Barinthus Biotherapeutics (BRNS) Guggenheim Securities Healthcare Innovation Conference summary

Strategic focus and rebranding

• Shifted from universal flu vaccine to therapeutics, prompting rebranding to align with focus on immune system rebalancing.

• Two main technology platforms: viral-based (from Oxford) and synthetic nanoparticle (from Johns Hopkins/NIH).

• Platforms target chronic hepatitis B (HBV) and celiac disease, aiming to address major unmet medical needs.

HBV program (VTP-300) development and data

• VTP-300 stimulates the immune system to restore T cell function and achieve functional cure in HBV.

• Two ongoing clinical trials: HBV003 (low surface antigen patients) and IMPROVE (pretreated with imdusiran, then VTP-300 ± nivolumab).

• At EASL, 20% reached undetectable surface antigen, 70% below 10 IU/mL, 80% eligible to stop NUCs; more data to be presented at AASLD.

• Durability and functional cure rates are key endpoints, with updates expected at major liver conferences every six months.

• Commercial focus on VTP-300 plus low-dose nivolumab, with potential expansion using surface antigen reducers.

Market opportunity and future plans for HBV

• HBV affects over 250 million globally, with largest populations in China and Southeast Asia.

• Achieving 20%-30% cure rates would be a significant advance over current 1%-9% rates.

• Peak sales projected at over $1.5 billion annually.

• Registrational studies may involve regional partners, especially in Asia.