Barinthus Biotherapeutics plc. BRNS
We are a clinical-stage biopharmaceutical company focused on developing novel immunotherapeutic drug candidates for treating autoimmune and inflammatory diseases within the immunology and inflammation ("I&I") space. Helping patients and their families is the guiding principle at the heart of Barinthus Bio. We aim to achieve this by developing truly transformational and highly disease-specific immunotherapies.
We are prioritizing the development of a pipeline for I&I indications enabled by our proprietary and highly differentiated platform for promoting immune tolerance, referred to as SNAP-TI, that are designed to guide patient's T cells to reduce inflammation and restore the natural state of immune non-responsiveness to healthy tissue. Our lead candidate, VTP-1000, is designed to restore immune non-responsiveness to gluten in patients with celiac disease, and is currently being assessed in a Phase 1 clinical trial. Based on encouraging preclinical data, we believe that the SNAP-TI platform has the potential to impact multiple other I&I indications.
No market cap here: BRNS is a depositary receipt for shares held in this company's home market, and the number of shares one receipt stands for could not be read from its latest 10-K cover page. Without it, the share count SEC publishes and the price quoted here count different things, and multiplying them would not be this company's value. The financial statements below are as filed.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $15.0M | $802.0K | $44.7M | $268.0K | $4.8M | — |
| R&D | $25.6M | $42.2M | $44.9M | $42.4M | $20.4M | $14.4M | — |
| SG&A | $40.8M | $29.7M | $39.8M | $6.4M | $25.1M | $10.5M | — |
| Total operating expenses | $71.1M | $84.1M | $84.7M | $48.7M | $45.5M | $24.9M | — |
| Operating income | -$70.6M | -$68.0M | -$83.9M | -$4.0M | -$45.2M | -$20.0M | — |
| Interest expense | $51.0K | $53.0K | $28.0K | $19.0K | $2.7M | $3.6M | — |
| Pre-tax income | -$66.6M | -$61.2M | -$76.5M | $850.0K | -$51.1M | -$17.6M | — |
| Income tax | $175.0K | $44.0K | $3.1M | $4.5M | $28.0K | $95.0K | — |
| Net income | -$66.4M | -$61.1M | -$73.3M | $5.3M | -$50.9M | -$17.7M | — |
| EPS, basic | -1.64 | -1.55 | -1.91 | 0.14 | -1.96 | -2.24 | — |
| EPS, diluted | -1.64 | -1.55 | -1.91 | 0.14 | -1.96 | -2.24 | — |
| Shares, diluted (wtd. avg.) | 40.5M | 39.3M | 38.4M | 38.2M | 25.9M | 7.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.5M | $110.7M | $142.1M | $194.4M | $214.1M | $43.3M | $11.4M |
| Receivables | — | — | — | $323.0K | $20.0K | $518.0K | — |
| Total current assets | $77.8M | $125.7M | $156.9M | $213.0M | $226.8M | $47.9M | — |
| Property, plant and equipment | $3.5M | $7.4M | $11.8M | $8.0M | $1.8M | $629.0K | — |
| Goodwill | — | $0 | $12.2M | $12.2M | $12.6M | — | — |
| Other intangibles | $14.3M | $21.9M | $25.1M | $28.3M | $31.4M | — | — |
| Total assets | $98.2M | $160.3M | $214.5M | $270.2M | $280.7M | $50.7M | — |
| Accounts payable | $350.0K | $2.5M | $1.6M | $3.7M | $2.4M | $4.7M | — |
| Short-term debt | — | — | — | — | $159.0K | — | — |
| Total current liabilities | $10.0M | $15.7M | $12.6M | $12.2M | $11.2M | $7.6M | — |
| Total liabilities | $23.9M | $30.2M | $27.5M | $27.0M | $28.2M | $53.8M | — |
| Retained earnings | -$304.1M | -$237.7M | -$176.6M | -$103.2M | -$108.6M | -$57.7M | — |
| Total equity | $74.2M | $130.0M | $187.0M | $243.2M | $252.6M | -$36.9M | -$22.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$48.0M | -$28.9M | -$50.9M | -$14.4M | -$32.6M | -$11.0M | — |
| Depreciation and amortisation | $5.8M | $5.8M | $5.4M | $4.3M | $602.0K | $208.0K | — |
| Stock-based compensation | $468.0K | $4.7M | $5.1M | $9.9M | $16.5M | $3.6M | — |
| Capital expenditure | $37.0K | $892.0K | $5.4M | $6.1M | $1.1M | $293.0K | — |
| Investing cash flow | $416.0K | -$892.0K | -$5.4M | -$5.8M | -$12.9M | -$293.0K | — |
| Financing cash flow | $2.0K | $2.2M | $1.9M | $325.0K | $222.7M | $41.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001828185-26-000012.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $4.8M | $268.0K | $44.7M | $802.0K | $15.0M | $0 |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$17.7M | -$50.9M | $5.3M | -$73.3M | -$61.1M | -$66.4M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Delisting notice Item 3.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Shareholder vote Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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