- **Barinthus Biotherapeutics** and **Clywedog Therapeutics** are merging in an **all-stock transaction** to form **Clywedog Therapeutics, Inc.**, which will trade on Nasdaq under the ticker **"CLYD"**.  **[791963_0ba49c28c0a2492f9dff8f9fca7ef6ed]** 
- **Barinthus shareholders** will own approximately **34%** of the combined company, with the deal expected to close in the **first half of 2026** after stockholder approval.  **[791963_0ba49c28c0a2492f9dff8f9fca7ef6ed]** 
- The merger combines Barinthus' immunology and inflammation expertise with Clywedog's metabolic disease portfolio, aiming for an estimated **cash runway through 2027**.  **[791963_0ba49c28c0a2492f9dff8f9fca7ef6ed]** 
- Despite **Barinthus's 236.2% revenue growth** over the past three years, the company faces **significant profitability challenges** with a **negative operating margin of -401.8%** and **net margin of -463.8%**, leading to a **premarket decline of over 4%** in its shares following the announcement.  **[791963_0ba49c28c0a2492f9dff8f9fca7ef6ed]**

OPPENHEIMER HOLDINGS (OPY)