Barinthus(US:BRNS)2025-05-07 12:10Financial Performance - For Q1 2025, Barinthus Bio reported a net loss of $19.6 million, or $(0.49) per share, compared to a net loss of $15.5 million, or $(0.40) per share in Q1 2024[12]. - The net loss attributable to Barinthus Biotherapeutics plc shareholders for Q1 2025 was $19,648,000, compared to a net loss of $15,489,000 in Q1 2024, indicating an increase in loss of approximately 26.5%[17]. - The net loss per share attributable to ordinary shareholders for Q1 2025 was $(0.49), compared to $(0.40) in Q1 2024, indicating a worsening loss per share[17]. - Comprehensive loss for Q1 2025 was $15,012,000, compared to $17,097,000 in Q1 2024, showing an improvement of about 12.2%[17]. Cash and Assets - Cash, cash equivalents, and restricted cash as of March 31, 2025, were $100.6 million, down from $112.4 million as of December 31, 2024, primarily due to $14.9 million used in operating activities[12]. - Total current assets decreased from $125,742,000 on December 31, 2024, to $109,882,000 on March 31, 2025, a decline of approximately 12.6%[16]. - Total stockholders' equity attributable to Barinthus Biotherapeutics plc shareholders decreased from $130,029,000 on December 31, 2024, to $115,494,000 on March 31, 2025, a decline of approximately 11.2%[16]. Expenses - Research and development expenses decreased to $8.3 million in Q1 2025 from $11.1 million in Q1 2024, reflecting a reduction in preclinical activity and workforce[12]. - General and administrative expenses increased to $12.6 million in Q1 2025 from $6.0 million in Q1 2024, largely due to foreign exchange losses[12]. - Research and development expenses for Q1 2025 were $8,290,000, down 25.5% from $11,125,000 in Q1 2024[17]. - General and administrative expenses increased significantly to $12,639,000 in Q1 2025, compared to $5,994,000 in Q1 2024, representing a rise of 110.5%[17]. Clinical Trials and Research - In the HBV003 study, 33% of participants with baseline HBsAg levels ≤200 IU/mL achieved ≥1 log decline in HBsAg by Day 169[6]. - The company expects to announce Phase 1 single ascending dose data for VTP-1000 in celiac disease in Q3 2025 and initiate multiple ascending dose trials in the second half of 2025[5]. - Barinthus Bio aims to seek partners for VTP-300 for chronic hepatitis B after the completion of the ongoing Phase 2b HBV003 clinical trial[7]. - The company reported that 71% of participants in the HBV003 study met criteria for discontinuation of NUC therapy by Day 169[6]. - Barinthus Bio's lead candidate, VTP-1000, is designed to restore immune non-responsiveness to gluten in patients with celiac disease and is currently in a Phase 1 clinical trial[14]. Liabilities - Total liabilities decreased from $30,192,000 on December 31, 2024, to $26,403,000 on March 31, 2025, a reduction of about 12.5%[16]. Future Outlook - The company anticipates its available resources will fund operations into 2027 based on current research and development plans[12]. - The weighted-average ordinary shares outstanding increased from 38,773,482 in Q1 2024 to 40,265,216 in Q1 2025, reflecting a growth of about 3.8%[17]. - Other comprehensive gain from foreign currency translation adjustments was $4,646,000 in Q1 2025, contrasting with a loss of $1,577,000 in Q1 2024[17].