0001782999-22-000004 | 20-F | XBRL Viewer

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Cover	12 Months Ended
Cover	Dec. 31, 2021 shares
Document and Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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	287,796,585
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Year Focus	2021
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]
Contact Personnel Name	Daphne Zohar
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
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 shares [member]
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, 2021
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	London, United Kingdom
Auditor Firm ID	1118

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit or loss [abstract]
Contract revenue	$ 9,979	$ 8,341	$ 8,688
Grant revenue	7,409	3,427	1,119
Total revenue	17,388	11,768	9,807
Operating expenses:
General and administrative expenses	57,199	49,440	59,358
Research and development expenses	110,471	81,859	85,848
Operating income/(loss)	(150,282)	(119,531)	(135,399)
Other income/(expense):
Gain on deconsolidation	0	0	264,409
Gain/(loss) on investments held at fair value	179,316	232,674	(37,863)
Loss realized on sale of investments	20,925	54,976	0
Gain on loss of significant influence	0	0	445,582
Other income/(expense)	1,592	1,035	39
Other income/(expense)	159,983	178,732	672,167
Finance income/(costs):
Finance income	214	1,183	4,362
Finance costs – contractual	(4,771)	(2,946)	(2,576)
Finance income/(costs) – fair value accounting	9,606	(4,351)	(46,475)
Finance income/(costs) – subsidiary preferred shares	0	0	(1,458)
Net finance income/(costs)	5,050	(6,115)	(46,147)
Share of net income/(loss) of associates accounted for using the equity method	(73,703)	(34,117)	30,791
Impairment of investment in associate	0	0	42,938
Income/(loss) before taxes	(58,953)	18,969	478,474
Taxation	(3,756)	(14,401)	(112,409)
Income/(Loss) for the year	(62,709)	4,568	366,065
Other comprehensive income/(loss):
Foreign currency translation differences	0	469	(10)
Total other comprehensive income/(loss)	0	469	(10)
Total comprehensive income/(loss) for the year	(62,709)	5,037	366,055
Income/(loss) attributable to:
Owners of the Company	(60,558)	5,985	421,144
Non-controlling interests	(2,151)	(1,417)	(55,079)
Comprehensive income/(loss) attributable to:
Owners of the Company	(60,558)	6,454	421,134
Non-controlling interests	$ (2,151)	$ (1,417)	$ (55,079)
Earnings/(loss) per share:
Basic earnings (loss) per share	$ (0.21)	$ 0.02	$ 1.49
Diluted earnings (loss) per share	$ (0.21)	$ 0.02	$ 1.44

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-current assets
Property and equipment, net	$ 26,771	$ 22,777
Right of use asset, net	17,166	20,098
Intangible assets, net	987	899
Investments held at fair value	397,179	530,161
Investments in associates	0	0
Lease receivable – long-term	1,285	1,700
Other non-current assets	810	11
Total non-current assets	444,197	575,645
Current assets
Trade and other receivables	3,174	2,558
Income tax receivable	4,514	0
Prepaid expenses	10,755	5,405
Lease receivable – short-term	415	381
Other financial assets	2,124	2,124
Short-term note from associate	15,120	0
Cash and cash equivalents	465,708	403,881
Total current assets	501,809	414,348
Total assets	946,006	989,994
Equity
Share capital	5,444	5,417
Share premium	289,303	288,978
Merger reserve	138,506	138,506
Translation reserve	469	469
Other reserves	(40,077)	(24,050)
Retained earnings/(accumulated deficit)	199,871	260,429
Equity attributable to the owners of the Company	593,515	669,748
Non-controlling interests	(9,368)	(16,209)
Total equity	584,147	653,539
Non-current liabilities
Deferred tax liability	89,765	108,626
Lease liability, non-current	29,040	32,088
Long-term loan	14,261	14,818
Liability for share based awards	2,659	0
Total non-current liabilities	135,725	155,531
Current liabilities
Deferred revenue	65	1,472
Lease liability, current	3,950	3,261
Trade and other payables	35,817	21,826
Subsidiary
Notes payable	3,916	26,455
Warrant liability	6,787	8,206
Preferred shares	174,017	118,972
Current portion of long-term loan	857	0
Other current liabilities	726	732
Total current liabilities	226,135	180,924
Total liabilities	361,859	336,455
Total equity and liabilities	$ 946,006	$ 989,994

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Issued capital [member]	Share premium [member]	Merger reserve [member]	Translation reserve [member]	Other reserves [member]	Retained earnings/ (accumulated deficit) [member]	Total parent equity [member]	Non-controlling interests [member]
Balance Share Capital (in shares) at Dec. 31, 2018	282,493,867
Equity at beginning of period at Dec. 31, 2018	$ 167,971	$ 5,375	$ 278,385	$ 138,506	$ 10	$ 20,923	$ (166,693)	$ 276,506	$ (108,535)
Net income/(loss)	366,065						421,144	421,144	(55,079)
Foreign currency translation differences	(10)				(10)			(10)
Total comprehensive income/(loss) for the year	366,055				(10)		421,144	421,134	(55,079)
Deconsolidation of subsidiary	97,178								97,178
Subsidiary note conversion and changes in NCI ownership interest	$ 2,418					(20,631)		(20,631)	23,049
Exercise of share-based awards (in shares)	237,090
Exercise of share-based awards	$ 504	5	499					504
Purchase of subsidiary non-controlling interest through issuance of shares (in shares)	2,126,338
Revaluation of deferred tax assets related to share-based awards	$ 3,061					3,061		3,061
Equity settled share-based awards	$ 14,468					12,785		12,785	1,683
Vesting of restricted stock units (RSU)	513,324
Vesting of restricted stock units (RSU)	$ (1,280)					(1,280)		(1,280)
Acquisition of subsidiary non-controlling interest	0	28	9,078			(33,145)		(24,039)	24,039
Distributions	$ 23					5	(7)	(2)	25
Balance Share Capital (in shares) at Dec. 31, 2019	285,370,619
Equity at end 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)
Foreign currency translation differences	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)
Distributions	$ 13								13
Balance Share Capital (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)
Foreign currency translation differences	0				0			0
Total comprehensive income/(loss) for the year	$ (62,709)						(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
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
NCI exercise of share-based awards in subsidiaries	66					5,988		5,988	(5,922)
Distributions	$ (6)								(6)
Balance Share Capital (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)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Income/(Loss) for the year	$ (62,709)	$ 4,568	$ 366,065
Non-cash items:
Depreciation and amortization	7,287	6,645	6,665
Impairment of investment in associate	0	0	42,938
Equity settled share-based payment expense	13,950	10,718	14,468
(Gain)/loss on investments held at fair value	(179,316)	(232,674)	37,863
Realized loss on sale of investments	20,925	54,976	0
Gain on deconsolidation	0	0	264,409
Gain on loss of significant influence	0	0	(445,582)
Loss on disposal of assets	(53)	(66)	(140)
Share of net (income)/loss of associates accounted for using the equity method	73,703	34,117	(30,791)
Fair value gain on derivative	(800)	0	0
Income taxes, net	3,756	14,402	112,077
Finance costs, net	(5,050)	6,114	46,229
Changes in operating assets and liabilities:
Accounts receivable	(617)	(529)	747
Other financial assets	0	0	(48)
Prepaid expenses and other current assets	(5,350)	(3,371)	(25)
Deferred revenues	(1,407)	(5,223)	186
Trade and other payables	8,338	605	11,166
Other liabilities	0	(7)	3,002
Other	(103)	0	0
Income taxes paid	27,766	20,737	0
Interest received	214	1,155	3,648
Interest paid	3,382	2,651	2,495
Net cash used in operating activities	(158,274)	(131,827)	(98,156)
Cash flows from investing activities:
Purchase of property and equipment	5,571	5,170	12,138
Proceeds from sale of property and equipment	30	0	0
Purchases of intangible assets	90	254	400
Purchase of associate preferred shares held at fair value	0	10,000	13,670
Purchase of investments held at fair value	(500)	(1,150)	(1,556)
Sale of investments held at fair value	218,125	350,586	9,294
Receipt of payment of sublease	381	350	191
Purchase of short-term note from associate	15,000	0	0
Purchase of convertible note	0	0	6,480
Cash derecognized upon loss of control over subsidiary	0	0	(16,036)
Purchases of short-term investments	0	0	69,541
Proceeds from maturity of short-term investments	0	30,116	173,995
Net cash provided by investing activities	197,375	364,478	63,659
Cash flows from financing activities:
Receipt of PPP loan	0	68	0
Issuance of long term loan	0	14,720	0
Issuance of subsidiary preferred Shares	37,610	13,750	51,048
Proceeds from issuance of convertible notes in subsidiary	2,215	25,000	1,606
Payment of lease liability	3,375	2,908	1,678
Repayments of non-current borrowings	0	0	178
Distribution to Tal shareholders	0	0	112
Exercise of stock options	352	1,036	504
Settlement of RSU's	(10,749)	(12,888)	0
Vesting of restricted stock units	2,582	0	1,280
Issuance of shares to NCI in subsidiary	66	0	0
Issuance of warrants	0	92	0
Acquisition of a non-controlling Interest of a subsidiary	806	0	0
Other	(5)	0	0
Net cash provided by financing activities	22,727	38,869	49,910
Effect of exchange rates on cash and cash equivalents	0	0	(104)
Net increase in cash and cash equivalents	61,827	271,520	15,309
Cash and cash equivalents at beginning of year	403,881	132,360	117,051
Cash and cash equivalents at end of year	465,708	403,881	132,360
Supplemental disclosure of non-cash investment and financing activities:
Purchase of non controlling interest in consideration for issuance of shares and options	0	0	9,106
Purchase of intangible asset and investment held at fair value in consideration for issuance of warrant liability and assumption of other long and short-term liabilities	0	0	15,894
Purchase of property plant and equipment against trade and other payables	(1,841)	0	0
Leasehold improvements purchased through lease incentives (deducted from Right of Use Asset)	1,010	0	10,680
Conversion of subsidiary convertible note into preferred share liabilities	25,797	0	4,894
Conversion of subsidiary convertible note into subsidiary common stock (NCI)	0	0	2,418
Cash paid for income taxes	$ 27,766	$ 20,737	$ 176

Accounting Policies

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019. The Group financial statements have been approved by the Directors on April 25, 2022, 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 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 warrants, convertible notes and subsidiary preferred shares carried at fair value through profit and loss (FVTPL) as well as investments held at fair value, at initial recognition and upon subsequent measurement. This includes determining the appropriate valuation methodology and making certain estimates of the future earnings potential of the subsidiary businesses, appropriate discount rate, estimated time to exit, marketability and other industry and company specific risk factors. See Note 16 for the sensitivity analysis for key estimates used in these valuations.

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 a resulting change in any shareholders or governance agreements, the Group reassesses its ability to control the investee based on the revised 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 considering 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, as well the fact that there is no planned redemption or other settlement of the preferred stock by the investee in the foreseeable future, we concluded that such investment is considered a Long Term Interest.

As of December 31, 2021, the Group had cash and cash equivalents of $465.7 million. Considering the Group’s and the Company's financial position as of December 31, 2021, 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, irrespective of uncertainty regarding the duration and severity of the COVID-19 pandemic and the global macroeconomic impact of the pandemic. 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, 2021 and 2020, and for each of the years ended December 31, 2021, 2020 and 2019, 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, 2021, 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, 2021, and the Group’s total voting percentage, based on outstanding voting common and preferred shares as of December 31, 2021, 2020 and 2019, 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
	2021		2020		2019
Subsidiary	Common	Preferred	Common	Preferred	Common	Preferred
Subsidiary operating companies
Alivio Therapeutics, Inc.1,2	—	100.0	—	91.9	—	91.9





Entrega, Inc. (indirectly held through Enlight)1,2	—	77.3	—	83.1	—	83.1
Follica, Incorporated1,2,5	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	—
Sonde Health, Inc.1,2	—	51.8	—	51.8	—	64.1

Vedanta Biosciences, Inc.1,2	—	48.6	—	59.3	—	61.8
Vedanta Biosciences Securities Corp. (indirectly held through Vedanta)1,2	—	48.6	—	59.3	—	61.8
Deconsolidated former subsidiary operating companies
Akili Interactive Labs, Inc.2	—	26.7	—	41.9	—	41.9

Gelesis, Inc.1,2,7,10	4.8	19.7	4.9	20.2	5.7	20.2



Karuna Therapeutics, Inc.1,2,8	5.6	—	12.6	—	28.4	—


Vor Biopharma Inc.1,2,9	8.6	—	—	16.4	—	47.5
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	—	—	—
Inactive subsidiaries
Appeering, Inc.2	—	100.0	—	100.0	—	100.0
Commense Inc.2,6	—	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 July 19, 2019, all of the outstanding notes, plus accrued interest, issued by Follica to PureTech converted into 15,216,214 shares of Series A-3 Preferred Shares and 12,777,287 shares of common share pursuant to a Series A-3 Note Conversion Agreement between Follica and the noteholders. Please refer to Note 16.

6 Commense turned inactive during 2019.

7 On July 1, 2019 PureTech lost control of Gelesis and Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis 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 Gelesis subsequent to deconsolidation.

8 On March 15, 2019, PureTech lost control of Karuna, Karuna was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Karuna through the deconsolidation date being included in the Group’s Consolidated Statement of Comprehensive Income/(Loss).. See Note 5 for further details about the accounting for the investment in Karuna subsequent to deconsolidation.

9 On February 12, 2019, PureTech lost control of Vor, Vor was deconsolidated from the Group’s financial statements and is no longer considered a subsidiary. This results in only the profits and losses generated by Vor through the deconsolidation date being included in the Group’s Consolidated Statement of Comprehensive Income/(Loss) .See Note 5 for further details about the accounting for the investment in Vor subsequent to deconsolidation.

10 See note 26 regarding Gelesis business combination with Capstar Special Purpose Acquisition Corp after balance sheet date and the Group's ownership rights in the new combined public entity.

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 will are recorded in profit or loss. For investments in debt instruments, this will depend on the business model in which the investment is held. 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. The Group had no debt instruments carried at amortized cost as of balance sheet date. 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, trade and other receivables, investments in equity securities, short-term note, other deposits and investments in associates’ preferred shares. The Group’s financial assets are classified into the following categories: investments held at fair value, trade and other receivables, short-term investments (if applicable) 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 short term note from an associate, since its contractual terms do not consist solely of cash flow payments of principal and interest on the principal amount outstanding, is initially and subsequently measured at fair value, with changes in fair value recognized through profit and loss.

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. 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, 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 are accounted for at amortized cost.

The majority of the Group’s subsidiaries have preferred shares and 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 virtually all members of the Group is the U.S. dollar. The assets and liabilities of a previously held subsidiary were translated to U.S. dollars at the exchange rate prevailing on the balance sheet date and revenues and expenses were translated at the average exchange rate for the period. Foreign exchange differences resulting from the translation 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 is comprised of share capital, share premium, merger reserve, other reserve, translation reserve, and accumulated deficit.

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 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).

The Company did not record any impairment of such assets during the reported periods.

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, 2019.

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 our 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 our leases do not provide an implicit rate, we use the Group’s estimated incremental borrowing rate based on information available at commencement date in determining the present value of future payments.

The Group’s operating 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, 2021
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, 2022 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, 2021

Revenue [abstract]

Revenue

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


For the years ended December 31,	2021 $000s	2020 $000s	2019 $000s
Contract revenue	9,979	8,341	8,688
Grant income	7,409	3,427	1,119
Total revenue	17,388	11,768	9,807

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

Primarily all of the Company’s contracts in the years ended December 31, 2021, 2020 and 2019 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 at the inception of the contract (or upon achieving a milestone event) and to a lesser extent payments are made periodically over the contract term.

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,	2021 $000s	2020 $000s	2019 $000s
Transferred at a point in time – Licensing Income1	6,809	2,054	—
Transferred over time2	3,171	6,286	8,688
	9,979	8,341	8,688

1 2021 – Attributed to Internal segment ($6.5 million), 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 2021 – Attributed to Internal segment ($1,629 thousand) and Controlled Founded Entities segment ($1,541 thousand); 2020 – Attributed to Internal segment ($5,297 thousand), and Controlled Founded Entities segment ($990 thousand), 2019 – Attributed to Internal segment ($7,077 thousand), Controlled founded entities segment ($1,474 thousand) and Parent Company and Other ($137 thousand). See Note 4, Segment Information.


Customers over 10% of revenue	2021 $000s	2020 $000s	2019 $000s


Customer A	—	1,518	4,973
Customer B	1,500	896	1,433
Customer C	—	2,043	1,091
Customer D	7,250	1,736	1,013
Customer E	—	2,000	—
	8,750	8,193	8,510

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	2021 $000s	2020 $000s
Accounts receivable	704	711

Deferred revenue – short term	65	1,472

During the year ended December 31, 2021, $1.4 million of revenue was recognized from deferred revenue outstanding at December 31, 2020.

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, 2021, was nil.

Segment Information

12 Months Ended

Dec. 31, 2021

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 2021, except the change in the composition of the segments with respect to Alivio, as explained below. 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.

During the year ended December 31, 2021, the Company acquired the non-controlling interest in Alivio and since then Alivio is wholly owned by the Company and is managed within the Internal segment. The Company has revised in these financial statements the prior period financial information to conform to the presentation as of and for the period ending December 31, 2021. 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.

Internal

The Internal segment (the “Internal segment”), is advancing Wholly Owned Programs which is focused on immunological, fibrotic and lymphatic system disorders and builds upon validated biologic pathways and proven pharmacology. 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, 2021, this segment included PureTech LYT (formerly Ariya Therapeutics), 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, 2021, this segment included Entrega Inc., Follica Incorporated, Sonde Health Inc., 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 (i) no longer holds majority voting control as a shareholder and no longer has the right to elect a majority of the members of the subsidiaries’ Board of Directors. 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 Vor Biopharma Inc. (“Vor”), Karuna Therapeutics, Inc. (“Karuna”), and Gelesis Inc. (“Gelesis”), which were deconsolidated during the year ended December 31, 2019.

The Non-Controlled Founded Entities segment incorporates the operational results of the aforementioned entities 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 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, gain on loss of significant influence, and the share of net income/ (loss) of associates accounted for using the equity method. As of December 31, 2021, 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:


	2021 $000s
	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	1,615	—	235	9,979
Grant revenue	1,253	6,156	—	—	7,409
Total revenue	9,382	7,771	—	235	17,388
General and administrative expenses	(8,673)	(20,729)	—	(27,797)	(57,199)
Research and development expenses	(65,444)	(43,783)	—	(1,244)	(110,471)
Total operating expense	(74,118)	(64,512)	—	(29,041)	(167,671)

Other income/(expense):

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

Gain/(loss) on disposal of assets	(1)	(51)	—	—	(53)

Other income/(expense)	—	121	—	1,523	1,645
Total other income/(expense)	(1)	70	—	159,914	159,983
Net finance income/(costs)	(16)	6,744	—	(1,679)	5,050
Share of net income/(loss) of associates accounted for using the equity method	—	—	—	(73,703)	(73,703)

Income/(loss) before taxes	(64,753)	(49,927)	—	55,727	(58,953)
Income/(loss) 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)	(50,583)	—	63,628	(47,323)

Finance income/(costs) – IFRS 9 fair value accounting	—	9,606	—	—	9,606
Share-based payment expense	(3,066)	(6,256)	—	(4,628)	(13,950)
Depreciation of tangible assets	(1,319)	(1,518)	—	(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)	(49,927)	—	51,971	(62,709)
Other comprehensive income/(loss)	—	—	—	—	—
Total comprehensive income/(loss) for the year	(64,753)	(49,927)	—	51,971	(62,709)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(64,657)	(47,857)	—	51,956	(60,558)
Non-controlling interests	(96)	(2,069)	—	15	(2,151)
	December 31, 2021 $000s
Consolidated Statements of Financial Position:
Total assets	125,726	66,274	—	754,007	946,006
Total liabilities1	228,789	228,857	—	(95,787)	361,859
Net assets/(liabilities)	(103,063)	(162,584)	—	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.


	2020 $000s
	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	5,297	990	—	2,054	8,341
Grant revenue	1,563	1,864	—	—	3,427
Total revenue	6,860	2,853	—	2,054	11,768
General and administrative expenses	(3,482)	(13,691)	—	(32,267)	(49,440)
Research and development expenses	(45,346)	(36,279)	—	(234)	(81,859)
Total Operating expenses	(48,828)	(49,970)	—	(32,500)	(131,299)

Other income/(expense):

Gain/(loss) on investments held at fair value	—	—	—	232,674	232,674
Loss realized 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	(5,204)	—	(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)	(52,236)	—	113,170	18,969
(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	(38,349)	(42,602)	—	121,644	40,694
Finance income/(costs) – subsidiary preferred shares	—	—	—	—	—
Finance income/(costs) – IFRS 9 fair value accounting	—	(4,351)	—	—	(4,351)
Share-based payment expense	(2,762)	(2,552)	—	(5,405)	(10,718)
Depreciation of tangible assets	(854)	(1,544)	—	(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)	(52,237)	—	98,769	4,568
Other comprehensive income/(loss)	—	—	—	469	469
Total comprehensive income/(loss) for the year	(41,964)	(52,237)	—	99,238	5,037
Total comprehensive income/(loss) attributable to:
Owners of the Company	(41,773)	(51,026)	—	99,253	6,454
Non-controlling interests	(191)	(1,211)	—	(15)	(1,417)
	December 31, 2020 $000s
Consolidated Statements of Financial Position:
Total assets	89,214	67,433	—	833,347	989,994
Total liabilities	130,049	200,457	—	5,949	336,455
Net (liabilities)/assets	(40,835)	(133,023)	—	827,397	653,539

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


	2019 $000s
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Loss
Contract revenue	7,077	1,474	—	137	8,688
Grant revenue	928	191	—	—	1,119
Total revenue	8,006	1,664	—	137	9,807
General and administrative expenses	(3,252)	(13,569)	(10,439)	(32,098)	(59,358)
Research and development expenses	(28,874)	(39,883)	(15,555)	(1,536)	(85,848)
Total operating expense	(32,126)	(53,451)	(25,994)	(33,634)	(145,206)
Other income/(expense):
Gain on deconsolidation	—	—	—	264,409	264,409
Gain/(loss) on investments held at fair value	—	—	—	(37,863)	(37,863)

Gain/(loss) on disposal of assets	17	(39)	—	(60)	(82)
Gain on loss of significant influence	—	—	—	445,582	445,582
Other income/(expense)	—	166	—	(45)	121
Other income/(expense)	17	127	—	672,023	672,167
Net finance income/(costs)	—	(16,947)	(30,141)	941	(46,147)
Share of net income/(loss) of associate accounted for using the equity method	—	—	—	30,791	30,791
Impairment of investment in associate	—	—	—	(42,938)	(42,938)
Income/(loss) before taxes	(24,104)	(68,608)	(56,135)	627,320	478,474
(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	(23,698)	(47,188)	(21,873)	640,298	547,540
Finance income/(costs) – subsidiary preferred shares	—	107	(1,564)	(1)	(1,458)
Finance income/(costs) – IFRS 9 fair value accounting	—	(17,294)	(28,737)	(444)	(46,475)
Share-based payment expense	(19)	(1,664)	(3,543)	(9,242)	(14,468)

Depreciation of tangible assets	(390)	(1,517)	(207)	(1,114)	(3,228)
Amortization of ROU assets	—	(1,060)	(83)	(2,177)	(3,320)
Amortization of intangible assets	4	7	(128)	—	(117)

Taxation	—	(134)	(162)	(112,113)	(112,409)
Income/(loss) for the year	(24,104)	(68,741)	(56,297)	515,207	366,065
Other comprehensive income/(loss)	—	—	(10)	—	(10)
Total comprehensive income/(loss) for the year	(24,104)	(68,741)	(56,307)	515,207	366,055
Total comprehensive income/(loss) attributable to:
Owners of the Company	(6,461)	(55,258)	(32,353)	515,207	421,133
Non-controlling interests	(17,643)	(13,483)	(23,953)	—	(55,079)

Investments held at fair value

12 Months Ended

Dec. 31, 2021

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 (other than the investment in common shares which is accounted for under the equity method), 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, 2020			714,905
Sale of Karuna shares			(347,538)
Sale of resTORbio shares			(3,048)
Loss realised on sale of investments			(54,976)
Cash purchase of Gelesis preferred shares (please refer to Note 6)			10,000
Cash purchase of Vor preferred shares			1,150
Unrealized Loss – fair value through profit and loss			232,674
Balance as of January 1, 2021 before allocation of share in associate loss to long-term interest			553,167
Sale of Karuna shares			(218,125)

Loss realised on sale of investments (see below)			(20,925)
Cash purchase of Vor preferred shares			500

Unrealized gain – fair value through profit and loss			179,271

Balance as of December 31, 2021 before allocation of share in associate loss to long-term interest			493,888
Share of associate loss allocated to long-term interest (see Note 6)			(96,709)
Balance as of December 31, 2021 after allocation of share in associate loss to long-term interest1			397,179

1 Fair value of investments accounted for at fair value, does not take into consideration contribution from milestones that occurred after December 31, 2021, the value of the Group's consolidated Founded Entities (Vedanta, Follica, Sonde and Entrega), the Internal segment, or cash and cash equivalents.

Vor

On February 12, 2019, Vor completed a Series A-2 Preferred Shares financing round with PureTech and several new third party investors. The financing provided for the purchase of 62,819,866 shares of Vor Series A-2 Preferred Shares at the purchase price of $0.40 per share.

As a result of the issuance of Series A-2 preferred shares to third-party investors, PureTech’s ownership percentage and corresponding voting rights dropped from 79.5 percent to 47.5 percent, and PureTech simultaneously lost control on Vor’s Board of Directors, both of which triggered a loss of control over the entity. As of February 12, 2019, Vor was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Vor through the deconsolidation date being included in the Consolidated Statement of Comprehensive Income/(Loss). While the Company no longer controlled Vor, it was concluded that PureTech still had significant influence over Vor by virtue of its large, albeit minority, ownership stake and its continued representation on Vor’s Board of Directors. During the year ended December 31, 2019, the Company recognized a $6.4 million gain on the deconsolidation of Vor, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Comprehensive Income/(Loss).

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). The fair value of the preferred shares at deconsolidation was $12.0 million.

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.

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.

During the years ended December 31, 2021, 2020 and 2019, the Company recognized a gain of $3.9 million, a gain of $19.1 million, and a gain of $0.6 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

As of July 1, 2019, Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss). At the date of deconsolidation, PureTech recorded a $156.0 million gain on the deconsolidation of Gelesis, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Income/(Loss). The preferred shares and warrants held by PureTech fall under the guidance of IFRS 9 and are treated as financial assets held at fair value, where changes to the fair value of the preferred shares and warrant are recorded through the Consolidated Statement

of Income/(Loss). The fair value of the preferred shares and warrants at deconsolidation was $49.2 million. Please refer to Note 6 for information regarding the Company's investment in Gelesis as an associate.

On August 12, 2019, Gelesis issued a convertible promissory note to the Company in the amount of $2.0 million. On October 7, 2019, Gelesis issued an amended and restated convertible note (the “Gelesis Note”) to the Company in the principal amount of up to $6.5 million. The Gelesis Note was payable in installments, with $2.0 million of the note drawn down upon execution of the original note in August 2019 and an additional $3.3 million and $1.2 million drawn down on October 7, 2019 and November 5, 2019, respectively. The Gelesis Note was convertible upon the occurrence of Gelesis’ next qualified equity financing, or at the demand of the Company at any date after December 31, 2019. The Gelesis Note fell under the guidance of IFRS 9 and was treated as a financial asset held at fair with all movements to the value of the note recorded through the Consolidated Statement of Income/(Loss).

On December 5, 2019, Gelesis closed its Series 3 Growth Preferred Stock financing, at which point all outstanding principal and interest under the Gelesis Note converted into shares of Series 3 Growth Preferred Stock. In addition to the shares issued upon conversion of the Gelesis Note, PureTech purchased $8.0 million of Series 3 Growth Preferred Stock in the December financing.

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.

During the years ended December 31, 2021, 2020 and 2019, the Company recognized a gain of $34.6 million, a gain of $7.1 million and a loss of $18.7 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). The loss recorded in 2019 was primarily as a result of the Gelesis Series 3 Growth financing, which was executed with terms that resulted in a decrease in fair value across all other classes of preferred shares. Please refer to Note 16 for information regarding the valuation of these instruments. Additionally, 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 are considered to be long-term interests in Gelesis. As of December 31, 2021, the investment in Gelesis preferred shares and warrants was entirely reduced to nil.

See Note 26 for subsequent event regarding the investment in Gelesis.

Karuna

2019

On March 15, 2019, Karuna completed the closing of a Series B Preferred Share financing with PureTech and several new third party investors. The financing provided for the purchase of 5,285,102 shares of Karuna Series B Preferred Shares at a purchase price of $15.14 per share.

As a result of the issuance of the preferred shares to third-party investors, PureTech’s ownership percentage and corresponding voting rights related to Karuna dropped from 70.9 percent to 44.3 percent, and PureTech simultaneously lost control over Karuna’s Board of Directors, both of which triggered a loss of control over the entity. As of March 15, 2019, Karuna was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Karuna through the deconsolidation date being included in the Group’s Consolidated Statement of Comprehensive Income/(Loss). At the date of deconsolidation, PureTech recorded a $102.0 million gain on the deconsolidation of Karuna, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Comprehensive Income/(Loss). While the Company no longer controls Karuna, it was concluded that PureTech still had significant influence over Karuna by virtue of its large, albeit minority, ownership stake and its continued representation on Karuna’s Board of Directors. As PureTech had significant influence over Karuna, the entity was accounted for as an associate under IAS 28.

Upon the date of deconsolidation, PureTech held both preferred and common shares in Karuna and a warrant issued by Karuna to PureTech. The preferred shares and warrant held by PureTech fell under the guidance of IFRS 9 and were treated as financial assets held at fair value, and all movements to the value of preferred shares held by PureTech were recorded through the Consolidated Statement of Comprehensive Income/(Loss), in accordance with IFRS 9. The fair value of the preferred shares and warrant at deconsolidation was $72.4 million. Subsequent to deconsolidation, PureTech purchased an additional $5.0 million of Karuna Series B Preferred shares.

