Note 13 — Leases

Operating leases

Our leases consist of office and lab spaces with lease terms between 1 to 5 years.

The Company initially entered into a lease agreement in May 2023 for five rooms at BioCity. In August 2024, the lease was amended to expand the leased area to a total of eight rooms. The amended lease term commenced in August 2024 and will continue through July 31, 2029, with no automatic renewal option.

A lease deposit of GBP 17,040 was paid in relation to this agreement.

Total lease expense for the years ended March 31, 2025 and 2024 were GBP 101,489 and GBP 27,521. There was no lease expense for the year ended March 31, 2023.

In addition to the annual rent, other fees such as insurance, utilities and government fees are approximately GBP 70,794 per year.

The Company's office space lease in Shanghai consists of one office room commenced in August 2023 and ended on September 30, 2024 which was accounted for under IFRS 16 - "Leases"; however this lease was renewed on a 6-month basis. Lease expense for the years ended March 31, 2025, 2024 and 2023 were CNY 151,200, approximately $21,000 USD, in each year. There were no other service costs associated with this lease. This lease is being renewed on a three-month basis.

We currently do not have leases with residual value guarantees or leases not yet commenced to which we are committed. Lease liabilities have been measured by discounting future lease payments using our estimated incremental borrowing rate of 15% as rates implicit in the leases were not readily determinable.