Financial 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, indicating an improvement in financial performance[8]. - The net loss for the three months ended September 30, 2025, was $14,571,000, compared to a net loss of $8,129,000 for the same period in 2024, indicating an increase in loss of approximately 79.9%[16]. - Comprehensive loss for the three months ended September 30, 2025, was $17,505,000, compared to a comprehensive gain of $1,062,000 in the same period of 2024[16]. 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]. - Total assets decreased from $160,327,000 as of December 31, 2024, to $109,201,000 as of September 30, 2025, representing a decline of approximately 31.9%[15]. - Total current assets fell from $125,742,000 to $86,781,000, a decrease of about 30.9%[15]. - The accumulated deficit increased from $237,664,000 as of December 31, 2024, to $293,002,000 as of September 30, 2025, reflecting an increase of approximately 23.3%[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 three months ended September 30, 2025, were $5,390,000, compared to $11,139,000 in 2024, a decrease of approximately 51.6%[16]. - The company continues to seek partners for its VTP-300 program in chronic hepatitis B and VTP-850 program in prostate cancer[6]. General and Administrative Expenses - 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]. - General and administrative expenses decreased from $13,420,000 in Q3 2024 to $5,165,000 in Q3 2025, a reduction of about 61.5%[16]. Merger and Future Plans - A definitive merger agreement has been entered into with Clywedog Therapeutics, expected to close in the first half of 2026, which will create a combined company focused on metabolic and autoimmune diseases[6]. - The combined company post-merger is projected to have an estimated cash runway extending through 2027, supported by existing cash and new investments[6]. - The merger with Clywedog is expected to diversify Barinthus Bio's pipeline and broaden its base of institutional investors, with four clinical data milestones anticipated within 18 months of the transaction closing[2]. License Revenue - License revenue for the three months ended September 30, 2025, was $0, down from $14,969,000 in the same period of 2024, representing a decline of 100%[16]. Share Information - The weighted-average ordinary shares outstanding increased from 39,419,447 in Q3 2024 to 40,661,118 in Q3 2025, an increase of approximately 3.2%[16].
VACCITECH(VACC) - 2025 Q3 - Quarterly Results