Due to the immaterial investment in common shares and overwhelmingly large losses by Karuna, the common share investment accounted for under the equity method was remeasured to nil immediately following both the deconsolidation and the exercise of the warrant in the first half of 2019.

On June 28, 2019, Karuna priced its IPO. PureTech’s ownership percentage and corresponding voting rights related to Karuna dropped from 44.3 percent percent to 31.6 percent; however, PureTech retained significant influence due to its continued presence on the board and its large, albeit minority, equity stake in the company. Upon completion of the IPO, the Karuna preferred shares held by PureTech converted to common shares. In light of PureTech’s common share holdings in Karuna and corresponding voting rights, PureTech had re-established a basis to account for its investment in Karuna under IAS 28. The preferred shares investment held at fair value was therefore reclassified to investment in associate upon completion of the conversion. During the year ended December 31, 2019 and up to June 28, 2019, the Company recognized a gain of $40.6 million that was recorded on the line item Gain on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss) related to the preferred shares that increased in value between the date of deconsolidation and the date of Karuna’s IPO.

As of December 2, 2019 it was concluded that the Company no longer exerted significant influence over Karuna owing to the resignation of the PureTech designee from Karuna’s Board of Directors, with PureTech retaining no ability to reappoint representation. Furthermore, PureTech was not involved in any manner, or had any influence, on the management of Karuna, or on any of its decision making processes and had no ability to do so. As such, PureTech lost the power to participate in the financial and operating policy decisions of Karuna. As a result, Karuna was no longer deemed an Associate and did not meet

the scope of equity method accounting, resulting in the investment being accounted for as an investment held at fair value. As of December 2, 2019 the Company's interest in Karuna was 28.4 percent. For the period of June 28, 2019 through December 2, 2019, PureTech’s investment in Karuna was subject to equity method accounting. In accordance with IAS 28, the Company’s investment was adjusted by the share of losses generated by Karuna (weighted average of 31.4 percent based on common stock ownership interest), which resulted in a net loss of associates accounted for using the equity method of $6.3 million during the year ended December 31, 2019.

Upon PureTech’s loss of significant influence, the investment in Karuna was reclassified to an investment held at fair value. This change led PureTech to recognize a gain on loss of significant influence of $445.6 million that was recorded to the Consolidated Statement of Comprehensive Income/(Loss) on the line item Gain on loss of significant influence during the year ended December 31, 2019. The investment in Karuna after the recording of the gain on loss of significant influence was $557.2 million, which was reclassified from Investments in associates to Investments held at fair value. Additionally, from December 2, 2019 PureTech recorded a $0.7 million loss on the line item Gain/(loss) on investments held at fair value within the Consolidated Statement of Comprehensive Income/(Loss) for the year ended December 31, 2019.

2020 and 2021

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.

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) for the year ended December 31, 2021. See below for gain recorded in respect of the change in fair value of the Karuna investment.

During the years ended December 31, 2021 and 2020, the Company recognized a gain of $110.0 million and a gain of $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, 2021, PureTech continued to hold Karuna common shares or 5.6 percent of total outstanding Karuna common shares. Please refer to Note 16 for information regarding the valuation of these instruments.

Akili

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

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.

During the years ended December 31, 2021, 2020 and 2019, the Company recognized a gain of $32.2 million, a gain of $14.4 million, and a gain of $11.5 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 November 15, 2019, resTORbio announced that top line data from the Protector 1 Phase 3 study evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint and the Company has stopped the development of RTB101 in this indication. As a result of ceasing the development of RTB101, resTORbio’s share price witnessed a decline in price. In November and December 2019, PureTech Health sold 7,680,700 common shares of resTORbio for aggregate proceeds of $9.3 million. Immediately following the sale of common shares, PureTech Health held 2,119,696 common shares, or 5.8 percent, of resTORbio. During the year ended December 31, 2019 PureTech recorded a loss of $71.9 million for the adjustment to fair value of its investment in resTORbio to the Consolidated Statement of Comprehensive Income/(Loss) in the line item Gain/(loss) on investments held at fair value.

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).

Gain on deconsolidation

The following table summarizes the gain on deconsolidation recognized by the Company:


	2021 $000s	2020 $000s	2019 $000s
Year ended December 31,

Gain on deconsolidation of Vor	—	—	6,357
Gain on deconsolidation of Karuna	—	—	102,038

Gain on deconsolidation of Gelesis [Note 6]	—	—	156,014
Total gain on deconsolidation	—	—	264,409

Investments in Associates

12 Months Ended

Dec. 31, 2021

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 January 1, 2019, PureTech maintained control of Gelesis and Gelesis’s financial results were fully consolidated in the Group’s consolidated financial statements.

On July 1, 2019, the Gelesis Board of Directors was restructured, resulting in two of the three PureTech representatives resigning from the Board with PureTech retaining no ability to reappoint Directors to these board seats. As a result of this restructuring, PureTech lost control over Gelesis’ Board of Directors, which triggered a loss of control over the entity. At the deconsolidation date, PureTech held a 25.2 percent voting interest in Gelesis. As of July 1, 2019, Gelesis was deconsolidated from the Group’s financial statements, resulting in only the profits and losses generated by Gelesis through the deconsolidation date being included in the Group’s Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss). At the date of deconsolidation, PureTech recorded a $156.0 million gain on the deconsolidation of Gelesis, which was recorded to the Gain on the deconsolidation of subsidiary line item in the Consolidated Statement of Comprehensive Income/(Loss). While the Company no longer controls Gelesis, it was concluded that PureTech still has significant influence over Gelesis by virtue of its large, albeit minority, ownership stake and its continued representation on Gelesis’ Board of Directors and as such Gelesis is accounted for as an associate under IAS 28, starting at the date of deconsolidation.

Upon the date of deconsolidation, PureTech held preferred shares and common shares of Gelesis and a warrant issued by Gelesis to PureTech. PureTech’s investment in common shares of Gelesis is subject to equity method accounting with an initial investment of $16.4 million. In accordance with IAS 28, PureTech’s investment was adjusted by the share of profits and losses generated by Gelesis subsequent to the date of deconsolidation. See table below for the Group's share in the profits and losses of Gelesis for the periods presented.

The preferred shares and warrant held by PureTech fall under the guidance of IFRS 9 and are treated as financial assets held at fair value, where changes to the fair value of the preferred shares and warrant are recorded through the Consolidated Statement of Income/(Loss) and Other Comprehensive Income/(Loss), in accordance with IFRS 9. The fair value of the preferred shares and warrant at deconsolidation was $49.2 million. See Note 5 for changes in the fair value subsequent to deconsolidation date.

Impairment loss for the year ended December 31, 2019

Following the issuance of the Gelesis Series 3 Preferred Shares at a higher valuation than the previous round with some favorable liquidation provisions primarily to PureTech and also to the other Series 3 preferred share investors, which resulted in adjustments to the fair values of other preferred shares, warrant classes and Gelesis common stock, the Company assessed the investment in common shares held in Gelesis for impairment. Management compared the recoverable amount of the investment to its carrying amount as of December 31, 2019, which resulted in an impairment loss to the Investment in Gelesis. The recoverable amount was estimated based on the fair value of the Gelesis common shares held by PureTech, which are considered to be within Level 3 of the fair value hierarchy. The costs of disposal are immaterial for the calculation of Gelesis investment’s recoverable amount. The total fair value of common shares was determined utilizing a hybrid valuation approach with significant unobservable inputs within the PureTech valuation framework. The multi-scenario hybrid valuation approach utilized the recent transaction method within an option pricing framework and an IPO scenario within a probability-weighted-expected return framework to determine the value allocation for the common share class of Gelesis. The PWERM maintained a 75.0 percent probability of occurrence while the OPM maintained a 25.0 percent probability of occurrence. The probability weighted term to exit was 1.57 years. The discount rate utilized was 20.0 percent while the risk-free rate and volatility utilized were 1.62 percent and 56.0 percent, respectively.

The impairment loss amounted to $42.9 million and was recorded to Impairment of investment in associate within the Consolidated Statement of Comprehensive Income/(Loss) for the year ended December 31, 2019. As of December 31, 2019 the investment in Gelesis was $10.6 million, which is equal to the fair value of the common shares held by PureTech.

Years ended December 31, 2020 and 2021

During the year 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 has investments in Gelesis warrants and preferred shares that are 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. 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.

Karuna

For the period of June 28, 2019, through December 2, 2019, PureTech’s investment in Karuna was subject to equity method accounting. In accordance with IAS 28, the Company’s investment was adjusted by the share of losses generated by Karuna (weighted average of 31.4 percent based on common stock ownership interest), which resulted in a net loss of $6.3 million during the year ended December 31, 2019, recorded in the line item Share of net income/(loss) of associates. Starting December 2, 2019, due to the loss of significant influence in Karuna on such date, the Company is accounting for the investment in Karuna as an investment held at fair value. See Note 5 for further detail on the Group's investment in Karuna.

The following table summarizes the activity related to the investment in associates balance for the years ended December 31, 2021, 2020 and 2019.


Investment in Associates			$000's



As of January 1, 2019			—
Reclassification of Karuna investment at initial public offering			118,006
Investment in Gelesis upon deconsolidation			16,444
Share of net loss of Karuna accounted for using the equity method			(6,345)
Share of net profit of Gelesis accounted for using the equity method			37,136
Impairment of investment in Gelesis			(42,938)
Reclassification of investment upon loss of significant influence			(111,661)
As of December 31, 2019 and January 1, 2020			10,642
Share of net loss in Gelesis			(34,117)
Share of other comprehensive income in Gelesis			469
Share of losses recorded against long term interests			23,006



As of December 31, 2020 and January 1, 2021			—
Share of net loss in Gelesis			(73,703)

Share of losses recorded against long term interests			73,703
As of December 31, 2021			—

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. The information for the year ended December 31, 2019, includes the results of Gelesis only for the period July 1, 2019 to December 31, 2019, as Gelesis was consolidated prior to this period.


	2021 $000s		2020 $000s
As of and for the year ended December 31,
Percentage ownership interest	42.0	%	47.9	%
Non-current assets	357,508		372,184
Current assets	66,092		92,875
Non-current liabilities	(120,786)		(133,743)
Current liabilities	(537,432)		(300,748)
Non controlling interests and options issued to third parties	(14,216)		(6,577)
Net assets attributable to shareholders of Gelesis Inc.	(248,834)		23,989
Group's share of net assets	(104,527)		11,481
Goodwill	7,211		8,216
Impairment provision balance	(37,495)		(42,702)
Equity method losses recorded against Long-term Interests	96,709		23,006
Unrecognized equity method losses (*)	38,101		—
Investment in associate	—		—
	2021 $000s		2020 $000s		2019 $000s

Revenue	11,185		21,442		—
Income/(loss) from continuing operations (100%)	(271,430)		(71,157)		74,573
Total comprehensive income/(loss) (100%)	(273,005)		(70,178)		74,573
Group's share in net income (losses) - limited to net investment amount	(73,703)		(34,117)		37,136
Group's share of total comprehensive income (loss) - limited to net investment amount	(73,703)		(33,648)		37,136

(*) Unrecognized equity method losses includes unrecognized other comprehensive loss of $0.7 million.

See Note 26, for the completion of the business combination of Gelesis with Capstar Special Purpose Acquisition Corp ("Capstar") on January 13, 2022. The publicly traded company began trading on the New York Stock exchange under the ticker symbol "GLS" on January 14, 2022.

On December 30, 2021, PureTech signed a Backstop agreement with Capstar according to which PureTech 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, are less than$15.0 million. Puretech 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 is required to acquire any shares under the agreement, PureTech will 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. For the year ended December 31, 2021 the changes in fair value were de minimis. 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 is amortized to Other income (expense) in the Consolidated Statement of Income (loss) over the period from the effective date until settlement date. As such, the Group recognized $0.8 million income in 2021 for the portion of the deferred gain amortized in 2021.

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.

Operating Expenses

12 Months Ended

Dec. 31, 2021

Operating Expenses [Abstract]

Operating Expenses

Total operating expenses were as follows:


For the years ending December 31,	2021 $000s	2020 $000s	2019 $000s
General and administrative	57,199	49,440	59,358
Research and development	110,471	81,859	85,848
Total operating expenses	167,671	131,299	145,206

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


For the years ending December 31,	2021	2020	2019
General and administrative	52	43	39
Research and development	119	95	90
Total	171	138	129

The aggregate payroll costs of these persons were as follows:


	2021 $000s	2020 $000s	2019 $000s
For the years ending December 31,
General and administrative	26,438	22,943	24,468
Research and development	28,950	20,674	20,682
Total	55,388	43,616	45,150

Detailed operating expenses were as follows:


	2021 $000s	2020 $000s	2019 $000s
For the years ending December 31,
Salaries and wages	36,792	29,403	27,703
Healthcare benefits	2,563	1,866	1,511
Payroll taxes	2,084	1,629	1,468
Share-based payments	13,950	10,718	14,468
Total payroll costs	55,388	43,616	45,150
Other selling, general and administrative expenses	30,761	26,497	34,890
Other research and development expenses	81,521	61,186	65,166
Total other operating expenses	112,282	87,683	100,056
Total operating expenses	167,671	131,299	145,206

Auditor's remuneration:


For the years ending December 31,	2021 $000s	2020 $000s	2019 $000s
Audit of these financial statements	1,183	1,145	870
Audit of the financial statements of subsidiaries	312	291	290
Audit of the financial statements of associate**	571	350	—
Audit-related assurance services*	1,868	490	163
Non-audit related services	—	173	778

Total	3,934	2,449	2,101

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

** Audit fees of $500.0 thousand and $350.0 thousand in respect of financial statements of associates for the years ended December 31, 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 both 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, 2021

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, 2021, 2020 and 2019, 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,	2021 $000s	2020 $000s	2019 $000s
General and administrative	9,310	7,650	10,677
Research and development	4,640	3,068	3,791
Total	13,950	10,718	14,468

Ariya Stock Option Exchange- 2019

In conjunction with the acquisition of the remaining minority interests of PureTech LYT (previously named Ariya Therapeutics, Inc.) on October 1, 2019 (Please refer to Note 18), PureTech Health exchanged subsidiary stock options previously granted to the co-inventors, advisors and employees of PureTech LYT with stock options to purchase 2,147,965 of the Company's ordinary shares under the PureTech Health Performance Share Plan. As this was an exchange of awards within the consolidated group, whereby the Company's stock options were replacing Ariya's stock options, the exchange was accounted for as a modification of the original award and the incremental fair value on the date of the replacement was amortized over the remaining vesting period of the awards.

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, 2021, the Company had issued share-based awards to purchase an aggregate of 21,756,187 shares under this plan.

RSUs

RSU activity for the years ended December 31, 2021, 2020 and 2019 is detailed as follows:


	Number of Shares/Units	Wtd Avg Grant Date Fair Value (GBP) (*)
Outstanding (Non-vested) at January 1, 2019	6,598,783	1.29
RSUs Granted in Period	1,775,569	2.95
Vested	(3,738,005)	1.10
Forfeited	—	—
Outstanding (Non-vested) at December 31, 2019 and 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	3,632,715	1.91

(*) 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 are treated as equity settled awards is measured to reflect such conditions and there is 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 as of and 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 $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 $1.5 million (including $0.6 million expense in respect of RSU liability awards), $5.7 million and $2.2 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021, the carrying amount of the RSU liability awards was $7.4 million ($4.7 million current; $2.7 million non current), out of which $4.6 million related to awards that have met all their performance and market conditions.

Stock Options

Stock option activity for the years ended December 31, 2021, 2020 and 2019, 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, 2019	5,075,734	1.40	8.78
Granted	3,634,183	0.84
Exercised	(237,090)	1.98		2.81
Forfeited	—	—
Options Exercisable at December 31, 2019 and January 1, 2020	4,349,921	0.93	8.34
Outstanding at December 31, 2019 and January 1, 2020	8,472,827	1.16	8.55
Granted	4,076,982	3.14
Exercised	(514,410)	1.52		2.88
Forfeited	(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	(687,781)	2.53
Options Exercisable at December 31, 2021	4,773,873	1.42	6.50
Outstanding at December 31, 2021	13,414,118	2.58	8.29

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,	2021		2020		2019
Expected volatility	41.05	%	41.25	%	35.68	%
Expected terms (in years)	6.16		6.11		5.81
Risk-free interest rate	1.06	%	0.53	%	1.85	%
Expected dividend yield	—		—		—
Grant date fair value	$1.87		$1.72		$2.23

The Company incurred share-based payment expense for the stock options of $6.2 million, $2.1 million and $9.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The increase in expense for the year ended December 31, 2021, as compared to the year ended December 31, 2020, is due to the new grants granted in 2021. The significant decrease for the year ended December 31, 2020, as compared to the year ended December 31, 2019, is largely attributable to the exchange of the Ariya awards with the Company's stock options in the year ended December 31, 2019, which resulted in an additional expense recorded in such year, as described above.

For shares outstanding as of December 31, 2021, the range of exercise prices is detailed as follow:


Range of Exercise Prices (GBP)	Options Outstanding	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)
0.01	842,762	—	7.76
1.00 to 2.00	3,521,839	1.42	5.81
2.00 to 3.00	1,251,017	2.47	8.35
3.00 to 4.00	7,798,500	3.39	9.46
Total	13,414,118	2.58	8.29

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, 2021	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited 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	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


	Outstanding as of January 1, 2019	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Outstanding as of December 31, 2019
Gelesis	3,681,732	—	—	(110,386)	(3,571,346)¹	—
Alivio	2,393,750	1,329,494	(3,125)	—	(21,875)	3,698,244

PureTech LYT	2,180,000	—	—	—	(2,180,000)²	—
Commense	540,416	—	—	—	(540,416)	—
Entrega	914,000	58,000	—	—	—	972,000
Follica	1,229,452	79,588	—	—	—	1,309,040
Karuna	1,949,927	—	—	—	(1,949,927)¹	—

Sonde	22,500	1,806,504	—	—	—	1,829,004


Vedanta	1,373,750	154,193	—	—	(77,843)	1,450,100

1 These shares represent the options outstanding on the date of deconsolidation of Karuna and Gelesis.

2 These shares represent the options outstanding on the date of exchange to PureTech stock options.

The weighted-average exercise prices and remaining contractual life for the options outstanding as of December 31, 2021, were as follows:


Outstanding at December 31, 2021	Number of options	Weighted-average exercise price $	Weighted-average contractual life outstanding
Alivio	—	—	0
Entrega	349,500	1.88	4.62
Follica	2,686,120	1.39	7.28
Sonde	2,049,004	0.20	7.71
Vedanta	1,991,637	13.42	5.92

The weighted average exercise prices for the options granted for the years ended December 31, 2021, 2020 and 2019, were as follows:


For the years ended December 31,	2021 $	2020 $	2019 $

Alivio	—	0.47	0.49



Follica	1.86	—	0.03

Sonde	—	0.18	0.20

Vedanta	19.69	19.59	19.13

The weighted average exercise prices for options forfeited during the year ended December 31, 2021, were as follows:


Forfeited during the year ended December 31, 2021	Number of options	Weighted-average exercise price $





Alivio	1,205,556	0.48
Sonde	92,323	0.18
Vedanta	72,354	19.36

The weighted average exercise prices for options exercised during the year ended December 31, 2021, were as follows:


Exercised during the year ended December 31, 2021	Number of options	Weighted-average exercise price $
Alivio	2,373,750	0.03
Entrega	525,000	0.03
Vedanta	52,938	0.96

The weighted average exercise prices for options exercisable as of December 31, 2021, were as follows:


Exercisable at December 31, 2021	Number of Options	Weighted-average exercise price $	Exercise Price Range $
Alivio	—	—	—
Entrega	349,500	1.88	0.03-2.36
Follica	2,686,120	1.01	0.03-1.86
Sonde	2,049,004	0.20	0.13-0.20
Vedanta	1,991,637	9.64	0.02-19.94

Significant Subsidiary Plans

Vedanta 2010 Stock Incentive Plan

In 2010, the Board of Directors for Vedanta approved the 2010 Stock Incentive Plan (the “Vedanta Plan”). Through subsequent amendments, as of December 31, 2021, it allowed for the issuance of 2,797,055 share-based compensation awards through incentive share options, nonqualified share options, and restricted shares to employees, Directors, and nonemployees providing services to Vedanta. At December 31, 2021, 747,270 shares remained available for issuance under the Vedanta Plan.

The options granted under Vedanta 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 Vedanta 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	2021	2020	2019
Expected award life (in years)	6.00-7.11	6.00-10.00	5.86-6.07
Expected award price volatility	88.05%-88.59%	89.24%-95.46%	89.24%-95.46%
Risk free interest rate	0.96%-1.32%	0.32%-0.87%	1.73%-1.88%
Expected dividend yield	—	—	—
Grant date fair value	$13.84-$16.23	$13.09-$16.54	$14.12-$15.61
Share price at grant date	$19.00-$21.35	$19.59	$18.71-$19.94

Vedanta incurred share-based compensation expense of $5.4 million, $2.4 million and $1.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Other Plans

The stock compensation expense under plans at other subsidiaries of the Group not including Vedanta amounted to $0.84 million, $0.42 million and $0.01 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Finance Cost Net

12 Months Ended

Dec. 31, 2021

Finance Cost Net [Abstract]

Finance Cost, net

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


	2021 $000s	2020 $000s	2019 $000s
For the years ended December 31,
Finance income
Interest income from financial assets	214	1,183	4,362
Total finance income	214	1,183	4,362
Finance costs
Contractual interest expense on notes payable	(1,031)	(96)	(149)
Interest expense on other borrowings	(1,502)	(496)	—

Interest expense on lease liability	(2,181)	(2,354)	(2,495)


Gain/(loss) on foreign currency exchange	(56)	—	68
Total finance cost – contractual	(4,771)	(2,946)	(2,576)
Gain/(loss) from change in fair value of warrant liability	1,419	(117)	(11,890)
Gain/(loss) from change in fair value of preferred shares	8,362	(4,234)	(34,585)
Gain/(loss) from change in fair value of convertible debt	(175)	—	—
Total finance income/(costs) – fair value accounting	9,606	(4,351)	(46,475)
Total finance costs – subsidiary preferred shares	—	—	(1,458)


Total finance income/(costs)	9,606	(4,351)	(47,933)
Finance income/(costs), net	5,050	(6,115)	(46,147)

Earnings/(Loss) per Share

12 Months Ended

Dec. 31, 2021

Earnings per share [abstract]

Earnings/(Loss) per Share

The basic and diluted loss per share has been calculated by dividing the income/(loss) for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 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 6,553,905 shares.

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


	2021		2020		2019
	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s
Income/(loss) for the year, attributable to the owners of the Company	(60,558)	(60,558)	5,985	5,985	421,144	421,144
Income/(loss) attributable to ordinary shareholders	(60,558)	(60,558)	5,985	5,985	421,144	421,144

Weighted-Average Number of Ordinary Shares:


	2021		2020		2019
	Basic	Diluted	Basic	Diluted	Basic	Diluted
Issued ordinary shares at January 1,	285,885,025	285,885,025	285,370,619	285,370,619	282,493,867	282,493,867
Effect of shares issued	705,958	705,958	233,048	233,048	932,600	932,600
Effect of dilutive shares (please refer to Note 8)	—	—	—	7,252,246	—	8,355,866
Weighted average number of ordinary shareholders at December 31,	286,590,983	286,590,983	285,603,667	292,855,913	283,426,467	291,782,333

Earnings/(Loss) per Share:


	2021		2020		2019
	Basic $	Diluted $	Basic $	Diluted $	Basic $	Diluted $
Basic and diluted earnings/(loss) per share	(0.21)	(0.21)	0.02	0.02	1.49	1.44

Property and Equipment

12 Months Ended

Dec. 31, 2021

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, 2020	7,385	1,452	1,508	17,656	646	28,647
Additions, net of transfers	1,536	—	51	399	3,347	5,332
Disposals	(642)	—	(40)	—	—	(682)

Reclassifications	141	—	—	—	(141)	—

Balance as of December 31, 2020	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


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, 2020	(2,968)	(239)	(1,030)	(2,955)	—	(7,192)
Depreciation	(1,572)	(215)	(297)	(1,860)	—	(3,944)
Disposals	576	—	40	—	—	616



Balance as of December 31, 2020	(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)


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, 2020	4,456	998	232	13,239	3,852	22,777
Balance as of December 31, 2021	6,047	790	139	11,679	8,116	26,771

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 $4.3 million, $3.9 million and $3.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2021

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, 2020			625
Additions			275

Balance as of December 31, 2020			900
Additions			90

Balance as of December 31, 2021			990


Accumulated amortization			Licenses $000s



Balance as of January 1, 2020			—
Amortization			(1)

Balance as of December 31, 2020			(1)
Amortization			(2)

Balance as of December 31, 2021			(3)


Intangible assets, net			Licenses $000s


Balance as of December 31, 2020			899
Balance as of December 31, 2021			987

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.

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

Amortization expense was included in the Research and development expenses line item in the accompanying Consolidated Statements of Comprehensive Income/(Loss). Amortization expense, recorded using the straight-line method, was approximately $0.0 million, $0.0 million and $0.1 million for the years ended December 31, 2021 2020 and 2019, respectively.

Other Financial Assets

12 Months Ended

Dec. 31, 2021

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:


	2021 $000s	2020 $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, 2021

Equity [abstract]

Equity

Total equity for PureTech as of December 31, 2021, and 2020, was as follows:


	December 31, 2021 $000s	December 31, 2020 $000s
Equity
Share capital, £0.01 par value, issued and paid 287,796,585 and 285,885,025 as of December 31, 2021 and 2020, respectively	5,444	5,417
Merger Reserve	138,506	138,506
Share premium	289,303	288,978
Translation reserve	469	469
Other reserves	(40,077)	(24,050)
Retained earnings/(accumulated deficit)	199,871	260,429
Equity attributable to owners of the Group	593,515	669,748
Non-controlling interests	(9,368)	(16,209)
Total equity	584,147	653,539

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.

Subsidiary Preferred Shares

12 Months Ended

Dec. 31, 2021

Subsidiary Preferred Shares [Abstract]

Subsidiary Preferred Shares

Preferred shares issued by subsidiaries and affiliates 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 and derivatives converted into preferred shares.

The balance as of December 31, 2021 and 2020, represents the fair value of the instruments for all subsidiary preferred shares. The following summarizes the subsidiary preferred share balance:


	2021 $000s	2020 $000s
As of December 31,

Entrega	669	1,291
Follica	11,191	12,792


Sonde	13,362	12,821


Vedanta Biosciences	148,796	92,068
Total subsidiary preferred share balance	174,017	118,972

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, 2021 and 2020, 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:


	2021 $000s	2020 $000s
As of December 31,

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


Sonde	12,000	12,000


Vedanta Biosciences	149,568	86,161
Total minimum liquidation preference	170,189	106,782

For the years ended December 31, 2021 and 2020, the Group recognized the following changes in the value of subsidiary preferred shares:


			$000s










Balance as of January 1, 2020			100,989
Issuance of new preferred shares			13,750

Increase in value of preferred shares measured at fair value			4,234




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




Balance as December 31, 2021			174,017

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.

2020

In January 2020 and April 2020, Sonde Health issued and sold shares of Series A-2 preferred shares for aggregate proceeds of $4.8 million, of which none was contributed by PureTech.

In April 2020 and July 2020, Vedanta issued and sold shares of Series C-2 preferred shares for aggregate proceeds of $9.0 million, of which none was contributed by PureTech.

Financial instruments

12 Months Ended

Dec. 31, 2021

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 classified as assets held at fair value.

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 discounted cash flow income approach, replacement cost/asset approach, market/asset - PWERM approach, or market backsolve approach through a recent arm’s length financing round. 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.
Asset/Cost			The asset/cost approach considers reproduction or replacement cost as an indicator of value.

As of December 31, 2021 and 2020, at each measurement date, the total fair value of preferred shares and warrants, including embedded conversion rights that are not bifurcated, was 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.

COVID-19 Consideration

At December 31, 2021, the Group assessed certain key assumptions within the valuation of its unquoted instruments and considered the impact of the COVID-19 pandemic on all unobservable inputs (Level 3). The assumptions considered with respect to COVID-19 included but were not limited to the following: exit scenarios and timing, discount rates, revenue assumptions as well as volatilities. The Group views any impact of the COVID-19 pandemic on its unquoted instruments as immaterial as of December 31, 2021.

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, 2019	217,519	9,333
Value at issuance	51,048	1,607
Conversion to preferred	4,894	(4,894)
Conversion to common	—	(2,418)
Deconsolidation	(207,346)	(5,017)
Change in fair value	33,636	1,389
Finance Costs	1,458	—
Other	(112)	—
Cash distribution	(108)	—
Balance at December 31, 2019 and January 1, 2020	100,989	—

Value at issuance	13,750	25,000



Change in fair value	4,234	—



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	174,017	2,461

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, 2021, 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, 2021

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

148,796

Market/Asset – PWERM & Hybrid allocation

Estimated time to exit

0.93

Fair value increase

Discount rate

30.0%

Volatility

95.0%

11,860

Income – DCF & OPM allocation

Estimated time to exit

2.94

Fair value decrease

Probability of Success

76.5%

Discount rate

21.9%

Fair value increase

Terminal value growth rate

(1.3)%

Fair value decrease

Volatility

57.1%

13,362

Market – Backsolve & OPM allocation

Estimated time to exit

2.00

Fair value increase

Volatility

40.0%

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, 2021	Sensitivity Range		Financial Liability Increase/(Decrease) $000s

Subsidiary Enterprise Value	-2	%	(3,041)
	+2%		3,140






Time to Liquidity	'-6 Months		5,934
	'+6 Months		(6,838)
Volatility	-10	%	737
	+10%		(682)
Discount Rate	-5	%	10,575
	+5%		(6,068)

Subsidiary Convertible Notes

Vedanta issued convertible promissory notes in December 2020 and Sonde issued convertible notes in April 2021 and November 2021 (collectively the “Notes”). See Note 17 Subsidiary Notes payable for further details. The Notes contain one or more embedded derivatives. The Company elected to account for these Notes as FVTPL liabilities, whereby the embedded derivatives are not bifurcated but rather the Notes are recorded at fair value with changes in fair value recorded in the Finance Income (Cost) line item in the Consolidated statement of comprehensive income (loss).

