Barinthus Biotherapeutics plc 10-Q for FY2023 Q2

Barinthus Biotherapeutics plc. (BRNS)

10-Q 2023-08-10 For: 2023-06-30

Added on April 10, 2026

About this 10-Q

Barinthus Biotherapeutics plc filed this 10-Q on August 10, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $334K; down 98.0% from $17.06M a year earlier
Net loss: $23.8M; compared with net income of $15.69M a year earlier
Diluted EPS: -$0.62; compared with $0.41 a year earlier

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England and Wales	Not Applicable
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Unit 6-10, Zeus Building Rutherford Avenue, Harwell, Didcot, United Kingdom	OX11 0DF
(Address of principal executive offices)	(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
American Depositary Shares*	VACC	The Nasdaq Global Market
Ordinary shares, nominal value £0.000025 per share**


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

		Page
PART I - FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	31
Item 4.	Controls and Procedures	32
PART II - OTHER INFORMATION		34
Item 1.	Legal Proceedings	34
Item 1A	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
SIGNATURES		38

Condensed Consolidated Financial Statements (Unaudited)		Page
Condensed Consolidated Balance Sheets		F-1
Condensed Consolidated Statements of Operations and Comprehensive Loss		F-2
Condensed Consolidated Statements of Changes in Shareholders’ Equity		F-3
Condensed Consolidated Statements of Cash Flows		F-4
Notes to Condensed Consolidated Financial Statements		F-5


	June 30,		December 31,
	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	173,030	$	194,385
Accounts receivable		—		323
Accounts receivable - related parties		349		5,524
Research and development incentives receivable		3,137		4,541
Prepaid expenses and other current assets		8,261		8,268
Total current assets		184,777		213,041
Goodwill		12,209		12,209
Property and equipment, net		13,741		7,957
Intangible assets, net		26,688		28,269
Right of use assets, net		7,707		7,753
Other assets		1,006		976
Total assets	$	246,128	$	270,205

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	2,429	$	3,748
Accrued expenses and other current liabilities		8,547		8,061
Operating lease liability - current		1,135		433
Total current liabilities		12,111		12,242
Non-Current liabilities:
Operating lease liability		11,044		8,340
Contingent consideration		2,117		1,711
Deferred tax liability, net		2,094		3,746
Other non-current liabilities		1,300		965
Total liabilities	$	28,666	$	27,004
Commitments and contingencies (Note 14)
Shareholders’ equity:
Ordinary shares, £0.000025 nominal value; 38,524,059 shares authorized, issued and outstanding (December 31, 2022: authorized, issued and outstanding: 37,683,531)		1		1
Deferred A shares, £1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2022: authorized, issued and outstanding: 63,443)		86		86
Deferred B shares, £0.01 nominal value; nil shares authorized, issued and outstanding (December 31, 2022:authorized, issued and outstanding: 570,987)		—		8
Deferred C shares, £0.000007 nominal value, nil shares authorized, issued and outstanding (December 31, 2022: authorized, issued and outstanding: 27,828,231)		—		0	¹
Additional paid-in capital		385,636		379,504
Accumulated deficit		(145,225)		(103,243)
Accumulated other comprehensive loss – foreign currency translation adjustments		(23,289)		(33,460)
Total shareholders’ equity attributable to Vaccitech plc shareholders’		217,209		242,896
Noncontrolling interest		253		305
Total shareholders’ equity	$	217,462	$	243,201
Total liabilities and shareholders’ equity	$	246,128	$	270,205


	Three months ended					Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
License revenue ⁽¹⁾	$	334	$	17,063	$	802	$	32,072
Research grants and contracts		—		—		—		9
Total revenue		334		17,063		802		32,081
Operating expenses
Research and development		13,543		9,720		23,357		20,421
General and administrative		13,128		(5,892)		25,266		(2,156)
Total operating expenses		26,671		3,828		48,623		18,265
(Loss)/income from operations		(26,337)		13,235		(47,821)		13,816
Other income (expense):
Interest income		522		669		2,110		752
Interest expense		(14)		(7)		(14)		(8)
Research and development incentives		559		826		1,716		1,874
Other income		310		51		310		51
Total other (expense) income		1,377		1,539		4,122		2,669
(Loss)/profit before income tax		(24,960)		14,774		(43,699)		16,485
Tax benefit		1,136		915		1,652		1,778
Net (loss)/income		(23,824)		15,689		(42,047)		18,263
Net loss attributable to noncontrolling interest		22		4		65		26
Net (loss)/income attributable to Vaccitech plc shareholders		(23,802)		15,693		(41,982)		18,289

