Barinthus(US:BRNS)2021-11-11 16:00Financial Performance - The company incurred net losses of $4.6 million and $35.9 million for the three and nine months ended September 30, 2021, respectively, compared to a net income of $0.2 million and a net loss of $7.4 million for the same periods in 2020[62]. - For the three months ended September 30, 2021, total revenue was $19,000, a decrease of $3,232,000 compared to $3,251,000 for the same period in 2020[78]. - For the nine months ended September 30, 2021, total revenue was $269,000, a decrease of $4,198,000 compared to $4,467,000 for the same period in 2020[82]. - The net loss for the three months ended September 30, 2021 was $4,570,000, compared to a net income of $200,000 for the same period in 2020, representing a decrease of $4,770,000[78]. - The loss from operations for the nine months ended September 30, 2021 was $28,553,000, compared to a loss of $10,413,000 for the same period in 2020, an increase of $18,140,000[82]. - The company expects to incur significant losses for the foreseeable future, with an accumulated deficit of $93.5 million as of September 30, 2021[98]. Expenses - Research and development expenses for the three months ended September 30, 2021 were $4,371,000, an increase of $669,000 from $3,702,000 in the same period in 2020[78]. - General and administrative expenses for the three months ended September 30, 2021 were $1,184,000, up from $977,000 in the same period in 2020, reflecting an increase of $207,000[78]. - Total operating expenses for the nine months ended September 30, 2021 were $28,822,000, an increase of $13,942,000 from $14,880,000 in the same period in 2020[82]. - Research and development expenses for the nine months ended September 30, 2021 were $13,490,000, an increase of $1,669,000 from $11,821,000 in the same period in 2020[83]. - General and administrative expenses for the nine months ended September 30, 2021, were $15.3 million, significantly higher than $3.1 million in 2020, reflecting a 392.3% increase[86]. - Personnel-related expenses for research and development for the nine months ended September 30, 2021 were $3,821,000, up from $2,314,000 in the same period in 2020, an increase of $1,507,000[83]. Cash Flow and Financing - As of September 30, 2021, the company had cash and cash equivalents of $233.9 million, following gross proceeds of approximately $324.8 million from share and convertible loan note issuances[87]. - Net cash used in operating activities for the nine months ended September 30, 2021, was $24.6 million, compared to $6.1 million in 2020, indicating a significant increase in cash outflow[94]. - Cash provided by financing activities for the nine months ended September 30, 2021, was $222.7 million, a substantial increase from $25.0 million in 2020[95]. - The company anticipates that the net proceeds from its IPO, along with existing cash, will fund operations into 2024, although this is subject to change based on various factors[100]. Clinical Development - The company has a broad pipeline including VTP-300 for chronic hepatitis B, VTP-200 for HPV, VTP-850 for prostate cancer, and VTP-600 for non-small cell lung cancer[62]. - The company announced the opening of a first-in-human clinical trial for VTP-600 in patients with non-small cell lung cancer in October 2021[66]. - Recruitment for cohorts 1-5 of the Phase 1 clinical trial for VTP-300 was completed in October 2021, with interim data expected in Q4 2021 and Q1 2022[67]. - The COVID-19 pandemic has significantly impacted the company's clinical trial activities and recruitment efforts, particularly for VTP-300 and VTP-200[68]. IPO and Market Position - The company completed its IPO on May 4, 2021, issuing 6,500,000 ADSs at a public offering price of $17.00 per ADS, resulting in net proceeds of $102.8 million[62]. - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of certain accounting standards[101]. Other Financial Information - The company has not generated any revenue from product sales to date and does not expect to do so in the near future[71]. - The company received a payment of $2.4 million from the OUI License Agreement Amendment, recognized as revenue during the year ended December 31, 2020[71]. - The effect of foreign exchange on cash and cash equivalents was a loss of $6.8 million for the nine months ended September 30, 2021, compared to a loss of $0.5 million in 2020[97]. - The company recognized a loss of $13.8 million related to the conversion of convertible loan notes into 12,421 Series B preferred shares, with a fair value of $53.7 million[86].