In July 2021 the entire convertible note issued by Vedanta was converted into Vedanta Series D preferred shares - see Note 15 for further details.

The aggregate fair value of the Sonde Notes was determined to be approximately $2.5 million at December 31, 2021. The valuations of the Notes were each categorized as Level 3 in the fair value hierarchy. In estimating the fair value of these Notes, a probability-weighted methodology was utilized, whereby the Notes’ expected returns under various Note-specific liquidity scenarios were analyzed and weighted to arrive at a probability-adjusted fair value at December 31, 2021. The significant unobservable input used at December 31, 2021, in the fair value measurement of Sonde’s convertible notes constituted the estimated time to exit, which was 0.59 years.

Financial Assets Held at Fair Value

Karuna and Vor Valuation

Karuna (Nasdaq: KRTX) and Vor (Nasdaq: VOR) and additional immaterial investments are listed entities on an active exchange and as such the fair value for the year ended December 31, 2021, was calculated utilizing the quoted common share price. Please refer to Note 5 for further details.

Akili and Gelesis

In accordance with IFRS 9, the Company accounts for its preferred share investments in Akili and Gelesis as financial assets held at fair value through the profit and loss. During the year ended December 31, 2021, the Company recorded its investment in such preferred shares at fair value and recognized the change in fair value of such investments as a gain of $66.7 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 the Group’s investments held at fair value, which were categorized as Level 3 in the fair value hierarchy:


			$'000s
Balance at January 1, 2019			85,163
Deconsolidation of Vor			12,028
Deconsolidation of Karuna			77,373
Deconsolidation of Gelesis			49,170
Reclass of Karuna to Associate			(118,006)
Gain/(Loss) on changes in fair value			48,867
Issuance of note receivable			6,480


Conversion of note receivable			(6,630)
Balance at December 31, 2019 and 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 January 1, 2021 before allocation of associate loss to long-term interest			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 as of December 31, 2021 before allocation of associate loss to long-term interest			239,533
Share of associate loss allocated to long-term interest (please refer to Note 5)			(96,709)
Balance as of December 31, 2021 after allocation of associate loss to long-term interest			142,824

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, 2021, in the fair value measurement of the Group’s material investments held at fair value categorized as Level 3 in the fair value hierarchy:

Fair Value at December 31, 2021

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

238,231

Market – PWERM & Hybrid allocation

Estimated time to exit (*)

0.76

Fair value increase

Discount rate

20.0%

Volatility

62.0%

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 investments held at fair value (Please refer to Note 5):


Input	Investments Held at Fair Value
As of December 31, 2021	Sensitivity Range		Financial Asset Increase/(Decrease) $000s


Investee Enterprise Value	-2	%	(4,559)
	+2%		4,652






Time to Liquidity (*)	'-6 Months		11,828
	'+6 Months		(14,691)
Discount Rate	-5	%	3,842
	+5%		(3,408)

(*) Gelesis investment in preferred shares was excluded from the sensitivity calculation with regard to the time to liquidity as changing the time to liquidity in the Gelesis valuation would result in an unreasonable assumption leading to an unreasonable alternative value considering the circumstances on the financial reporting date.

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, 2019			13,012
Warrant Issuance			4,706
Gelesis Deconsolidation			(21,611)
Change in fair value			11,890
Balance at December 31, 2019 and January 1, 2020			7,997
Warrant Issuance			92

Change in fair value			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			6,787

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. Each of the warrants has an exercise price of $0.14 and a contractual term of ten years from the date of issuance. 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, 2020 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 $6.8 million warrant liability at December 31, 2021, was largely attributable to the outstanding Follica preferred share warrants.

The table below sets out the weighted average of significant unobservable inputs used at December 31, 2021, with respect to determining the fair value of the Group's warrants categorized as Level 3 in the fair value hierarchy:


Assumption/Input	Warrants
Expected term	1.66
Expected volatility	49.1		%
Risk free interest rate	0.7		%
Expected dividend yield	—		%
Estimated fair value of the preferred share	$	2.72

Input

Warrant Liability

As at December 31, 2021

Sensitivity Range

Financial Liability Increase/(Decrease)
$000s

Discount Rate used in the calculation of estimated fair value of the preferred share

-5

8,390

+5%

(4,222)

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 bears 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.

The Note is measured at fair value in accordance with IFRS 9 with changes in fair value recorded as profit or loss in the Consolidated Statement of Comprehensive Income/(Loss). The fair value as of December 31, 2021, of $15.1 million approximated the note's contractual amount and the change in fair value from issuance date to December 31, 2021, was not material.

Fair Value Measurement and Classification

The fair value of financial instruments by category at December 31, 2021 and 2020:


	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	—	3,916	—	1,330	2,586	3,916
Share based liability awards	—	7,362	6,081	—	1,281	7,362
Total financial liabilities	—	192,082	6,081	1,330	184,671	192,082

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

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.


	2020
	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	394,143	—	394,143	—	—	394,143

Investments held at fair value2	553,167	—	346,275	—	206,892	553,167
Loans and receivables:
Trade and other receivables3	2,558	—	—	2,558	—	2,558
Total financial assets	949,867	—	740,417	2,558	206,892	949,867


Financial liabilities:
Subsidiary warrant liability	—	8,206	—	—	8,206	8,206
Subsidiary preferred shares	—	118,972	—	—	118,972	118,972
Subsidiary notes payable	—	26,455	—	1,330	25,125	26,455
Total financial liabilities	—	153,633	—	1,330	152,303	153,633

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

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 corporations and government agencies, virtually all of which are investment grade.

Subsidiary Notes Payable

12 Months Ended

Dec. 31, 2021

Subsidiary Notes Payable [Abstract]

Subsidiary Notes Payable

The subsidiary notes payable are comprised of loans and convertible notes. As of December 31, 2021 and 2020, 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:


	2021 $000s	2020 $000s
As of December 31,
Loans	1,330	1,330
Convertible notes	2,586	25,125
Total subsidiary notes payable	3,916	26,455

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 $1.3 million and $1.3 million as of December 31, 2021 and December 31, 2020. The accrued interest on such loan balance is presented as Other current liabilities and totaled approximately $0.6 million and $0.5 million as of December 31, 2021 and December 31, 2020, respectively. The increase in 2021 is attributed to interest expense for the year ended December 31, 2021.

Convertible Notes

Convertible Notes outstanding were as follows:


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






January 1, 2020	—	50	75	—	125
Gross principal - issuance of notes	25,000	—	—	—	25,000
Change in fair value	—	—	—	—	—




December 31, 2020 and January 1, 2021	25,000	50	75	—	25,125
Gross principal - issuance of notes - financing activity	—	—	—	2,215	2,215
Accrued interest on convertible notes - finance costs	797	—	—	70	867
Conversion to subsidiary preferred shares	(25,797)	—	—	—	(25,797)
Change in fair value - finance costs	—	—	—	175	175
December 31, 2021	—	50	75	2,461	2,586

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). The notes bear interest at an annual rate of 6.0 percent and mature on the second anniversary of the issuance. The notes 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 allow for optional conversion concurrently with the closing of a Non-Qualified Equity Financing to the Non-Qualified Equity Securities then issued and sold at a discount of 20.0 percent from the price per share in the Non Qualified Equity Financing. In the event of no conversion or repayment of the notes prior to a Change in Control, the notes shall become immediately due and payable prior to the closing of such Change in Control at three times the outstanding principal plus accrued interest.

For the Vedanta and Sonde convertible notes, since these Notes contain 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. See above. See Note 16 for further details on the fair value of the Sonde notes.

Non-Controlling Interest

12 Months Ended

Dec. 31, 2021

Non-Controlling Interests [Abstract]

Non-controlling Interest

Non-Controlling Interest

During the year ended December 31, 2021, the Company acquired the non-controlling interest in Alivio which resulted in Alivio being transferred to the Internal segment. The Company has revised in the 2021 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, 2021. 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, 2019 *	(15,102)	(20,800)	(73,225)	592	(108,535)
Share of comprehensive loss	(17,643)	(13,483)	(23,953)	—	(55,079)
Deconsolidation of subsidiary	—	—	97,178	—	97,178
Subsidiary note conversion and changes in NCI ownership interest	—	23,049	—	—	23,049
Equity settled share-based payments	—	1,683	—	—	1,683
Acquisition of a subsidiary non controlling interest	24,039	—	—	—	24,039
Other	24	—	—	1	25
Balance at December 31, 2019 and January 1, 2020	(8,682)	(9,551)	—	593	(17,639)


Share of comprehensive loss	(191)	(1,211)	—	(15)	(1,417)



Equity settled share-based payments	305	2,517	—	—	2,822

Other	—	30	—	(6)	24
Balance at December 31, 2020 and January 1, 2021	(8,567)	(8,215)	—	574	(16,209)
Share of comprehensive income (loss)	(96)	(2,069)	—	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)	6,256	—	—	6,252
Acquisition of a subsidiary non controlling interest	8,668	—	—	—	8,668
Other	—	—	—	(6)	(6)
Balance as of December 31, 2021	—	(9,950)	—	583	(9,368)

(*) Revised to reclassify Alivio into the Internal 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.


	2021
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Non-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, Entrega Inc., 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	Non-Controlled Founded Entities $000s	Intra-group eliminations $000s	Total $000s
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)
Statement of Financial Position
Total assets	1,297	67,048	—	(7)	68,339
Total liabilities	12,086	188,345	—	(14,621)	185,809
Net assets/(liabilities)	(10,788)	(121,296)	—	14,615	(117,470)

As of December 31, 2020, Internal segment with non-controlling interests include 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.


	2019
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s
Statement of Comprehensive Loss
Total revenue	8,006	41	—
Income/(loss) for the year	(26,668)	(23,871)	(47,905)
Other comprehensive income/(loss)	—	—	(10)
Total comprehensive income/(loss) for the year	(26,668)	(23,871)	(47,915)

On July 19, 2019 PureTech and a third party investor converted their convertible debt in Follica to Follica Preferred shares (presented as liabilities) and Follica common shares. The amount of convertible debt converted by the third party investor into Follica common shares amounted to $2.4 million (see also Note 16). As a result of the conversion Follica NCI share (in Follica common stock) was reduced from 68 percent to 19.9 percent, which resulted in a reduction in the NCI share in Follica’s shareholders’ deficit of $19.9 million. The excess of the change in the book value of NCI ($19.9 million noted above) over the contribution made by NCI ($2.4 million) amounted to $17.5 million and was recorded as a loss directly in shareholders’ equity.

During 2019 a subsidiary of the Company fully funded by the Company ceased its operations and became inactive. This resulted in a change in the NCI share in the subsidiary deficit. As a result the Company recorded a loss directly in equity of $3.1 million.

On October 1, 2019, PureTech acquired the remaining 10.0 percent of minority non-controlling interests of PureTech LYT, Inc. (previously named Ariya Therapeutics, Inc.), increasing its ownership from 90.0 percent to 100.0 percent. In consideration for the acquisition of minority interests, PureTech issued 2,126,338 shares of common shares. The fair value of the shares issued in consideration for the minority non-controlling interest amounted to $9.1 million. The carrying amount of the non-controlling interest at the acquisition was a $24.0 million deficit and the excess of the consideration paid over the book value of the non-controlling interest of approximately $33.1 million was recorded directly in shareholders’ equity.

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.

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.

Trade And Other Payables

12 Months Ended

Dec. 31, 2021

Trade and other payables [abstract]

Trade and Other Payables

Trade and Other Payables Information regarding Trade and other payables was as follows:


As of December 31,	2021 $000s	2020 $000s

Trade payables	11,346	8,871
Accrued expenses	17,309	9,090
Income tax payable	57	1,260
Liability settled share based awards	4,703	—
Other	2,403	2,606
Total trade and other payables	35,817	21,826

Long-term loan

12 Months Ended

Dec. 31, 2021

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 for the initial 24 months. The loan also carries a final fee upon full repayment of 7.0 percent of the original principal, or $1.1 million. For loan consideration, 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 $15.1 million as of December 31, 2021.

The following table summarizes long-term loan activity for the years ended December 31, 2021 and 2020:


	Long-term loan
	2021 $000s	2020 $000s

Balance at January 1,	14,818	—
Net loan proceeds	—	14,720
Accrued interest	1,502	496
Interest paid	(1,201)	(296)
Other	—	(102)
Balance at December 31,	15,118	14,818

The following table summarizes Vedanta's future principal payments for the long-term loan as of December 31, 2021:


Balance Type	2022	2023	2024	2025	Total
Principal	857	5,143	5,143	3,857	15,000
Balance of accreted premium net of unamortized issuance costs					118
Total					15,118

The long-term loan is presented as follows in the Statement of Financial Position as of December 31, 2021 and 2020:


	Long-term loan
	2021 $000s	2020 $000s

Current portion of Long-term loan	857	—
Long-term loan	14,261	14,818
Total Long-term loan	15,118	14,818

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The activity related to the Group’s right of use asset and lease liability for the years ended December 31, 2021 and 2020 is as follows:


	Right of use asset, net
	2021 $000s	2020 $000s



Balance at January 1,	20,098	22,383
Additions	739	—
Tenant improvement - lease incentive	(733)	—
Depreciation	(2,938)	(2,699)
Adjustments	—	414

Balance at December 31,	17,166	20,098


	Total lease liability
	2021 $000s	2020 $000s



Balance at January 1,	35,348	37,843
Additions	1,016	—
Cash paid for rent - principal - financing cash flow	(3,375)	(2,908)
Cash paid for rent - interest	(2,181)	(2,354)
Interest expense	2,181	2,354
Adjustments	—	414

Balance at December 31,	32,990	35,348

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 $2.9 million, $2.7 million and $3.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following details the short term and long-term portion of the lease liability as at December 31, 2021 and 2020:


	Total lease liability
	2021 $000s	2020 $000s

Short-term Portion of Lease Liability	3,950	3,261
Long-term Portion of Lease Liability	29,040	32,088
Total Lease Liability	32,990	35,348

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


			2021 $000s

Less than one year			5,927
One to two years			6,591
Two to three years			6,754
Three to four years			5,168
Four to five years			4,419
More than five years			12,033
Total undiscounted lease maturities			40,893
Interest			7,903
Total lease liability			32,990

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, 2021, the balances related to the sublease were as follows:


			Total lease receivable $000s

Short-term Portion of Lease Receivable			415
Long-term Portion of Lease Receivable			1,285
Total Lease Receivable			1,700

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


			2021 $000s

Less than one year			504
One to two years			513
Two to three years			523
Three to four years			353


Total undiscounted lease receivable			1,892
Unearned Finance income			192
Net investment in the lease			1,700

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, 2020 and 2019, was $0.65 million, $1.08 million and $0.4 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, 2021

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 and Parent segments 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.

COVID-19

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The pandemic has since caused widespread and significant disruption to daily life and the global economy as governments have taken actions, including the issuance of stay-at-home orders and social distancing guidelines, and businesses have adjusted their activities. While our business, operations and financial condition and results have not been significantly impacted in 2020 or 2021, as a result of the COVID-19 pandemic, we have taken swift action to ensure the safety of our employees and other stakeholders. The Group continues to monitor the latest developments regarding the COVID-19 pandemic on business, operations, and financial condition and results, and has made certain assumptions regarding the pandemic for purposes of the Group's operational planning and financial projections, including assumptions regarding the duration and severity of the pandemic and the global macroeconomic impact of the pandemic. Despite careful tracking and planning, however, the Group is unable to accurately predict the extent of the impact of the pandemic on the business, operations, and financial condition and results in future periods due to the uncertainty of future developments. The Group is focused on all aspects of the business and is implementing measures aimed at mitigating issues where possible.

Credit Risk

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

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 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):


	2021 $000s	2020 $000s
As of December 31
Cash and cash equivalents	465,708	403,881


Trade and other receivables	3,174	2,558
Total	468,882	406,438

The Group invests its excess cash in U.S. Treasury Bills, U.S. debt obligations and money market accounts, which the Group believes are of high credit quality. Further the Group's cash and cash equivalents and short-term investment 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 such counterparties (primarily the US government and large funds in respect of grant income).

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


As of December 31	2021 $000s	2020 $000s

Not impaired	3,174	2,558
Total	3,174	2,558

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, 2021 and 2020, based on contractual undiscounted payments:


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 (non-current + current)	15,118	296	2,182	16,274	18,752
Subsidiary notes payable	3,916	3,916	—	—	3,916
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	235,656	220,833	2,182	16,274	239,290


As of December 31	2020
	Carrying Amount $000s	Within Three Months $000s	Three to Twelve Months $000s	One to Five Years $000s	Total $000s (*)
Long-term loan	14,818	296	905	18,780	19,981
Subsidiary notes payable	26,455	1,455	25,000	—	26,455
Trade and other payables	21,826	21,826	—	—	21,826
Warrants2	8,206	8,206	—	—	8,206
Subsidiary preferred shares (Note 15)1	118,972	118,972	—	—	118,972
Total	190,278	150,756	25,905	18,780	195,441

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, 2021, the Group had cash and cash equivalents of $465.7 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 U.S. debt obligations 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 $397.2 million as of December 31, 2021, 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 initial investment. As of December 31, 2021, Gelesis was the only associate. The carrying amount of the investment in Gelesis as an associate was zero. Accordingly, the Group does not view this as a risk. 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, 2021, the Group held 1,656,564 common shares of Karuna and 3,207,200 common shares of Vor. The fair value of the Group's investment in the common stock of Karuna and Vor was $217.0 million and $37.3 million respectively.

The investments in Karuna and Vor 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 and Vor common shares as of December 31, 2021, would have been a loss of approximately $21.7 million and $3.7 million respectively, 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. Instruments that may be used to hedge future risks include foreign currency forward and swap contracts. These instruments may be used to selectively manage risks, but there can be no assurance that the Group will be fully protected against material foreign currency fluctuations.

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2021
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, 2021, 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, 2021, 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 $10.3 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, 2021, the noncancellable commitments in respect of such contracts amounted to approximately $6.7 million.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Parties Transactions

Related Party Subleases and royalties

During 2019, PureTech executed sublease agreements 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 $231 thousand and $54 thousand for the years ended December 31, 2021 and 2020, 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 independent directors). Full details for Directors’ remuneration can be found in the Directors’ Remuneration Report. The key management personnel compensation of the Group was as follows for the years ended December 31:


	2021 $000s	2020 $000s	2019 $000s
As of December 31
Short-term employee benefits	4,666	4,833	5,543
Share-based payments	4,045	5,822	2,774
Total	8,711	10,656	8,317

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 .

During the year ended December 31, 2021, the company incurred $782 thousand of general administrative expenses that was paid to a related party.

Convertible Notes Issued to Directors

Certain members of the Group have invested in convertible notes issued by the Group’s subsidiaries. As of December 31, 2021, 2020 and 2019, the outstanding related party notes payable totaled $94 thousand, $89 thousand and $84 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, 2021:


	Business Name (Share Class)	Number of shares held as of December 31, 2021	Number of options held as of December 31, 2021	Ownership Interest¹
Directors:

Ms Daphne Zohar²	Gelesis (Common)	179,443	1,207,006	5.03	%








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


Dr Raju Kucherlapati	Enlight (Class B Common)	—	30,000	3.00	%

Dr John LaMattina3	Akili (Series A-2 Preferred)	37,372	—	0.80	%
	Akili (Series C Preferred)	11,755	—	0.20	%
	Gelesis (Common)3	50,540	—	0.18	%
	Gelesis (Common)4	33,051	33,578	0.24	%
	Gelesis (Series A-1 Preferred)3	49,523	—	0.18	%

	Vedanta Biosciences (Common)	25,000	—	0.17	%



Senior Managers:
Dr Bharatt Chowrira	Karuna (Common)4	5,000	—	0.02	%



Dr Joseph Bolen	Vor (Common)	—	9,191	0.02	%

1 Ownership interests as of December 31, 2021 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 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 50,540 shares of common shares and 49,523 shares of Series A-1 preferred shares in Gelesis. Individually, Dr LaMattina holds 33,051 shares of Gelesis and convertible notes issued by Appeering in the aggregate principal amount of $50,000.

4 Options to purchase the listed shares were granted in connection with the service on such founded entity’s Board of Directors and any value realized therefrom shall be assigned to PureTech Health, LLC.

Directors and senior managers hold 24,676,165 ordinary shares and 8.6 percent voting rights of the Company as of December 31, 2021. This amount excludes options to purchase 4,750,000 ordinary shares. This amount also excludes 4,666,514 shares, which are issuable based on the terms of performance based RSU awards granted to certain senior managers covering the financial years 2021, 2020 and 2019, and 67,140 shares, which are issuable to directors immediately prior to the Company's 2022 Annual General Meeting of Stockholders based on the terms of the RSU awards granted to non-executive directors in 2021. 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.

Short term Note from Associate

See Note 16 for details on the $15.0 million note issued by Gelesis to the Company. The Company recognized income of $0.1 million with respect to interest and changes in fair value related to the short term note.

Taxation

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019, 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, 2021, 2020 and 2019, 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):


	2021 $000s	2020 $000s	2019 $000s
As of December 31
Income/(loss) for the year	(62,709)	4,568	366,065
Income tax expense/(benefit)	3,756	14,401	112,409
Income/(loss) before taxes	(58,953)	18,969	478,474

Recognized income tax expense/(benefit):


	2021 $000s	2020 $000s	2019 $000s
As of December 31
Federal	22,138	21,796	—
Foreign	—	—	—
State	109	—	—
Total current income tax expense/(benefit)	22,247	21,796	—
Federal	(15,416)	(7,349)	83,776
Foreign	—	—	—
State	(3,075)	(46)	28,633
Total deferred income tax expense/(benefit)	(18,491)	(7,395)	112,409
Total income tax expense/(benefit), recognized	3,756	14,401	112,409

The tax expense was $3.8 million, $14.4 million and $112.4 million in 2021, 2020 and 2019 respectively. The decrease in tax expense is primarily the result of the decrease in profit before tax 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:


	2021		2020		2019
As of December 31	$000s	%	$000s	%	$000s	%
US federal statutory rate	(12,380)	21.00	3,984	21.00	97,183	21.00
Effects of state tax rate in U.S.	(4,484)	7.61	1,844	9.72	22,111	4.78
R&D and orphan drug tax credits	(5,056)	8.58	(5,642)	(29.74)	(6,321)	(1.37)
Non deductible share based payment expenses	555	(0.94)	327	1.73	433	0.09
Finance income/(costs) – fair value accounting	(2,017)	3.42	919	4.84	3,725	0.80
Loss with respect to associate for which no deferred tax asset is recognized	11,542	(19.58)	—	—	—	—
Transaction Costs	309	(0.52)	361	1.91	—	—
Interest Expense	217	(0.37)	(2,258)	(11.91)	1,030	0.22
Executive Compensation	746	(1.27)	827	4.36	—	—

Deconsolidation adjustments	—	0.00	—	—	(13,658)	(2.95)




Recognition of deferred tax assets and tax benefits not previously recognized	(414)	0.70	—	—	(6,251)	(1.35)
Current year losses for which no deferred tax asset is recognized	14,375	(24.38)	13,948	73.53	14,514	3.14
Other	363	(0.62)	91	0.48	(356)	(0.06)
	3,756	(6.37)	14,401	75.92	112,409	24.29

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:


	2021 $000s	2020 $000s
As of December 31
Operating tax losses	46,982	39,901

Tax credits	10,673	10,805

Share-based payments	7,265	5,429
Deferred revenue	—	358
Investment in Associates	11,542	—
Lease Liability	8,969	9,657
Other temporary differences	2,665	2,078
Deferred tax assets	88,096	68,228
Investments held at fair value	(96,804)	(120,676)
ROU asset	(4,667)	(5,491)
Fixed assets	(3,547)	(3,588)
Other temporary differences	—	(27)
Deferred tax liabilities	(105,018)	(129,782)
Deferred tax assets (liabilities), net	(16,922)	(61,554)
Deferred tax liabilities, net, recognized	(89,765)	(108,626)
Deferred tax assets, net, recognized	—	—
Deferred tax assets (liabilities), net, not recognized	72,843	47,072

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 $72.8 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 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 $18.5 million benefit, primarily related to changes in the value of investments. The Company sold a portion of its stock in Karuna during 2021 and was able to partially offset its gains by using various attributes (i.e. net operating losses, research and development credits, etc.) resulting in current tax expense of $22.2 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.


	2021 $000s		2020 $000s
As of December 31
	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Deductible Temporary Difference	59,925	16,224	7,997	1,679
Tax Losses	215,425	46,982	169,731	36,273
Tax Credits	9,636	9,636	9,120	9,120
Total	284,986	72,843	186,848	47,072

Tax Losses and tax credits carryforwards

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


As of December 31	2021 $000s		2020 $000s

	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Tax losses expiring:
Within 10 years	19,735	4,343	12,530	2,760
More than 10 years	47,937	11,611	55,312	12,117
Available Indefinitely	147,753	31,028	101,889	21,397
Total	215,425	46,982	169,731	36,273
Tax credits expiring:
Within 10 years	4	4	13	13
More than 10 years	9,632	9,632	9,107	9,107
Available indefinitely	—	—	—	—
Total	9,636	9,636	9,120	9,120

The Group had U.S. federal net operating losses carry forwards (“NOLs”) of approximately $215.4 million, $169.7 million and $243.0 million as of December 31, 2021, 2020 and 2019, respectively, which are available to offset future taxable income. These NOLs expire through 2037 with the exception of $147.8 million which is not subject to expiration. The Group had U.S. Federal research and development tax credits of approximately $3.9 million, $3.9 million and $7.4 million as of December 31, 2021, 2020 and 2019, respectively, which are available to offset future taxes that expire at various dates through 2041. The Group also had Federal Orphan Drug credits of approximately $5.7 million and $5.2 million as of December 31, 2021, and 2020, which are available to offset future taxes that expire at various dates through 2041. 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 Massachusetts net operating losses carry forwards (“NOLs”) of approximately $27.9 million, $67.4 million and $273.0 million for the years ended December 31, 2021, 2020 and 2019, 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 $1.3 million, $2.1 million and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, which are available to offset future taxes and expire at various dates through 2036. 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, 2021. 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	2021 $000s	2020 $000s

Income tax receivable - current	4,514	—
Trade and Other Payables	(57)	(1,260)

Uncertain Tax Positions

The Company has no uncertain tax positions as of December 31, 2021. 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, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events after December 31, 2021, 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 January 13, 2022 Gelesis completed its business combination with Capstar Special Purpose Acquisition Corp ("Capstar"). As part of the business combination all shares held in Gelesis, common and preferred, were exchanged for common shares of the merged entity. In addition, the Group 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 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. Following the closing of the business combination, the PIPE transaction and the settlement of the aforementioned Backstop agreement with Capstar, PureTech holds 16,727,582 common shares of Gelesis Holdings Inc., which is equal to approximately 23.2% of Gelesis Holdings Inc's outstanding common shares. On January 26, 2022, Akili Interactive and Social Capital Suvretta Holdings Corp a special purpose acquisition company announced they had entered into a definitive business combination agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on the Nasdaq Stock Market under the ticker symbol "AKLI". The transaction is expected to close in mid-2022. As part of this transaction the Akili Interactive shares held by the Company will be exchanged for the combined company's securities and the Company's interest in the combined public entity is expected to decrease from its current voting interest in Akili of 26.7%.

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

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

Use of Judgments and Estimates

Significant estimation is applied in determining the following:

Significant judgement is also applied in determining the following:

Going Concern

Basis of consolidation

Subsidiaries


	Voting percentage at December 31, through the holdings in
	2021		2020		2019
Subsidiary	Common	Preferred	Common	Preferred	Common	Preferred
Subsidiary operating companies
Alivio Therapeutics, Inc.1,2	—	100.0	—	91.9	—	91.9





Entrega, Inc. (indirectly held through Enlight)1,2	—	77.3	—	83.1	—	83.1
Follica, Incorporated1,2,5	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	—
Sonde Health, Inc.1,2	—	51.8	—	51.8	—	64.1

Vedanta Biosciences, Inc.1,2	—	48.6	—	59.3	—	61.8
Vedanta Biosciences Securities Corp. (indirectly held through Vedanta)1,2	—	48.6	—	59.3	—	61.8
Deconsolidated former subsidiary operating companies
Akili Interactive Labs, Inc.2	—	26.7	—	41.9	—	41.9

Gelesis, Inc.1,2,7,10	4.8	19.7	4.9	20.2	5.7	20.2



Karuna Therapeutics, Inc.1,2,8	5.6	—	12.6	—	28.4	—


Vor Biopharma Inc.1,2,9	8.6	—	—	16.4	—	47.5
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	—	—	—
Inactive subsidiaries
Appeering, Inc.2	—	100.0	—	100.0	—	100.0
Commense Inc.2,6	—	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 Commense turned inactive during 2019.

10 See note 26 regarding Gelesis business combination with Capstar Special Purpose Acquisition Corp after balance sheet date and the Group's ownership rights in the new combined public entity.

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.

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.

Financial Liabilities

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

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

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.

The Company did not record any impairment of such assets during the reported periods.

