Barinthus(US:BRNS)2024-08-08 12:06Financial Performance - As of June 30, 2024, Barinthus Bio reported cash, cash equivalents, and restricted cash of $117.8 million, down from $130.0 million as of March 31, 2024, with a net cash used in operating activities of $12.0 million in Q2 2024[8] - The net loss for Q2 2024 was $16.9 million, or $(0.43) per share, compared to a net loss of $15.5 million, or $(0.40) per share in Q1 2024[10] - The net loss attributable to Barinthus Biotherapeutics plc shareholders for the three months ended June 30, 2024, was $16,931,000, compared to a net loss of $23,802,000 for the same period in 2023, reflecting an improvement of 29.0%[14] - Total operating expenses for the three months ended June 30, 2024, were $18,863,000, down 29.5% from $26,671,000 in the same period of 2023[14] - General and administrative expenses rose to $7.2 million in Q2 2024 from $6.0 million in Q1 2024, largely due to foreign exchange losses[10] - Research and development expenses for the six months ended June 30, 2024, were $22,787,000, compared to $23,357,000 for the same period in 2023, a decrease of 2.4%[14] Research and Development - Research and development expenses increased to $11.7 million in Q2 2024 from $11.1 million in Q1 2024, primarily due to the progression of VTP-300 through ongoing Phase 2 trials[8] - The company has prioritized the development of VTP-300 for chronic hepatitis B and VTP-1000 for celiac disease following positive interim data[4] - The company plans to initiate the first human clinical trial of VTP-1000 for celiac disease in Q3 2024[5] - Interim data from the HBV003 trial indicated that nearly 20% of participants had undetectable HBsAg maintained for ≥16 weeks, and 76% were eligible for NUC discontinuation[3] - In the IM-PROVE II trial, 20% of participants in the VTP-300 treatment group had undetectable HBsAg at Week 72, compared to none in the placebo group[3] - Barinthus Bio expects to announce updated interim data from the HBV003 trial in Q4 2024[5] Assets and Liabilities - Total assets decreased from $214,506,000 on December 31, 2023, to $186,749,000 on June 30, 2024, representing a decline of approximately 12.9%[13] - Total current assets decreased from $156,905,000 to $131,879,000, a reduction of about 16.0%[13] - Total liabilities increased from $27,511,000 to $29,959,000, an increase of approximately 8.9%[13] - The accumulated deficit increased from $176,590,000 to $209,010,000, reflecting a rise of about 18.3%[13] - Cash and cash equivalents decreased from $142,090,000 to $117,774,000, a decline of about 17.1%[13] Shareholder Information - The weighted-average ordinary shares outstanding increased from 38,407,672 in June 30, 2023, to 39,041,111 in June 30, 2024, indicating a growth of approximately 1.6%[14] - The company reported no license revenue for the three months ended June 30, 2024, compared to $334,000 for the same period in 2023[14]