulated amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Balance at beginning of period	$ 987
Balance at end of period	831	$ 987
Licenses
Intangible Assets
Balance at beginning of period	987
Balance at end of period	831	987
Accumulated amortization \| Licenses
Intangible Assets
Balance at beginning of period	(3)	(1)
Amortization	(1)	(2)
Deconsolidation of subsidiaries	4
Balance at end of period	$ 0	$ (3)

Intangible Assets - Disclosure of intangible assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Intangible assets, net	$ 831	$ 987
Licenses
Intangible Assets
Intangible assets, net	$ 831	$ 987

Intangible Assets - Narrative (Details)	12 Months Ended
Intangible Assets - Narrative (Details)	Dec. 31, 2022 USD ($)
Intangible Assets
Write-off	$ (162,500)
Sonde
Intangible Assets
Decrease through loss of control of subsidiary, net assets	$ (17,500)

Other Financial Assets - Disclosure of other financial assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Financial Assets [Abstract]
Restricted cash	$ 2,124	$ 2,124
Total other financial assets	$ 2,124	$ 2,124

Equity - Disclosure of equity (Details) $ in Thousands	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 £ / shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 £ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Equity [abstract]
Share capital	$ 5,455		$ 5,444
Merger reserve	138,506		138,506
Share premium	289,624		289,303
Treasury stock	(26,492)		0
Translation reserve	89		469
Other reserve	(14,478)		(40,077)
Retained earnings/(accumulated deficit)	149,516		199,871
Equity attributable to the owners of the Company	542,220		593,515
Non-controlling interests	5,369		(9,368)
Total equity	$ 547,589		$ 584,147		$ 653,539	$ 650,398
Par value per share (in GBP per share) \| £ / shares		£ 0.01		£ 0.01
Number of shares issued and fully paid (in shares) \| shares	278,566,306		287,796,585

Equity - Narrative (Details) - Common $ in Millions	12 Months Ended
Equity - Narrative (Details) - Common $ in Millions	Dec. 31, 2022 shares	Dec. 31, 2021 shares	May 09, 2022 USD ($) tranch	Jun. 18, 2015 shares
Equity - Acquired Share capital PureTech LLC [Line Items]
Value of ahares authorized to be repurchased \| $			$ 50.0
Number of tranches \| tranch			2
Number of shares issued (in shares)	278,566,306
Purchase of treasury stock (in shares)	10,595,347	0
Jefferies International Limited
Equity - Acquired Share capital PureTech LLC [Line Items]
Value of ahares authorized to be repurchased \| $			$ 25.0
PureTech Health LLC
Equity - Acquired Share capital PureTech LLC [Line Items]
Issued share capital acquired (in shares)				159,648,387

Subsidiary Preferred Shares - Disclosure of subsidiary preferred share balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Subsidiary Preferred Shares [Line Items]
Subsidiary preferred shares	$ 27,339	$ 174,017
Entrega
Subsidiary Preferred Shares [Line Items]
Subsidiary preferred shares	169	669
Follica
Subsidiary Preferred Shares [Line Items]
Subsidiary preferred shares	350	11,191
Sonde
Subsidiary Preferred Shares [Line Items]
Subsidiary preferred shares	0	13,362
Vedanta Biosciences
Subsidiary Preferred Shares [Line Items]
Subsidiary preferred shares	$ 26,820	$ 148,796

Subsidiary Preferred Shares - Disclosure of subsidiary preferred shares, minimum liquidation preference (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Minimum liquidation preference [Line Items]
Minimum liquidation preference	$ 158,189	$ 170,189
Entrega
Minimum liquidation preference [Line Items]
Minimum liquidation preference	2,216	2,216
Follica
Minimum liquidation preference [Line Items]
Minimum liquidation preference	6,405	6,405
Sonde
Minimum liquidation preference [Line Items]
Minimum liquidation preference	0	12,000
Vedanta Biosciences
Minimum liquidation preference [Line Items]
Minimum liquidation preference	$ 149,568	$ 149,568

Subsidiary Preferred Shares - Changes in value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the value of subsidiary preferred shares [Roll Forward]
Beginning balance	$ 174,017
Ending balance	27,339	$ 174,017
Subsidiary preferred shares
Changes in the value of subsidiary preferred shares [Roll Forward]
Beginning balance	174,017	118,972
Issuance of new preferred shares – financing cash flow		37,610
Decrease in value of preferred shares measured at fair value – finance costs (income)	(130,825)	(8,362)
Conversion of convertible notes into preferred shares - non cash financing activity		25,797
Deconsolidation	(15,853)
Ending balance	$ 27,339	$ 174,017

Subsidiary Preferred Shares - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 21, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Preferred Shares [Line Items]
Cash purchase of Vor preferred shares		$ 5,000	$ 500	$ 1,150
Subsidiary preferred shares
Subsidiary Preferred Shares [Line Items]
Conversion of convertible notes into preferred shares - non cash financing activity			$ 25,797
Preferred D shares \| Vedanta
Subsidiary Preferred Shares [Line Items]
Number of shares issued by investee (in shares)	2,387,675
Proceeds from the issuance of shares and subsidiary preferred shares	$ 68,400
Cash purchase of Vor preferred shares	$ 5,000
Acquisition of equity instruments in other entities	174,520

Financial Instruments - Disclosure of changes in financial liabilities, level 3 fair value - subsidiary preferred shares and convertible notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial liabilities [line items]
Balance at beginning of period	$ 192,808
Balance at end of period	35,664	$ 192,808
Subsidiary preferred shares
Disclosure of financial liabilities [line items]
Balance at beginning of period	174,017
Change in fair value	(130,825)	(8,362)
Deconsolidation	(15,853)
Balance at end of period	27,339	174,017
Subsidiary preferred shares \| At fair value
Disclosure of financial liabilities [line items]
Balance at beginning of period	174,017	118,972	$ 100,989
Value at issuance	0	37,610	13,750
Change in fair value	(130,825)	(8,362)	4,233
Accrued interest – contractual	0	0
Conversion to subsidiary preferred shares		25,797
Deconsolidation	(15,853)
Balance at end of period	27,339	174,017	118,972
Subsidiary convertible notes
Disclosure of financial liabilities [line items]
Change in fair value	502	175
Conversion to subsidiary preferred shares		(25,797)
Subsidiary convertible notes \| At fair value
Disclosure of financial liabilities [line items]
Balance at beginning of period	2,461	25,000	0
Value at issuance	393	2,215	25,000
Change in fair value	502	175	0
Accrued interest – contractual	48	867
Conversion to subsidiary preferred shares		(25,797)
Deconsolidation	(3,403)
Balance at end of period	$ 0	$ 2,461	$ 25,000