Employee Benefits

Short-Term Employee Benefits

Defined Contribution Plans

The Group’s operating 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 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

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

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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
	2021		2020		2019
Subsidiary	Common	Preferred	Common	Preferred	Common	Preferred
Subsidiary operating companies
Alivio Therapeutics, Inc.1,2	—	100.0	—	91.9	—	91.9





Entrega, Inc. (indirectly held through Enlight)1,2	—	77.3	—	83.1	—	83.1
Follica, Incorporated1,2,5	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	—
Sonde Health, Inc.1,2	—	51.8	—	51.8	—	64.1

Vedanta Biosciences, Inc.1,2	—	48.6	—	59.3	—	61.8
Vedanta Biosciences Securities Corp. (indirectly held through Vedanta)1,2	—	48.6	—	59.3	—	61.8
Deconsolidated former subsidiary operating companies
Akili Interactive Labs, Inc.2	—	26.7	—	41.9	—	41.9

Gelesis, Inc.1,2,7,10	4.8	19.7	4.9	20.2	5.7	20.2



Karuna Therapeutics, Inc.1,2,8	5.6	—	12.6	—	28.4	—


Vor Biopharma Inc.1,2,9	8.6	—	—	16.4	—	47.5
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	—	—	—
Inactive subsidiaries
Appeering, Inc.2	—	100.0	—	100.0	—	100.0
Commense Inc.2,6	—	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 Commense turned inactive during 2019.

10 See note 26 regarding Gelesis business combination with Capstar Special Purpose Acquisition Corp after balance sheet date and the Group's ownership rights in the new combined public entity.

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, 2021

Revenue [abstract]

Disclosure of revenue from contracts with customers

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


For the years ended December 31,	2021 $000s	2020 $000s	2019 $000s
Contract revenue	9,979	8,341	8,688
Grant income	7,409	3,427	1,119
Total revenue	17,388	11,768	9,807

Disclosure of disaggregation of revenue from contracts with customers


Timing of contract revenue recognition For the years ended December 31,	2021 $000s	2020 $000s	2019 $000s
Transferred at a point in time – Licensing Income1	6,809	2,054	—
Transferred over time2	3,171	6,286	8,688
	9,979	8,341	8,688


Customers over 10% of revenue	2021 $000s	2020 $000s	2019 $000s


Customer A	—	1,518	4,973
Customer B	1,500	896	1,433
Customer C	—	2,043	1,091
Customer D	7,250	1,736	1,013
Customer E	—	2,000	—
	8,750	8,193	8,510

Schedule of Contract Balances

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


Contract Balances	2021 $000s	2020 $000s
Accounts receivable	704	711

Deferred revenue – short term	65	1,472

During the year ended December 31, 2021, $1.4 million of revenue was recognized from deferred revenue outstanding at December 31, 2020.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Information [Abstract]

Disclosure of operating segments

Information About Reportable Segments:


	2021 $000s
	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	1,615	—	235	9,979
Grant revenue	1,253	6,156	—	—	7,409
Total revenue	9,382	7,771	—	235	17,388
General and administrative expenses	(8,673)	(20,729)	—	(27,797)	(57,199)
Research and development expenses	(65,444)	(43,783)	—	(1,244)	(110,471)
Total operating expense	(74,118)	(64,512)	—	(29,041)	(167,671)

Other income/(expense):

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

Gain/(loss) on disposal of assets	(1)	(51)	—	—	(53)

Other income/(expense)	—	121	—	1,523	1,645
Total other income/(expense)	(1)	70	—	159,914	159,983
Net finance income/(costs)	(16)	6,744	—	(1,679)	5,050
Share of net income/(loss) of associates accounted for using the equity method	—	—	—	(73,703)	(73,703)

Income/(loss) before taxes	(64,753)	(49,927)	—	55,727	(58,953)
Income/(loss) 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)	(50,583)	—	63,628	(47,323)

Finance income/(costs) – IFRS 9 fair value accounting	—	9,606	—	—	9,606
Share-based payment expense	(3,066)	(6,256)	—	(4,628)	(13,950)
Depreciation of tangible assets	(1,319)	(1,518)	—	(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)	(49,927)	—	51,971	(62,709)
Other comprehensive income/(loss)	—	—	—	—	—
Total comprehensive income/(loss) for the year	(64,753)	(49,927)	—	51,971	(62,709)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(64,657)	(47,857)	—	51,956	(60,558)
Non-controlling interests	(96)	(2,069)	—	15	(2,151)
	December 31, 2021 $000s
Consolidated Statements of Financial Position:
Total assets	125,726	66,274	—	754,007	946,006
Total liabilities1	228,789	228,857	—	(95,787)	361,859
Net assets/(liabilities)	(103,063)	(162,584)	—	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.


	2020 $000s
	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	5,297	990	—	2,054	8,341
Grant revenue	1,563	1,864	—	—	3,427
Total revenue	6,860	2,853	—	2,054	11,768
General and administrative expenses	(3,482)	(13,691)	—	(32,267)	(49,440)
Research and development expenses	(45,346)	(36,279)	—	(234)	(81,859)
Total Operating expenses	(48,828)	(49,970)	—	(32,500)	(131,299)

Other income/(expense):

Gain/(loss) on investments held at fair value	—	—	—	232,674	232,674
Loss realized 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	(5,204)	—	(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)	(52,236)	—	113,170	18,969
(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	(38,349)	(42,602)	—	121,644	40,694
Finance income/(costs) – subsidiary preferred shares	—	—	—	—	—
Finance income/(costs) – IFRS 9 fair value accounting	—	(4,351)	—	—	(4,351)
Share-based payment expense	(2,762)	(2,552)	—	(5,405)	(10,718)
Depreciation of tangible assets	(854)	(1,544)	—	(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)	(52,237)	—	98,769	4,568
Other comprehensive income/(loss)	—	—	—	469	469
Total comprehensive income/(loss) for the year	(41,964)	(52,237)	—	99,238	5,037
Total comprehensive income/(loss) attributable to:
Owners of the Company	(41,773)	(51,026)	—	99,253	6,454
Non-controlling interests	(191)	(1,211)	—	(15)	(1,417)
	December 31, 2020 $000s
Consolidated Statements of Financial Position:
Total assets	89,214	67,433	—	833,347	989,994
Total liabilities	130,049	200,457	—	5,949	336,455
Net (liabilities)/assets	(40,835)	(133,023)	—	827,397	653,539

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


	2019 $000s
	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s	Parent Company & Other $000s	Consolidated $000s
Consolidated Statements of Comprehensive Loss
Contract revenue	7,077	1,474	—	137	8,688
Grant revenue	928	191	—	—	1,119
Total revenue	8,006	1,664	—	137	9,807
General and administrative expenses	(3,252)	(13,569)	(10,439)	(32,098)	(59,358)
Research and development expenses	(28,874)	(39,883)	(15,555)	(1,536)	(85,848)
Total operating expense	(32,126)	(53,451)	(25,994)	(33,634)	(145,206)
Other income/(expense):
Gain on deconsolidation	—	—	—	264,409	264,409
Gain/(loss) on investments held at fair value	—	—	—	(37,863)	(37,863)

Gain/(loss) on disposal of assets	17	(39)	—	(60)	(82)
Gain on loss of significant influence	—	—	—	445,582	445,582
Other income/(expense)	—	166	—	(45)	121
Other income/(expense)	17	127	—	672,023	672,167
Net finance income/(costs)	—	(16,947)	(30,141)	941	(46,147)
Share of net income/(loss) of associate accounted for using the equity method	—	—	—	30,791	30,791
Impairment of investment in associate	—	—	—	(42,938)	(42,938)
Income/(loss) before taxes	(24,104)	(68,608)	(56,135)	627,320	478,474
(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	(23,698)	(47,188)	(21,873)	640,298	547,540
Finance income/(costs) – subsidiary preferred shares	—	107	(1,564)	(1)	(1,458)
Finance income/(costs) – IFRS 9 fair value accounting	—	(17,294)	(28,737)	(444)	(46,475)
Share-based payment expense	(19)	(1,664)	(3,543)	(9,242)	(14,468)

Depreciation of tangible assets	(390)	(1,517)	(207)	(1,114)	(3,228)
Amortization of ROU assets	—	(1,060)	(83)	(2,177)	(3,320)
Amortization of intangible assets	4	7	(128)	—	(117)

Taxation	—	(134)	(162)	(112,113)	(112,409)
Income/(loss) for the year	(24,104)	(68,741)	(56,297)	515,207	366,065
Other comprehensive income/(loss)	—	—	(10)	—	(10)
Total comprehensive income/(loss) for the year	(24,104)	(68,741)	(56,307)	515,207	366,055
Total comprehensive income/(loss) attributable to:
Owners of the Company	(6,461)	(55,258)	(32,353)	515,207	421,133
Non-controlling interests	(17,643)	(13,483)	(23,953)	—	(55,079)

Investments held at fair value (Tables)

12 Months Ended

Dec. 31, 2021

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, 2020			714,905
Sale of Karuna shares			(347,538)
Sale of resTORbio shares			(3,048)
Loss realised on sale of investments			(54,976)
Cash purchase of Gelesis preferred shares (please refer to Note 6)			10,000
Cash purchase of Vor preferred shares			1,150
Unrealized Loss – fair value through profit and loss			232,674
Balance as of January 1, 2021 before allocation of share in associate loss to long-term interest			553,167
Sale of Karuna shares			(218,125)

Loss realised on sale of investments (see below)			(20,925)
Cash purchase of Vor preferred shares			500

Unrealized gain – fair value through profit and loss			179,271

Balance as of December 31, 2021 before allocation of share in associate loss to long-term interest			493,888
Share of associate loss allocated to long-term interest (see Note 6)			(96,709)
Balance as of December 31, 2021 after allocation of share in associate loss to long-term interest1			397,179

Disclosure of gain on deconsolidation

The following table summarizes the gain on deconsolidation recognized by the Company:


	2021 $000s	2020 $000s	2019 $000s
Year ended December 31,

Gain on deconsolidation of Vor	—	—	6,357
Gain on deconsolidation of Karuna	—	—	102,038

Gain on deconsolidation of Gelesis [Note 6]	—	—	156,014
Total gain on deconsolidation	—	—	264,409

Investments in Associates (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019.


Investment in Associates			$000's



As of January 1, 2019			—
Reclassification of Karuna investment at initial public offering			118,006
Investment in Gelesis upon deconsolidation			16,444
Share of net loss of Karuna accounted for using the equity method			(6,345)
Share of net profit of Gelesis accounted for using the equity method			37,136
Impairment of investment in Gelesis			(42,938)
Reclassification of investment upon loss of significant influence			(111,661)
As of December 31, 2019 and January 1, 2020			10,642
Share of net loss in Gelesis			(34,117)
Share of other comprehensive income in Gelesis			469
Share of losses recorded against long term interests			23,006



As of December 31, 2020 and January 1, 2021			—
Share of net loss in Gelesis			(73,703)

Share of losses recorded against long term interests			73,703
As of December 31, 2021			—

Summary of Financial information of Gelesis


	2021 $000s		2020 $000s
As of and for the year ended December 31,
Percentage ownership interest	42.0	%	47.9	%
Non-current assets	357,508		372,184
Current assets	66,092		92,875
Non-current liabilities	(120,786)		(133,743)
Current liabilities	(537,432)		(300,748)
Non controlling interests and options issued to third parties	(14,216)		(6,577)
Net assets attributable to shareholders of Gelesis Inc.	(248,834)		23,989
Group's share of net assets	(104,527)		11,481
Goodwill	7,211		8,216
Impairment provision balance	(37,495)		(42,702)
Equity method losses recorded against Long-term Interests	96,709		23,006
Unrecognized equity method losses (*)	38,101		—
Investment in associate	—		—
	2021 $000s		2020 $000s		2019 $000s

Revenue	11,185		21,442		—
Income/(loss) from continuing operations (100%)	(271,430)		(71,157)		74,573
Total comprehensive income/(loss) (100%)	(273,005)		(70,178)		74,573
Group's share in net income (losses) - limited to net investment amount	(73,703)		(34,117)		37,136
Group's share of total comprehensive income (loss) - limited to net investment amount	(73,703)		(33,648)		37,136

(*) Unrecognized equity method losses includes unrecognized other comprehensive loss of $0.7 million.

Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Operating Expenses [Abstract]

Disclosure Of Total Operating Expense

Total operating expenses were as follows:


For the years ending December 31,	2021 $000s	2020 $000s	2019 $000s
General and administrative	57,199	49,440	59,358
Research and development	110,471	81,859	85,848
Total operating expenses	167,671	131,299	145,206

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,	2021	2020	2019
General and administrative	52	43	39
Research and development	119	95	90
Total	171	138	129

Disclosure of Payroll Costs

The aggregate payroll costs of these persons were as follows:


	2021 $000s	2020 $000s	2019 $000s
For the years ending December 31,
General and administrative	26,438	22,943	24,468
Research and development	28,950	20,674	20,682
Total	55,388	43,616	45,150

Disclosure of other operating expense

Detailed operating expenses were as follows:


	2021 $000s	2020 $000s	2019 $000s
For the years ending December 31,
Salaries and wages	36,792	29,403	27,703
Healthcare benefits	2,563	1,866	1,511
Payroll taxes	2,084	1,629	1,468
Share-based payments	13,950	10,718	14,468
Total payroll costs	55,388	43,616	45,150
Other selling, general and administrative expenses	30,761	26,497	34,890
Other research and development expenses	81,521	61,186	65,166
Total other operating expenses	112,282	87,683	100,056
Total operating expenses	167,671	131,299	145,206

Disclosure of auditors' remuneration

Auditor's remuneration:


For the years ending December 31,	2021 $000s	2020 $000s	2019 $000s
Audit of these financial statements	1,183	1,145	870
Audit of the financial statements of subsidiaries	312	291	290
Audit of the financial statements of associate**	571	350	—
Audit-related assurance services*	1,868	490	163
Non-audit related services	—	173	778

Total	3,934	2,449	2,101

* 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, 2021

Dec. 31, 2020

Share-based Payments [Abstract]

Disclosure of Share-based Payment Expense Table

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,	2021 $000s	2020 $000s	2019 $000s
General and administrative	9,310	7,650	10,677
Research and development	4,640	3,068	3,791
Total	13,950	10,718	14,468

Disclosure of RSU activity

RSU activity for the years ended December 31, 2021, 2020 and 2019 is detailed as follows:


	Number of Shares/Units	Wtd Avg Grant Date Fair Value (GBP) (*)
Outstanding (Non-vested) at January 1, 2019	6,598,783	1.29
RSUs Granted in Period	1,775,569	2.95
Vested	(3,738,005)	1.10
Forfeited	—	—
Outstanding (Non-vested) at December 31, 2019 and 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	3,632,715	1.91

Disclosure of stock option activity

Stock option activity for the years ended December 31, 2021, 2020 and 2019, 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, 2019	5,075,734	1.40	8.78
Granted	3,634,183	0.84
Exercised	(237,090)	1.98		2.81
Forfeited	—	—
Options Exercisable at December 31, 2019 and January 1, 2020	4,349,921	0.93	8.34
Outstanding at December 31, 2019 and January 1, 2020	8,472,827	1.16	8.55
Granted	4,076,982	3.14
Exercised	(514,410)	1.52		2.88
Forfeited	(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	(687,781)	2.53
Options Exercisable at December 31, 2021	4,773,873	1.42	6.50
Outstanding at December 31, 2021	13,414,118	2.58	8.29

Disclosure of terms and conditions of share-based payment arrangement


At December 31,	2021		2020		2019
Expected volatility	41.05	%	41.25	%	35.68	%
Expected terms (in years)	6.16		6.11		5.81
Risk-free interest rate	1.06	%	0.53	%	1.85	%
Expected dividend yield	—		—		—
Grant date fair value	$1.87		$1.72		$2.23

Disclosure of range of exercise prices of outstanding share options

For shares outstanding as of December 31, 2021, the range of exercise prices is detailed as follow:


Range of Exercise Prices (GBP)	Options Outstanding	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)
0.01	842,762	—	7.76
1.00 to 2.00	3,521,839	1.42	5.81
2.00 to 3.00	1,251,017	2.47	8.35
3.00 to 4.00	7,798,500	3.39	9.46
Total	13,414,118	2.58	8.29

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, 2021	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited 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	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


	Outstanding as of January 1, 2019	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Outstanding as of December 31, 2019
Gelesis	3,681,732	—	—	(110,386)	(3,571,346)¹	—
Alivio	2,393,750	1,329,494	(3,125)	—	(21,875)	3,698,244

PureTech LYT	2,180,000	—	—	—	(2,180,000)²	—
Commense	540,416	—	—	—	(540,416)	—
Entrega	914,000	58,000	—	—	—	972,000
Follica	1,229,452	79,588	—	—	—	1,309,040
Karuna	1,949,927	—	—	—	(1,949,927)¹	—

Sonde	22,500	1,806,504	—	—	—	1,829,004


Vedanta	1,373,750	154,193	—	—	(77,843)	1,450,100

1 These shares represent the options outstanding on the date of deconsolidation of Karuna and Gelesis.

2 These shares represent the options outstanding on the date of exchange to PureTech stock options.

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, 2021, were as follows:


Outstanding at December 31, 2021	Number of options	Weighted-average exercise price $	Weighted-average contractual life outstanding
Alivio	—	—	0
Entrega	349,500	1.88	4.62
Follica	2,686,120	1.39	7.28
Sonde	2,049,004	0.20	7.71
Vedanta	1,991,637	13.42	5.92

Disclosure of Weighted Average Exercise Prices for Options Granted

The weighted average exercise prices for the options granted for the years ended December 31, 2021, 2020 and 2019, were as follows:


For the years ended December 31,	2021 $	2020 $	2019 $

Alivio	—	0.47	0.49



Follica	1.86	—	0.03

Sonde	—	0.18	0.20

Vedanta	19.69	19.59	19.13

Disclosure of Weighted Average Exercise Prices for Options Forfeited

The weighted average exercise prices for options forfeited during the year ended December 31, 2021, were as follows:


Forfeited during the year ended December 31, 2021	Number of options	Weighted-average exercise price $





Alivio	1,205,556	0.48
Sonde	92,323	0.18
Vedanta	72,354	19.36

Disclosure of Weighted Average Exercise Prices for Options Exercised

The weighted average exercise prices for options exercised during the year ended December 31, 2021, were as follows:


Exercised during the year ended December 31, 2021	Number of options	Weighted-average exercise price $
Alivio	2,373,750	0.03
Entrega	525,000	0.03
Vedanta	52,938	0.96

Disclosure of Weighted Average Exercise Prices for Options Exercisable

The weighted average exercise prices for options exercisable as of December 31, 2021, were as follows:


Exercisable at December 31, 2021	Number of Options	Weighted-average exercise price $	Exercise Price Range $
Alivio	—	—	—
Entrega	349,500	1.88	0.03-2.36
Follica	2,686,120	1.01	0.03-1.86
Sonde	2,049,004	0.20	0.13-0.20
Vedanta	1,991,637	9.64	0.02-19.94

Significant Subsidiary Plan -Vedanta 2010 Plan - 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	2021	2020	2019
Expected award life (in years)	6.00-7.11	6.00-10.00	5.86-6.07
Expected award price volatility	88.05%-88.59%	89.24%-95.46%	89.24%-95.46%
Risk free interest rate	0.96%-1.32%	0.32%-0.87%	1.73%-1.88%
Expected dividend yield	—	—	—
Grant date fair value	$13.84-$16.23	$13.09-$16.54	$14.12-$15.61
Share price at grant date	$19.00-$21.35	$19.59	$18.71-$19.94

Finance Cost Net (Tables)

12 Months Ended

Dec. 31, 2021

Finance Cost Net [Abstract]

Disclosure of finance income (cost) [text block]

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


	2021 $000s	2020 $000s	2019 $000s
For the years ended December 31,
Finance income
Interest income from financial assets	214	1,183	4,362
Total finance income	214	1,183	4,362
Finance costs
Contractual interest expense on notes payable	(1,031)	(96)	(149)
Interest expense on other borrowings	(1,502)	(496)	—

Interest expense on lease liability	(2,181)	(2,354)	(2,495)


Gain/(loss) on foreign currency exchange	(56)	—	68
Total finance cost – contractual	(4,771)	(2,946)	(2,576)
Gain/(loss) from change in fair value of warrant liability	1,419	(117)	(11,890)
Gain/(loss) from change in fair value of preferred shares	8,362	(4,234)	(34,585)
Gain/(loss) from change in fair value of convertible debt	(175)	—	—
Total finance income/(costs) – fair value accounting	9,606	(4,351)	(46,475)
Total finance costs – subsidiary preferred shares	—	—	(1,458)


Total finance income/(costs)	9,606	(4,351)	(47,933)
Finance income/(costs), net	5,050	(6,115)	(46,147)

Earnings/(Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings per share [abstract]

Disclosure of Earnings/(Loss) attributable to owners of company

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


	2021		2020		2019
	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s	Basic $000s	Diluted $000s
Income/(loss) for the year, attributable to the owners of the Company	(60,558)	(60,558)	5,985	5,985	421,144	421,144
Income/(loss) attributable to ordinary shareholders	(60,558)	(60,558)	5,985	5,985	421,144	421,144

Disclosure of Weighted-Average Number of Ordinary Shares

Weighted-Average Number of Ordinary Shares:


	2021		2020		2019
	Basic	Diluted	Basic	Diluted	Basic	Diluted
Issued ordinary shares at January 1,	285,885,025	285,885,025	285,370,619	285,370,619	282,493,867	282,493,867
Effect of shares issued	705,958	705,958	233,048	233,048	932,600	932,600
Effect of dilutive shares (please refer to Note 8)	—	—	—	7,252,246	—	8,355,866
Weighted average number of ordinary shareholders at December 31,	286,590,983	286,590,983	285,603,667	292,855,913	283,426,467	291,782,333

Disclosure of Earnings/(Loss) per Share

Earnings/(Loss) per Share:


	2021		2020		2019
	Basic $	Diluted $	Basic $	Diluted $	Basic $	Diluted $
Basic and diluted earnings/(loss) per share	(0.21)	(0.21)	0.02	0.02	1.49	1.44

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

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, 2020	7,385	1,452	1,508	17,656	646	28,647
Additions, net of transfers	1,536	—	51	399	3,347	5,332
Disposals	(642)	—	(40)	—	—	(682)

Reclassifications	141	—	—	—	(141)	—

Balance as of December 31, 2020	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

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, 2020	(2,968)	(239)	(1,030)	(2,955)	—	(7,192)
Depreciation	(1,572)	(215)	(297)	(1,860)	—	(3,944)
Disposals	576	—	40	—	—	616



Balance as of December 31, 2020	(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)

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, 2020	4,456	998	232	13,239	3,852	22,777
Balance as of December 31, 2021	6,047	790	139	11,679	8,116	26,771

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets [Abstract]

Disclosure of detailed information about intangible assets


Cost			Licenses $000s



Balance as of January 1, 2020			625
Additions			275

Balance as of December 31, 2020			900
Additions			90

Balance as of December 31, 2021			990

Disclosure of Accumulated amortization


Accumulated amortization			Licenses $000s



Balance as of January 1, 2020			—
Amortization			(1)

Balance as of December 31, 2020			(1)
Amortization			(2)

Balance as of December 31, 2021			(3)

Disclosure of Intangible assets, net


Intangible assets, net			Licenses $000s


Balance as of December 31, 2020			899
Balance as of December 31, 2021			987

Other Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Other Financial Assets [Abstract]

Disclosure of Other Financial Assets


	2021 $000s	2020 $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, 2021

Equity [abstract]

Disclosure of Equity

Total equity for PureTech as of December 31, 2021, and 2020, was as follows:


	December 31, 2021 $000s	December 31, 2020 $000s
Equity
Share capital, £0.01 par value, issued and paid 287,796,585 and 285,885,025 as of December 31, 2021 and 2020, respectively	5,444	5,417
Merger Reserve	138,506	138,506
Share premium	289,303	288,978
Translation reserve	469	469
Other reserves	(40,077)	(24,050)
Retained earnings/(accumulated deficit)	199,871	260,429
Equity attributable to owners of the Group	593,515	669,748
Non-controlling interests	(9,368)	(16,209)
Total equity	584,147	653,539

Subsidiary Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2021

Subsidiary Preferred Shares [Abstract]

Disclosure of Subsidiary Preferred Share balances

The following summarizes the subsidiary preferred share balance:


	2021 $000s	2020 $000s
As of December 31,

Entrega	669	1,291
Follica	11,191	12,792


Sonde	13,362	12,821


Vedanta Biosciences	148,796	92,068
Total subsidiary preferred share balance	174,017	118,972

Disclosure of Subsidiary preferred shares, Minimum liquidation preference


	2021 $000s	2020 $000s
As of December 31,

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


Sonde	12,000	12,000


Vedanta Biosciences	149,568	86,161
Total minimum liquidation preference	170,189	106,782

Disclosure of Changes in the value of subsidiary preferred shares

For the years ended December 31, 2021 and 2020, the Group recognized the following changes in the value of subsidiary preferred shares:


			$000s










Balance as of January 1, 2020			100,989
Issuance of new preferred shares			13,750

Increase in value of preferred shares measured at fair value			4,234




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




Balance as December 31, 2021			174,017

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

Disclosure Of changes in Financial Liabilities, level 3 fair value - Subsidiary Preferred Shares and Convertible Notes

Subsidiary Preferred Shares Liability and Subsidiary Convertible Notes


	Subsidiary Preferred Shares $000s	Subsidiary Convertible Notes $000s
Balance at January 1, 2019	217,519	9,333
Value at issuance	51,048	1,607
Conversion to preferred	4,894	(4,894)
Conversion to common	—	(2,418)
Deconsolidation	(207,346)	(5,017)
Change in fair value	33,636	1,389
Finance Costs	1,458	—
Other	(112)	—
Cash distribution	(108)	—
Balance at December 31, 2019 and January 1, 2020	100,989	—

Value at issuance	13,750	25,000



Change in fair value	4,234	—



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	174,017	2,461

Financial Instruments, Significant Unobservable inputs, level 3 fair value - Preferred Shares liability

Fair Value at December 31, 2021

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

148,796

Market/Asset – PWERM & Hybrid allocation

Estimated time to exit

0.93

Fair value increase

Discount rate

30.0%

Volatility

95.0%

11,860

Income – DCF & OPM allocation

Estimated time to exit

2.94

Fair value decrease

Probability of Success

76.5%

Discount rate

21.9%

Fair value increase

Terminal value growth rate

(1.3)%

Fair value decrease

Volatility

57.1%

13,362

Market – Backsolve & OPM allocation

Estimated time to exit

2.00

Fair value increase

Volatility

40.0%

Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [text block]


Input	Subsidiary Preferred Share Liability
As of December 31, 2021	Sensitivity Range		Financial Liability Increase/(Decrease) $000s

Subsidiary Enterprise Value	-2	%	(3,041)
	+2%		3,140






Time to Liquidity	'-6 Months		5,934
	'+6 Months		(6,838)
Volatility	-10	%	737
	+10%		(682)
Discount Rate	-5	%	10,575
	+5%		(6,068)

Disclosure of changes in assets, level 3 fair value - investments held at fair value [Text Block]

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


			$'000s
Balance at January 1, 2019			85,163
Deconsolidation of Vor			12,028
Deconsolidation of Karuna			77,373
Deconsolidation of Gelesis			49,170
Reclass of Karuna to Associate			(118,006)
Gain/(Loss) on changes in fair value			48,867
Issuance of note receivable			6,480


Conversion of note receivable			(6,630)
Balance at December 31, 2019 and 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 January 1, 2021 before allocation of associate loss to long-term interest			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 as of December 31, 2021 before allocation of associate loss to long-term interest			239,533
Share of associate loss allocated to long-term interest (please refer to Note 5)			(96,709)
Balance as of December 31, 2021 after allocation of associate loss to long-term interest			142,824

Disclosure of Significant unobservable Inputs - Investments at Fair Value, Assets

Fair Value at December 31, 2021

Valuation Technique

Unobservable Inputs

Weighted Average

Sensitivity to Decrease in Input

238,231

Market – PWERM & Hybrid allocation

Estimated time to exit (*)

0.76

Fair value increase

Discount rate

20.0%

Volatility

62.0%

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


Input	Investments Held at Fair Value
As of December 31, 2021	Sensitivity Range		Financial Asset Increase/(Decrease) $000s


Investee Enterprise Value	-2	%	(4,559)
	+2%		4,652






Time to Liquidity (*)	'-6 Months		11,828
	'+6 Months		(14,691)
Discount Rate	-5	%	3,842
	+5%		(3,408)

Disclosure of changes in financial liabilities - Warrants

Warrants


			Subsidiary Warrant Liability $000s
Balance at January 1, 2019			13,012
Warrant Issuance			4,706
Gelesis Deconsolidation			(21,611)
Change in fair value			11,890
Balance at December 31, 2019 and January 1, 2020			7,997
Warrant Issuance			92

Change in fair value			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			6,787

Disclosure of financial liabilities - Warrants, weighted-average assumptions


Assumption/Input	Warrants
Expected term	1.66
Expected volatility	49.1		%
Risk free interest rate	0.7		%
Expected dividend yield	—		%
Estimated fair value of the preferred share	$	2.72

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

Input

Warrant Liability

As at December 31, 2021

Sensitivity Range

Financial Liability Increase/(Decrease)
$000s

Discount Rate used in the calculation of estimated fair value of the preferred share

-5

8,390

+5%

(4,222)

Disclosure of Fair Value Measurement and Classification

The fair value of financial instruments by category at December 31, 2021 and 2020:


	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	—	3,916	—	1,330	2,586	3,916
Share based liability awards	—	7,362	6,081	—	1,281	7,362
Total financial liabilities	—	192,082	6,081	1,330	184,671	192,082

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

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.


	2020
	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	394,143	—	394,143	—	—	394,143

Investments held at fair value2	553,167	—	346,275	—	206,892	553,167
Loans and receivables:
Trade and other receivables3	2,558	—	—	2,558	—	2,558
Total financial assets	949,867	—	740,417	2,558	206,892	949,867


Financial liabilities:
Subsidiary warrant liability	—	8,206	—	—	8,206	8,206
Subsidiary preferred shares	—	118,972	—	—	118,972	118,972
Subsidiary notes payable	—	26,455	—	1,330	25,125	26,455
Total financial liabilities	—	153,633	—	1,330	152,303	153,633

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

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 corporations and government agencies, virtually all of which are investment grade.

