10-K · March 13, 2026
Barinthus repositioned in 2025 as a clinical-stage immunology company centered on its SNAP-TI antigen-specific immune tolerance platform, prioritizing VTP-1000 (celiac disease) and deprioritizing legacy viral-vector…
Earnings analysis · 10-Q
BRNS earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Barinthus Biotherapeutics reported a significant narrowing of losses in Q4 2025, with a net loss of $5.5 million compared to a loss of $19.6 million in the same period last year. Although revenue remained at $0.0, the…
Read full summary
Barinthus Biotherapeutics reported a significant narrowing of losses in Q4 2025, with a net loss of $5.5 million compared to a loss of $19.6 million in the same period last year. Although revenue remained at $0.0, the company achieved an EPS of -0.27 which was better than the estimate of -0.37 and marks an improvement from the previous year's quarterly EPS of -0.51.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.27
What stood out
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Improved EPS Performance
Reported EPS improved to -0.27, beating consensus estimates of -0.37.
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Narrowed Net Loss
Net loss was $5.5 million, down from $19.6 million the prior year.
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Cash Position Remains Solid
Cash balances decreased to $67.2 million from $71.9 million but remained adequate for current operations.
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Free Cash Flow Improvement
Free cash flow showed improvement to -$4 million, compared to -$18 million in the previous quarter.
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Strategic Merger Agreement
Management is moving forward with a merger that will enhance product offerings in key therapeutic areas.
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Focus on Clinical Trials
Continued investment in clinical trials expected to support future growth despite ongoing net operating losses.
What to watch
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Sustained Operating Losses
The company reported cumulative losses of $309.6 million as of March 31, 2026.
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Dependence on Future Funding
Need for additional funding indicated, especially with ongoing clinical trials and R&D.
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Regulatory Approval Risks
Uncertainty remains regarding the timing and success of future regulatory approvals for its drug candidates.
Management's outlook
Anticipated cash runway to fund operations through at least 2027.
Earlier filings 4
10-Q · August 7, 2025
Barinthus reported no product revenue and posted a Q2 2025 net loss per share of $(0.52), wider than $(0.43) in Q2 2024. Operating expenses increased to $23,337 (Q2 2025) from $18,863 (Q2 2024) driven by a $8.183…
10-K · March 20, 2025
Barinthus Biotherapeutics' 2024 Form 10-K emphasizes a strategic refocus on immune-tolerance (SNAP-TI) and prioritization of VTP-300 (chronic HBV) and VTP-1000 (celiac) following encouraging interim clinical data. The…
10-Q · November 6, 2024
Q3 2024 results show first quarter revenue recognition of $14.969 million (license revenue) and an improvement in GAAP loss metrics: loss from operations narrowed to $(9.380) million and diluted loss per share improved…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.