Financial Instruments - Disclosure of significant unobservable inputs, level 3 fair value - preferred shares liability (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Financial liabilities, at fair value	$ 35,664	$ 192,808
Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Financial liabilities, at fair value	29,171	184,781
Subsidiary preferred shares
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Financial liabilities, at fair value	27,339	174,017
Subsidiary preferred shares \| Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Financial liabilities, at fair value	27,339	$ 174,017
PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation \| Subsidiary preferred shares \| Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Financial liabilities, at fair value	$ 26,820
Weighted Average \| Estimated Time to Exit \| PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation \| Subsidiary preferred shares \| Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Weighted Average	2.14
Weighted Average \| Equity Discount Rate \| PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation \| Subsidiary preferred shares \| Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Weighted Average	0.30
Weighted Average \| Debt Discount Rate \| PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation \| Subsidiary preferred shares \| Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Weighted Average	0.15
Weighted Average \| Volatility \| PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation \| Subsidiary preferred shares \| Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Weighted Average	0.95

Financial Instruments - Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities (Details) - Level 3 of fair value hierarchy - Subsidiary preferred shares $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Time to Liquidity
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Sensitivity range, decrease	6 months
Sensitivity range, increase	6 months
Financial Liability Increase/ (Decrease)	$ 1,322
Financial Liability Increase/ (Decrease)	$ 856
Volatility
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible decrease in unobservable input, liabilities	(10.00%)
Percentage of reasonably possible increase in unobservable input, liabilities	1000.00%
Financial Liability Increase/ (Decrease)	$ 1,133
Financial Liability Increase/ (Decrease)	$ 1,200
Discount rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Percentage of reasonably possible decrease in unobservable input, liabilities	(5.00%)
Percentage of reasonably possible increase in unobservable input, liabilities	5.00%
Financial Liability Increase/ (Decrease)	$ 2,035
Financial Liability Increase/ (Decrease)	$ 1,922

Financial Instruments - Narrative - Financial assets held at fair value (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Investments held at fair value \| Akili and Gelesis
Disclosure of financial assets [line items]
Gain/(loss) on investment held at fair value	$ (30.0)

Financial Instruments - Disclosure of changes in assets, level 3 fair value - investments held at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Balance at beginning of period before allocation of associate loss to long-term interest	$ 944,832
Cash investment in associate	19,961	$ 0	$ 0
Balance at end of period before allocation of associate loss to long-term interest	575,738	944,832
Investments held at fair value
Disclosure of financial assets [line items]
Balance at beginning of period before allocation of associate loss to long-term interest	493,888
Balance at end of period before allocation of associate loss to long-term interest	251,892	493,888
Level 3 of fair value hierarchy
Disclosure of financial assets [line items]
Balance at beginning of period before allocation of associate loss to long-term interest	254,653
Balance at end of period before allocation of associate loss to long-term interest	29,094	254,653
Level 3 of fair value hierarchy \| Investments held at fair value
Disclosure of financial assets [line items]
Balance at beginning of period before allocation of associate loss to long-term interest	239,533	206,892	154,445
Gain/(Loss) on changes in fair value	(31,253)	65,505	41,297
Reclassification of Akili to level 1 investment	(128,764)
Balance at end of period before allocation of associate loss to long-term interest	12,593	239,533	206,892
Balance at end of period after allocation of associate loss to long-term interest	12,593
Level 3 of fair value hierarchy \| Investments held at fair value \| Gelesis
Disclosure of financial assets [line items]
Cash investment in associate			10,000
Gelesis Earn out shares received in SPAC exchange	14,214
Exchange of Gelesis preferred shares to Gelesis common shares	(92,303)
Level 3 of fair value hierarchy \| Investments held at fair value \| Vor
Disclosure of financial assets [line items]
Cash investment in associate		500	$ 1,150
Reclassification of Vor from level 3 to level 1		$ (33,365)
Level 3 of fair value hierarchy \| Investments held at fair value \| Sonde
Disclosure of financial assets [line items]
Deconsolidation	$ 11,168

Financial Instruments - Disclosure of significant unobservable inputs - investments at fair value, assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Financial assets, at fair value	$ 575,738	$ 944,832
Level 3 of fair value hierarchy
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Financial assets, at fair value	29,094	$ 254,653
Investments held at fair value \| Level 3 of fair value hierarchy \| Market Backsolve & OPM
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Financial assets, at fair value	$ 11,403
Investments held at fair value \| Level 3 of fair value hierarchy \| Weighted Average \| Estimated Time to Exit \| Market Backsolve & OPM
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Weighted Average	2.00
Investments held at fair value \| Level 3 of fair value hierarchy \| Weighted Average \| Volatility \| Market Backsolve & OPM
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Weighted Average	0.55

Financial Instruments - Disclosure of changes in financial liabilities - warrants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	$ 192,808
Balance at end of period	35,664	$ 192,808
Level 3 of fair value hierarchy
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	184,781
Balance at end of period	29,171	184,781
Subsidiary warrant liability
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	6,787
Balance at end of period	47	6,787
Subsidiary warrant liability \| Level 3 of fair value hierarchy
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	6,787	8,206	$ 7,997
Value at issuance			92
Change in fair value	(6,740)	(1,419)	117
Balance at end of period	$ 47	$ 6,787	$ 8,206

Financial Instruments - Narrative - Warrants (Details) - Preferred share warrants - $ / shares	Sep. 21, 2021	Jan. 01, 2017
Vedanta \| Oxford Finance LLC
Financial Instruments - Warrants [Line Items]
Exercise price (in dollars per share)	$ 23.28
Number of shares issued (in shares)	12,886
Loans \| Follica
Financial Instruments - Warrants [Line Items]
Exercise price (in dollars per share)		$ 0.07

Financial Instruments - Narrative - Short-term note from associate (Details) - Short-term note from associate - Gelesis $ in Millions	Dec. 07, 2021 USD ($)
Short-term note [Line Items]
Convertible instruments, discount rate	25.00%
Convertible instruments, interest rate	10.00%
Associates
Short-term note [Line Items]
Current receivables due from related parties	$ 15.0