Subsidiary Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Subsidiary Notes Payable [Abstract]

Schedule of Notes Payable

The notes payable consist of the following:


	2021 $000s	2020 $000s
As of December 31,
Loans	1,330	1,330
Convertible notes	2,586	25,125
Total subsidiary notes payable	3,916	26,455

Schedule of Convertible Notes

Convertible Notes outstanding were as follows:


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






January 1, 2020	—	50	75	—	125
Gross principal - issuance of notes	25,000	—	—	—	25,000
Change in fair value	—	—	—	—	—




December 31, 2020 and January 1, 2021	25,000	50	75	—	25,125
Gross principal - issuance of notes - financing activity	—	—	—	2,215	2,215
Accrued interest on convertible notes - finance costs	797	—	—	70	867
Conversion to subsidiary preferred shares	(25,797)	—	—	—	(25,797)
Change in fair value - finance costs	—	—	—	175	175
December 31, 2021	—	50	75	2,461	2,586

Non-Controlling Interest (Tables)

12 Months Ended

Dec. 31, 2021

Non-Controlling Interests [Abstract]

Summary 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, 2019 *	(15,102)	(20,800)	(73,225)	592	(108,535)
Share of comprehensive loss	(17,643)	(13,483)	(23,953)	—	(55,079)
Deconsolidation of subsidiary	—	—	97,178	—	97,178
Subsidiary note conversion and changes in NCI ownership interest	—	23,049	—	—	23,049
Equity settled share-based payments	—	1,683	—	—	1,683
Acquisition of a subsidiary non controlling interest	24,039	—	—	—	24,039
Other	24	—	—	1	25
Balance at December 31, 2019 and January 1, 2020	(8,682)	(9,551)	—	593	(17,639)


Share of comprehensive loss	(191)	(1,211)	—	(15)	(1,417)



Equity settled share-based payments	305	2,517	—	—	2,822

Other	—	30	—	(6)	24
Balance at December 31, 2020 and January 1, 2021	(8,567)	(8,215)	—	574	(16,209)
Share of comprehensive income (loss)	(96)	(2,069)	—	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)	6,256	—	—	6,252
Acquisition of a subsidiary non controlling interest	8,668	—	—	—	8,668
Other	—	—	—	(6)	(6)
Balance as of December 31, 2021	—	(9,950)	—	583	(9,368)

(*) Revised to reclassify Alivio into the Internal segment to comply with current period classification. See Note 4.

Summary of aggregation of subsidiaries with material non-controlling interests before intra-group eliminations


	2021
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Non-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	Non-Controlled Founded Entities $000s	Intra-group eliminations $000s	Total $000s
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)
Statement of Financial Position
Total assets	1,297	67,048	—	(7)	68,339
Total liabilities	12,086	188,345	—	(14,621)	185,809
Net assets/(liabilities)	(10,788)	(121,296)	—	14,615	(117,470)


	2019
For the year ended December 31	Internal $000s	Controlled Founded Entities $000s	Non-Controlled Founded Entities $000s
Statement of Comprehensive Loss
Total revenue	8,006	41	—
Income/(loss) for the year	(26,668)	(23,871)	(47,905)
Other comprehensive income/(loss)	—	—	(10)
Total comprehensive income/(loss) for the year	(26,668)	(23,871)	(47,915)

Trade And Other Payables (Tables)

12 Months Ended

Dec. 31, 2021

Trade and other payables [abstract]

Schedule of Trade And Other Payables

Information regarding Trade and other payables was as follows:


As of December 31,	2021 $000s	2020 $000s

Trade payables	11,346	8,871
Accrued expenses	17,309	9,090
Income tax payable	57	1,260
Liability settled share based awards	4,703	—
Other	2,403	2,606
Total trade and other payables	35,817	21,826

Long-term loan (Tables)

12 Months Ended

Dec. 31, 2021

Long-term loan [Abstract]

Disclosure of Long-term loan obligations

The following table summarizes long-term loan activity for the years ended December 31, 2021 and 2020:


	Long-term loan
	2021 $000s	2020 $000s

Balance at January 1,	14,818	—
Net loan proceeds	—	14,720
Accrued interest	1,502	496
Interest paid	(1,201)	(296)
Other	—	(102)
Balance at December 31,	15,118	14,818

Disclosure of Long-term loan - Vedanta

The following table summarizes Vedanta's future principal payments for the long-term loan as of December 31, 2021:


Balance Type	2022	2023	2024	2025	Total
Principal	857	5,143	5,143	3,857	15,000
Balance of accreted premium net of unamortized issuance costs					118
Total					15,118

Disclosure of detailed information about borrowings [text block]

The long-term loan is presented as follows in the Statement of Financial Position as of December 31, 2021 and 2020:


	Long-term loan
	2021 $000s	2020 $000s

Current portion of Long-term loan	857	—
Long-term loan	14,261	14,818
Total Long-term loan	15,118	14,818

Leases (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 is as follows:


	Right of use asset, net
	2021 $000s	2020 $000s



Balance at January 1,	20,098	22,383
Additions	739	—
Tenant improvement - lease incentive	(733)	—
Depreciation	(2,938)	(2,699)
Adjustments	—	414

Balance at December 31,	17,166	20,098

Disclosure of Lease Liabilities


	Total lease liability
	2021 $000s	2020 $000s



Balance at January 1,	35,348	37,843
Additions	1,016	—
Cash paid for rent - principal - financing cash flow	(3,375)	(2,908)
Cash paid for rent - interest	(2,181)	(2,354)
Interest expense	2,181	2,354
Adjustments	—	414

Balance at December 31,	32,990	35,348

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 at December 31, 2021 and 2020:


	Total lease liability
	2021 $000s	2020 $000s

Short-term Portion of Lease Liability	3,950	3,261
Long-term Portion of Lease Liability	29,040	32,088
Total Lease Liability	32,990	35,348

Disclosure of maturity analysis of operating lease payments [text block]

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


			2021 $000s

Less than one year			5,927
One to two years			6,591
Two to three years			6,754
Three to four years			5,168
Four to five years			4,419
More than five years			12,033
Total undiscounted lease maturities			40,893
Interest			7,903
Total lease liability			32,990

Disclosure of short-term and long-term portion of lease receivable

As of December 31, 2021, the balances related to the sublease were as follows:


			Total lease receivable $000s

Short-term Portion of Lease Receivable			415
Long-term Portion of Lease Receivable			1,285
Total Lease Receivable			1,700

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:


			2021 $000s

Less than one year			504
One to two years			513
Two to three years			523
Three to four years			353


Total undiscounted lease receivable			1,892
Unearned Finance income			192
Net investment in the lease			1,700

Capital And Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

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 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):


	2021 $000s	2020 $000s
As of December 31
Cash and cash equivalents	465,708	403,881


Trade and other receivables	3,174	2,558
Total	468,882	406,438

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	2021 $000s	2020 $000s

Not impaired	3,174	2,558
Total	3,174	2,558

Disclosure of liquidity risk


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 (non-current + current)	15,118	296	2,182	16,274	18,752
Subsidiary notes payable	3,916	3,916	—	—	3,916
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	235,656	220,833	2,182	16,274	239,290


As of December 31	2020
	Carrying Amount $000s	Within Three Months $000s	Three to Twelve Months $000s	One to Five Years $000s	Total $000s (*)
Long-term loan	14,818	296	905	18,780	19,981
Subsidiary notes payable	26,455	1,455	25,000	—	26,455
Trade and other payables	21,826	21,826	—	—	21,826
Warrants2	8,206	8,206	—	—	8,206
Subsidiary preferred shares (Note 15)1	118,972	118,972	—	—	118,972
Total	190,278	150,756	25,905	18,780	195,441

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 Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Key Management Personnel Compensation


	2021 $000s	2020 $000s	2019 $000s
As of December 31
Short-term employee benefits	4,666	4,833	5,543
Share-based payments	4,045	5,822	2,774
Total	8,711	10,656	8,317

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.

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, 2021:


	Business Name (Share Class)	Number of shares held as of December 31, 2021	Number of options held as of December 31, 2021	Ownership Interest¹
Directors:

Ms Daphne Zohar²	Gelesis (Common)	179,443	1,207,006	5.03	%








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


Dr Raju Kucherlapati	Enlight (Class B Common)	—	30,000	3.00	%

Dr John LaMattina3	Akili (Series A-2 Preferred)	37,372	—	0.80	%
	Akili (Series C Preferred)	11,755	—	0.20	%
	Gelesis (Common)3	50,540	—	0.18	%
	Gelesis (Common)4	33,051	33,578	0.24	%
	Gelesis (Series A-1 Preferred)3	49,523	—	0.18	%

	Vedanta Biosciences (Common)	25,000	—	0.17	%



Senior Managers:
Dr Bharatt Chowrira	Karuna (Common)4	5,000	—	0.02	%



Dr Joseph Bolen	Vor (Common)	—	9,191	0.02	%

Taxation (Tables)

12 Months Ended

Dec. 31, 2021

Taxation [Abstract]

Disclosure of Income Taxes Recognized in Comprehensive Income

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


	2021 $000s	2020 $000s	2019 $000s
As of December 31
Income/(loss) for the year	(62,709)	4,568	366,065
Income tax expense/(benefit)	3,756	14,401	112,409
Income/(loss) before taxes	(58,953)	18,969	478,474

Disclosure of recognized income tax expense

Recognized income tax expense/(benefit):


	2021 $000s	2020 $000s	2019 $000s
As of December 31
Federal	22,138	21,796	—
Foreign	—	—	—
State	109	—	—
Total current income tax expense/(benefit)	22,247	21,796	—
Federal	(15,416)	(7,349)	83,776
Foreign	—	—	—
State	(3,075)	(46)	28,633
Total deferred income tax expense/(benefit)	(18,491)	(7,395)	112,409
Total income tax expense/(benefit), recognized	3,756	14,401	112,409

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:


	2021		2020		2019
As of December 31	$000s	%	$000s	%	$000s	%
US federal statutory rate	(12,380)	21.00	3,984	21.00	97,183	21.00
Effects of state tax rate in U.S.	(4,484)	7.61	1,844	9.72	22,111	4.78
R&D and orphan drug tax credits	(5,056)	8.58	(5,642)	(29.74)	(6,321)	(1.37)
Non deductible share based payment expenses	555	(0.94)	327	1.73	433	0.09
Finance income/(costs) – fair value accounting	(2,017)	3.42	919	4.84	3,725	0.80
Loss with respect to associate for which no deferred tax asset is recognized	11,542	(19.58)	—	—	—	—
Transaction Costs	309	(0.52)	361	1.91	—	—
Interest Expense	217	(0.37)	(2,258)	(11.91)	1,030	0.22
Executive Compensation	746	(1.27)	827	4.36	—	—

Deconsolidation adjustments	—	0.00	—	—	(13,658)	(2.95)




Recognition of deferred tax assets and tax benefits not previously recognized	(414)	0.70	—	—	(6,251)	(1.35)
Current year losses for which no deferred tax asset is recognized	14,375	(24.38)	13,948	73.53	14,514	3.14
Other	363	(0.62)	91	0.48	(356)	(0.06)
	3,756	(6.37)	14,401	75.92	112,409	24.29

Disclosure of deferred taxes

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


	2021 $000s	2020 $000s
As of December 31
Operating tax losses	46,982	39,901

Tax credits	10,673	10,805

Share-based payments	7,265	5,429
Deferred revenue	—	358
Investment in Associates	11,542	—
Lease Liability	8,969	9,657
Other temporary differences	2,665	2,078
Deferred tax assets	88,096	68,228
Investments held at fair value	(96,804)	(120,676)
ROU asset	(4,667)	(5,491)
Fixed assets	(3,547)	(3,588)
Other temporary differences	—	(27)
Deferred tax liabilities	(105,018)	(129,782)
Deferred tax assets (liabilities), net	(16,922)	(61,554)
Deferred tax liabilities, net, recognized	(89,765)	(108,626)
Deferred tax assets, net, recognized	—	—
Deferred tax assets (liabilities), net, not recognized	72,843	47,072

Disclosure of unrecognized deferred tax assets [text block]


	2021 $000s		2020 $000s
As of December 31
	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Deductible Temporary Difference	59,925	16,224	7,997	1,679
Tax Losses	215,425	46,982	169,731	36,273
Tax Credits	9,636	9,636	9,120	9,120
Total	284,986	72,843	186,848	47,072

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	2021 $000s		2020 $000s

	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Tax losses expiring:
Within 10 years	19,735	4,343	12,530	2,760
More than 10 years	47,937	11,611	55,312	12,117
Available Indefinitely	147,753	31,028	101,889	21,397
Total	215,425	46,982	169,731	36,273
Tax credits expiring:
Within 10 years	4	4	13	13
More than 10 years	9,632	9,632	9,107	9,107
Available indefinitely	—	—	—	—
Total	9,636	9,636	9,120	9,120

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	2021 $000s	2020 $000s

Income tax receivable - current	4,514	—
Trade and Other Payables	(57)	(1,260)

Accounting Policies - Subsidiaries (Details) - shares	12 Months Ended
Accounting Policies - Subsidiaries (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 19, 2019
Follica, Incorporated \| Common shares [member] \| PureTech Health LLC
Accounting Policies
Number of shares on conversion from notes				12,777,287
Follica, Incorporated \| Series A-3 Preferred [Member] \| PureTech Health LLC
Accounting Policies
Number of shares on conversion from notes				15,216,214
Subsidiary Operating Companies [Member] \| Alivio Therapeutics, Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	91.90%	91.90%
Subsidiary Operating Companies [Member] \| Entrega, Inc. (indirectly held through Enlight) \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	77.30%	83.10%	83.10%
Subsidiary Operating Companies [Member] \| Follica, Incorporated \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	28.70%	28.70%	28.70%
Subsidiary Operating Companies [Member] \| Follica, Incorporated \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	56.70%	56.70%	56.70%
Subsidiary Operating Companies [Member] \| PureTech LYT (formerly Ariya Therapeutics, Inc.) \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary Operating Companies [Member] \| PureTech LYT-100 \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary Operating Companies [Member] \| PureTech Management, Inc. \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary Operating Companies [Member] \| PureTech Health LLC \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Subsidiary Operating Companies [Member] \| Sonde Health, Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	51.80%	51.80%	64.10%
Subsidiary Operating Companies [Member] \| Vedanta Biosciences, Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	48.60%	59.30%	61.80%
Subsidiary Operating Companies [Member] \| Vedanta Biosciences Securities Corp. (indirectly held through Vedanta) \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	48.60%	59.30%	61.80%
Deconsolidated former Subsidiary Operating Companies [Member] \| Akili Interactive Labs, Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	26.70%	41.90%	41.90%
Deconsolidated former Subsidiary Operating Companies [Member] \| Gelesis, Inc. \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	4.80%	4.90%	5.70%
Deconsolidated former Subsidiary Operating Companies [Member] \| Gelesis, Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	19.70%	20.20%	20.20%
Deconsolidated former Subsidiary Operating Companies [Member] \| Karuna Therapeutics, Inc. \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	5.60%	12.60%	28.40%
Deconsolidated former Subsidiary Operating Companies [Member] \| Vor Biopharma Inc. \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	8.60%
Deconsolidated former Subsidiary Operating Companies [Member] \| Vor Biopharma Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings		16.40%	47.50%
Nontrading Holding Companies [Member] \| Endra Holdings, LLC (held indirectly through Enlight) \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Nontrading Holding Companies [Member] \| Ensof Holdings, LLC (held indirectly through Enlight) \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Nontrading Holding Companies [Member] \| PureTech Securities Corp. \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Nontrading Holding Companies [Member] \| PureTech Securities II Corp. \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%
Inactive Subsidiaries [Member] \| Appeering Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Inactive Subsidiaries [Member] \| Commense Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	99.10%	99.10%	99.10%
Inactive Subsidiaries [Member] \| Enlight Biosciences, LLC \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Inactive Subsidiaries [Member] \| Ensof Biosystems, Inc. (held indirectly through Enlight) \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	57.70%	57.70%	57.70%
Inactive Subsidiaries [Member] \| Ensof Biosystems, Inc. (held indirectly through Enlight) \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	28.30%	28.30%	28.30%
Inactive Subsidiaries [Member] \| Knode Inc. (indirectly held through Enlight) \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	86.00%	86.00%	86.00%
Inactive Subsidiaries [Member] \| Libra Biosciences, Inc. \| Preference shares [member]
Accounting Policies
Voting percentage through the holdings	100.00%	100.00%	100.00%
Inactive Subsidiaries [Member] \| Mandara Sciences, LLC \| Common shares [member]
Accounting Policies
Voting percentage through the holdings	98.30%	98.30%	98.30%
Inactive Subsidiaries [Member] \| Tal Medical, Inc. \| Preference shares [member]
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, 2021
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 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies
Cash and cash equivalents	$ 465,708	$ 403,881	$ 132,360	$ 117,051

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue [abstract]
Contract revenue	$ 9,979	$ 8,341	$ 8,688
Grant revenue	7,409	3,427	1,119
Total revenue	$ 17,388	$ 11,768	$ 9,807

- 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 2021-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2021-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_32&doctype=Standard
-URIDate 2021-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2021-03-24

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
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-URIDate 2021-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 82
-Subparagraph a
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-URIDate 2021-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2021-01-01
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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+ Details

Revenue - Disaggregation of revenue, timing of contract (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 9,979	$ 8,341	$ 8,688
Internal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	8,129	5,297	7,077
Controlled Founded Entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	1,615	990	1,474
Parent Company And Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	235	2,054	137
Transferred at a point in time – Licensing Income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	6,809	2,054	0
Transferred at a point in time – Licensing Income \| Internal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	6,500
Transferred at a point in time – Licensing Income \| Controlled Founded Entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	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	235
Transferred over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	3,171	6,286	8,688
Transferred over time \| Internal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	1,629	5,297	7,077
Transferred over time \| Controlled Founded Entities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 1,541	$ 990	1,474
Transferred over time \| Parent Company And Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue			$ 137

Revenue - Disaggregation of revenue, Customers over 10% of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 9,979	$ 8,341	$ 8,688
Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	8,750	8,193	8,510
Customer A \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	1,518	4,973
Customer B \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	1,500	896	1,433
Customer C \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	0	2,043	1,091
Customer D \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	7,250	1,736	1,013
Customer E \| Over 10 percent of revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract revenue	$ 0	$ 2,000	$ 0

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Contract Balances [Table]
Accounts receivable	$ 704	$ 711
Deferred revenue – short term	$ 65	$ 1,472

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue [Line Items]
Contract revenue	$ 9,979	$ 8,341	$ 8,688
Revenue recognized on deferred revenue outstanding at prior year end	1,400
Revenue	17,388	11,768	9,807
Gelesis [Member]
Revenue [Line Items]
Revenue	11,185	21,442	$ 0
Related parties [member] \| Gelesis [Member]
Revenue [Line Items]
Royalty income	231	54
Imbrium Therapeutics L.P. [Member]
Revenue [Line Items]
Contract revenue	6,500
Karuna Therapeutics, Inc. [Member]
Revenue [Line Items]
Contract revenue		$ 2,000
Performance obligations satisfied over time [member]
Revenue [Line Items]
Revenue	$ 0

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	$ 9,979	$ 8,341	$ 8,688
Grant revenue	7,409	3,427	1,119
Total revenue	17,388	11,768	9,807
General and administrative expenses	57,199	49,440	59,358
Research and development expenses	110,471	81,859	85,848
Total operating expense	167,671	131,299	145,206
Other income/(expense):
Gain on deconsolidation	0	0	264,409
Gain/(loss) on investments held at fair value	179,316	232,674	(37,863)
Loss realized on sale of investments	20,925	54,976	0
Gain on loss of significant influence	0	0	445,582
Other income/(expense)	1,592	1,035	39
Other income/(expense)	159,983	178,732	672,167
Net finance income/(costs)	5,050	(6,115)	(46,147)
Share of net income/(loss) of associates accounted for using the equity method	(73,703)	(34,117)	30,791
Income/(loss) before taxes	(58,953)	18,969	478,474
Finance income/(costs) – subsidiary preferred shares	0	0	(1,458)
Finance income/(costs) – IFRS 9 fair value accounting	9,606	(4,351)	(46,475)
Share-based payment expense	13,950	10,718	14,468
Depreciation of tangible assets	4,300	3,900	3,200
Amortization of ROU assets	2,938	2,699	3,200
Amortization of intangible assets	0	0	100
Taxation	(3,756)	(14,401)	(112,409)
Income/(Loss) for the year	(62,709)	4,568	366,065
Other comprehensive income/(loss)	0	469	(10)
Total comprehensive income/(loss) for the year	(62,709)	5,037	366,055
Total comprehensive income/(loss) attributable to:
Owners of the Company	(60,558)	6,454	421,134
Non-controlling interests	(2,151)	(1,417)	(55,079)
Consolidated Statements of Financial Position
Total assets	946,006	989,994
Total liabilities	361,859	336,455
Internal
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	8,129	5,297	7,077
Grant revenue	1,253	1,563	928
Total revenue	9,382	6,860	8,006
General and administrative expenses	8,673	3,482	3,252
Research and development expenses	65,444	45,346	28,874
Total operating expense	74,118	48,828	32,126
Other income/(expense):
Gain on deconsolidation			0
Gain/(loss) on investments held at fair value	0	0	0
Loss realized on sale of investments	0	0
Gain/(loss) on disposal of assets	(1)	(15)	17
Gain on loss of significant influence			0
Other income/(expense)	0	0	0
Other income/(expense)	(1)	(15)	17
Net finance income/(costs)	(16)	19	0
Share of net income/(loss) of associates accounted for using the equity method	0	0	0
Impairment of investment in associate			0
Income/(loss) before taxes	(64,753)	(41,964)	(24,104)
(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			(23,698)
Income/(loss) 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)	(38,349)
Finance income/(costs) – subsidiary preferred shares		0	0
Finance income/(costs) – IFRS 9 fair value accounting	0	0	0
Share-based payment expense	(3,066)	(2,762)	(19)
Depreciation of tangible assets	1,319	854	390
Amortization of ROU assets	0	0	0
Amortization of intangible assets	0	0	4
Taxation	0	0	0
Income/(Loss) for the year	(64,753)	(41,964)	(24,104)
Other comprehensive income/(loss)	0	0	0
Total comprehensive income/(loss) for the year	(64,753)	(41,964)	(24,104)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(64,657)	(41,773)	(6,461)
Non-controlling interests	(96)	(191)	(17,643)
Consolidated Statements of Financial Position
Total assets	125,726	89,214
Total liabilities	228,789	130,049
Net assets/(liabilities)	(103,063)	(40,835)
Controlled Founded Entities
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	1,615	990	1,474
Grant revenue	6,156	1,864	191
Total revenue	7,771	2,853	1,664
General and administrative expenses	20,729	13,691	13,569
Research and development expenses	43,783	36,279	39,883
Total operating expense	64,512	49,970	53,451
Other income/(expense):
Gain on deconsolidation			0
Gain/(loss) on investments held at fair value	0	0	0
Loss realized on sale of investments	0	0
Gain/(loss) on disposal of assets	(51)	(15)	(39)
Gain on loss of significant influence			0
Other income/(expense)	121	100	166
Other income/(expense)	70	85	127
Net finance income/(costs)	6,744	(5,204)	(16,947)
Share of net income/(loss) of associates accounted for using the equity method	0	0	0
Impairment of investment in associate			0
Income/(loss) before taxes	(49,927)	(52,236)	(68,608)
(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			(47,188)
Income/(loss) 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	(50,583)	(42,602)
Finance income/(costs) – subsidiary preferred shares		0	107
Finance income/(costs) – IFRS 9 fair value accounting	9,606	(4,351)	(17,294)
Share-based payment expense	(6,256)	(2,552)	(1,664)
Depreciation of tangible assets	1,518	1,544	1,517
Amortization of ROU assets	1,174	1,186	1,060
Amortization of intangible assets	2	1	7
Taxation	0	(1)	(134)
Income/(Loss) for the year	(49,927)	(52,237)	(68,741)
Other comprehensive income/(loss)	0	0	0
Total comprehensive income/(loss) for the year	(49,927)	(52,237)	(68,741)
Total comprehensive income/(loss) attributable to:
Owners of the Company	(47,857)	(51,026)	(55,258)
Non-controlling interests	(2,069)	(1,211)	(13,483)
Consolidated Statements of Financial Position
Total assets	66,274	67,433
Total liabilities	228,857	200,457
Net assets/(liabilities)	(162,584)	(133,023)
Non-Controlled Founded Entities
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	0	0	0
Grant revenue	0	0	0
Total revenue	0	0	0
General and administrative expenses	0	0	10,439
Research and development expenses	0	0	15,555
Total operating expense	0	0	25,994
Other income/(expense):
Gain on deconsolidation			0
Gain/(loss) on investments held at fair value	0	0	0
Loss realized on sale of investments	0	0
Gain/(loss) on disposal of assets	0	0	0
Gain on loss of significant influence			0
Other income/(expense)	0	0	0
Other income/(expense)	0	0	0
Net finance income/(costs)	0	0	(30,141)
Share of net income/(loss) of associates accounted for using the equity method	0	0	0
Impairment of investment in associate			0
Income/(loss) before taxes	0	0	(56,135)
(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			(21,873)
Income/(loss) 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	0	0
Finance income/(costs) – subsidiary preferred shares		0	(1,564)
Finance income/(costs) – IFRS 9 fair value accounting	0	0	(28,737)
Share-based payment expense	0	0	(3,543)
Depreciation of tangible assets	0	0	207
Amortization of ROU assets	0	0	83
Amortization of intangible assets	0	0	128
Taxation	0	0	(162)
Income/(Loss) for the year	0	0	(56,297)
Other comprehensive income/(loss)	0	0	(10)
Total comprehensive income/(loss) for the year	0	0	(56,307)
Total comprehensive income/(loss) attributable to:
Owners of the Company	0	0	(32,353)
Non-controlling interests	0	0	(23,953)
Consolidated Statements of Financial Position
Total assets	0	0
Total liabilities	0	0
Net assets/(liabilities)	0	0
Parent Company And Other
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	235	2,054	137
Grant revenue	0	0	0
Total revenue	235	2,054	137
General and administrative expenses	27,797	32,267	32,098
Research and development expenses	1,244	234	1,536
Total operating expense	29,041	32,500	33,634
Other income/(expense):
Gain on deconsolidation			264,409
Gain/(loss) on investments held at fair value	179,316	232,674	(37,863)
Loss realized on sale of investments	20,925	54,976
Gain/(loss) on disposal of assets	0	0	(60)
Gain on loss of significant influence			445,582
Other income/(expense)	1,523	965	(45)
Other income/(expense)	159,914	178,662	672,023
Net finance income/(costs)	(1,679)	(930)	941
Share of net income/(loss) of associates accounted for using the equity method	(73,703)	(34,117)	30,791
Impairment of investment in associate			(42,938)
Income/(loss) before taxes	55,727	113,170	627,320
(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			640,298
Income/(loss) 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	63,628	121,644
Finance income/(costs) – subsidiary preferred shares		0	(1)
Finance income/(costs) – IFRS 9 fair value accounting	0	0	(444)
Share-based payment expense	(4,628)	(5,405)	(9,242)
Depreciation of tangible assets	1,510	1,547	1,114
Amortization of ROU assets	1,764	1,523	2,177
Amortization of intangible assets	0	0	0
Taxation	(3,756)	(14,400)	(112,113)
Income/(Loss) for the year	51,971	98,769	515,207
Other comprehensive income/(loss)	0	469	0
Total comprehensive income/(loss) for the year	51,971	99,238	515,207
Total comprehensive income/(loss) attributable to:
Owners of the Company	51,956	99,253	515,207
Non-controlling interests	15	(15)	0
Consolidated Statements of Financial Position
Total assets	754,007	833,347
Total liabilities	(95,787)	5,949
Net assets/(liabilities)	849,794	827,397
Liabilities, intercompany eliminations between parent company and reportable segments	(233,300)
Operating segments [member]
Consolidated Statements of Comprehensive Income/(Loss)
Contract revenue	9,979	8,341	8,688
Grant revenue	7,409	3,427	1,119
Total revenue	17,388	11,768	9,807
General and administrative expenses	57,199	49,440	59,358
Research and development expenses	110,471	81,859	85,848
Total operating expense	167,671	131,299	145,206
Other income/(expense):
Gain on deconsolidation			264,409
Gain/(loss) on investments held at fair value	179,316	232,674	(37,863)
Loss realized on sale of investments	20,925	54,976
Gain/(loss) on disposal of assets	(53)	(30)	(82)
Gain on loss of significant influence			445,582
Other income/(expense)	1,645	1,065	121
Other income/(expense)	159,983	178,732	672,167
Net finance income/(costs)	5,050	(6,115)	(46,147)
Share of net income/(loss) of associates accounted for using the equity method	(73,703)	(34,117)	30,791
Impairment of investment in associate			(42,938)
Income/(loss) before taxes	(58,953)	18,969	478,474
(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			547,540
Income/(loss) 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	(47,323)	40,694
Finance income/(costs) – subsidiary preferred shares		0	(1,458)
Finance income/(costs) – IFRS 9 fair value accounting	9,606	(4,351)	(46,475)
Share-based payment expense	(13,950)	(10,718)	(14,468)
Depreciation of tangible assets	4,347	3,945	3,228
Amortization of ROU assets	2,938	2,709	3,320
Amortization of intangible assets	2	1	117
Taxation	(3,756)	(14,401)	(112,409)
Income/(Loss) for the year	(62,709)	4,568	366,065
Other comprehensive income/(loss)	0	469	(10)
Total comprehensive income/(loss) for the year	(62,709)	5,037	366,055
Total comprehensive income/(loss) attributable to:
Owners of the Company	(60,558)	6,454	421,133
Non-controlling interests	(2,151)	(1,417)	$ (55,079)
Consolidated Statements of Financial Position
Total assets	946,006	989,994
Total liabilities	361,859	336,455
Net assets/(liabilities)	$ 584,147	$ 653,539

