Financial Performance - Revenue for Q3 2024 was $15.0 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 $0.802 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) per share, an improvement from a net loss of $16.9 million, or $(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 $14.110 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 $21.930 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 $106.1 million, down from $117.8 million as of June 30, 2024, with a net cash used in operating activities of $18.2 million in Q3 2024[9] - Cash, cash equivalents, and restricted cash as of September 30, 2024, totaled $106.102 million, down from $142.090 million as of December 31, 2023[19] - Total assets decreased to $188.689 million as of September 30, 2024, from $214.506 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 $27.511 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 $186.784 million as of December 31, 2023[19] Research and Development - Research and development expenses decreased to $11.1 million in Q3 2024 from $11.7 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 $15.144 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 $13.4 million in Q3 2024 from $7.2 million in Q2 2024, largely due to a foreign exchange loss of $7.7 million[14]
Barinthus(BRNS) - 2024 Q3 - Quarterly Results