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Barinthus Biotherapeutics plc. (BRNS)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 EPS of $(0.49) missed Wall Street consensus of $(0.335) as FX losses and restructuring-related costs lifted G&A; net loss was $(19.6) million vs $(15.5) million in Q1 2024 .*
  • R&D fell to $8.3 million from $11.1 million YoY as legacy programs wound down; G&A rose to $12.6 million (vs $6.0 million) largely due to a $4.4 million FX loss and higher depreciation tied to the U.K. site closure .
  • Cash, cash equivalents and restricted cash were $100.6 million with runway into 2027; management reiterated focus on SNAP‑TI tolerance platform (VTP‑1000) in celiac disease with Phase 1 single‑ascending dose readout expected in Q3 2025 .
  • HBV program delivered encouraging Phase 2 data (HBV003 and IM‑PROVE II) showcased at EASL, supporting partnering strategy; however, the company will not invest further in VTP‑300 beyond HBV003 and is seeking partners .

What Went Well and What Went Wrong

What Went Well

  • “2025 has started with a strategic focus on immunological and inflammatory diseases…we remain on track to announce Phase 1 single ascending dose data…in the third quarter of 2025” — CEO Bill Enright, highlighting timely execution on VTP‑1000 in celiac .
  • HBV003 primary analysis: In participants with baseline HBsAg ≤200 IU/mL, ≥1 log HBsAg declines at Day 169 in 33% in the two best arms; 22% achieved HBsAg loss at any time point; 71% met criteria for NUC discontinuation; safety profile generally well‑tolerated .
  • IM‑PROVE II end‑of‑study: 25% functional cure in a subset (baseline HBsAg <1000 IU/mL) receiving IDR+VTP‑300+LDN; 23% had undetectable HBsAg at Week 48 with all seroconverting; safety acceptable .

What Went Wrong

  • EPS miss vs consensus driven by a $4.4 million FX loss and higher depreciation/personnel costs amid restructuring; net loss widened YoY to $(19.6) million (vs $(15.5) million) .*
  • No revenue recognized in Q1 2025 (contrast to Q3 2024’s $14.97 million license revenue), limiting margin optics; top line variability continues given non‑recurring royalty streams .
  • Leadership transition: CFO role terminated as part of restructuring; CEO designated principal financial officer and CFO became principal accounting officer temporarily, adding complexity to finance operations .

Financial Results

Quarter-over-Quarter and Year-over-Year

MetricQ2 2024Q3 2024Q1 2025
Revenue ($USD Millions)$0.00 $14.97 $0.00
Net Loss ($USD Millions)$(16.93) $(8.11) $(19.65)
Diluted EPS ($USD)$(0.43) $(0.21) $(0.49)
Total Operating Expenses ($USD Millions)$18.86 $24.56 $20.93
Cash, Cash Equivalents & Restricted Cash ($USD Millions)$117.77 $106.10 $100.60

Year-over-Year (Q1 2025 vs Q1 2024)

MetricQ1 2024Q1 2025YoY Change
R&D Expense ($USD Millions)$11.13 $8.29 −$2.84 (stage mix shift)
G&A Expense ($USD Millions)$5.99 $12.64 +$6.65 (FX loss, depreciation, personnel)
Net Loss ($USD Millions)$(15.52) $(19.66) −$4.14
Diluted EPS ($USD)$(0.40) $(0.49) −$0.09

Estimates vs Actuals (Wall Street Consensus)

MetricQ1 2025 ActualConsensus EstimateSurprise
EPS ($USD)$(0.49) $(0.335)*−$0.155 (miss)*
Revenue ($USD Millions)$0.00 $0.00*$0.00*

Values marked with * retrieved from S&P Global. Coverage depth: EPS (# of estimates)=2; Revenue (# of estimates)=2.*

Operating Mix Detail (Q1 2025)

Program R&D ($000)Q1 2025
VTP‑1000 Celiac$982
VTP‑300 HBV$1,350
Other clinical programs$1,741
Other preclinical$419
Indirect R&D (personnel, facility, other)$4,798
Total R&D$8,290

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayMulti‑year“Start of 2027” (Jan 2025) “Into 2027” (May 2025) Maintained
VTP‑1000 Phase 1 single‑ascending dose readoutQ3 2025“Mid‑2025” “Q3 2025” Refined timing
VTP‑1000 multiple‑ascending dose initiation2H 2025“Q3 2025 initiation” “2H 2025” Refined timing
HBV003 Phase 2b toplineQ2 2025Q2 2025 Primary analysis presented at EASL in May; topline still expected In‑line
IM‑PROVE II Phase 2a toplineQ2 2025Q2 2025 End‑of‑study data discussed; topline still expected In‑line

Earnings Call Themes & Trends

Note: No public earnings call transcript was furnished for Q1 2025; themes below reflect quarterly press releases and 8‑K exhibits.