Weighted-average ordinary shares outstanding, basic		38,407,672		37,202,600		38,211,625		37,196,843
Weighted-average ordinary shares outstanding, diluted		38,407,672		38,174,426		38,211,625		38,260,579
Net (loss)/income per share attributable to ordinary shareholders, basic	$	(0.62)	$	0.42	$	(1.10)	$	0.49
Net (loss)/income per share attributable to ordinary shareholders, diluted	$	(0.62)	$	0.41	$	(1.10)	$	0.48

Net (loss)/income	$	(23,824)	$	15,689	$	(42,047)	$	18,263
Other comprehensive gain/(loss) – foreign currency translation adjustments		5,604		(16,807)		10,184		(22,790)
Comprehensive loss		(18,220)		(1,118)		(31,863)		(4,527)
Comprehensive loss attributable to noncontrolling interest		15		34		52		71
Comprehensive loss attributable to Vaccitech plc shareholders	$	(18,205)	$	(1,084)	$	(31,811)	$	(4,456)


	Three and Six months ended June 30, 2023
																					Accumulated
																	Additional				Other				Total
	Ordinary Shares				Deferred A Shares			Deferred B Shares				Deferred C Shares					Paid-in-		Accumulated		Comprehensive		Noncontrolling		Shareholders’
	Shares	Amount			Shares	Amount		Shares		Amount		Shares		Amount			capital		Deficit		Loss		Interest		Equity
Balance, January 1, 2023	37,683,531	$	1		63,443	$	86		570,987	$	8		27,828,231	$	0	¹	$	379,504	$	(103,243)	$	(33,460)	$	305	$	243,201
Share based compensation	—		—		—		—		—		—		—		—			2,222		—		—		—		2,222
Issue of ordinary shares, net of issuance costs	673,494		0	¹	—		—		—		—		—		—			1,789		—		—		—		1,789
Foreign currency translation adjustments	—		—		—		—		—		—		—		—			—		—		4,574		6		4,580
Cancellation of deferred shares	—		—		—		—		(570,987)		(8)		(27,828,231)		(0)	¹		8		—		—		—		—
Net loss	—		—		—		—		—		—		—		—			—		(18,180)		—		(43)		(18,223)
Balance, March 31, 2023	38,357,025	$	1		63,443	$	86	$	—	$	—	$	—	$	0		$	383,523	$	(121,423)	$	(28,886)	$	268	$	233,569
Share based compensation	—		—		—		—		—		—		—		—			1,990		—		—		—		1,990
Issue of ordinary shares, net of issuance cost	167,034		0	¹	—		—		—		—		—		—			123		—		—		—		123
Foreign currency translation adjustments	—		—		—		—		—		—		—		—			—		—		5,597		7		5,604
Net loss	—		—		—		—		—		—		—		—			—		(23,802)		—		(22)		(23,824)
Balance, June 30, 2023	38,524,059	$	1		63,443	$	86		—	$	—		—	$	—		$	385,636	$	(145,225)	$	(23,289)	$	253	$	217,462


	Three months ended June 30,					Six months ended June 30,
	2023			2022		2023		2022
Numerator:
Net (loss)/income	$	(23,824)	$	15,689	$	(42,047)	$	18,263
Net loss attributable to noncontrolling interest		22		4		65		26
Net (loss)/income attributable to Vaccitech shareholders	$	(23,802)	$	15,693	$	(41,982)	$	18,289
Denominator:
Weighted-average ordinary shares outstanding, basic		38,407,672		37,202,600		38,211,625		37,196,843
Effect of dilutive stock options		—		971,826		—		1,063,736
Weighted-average ordinary shares outstanding, diluted		38,407,672		38,174,426		38,211,625		38,260,579
Net (loss)/income per share attributable to ordinary shareholders, basic	$	(0.62)	$	0.42	$	(1.10)	$	0.49
Net (loss)/income per share attributable to ordinary shareholders, diluted	$	(0.62)	$	0.41	$	(1.10)	$	0.48