Investments held at fair value - Roll forward (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
	Jan. 08, 2021	Jun. 30, 2020	Feb. 12, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance					$ 530,161	$ 714,905
Loss realized on sale of investments					20,925	54,976	$ 0
Cash purchase of preferred shares					500	1,150	1,556
Unrealized gain – fair value through profit and loss					179,271	232,674
Balance before allocation of share in associate loss to long-term interest					493,888	553,167
Share of associate loss allocated to long-term interest					96,709
Ending balance after allocation of share in associate loss to long-term interest1				$ 714,905	397,179	530,161	714,905
resTORbio [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Sale of shares						3,048
Loss realized on sale of investments						200
Unrealized gain – fair value through profit and loss						100	(71,900)
Gelesis [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Cash purchase of preferred shares						10,000
Unrealized gain – fair value through profit and loss					34,600	7,100	(18,700)
Share of associate loss allocated to long-term interest					96,709	23,006
Karuna [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Sale of shares					218,125	347,538
Loss realized on sale of investments					20,925	54,800
Unrealized gain – fair value through profit and loss				$ 700	110,000	191,200
Vor [Member]
Reconciliation of changes in fair value measurement, assets [abstract]
Cash purchase of preferred shares	$ 500	$ 500	$ 700		500	1,150
Unrealized gain – fair value through profit and loss					$ 3,900	$ 19,100	$ 600

Investments held at fair value - Gain on deconsolidation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gain on deconsolidation [Line Items]
Gain on deconsolidation		$ 0	$ 0	$ 264,409
Vor [Member]
Gain on deconsolidation [Line Items]
Gain on deconsolidation		0	0	6,357
Karuna [Member]
Gain on deconsolidation [Line Items]
Gain on deconsolidation		0	0	102,038
Gelesis [Member]
Gain on deconsolidation [Line Items]
Gain on deconsolidation	$ 156,000	$ 0	$ 0	$ 156,014

Investments held at fair value - Narrative (Details) $ in Thousands																													1 Months Ended	2 Months Ended	12 Months Ended			34 Months Ended
	Dec. 31, 2021 USD ($)	Nov. 10, 2021 shares	Nov. 09, 2021 USD ($) 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	Dec. 05, 2019 USD ($)	Dec. 02, 2019 USD ($)	Nov. 15, 2019 shares	Nov. 05, 2019 USD ($)	Oct. 07, 2019 USD ($)	Aug. 12, 2019 USD ($)	Jul. 01, 2019 USD ($)	Jun. 28, 2019	Jun. 27, 2019	Mar. 15, 2019 USD ($) shares	Mar. 14, 2019	Feb. 12, 2019 USD ($) shares	Feb. 11, 2019	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($)
Investments held at fair value [Line Items]
Gain on deconsolidation																															$ 0	$ 0	$ 264,409
Investments held at fair value	$ 397,179																												$ 714,905	$ 714,905	397,179	530,161	714,905	$ 397,179
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities																															500	1,150	1,556
Unrealized gain – fair value through profit and loss																															179,271	232,674
Purchase of investments other than investments accounted for using equity method																															0	10,000	13,670
Share of associate loss recorded to long-term interest																																23,006
Gain on loss of significant influence																															0	0	445,582
Loss realized on sale of investments																															20,925	54,976	0
Sale of investments held at fair value																															218,125	350,586	9,294
Vor [Member]
Investments held at fair value [Line Items]
Share price of investee shares							18.00
Proportion of voting rights held in associate																											47.50%	79.50%
Gain on deconsolidation																															0	0	6,357
Investments held at fair value																											$ 12,000
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities								$ 500		$ 500				$ 700																	500	1,150
Acquisition of equity instruments in other entities \| shares								961,538		961,538
Proportion of ownership interest in investee						8.60%
Unrealized gain – fair value through profit and loss																															3,900	19,100	600
Gelesis [Member]
Investments held at fair value [Line Items]
Proportion of voting rights held in associate																						25.20%
Gain on deconsolidation																						$ 156,000									0	0	156,014
Investments held at fair value																						49,200
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities																																10,000
Unrealized gain – fair value through profit and loss																															34,600	7,100	(18,700)
Purchase of investments other than investments accounted for using equity method													$ 10,000			$ 8,000			$ 1,200	$ 3,300	$ 2,000
Share of associate loss recorded to long-term interest																															73,703	23,000
Investments in associates accounted for using equity method	$ 0																					$ 16,400							10,600	10,600	0	0	10,600	0
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method																															$ (73,703)	$ (34,117)	37,136
Proportion of ownership interest in associate																															42.00%	47.90%
Gelesis [Member] \| Top of range [member]
Investments held at fair value [Line Items]
Purchase of investments other than investments accounted for using equity method																				$ 6,500
Karuna [Member]
Investments held at fair value [Line Items]
Proportion of voting rights held in associate																							31.60%	44.30%	44.30%	70.90%
Gain on deconsolidation																															$ 0	$ 0	102,038
Investments held at fair value																	$ 557,200								$ 72,400
Proportion of ownership interest in investee	5.60%	5.60%				8.20%
Unrealized gain – fair value through profit and loss																													$ 700		110,000	191,200
Purchase of investments other than investments accounted for using equity method																																		$ 5,000
Gain on investment at initial public offering																																	40,600
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method																																	(6,345)
Gain on loss of significant influence																																	$ 445,600
Loss realized on sale of investments																															20,925	54,800
Proportion of ownership interest in associate																	28.40%
Shareholder ownership percentage																																	0.314
Sale of investments held at fair value			$ 100,100				$ 118,000		$ 101,600		$ 45,000				$ 200,900
Akili [Member]
Investments held at fair value [Line Items]
Proportion of ownership interest in investee				27.50%	41.90%
Unrealized gain – fair value through profit and loss																															$ 32,200	14,400	$ 11,500
Proceeds from the issuance of shares and subsidiary preferred shares				$ 110,000
resTORbio [Member]
Investments held at fair value [Line Items]
Proportion of ownership interest in investee																		5.80%
Unrealized gain – fair value through profit and loss																																100	$ (71,900)
Loss realized on sale of investments																																$ 200
Sale of investments held at fair value												$ 3,000																		$ 9,300
Series A-2 Preferred [Member] \| Vor [Member]
Investments held at fair value [Line Items]
Number of shares issued by investee \| shares																											62,819,866
Share price of investee shares																											0.40
Acquisition of equity instruments in other entities \| shares														1,625,000
Series B Preferred [Member] \| Karuna [Member]
Investments held at fair value [Line Items]
Number of shares issued by investee \| shares																									5,285,102
Share price of investee shares																									15.14
Common shares [member] \| Vor [Member]
Investments held at fair value [Line Items]
Number of shares issued by investee \| shares							9,828,017
Number Of Shares Held by PureTech \| shares						3,207,200
Common shares [member] \| Karuna [Member]
Investments held at fair value [Line Items]
Number Of Shares Held by PureTech \| shares		1,656,564				2,406,564
Sale of equity instruments in other entities \| shares			750,000				1,000,000		1,333,333		555,500				2,100,000
Common shares [member] \| resTORbio [Member]
Investments held at fair value [Line Items]
Sale of equity instruments in other entities \| shares												2,119,696						7,680,700
Number Of Shares Held \| shares																		2,119,696
Series 3 Growth Preferred Stock \| Gelesis [Member]
Investments held at fair value [Line Items]
Acquisition of equity instruments in other entities \| shares													579,038
Series D \| Akili [Member]
Investments held at fair value [Line Items]
Number of shares issued by investee \| shares				13,053,508

Investments in Associates - Narrative (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Dec. 02, 2019 USD ($)	Jul. 01, 2019 USD ($)	Jun. 28, 2019	Jun. 27, 2019	Mar. 15, 2019 USD ($)	Mar. 14, 2019	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 13, 2022 USD ($) shares	Dec. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)
Disclosure of associates [Line Items]
Gain on deconsolidation							$ 0	$ 0	$ 264,409
Investments held at fair value							397,179	530,161	714,905
Investments in associates							0	0	10,642			$ 0
Merged entity Gelesis and Capstar
Disclosure of associates [Line Items]
Business combination, number of additional shares to be received at no additional cost \| shares											1,322,500
Business combination, additional shares to be received at no additional cost, transaction cost							0
Business combination, additional shares to be received at no additional cost, fair value							11,200
Gains (losses) on financial assets at fair value through profit or loss, designated upon initial recognition or subsequently							800
Business combination, number of shares received for additional cost \| shares										496,145
Business Combination, Investment In Common Share										$ 5,000
Business combination, number of additional shares received at no additional cost \| shares										1,322,500
CapStar Special Purpose Acquisition Corp
Disclosure of associates [Line Items]
Business combination, available funds threshold											$ 15,000
Stock committed to acquire during period, price per share \| $ / shares											$ 10
Gelesis [Member]
Disclosure of associates [Line Items]
Proportion of voting rights held in associate		25.20%
Gain on deconsolidation		$ 156,000					0	0	156,014
Investments in associates accounted for using equity method		16,400					0	0	10,600
Investments held at fair value		$ 49,200
Impairment of investment							(37,495)	(42,702)	(42,938)
Investments in associates							0	0
Unrecognised share of losses of associates							38,101	$ 0
Unrecognised Share Of Losses Of Associates, Other Comprehensive Loss							$ 700
Proportion of ownership interest in associate							42.00%	47.90%
Group's share in net income (losses) - limited to net investment amount							$ (73,703)	$ (34,117)	$ 37,136
Gelesis [Member] \| Measurement Input, Probability Of Occurrence \| Option pricing model [member]
Disclosure of associates [Line Items]
Fair value input, common stock price									0.25
Gelesis [Member] \| Measurement Input, Probability Of Occurrence \| Probability Weighted Expected Return Method
Disclosure of associates [Line Items]
Fair value input, common stock price									0.75
Gelesis [Member] \| Measurement Input, Weighted Term To Exit (in years)
Disclosure of associates [Line Items]
Fair value input, common stock price									1.57
Gelesis [Member] \| Discount Rate
Disclosure of associates [Line Items]
Fair value input, common stock price									0.20
Gelesis [Member] \| Risk free interest rate
Disclosure of associates [Line Items]
Fair value input, common stock price									0.0162
Gelesis [Member] \| Volatility
Disclosure of associates [Line Items]
Fair value input, common stock price									0.56
Karuna [Member]
Disclosure of associates [Line Items]
Proportion of voting rights held in associate			31.60%	44.30%	44.30%	70.90%
Gain on deconsolidation							$ 0	$ 0	$ 102,038
Investments held at fair value	$ 557,200				$ 72,400
Proportion of ownership interest in associate	28.40%
Shareholder ownership percentage									0.314
Group's share in net income (losses) - limited to net investment amount									$ (6,345)

Investments in Associates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of associates [Line Items]
As of period start	$ 0	$ 10,642	$ 0
Reclassification of investment at loss of significant influence			(111,661)
Share of associate loss recorded to long-term interest		23,006
As of period end	0	0	10,642
Karuna [Member]
Disclosure of associates [Line Items]
Investment upon initial public offering			118,006
Group's share in net income (losses) - limited to net investment amount			(6,345)
Gelesis [Member]
Disclosure of associates [Line Items]
As of period start	0
Cash investment in Associate			16,444
Group's share in net income (losses) - limited to net investment amount	(73,703)	(34,117)	37,136
Impairment of investment	(37,495)	(42,702)	$ (42,938)
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax		469
Share of associate loss recorded to long-term interest	73,703	23,000
As of period end	$ 0	$ 0

Investments in Associates - Gelesis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of associates [Line Items]
Non-current assets	$ 444,197	$ 575,645
Current assets	501,809	414,348
Non-current liabilities	135,725	155,531
Current liabilities	226,135	180,924
Share of associate loss allocated to long-term interest	96,709
Investments in associates	0	0	$ 10,642	$ 0
Revenue	17,388	11,768	9,807
Total comprehensive income/(loss) for the year	$ (62,709)	$ 5,037	366,055
Gelesis [Member]
Disclosure of associates [Line Items]
Proportion of ownership interest in associate	42.00%	47.90%
Non-current assets	$ 357,508	$ 372,184
Current assets	66,092	92,875
Non-current liabilities	120,786	133,743
Current liabilities	537,432	300,748
Non controlling interests and options issued to third parties	(14,216)	(6,577)
Net assets attributable to shareholders	(248,834)	23,989
Group's share of net assets	(104,527)	11,481
Goodwill	7,211	8,216
Impairment of investment	(37,495)	(42,702)	(42,938)
Share of associate loss allocated to long-term interest	96,709	23,006
Unrecognised share of losses of associates	38,101	0
Investments in associates	0	0
Revenue	11,185	21,442	0
Income/(loss) from continuing operations (100%)	(271,430)	(71,157)	74,573
Total comprehensive income/(loss) for the year	(273,005)	(70,178)	74,573
Group's share in net income (losses) - limited to net investment amount	(73,703)	(34,117)	37,136
Group's share of total comprehensive income (loss) - limited to net investment amount	(73,703)	$ (33,648)	$ 37,136
Unrecognised Share Of Losses Of Associates, Other Comprehensive Loss	$ 700

Operating Expenses (Details)	12 Months Ended
Operating Expenses (Details)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Operating Expenses Table [Table]
General and administrative expenses	$ 57,199,000	$ 49,440,000	$ 59,358,000
Research and development expenses	110,471,000	81,859,000	85,848,000
Total operating expense	$ 167,671,000	$ 131,299,000	$ 145,206,000
Disclosure of information of employees [Line Items]
Average number of employees	171	138	129
Aggregate payroll costs	$ 55,388,000	$ 43,616,000	$ 45,150,000
Operating Expenses [Table]
Salaries and wages	36,792,000	29,403,000	27,703,000
Healthcare benefits	2,563,000	1,866,000	1,511,000
Payroll Taxes	2,084,000	1,629,000	1,468,000
Share-based payments	13,950,000	10,718,000	14,468,000
Total Payroll Costs	55,388,000	43,616,000	45,150,000
Other selling, general and administrative expenses	30,761,000	26,497,000	34,890,000
Other research and development expenses	81,521,000	61,186,000	65,166,000
Total other operating expenses	112,282,000	87,683,000	100,056,000
Total operating expense	167,671,000	131,299,000	145,206,000
Auditors Remuneration [Table]
Audit of these financial statements	1,183,000	1,145,000	870,000
Audit of the financial statements of subsidiaries	312,000	291,000	290,000
Audit of financial statements of associates	571,000	350,000	0
Audit related assurance services	1,868,000	490,000	163,000
Non-audit related services	0	173,000	778,000
Total	3,934,000	$ 2,449,000	$ 2,101,000
Prepaid expenses for expected subsidiary IPO, Audit related assurance services	$ 468,200
General And Administrative [Member]
Disclosure of information of employees [Line Items]
Average number of employees	52	43	39
Aggregate payroll costs	$ 26,438,000	$ 22,943,000	$ 24,468,000
Operating Expenses [Table]
Total Payroll Costs	$ 26,438,000	$ 22,943,000	$ 24,468,000
Research And Development [Member]
Disclosure of information of employees [Line Items]
Average number of employees	119	95	90
Aggregate payroll costs	$ 28,950,000	$ 20,674,000	$ 20,682,000
Operating Expenses [Table]
Total Payroll Costs	28,950,000	20,674,000	20,682,000
Total Operating Expense [Member]
Disclosure of information of employees [Line Items]
Aggregate payroll costs	55,388,000	43,616,000	45,150,000
Operating Expenses [Table]
Total Payroll Costs	55,388,000	43,616,000	$ 45,150,000
Gelesis [Member]
Auditors Remuneration [Table]
Audit of financial statements of associates	$ 500,000	$ 350,000

Share-based Payments as reflected in the Consolidated Statement of Income/(Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment [Line Items]
Share-based payment expense	$ 13,950	$ 10,718	$ 14,468
General And Administrative [Member]
Share-based Payment [Line Items]
Share-based payment expense	9,310	7,650	10,677
Research And Development [Member]
Share-based Payment [Line Items]
Share-based payment expense	$ 4,640	$ 3,068	$ 3,791

Share-based Payments, Narrative - Ariya Stock Option Exchange (Details) - shares		12 Months Ended
	Oct. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payments Table [Line Items]
Number of share options granted in share-based payment arrangement		5,424,000	4,076,982	3,634,183
Common shares [member] \| PureTech LYT [Member]
Share-based Payments Table [Line Items]
Number of share options granted in share-based payment arrangement	2,147,965

Share-based payment, Narrative - Performance Share Plan (Details)		1 Months Ended	12 Months Ended
	Dec. 31, 2021 shares	Jun. 30, 2015	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Performance Share Plan [Line Items]
Number of share options granted in share-based payment arrangement			5,424,000	4,076,982	3,634,183
Performance Share Plan [Member]
Performance Share Plan [Line Items]
Share-based Payment Arrangements, Authorized Amount, Percentage of Common Shares Outstanding		0.10
Number of share options granted in share-based payment arrangement	21,756,187

Share-based Payments - RSU Activity Rollforward (Details) - Restricted Share Units	12 Months Ended
	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (Non-vested), beginning of year (in shares) \| shares	3,422,582	4,636,347	6,598,783
Granted (in shares) \| shares	2,195,133	1,759,011	1,775,569
Vested (in shares) \| shares	1,176,695	2,781,687	3,738,005
Forfeited (in shares) \| shares	808,305	191,089	0
Outstanding (Non-vested), end of year (in shares) \| shares	3,632,715	3,422,582	4,636,347
Weighted average grant date fair value, RSU outstanding beginning balance (in GBP per share) \| £ / shares	£ 2.46	£ 2.08	£ 1.29
Weighted average grant date fair value, RSU granted (in GBP per share) \| £ / shares	2.15	1.80	2.95
Weighted average grant date fair value, RSU vested (in GBP per share) \| £ / shares	2.93	1.54	1.10
Weighted average grant date fair value, RSU forfeited (in GBP per share) \| £ / shares	2.25	2.37	0
Weighted average grant date fair value, RSU Ending balance (in GBP per share) \| £ / shares	£ 1.91	£ 2.46	£ 2.08

Share-based payment, Narrative - RSU (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 28, 2021
RSU [Line Items]
Liability settled share based awards	$ 4,703	$ 4,703	$ 0
Share-based payment expense		13,950	10,718	$ 14,468
Liability for share based awards	2,659	2,659	0
Performance based RSU [Member]
RSU [Line Items]
Liability for share based awards	7,400	7,400			$ 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	4,700	4,700
Liability for share based awards	2,700	2,700
LiabilitiesFromSharebasedPaymentTransactions, performance and market conditions met	4,600	4,600
2017 Performance Based RSU [Member]
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 [Member]
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		$ 1,500	$ 5,700	$ 2,200
Expense in respect of RSU liability award	$ 600

Share-based payment - Stock Options Rollforward (Details)	12 Months Ended
	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares	Dec. 31, 2018 shares £ / shares
Disclosure of share capital, reserves and other equity interest [Abstract]
Outstanding at beginning of period \| shares	10,916,086	8,472,827	5,075,734
Granted (in shares) \| shares	5,424,000	4,076,982	3,634,183
Exercised (in shares) \| shares	2,238,187	514,410	237,090
Forfeited (in shares) \| shares	687,781	1,119,313	0
Options exercisable (in shares) \| shares	4,773,873	5,447,405	4,349,921
Outstanding at end of period \| shares	13,414,118	10,916,086	8,472,827	5,075,734
Weighted-average exercise price, beginning of year (GBP)	£ 1.81	£ 1.16	£ 1.40
Weighted average exercise price, options granted (GBP)	3.34	3.14	0.84
Weighted average exercise price, options exercised (GBP)	0.70	1.52	1.98
Weighted average exercise price, options forfeited (GBP)	2.53	1.88	0
Weighted average exercise price of, options exercisable (GBP)	1.42	0.98	0.93
Weighted-average exercise price, end of year (GBP)	£ 2.58	£ 1.81	£ 1.16	£ 1.40
Weighted average remaining contractual life of options excisable (in years)	6 years 6 months	7 years 5 months 15 days	8 years 4 months 2 days
Weighted average remaining contractual life of outstanding share options (in years)	8 years 3 months 14 days	8 years 4 months 17 days	8 years 6 months 18 days	8 years 9 months 10 days
Weighted average stock price of share options exercised in share-based payment arrangement (GBP)	£ 3.63	£ 2.88	£ 2.81

Share-based payment - Weighted average assumptions (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) yr	Dec. 31, 2020 USD ($) yr	Dec. 31, 2019 USD ($) yr
Weighted average assumptions [Abstract]
Expected volatility	41.05%	41.25%	35.68%
Expected terms (in years) \| yr	6.16	6.11	5.81
Risk-free interest rate	1.06%	0.53%	1.85%
Expected dividend yield	$ 0	$ 0	$ 0
Grant date fair value	$ 1.87	$ 1.72	$ 2.23

Share-based Payment, Narrative - Stock options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payments Table [Line Items]
Share-based payment expense	$ 13,950	$ 10,718	$ 14,468
Stock Options [Member]
Share-based Payments Table [Line Items]
Share-based payment expense	$ 6,200	$ 2,100	$ 9,200

Share-based payment — Range of exercise prices (Details)	12 Months Ended
	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares	Dec. 31, 2018 shares £ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options \| shares	13,414,118	10,916,086	8,472,827	5,075,734
Wtd Average Exercise Price (GBP)	£ 2.58	£ 1.81	£ 1.16	£ 1.40
Weighted average remaining contractual life of outstanding share options (in years)	8 years 3 months 14 days	8 years 4 months 17 days	8 years 6 months 18 days	8 years 9 months 10 days
0.01
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	£ 0.01
Number of share options \| shares	842,762
Wtd Average Exercise Price (GBP)	£ 0
Weighted average remaining contractual life of outstanding share options (in years)	7 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 \| shares	3,521,839
Wtd Average Exercise Price (GBP)	£ 1.42
Weighted average remaining contractual life of outstanding share options (in years)	5 years 9 months 21 days
2.00 to 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options \| shares	1,251,017
Wtd Average Exercise Price (GBP)	£ 2.47
Weighted average remaining contractual life of outstanding share options (in years)	8 years 4 months 6 days
3.00 to 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of share options \| shares	7,798,500
Wtd Average Exercise Price (GBP)	£ 3.39
Weighted average remaining contractual life of outstanding share options (in years)	9 years 5 months 15 days
Bottom of range [member] \| 1.00 to 2.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	£ 1.00
Bottom of range [member] \| 2.00 to 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	2.00
Bottom of range [member] \| 3.00 to 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	3.00
Top of range [member] \| 1.00 to 2.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	2.00
Top of range [member] \| 2.00 to 3.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	3.00
Top of range [member] \| 3.00 to 4.00
Disclosure of range of exercise prices of outstanding share options [line items]
Range of Exercise Prices (GBP)	£ 4.00

Share-based payment arrangements - Subsidiary Plans (Details)	12 Months Ended
	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Subsidiary Plans [Line Items]
Outstanding at beginning of period	10,916,086	8,472,827	5,075,734
Number of share options granted in share-based payment arrangement	5,424,000	4,076,982	3,634,183
Exercised During the Year	2,238,187	514,410	237,090
Forfeited During the Year	687,781	1,119,313	0
Outstanding at end of period	13,414,118	10,916,086	8,472,827
Gelesis [Member]
Subsidiary Plans [Line Items]
Outstanding at beginning of period		0	3,681,732
Number of share options granted in share-based payment arrangement			0
Exercised During the Year			0
Expired During the Year			110,386
Forfeited During the Year			3,571,346
Outstanding at end of period			0
Alivio [Member]
Subsidiary Plans [Line Items]
Outstanding at beginning of period	3,888,168	3,698,244	2,393,750
Number of share options granted in share-based payment arrangement	197,398	189,924	1,329,494
Exercised During the Year	2,373,750	0	3,125
Expired During the Year	506,260	0	0
Forfeited During the Year	1,205,556	0	21,875
Outstanding at end of period	0	3,888,168	3,698,244
PureTech LYT [Member]
Subsidiary Plans [Line Items]
Outstanding at beginning of period		0	2,180,000
Number of share options granted in share-based payment arrangement			0
Exercised During the Year			0
Expired During the Year			0
Forfeited During the Year			2,180,000
Outstanding at end of period			0
Commense
Subsidiary Plans [Line Items]
Outstanding at beginning of period		0	540,416
Number of share options granted in share-based payment arrangement			0
Exercised During the Year			0
Expired During the Year			0
Forfeited During the Year			540,416
Outstanding at end of period			0
Entrega
Subsidiary Plans [Line Items]
Outstanding at beginning of period	962,000	972,000	914,000
Number of share options granted in share-based payment arrangement	0	0	58,000
Exercised During the Year	525,000	0	0
Expired During the Year	87,500	0	0
Forfeited During the Year	0	10,000	0
Outstanding at end of period	349,500	962,000	972,000
Follica
Subsidiary Plans [Line Items]
Outstanding at beginning of period	1,309,040	1,309,040	1,229,452
Number of share options granted in share-based payment arrangement	1,383,080	0	79,588
Exercised During the Year	0	0	0
Expired During the Year	6,000	0	0
Forfeited During the Year	0	0	0
Outstanding at end of period	2,686,120	1,309,040	1,309,040
Karuna [Member]
Subsidiary Plans [Line Items]
Outstanding at beginning of period		0	1,949,927
Number of share options granted in share-based payment arrangement			0
Exercised During the Year			0
Expired During the Year			0
Forfeited During the Year			1,949,927
Outstanding at end of period			0
Sonde
Subsidiary Plans [Line Items]
Outstanding at beginning of period	2,192,834	1,829,004	22,500
Number of share options granted in share-based payment arrangement	0	363,830	1,806,504
Exercised During the Year	0	0	0
Expired During the Year	51,507	0	0
Forfeited During the Year	92,323	0	0
Outstanding at end of period	2,049,004	2,192,834	1,829,004
Vedanta Biosciences
Subsidiary Plans [Line Items]
Outstanding at beginning of period	1,741,888	1,450,100	1,373,750
Number of share options granted in share-based payment arrangement	451,532	493,951	154,193
Exercised During the Year	52,938	813	0
Expired During the Year	76,491	0	0
Forfeited During the Year	72,354	201,350	77,843
Outstanding at end of period	1,991,637	1,741,888	1,450,100

Share-based payment arrangements - Weighted Average Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares	Dec. 31, 2018 shares £ / shares	Dec. 31, 2021 shares £ / shares
Weighted Average Options Outstanding [Line Items]
Number of share options \| shares	13,414,118	10,916,086	8,472,827	5,075,734	13,414,118
Weighted-average exercise price $ \| £ / shares		£ 1.81	£ 1.16	£ 1.40	£ 2.58
Weighted average remaining contractual life of outstanding share options (in years)	8 years 3 months 14 days	8 years 4 months 17 days	8 years 6 months 18 days	8 years 9 months 10 days
Alivio [Member]
Weighted Average Options Outstanding [Line Items]
Number of share options	0	3,888,168	3,698,244	2,393,750	0
Weighted-average exercise price $	$ 0
Weighted average remaining contractual life of outstanding share options (in years)	0 years
Entrega
Weighted Average Options Outstanding [Line Items]
Number of share options	349,500	962,000	972,000	914,000	349,500
Weighted-average exercise price $	$ 1.88
Weighted average remaining contractual life of outstanding share options (in years)	4 years 7 months 13 days
Follica
Weighted Average Options Outstanding [Line Items]
Number of share options	2,686,120	1,309,040	1,309,040	1,229,452	2,686,120
Weighted-average exercise price $	$ 1.39
Weighted average remaining contractual life of outstanding share options (in years)	7 years 3 months 10 days
Sonde
Weighted Average Options Outstanding [Line Items]
Number of share options	2,049,004	2,192,834	1,829,004	22,500	2,049,004
Weighted-average exercise price $	$ 0.20
Weighted average remaining contractual life of outstanding share options (in years)	7 years 8 months 15 days
Vedanta Biosciences
Weighted Average Options Outstanding [Line Items]
Number of share options	1,991,637	1,741,888	1,450,100	1,373,750	1,991,637
Weighted-average exercise price $	$ 13.42
Weighted average remaining contractual life of outstanding share options (in years)	5 years 11 months 1 day

Share-based payment arrangements - Weighted Average Options granted (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares	Dec. 31, 2021 £ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2020 £ / shares	Dec. 31, 2019 $ / shares	Dec. 31, 2019 £ / shares
Weighted Average Options granted [Line Items]
Weighted average exercise price \| £ / shares		£ 3.34		£ 3.14		£ 0.84
Alivio [Member]
Weighted Average Options granted [Line Items]
Weighted average exercise price	$ 0		$ 0.47		$ 0.49
Follica
Weighted Average Options granted [Line Items]
Weighted average exercise price	1.86		0		0.03
Sonde
Weighted Average Options granted [Line Items]
Weighted average exercise price	0		0.18		0.20
Vedanta Biosciences
Weighted Average Options granted [Line Items]
Weighted average exercise price	$ 19.69		$ 19.59		$ 19.13

Share-based payment arrangements - Weighted Average Options forfeited (Details)	12 Months Ended
	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares
Weighted Average Options forfeited [Line Items]
Forfeited During the Year \| shares	687,781	687,781	1,119,313	0
Weighted-average exercise price $ \| £ / shares		£ 2.53	£ 1.88	£ 0
Alivio [Member]
Weighted Average Options forfeited [Line Items]
Forfeited During the Year	1,205,556	1,205,556	0	21,875
Weighted-average exercise price $	$ 0.48
Sonde
Weighted Average Options forfeited [Line Items]
Forfeited During the Year	92,323	92,323	0	0
Weighted-average exercise price $	$ 0.18
Vedanta Biosciences
Weighted Average Options forfeited [Line Items]
Forfeited During the Year	72,354	72,354	201,350	77,843
Weighted-average exercise price $	$ 19.36

Share-based payment arrangements - Weighted Average Options exercised (Details)	12 Months Ended
	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares
Weighted Average Options exercisable [Line Items]
Exercised During the Year \| shares	2,238,187	2,238,187	514,410	237,090
Weighted-average exercise price $ \| £ / shares		£ 0.70	£ 1.52	£ 1.98
Alivio [Member]
Weighted Average Options exercisable [Line Items]
Exercised During the Year	2,373,750	2,373,750	0	3,125
Weighted-average exercise price $	$ 0.03
Entrega
Weighted Average Options exercisable [Line Items]
Exercised During the Year	525,000	525,000	0	0
Weighted-average exercise price $	$ 0.03
Vedanta Biosciences
Weighted Average Options exercisable [Line Items]
Exercised During the Year	52,938	52,938	813	0
Weighted-average exercise price $	$ 0.96