Financial Instruments - Narrative - Convertible note from associate (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 31, 2022 USD ($)	Jul. 27, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Short-term note [Line Items]
Current receivables due from associates	$ 0		$ 0	$ 15,120
Financial assets	$ 575,738		$ 575,738	$ 944,832
Gelesis
Short-term note [Line Items]
Exercise price (in dollars per share) \| $ / shares		$ 0.01
Calculation of number of securities called by warrants or rights, multiplier		0.2
Calculation of number of securities called by warrants or rights, number of trading days		5 days
Convertible note receivable \| Discount rate
Short-term note [Line Items]
Weighted Average	0.289		0.289
Percentage of reasonably possible increase in unobservable input, assets	5.00%		5.00%
Percentage of reasonably possible decrease in unobservable input, assets	(5.00%)		(5.00%)
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets			$ 400
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets			400
Convertible note receivable \| Expected term
Short-term note [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets			$ 900
Sensitivity range, increase	3 months		6 months
Convertible note receivable \| Gelesis
Short-term note [Line Items]
Current receivables due from associates		$ 15,000
Current receivable due from associates, interest rate		15.00%
Financial assets	$ 16,500		$ 16,500
Interest income on loans and receivables			963
Gains (losses) on financial assets at fair value through profit or loss			$ 539

Subsidiary Notes Payable - Disclosure of subsidiary notes payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Notes Payable [Line Items]
Current financial liabilities	$ 2,345	$ 4,641
Loans
Notes Payable [Line Items]
Current financial liabilities	2,097	1,945
Subsidiary convertible notes
Notes Payable [Line Items]
Current financial liabilities	$ 248	$ 2,696	$ 25,223

Subsidiary Notes Payable - Narrative - Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Subsidiary Notes Payable - Loans [Line Items]
Subsidiary notes payable	$ 2,345	$ 4,641
Loans
Subsidiary Notes Payable - Loans [Line Items]
Subsidiary notes payable	$ 2,097	1,945
Loans \| Follica \| Lighthouse Capital Partners VI, L.P
Subsidiary Notes Payable - Loans [Line Items]
Borrowings, interest rate	12.00%
Subsidiary notes payable	$ 2,000	$ 1,900

Subsidiary Notes Payable - Disclosure of convertible notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Convertible Notes [Roll Forward]
Beginning balance	$ 4,641
Ending balance	2,345	$ 4,641
Subsidiary convertible notes
Convertible Notes [Roll Forward]
Beginning balance	2,696	25,223
Gross principal - issuance of notes - financing activity	393	2,215
Accrued interest on convertible notes - finance costs	60	880
Conversion to subsidiary preferred shares		(25,797)
Change in fair value	502	175
Deconsolidation	(3,403)
Ending balance	248	2,696
Vedanta \| Subsidiary convertible notes
Convertible Notes [Roll Forward]
Beginning balance	0	25,000
Gross principal - issuance of notes - financing activity	0	0
Accrued interest on convertible notes - finance costs	0	797
Conversion to subsidiary preferred shares		(25,797)
Change in fair value	0	0
Deconsolidation	0
Ending balance	0	0
Knode \| Subsidiary convertible notes
Convertible Notes [Roll Forward]
Beginning balance	94	89
Gross principal - issuance of notes - financing activity	0	0
Accrued interest on convertible notes - finance costs	5	5
Conversion to subsidiary preferred shares		0
Change in fair value	0	0
Deconsolidation	0
Ending balance	99	94
Appeering \| Subsidiary convertible notes
Convertible Notes [Roll Forward]
Beginning balance	141	134
Gross principal - issuance of notes - financing activity	0	0
Accrued interest on convertible notes - finance costs	8	8
Conversion to subsidiary preferred shares		0
Change in fair value	0	0
Deconsolidation	0
Ending balance	149	141
Sonde \| Subsidiary convertible notes
Convertible Notes [Roll Forward]
Beginning balance	2,461	0
Gross principal - issuance of notes - financing activity	393	2,215
Accrued interest on convertible notes - finance costs	48	70
Conversion to subsidiary preferred shares		0
Change in fair value	502	175
Deconsolidation	(3,403)
Ending balance	$ 0	$ 2,461

Subsidiary Notes Payable - Narrative - Convertible Notes (Details) - Subsidiary convertible notes - USD ($) $ in Millions		1 Months Ended	8 Months Ended
	Dec. 30, 2020	Mar. 31, 2022	Nov. 24, 2021	Dec. 31, 2022
Vedanta \| Investor
Convertible Notes [Line Items]
Proceeds from issue of convertible notes	$ 25.0
Borrowings, interest rate	6.00%
Sonde
Convertible Notes [Line Items]
Borrowings, interest rate				6.00%
Discount, conversion from notes - qualified financing				20.00%
Discount, conversion from notes - non qualified financing				20.00%
Sonde \| Outside investors
Convertible Notes [Line Items]
Proceeds from issue of convertible notes		$ 0.4	$ 2.2
Sonde \| PureTech and third-party
Convertible Notes [Line Items]
Proceeds from issue of convertible notes		0.9	4.3
Sonde \| PureTech Health (Company)
Convertible Notes [Line Items]
Proceeds from issue of convertible notes		$ 0.5	$ 2.1

