Executive Summary

Q3 2025 GAAP EPS was $(0.36), a beat versus Wall Street consensus of $(0.45); no revenue was recognized in the quarter as license revenue rolled off from Q3 2024’s $14.97M base . Consensus EPS sourced from S&P Global; values marked with an asterisk are from S&P Global.*
Operating expenses fell sharply quarter-over-quarter to $15.22M from $23.34M, driven by lower R&D and a much lower G&A; however, the company recorded a $4.67M non‑cash impairment tied to the announced Clywedog transaction .
Cash and cash equivalents were $74.27M (plus $1.40M restricted) as of quarter-end; management reiterated cash runway into 2027 on a standalone basis .
Strategic combination with Clywedog Therapeutics announced in Q3 aims to diversify the pipeline across metabolic and autoimmune diseases; closing targeted for H1 2026 with expected NASDAQ ticker change to CLYD .
Stock reaction: shares closed at $1.07 on 11/7/2025, down 10.1% on the day, reflecting dilution/merger uncertainty and zero revenue optics despite the EPS beat .

What Went Well and What Went Wrong

What Went Well

EPS beat versus consensus: $(0.36) actual versus $(0.45) consensus, a +$0.09 surprise, aided by lower R&D and a step-down in G&A from Q2 levels . Consensus EPS sourced from S&P Global; values marked with an asterisk are from S&P Global.*
Leaner operating profile: R&D fell to $5.39M (Q/Q −$2.56M), with reductions in infectious disease/oncology programs and UK lab closure benefits; G&A decreased to $5.17M (Q/Q −$10.22M) as FX-driven unrealized losses subsided .
Strategic momentum: “The proposed combination of Barinthus Bio and Clywedog represents an important step toward building a stronger, more resilient company, with several expected near-term catalysts.” — CEO Bill Enright .

What Went Wrong

No revenue recognized: total revenue was $0, down from $14.97M in Q3 2024; year-to-date revenue is also $0, highlighting timing variability of license income .
Y/Y loss widened: net loss attributable to shareholders rose to $14.57M from $8.11M in the prior-year quarter, reflecting the impairment and lower “other income” .
Non‑cash impairment: $4.67M charge recorded as the implied merger valuation was below the carrying value of net assets, compressing equity and optics around tangible book value .

Financial Results

Core P&L and Cash Metrics (USD Millions, except per-share)

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue ($)	$0.00	$0.00	$0.00
R&D Expense ($)	$8.29	$7.95	$5.39
G&A Expense ($)	$12.64	$15.38	$5.17
Impairment of Long-Lived Assets ($)	$0.00	$0.00	$4.67
Total Operating Expenses ($)	$20.93	$23.34	$15.22
Other Income, net ($)	$0.92	$2.17	$0.42
Net Loss Attributable to Shareholders ($)	$(19.65)	$(21.12)	$(14.57)
GAAP EPS (basic/diluted)	$(0.49)	$(0.52)	$(0.36)
Cash & Cash Equivalents ($)	$99.12	$86.26	$74.27
Restricted Cash ($)	$1.46	$1.53	$1.40
Weighted Avg Shares (basic) (MM)	40.27	40.34	40.66

Notes: Revenue for Q1 and Q2 inferred from YTD 2025 revenue of $0 and quarter disclosures . With zero revenue, margin metrics are not meaningful (n/a) in 2025.

Actuals vs S&P Global Consensus

Metric	Q1 2025	Q2 2025	Q3 2025
GAAP EPS (Actual)	$(0.49)	$(0.52)	$(0.36)
EPS Consensus*	$(0.335)*	$(0.33)*	$(0.45)*
Beat/(Miss) ($)	$(0.49) − $(0.335) = −$0.155	$(0.52) − $(0.33) = −$0.19	$(0.36) − $(0.45) = +$0.09
Revenue (Actual, $)	$0.00	$0.00	$0.00
Revenue Consensus* ($)	$0.00*	$0.00*	$0.00*
Beat/(Miss) ($)	In line	In line	In line

Values retrieved from S&P Global.*

R&D Expense Breakdown by Program (Direct; USD Thousands)

Program	Q2 2025	Q3 2025
VTP-1000 (Celiac)	$1,782	$1,420
VTP-300 (HBV)	$1,837	$1,632
Other Clinical Programs	$642	$0
Other Pre-clinical Programs	$449	$437
Total Direct R&D	$4,710	$3,489

R&D Indirect Expense Breakdown (USD Thousands)

Category	Q2 2025	Q3 2025
Personnel-related	$2,450	$1,667
Facility-related	$350	$166
Other Indirect	$443	$68
Total Indirect R&D	$3,243	$1,901

KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Net Cash Used in Operating Activities (Quarter) ($)	$14.9	$18.1	$10.7
FX Translation Impact on Cash ($)	+$3.1	+$5.3	$(1.8)
Cash Runway Guidance	Into 2027	Into 2027	Into 2027

