Financial Performance - For the year ended December 31, 2024, total revenue was $15.0 million, a significant increase from $0.8 million in 2023, primarily due to royalties from Vaxzevria® sales[15] - The net loss for 2024 was $61.1 million, or $(1.55) per share, an improvement from a net loss of $73.3 million, or $(1.91) per share, in 2023[16] - Total revenue for Barinthus Biotherapeutics in 2024 was $14,969,000, a significant increase from $802,000 in 2023[20] - The net loss for 2024 was $61,183,000, compared to a net loss of $73,447,000 in 2023, reflecting an improvement in financial performance[20] Research and Development - Total research and development expenses decreased to $42.2 million in 2024 from $44.9 million in 2023, mainly due to reduced spending on VTP-200 and VTP-850 programs[15] - Research and development expenses decreased to $42,236,000 in 2024 from $44,874,000 in 2023, indicating a reduction in R&D spending[20] - The company reported 19% undetectable HBsAg levels in participants from two Phase 2 trials of VTP-300, indicating potential for functional cure in chronic hepatitis B[6] - The first data from the Phase 1 AVALON trial for VTP-1000 in celiac disease is expected in the third quarter of 2025[5] - The company completed enrollment of 22 participants in the Phase 1 PCA001 clinical trial for VTP-850 in prostate cancer in October 2024[8] - Barinthus Biotherapeutics anticipates ongoing clinical trials and product development activities, with a focus on regulatory filings and approvals[18] Financial Position - As of December 31, 2024, cash and cash equivalents totaled $112.4 million, down from $142.1 million at the end of 2023, with a net cash used in operating activities of $28.9 million[15] - Cash and cash equivalents decreased to $110,662,000 in 2024 from $142,090,000 in 2023, indicating a decline in liquidity[19] - Total assets decreased to $160,327,000 in 2024 from $214,506,000 in 2023, showing a reduction in overall asset base[19] - The total stockholders' equity attributable to Barinthus Biotherapeutics shareholders decreased to $130,029,000 in 2024 from $186,784,000 in 2023[19] Goodwill and Impairment - Goodwill impairment expense increased to $12.2 million in 2024, reflecting an impairment assessment based on expected asset utilization and market conditions[16] - The company reported a goodwill impairment of $12,209,000 in 2024, which was not present in 2023[20] Future Outlook - The company expects its available resources to fund operating expenses and capital expenditures into 2027[15] - The company has a cash runway that is subject to various risks, including global economic uncertainties and potential delays in clinical trial data[18] - Barinthus Bio's proprietary SNAP-TI platform is anticipated to drive multiple future pipeline and partnership opportunities, particularly in autoimmune diseases[5] - The weighted-average ordinary shares outstanding increased to 39,348,240 in 2024 from 38,386,491 in 2023, indicating a potential dilution of shares[20]
VACCITECH(VACC) - 2024 Q4 - Annual Results