Non-Controlling Interest - Disclosure of changes in equity classified non-controlling ownership interests in subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Controlling Interests [Line Items]
Equity at beginning of period	$ 584,147	$ 653,539	$ 650,398
Share of comprehensive income (loss)	(37,444)	(62,709)	5,037
NCI exercise of share options in subsidiaries	7	66
Equity settled share-based awards	13,567	13,361	10,627
Acquisition of subsidiary non-controlling interest		(968)
Equity at end of period	547,589	584,147	653,539
Non-controlling interests
Non-Controlling Interests [Line Items]
Equity at beginning of period	(9,368)	(16,209)	(17,639)
Share of comprehensive income (loss)	13,290	(2,151)	(1,417)
Deconsolidation of subsidiary	11,904
NCI exercise of share-based awards in subsidiaries - change in NCI interest		(5,922)
NCI exercise of share options in subsidiaries	(15,164)	(5,922)
Equity settled share-based awards	4,711	6,252	2,822
Acquisition of subsidiary non-controlling interest		8,668
Other	(4)	(6)	24
Equity at end of period	5,369	(9,368)	(16,209)
Internal
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	(121,118)	(64,753)	(41,964)
Internal \| Non-controlling interests
Non-Controlling Interests [Line Items]
Equity at beginning of period	0	(8,567)	(8,682)
Share of comprehensive income (loss)	0	(96)	(191)
Deconsolidation of subsidiary	0
NCI exercise of share-based awards in subsidiaries - change in NCI interest		0
NCI exercise of share options in subsidiaries	0
Equity settled share-based awards	0	(4)	305
Acquisition of subsidiary non-controlling interest		8,668
Other	0	0	0
Equity at end of period	0	0	(8,567)
Controlled founded entities
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	99,075	(42,917)	(45,411)
Controlled founded entities \| Non-controlling interests
Non-Controlling Interests [Line Items]
Equity at beginning of period	1,634	2,966	1,465
Share of comprehensive income (loss)	13,604	(1,634)	(905)
Deconsolidation of subsidiary	0
NCI exercise of share-based awards in subsidiaries - change in NCI interest		(5,922)
NCI exercise of share options in subsidiaries	(15,164)
Equity settled share-based awards	4,703	6,224	2,395
Acquisition of subsidiary non-controlling interest		0
Other	0	0	11
Equity at end of period	4,778	1,634	2,966
Non-controlled founded entities
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	(5,085)	(7,010)	(6,826)
Non-controlled founded entities \| Non-controlling interests
Non-Controlling Interests [Line Items]
Equity at beginning of period	(11,585)	(11,181)	(11,016)
Share of comprehensive income (loss)	(330)	(436)	(306)
Deconsolidation of subsidiary	11,904
NCI exercise of share-based awards in subsidiaries - change in NCI interest		0
NCI exercise of share options in subsidiaries	0
Equity settled share-based awards	8	32	122
Acquisition of subsidiary non-controlling interest		0
Other	2	0	19
Equity at end of period	0	(11,585)	(11,181)
Parent company and other
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	(10,316)	51,971	99,238
Parent company and other \| Non-controlling interests
Non-Controlling Interests [Line Items]
Equity at beginning of period	583	574	593
Share of comprehensive income (loss)	15	15	(15)
Deconsolidation of subsidiary	0
NCI exercise of share-based awards in subsidiaries - change in NCI interest		0
NCI exercise of share options in subsidiaries	0
Equity settled share-based awards	0	0	0
Acquisition of subsidiary non-controlling interest		0
Other	(6)	(6)	(6)
Equity at end of period	$ 592	$ 583	$ 574

Non-Controlling Interest - Disclosure of aggregation of subsidiaries with material non-controlling interests before intra-group eliminations (Details) - Subsidiaries with material non-controlling interests - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Controlling Interests [Line Items]
Total revenue	$ 12,202	$ 7,771	$ 5,224
Income/(loss) for the year	99,636	(49,644)	(54,869)
Other comprehensive income/(loss)	0	0
Total comprehensive income/(loss) for the year	99,636	(49,644)	(54,869)
Total assets	35,241	66,118
Total liabilities	65,578	218,101
Net assets/(liabilities)	(30,336)	(151,982)
Internal
Non-Controlling Interests [Line Items]
Total revenue	0	0	3,267
Income/(loss) for the year	0	0	(2,407)
Other comprehensive income/(loss)	0	0
Total comprehensive income/(loss) for the year	0	0	(2,407)
Total assets	0	0
Total liabilities	0	0
Net assets/(liabilities)	0	0
Controlled founded entities
Non-Controlling Interests [Line Items]
Total revenue	12,202	7,771	1,957
Income/(loss) for the year	98,633	(50,436)	(53,535)
Other comprehensive income/(loss)	0	0
Total comprehensive income/(loss) for the year	98,633	(50,436)	(53,535)
Total assets	35,341	66,279
Total liabilities	76,635	228,856
Net assets/(liabilities)	(41,294)	(162,576)
Intra-group eliminations
Non-Controlling Interests [Line Items]
Total revenue	0	0	0
Income/(loss) for the year	1,003	792	1,073
Other comprehensive income/(loss)	0	0
Total comprehensive income/(loss) for the year	1,003	792	$ 1,073
Total assets	(100)	(161)
Total liabilities	(11,057)	(10,755)
Net assets/(liabilities)	$ 10,957	$ 10,594

Non-Controlling Interest - Narrative (Details) - USD ($)						12 Months Ended
	Dec. 31, 2022	Dec. 01, 2021	Nov. 30, 2021	Jun. 11, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Jul. 15, 2021
Non-Controlling Interests [Line Items]
Contingent consideration recognised as of acquisition date				$ 600,000
Consideration paid (received)				$ 9,600,000
Non-controlling interests
Non-Controlling Interests [Line Items]
NCI exercise of share-based awards in subsidiaries - change in NCI interest							$ (5,922,000)
Follica, Incorporated
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests					19.90%
Alivio
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests					8.10%
Proportion of ownership interest in subsidiary				100.00%
Acquired minority non-controlling interest				17.10%
Consideration for acquired non-controlling interest				$ 1,200,000
Consideration for acquired non-controlling interest, first installment				400,000
Acquisition cost				$ 1,000,000
Consideration for acquired non-controlling interest, second installment								$ 400,000
Sonde
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests					4.50%		6.20%
Vedanta
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests					0.40%		3.70%
Common \| Follica, Incorporated
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests	19.90%						19.90%
Common \| Vedanta
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests	12.20%
Common \| Vedanta \| Non-controlling interests
Non-Controlling Interests [Line Items]
Convertible debt, instruments, converted to equity						$ 7,200
Increase (decrease) through conversion of convertible instruments, equity						$ 15,200,000
Common \| Entrega
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests			0.20%			11.70%	11.70%
Common \| Entrega and Vedanta
Non-Controlling Interests [Line Items]
Increase (decrease) through conversion of convertible instruments, equity							$ 6,000,000
Common \| Entrega and Vedanta \| Non-controlling interests
Non-Controlling Interests [Line Items]
Convertible debt, instruments, converted to equity							$ 100,000
Increase (decrease) through conversion of convertible instruments, equity		$ 5,900,000

