Barinthus(US:BRNS)2025-11-07 12:34Financial Performance - The net loss for Q3 2025 was $14.6 million, or $(0.36) per share, compared to a net loss of $21.1 million, or $(0.52) per share in Q2 2025[8]. - For the three months ended September 30, 2025, total revenue was $0, compared to $15.0 million for the same period in 2024, indicating a decline of 100%[16]. - The net loss for the three months ended September 30, 2025, was $14.6 million, compared to a net loss of $8.1 million for the same period in 2024, representing an increase in loss of approximately 80.5%[16]. - The company reported a comprehensive loss of $17.5 million for the three months ended September 30, 2025, compared to a comprehensive gain of $1.1 million in the same period of 2024[16]. - The accumulated deficit increased to $293.0 million as of September 30, 2025, from $237.7 million at the end of 2024, reflecting a rise of about 23.3%[15]. Cash and Assets - As of September 30, 2025, Barinthus Bio reported cash, cash equivalents, and restricted cash of $75.7 million, down from $87.8 million as of June 30, 2025, reflecting a decrease of $12.1 million due to operating activities and currency translation losses[4]. - As of September 30, 2025, total assets decreased to $109.2 million from $160.3 million as of December 31, 2024, representing a decline of approximately 31.9%[15]. - Total current assets fell to $86.8 million, down from $125.7 million, a decrease of about 30.9%[15]. - Total liabilities decreased to $24.6 million from $30.2 million, a reduction of approximately 18.1%[15]. Research and Development - Research and development expenses for Q3 2025 were $5.4 million, a decrease of $2.6 million from $8.0 million in Q2 2025, attributed to reduced activity in infectious disease and oncology programs[7]. - Research and development expenses for the nine months ended September 30, 2025, totaled $21.6 million, down from $33.9 million in the prior year, a decrease of approximately 36.2%[16]. - The company is actively seeking partners to advance its VTP-300 program in chronic hepatitis B and VTP-850 program in prostate cancer[6]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $15.2 million, down from $24.6 million in the prior year, a decrease of approximately 38.2%[16]. - General and administrative expenses decreased to $5.2 million in Q3 2025 from $15.4 million in Q2 2025, primarily due to reduced unrealized losses on foreign exchange[8]. - Impairment of long-lived assets expense was $4.7 million in Q3 2025, reflecting a valuation less than the carrying value of net assets due to the merger agreement[8]. Future Outlook - Barinthus Bio expects to fund its operating expenses and capital expenditures into 2027 based on its current resources[4]. - The company anticipates single ascending dose data readout for VTP-1000 before the end of 2025, with multiple ascending dose data expected in the second half of 2026[5]. - A definitive merger agreement was announced to combine with Clywedog Therapeutics, expected to close in the first half of 2026, creating a combined company with an estimated cash runway extending through 2027[6]. - The proposed combination with Clywedog aims to diversify the pipeline and broaden the base of institutional investors, targeting metabolic and autoimmune diseases[2].