Barinthus(US:BRNS)2023-05-11 16:00Financial Performance - The company generated net income of $5.3 million for the year ended December 31, 2022, primarily from revenues related to AstraZeneca's sales of Vaxzevria[154]. - For the three months ended March 31, 2023, the company incurred a net loss of $18.2 million, with an accumulated deficit of $121.4 million as of the same date[154]. - Revenue for the three months ending March 31, 2023, was $0.5 million, a significant decrease from $15.0 million for the same period in 2022[151]. Capital and Funding - The company completed its IPO on May 4, 2021, raising net proceeds of $102.8 million from the sale of 6,500,000 ADSs at $17.00 per ADS[150]. - The company has sold 945,835 ordinary shares represented by ADSs under a sales agreement, amounting to net proceeds of $2.5 million as of March 31, 2023[153]. - The company anticipates that its cash balance as of March 31, 2023, will fund operating expenses into the first quarter of 2025[158]. - The company has cash and cash equivalents of $191.3 million as of March 31, 2023, primarily held in banks in the UK, US, and Australia[253]. Clinical Development - Positive topline final data from the HBV002 phase 2 clinical trial indicated meaningful reductions in Hepatitis B surface antigen (HBsAg) in patients with chronic HBV[160]. - VTP-200 showed that 26 of 29 women receiving varying doses demonstrated antigen-specific T cell responses, with an average response greater than 1,000 spot-forming units per million peripheral blood mononuclear cells[163]. - The company expects to incur net operating losses for at least the next several years as it advances product candidates through clinical development and seeks regulatory approval[154]. Market and Economic Conditions - The company has assessed the impact of the Ukraine crisis as minimal, with no operations or suppliers based in affected regions[165]. - The company is monitoring the impact of global economic and political developments, including inflation and capital market disruptions, on its business[187]. - A hypothetical 10% relative change in interest rates would not have a material impact on the company's financial statements[253]. - The company is currently not significantly exposed to market risk related to changes in interest rates due to the absence of significant interest-bearing liabilities[253]. Forward-Looking Statements - The company acknowledges significant uncertainties in its forward-looking statements and does not guarantee achieving its objectives within a specified timeframe[188]. - The company has no obligation to publicly update forward-looking statements except as required by law[188]. - The company qualifies as an emerging growth company under the Jumpstart Our Business Startups Act of 2012, as amended[187]. Currency and Translation - Translation adjustments from currency exchange rates are included in the accumulated other comprehensive loss on the balance sheet[252]. - Revenue and expenses are translated at the average exchange rate during the reporting period[252]. - The company emphasizes the importance of reviewing actual documents for complete information regarding its financial position[189].