Trade and Other Payables - Disclosure of trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Trade and other payables [abstract]
Trade payables	$ 26,504	$ 11,346
Accrued expenses	24,518	17,309
Income tax payable	57	57
Liability settled share based awards	1,805	4,703
Other	1,957	2,403
Total trade and other payables	$ 54,840	$ 35,817

Long-term loan - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 21, 2021 $ / shares shares	Dec. 31, 2020 USD ($)	Sep. 15, 2020
Disclosure of detailed information about borrowings [line items]
Long-term loan		$ 15,400	$ 15,118		$ 14,818
Vedanta
Disclosure of detailed information about borrowings [line items]
Long-term loan		15,400
Vedanta \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan		$ 15,000
Oxford Finance LLC \| Vedanta
Disclosure of detailed information about borrowings [line items]
Final fee, percentage of original principal amount outstanding	0.07
Debt instrument, payment terms, final fee trigger amount	$ 1,100
Oxford Finance LLC \| Vedanta \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	$ 15,000
Oxford Finance LLC \| Vedanta \| Preferred share warrants
Disclosure of detailed information about borrowings [line items]
Number of shares issued (in shares) \| shares				12,886
Exercise price (in dollars per share) \| $ / shares				$ 23.28
Oxford Finance LLC \| Vedanta \| Floating interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	7.70%
Borrowings, adjustment to interest rate basis						0.17%

Long-term loan - Disclosure of long-term loan obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Beginning balance	$ 15,118	$ 14,818
Accrued interest	1,755	1,502
Interest paid	(1,436)	1,201
Other	(38)	0
Ending balance	$ 15,400	$ 15,118

Long-term loan - Disclosure of long-term loan - Vedanta (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Long-term loan	$ 15,400	$ 15,118	$ 14,818
Vedanta
Disclosure of detailed information about borrowings [line items]
Long-term loan	15,400
Vedanta \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	15,000
Vedanta \| Balance of accreted premium net of unamortized issuance costs
Disclosure of detailed information about borrowings [line items]
Long-term loan	400
Vedanta \| 2023 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	5,156
Vedanta \| 2024 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	5,625
Vedanta \| 2025 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	$ 4,219

Long-term loan - Disclosure of detailed information about borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Current portion of long-term loan	$ 5,156	$ 857
Long-term loan	10,244	14,261
Total Long-term loan	$ 15,400	$ 15,118	$ 14,818

Leases - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Balance at beginning of period	$ 17,166	$ 20,098
Additions	163	739
Tenant improvement - lease incentive	0	(733)
Depreciation	(3,047)	(2,938)	$ (2,700)
Balance at end of period	$ 14,281	$ 17,166	$ 20,098

Leases - Disclosure of lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Balance at beginning of period	$ 32,990	$ 35,348
Additions	163	1,016
Cash paid for rent - principal - financing cash flow	(4,025)	(3,375)	$ (2,908)
Cash paid for rent - interest	(1,982)	(2,181)
Interest expense	1,982	2,181	2,354
Balance at end of period	$ 29,128	$ 32,990	$ 35,348

Leases - Narrative (Details) $ in Thousands		12 Months Ended
Leases - Narrative (Details) $ in Thousands	Apr. 26, 2019 ft² option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 06, 2019 ft²	Jun. 26, 2019 ft²
Leases [Abstract]
Depreciation \| $		$ (3,047)	$ (2,938)	$ (2,700)
Rental income \| $			$ 600	$ 1,100
Gelesis
Leases - Rental [Line Items]
Lease liability, subleased area (in square feet)						9,446
Dewpoint Therapeutics, Inc.
Leases - Rental [Line Items]
Lease liability, subleased area (in square feet)					11,852
Lease At 6 Tide Street
Leases - Rental [Line Items]
Rentable area (in square feet)	50,858
Lease liability, initial term	10 years 3 months
Lease liability, number of renewal options \| option	2
Lease liability, renewal term	5 years

Leases - Disclosure of short-term and long-term portion of lease liability (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Short-term Portion of Lease Liability	$ 4,972	$ 3,950
Long-term Portion of Lease Liability	24,155	29,040
Total Lease Liability	$ 29,128	$ 32,990	$ 35,348

Leases - Disclosure of maturity analysis of operating lease payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	$ 35,056
Interest	5,928
Total Lease Liability	29,128	$ 32,990	$ 35,348
Less than one year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	6,673
One to two years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	6,763
Two to three years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	5,168
Three to four years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	4,419
Four to five years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	4,551
More than five years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted lease maturities	$ 7,483

Leases - Disclosure of short-term and long-term portion of lease receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Short-term and Long-term of lease receivables [Table]
Short-term Portion of Lease Receivable	$ 450	$ 415
Long-term Portion of Lease Receivable	835	$ 1,285
Total Lease Receivable	$ 1,285

Leases - Disclosure of maturity analysis of finance lease payments receivable (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finance lease payments receivable [Line Items]
Undiscounted lease receivable	$ 1,389
Unearned Finance income	103
Net investment in the lease	1,285
Less than one year
Finance lease payments receivable [Line Items]
Undiscounted lease receivable	513
One to two years
Finance lease payments receivable [Line Items]
Undiscounted lease receivable	523
Two to three years
Finance lease payments receivable [Line Items]
Undiscounted lease receivable	$ 353

Capital and Financial Risk Management - Credit risk (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capital And Financial Risk Management Credit Risk [Abstract]
Cash and cash equivalents	$ 149,866	$ 465,708	$ 403,881	$ 132,360
Short-term investments	200,229	0
Trade and other receivables	11,867	3,174
Total	$ 361,961	$ 468,882

Capital and Financial Risk Management - Not impaired (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Not impaired [Line Items]
Trade and other receivables	$ 11,867	$ 3,174
Not impaired
Not impaired [Line Items]
Trade and other receivables	$ 11,867	$ 3,174

