Barinthus Bio Q3 2024 Corporate and Financial Update

Barinthus Biotherapeutics plc, a clinical-stage biopharmaceutical company based in Oxford, United Kingdom, has provided updates on its business and financial performance for the third quarter of 2024. The company, listed on NASDAQ under the ticker BRNS, is focused on developing innovative immunotherapeutic solutions to help T cells control diseases.

Dr. Leon Hooftman, the Chief Medical Officer of Barinthus Bio, emphasized the company's commitment to advancing its clinical trials. The HBV003 trial for VTP-300, targeting chronic hepatitis B, has successfully completed participant enrollment, while the VTP-1000 candidate for celiac disease initiated its first human study. The upcoming fourth quarter is expected to yield significant data on the VTP-300 program, with new interim results from the HBV003 and IM-PROVE II trials set to be presented at the American Association for the Study of Liver Diseases (AASLD) conference.

In the third quarter of 2024, Barinthus Bio achieved several key developments. The HBV003 trial completed enrollment of 121 adult participants with chronic hepatitis B. This Phase 2b trial seeks to gather crucial dosing information to potentially cure chronic hepatitis B, using VTP-300 in combination with low-dose nivolumab. Earlier this year, preliminary data presented at the European Association for the Study of the Liver (EASL) Congress showed that the combination treatment was well-tolerated and resulted in a significant decline in Hepatitis B surface antigen (HBsAg) levels.

The VTP-1000 candidate for celiac disease entered its first human trial in September 2024. This Phase 1 AVALON study is a randomized, placebo-controlled trial designed to assess the safety, tolerability, pharmacokinetics, and pharmacodynamics of VTP-1000 in adults with celiac disease. In October 2024, the PCA001 trial for VTP-850, aimed at treating prostate cancer, concluded patient enrollment. This Phase 1 trial involves 22 men with rising prostate-specific antigen (PSA) after initial local therapy, and the data on safety and efficacy is expected in the first half of 2025.

Financially, Barinthus Bio reported an additional $15.0 million in revenue due from Oxford University Innovation (OUI) in October 2024, attributed to royalties from AstraZeneca's Vaxzevria® sales. This influx of funds is anticipated to support the company's research and development efforts until the second quarter of 2026.

For the third quarter of 2024, Barinthus Bio's cash, cash equivalents, and restricted cash stood at $106.1 million, a decrease from $117.8 million in the previous quarter. The company recorded a net cash usage of $18.2 million for operating activities, which was primarily driven by pipeline development and ongoing clinical trials, partially offset by the impact of foreign exchange rates.

The company's revenue for the third quarter of 2024 was $15.0 million, in contrast to the second quarter of 2024 when no revenue was reported. This revenue primarily came from royalties received by OUI from Vaxzevria® sales. Research and development expenses for the third quarter of 2024 amounted to $11.1 million, a slight reduction from $11.7 million in the previous quarter, mainly due to decreased personnel costs following pipeline prioritization.

Barinthus Bio's general and administrative expenses saw a significant increase to $13.4 million in the third quarter of 2024, compared to $7.2 million in the previous quarter. This rise was largely due to a $7.7 million loss from foreign exchange, compared to a $0.1 million loss in the second quarter of 2024. The net loss for the third quarter of 2024 was $8.1 million, or $0.21 per share, a notable improvement from the $16.9 million loss, or $0.43 per share, reported in the second quarter of 2024.

Barinthus Bio continues to drive forward with its mission to develop immunotherapeutic solutions for chronic infectious diseases and autoimmunity. The company's pipeline, supported by its proprietary technologies, includes promising candidates like VTP-300 for chronic hepatitis B and VTP-1000 for celiac disease. Additionally, the VTP-850 candidate for recurrent prostate cancer is in Phase 1 clinical trials. With a strong focus on clinical development and deep scientific expertise, Barinthus Bio aims to deliver treatments that significantly improve the lives of patients with chronic diseases.