Barinthus(US:BRNS)2025-05-07 12:12Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of $19.7 million, with an accumulated deficit of $257.3 million[87]. - The company reported a net loss of $19.7 million for the three months ended March 31, 2025, compared to a net loss of $15.5 million in the same period of 2024, reflecting an increase in loss of $4.1 million[115]. - The company has incurred net losses in each reporting period since 2023 and does not expect positive cash flows from operations in the foreseeable future[87]. - For the three months ended March 31, 2025, total operating expenses increased to $20.9 million from $17.1 million in the same period of 2024, representing a change of $3.8 million[115]. - General and administrative expenses rose significantly to $12.6 million in Q1 2025, compared to $6.0 million in Q1 2024, an increase of $6.6 million[120]. - The company anticipates continued net negative cash flows from operations for at least the next few years as it progresses clinical development and seeks regulatory approval[127]. - The company expects to incur significant losses and negative cash flows from operations for the foreseeable future, driven by ongoing research and development efforts[135][136]. Research and Development - The company is currently advancing its lead candidate VTP-1000 for celiac disease in a Phase 1 clinical trial, leveraging its proprietary SNAP-TI platform[83]. - VTP-300, a Phase 2 immunotherapeutic treatment for chronic hepatitis B, showed that 33% of participants achieved HBsAg declines of ≥1 log at Day 169[93]. - The company is seeking partners for the continued development of VTP-300 and VTP-850, which it does not intend to develop beyond ongoing trials[99]. - The company plans to prioritize the development of VTP-1000 in celiac disease and focus future pipeline efforts on immunology and inflammation indications[112]. - Research and development expenses are expected to increase as the company progresses its programs through the next stages of development[99]. Cash and Financing - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash totaling $100.6 million[125]. - The company received gross proceeds of approximately $330.1 million from the issuance of ordinary and preferred shares and convertible loan notes through March 31, 2025[125]. - The company anticipates that existing cash and equivalents will fund operations into early 2027, although this estimate is subject to change[142]. - The company may require substantial additional financing in the future to meet operational needs and capital requirements, which could impact its ability to develop and market product candidates independently[143]. - The company anticipates financing future cash needs through public or private equity offerings, debt financings, or collaborations[89]. Operational Metrics - For the three months ended March 31, 2025, net cash used in operating activities was $14.9 million, compared to $11.8 million for the same period in 2024, reflecting an increase of 26.5%[130][131]. - Cash used in investing activities was $0.005 million for the three months ended March 31, 2025, down from $0.3 million in the same period of 2024, indicating a decrease of 98.3%[132]. - Cash provided by financing activities was $0.002 million for the three months ended March 31, 2025, compared to $0.5 million in the same period of 2024, a decline of 99.6%[133]. - The effect of foreign exchange on cash resulted in a gain of $3.1 million for the three months ended March 31, 2025, compared to a loss of $0.5 million in the same period of 2024[134]. Partnerships and Collaborations - The company has partnerships for additional product candidates, including VTP-500 for MERS and VTP-600 for multiple cancer indications[85]. - The fair value of contingent consideration related to the acquisition of Avidea Technologies, Inc. could result in additional payments of up to $40.0 million upon achieving certain milestones[114].