Barinthus(US:BRNS)2024-05-13 12:07Financial Performance - Revenue for Q1 2024 was nil, down from $0.5 million in Q1 2023, attributed to no commercial sales of Vaxzevria® by AstraZeneca[6] - Net loss for Q1 2024 was $15.5 million, or $(0.40) per share, compared to a net loss of $18.2 million, or $(0.48) per share in Q1 2023[20] - The net loss attributable to Barinthus Biotherapeutics plc shareholders was $15,489 thousand for Q1 2024, compared to a net loss of $18,180 thousand in Q1 2023, indicating an improvement of about 14.8%[27] - The comprehensive loss attributable to Barinthus Biotherapeutics plc shareholders was $17,069 thousand in Q1 2024, compared to a comprehensive loss of $13,606 thousand in Q1 2023, reflecting a worsening of about 25.5%[27] - Total operating expenses decreased to $17,119 thousand in Q1 2024 from $21,952 thousand in Q1 2023, a decline of approximately 22%[27] Research and Development - Research and development expenses increased to $11.1 million in Q1 2024 from $9.8 million in Q1 2023, primarily due to personnel hiring and program advancements[18] - Research and development expenses increased to $11,125 thousand in Q1 2024, compared to $9,814 thousand in Q1 2023, reflecting a rise of about 13.3%[27] - VTP-200 (HPV) trial met its primary safety endpoint, showing no treatment-related grade 3 or higher adverse events, with a 60% clearance rate for hrHPV in the highest dose group[3] - Positive trends in clearance rates for cervical lesions were observed in the VTP-200 trial, with a 67% clearance rate in specific groups[3] - VTP-1000 (Celiac Disease) received FDA clearance for a Phase 1 trial, expected to begin in the coming months[1] - The company plans to dose the first patient in the VTP-1000 trial in Q3 2024, based on updated feasibility timelines[16] - Upcoming EASL Congress in June 2024 will feature interim data presentations for VTP-300 (HBV) trials[14] - The company has a broad pipeline with five product candidates targeting chronic infectious diseases, autoimmunity, and cancer, leveraging three proprietary platform technologies[25] - The company is focused on advancing its pipeline development to deliver treatments for serious diseases impacting patients' everyday lives[25] Cash Position and Assets - Cash position as of March 31, 2024, was $130.0 million, down from $142.1 million as of December 31, 2023, with cash used in operating activities at $11.8 million[17] - Total assets decreased to $199,482 thousand as of March 31, 2024, down from $214,506 thousand on December 31, 2023, representing a decline of approximately 7%[22] - The company anticipates its cash runway to fund operations into Q4 2025 based on current R&D plans[17] Shareholder Information - The weighted-average ordinary shares outstanding increased to 38,773,482 in Q1 2024 from 38,013,399 in Q1 2023, representing an increase of approximately 2%[27] - General and administrative expenses significantly decreased to $5,994 thousand in Q1 2024 from $12,138 thousand in Q1 2023, a reduction of approximately 50.7%[24] - Barinthus Bio reported no license revenue for Q1 2024, compared to $0.5 million in Q1 2023[23]