Share-based payment arrangements - Weighted Average Options exercisable (Details)	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares £ / shares	Dec. 31, 2020 shares £ / shares	Dec. 31, 2019 shares £ / shares
Weighted Average Options exercisable [Line Items]
Number of options \| shares	4,773,873	4,773,873	5,447,405	4,349,921
Weighted-average exercise price $ \| £ / shares		£ 1.42	£ 0.98	£ 0.93
Alivio [Member]
Weighted Average Options exercisable [Line Items]
Number of options	0	0
Weighted-average exercise price $	$ 0
Exercise Price Range $	$ 0
Entrega
Weighted Average Options exercisable [Line Items]
Number of options	349,500	349,500
Weighted-average exercise price $	$ 1.88
Entrega \| Bottom of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	0.03
Entrega \| Top of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	$ 2.36
Follica
Weighted Average Options exercisable [Line Items]
Number of options	2,686,120	2,686,120
Weighted-average exercise price $	$ 1.01
Follica \| Bottom of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	0.03
Follica \| Top of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	$ 1.86
Sonde
Weighted Average Options exercisable [Line Items]
Number of options	2,049,004	2,049,004
Weighted-average exercise price $	$ 0.20
Sonde \| Bottom of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	0.13
Sonde \| Top of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	$ 0.20
Vedanta Biosciences
Weighted Average Options exercisable [Line Items]
Number of options	1,991,637	1,991,637
Weighted-average exercise price $	$ 9.64
Vedanta Biosciences \| Bottom of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	0.02
Vedanta Biosciences \| Top of range [member]
Weighted Average Options exercisable [Line Items]
Exercise Price Range $	$ 19.94

Share-based payment arrangements - Significant Subsidiary Plans - Vedanta 2010 Plan (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) yr $ / shares shares	Dec. 31, 2020 USD ($) yr $ / shares	Dec. 31, 2019 USD ($) yr $ / shares
Significant Subsidiary Plan [Line Items]
Expected terms (in years) \| yr	6.16	6.11	5.81
Expected volatility	41.05%	41.25%	35.68%
Risk-free interest rate	1.06%	0.53%	1.85%
Expected dividend yield	$ 0	$ 0	$ 0
Grant date fair value	1.87	1.72	2.23
Share-based payment expense	13,950,000	10,718,000	14,468,000
Vedanta Biosciences
Significant Subsidiary Plan [Line Items]
Expected dividend yield	$ 0	$ 0	0
Share price at grant date \| $ / shares		$ 19.59
Vedanta Biosciences \| Stock Incentive Plan [Member]
Significant Subsidiary Plan [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Approved For Issuance \| shares	2,797,055
Share-based Compensation Arrangement by Share-based Payment Award, Shares Remaining Available For Issuance \| shares	747,270
Share-based payment expense	$ 5,400,000	$ 2,400,000	$ 1,700,000
Bottom of range [member] \| Vedanta Biosciences
Significant Subsidiary Plan [Line Items]
Expected terms (in years) \| yr	6.00	6.00	5.86
Expected volatility	88.05%	89.24%	89.24%
Risk-free interest rate	0.96%	0.32%	1.73%
Grant date fair value	$ 13.84	$ 13.09	$ 14.12
Share price at grant date \| $ / shares	$ 19		$ 18.71
Top of range [member] \| Vedanta Biosciences
Significant Subsidiary Plan [Line Items]
Expected terms (in years) \| yr	7.11	10.00	6.07
Expected volatility	88.59%	95.46%	95.46%
Risk-free interest rate	1.32%	0.87%	1.88%
Grant date fair value	$ 16.23	$ 16.54	$ 15.61
Share price at grant date \| $ / shares	$ 21.35		$ 19.94

Share-based payment arrangements - Other Subsidiary Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Subsidiary Plans [Line Items]
Share-based payment expense	$ 13,950	$ 10,718	$ 14,468
Other not including Vedanta [Member] \| Stock Incentive Plan [Member]
Significant Subsidiary Plans [Line Items]
Share-based payment expense	$ 840	$ 420	$ 10

Finance Cost Net (Details) - USD ($) $ in Thousands	12 Months Ended
Finance Cost Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance income [Abstract]
Interest income from financial assets	$ 214	$ 1,183	$ 4,362
Total Finance income	214	1,183	4,362
Finance costs [Abstract]
Contractual interest expense on notes payable	(1,031)	(96)	(149)
Interest expense on other borrowings	1,502	496	0
Interest expense on lease liability	2,181	2,354	2,495
Gain/(loss) on foreign currency exchange	(56)	0	68
Total finance cost – contractual	(4,771)	(2,946)	(2,576)
Gain/(Loss) from change in fair value of warrant liability	1,419	(117)	(11,890)
Gain/(Loss) from change in fair value of preferred shares	8,362	(4,234)	(34,585)
Gain/(Loss) from change in fair value of convertible debt	(175)	0	0
Total Finance income/(costs) - fair value accounting	9,606	(4,351)	(46,475)
Total finance costs – subsidiary preferred shares	0	0	(1,458)
Total finance income/(costs)	9,606	(4,351)	(47,933)
Finance income/(costs), net	$ 5,050	$ (6,115)	$ (46,147)

Earnings/(Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings/(Loss) attributable to owners of the Company [Line Items]
Income/(loss) for the year, attributable to the owners of the Company	$ (60,558)	$ 5,985	$ 421,144
Weighted Average number of ordinary shares [Line Items]
Effect of shares issued	1,911,560	514,406	237,090
Earnings Loss per Share [Line Items]
Basic earnings (loss) per share	$ (0.21)	$ 0.02	$ 1.49
Diluted earnings (loss) per share	$ (0.21)	$ 0.02	$ 1.44
Basic [Member]
Earnings/(Loss) attributable to owners of the Company [Line Items]
Income/(loss) for the year, attributable to the owners of the Company	$ (60,558)	$ 5,985	$ 421,144
Income/(loss) attributable to ordinary shareholders	$ (60,558)	$ 5,985	$ 421,144
Weighted Average number of ordinary shares [Line Items]
Issued ordinary shares at January 1,		285,885,025	285,370,619	282,493,867
Effect of shares issued	705,958	233,048	932,600
Effect of dilutive shares	0	0	0
Weighted average number of ordinary shareholders at December 31,	286,590,983	285,603,667	283,426,467
Earnings Loss per Share [Line Items]
Basic earnings (loss) per share	$ (0.21)	$ 0.02	$ 1.49
Diluted [Member]
Earnings/(Loss) attributable to owners of the Company [Line Items]
Income/(loss) for the year, attributable to the owners of the Company	$ (60,558)	$ 5,985	$ 421,144
Income/(loss) attributable to ordinary shareholders	$ (60,558)	$ 5,985	$ 421,144
Weighted Average number of ordinary shares [Line Items]
Issued ordinary shares at January 1,		285,885,025	285,370,619	282,493,867
Effect of shares issued	705,958	233,048	932,600
Effect of dilutive shares	0	7,252,246	8,355,866
Weighted average number of ordinary shareholders at December 31,	286,590,983	292,855,913	291,782,333
Earnings Loss per Share [Line Items]
Diluted earnings (loss) per share	$ (0.21)	$ 0.02	$ 1.44

Earnings/(Loss) per share Narrative (Details)	Dec. 31, 2021 shares
Earnings per share [abstract]
Potential securities excluded from diluted EPS calculation	6,553,905

Property and Equipment, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Balance at beginning of period	$ 22,777
Balance at end of period	26,771	$ 22,777
Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	4,456
Balance at end of period	6,047	4,456
Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	998
Balance at end of period	790	998
Computer equipment and software
Property, plant and equipment
Balance at beginning of period	232
Balance at end of period	139	232
Leasehold improvements
Property, plant and equipment
Balance at beginning of period	13,239
Balance at end of period	11,679	13,239
Construction in progress [member]
Property, plant and equipment
Balance at beginning of period	3,852
Balance at end of period	8,116	3,852
Cost
Property, plant and equipment
Balance at beginning of period	33,297	28,647
Additions, net of transfers	8,422	5,332
Disposals	605	682
Reclassifications	0	0
Balance at end of period	41,115	33,297
Cost \| Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	8,420	7,385
Additions, net of transfers	1,424	1,536
Disposals	323	642
Reclassifications	2,211	141
Balance at end of period	11,733	8,420
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
Reclassifications	0	0
Balance at end of period	1,452	1,452
Cost \| Computer equipment and software
Property, plant and equipment
Balance at beginning of period	1,519	1,508
Additions, net of transfers	92	51
Disposals	282	40
Reclassifications	0	0
Balance at end of period	1,329	1,519
Cost \| Leasehold improvements
Property, plant and equipment
Balance at beginning of period	18,054	17,656
Additions, net of transfers	183	399
Disposals	0	0
Reclassifications	248	0
Balance at end of period	18,485	18,054
Cost \| Construction in progress [member]
Property, plant and equipment
Balance at beginning of period	3,852	646
Additions, net of transfers	6,723	3,347
Disposals	0	0
Reclassifications	(2,459)	(141)
Balance at end of period	$ 8,116	$ 3,852

Property and Equipment, Accumulated depreciation and impairment loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Balance at beginning of period	$ 22,777
Balance at end of period	26,771	$ 22,777
Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	4,456
Balance at end of period	6,047	4,456
Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	998
Balance at end of period	790	998
Computer equipment and software
Property, plant and equipment
Balance at beginning of period	232
Balance at end of period	139	232
Leasehold improvements
Property, plant and equipment
Balance at beginning of period	13,239
Balance at end of period	11,679	13,239
Construction in progress [member]
Property, plant and equipment
Balance at beginning of period	3,852
Balance at end of period	8,116	3,852
Accumulated depreciation and impairment loss
Property, plant and equipment
Balance at beginning of period	(10,520)	(7,192)
Depreciation	4,346	3,944
Disposals	522	616
Balance at end of period	(14,344)	(10,520)
Accumulated depreciation and impairment loss \| Laboratory and manufacturing equipment
Property, plant and equipment
Balance at beginning of period	(3,965)	(2,968)
Depreciation	1,973	1,572
Disposals	251	576
Balance at end of period	(5,686)	(3,965)
Accumulated depreciation and impairment loss \| Furniture and fixtures
Property, plant and equipment
Balance at beginning of period	(454)	(239)
Depreciation	208	215
Disposals	0	0
Balance at end of period	(663)	(454)
Accumulated depreciation and impairment loss \| Computer equipment and software
Property, plant and equipment
Balance at beginning of period	(1,287)	(1,030)
Depreciation	174	297
Disposals	271	40
Balance at end of period	(1,190)	(1,287)
Accumulated depreciation and impairment loss \| Leasehold improvements
Property, plant and equipment
Balance at beginning of period	(4,815)	(2,955)
Depreciation	1,991	1,860
Disposals	0	0
Balance at end of period	(6,806)	(4,815)
Accumulated depreciation and impairment loss \| Construction in progress [member]
Property, plant and equipment
Balance at beginning of period	0	0
Depreciation	0	0
Disposals	0	0
Balance at end of period	$ 0	$ 0

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Property and equipment, net	$ 26,771	$ 22,777
Laboratory and manufacturing equipment
Property, plant and equipment
Property and equipment, net	6,047	4,456
Furniture and fixtures
Property, plant and equipment
Property and equipment, net	790	998
Computer equipment and software
Property, plant and equipment
Property and equipment, net	139	232
Leasehold improvements
Property, plant and equipment
Property and equipment, net	11,679	13,239
Construction in progress [member]
Property, plant and equipment
Property and equipment, net	$ 8,116	$ 3,852

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment [abstract]
Depreciation expense	$ 4.3	$ 3.9	$ 3.2

Intangible Assets, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible Assets, Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Balance at beginning of period	$ 899
Balance at end of period	987	$ 899
Licences [member]
Intangible Assets
Balance at beginning of period	899
Balance at end of period	987	899
Cost \| Licences [member]
Intangible Assets
Balance at beginning of period	900	625
Additions	90	275
Balance at end of period	$ 990	$ 900

Intangible Assets, Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Balance at beginning of period	$ 899
Balance at end of period	987	$ 899
Licences [member]
Intangible Assets
Balance at beginning of period	899
Balance at end of period	987	899
Accumulated amortization \| Licences [member]
Intangible Assets
Balance at beginning of period	(1)	0
Amortization	2	1
Balance at end of period	$ (3)	$ (1)

Intangible Assets Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Intangible assets, net	$ 987	$ 899
Licences [member]
Intangible Assets
Intangible assets, net	$ 987	$ 899

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Amortisation expense	$ 0.0	$ 0.0	$ 0.1

Other Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Financial Assets [Abstract]
Restricted cash	$ 2,124	$ 2,124
Total other financial assets	$ 2,124	$ 2,124

Equity (Details) $ in Thousands	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 £ / shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Equity [abstract]
Share capital	$ 5,444		$ 5,417
Merger reserve	138,506		138,506
Share premium	289,303		288,978
Translation reserve	469		469
Other reserves	(40,077)		(24,050)
Retained earnings/(accumulated deficit)	199,871		260,429
Equity attributable to owners of the Group	593,515		669,748
Non-controlling interests	(9,368)		(16,209)
Total equity	$ 584,147		$ 653,539	$ 650,398	$ 167,971
Par value per share \| £ / shares		£ 0.01
Number of shares issued and fully paid \| shares	287,796,585		285,885,025

Equity - Narrative (Details)	Jun. 18, 2015 shares
PureTech Health LLC \| Common shares [member]
Equity - Acquired Share capital PureTech LLC [Line Items]
Issued Share capital acquired	159,648,387

Subsidiary Preferred Shares balance (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Preferred Shares [Line Items]
Subsidiary Preferred Shares	$ 174,017	$ 118,972
Entrega
Subsidiary Preferred Shares [Line Items]
Subsidiary Preferred Shares	669	1,291
Follica
Subsidiary Preferred Shares [Line Items]
Subsidiary Preferred Shares	11,191	12,792
Sonde
Subsidiary Preferred Shares [Line Items]
Subsidiary Preferred Shares	13,362	12,821
Vedanta Biosciences
Subsidiary Preferred Shares [Line Items]
Subsidiary Preferred Shares	$ 148,796	$ 92,068

Subsidiary Preferred Shares - Minimum liquidation preference (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Minimum liquidation preference [Line Items]
Minimum liquidation preference	$ 170,189	$ 106,782
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	12,000	12,000
Vedanta Biosciences
Minimum liquidation preference [Line Items]
Minimum liquidation preference	$ 149,568	$ 86,161

Subsidiary Preferred Shares - Changes in value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in the value of subsidiary preferred shares [Roll Forward]
Beginning balance	$ 118,972
Ending balance	174,017	$ 118,972
Subsidiary Preferred Shares
Changes in the value of subsidiary preferred shares [Roll Forward]
Beginning balance	118,972	100,989
Issuance of new preferred shares	37,610	13,750
Increase in value of preferred shares measured at fair value	(8,362)	4,234
Conversion of convertible notes into preferred shares - non cash financing activity	25,797
Ending balance	$ 174,017	$ 118,972

Subsidiary Preferred Shares - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary Preferred Shares [Line Items]
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities		$ 500	$ 1,150	$ 1,556
Series A-2 Preferred [Member] \| Sonde
Subsidiary Preferred Shares [Line Items]
Proceeds from the issuance of shares and subsidiary preferred shares			4,800
Series C-2 Preferred [Member] \| Vedanta Biosciences
Subsidiary Preferred Shares [Line Items]
Proceeds from the issuance of shares and subsidiary preferred shares			$ 9,000
Preferred D shares \| Vedanta Biosciences
Subsidiary Preferred Shares [Line Items]
Number of shares issued by investee	2,387,675
Proceeds from the issuance of shares and subsidiary preferred shares	$ 68,400
Conversion of convertible notes into preferred shares - non cash financing activity	(25,800)
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities	$ 5,000
Acquisition of equity instruments in other entities	174,520

Financial instruments - changes in Financial Liabilities, level 3 fair value - Subsidiary Preferred Shares and Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial liabilities [line items]
Balance at beginning of period	$ 153,633
Finance Costs	5,050	$ (6,115)	$ (46,147)
Balance at end of period	192,082	153,633
Subsidiary Preferred Shares
Disclosure of financial liabilities [line items]
Balance at beginning of period	118,972
Change in fair value	(8,362)	4,234
Balance at end of period	174,017	118,972
Subsidiary Preferred Shares \| At fair value [member]
Disclosure of financial liabilities [line items]
Balance at beginning of period	118,972	100,989	217,519
Value at Issuance	37,610	13,750	51,048
Conversion to preferred	25,797		4,894
Conversion to common			0
Deconsolidation			(207,346)
Accrued interest - contractual	0
Change in fair value	(8,362)	4,234	33,636
Finance Costs			1,458
Other			(112)
Cash Distribution			(108)
Balance at end of period	174,017	118,972	100,989
Subsidiary Convertible Notes
Disclosure of financial liabilities [line items]
Conversion to preferred	(25,797)
Change in fair value	175	0
Subsidiary Convertible Notes \| At fair value [member]
Disclosure of financial liabilities [line items]
Balance at beginning of period	25,000	0	9,333
Value at Issuance	2,215	25,000	1,607
Conversion to preferred	(25,797)		(4,894)
Conversion to common			(2,418)
Deconsolidation			(5,017)
Accrued interest - contractual	867
Change in fair value	175	0	1,389
Finance Costs			0
Other			0
Cash Distribution			0
Balance at end of period	$ 2,461	$ 25,000	$ 0

Financial instruments, Liabilities - Subsidiary Preferred Shares, Sensitivity (Details) - Level 3 of fair value hierarchy [member] - Subsidiary Preferred Shares $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Subsidiary Enterprise Value
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Sensitivity Range	(2.00%)
Sensitivity Range	2.00%
Financial Liability Increase/ (Decrease)	$ (3,041)
Financial Liability Increase/ (Decrease)	3,140
Time to Liquidity
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Financial Liability Increase/ (Decrease)	5,934
Financial Liability Increase/ (Decrease)	$ (6,838)
Sensitivity Range	6 months
Sensitivity Range	6 months
Volatility
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Sensitivity Range	(10.00%)
Sensitivity Range	10.00%
Financial Liability Increase/ (Decrease)	$ 737
Financial Liability Increase/ (Decrease)	$ (682)
Discount Rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items]
Sensitivity Range	(5.00%)
Sensitivity Range	5.00%
Financial Liability Increase/ (Decrease)	$ 10,575
Financial Liability Increase/ (Decrease)	$ (6,068)

Financial instruments, Liabilities - Subsidiary Convertible Notes, Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($) yr	Dec. 31, 2020 USD ($)
Convertible Notes [Line Items]
Financial liabilities, at fair value	$ 192,082	$ 153,633
Subsidiary Convertible Notes \| Sonde
Convertible Notes [Line Items]
Financial liabilities, at fair value	$ 2,500
Subsidiary Convertible Notes \| Sonde \| Estimated time to exit
Convertible Notes [Line Items]
Weighted Average \| yr	0.59

Financial instruments - Investments held at fair value, Assets - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Investments held at fair value \| Akili and Gelesis [Member]
Disclosure of financial assets [line items]
Gain/(loss) on investments held at fair value	$ 66.7

Financial instruments - Investments held at fair value, Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Balance at beginning of period before allocation of associate loss to long-term interest	$ 949,867
Balance at end of period before allocation of associate loss to long-term interest	944,832	$ 949,867
Share of associate loss allocated to long-term interest (please refer to Note 5)	(73,703)	(34,117)	$ 30,791
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	553,167
Balance at end of period before allocation of associate loss to long-term interest	493,888	553,167
Level 3 of fair value hierarchy [member]
Disclosure of financial assets [line items]
Balance at beginning of period before allocation of associate loss to long-term interest	206,892
Balance at end of period before allocation of associate loss to long-term interest	254,653	206,892
Level 3 of fair value hierarchy [member] \| 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	206,892	154,445	85,163
Gain/(Loss) on changes in fair value	65,505	41,297	48,867
Issuance of note receivable			6,480
Conversion of note receivable			(6,630)
Balance at end of period before allocation of associate loss to long-term interest	239,533	206,892	154,445
Share of associate loss allocated to long-term interest (please refer to Note 5)	(96,709)
Balance at end of period after allocation of associate loss to long-term interest	142,824
Level 3 of fair value hierarchy [member] \| Investments held at fair value \| Vor [Member]
Disclosure of financial assets [line items]
Deconsolidation			12,028
Cash purchase of preferred shares	500	1,150
Reclassification from level 3 to level 1	$ (33,365)
Level 3 of fair value hierarchy [member] \| Investments held at fair value \| Karuna [Member]
Disclosure of financial assets [line items]
Deconsolidation			77,373
Reclassification of investment to investment in associate			(118,006)
Level 3 of fair value hierarchy [member] \| Investments held at fair value \| Gelesis [Member]
Disclosure of financial assets [line items]
Deconsolidation			$ 49,170
Cash purchase of preferred shares		$ 10,000

Financial Instruments, Significant unobservable Inputs - Level 3 fair value measurement, Assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Financial assets, at fair value	$ 944,832	$ 949,867
Level 3 of fair value hierarchy [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Financial assets, at fair value	254,653	$ 206,892
Investments held at fair value \| Level 3 of fair value hierarchy [member] \| Market – PWERM & Hybrid allocation
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Financial assets, at fair value	$ 238,231
Investments held at fair value \| Level 3 of fair value hierarchy [member] \| Weighted average [member] \| Estimated time to exit \| Market – PWERM & Hybrid allocation
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Weighted Average	0.76
Investments held at fair value \| Level 3 of fair value hierarchy [member] \| Weighted average [member] \| Discount Rate \| Market – PWERM & Hybrid allocation
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Weighted Average	0.200
Investments held at fair value \| Level 3 of fair value hierarchy [member] \| Weighted average [member] \| Volatility \| Market – PWERM & Hybrid allocation
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Weighted Average	0.620

Financial instruments, Assets - Investments held at fair value, Sensitivity (Details) - Investments held at fair value - Level 3 of fair value hierarchy [member] $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Investee Enterprise Value
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Sensitivity Range	2.00%
Sensitivity Range	(2.00%)
Financial Asset Increase/ (Decrease)	$ (4,559)
Financial Asset Increase/ (Decrease)	4,652
Time to Liquidity
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Financial Asset Increase/ (Decrease)	11,828
Financial Asset Increase/ (Decrease)	$ (14,691)
Sensitivity Range	6 months
Sensitivity Range	6 months
Discount Rate
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Sensitivity Range	5.00%
Sensitivity Range	(5.00%)
Financial Asset Increase/ (Decrease)	$ 3,842
Financial Asset Increase/ (Decrease)	$ (3,408)

Financial instruments Liabilities - Warrants Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	$ 153,633
Balance at end of period	192,082	$ 153,633
Level 3 of fair value hierarchy [member]
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	152,303
Balance at end of period	184,671	152,303
Subsidiary warrant liability
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	8,206
Balance at end of period	6,787	8,206
Subsidiary warrant liability \| Level 3 of fair value hierarchy [member]
Financial Instruments - Warrants [Roll Forward]
Balance at beginning of period	8,206	7,997	$ 13,012
Warrant Issuance		92	4,706
Change in fair value	(1,419)	117	11,890
Balance at end of period	$ 6,787	$ 8,206	7,997
Gelesis [Member] \| Subsidiary warrant liability \| Level 3 of fair value hierarchy [member]
Financial Instruments - Warrants [Roll Forward]
Deconsolidation			$ (21,611)

Financial instruments - Warrants, Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 02, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2017	Dec. 31, 2016
Financial Instruments - Warrants [Line Items]
Number of shares issued	287,796,585	285,885,025		285,370,619	282,493,867
Financial liabilities	$ 239,290	$ 195,441
Vedanta Biosciences \| Preferred share warrants \| Oxford Finance LLC
Financial Instruments - Warrants [Line Items]
Exercise price			$ 23.28
Number of shares issued			12,886
Subsidiary warrant liability
Financial Instruments - Warrants [Line Items]
Financial liabilities	$ 6,800
Loans \| Follica \| Preferred share warrants
Financial Instruments - Warrants [Line Items]
Exercise price						$ 0.07	$ 0.14

Financial instruments Liabilities, Significant unobservable inputs - Level 3 fair value measurement, warrants (Details) - Subsidiary warrant liability - Level 3 of fair value hierarchy [member]	Dec. 31, 2021 USD ($)
Expected term
Financial Instruments - Warrants [Line Items]
Warrants	1.66
Expected volatility
Financial Instruments - Warrants [Line Items]
Warrants	0.491
Risk free interest rate
Financial Instruments - Warrants [Line Items]
Warrants	0.007
Expected dividend yield
Financial Instruments - Warrants [Line Items]
Warrants	0
Estimated fair value of the preferred share
Financial Instruments - Warrants [Line Items]
Warrants	2.72

Financial instruments Liabilities - Warrants, Sensitivity (Details) - Subsidiary warrant liability - Level 3 of fair value hierarchy [member] - Discount Rate $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Financial Instruments - Warrants [Line Items]
Sensitivity Range	5.00%
Sensitivity Range	5.00%
Financial Liability Increase/ (Decrease)	$ 8,390
Financial Liability Increase/ (Decrease)	$ (4,222)

Financial instruments - Short-term note from associate (Details) - USD ($) $ in Thousands	Dec. 07, 2021	Dec. 31, 2021	Dec. 31, 2020
Short-term note [Line Items]
Financial assets, at fair value		$ 944,832	$ 949,867
Gelesis [Member]
Short-term note [Line Items]
Convertible instruments, discount rate	25.00%
Short-term note from associate
Short-term note [Line Items]
Financial assets, at fair value		$ 15,120
Short-term note from associate \| Gelesis [Member]
Short-term note [Line Items]
Issue of convertible instruments	$ 15,000
Convertible instruments, interest rate		10.00%

Subsidiary Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Notes Payable [Line Items]
Current financial liabilities	$ 3,916	$ 26,455
Loans
Notes Payable [Line Items]
Current financial liabilities	1,330	1,330
Subsidiary Convertible Notes
Notes Payable [Line Items]
Current financial liabilities	$ 2,586	$ 25,125	$ 125

Subsidiary Notes Payable - Loans, Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Subsidiary Notes Payable - Loans [Line Items]
Current financial liabilities	$ 3,916	$ 26,455
Loans
Subsidiary Notes Payable - Loans [Line Items]
Current financial liabilities	$ 1,330	1,330
Loans \| Follica
Subsidiary Notes Payable - Loans [Line Items]
Borrowings, interest rate	12.00%
Loans \| Follica \| Lighthouse Capital Partners VI, L.P
Subsidiary Notes Payable - Loans [Line Items]
Current financial liabilities	$ 1,300	1,300
Other current financial liabilities	$ 600	$ 500

Subsidiary Notes Payable, Convertible Notes Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Convertible Notes [Roll Forward]
Beginning balance	$ 26,455
Ending balance	3,916	$ 26,455
Subsidiary Convertible Notes
Convertible Notes [Roll Forward]
Beginning balance	25,125	125
Gross Principal	2,215	25,000
Accrued interest, Convertible Notes	867
Conversion to preferred	(25,797)
Change in fair value	175	0
Ending balance	2,586	25,125
Vedanta Biosciences \| Subsidiary Convertible Notes
Convertible Notes [Roll Forward]
Beginning balance	25,000	0
Gross Principal	0	25,000
Accrued interest, Convertible Notes	797
Conversion to preferred	(25,797)
Change in fair value	0	0
Ending balance	0	25,000
Knode \| Subsidiary Convertible Notes
Convertible Notes [Roll Forward]
Beginning balance	50	50
Gross Principal	0	0
Accrued interest, Convertible Notes	0
Conversion to preferred	0
Change in fair value	0	0
Ending balance	50	50
Appeering \| Subsidiary Convertible Notes
Convertible Notes [Roll Forward]
Beginning balance	75	75
Gross Principal	0	0
Accrued interest, Convertible Notes	0
Conversion to preferred	0
Change in fair value	0	0
Ending balance	75	75
Sonde \| Subsidiary Convertible Notes
Convertible Notes [Roll Forward]
Beginning balance	0	0
Gross Principal	2,215	0
Accrued interest, Convertible Notes	70
Conversion to preferred	0
Change in fair value	175	0
Ending balance	$ 2,461	$ 0

Subsidiary Notes Payable, Convertible Notes - Narrative (Details) - Subsidiary Convertible Notes - USD ($) $ in Millions		8 Months Ended
	Dec. 30, 2020	Nov. 24, 2021	Dec. 31, 2021
Vedanta Biosciences \| Investor [Member]
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		$ 2.2
Sonde \| PureTech and third-party
Convertible Notes [Line Items]
Proceeds from issue of convertible notes		4.3
Sonde \| PureTech Health (Company)
Convertible Notes [Line Items]
Proceeds from issue of convertible notes		$ 2.1

