Barinthus Biotherapeutics plc 10-Q for FY2022 Q2

Barinthus Biotherapeutics plc. (BRNS)

10-Q 2022-08-09 For: 2022-06-30

Added on April 10, 2026

About this 10-Q

Barinthus Biotherapeutics plc filed this 10-Q on August 9, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

Quarter ended June 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $17.06M; up 48651.4% from $35K a year earlier
Net income: $15.69M; compared with a net loss of $15.93M a year earlier
Diluted EPS: $0.41; compared with -$0.64 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	17
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	42
Item 4.	Controls and Procedures	42
PART II - OTHER INFORMATION		43
Item 1.	Legal Proceedings	43
Item 1A	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
SIGNATURES		49


Condensed Consolidated Financial Statements (Unaudited)	Page
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations and Comprehensive Loss	3
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Shares and Shareholders’ Equity (Deficit)	4
Condensed Consolidated Statements of Cash Flows	6
Notes to Condensed Consolidated Financial Statements	7


	June 30,			December 31,
	2022			2021
ASSETS
Current assets:
Cash and cash equivalents	$	192,327		$	214,054
Accounts receivable		—			20
Accounts receivable - related parties		17,048			—
Research and development incentives receivable		5,217			6,229
Prepaid expenses and other current assets		11,699			6,462
Total current assets		226,291			226,765
Goodwill		12,630			12,630
Property and equipment, net		7,044			1,829
Intangible assets, net		29,850			31,430
Right of use assets, net		8,339			7,257
Other assets		902			804
Total assets	$	285,056		$	280,715

LIABILITIES AND SHARESHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	4,475		$	2,419
Accrued expenses and other current liabilities		7,256			7,875
Deferred revenue		136			182
Current portion of operating lease liability		299			523
Debt		—			159
Total current liabilities		12,166			11,158
Operating lease liability – non current		8,314			6,540
Contingent consideration		2,727			2,371
Deferred tax liability, net		6,306			8,084
Other non-current liabilities		776			—
Total liabilities	$	30,289		$	28,153
Commitments and contingencies (Note 15)
Shareholders’ equity:
Ordinary shares, £0.000025 nominal value; 37,216,162 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 37,188,730)		1			1
Deferred A shares, £1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 63,443)		86			86
Deferred B shares, £0.01 nominal value; 570,987 shares authorized, issued and outstanding (December 31, 2021:authorized, issued and outstanding: 570,987)		8			8
Deferred C shares, £0.000007 nominal value, 27,828,231 shares authorized, issued and outstanding (December 31, 2021: authorized, issued and outstanding: 27,828,231)		0	¹		0	¹
Additional paid-in capital		375,835			369,103
Accumulated deficit		(90,296)			(108,585)
Accumulated other comprehensive loss – foreign currency translation adjustments		(31,233)			(8,488)
Total shareholders’ equity attributable to Vaccitech plc shareholders’		254,401			252,125
Noncontrolling interest		366			437
Total shareholders’ equity	$	254,767		$	252,562
Total liabilities and shareholders’ equity	$	285,056		$	280,715


	Three months ended				Six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
License revenue (1)	$	17,063	$	16	$	32,072	$	32
Service revenue		—		—		—		21
Research grants and contracts		—		19		9		197
Total revenue		17,063		35		32,081		250
Operating expenses
Research and development		9,720		4,509		20,421		9,119
General and administrative		(6,445)		12,371		(2,782)		14,148
Total operating expenses		3,275		16,880		17,639		23,267
Income/(loss) from operations		13,788		(16,845)		14,442		(23,017)
Other income (expense):
Change in fair value of derivatives embedded in convertible loan notes		—		—		—		5,994
Change in fair value of contingent consideration		(626)		—		(626)		—
Unrealized exchange gain on convertible loan notes		—		—		—		209
Loss on extinguishment of convertible loan notes		—		—		—		(13,789)
Interest income		669		—		752		2
Interest expense		66		—		(8)		(2,650)
Research and development incentives		826		875		1,874		1,830
Other		51		(3)		51		(3)
Total other (expense) income		986		872		2,043		(8,407)
Tax benefit /(expense)		915		(12)		1,778		53
Net Income/(loss)		15,689		(15,985)		18,263		(31,371)
Net loss attributable to noncontrolling interest		4		58		26		176
Net income/(loss) attributable to Vaccitech plc shareholders		15,693		(15,927)		18,289		(31,195)