Capital and Financial Risk Management - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liquidity Risk [Line Items]
Long-term loan	$ 15,400	$ 15,118	$ 14,818
Current financial liabilities	2,345	4,641
Financial liabilities	103,103	240,015
Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	18,531	18,752
Subsidiary notes payable
Liquidity Risk [Line Items]
Current financial liabilities	2,345	4,641
Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	54,840	35,817
Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	47	6,787
Subsidiary preferred shares
Liquidity Risk [Line Items]
Current financial liabilities	27,339	174,017
Carrying Amount
Liquidity Risk [Line Items]
Financial liabilities	99,971	236,381
Carrying Amount \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	15,400	15,118
Carrying Amount \| Subsidiary notes payable
Liquidity Risk [Line Items]
Current financial liabilities	2,345	4,641
Carrying Amount \| Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	54,840	35,817
Carrying Amount \| Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	47	6,787
Carrying Amount \| Subsidiary preferred shares
Liquidity Risk [Line Items]
Current financial liabilities	27,339	174,017
Within Three Months
Liquidity Risk [Line Items]
Financial liabilities	86,409	221,559
Within Three Months \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	1,838	296
Within Three Months \| Subsidiary notes payable
Liquidity Risk [Line Items]
Current financial liabilities	2,345	4,641
Within Three Months \| Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	54,840	35,817
Within Three Months \| Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	47	6,787
Within Three Months \| Subsidiary preferred shares
Liquidity Risk [Line Items]
Current financial liabilities	27,339	174,017
Three to Twelve months
Liquidity Risk [Line Items]
Financial liabilities	5,281	2,182
Three to Twelve months \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	5,281	2,182
Three to Twelve months \| Subsidiary notes payable
Liquidity Risk [Line Items]
Current financial liabilities	0	0
Three to Twelve months \| Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	0	0
Three to Twelve months \| Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	0	0
Three to Twelve months \| Subsidiary preferred shares
Liquidity Risk [Line Items]
Current financial liabilities	0	0
One year to Five Years
Liquidity Risk [Line Items]
Financial liabilities	11,413	16,274
One year to Five Years \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	11,413	16,274
One year to Five Years \| Subsidiary notes payable
Liquidity Risk [Line Items]
Current financial liabilities	0	0
One year to Five Years \| Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	0	0
One year to Five Years \| Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	0	0
One year to Five Years \| Subsidiary preferred shares
Liquidity Risk [Line Items]
Current financial liabilities	$ 0	$ 0

Capital and Financial Risk Management - Narrative (Details) $ in Thousands	Jan. 13, 2022 shares	Dec. 31, 2022 USD ($) shares	Aug. 19, 2022 shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Capital And Financial Risk Management [Line Items]
Cash and cash equivalents		$ 149,866		$ 465,708	$ 403,881	$ 132,360
Short-term investments		200,229		0
Investments held at fair value		251,892		$ 397,179	553,167
Karuna, Vor and Akili
Capital And Financial Risk Management [Line Items]
Investments held at fair value		$ 239,000
Karuna
Capital And Financial Risk Management [Line Items]
Number of associate's common stock held at fair value \| shares		1,054,464
Vor
Capital And Financial Risk Management [Line Items]
Number of associate's common stock held at fair value \| shares		2,671,800
Akili
Capital And Financial Risk Management [Line Items]
Number of shares held (in shares) \| shares			12,527,477
Number of earnout shares received from SPAC exchange (in shares) \| shares	1,433,914
Equity price risk \| Karuna, Vor and Akili
Capital And Financial Risk Management [Line Items]
Sensitivity analysis for equity price risk, impact on pre-tax earnings, percentage		0.10
Sensitivity analysis for equity price risk, impact on pre-tax earnings		$ 23,900
Gelesis
Capital And Financial Risk Management [Line Items]
Investments in associates accounted for using equity method					$ 0
Number of earnout shares received from SPAC exchange (in shares) \| shares	4,526,622
Gelesis and Sonde
Capital And Financial Risk Management [Line Items]
Investments in associates accounted for using equity method		$ 9,100

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies [Table]
Payments in respect of developmental milestones, dependent on events outside control of company, but reasonably possible to occur	$ 8.7
Non-cancellable contractual commitments	$ 11.3

Related Parties Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party transactions [Line Items]
General and administrative expenses	$ 60,991	$ 57,199	$ 49,440
Finance income	5,799	214	1,183
Receivables due from related parties	1,100
Gelesis
Related party transactions [Line Items]
Finance income	1,600
Related parties
Related party transactions [Line Items]
General and administrative expenses	51	181
Related parties \| Gelesis
Related party transactions [Line Items]
Royalty income	$ 509	$ 231	$ 54
Directors and Senior Managers \| Common
Related party transactions [Line Items]
Number of shares held (in shares)	25,371,839
Percent voting rights of the Companny	9.10%
Additional number of shares authorized to purchase	2,350,000
Number of shares issuable based on performance conditions	6,448,899	6,448,899
Directors and Senior Managers \| Convertible notes
Related party transactions [Line Items]
Payables to related parties	$ 99	$ 94
Senior Managers \| Common
Related party transactions [Line Items]
Number of shares issuable based on performance conditions			6,448,899
Director \| Common
Related party transactions [Line Items]
Number of shares issuable based on performance conditions			172,056
Nonexecutive Directors
Related party transactions [Line Items]
Remuneration expense	655	605	$ 690
Share-based payment expense	365	161	$ 0
Associates \| Gelesis
Related party transactions [Line Items]
Royalty income	$ 509	$ 231

Related Parties Transactions - Disclosure of key management personnel compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions - Key Management Personnel Compensation [Abstract]
Short-term employee benefits	$ 4,369	$ 4,666	$ 4,833
Share-based payment expense	2,741	4,045	5,822
Total	$ 7,109	$ 8,711	$ 10,656

