Barinthus Biotherapeutics plc

Barinthus Biotherapeutics plc reported a net loss attributable to shareholders of $66.4 million for FY 2025, compared to a net loss of $61.2 million in FY 2024. The company generated no revenue in FY 2025, a significant decrease from the $15.0 million in license revenue recognized in FY 2024 related to the Vaxzevria agreement. Operating expenses decreased to $71.1 million from $84.1 million, driven by a strategic refocus on immunology and inflammation (I&I) programs, which included a 65% workforce reduction and the deprioritization of legacy infectious disease and oncology assets. Research and development expenses fell to $25.6 million from $42.2 million, while general and administrative expenses rose to $40.8 million from $29.7 million, partly due to foreign exchange losses. The company ended the period with $70.5 million in cash and cash equivalents and total assets of $98.2 million. A key forward-looking event is the pending all-stock merger with Clywedog, expected to close in Q2 2026, which will create a combined company focused on metabolic and autoimmune diseases.

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