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Barinthus Biotherapeutics (BRNS) investor relations material
Barinthus Biotherapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Focus shifted to immunology and inflammation (I&I) pipeline, prioritizing VTP-1000 for celiac disease and deprioritizing infectious disease and oncology programs, with workforce reductions and resource reallocation announced in January 2025.
VTP-1000 Phase 1 AVALON trial progressing, with final SAD cohort dosed, MAD portion initiated in July 2025, and no treatment-related serious adverse events; SAD data expected early Q4 2025, MAD data mid-2026.
Completed Phase 1 trial of VTP-850 in prostate cancer, showing encouraging immunogenicity and no treatment-related SAEs.
Ongoing search for partners to continue development of VTP-300 for hepatitis B, VTP-850, and other viral vector assets; winding down CEPI-funded MERS program.
Corporate restructuring and pipeline prioritization ongoing.
Financial highlights
Net loss of $21.1 million for Q2 2025, up from $16.9 million in Q2 2024 and $19.7 million in Q1 2025; six-month net loss of $40.8 million, up from $32.5 million year-over-year.
Cash, cash equivalents, and restricted cash totaled $87.8 million as of June 30, 2025, down from $112.4 million at year-end 2024 and $100.6 million at March 31, 2025.
Revenue primarily from research incentives and grants; other operating income decreased due to reduced CEPI funding utilization.
Research and development expenses were $8.0 million in Q2 2025, down from $11.7 million in Q2 2024 and $8.3 million in Q1 2025, reflecting pipeline prioritization and workforce reduction.
General and administrative expenses increased to $15.4 million in Q2 2025 from $7.2 million in Q2 2024 and $12.6 million in Q1 2025, mainly due to $8.0 million in foreign exchange losses.
Outlook and guidance
Cash runway expected to fund operations and capital expenditures into early 2027, but continued losses and negative cash flows anticipated for the foreseeable future.
Additional funding may be required to advance pipeline and support commercialization; potential sources include equity, debt, or strategic partnerships.
R&D expenses for legacy infectious disease and oncology programs expected to decrease as trials complete; autoimmune program expenses to continue or increase.
SAD data from the AVALON trial expected early Q4 2025; MAD data anticipated mid-2026.
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