Related Parties Transactions - Disclosure of directors’ and senior managers’ shareholdings and share incentive awards (Details)	Dec. 31, 2022 USD ($) shares
Ms Dapne Zohar \| Gelesis \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	465,121
Number of options held (in shares)	3,303,306
Number of RSUs held (in shares)	1,349,697
Ownership interest	4.45%
Dr Robert Langer \| Entrega \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	250,000
Number of options held (in shares)	82,500
Number of RSUs held (in shares)	0
Ownership interest	4.09%
Dr Raju Kucherlapati \| Gelesis \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	139,625
Number of options held (in shares)	0
Number of RSUs held (in shares)	50,639
Ownership interest	0.12%
Dr Raju Kucherlapati \| Enlight (Class B Common) \| Class B common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	0
Number of options held (in shares)	30,000
Number of RSUs held (in shares)	0
Ownership interest	3.00%
Dr John LaMattina \| Gelesis \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	395,035
Number of options held (in shares)	37,129
Number of RSUs held (in shares)	0
Ownership interest	0.38%
Dr John LaMattina \| Akili \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	56,554
Number of options held (in shares)	0
Number of RSUs held (in shares)	0
Ownership interest	0.07%
Dr John LaMattina \| Vedanta \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	25,000
Number of options held (in shares)	0
Number of RSUs held (in shares)	0
Ownership interest	0.17%
Dr Bharatt Chowrira \| Karuna \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	5,000
Number of options held (in shares)	0
Number of RSUs held (in shares)	0
Ownership interest	0.01%
Dr Joseph Bolen \| Vor \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	0
Number of options held (in shares)	9,191
Number of RSUs held (in shares)	0
Ownership interest	0.01%
Dr John LaMattina and Ms Mary LaMattina \| Gelesis \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	345,035
Dr John LaMattina (individually) \| Gelesis \| Common
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number of shares held (in shares)	50,000
Dr John LaMattina (individually) \| Appeering \| Convertible notes
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Aggregate principal amount \| $	$ 50,000

Taxation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Taxation - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxation [Line Items]
Percentage vote and value of subsidiaries included in the Group consolidated federal tax return	80.00%	80.00%	80.00%
Percentage vote and value of subsidiaries in the Group consolidated state tax return	50.00%	50.00%	50.00%
Income tax expense/(benefit)	$ (55,719)	$ 3,756	$ 14,401
Total deferred income tax expense/(benefit)	(70,120)	(18,491)	(7,395)
Total current income tax expense/(benefit)	14,401	22,247	21,796
UNITED STATES
Taxation [Line Items]
Deferred tax assets (liabilities), net, not recognized	92,962	72,843
Federal
Taxation [Line Items]
Total deferred income tax expense/(benefit)	(48,240)	(15,416)	(7,349)
Total current income tax expense/(benefit)	13,065	22,138	21,796
Tax Losses	219,500	215,400	169,700
Tax Credits	4,500	3,900	3,900
Unused federal orphan drug tax credits	6,100	5,700
Federal \| Operating loss carryforwards not subject to expiration
Taxation [Line Items]
Tax Losses	152,700
MASSACHUSETTS
Taxation [Line Items]
Tax Losses	71,700	27,900	67,400
Tax Credits	$ 600	$ 1,300	$ 2,100

Taxation - Disclosure of income taxes recognized in comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxation [Abstract]
Income/(loss) for the year	$ (37,065)	$ (62,709)	$ 4,568
Income tax expense/(benefit)	(55,719)	3,756	14,401
Income/(loss) before taxes	$ (92,783)	$ (58,953)	$ 18,969

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
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-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
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-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

Taxation - Disclosure of recognized income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	$ 14,401	$ 22,247	$ 21,796
Total deferred income tax expense/(benefit)	(70,120)	(18,491)	(7,395)
Total income tax expense/(benefit), recognized	(55,719)	3,756	14,401
Federal
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	13,065	22,138	21,796
Total deferred income tax expense/(benefit)	(48,240)	(15,416)	(7,349)
Foreign
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	0	0	0
Total deferred income tax expense/(benefit)	0	0	0
State
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	1,336	109	0
Total deferred income tax expense/(benefit)	$ (21,880)	$ (3,075)	$ (46)

Taxation - Disclosure of reconciliation of effective tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Effective Tax Rate [Table]
US federal statutory rate	$ (19,486)	$ (12,380)	$ 3,984
US federal statutory rate	21.00%	21.00%	21.00%
Effects of state tax rate in U.S.	$ (8,043)	$ (4,484)	$ 1,844
Effects of state tax rate in U.S.	8.67%	7.61%	9.72%
R&D and orphan drug tax credits	$ (6,876)	$ (5,056)	$ (5,642)
R&D and orphan drug tax credits	7.41%	8.58%	(29.74%)
Non deductible share based payment expenses	$ 788	$ 555	$ 327
Non deductible share based payment expenses	(0.85%)	(0.94%)	1.73%
Finance income/(costs) – fair value accounting	$ (28,783)	$ (2,017)	$ 919
Finance income/(costs) – fair value accounting	31.02%	3.42%	4.84%
Loss with respect to associate for which no deferred tax asset is recognized	$ 1,413	$ 11,542	$ 0
Loss with respect to associate for which no deferred tax asset is recognized	(1.52%)	(19.58%)	0.00%
Change in blended state rate impact due to state apportionment change	$ (8,856)	$ 0	$ 0
Change in blended state rate impact due to state apportionment change	9.54%	0.00%	0.00%
Transaction Costs	$ 0	$ 309	$ 361
Transaction Costs	0.00%	(0.52%)	1.91%
Interest Expense	$ 69	$ 217	$ (2,258)
Interest Expense	(0.07%)	(0.37%)	(11.91%)
Executive Compensation	$ 300	$ 746	$ 827
Executive Compensation	(0.32%)	(1.27%)	4.36%
Recognition of deferred tax assets and tax benefits not previously recognized	$ (184)	$ (414)	$ 0
Recognition of deferred tax assets and tax benefits not previously recognized	0.20%	0.70%	0.00%
Current year losses for which no deferred tax asset is recognized	$ 17,287	$ 14,375	$ 13,948
Current year losses for which no deferred tax asset is recognized	(18.63%)	(24.38%)	73.53%
Sonde Deconsolidation	$ (3,572)	$ 0	$ 0
Sonde Deconsolidation	3.85%	0.00%	0.00%
Other	$ 224	$ 363	$ 91
Other	(0.25%)	(0.62%)	0.48%
Income tax expense/(benefit)	$ (55,719)	$ 3,756	$ 14,401
Average effective tax rate	60.05%	(6.37%)	75.92%

Taxation - Disclosure of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	$ (19,645)	$ (89,765)
UNITED STATES
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	127,061	88,096
Deferred tax liabilities	(53,744)	(105,018)
Deferred tax assets (liabilities), net	73,317	(16,922)
Deferred tax liabilities, net, recognized	(19,645)	(89,765)
Deferred tax assets (liabilities), net, not recognized	92,962	72,843
UNITED STATES \| Operating tax losses
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	48,317	46,982
UNITED STATES \| Tax credits
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	11,101	10,673
UNITED STATES \| Share-based payments
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	8,423	7,265
UNITED STATES \| Capitalized Research & Experimental Expenditures
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	36,084	0
UNITED STATES \| Investment in Associates
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	13,036	11,542
UNITED STATES \| Lease Liability
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	7,143	8,969
UNITED STATES \| Other temporary differences
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	2,957	2,665
UNITED STATES \| Investments held at fair value
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	(47,877)	(96,804)
UNITED STATES \| ROU asset
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	(3,519)	(4,667)
UNITED STATES \| Fixed assets
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	$ (2,348)	$ (3,547)