Non-Controlling Interest - Interest in Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Controlling Interests [Line Items]
Equity at beginning of period	$ 653,539	$ 650,398	$ 167,971
Share of comprehensive income (loss)	(62,709)	5,037	366,055
Deconsolidation of subsidiary			97,178
Subsidiary note conversion and changes in NCI ownership interest			2,418
NCI exercise of share-based awards in subsidiaries	66
Equity settled share-based awards	13,361	10,627	14,468
Acquisition of subsidiary non-controlling interest	(968)		0
Equity at end of period	584,147	653,539	650,398
Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Equity at beginning of period	(16,209)	(17,639)	(108,535)
Share of comprehensive income (loss)	(2,151)	(1,417)	(55,079)
Deconsolidation of subsidiary			97,178
Subsidiary note conversion and changes in NCI ownership interest			23,049
NCI exercise of share-based awards in subsidiaries	(5,922)
Equity settled share-based awards	6,252	2,822	1,683
Acquisition of subsidiary non-controlling interest	8,668		24,039
Other	(6)	24	25
Equity at end of period	(9,368)	(16,209)	(17,639)
Internal
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	(64,753)	(41,964)	(24,104)
Internal \| Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Equity at beginning of period	(8,567)	(8,682)	(15,102)
Share of comprehensive income (loss)	(96)	(191)	(17,643)
Deconsolidation of subsidiary			0
Subsidiary note conversion and changes in NCI ownership interest			0
NCI exercise of share-based awards in subsidiaries	0
Equity settled share-based awards	(4)	305	0
Acquisition of subsidiary non-controlling interest	8,668		24,039
Other	0	0	24
Equity at end of period	0	(8,567)	(8,682)
Controlled Founded Entities
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	(49,927)	(52,237)	(68,741)
Controlled Founded Entities \| Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Equity at beginning of period	(8,215)	(9,551)	(20,800)
Share of comprehensive income (loss)	(2,069)	(1,211)	(13,483)
Deconsolidation of subsidiary			0
Subsidiary note conversion and changes in NCI ownership interest			23,049
NCI exercise of share-based awards in subsidiaries	(5,922)
Equity settled share-based awards	6,256	2,517	1,683
Acquisition of subsidiary non-controlling interest	0		0
Other	0	30	0
Equity at end of period	(9,950)	(8,215)	(9,551)
Non-Controlled Founded Entities
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	0	0	(56,307)
Non-Controlled Founded Entities \| Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Equity at beginning of period	0	0	(73,225)
Share of comprehensive income (loss)	0	0	(23,953)
Deconsolidation of subsidiary			97,178
Subsidiary note conversion and changes in NCI ownership interest			0
NCI exercise of share-based awards in subsidiaries	0
Equity settled share-based awards	0	0	0
Acquisition of subsidiary non-controlling interest	0		0
Other	0	0	0
Equity at end of period	0	0	0
Parent Company And Other
Non-Controlling Interests [Line Items]
Share of comprehensive income (loss)	51,971	99,238	515,207
Parent Company And Other \| Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Equity at beginning of period	574	593	592
Share of comprehensive income (loss)	15	(15)	0
Deconsolidation of subsidiary			0
Subsidiary note conversion and changes in NCI ownership interest			0
NCI exercise of share-based awards in subsidiaries	0
Equity settled share-based awards	0	0	0
Acquisition of subsidiary non-controlling interest	0		0
Other	(6)	(6)	1
Equity at end of period	$ 583	$ 574	$ 593

Non-Controlling Interest - Aggregation of Subsidiaries (Details) - Subsidiaries with material non-controlling interests [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-Controlling Interests [Line Items]
Total revenue	$ 7,771	$ 5,224
Income/(loss) for the year	(49,644)	(54,869)
Other comprehensive income/(loss)	0
Total comprehensive income/(loss) for the year	(49,644)	(54,869)
Total assets	66,118	68,339
Total Liabilities	218,101	185,809
Net assets/(liabilities)	(151,982)	(117,470)
Internal
Non-Controlling Interests [Line Items]
Total revenue	0	3,267	$ 8,006
Income/(loss) for the year	0	(2,407)	(26,668)
Other comprehensive income/(loss)	0		0
Total comprehensive income/(loss) for the year	0	(2,407)	(26,668)
Total assets	0	1,297
Total Liabilities	0	12,086
Net assets/(liabilities)	0	(10,788)
Controlled Founded Entities
Non-Controlling Interests [Line Items]
Total revenue	7,771	1,957	41
Income/(loss) for the year	(50,436)	(53,535)	(23,871)
Other comprehensive income/(loss)	0		0
Total comprehensive income/(loss) for the year	(50,436)	(53,535)	(23,871)
Total assets	66,279	67,048
Total Liabilities	228,856	188,345
Net assets/(liabilities)	(162,576)	(121,296)
Non-Controlled Founded Entities
Non-Controlling Interests [Line Items]
Total revenue	0	0	0
Income/(loss) for the year	0	0	(47,905)
Other comprehensive income/(loss)	0		(10)
Total comprehensive income/(loss) for the year	0	0	$ (47,915)
Total assets	0	0
Total Liabilities	0	0
Net assets/(liabilities)	0	0
Intra-group eliminations
Non-Controlling Interests [Line Items]
Total revenue	0	0
Income/(loss) for the year	792	1,073
Other comprehensive income/(loss)	0
Total comprehensive income/(loss) for the year	792	1,073
Total assets	(161)	(7)
Total Liabilities	(10,755)	(14,621)
Net assets/(liabilities)	$ 10,594	$ 14,615

Non-Controlling Interest (Details) $ in Millions										12 Months Ended
Non-Controlling Interest (Details) $ in Millions	Dec. 31, 2021	Dec. 01, 2021 USD ($)	Nov. 30, 2021	Jun. 11, 2021 USD ($)	Dec. 31, 2020	Oct. 01, 2019 USD ($) shares	Sep. 30, 2019	Jul. 19, 2019 USD ($)	Jul. 18, 2019	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 shares	Dec. 31, 2019 USD ($) shares	Jul. 15, 2021 USD ($)
Non-Controlling Interests [Line Items]
Contingent consideration recognised as of acquisition date				$ 0.6
Consideration paid (received)				$ 9.6
Exercised During the Year \| shares										2,238,187	514,410	237,090
Follica, Incorporated
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests	19.90%				19.90%
Exercised During the Year										0	0	0
PureTech LYT [Member]
Non-Controlling Interests [Line Items]
Exercised During the Year												0
Alivio [Member]
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				$ 1.2
Consideration for acquired non-controlling interest, first installment				0.4
Acquisition cost				$ 1.0
Consideration for acquired non-controlling interest, second installment													$ 0.4
Exercised During the Year										2,373,750	0	3,125
Sonde
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests	6.20%				4.50%
Exercised During the Year										0	0	0
Vedanta Biosciences
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests	3.70%				0.40%					3.70%
Exercised During the Year										52,938	813	0
Entrega
Non-Controlling Interests [Line Items]
Exercised During the Year										525,000	0	0
Common shares [member]
Non-Controlling Interests [Line Items]
Increase and Decrease Through Change In NCI Share In Subsidiary Deficit												$ 3.1
Common shares [member] \| Follica, Incorporated
Non-Controlling Interests [Line Items]
Convertible debt, instruments, converted to equity								$ 2.4
Proportion of ownership interests held by non-controlling interests								19.90%	68.00%
Increase (decrease) through conversion of convertible instruments, equity								$ 17.5
Common shares [member] \| Follica, Incorporated \| Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Increase (decrease) through conversion of convertible instruments, equity								$ 19.9
Common shares [member] \| PureTech LYT [Member]
Non-Controlling Interests [Line Items]
Proportion of ownership interest in subsidiary, additional ownership acquired						10.00%
Proportion of ownership interest in subsidiary						100.00%	90.00%
Increase Decrease In Number Of Shares Outstanding, Changes In Ownership Interest In Subsidiaries That Do Not Result In Loss Of Control \| shares						2,126,338
Common shares [member] \| PureTech LYT [Member] \| Share premium [member]
Non-Controlling Interests [Line Items]
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity						$ 9.1
Common shares [member] \| PureTech LYT [Member] \| Total parent equity [member]
Non-Controlling Interests [Line Items]
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity						24.0
Common shares [member] \| PureTech LYT [Member] \| Other reserves [member]
Non-Controlling Interests [Line Items]
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity						$ 33.1
Common shares [member] \| Entrega
Non-Controlling Interests [Line Items]
Proportion of ownership interests held by non-controlling interests	11.70%	11.70%	0.20%
Common shares [member] \| Entrega and Vedanta
Non-Controlling Interests [Line Items]
Increase (decrease) through conversion of convertible instruments, equity										$ 6.0
Common shares [member] \| Entrega and Vedanta \| Non-controlling interests [member]
Non-Controlling Interests [Line Items]
Convertible debt, instruments, converted to equity										$ 0.1
Increase (decrease) through conversion of convertible instruments, equity		$ 5.9

Trade And Other Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables [abstract]
Trade payables	$ 11,346	$ 8,871
Accrued expenses	17,309	9,090
Income tax payable	57	1,260
Liability settled share based awards	4,703	0
Other	2,403	2,606
Total trade and other payables	$ 35,817	$ 21,826

Long-term loan - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Sep. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Sep. 15, 2020 USD ($)	Sep. 02, 2020 $ / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 shares
Disclosure of detailed information about borrowings [line items]
Long-term loan		$ 15,118	$ 14,818			$ 0
Number of shares issued \| shares		287,796,585	285,885,025			285,370,619	282,493,867
Vedanta Biosciences
Disclosure of detailed information about borrowings [line items]
Long-term loan		$ 15,118
Vedanta Biosciences \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan		$ 15,000
Oxford Finance LLC \| Vedanta Biosciences
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 Biosciences \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan				$ 15,000
Oxford Finance LLC \| Vedanta Biosciences \| Preferred share warrants
Disclosure of detailed information about borrowings [line items]
Number of shares issued \| shares					12,886
Exercise price \| $ / shares					$ 23.28
Oxford Finance LLC \| Vedanta Biosciences \| Floating interest rate [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate				7.70%
Borrowings, adjustment to interest rate basis				0.17%

Long-term loan obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Beginning balance	$ 14,818	$ 0
Net loan proceeds	0	14,720
Accrued interest	1,502	496
Interest paid	1,201	(296)
Other	0	(102)
Ending balance	$ 15,118	$ 14,818

Long-term loan - Vedanta (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Long-term loan	$ 15,118	$ 14,818	$ 0
Vedanta Biosciences
Disclosure of detailed information about borrowings [line items]
Long-term loan	15,118
Vedanta Biosciences \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	15,000
Vedanta Biosciences \| Balance of accreted premium net of unamortized issuance costs
Disclosure of detailed information about borrowings [line items]
Long-term loan	118
Vedanta Biosciences \| 2022 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	857
Vedanta Biosciences \| 2023 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	5,143
Vedanta Biosciences \| 2024 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	5,143
Vedanta Biosciences \| 2025 \| Principal
Disclosure of detailed information about borrowings [line items]
Long-term loan	$ 3,857

Long-term loan as presented in fs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [abstract]
Current portion of long-term loan	$ 857	$ 0
Long-term loan	14,261	14,818
Total Long-term loan	$ 15,118	$ 14,818	$ 0

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [table]
Balance at beginning of period	$ 20,098	$ 22,383
Additions	739	0
Tenant improvement - lease incentive	(733)	0
Depreciation	2,938	2,699	$ 3,200
Adjustments	0	414
Balance at end of period	17,166	20,098	22,383
Lease Liabilities [Table]
Balance at beginning of period	35,348	37,843
Additions	1,016	0
Cash paid for rent - principal - financing cash flow	3,375	2,908	1,678
Cash paid for rent - interest	2,181	2,354
Interest expense	2,181	2,354	2,495
Adjustments	0	414
Balance at end of period	32,990	35,348	37,843
Short-term and Long-term portion of lease liability [Table]
Short-term Portion of Lease Liability	3,950	3,261
Long-term Portion of Lease Liability	29,040	32,088
Total lease liabilities	32,990	35,348	37,843
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	40,893
Interest	7,903
Total lease liabilities	32,990	35,348	$ 37,843
Short-term and Long-term of lease receivables [Table]
Short-term Portion of Lease Receivable	415	381
Long-term Portion of Lease Receivable	1,285	$ 1,700
Total Lease Receivable	1,700
Finance lease payments receivable [Line Items]
Undiscounted finance lease payments to be received	1,892
Unearned Finance income	192
Net investment in the lease	1,700
Less than one year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	5,927
Finance lease payments receivable [Line Items]
Undiscounted finance lease payments to be received	504
One to two years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	6,591
Finance lease payments receivable [Line Items]
Undiscounted finance lease payments to be received	513
Two to three years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	6,754
Finance lease payments receivable [Line Items]
Undiscounted finance lease payments to be received	523
Three to four years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	5,168
Finance lease payments receivable [Line Items]
Undiscounted finance lease payments to be received	353
Four to five years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	4,419
More than five years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 12,033

Leases Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Rental income	$ 650	$ 1,080	$ 400

Capital And Financial Risk Management Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital And Financial Risk Management Credit Risk [Abstract]
Cash and cash equivalents	$ 465,708	$ 403,881	$ 132,360	$ 117,051
Trade and other receivables	3,174	2,558
Total	$ 468,882	$ 406,438

Capital And Financial Risk Management - Not impaired (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Not impaired [Line Items]
Trade and other receivables	$ 3,174	$ 2,558
Not impaired
Not impaired [Line Items]
Trade and other receivables	$ 3,174	$ 2,558

Capital And Financial Risk Management Liquidity Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liquidity Risk [Line Items]
Long-term loan	$ 15,118	$ 14,818	$ 0
Current financial liabilities	3,916	26,455
Financial liabilities	239,290	195,441
Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	18,752	19,981
Subsidiary Notes Payable
Liquidity Risk [Line Items]
Current financial liabilities	3,916	26,455
Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	35,817	21,826
Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	6,787	8,206
Financial liabilities	6,800
Subsidiary Preferred Shares
Liquidity Risk [Line Items]
Current financial liabilities	174,017	118,972
Carrying Amount
Liquidity Risk [Line Items]
Financial liabilities	235,656	190,278
Carrying Amount \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	15,118	14,818
Carrying Amount \| Subsidiary Notes Payable
Liquidity Risk [Line Items]
Current financial liabilities	3,916	26,455
Carrying Amount \| Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	35,817	21,826
Carrying Amount \| Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	6,787	8,206
Carrying Amount \| Subsidiary Preferred Shares
Liquidity Risk [Line Items]
Current financial liabilities	174,017	118,972
Within Three Months
Liquidity Risk [Line Items]
Financial liabilities	220,833	150,756
Within Three Months \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	296	296
Within Three Months \| Subsidiary Notes Payable
Liquidity Risk [Line Items]
Current financial liabilities	3,916	1,455
Within Three Months \| Trade and other payables
Liquidity Risk [Line Items]
Current financial liabilities	35,817	21,826
Within Three Months \| Warrants [Member]
Liquidity Risk [Line Items]
Current financial liabilities	6,787	8,206
Within Three Months \| Subsidiary Preferred Shares
Liquidity Risk [Line Items]
Current financial liabilities	174,017	118,972
Three to Twelve months
Liquidity Risk [Line Items]
Financial liabilities	2,182	25,905
Three to Twelve months \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	2,182	905
Three to Twelve months \| Subsidiary Notes Payable
Liquidity Risk [Line Items]
Current financial liabilities	0	25,000
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	16,274	18,780
One year to Five Years \| Long-term loan [Member]
Liquidity Risk [Line Items]
Long-term loan	16,274	18,780
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	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 02, 2019 USD ($)	Jul. 01, 2019 USD ($)	Mar. 15, 2019 USD ($)	Feb. 12, 2019 USD ($)	Dec. 31, 2018 USD ($)
Capital And Financial Risk Management [Line Items]
Cash and cash equivalents	$ 465,708	$ 403,881	$ 132,360					$ 117,051
Investments held at fair value	397,179	530,161	714,905
Gelesis [Member]
Capital And Financial Risk Management [Line Items]
Investments held at fair value					$ 49,200
Investments in associates accounted for using equity method	$ 0	$ 0	$ 10,600		$ 16,400
Karuna [Member]
Capital And Financial Risk Management [Line Items]
Investments held at fair value				$ 557,200		$ 72,400
Number of associate's common stock held at fair value \| shares	1,656,564
Associate common stock held at fair value	$ 217,000
Karuna [Member] \| Equity price risk [member]
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	$ 21,700
Vor [Member]
Capital And Financial Risk Management [Line Items]
Investments held at fair value							$ 12,000
Number of associate's common stock held at fair value \| shares	3,207,200
Associate common stock held at fair value	$ 37,300
Vor [Member] \| Equity price risk [member]
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	$ 3,700

Commitments And Contingencies (Details) $ in Millions	Dec. 31, 2021 USD ($)
Commitments and Contingencies [Table]
Payments in respect of developmental milestones, dependent on events outside control of company, but reasonably possible to occur	$ 10.3
Non-cancellable contractual commitments	$ 6.7

Related Party Transactions - Key Management Personnel Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions - Key Management Personnel Compensation [Abstract]
Short-term employee benefits	$ 4,666	$ 4,833	$ 5,543
Share-based payments	4,045	5,822	2,774
Total	$ 8,711	$ 10,656	$ 8,317

Related Party Transactions - Directors and Senior Mangers (Details)	Dec. 31, 2021 USD ($) shares
Ms Dapne Zohar \| Gelesis [Member] \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	179,443
Number of Options held	1,207,006
Ownership Interest	5.03%
Dr Robert Langer [Member] \| Entrega \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	250,000
Number of Options held	82,500
Ownership Interest	4.09%
Dr Raju Kucherlapati \| Enlight [Member] \| Class B Common [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	0
Number of Options held	30,000
Ownership Interest	3.00%
Dr John LaMattina \| Gelesis [Member] \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	50,540
Number of Options held	0
Ownership Interest	0.18%
Dr John LaMattina \| Gelesis [Member] \| Series A-1 Preferred [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	49,523
Number of Options held	0
Ownership Interest	0.18%
Dr John LaMattina \| Gelesis [Member] \| Common Shares, value realised assigned to PureTech Health, LLC [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	33,051
Number of Options held	33,578
Ownership Interest	0.24%
Dr John LaMattina \| Akili [Member] \| Series A-2 Preferred [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	37,372
Number of Options held	0
Ownership Interest	0.80%
Dr John LaMattina \| Akili [Member] \| Series C Preferred [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	11,755
Number of Options held	0
Ownership Interest	0.20%
Dr John LaMattina \| Vedanta Biosciences \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	25,000
Number of Options held	0
Ownership Interest	0.17%
Dr Bharatt Chowrira \| Karuna [Member] \| Common Shares, value realised assigned to PureTech Health, LLC [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	5,000
Number of Options held	0
Ownership Interest	0.02%
Dr Joseph Bolen \| Vor [Member] \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	0
Number of Options held	9,191
Ownership Interest	0.02%
Dr John LaMattina and Ms Mary LaMattina \| Gelesis [Member] \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	50,540
Dr John LaMattina and Ms Mary LaMattina \| Gelesis [Member] \| Series A-1 Preferred [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	49,523
Dr John LaMattina (individually) \| Gelesis [Member] \| Common shares [member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Number Of Shares Held	33,051
Dr John LaMattina (individually) \| Appeering \| Convertible Notes [Member]
Directors and Senior Managers Shareholdings and Share Incentive awards [Line Items]
Aggregate principal amount \| $	$ 50,000

Related party transactions - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 07, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related party transactions [Line Items]
General and administrative expenses		$ 57,199	$ 49,440	$ 59,358
Gelesis [Member] \| Short-term note from associate
Related party transactions [Line Items]
Issue of convertible instruments	$ 15,000
Interest income		$ 100
Directors and Senior Managers \| Common shares [member]
Related party transactions [Line Items]
Number Of Shares Held		24,676,165
Percent voting rights of the Companny		8.60%
Additional number of shares authorized to purchase		4,750,000
Number of shares issuable based on performance conditions		4,666,514
Number of shares issuable based on service conditions		67,140
Directors and Senior Managers \| Convertible Notes [Member]
Related party transactions [Line Items]
Payables to related parties		$ 94	89	$ 84
Related parties [member]
Related party transactions [Line Items]
General and administrative expenses		782
Related parties [member] \| Gelesis [Member]
Related party transactions [Line Items]
Royalty income		$ 231	$ 54

Taxation (Details) - USD ($) $ in Thousands	12 Months Ended
Taxation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Taxation [Abstract]
Income/(loss) for the year	$ (62,709)	$ 4,568	$ 366,065
Income tax expense/(benefit)	3,756	14,401	112,409
Income/(loss) before taxes	$ (58,953)	$ 18,969	$ 478,474

- 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
-IssueDate 2021-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2021-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2021-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2021-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2021-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
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-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2021-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2021-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2021-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2021-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2021-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2021-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23&doctype=Standard
-URIDate 2021-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2021-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2021-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2021-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2021-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 106
-Subparagraph d
-Clause i
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-URIDate 2021-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2021-03-24

+ Details

Taxation - Recognised Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	$ 22,247	$ 21,796	$ 0
Total deferred income tax expense/(benefit)	(18,491)	(7,395)	112,409
Total income tax expense/(benefit), recognized	3,756	14,401	112,409
Federal [Member]
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	22,138	21,796	0
Total deferred income tax expense/(benefit)	(15,416)	(7,349)	83,776
Foreign [Member]
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 [Member]
Recognised Income Tax Expense [Line Items]
Total current income tax expense/(benefit)	109	0	0
Total deferred income tax expense/(benefit)	$ (3,075)	$ (46)	$ 28,633

Taxation - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Effective Tax Rate [Table]
US federal statutory rate	$ (12,380)	$ 3,984	$ 97,183
US federal statutory rate	21.00%	21.00%	21.00%
Effects of state tax rate in US	$ (4,484)	$ 1,844	$ 22,111
Effects of state tax rate in U.S.	7.61%	9.72%	4.78%
R&D and orphan drug tax credits	$ 5,056	$ 5,642	$ 6,321
R&D and orphan drug tax credits	8.58%	(29.74%)	(1.37%)
Non deductible share based payment expenses	$ 555	$ 327	$ 433
Non deductible share based payment expenses	(0.94%)	1.73%	0.09%
Finance income/(costs) – fair value accounting	$ (2,017)	$ 919	$ 3,725
Finance income/(costs) – fair value accounting	3.42%	4.84%	0.80%
Loss with respect to associate for which no deferred tax asset is recognized	$ 11,542	$ 0	$ 0
Loss with respect to associate for which no deferred tax asset is recognized	(19.58%)	0.00%	0.00%
Transaction Costs	$ 309	$ 361	$ 0
Transaction Costs	(0.52%)	1.91%	0.00%
Interest Expense	$ 217	$ (2,258)	$ 1,030
Interest Expense	(0.37%)	(11.91%)	0.22%
Executive Compensation	$ 746	$ 827	$ 0
Executive Compensation	(1.27%)	4.36%	0.00%
Deconsolidation adjustments	$ 0	$ 0	$ 13,658
Deconsolidation adjustments	0.00%	0.00%	(2.95%)
Recognition of deferred tax assets and tax benefits not previously recognized	$ 414	$ 0	$ 6,251
Recognition of deferred tax assets and tax benefits not previously recognized	0.70%	0.00%	(1.35%)
Current year losses for which no deferred tax asset is recognized	$ 14,375	$ 13,948	$ 14,514
Current year losses for which no deferred tax asset is recognized	(24.38%)	73.53%	3.14%
Other	$ 363	$ 91	$ (356)
Other	(0.62%)	0.48%	(0.06%)
Income tax expense/(benefit)	$ 3,756	$ 14,401	$ 112,409
Average effective tax rate	(6.37%)	75.92%	24.29%

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	$ 89,765	$ 108,626
UNITED STATES
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	88,096	68,228
Deferred tax liabilities	105,018	129,782
Deferred tax assets (liabilities), net	(16,922)	(61,554)
Deferred tax liabilities, net, recognized	(89,765)	(108,626)
Deferred tax assets, net, recognized	0	0
Deferred tax assets (liabilities), net, not recognized	72,843	47,072
UNITED STATES \| Operating tax losses
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	46,982	39,901
UNITED STATES \| Tax credits
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	10,673	10,805
UNITED STATES \| Share-based payments
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	7,265	5,429
UNITED STATES \| Deferred revenue
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	0	358
UNITED STATES \| Investment in Associates
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	11,542	0
UNITED STATES \| Lease Liability
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	8,969	9,657
UNITED STATES \| Other temporary differences
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets	2,665	2,078
Deferred tax liabilities	0	27
UNITED STATES \| Investments held at fair value
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	96,804	120,676
UNITED STATES \| ROU asset
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	4,667	5,491
UNITED STATES \| Fixed assets
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities	$ 3,547	$ 3,588

Taxation Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Taxation Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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%
Total deferred income tax expense/(benefit)	$ (18,491)	$ (7,395)	$ 112,409
Total current income tax expense/(benefit)	22,247	21,796	0
UNITED STATES
Taxation [Line Items]
Deferred tax assets (liabilities), net, not recognized	72,843	47,072
Federal [Member]
Taxation [Line Items]
Total deferred income tax expense/(benefit)	(15,416)	(7,349)	83,776
Total current income tax expense/(benefit)	22,138	21,796	0
Tax Losses	215,400	169,700	243,000
Tax Credits	3,900	3,900	7,400
Unused Federal orphan drug tax credits	5,700	5,200
Federal [Member] \| Operating Loss Carryforwards Not Subject To Expiration
Taxation [Line Items]
Tax Losses	147,800
MASSACHUSETTS
Taxation [Line Items]
Tax Losses	27,900	67,400	273,000
Tax Credits	$ 1,300	$ 2,100	$ 1,600

Taxation - Tax Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Taxation [Line Items]
Income tax receivable - current	$ 4,514	$ 0
Trade and Other Payables	$ 57	$ 1,260

Taxation - Unrecognized Deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Gross Amount
Unrecognized deferred tax assets [Line Items]
Deductible Temporary Difference	$ 59,925	$ 7,997
Tax Losses	215,425	169,731
Tax Credits	9,636	9,120
Total	284,986	186,848
Tax Effected
Unrecognized deferred tax assets [Line Items]
Deductible Temporary Difference	16,224	1,679
Tax Losses	46,982	36,273
Tax Credits	9,636	9,120
Total	$ 72,843	$ 47,072

Taxation - Tax losses and tax credits carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Gross Amount
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	$ 215,425	$ 169,731
Tax credits expiring	9,636	9,120
Gross Amount \| Not later than 10 years
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	19,735	12,530
Tax credits expiring	4	13
Gross Amount \| Later than ten years [member]
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	47,937	55,312
Tax credits expiring	9,632	9,107
Gross Amount \| Available indefinitely
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	147,753	101,889
Tax credits expiring	0	0
Tax Effected
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	46,982	36,273
Tax credits expiring	9,636	9,120
Tax Effected \| Not later than 10 years
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	4,343	2,760
Tax credits expiring	4	13
Tax Effected \| Later than ten years [member]
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	11,611	12,117
Tax credits expiring	9,632	9,107
Tax Effected \| Available indefinitely
Tax losses and tax credits carryforwards [Line Items]
Tax losses expiring	31,028	21,397
Tax credits expiring	$ 0	$ 0

Subsequent Events (Details) - USD ($) $ in Millions		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Jul. 01, 2019	Dec. 31, 2021	Jan. 13, 2022
Gelesis [Member]
Subsequent Events [Line Items]
Proportion of voting rights held in associate	25.20%
Major business combination [member] \| Gelesis [Member]
Subsequent Events [Line Items]
Number Of Shares Held			16,727,582
Percent, number of shares held			23.20%
Major business combination [member] \| Akili [Member]
Subsequent Events [Line Items]
Proportion of voting rights held in associate		26.70%
Major business combination [member] \| Merged entity Gelesis and Capstar
Subsequent Events [Line Items]
Business Combination, Investment In Common Share, Initial Investment			$ 15.0
Business Combination, Investment In Common Share, Additional Investment			$ 5.0

Financial instruments - Fair Value Measurement and Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	$ 944,832	$ 949,867
Financial liabilities	192,082	153,633
Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	944,832	949,867
Financial liabilities	192,082	153,633
Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	6,787	8,206
Subsidiary warrant liability \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	6,787	8,206
Subsidiary Preferred Shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	174,017	118,972
Subsidiary Preferred Shares \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	174,017	118,972
Subsidiary Notes Payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	3,916	26,455
Subsidiary Notes Payable \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	3,916	26,455
Share based liabilty awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	7,362
Share based liabilty awards \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	7,362
Level 1 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	687,005	740,417
Financial liabilities	6,081	0
Level 1 of fair value hierarchy [member] \| Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 1 of fair value hierarchy [member] \| Subsidiary Preferred Shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 1 of fair value hierarchy [member] \| Subsidiary Notes Payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 1 of fair value hierarchy [member] \| Share based liabilty awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	6,081
Level 2 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	3,174	2,558
Financial liabilities	1,330	1,330
Level 2 of fair value hierarchy [member] \| Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 2 of fair value hierarchy [member] \| Subsidiary Preferred Shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0	0
Level 2 of fair value hierarchy [member] \| Subsidiary Notes Payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	1,330	1,330
Level 2 of fair value hierarchy [member] \| Share based liabilty awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	0
Level 3 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	254,653	206,892
Financial liabilities	184,671	152,303
Level 3 of fair value hierarchy [member] \| Subsidiary warrant liability
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	6,787	8,206	$ 7,997	$ 13,012
Level 3 of fair value hierarchy [member] \| Subsidiary Preferred Shares
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	174,017	118,972
Level 3 of fair value hierarchy [member] \| Subsidiary Notes Payable
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	2,586	25,125
Level 3 of fair value hierarchy [member] \| Share based liabilty awards
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial liabilities	1,281
Money Markets [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	432,649	394,143
Money Markets [member] \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	432,649	394,143
Money Markets [member] \| Level 1 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	432,649	394,143
Money Markets [member] \| Level 2 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Money Markets [member] \| Level 3 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Short-term note from associate
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	15,120
Short-term note from associate \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	15,120
Short-term note from associate \| Level 1 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0
Short-term note from associate \| Level 2 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0
Short-term note from associate \| Level 3 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	15,120
Investments held at fair value
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	493,888	553,167
Investments held at fair value \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	493,888	553,167
Investments held at fair value \| Level 1 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	254,355	346,275
Investments held at fair value \| Level 2 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Investments held at fair value \| Level 3 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	239,533	206,892	$ 154,445	$ 85,163
Trade and other receivables [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	3,174	2,558
Trade and other receivables [member] \| Carrying Amount
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	3,174	2,558
Trade and other receivables [member] \| Level 1 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	0	0
Trade and other receivables [member] \| Level 2 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	3,174	2,558
Trade and other receivables [member] \| Level 3 of fair value hierarchy [member]
Financial Instruments - Fair value Measurement and Classification [Line Items]
Financial assets	$ 0	$ 0