TopicPrevious Mentions (Q2 2024, Q3 2024)Current Period (Q1 2025)Trend
Strategic focus on I&I (SNAP‑TI)Pipeline prioritization to HBV & celiac; initiation planning for VTP‑1000 Refocus to I&I; prioritize VTP‑1000; expand SNAP‑TI for autoimmune indications Increasing emphasis
HBV (VTP‑300) data and partneringInterim EASL/AASLD data show meaningful HBsAg declines; enrollment complete in HBV003 EASL primary analysis confirms durability; seeking partners; no further internal investment beyond HBV003 Transition to partnering
Cash runway and cost actionsRunway into Q2 2026; later FY update to 2027 Runway into 2027; restructuring and site closure drive savings Stable/maintained
Organizational changesNew CMO; pipeline prioritization CFO role change; CEO as principal financial officer; CFO as principal accounting officer Operational streamlining
Celiac program milestones (VTP‑1000)First‑in‑human Phase 1 initiated; data in 1H 2025 Q3 2025 single‑dose readout; MAD in 2H 2025; gluten challenge planned Advancing on plan
FX/macro impacts on P&LFX losses impacted Q3 2024 G&A $4.4 million FX loss drove G&A higher; YoY EPS miss Persistent headwind

Management Commentary

  • “We remain on track to announce Phase 1 single ascending dose data for the celiac program using VTP‑1000 in the third quarter of 2025.” — CEO Bill Enright .
  • “Encouraging primary endpoint analyses from the two Phase 2 trials in chronic hepatitis B…strengthen VTP‑300’s market positioning as a component of a potential functional cure for CHB.” — CEO Bill Enright .
  • “We’ve entered 2025 with a refreshed strategic focus on immunological and inflammatory diseases…VTP‑1000 has promise to be a leading therapy for the approximate 80 million people worldwide with celiac disease.” — CEO Bill Enright .
  • “We have decided to seek potential partners for furthering VTP‑300 development…to leverage a combination of the technologies required and to get VTP‑300 to patients as soon as possible.” — CEO Bill Enright .

Q&A Highlights

  • No Q1 2025 earnings call transcript was furnished; no Q&A section available in company documents for this quarter.

Estimates Context

  • Q1 2025 EPS was $(0.49) vs consensus $(0.335), a miss of $0.155. Coverage remains thin with two EPS estimates; revenue consensus stood at $0.0, matching actual .*
  • Expect sell‑side to adjust near‑term G&A/FX assumptions and timing on HBV partnering, while maintaining focus on VTP‑1000 Q3 2025 clinical readout windows .*

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Near‑term catalyst: VTP‑1000 Phase 1 single‑ascending dose data in Q3 2025; MAD initiation in 2H 2025. Successful safety/tolerability and early pharmacodynamics could re‑rate the SNAP‑TI platform .
  • HBV optionality: EASL data across HBV003 and IM‑PROVE II support efficacy signals and a partnering path; external funding could de‑risk cash burn while preserving upside .
  • Cash runway into 2027 provides time to execute on I&I strategy; attention should focus on disciplined OpEx as restructuring benefits flow through H2 2025 .
  • EPS miss reflects FX and restructuring dynamics rather than execution on clinical priorities; monitor FX sensitivity and U.K. site closure impacts on depreciation/charges .
  • Leadership changes consolidate financial oversight under CEO temporarily; watch for appointment of successor CFO and continuity in external reporting .
  • Stock narrative likely driven by clinical milestones and partner announcements; limited revenue visibility makes data and partnering the primary trading catalysts .
  • Risk factors: clinical timing variability, partnering uncertainty, FX volatility, and execution of restructuring remain key overhangs per forward‑looking statements .

KPIs and Clinical Data Snapshot

Trial/MeasureResult
HBV003: ≥1 log HBsAg decline at Day 169 (best arms, baseline HBsAg ≤200 IU/mL)33% (15/45)
HBV003: HBsAg loss at any time (best arms)22% (10/45)
HBV003: Met criteria to discontinue NUC therapy71% (48/68)
IM‑PROVE II: Functional cure in subset (baseline HBsAg <1000 IU/mL) IDR+VTP‑300+LDN25% (2/8)
IM‑PROVE II: Undetectable HBsAg at Week 48 (IDR+VTP‑300+LDN) and seroconversion23% (3/13), all seroconverted
Safety (both HBV trials)Generally well‑tolerated; no serious AEs reported

Additional Notes on Prior Quarters (for trend analysis)

  • Q3 2024: $14.97 million license revenue (AstraZeneca/OUI royalties), net loss $(8.11) million; FX loss drove elevated G&A; HBV enrollment complete; interim data presented at AASLD .
  • Q2 2024: No revenue; net loss $(16.93) million; R&D $11.66 million; pipeline prioritization announced and new CMO appointed .