Taxation - Disclosure of unrecognized deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross Amount
Unrecognized deferred tax assets [Line Items]
Deductible Temporary Difference	$ 132,145	$ 59,925
Tax Losses	219,466	215,425
Tax Credits	11,101	9,636
Total	362,712	284,986
Tax Effected
Unrecognized deferred tax assets [Line Items]
Deductible Temporary Difference	33,544	16,224
Tax Losses	48,317	46,982
Tax Credits	11,101	9,636
Total	$ 92,962	$ 72,843

Taxation - Disclosure of unrecognized tax losses and tax credits carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross Amount
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	$ 219,466	$ 215,425
Tax credits expiring	11,101	9,636
Gross Amount \| Within 10 years
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	23,930	19,735
Tax credits expiring	43	4
Gross Amount \| More than 10 years
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	42,822	47,937
Tax credits expiring	11,058	9,632
Gross Amount \| Available indefinitely
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	152,714	147,753
Tax credits expiring	0	0
Tax Effected
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	48,317	46,982
Tax credits expiring	11,101	9,636
Tax Effected \| Within 10 years
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	5,387	4,343
Tax credits expiring	43	4
Tax Effected \| More than 10 years
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	10,509	11,611
Tax credits expiring	11,058	9,632
Tax Effected \| Available indefinitely
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	32,421	31,028
Tax credits expiring	$ 0	$ 0

Taxation - Disclosure of tax balances as presented in statement of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Taxation [Line Items]
Income tax receivable – current	$ 10,040	$ 4,514
Trade and Other Payables	$ (57)	$ (57)

Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 24, 2023	Mar. 22, 2023	Mar. 01, 2023	Feb. 21, 2023	Dec. 31, 2022	Jul. 27, 2022	Dec. 31, 2021
Subsequent Events [Line Items]
Short-term note from associate					$ 0		$ 15,120
Convertible note receivable \| Gelesis
Subsequent Events [Line Items]
Short-term note from associate						$ 15,000
Current receivable due from associates, interest rate						15.00%
Issuance of convertible note receivable \| Convertible note receivable \| Gelesis
Subsequent Events [Line Items]
Short-term note from associate				$ 5,000
Current receivable due from associates, interest rate				12.00%
Issuance of convertible notes \| Vedanta
Subsequent Events [Line Items]
Proceeds from issue of convertible notes	$ 18,000
Issuance of convertible notes \| Investor \| Vedanta
Subsequent Events [Line Items]
Proceeds from issue of convertible notes			$ 88,500
Borrowings, interest rate			9.00%
Convertible note, percentage of equity price trigger			80.00%
Issuance of convertible notes \| Borrowing From PureTech Health \| Vedanta
Subsequent Events [Line Items]
Proceeds from issue of convertible notes	$ 5,000
Sale of royalty interest \| Royalty Pharma
Subsequent Events [Line Items]
Sale of royalty interest, expected consideration		$ 100,000
Sale of royalty interest, contingent consideration (up to)		$ 400,000

Financial Instruments - Disclosure of fair value measurement and classification (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	$ 575,738	$ 944,832
Financial liabilities	35,664	192,808
Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	575,738	944,832
Financial liabilities	35,664	192,808
Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	47	6,787
Subsidiary warrant liability \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	47	6,787
Subsidiary preferred shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	27,339	174,017
Subsidiary preferred shares \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	27,339	174,017
Subsidiary notes payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	2,345	4,641
Subsidiary notes payable \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	2,345	4,641
Share based liability awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	5,932	7,362
Share based liability awards \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	5,932	7,362
Level 1 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	534,777	687,005
Financial liabilities	4,396	6,081
Level 1 of fair value hierarchy \| Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 1 of fair value hierarchy \| Subsidiary preferred shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 1 of fair value hierarchy \| Subsidiary notes payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 1 of fair value hierarchy \| Share based liability awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	4,396	6,081
Level 2 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	11,867	3,174
Financial liabilities	2,097	1,945
Level 2 of fair value hierarchy \| Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 2 of fair value hierarchy \| Subsidiary preferred shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 2 of fair value hierarchy \| Subsidiary notes payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	2,097	1,945
Level 2 of fair value hierarchy \| Share based liability awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 3 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	29,094	254,653
Financial liabilities	29,171	184,781
Level 3 of fair value hierarchy \| Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	47	6,787	$ 8,206	$ 7,997
Level 3 of fair value hierarchy \| Subsidiary preferred shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	27,339	174,017
Level 3 of fair value hierarchy \| Subsidiary notes payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	248	2,696
Level 3 of fair value hierarchy \| Share based liability awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	1,537	1,281
Money Markets
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	95,249	432,649
Money Markets \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	95,249	432,649
Money Markets \| Level 1 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	95,249	432,649
Money Markets \| Level 2 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Money Markets \| Level 3 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Short-term Investments
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	200,229
Short-term Investments \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	200,229
Short-term Investments \| Level 1 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	200,229
Short-term Investments \| Level 2 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0
Short-term Investments \| Level 3 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0
Short-term note from associate
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	16,501	15,120
Short-term note from associate \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	16,501	15,120
Short-term note from associate \| Level 1 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Short-term note from associate \| Level 2 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Short-term note from associate \| Level 3 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	16,501	15,120
Investments held at fair value
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	251,892	493,888
Investments held at fair value \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	251,892	493,888
Investments held at fair value \| Level 1 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	239,299	254,355
Investments held at fair value \| Level 2 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Investments held at fair value \| Level 3 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	12,593	239,533	$ 206,892	$ 154,445
Trade and other receivables
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	11,867	3,174
Trade and other receivables \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	11,867	3,174
Trade and other receivables \| Level 1 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Trade and other receivables \| Level 2 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	11,867	3,174
Trade and other receivables \| Level 3 of fair value hierarchy
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	$ 0	$ 0