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Barinthus Biotherapeutics (BRNS) investor relations material
Barinthus Biotherapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Announced a definitive all-stock merger agreement with Clywedog Therapeutics, expected to close in H1 2026, forming a combined company focused on metabolic and autoimmune diseases, including celiac disease, Type 1 and Type 2 diabetes, and to be renamed and listed as Clywedog Therapeutics Holdings, Inc. on NASDAQ.
Lead candidate VTP-1000 is in Phase 1 for celiac disease, with a strategic shift away from infectious disease and oncology programs.
Four clinical data milestones are anticipated within 18 months post-merger closing.
Net loss of $14.6M for Q3 2025 and $55.4M for the nine months ended September 30, 2025; accumulated deficit reached $293.0M.
Financial highlights
No revenue recognized in Q3 2025, compared to $15.0M in Q3 2024 due to the end of Vaxzevria-related license revenue.
Cash, cash equivalents, and restricted cash totaled $75.7M as of September 30, 2025, down from $87.8M at June 30, 2025.
Research and development expenses decreased to $5.4M in Q3 2025 from $11.1M in Q3 2024 and $8.0M in Q2 2025, reflecting pipeline reprioritization and UK lab closure.
General and administrative expenses fell to $5.2M in Q3 2025 from $13.4M in Q3 2024 and $15.4M in Q2 2025, mainly due to foreign exchange gains and lower personnel costs.
Impairment charge of $4.7M recorded in Q3 2025 for acquired intangible assets due to the merger agreement.
Outlook and guidance
Cash resources expected to fund operations into early 2027, supported by new and existing investors.
Single ascending dose data for VTP-1000 in celiac disease expected by end of 2025; multiple ascending dose data expected in H2 2026.
No expectation of positive cash flows from operations in the foreseeable future; additional funding may be required if the merger is not completed.
Impact of merger on asset valuation
Pipeline prioritization strategy
How do new investments impact combined cash runway?
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Next Barinthus Biotherapeutics earnings date
Q4 202520 Mar, 2026
Next Barinthus Biotherapeutics earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Barinthus Biotherapeutics plc is a biotechnology company focused on the development of novel immunotherapies for infectious diseases and cancer. The company specializes in T-cell activating therapeutics and next-generation vaccine platforms designed to enhance immune response. The company is headquartered in London, United Kingdom, and its shares are listed on the NASDAQ.
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