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
VTP-1000 SAD Data Timing	2025	“Early Q4 2025” (Q2 2025 PR)	“Before end of 2025” (Q3 2025 PR)	Slight delay/tightened window
VTP-1000 MAD Initiation/Timing	2025–2026	Initiated July 2025; data “mid‑2026”	Enrollment ongoing; data “second half of 2026”	Maintained timeframe
Cash Runway	Multi‑year	Into 2027	Into 2027	Maintained
Strategic Transaction (Clywedog)	Close/Ticker	n/a	Close H1 2026; rename to “Clywedog Therapeutics Holdings, Inc.”; NASDAQ “CLYD”	New guidance
Partnering (VTP‑300/VTP‑850/viral assets)	Ongoing	Seeking partners	Continues to seek partners	Maintained

Earnings Call Themes & Trends

Note: An official Q3 2025 earnings call transcript was not available in our document system; MarketBeat listed a call at 7:00AM ET on 11/7/2025, but no transcript link was accessible .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
VTP-1000 clinical execution	SAD final cohort screening; MAD initiated; topline SAD “early Q4 2025”	SAD data “before end of 2025”; MAD enrollment ongoing; MAD data H2 2026	On track with modest timing adjustment
Pipeline prioritization (I&I focus)	Refocus on I&I; deprioritized further internal HBV spend post HBV003 Phase 2b; partner-seeking	I&I focus reiterated; partner outreach continues for VTP‑300/VTP‑850	Consistent
FX/macro impact on P&L	FX losses drove higher G&A in Q1/Q2	G&A down materially Q/Q; translation loss affected cash movement	Improving G&A optics
Strategic M&A	n/a	Proposed combination with Clywedog; diversified pipeline; H1 2026 close targeted	New catalyst
HBV clinical data momentum	EASL data (HBV003 and IM‑PROVE II) showed meaningful HBsAg declines and functional cure in subsets	Focus shifted to partnering; no new HBV data announced in Q3 PR	Paused internally; partner path

Management Commentary

“The proposed combination of Barinthus Bio and Clywedog represents an important step toward building a stronger, more resilient company, with several expected near-term catalysts.” — Bill Enright, CEO .
“By combining our complementary pipelines and deep expertise in metabolic and autoimmune diseases, we are diversifying risk across multiple assets and creating a differentiated portfolio.” — Bill Enright, CEO .
Operational posture: SAD ongoing with “no treatment related serious adverse events” in AVALON; MAD enrollment progressing .

Q&A Highlights

Transcript unavailable: While the company scheduled a Q3 call on 11/7/2025, an earnings call transcript was not available via our document system or company IR site at the time of analysis .
No additional Q&A clarifications could be validated from primary sources.

Estimates Context

EPS: Q3 2025 GAAP EPS $(0.36) versus S&P Global consensus $(0.45)* — a clear beat; prior quarters were misses (Q1: $(0.49) vs $(0.335); Q2: $(0.52) vs $(0.33)) .
Revenue: Consensus was $0 across Q1–Q3 2025*, consistent with actuals ($0 in each quarter) .
Implication: The EPS beat was driven by disciplined R&D and G&A reductions; with no top-line, future EPS variance will hinge on opex control and non‑cash charges. Values retrieved from S&P Global.*

Key Takeaways for Investors

EPS beat with leaner cost base: Q3’s $(0.36) EPS beat vs $(0.45)* consensus was driven by lower R&D and G&A; expect estimates to modestly improve for near-term quarters if opex discipline persists . Values retrieved from S&P Global.*
Zero revenue highlights milestone/timing dependence: The absence of license revenue underlines reliance on partnerships or milestones; YoY comp is tough against Q3 2024’s $14.97M license income .
Non‑cash impairment related to merger optics: The $4.67M charge reflects merger-driven valuation dynamics; watch for further purchase accounting impacts around closing in H1 2026 .
Cash runway intact into 2027: With $74.27M cash and reiterated runway, liquidity is sufficient through key AVALON readouts; operating cash burn moderated to $10.7M in Q3 .
Near-term catalysts: VTP‑1000 SAD data before year-end 2025; ongoing MAD enrollment with H2 2026 data; merger close in H1 2026 and ticker change to CLYD could reset the narrative .
Trading setup: The 10% share drop on print suggests skepticism around merger dilution and absence of revenue; beats on clinical readouts or partnership news could drive sharp sentiment reversals .
Medium-term thesis: Post‑combination, diversified clinical portfolio across autoimmune/metabolic indications and enhanced investor base may reduce single‑asset risk; execution on AVALON and partner deals remains the core driver .

Additional Relevant Q3 Press Releases

Merger announcement: Barinthus to combine with Clywedog Therapeutics to target metabolic and autoimmune diseases; outlines multi‑asset clinical milestones and expected close in H1 2026 .

Prior Quarter References

Q2 2025 earnings release and program breakdowns .
Q1 2025 earnings release including EASL HBV data highlights and corporate restructuring .

Sources: Q3 2025 8‑K and press release ; Q2 2025 8‑K ; Q1 2025 8‑K ; MarketBeat earnings page for call timing/price reaction ; Company IR press releases (Q3/Q2) .