Barinthus Biotherapeutics (BRNS) Q3 2024 earnings summary

Executive summary

• Focused on developing immunotherapeutic candidates for chronic infectious diseases and autoimmunity, prioritizing VTP-300 (chronic hepatitis B), VTP-850 (prostate cancer), and VTP-1000 (celiac disease), with a June 2024 pipeline update.

• Completed enrollment in key clinical trials for VTP-300 (HBV003) and VTP-850 (PCA001), and initiated a Phase 1 trial for VTP-1000 in Q3 2024.

• Expecting significant data readouts in Q4 2024 for VTP-300 and in H1 2025 for VTP-1000 and VTP-850.

• Recognized $15.0 million in license/royalty revenue from Oxford University Innovation (OUI) and Vaxzevria® sales in Q3 2024, with no expectation of further Vaxzevria-related payments.

• Management change: Graham Griffiths promoted to COO effective September 2024.

Financial highlights

• Q3 2024 revenue was $15.0 million, up from nil in Q3 2023, due to OUI license/royalty revenue.

• Net loss for Q3 2024 was $8.1 million ($0.21 per share), improved from $14.1 million ($0.37 per share) in Q3 2023.

• For the nine months ended September 30, 2024, revenue was $15.0 million (vs. $0.8 million in 2023), and net loss was $40.6 million (vs. $56.2 million in 2023).

• Cash, cash equivalents, and restricted cash totaled $106.1 million as of September 30, 2024, down from $117.8 million at June 30, 2024.

• Operating expenses for Q3 2024 were $24.6 million; R&D expenses were $11.1 million, and G&A expenses were $13.4 million, mainly due to foreign exchange losses.

Outlook and guidance

• Existing cash resources expected to fund operations into Q2 2026, bolstered by the $15.0 million royalty/license payment.

• No expectation of positive cash flows from operations in the foreseeable future; additional funding may be required for future development and commercialization.

• Anticipate updated interim data for VTP-300 at AASLD Liver Meeting in Q4 2024; VTP-1000 and VTP-850 data expected in H1 2025.