Remainder of 2023	$	(321)
2024		1,782
2025		1,934
2026		1,958
2027		1,983
Thereafter		10,002
Total minimum lease payments	$	17,338
Less: imputed interest		(5,159)
Total operating lease liability	$	12,179


	Six months		Six months
	ended		ended
	June 30, 2023		June 30, 2022
Expected volatility	97.2	%	92.7	%
Expected term (years)	6.0		6.0
Risk-free interest rate	3.6	%	2.0	%
Expected dividend yield	0.0	%	0.0	%


	Three months		Three months
	ended June		ended June
	30, 2023		30, 2022		Change
Revenue from Licenses, Grants & Services	$	334	$	17,063	$	(16,729)
Operating expenses:
Research & development		13,543		9,720		3,823
General and administrative		13,128		(5,892)		19,020
Total operating expenses		26,671		3,828		22,843
(Loss)/income from operations		(26,337)		13,235		(39,572)
Other income (expense)
Interest income		522		669		(147)
Interest expense		(14)		(7)		(7)
Research and development incentives		559		826		(267)
Other income		310		51		259
Total other income		1,377		1,539		(162)
(Loss)/profit before income tax		(24,960)		14,774		(39,734)
Tax benefit		1,136		915		221
Net (loss)/income	$	(23,824)	$	15,689	$	(39,513)

Exhibit Number	Description
3.1	Articles of Association of the Registrant (Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Form 8-K (File No. 001-40367) filed with the Securities and Exchange Commission on May 10, 2021).
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (formatted in as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

	VACCITECH PLC

Date: August 10, 2023	By:	/s/ William Enright
		William Enright
		Chief Executive Officer (Principal Executive Officer)

Date: August 10, 2023	By:	/s/ Gemma Brown
		Gemma Brown
		Chief Financial Officer (Principal Financial
		and Accounting Officer)

Date: August 10, 2023	/s/ William Enright
	Name: William Enright
	Title: Chief Executive Officer


	Six months ended
	June 30, 2023			June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$	(42,047)		$	18,263
Adjustments to reconcile net (loss)/income to net cash used in operating activities:
Share based compensation		4,212			6,732
Depreciation and amortization		2,520			1,958
Non-cash lease expenses		595			528
Unrealized foreign exchange gain		7,122			(18,730)
Non-cash interest expense		14			—
Change in contingent consideration		309			626
Deferred tax benefit		(1,652)			(1,778)
Changes in operating assets and liabilities:
Accounts receivable (including related parties)		5,606			(17,028)
Prepaid expenses and other current assets		3,107			(6,020)
Research and development incentives receivable		1,586			388
Accounts payable		(1,916)			776
Accrued expenses and other current liabilities		275			(488)
Deferred revenue		—			(28)
Other assets		138			(171)
Net cash used in operating activities	$	(20,131)		$	(14,972)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(5,530)			(3,146)
Net cash used in investing activities	$	(5,530)		$	(3,146)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issue of shares from the exercise of stock options		0	¹		0	¹
Proceeds from issue of ordinary shares, net of issuance costs		1,880			—
Payment of contingent consideration		(163)			—
Repayment of debt		—			(159)
Net cash provided by/(used in) financing activities	$	1,717		$	(159)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS		2,589			(3,450)
Net decrease in cash and cash equivalents		(21,355)			(21,727)
Cash and cash equivalents, beginning of the period		194,385			214,054
Cash and cash equivalents, end of the period	$	173,030		$	192,327

Supplemental cash flow disclosures:
Non-Cash investing and financing activities
Capital expenditures included in accounts payable and accrued expenses	$	506		$	1,719
ROU assets obtained in exchange for operating lease liabilities	$	—		$	2,400


	June 30,		December 31,
	2023		2022
Accrued manufacturing and clinical expenses	$	3,708	$	2,997
Accrued board of director compensation		29		9
Accrued bonus		1,178		1,925
Accrued payroll and employee benefits		374		928
Accrued professional fees		2,620		1,270
Accrued other		638		932
Total	$	8,547	$	8,061

Date: August 10, 2023	/s/ Gemma Brown
	Name: Gemma Brown
	Title: Chief Financial Officer