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Barinthus(BRNS) - 2024 Q3 - Quarterly Results
BRNSBarinthus(BRNS)2024-11-06 13:04

Financial Performance - Revenue for Q3 2024 was 15.0million,comparedtonilinQ22024,primarilyfromroyaltiesrelatedtopriorsalesofVaxzevria®byAstraZeneca[10]−TotalrevenueforthethreemonthsendedSeptember30,2024,was15.0 million, compared to nil in Q2 2024, primarily from royalties related to prior sales of Vaxzevria® by AstraZeneca[10] - Total revenue for the three months ended September 30, 2024, was 14.969 million, compared to 0.802millionforthesameperiodin2023,representingasignificantincrease[20]−ThenetlossattributabletoshareholdersforQ32024was0.802 million for the same period in 2023, representing a significant increase[20] - The net loss attributable to shareholders for Q3 2024 was 8.1 million, or (0.21)pershare,animprovementfromanetlossof(0.21) per share, an improvement from a net loss of 16.9 million, or (0.43)pershare,inQ22024[15]−ThenetlossforthethreemonthsendedSeptember30,2024,was(0.43) per share, in Q2 2024[15] - The net loss for the three months ended September 30, 2024, was 8.129 million, compared to a net loss of 14.110millionforthesameperiodin2023,reflectinganimprovementofabout4214.110 million for the same period in 2023, reflecting an improvement of about 42%[20] - The company reported a comprehensive income of 1.062 million for the three months ended September 30, 2024, compared to a comprehensive loss of 21.930millionforthesameperiodin2023[20]−Thecompanyrecognizedlicenserevenuefromrelatedpartiesof21.930 million for the same period in 2023[20] - The company recognized license revenue from related parties of 15.0 million for the three months ended September 30, 2024, compared to nil for the same period in 2023[20] Cash and Assets - As of September 30, 2024, Barinthus Bio reported cash, cash equivalents, and restricted cash of 106.1million,downfrom106.1 million, down from 117.8 million as of June 30, 2024, with a net cash used in operating activities of 18.2millioninQ32024[9]−Cash,cashequivalents,andrestrictedcashasofSeptember30,2024,totaled18.2 million in Q3 2024[9] - Cash, cash equivalents, and restricted cash as of September 30, 2024, totaled 106.102 million, down from 142.090millionasofDecember31,2023[19]−Totalassetsdecreasedto142.090 million as of December 31, 2023[19] - Total assets decreased to 188.689 million as of September 30, 2024, from 214.506millionasofDecember31,2023,representingadeclineofapproximately12214.506 million as of December 31, 2023, representing a decline of approximately 12%[19] - Total liabilities increased to 29.228 million as of September 30, 2024, compared to 27.511millionasofDecember31,2023,indicatingariseofabout627.511 million as of December 31, 2023, indicating a rise of about 6%[19] - Total stockholders' equity attributable to Barinthus Biotherapeutics plc shareholders decreased to 159.294 million as of September 30, 2024, from 186.784millionasofDecember31,2023[19]ResearchandDevelopment−Researchanddevelopmentexpensesdecreasedto186.784 million as of December 31, 2023[19] Research and Development - Research and development expenses decreased to 11.1 million in Q3 2024 from 11.7millioninQ22024,mainlyduetoreducedpersonnel−relatedcosts[11]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,were11.7 million in Q2 2024, mainly due to reduced personnel-related costs[11] - Research and development expenses for the three months ended September 30, 2024, were 11.139 million, down from 15.144millioninthesameperiodof2023,indicatingareductionofapproximately2615.144 million in the same period of 2023, indicating a reduction of approximately 26%[20] - Enrollment in the HBV003 trial of VTP-300 for chronic hepatitis B was completed with 121 adult participants, aimed at obtaining critical dosing information for a potential functional cure[3] - The first-in-human Phase 1 AVALON trial of VTP-1000 for celiac disease was initiated in September 2024, evaluating safety and tolerability[5] - The PCA001 trial of VTP-850 for prostate cancer completed enrollment of 22 participants, with data expected in the first half of 2025[5] - Upcoming milestones include updated data from the VTP-300 program at the AASLD meeting scheduled for November 15-19, 2024[7] - An additional 15.0 million in revenue is expected from Oxford University Innovation related to royalties, which will support R&D plans into Q2 2026[6] Expenses - General and administrative expenses increased to 13.4millioninQ32024from13.4 million in Q3 2024 from 7.2 million in Q2 2024, largely due to a foreign exchange loss of $7.7 million[14]