Weighted-average ordinary shares outstanding, basic		37,202,600		24,897,665		37,196,843		16,523,961
Weighted-average ordinary shares outstanding, diluted		38,174,426		24,897,665		38,260,579		16,523,961
Net income (loss) per share attributable to ordinary shareholders, basic	$	0.42	$	(0.64)	$	0.49	$	(1.89)
Net income (loss) per share attributable to ordinary shareholders, diluted	$	0.41	$	(0.64)	$	0.48	$	(1.89)

Net Income/(Loss)	$	15,689	$	(15,985)	$	18,263	$	(31,371)
Other comprehensive (loss)/income – foreign currency translation adjustments		(16,807)		86		(22,790)		(1,330)
Comprehensive loss		(1,118)		(15,899)		(4,527)		(32,701)
Comprehensive loss attributable to noncontrolling interest		34		55		71		169
Comprehensive loss attributable to Vaccitech plc shareholders	$	(1,084)	$	(15,844)	$	(4,456)	$	(32,532)


	Six months ended June 30, 2022
																				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, 2022	37,188,730	$	1		63,443	$	86	570,987	$	8	27,828,231	$	0	¹	$	369,103		$	(108,585)	$	(8,488)	$	437	$	252,562
Share based compensation	—		—		—		—	—		—	—		—			3,984			—		—		—		3,984
Issue of ordinary shares	4,637		0	¹	—		—	—		—	—		—			0	¹		—		—		—		0	¹
Foreign currency translation adjustments	—		—		—		—	—		—	—		—			—			—		(5,968)		(15)		(5,983)
Net income	—		—		—		—	—		—	—		—			—			2,596		—		(22)		2,574
Balance, March 31, 2022	37,193,367	$	1		63,443	$	86	570,987	$	8	27,828,231	$	0	¹	$	373,087		$	(105,989)	$	(14,456)	$	400	$	253,137
Share based compensation	—		—		—		—	—		—	—		—			2,748			—		—		—		2,748
Issue of ordinary shares	22,795		0	¹	—		—	—		—	—		—			0	¹		—		—		—		0	¹
Foreign currency translation adjustments	—		—		—		—	—		—	—		—			—			—		(16,777)		(30)		(16,807)
Net income	—		—		—		—	—		—	—		—			—			15,693		—		(4)		15,689
Balance, June 30, 2022	37,216,162	$	1		63,443	$	86	570,987	$	8	27,828,231	$	0	¹	$	375,835		$	(90,296)	$	(31,233)	$	366	$	254,767


	Six months ended June 30, 2021
	Series A Redeemable			Series B Redeemable																					Accumulated
	Convertible Preferred			Convertible Preferred																	Additional				Other				Total
	Shares			Shares			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		Shares	Amount		Shares	Amount			capital		Deficit		Loss		Interest		(deficit)/Equity
Balance, January 1, 2021	22,065	$	33,765	—	$	—	7,960,458	$	0	¹	—	$	—	—	$	—	7,960,458	$	0	¹	$	21,660	$	(57,720)	$	(1,243)	$	391	$	(36,912)
Share based compensation	—		—	—		—	—		—		—		—	—		—	—		—			797		—		—		—		797
Issue of Series B shares, net of issuance costs	—		—	28,957		121,837	—		—		—		—	—	$	—	—	$	—			—		—		—		—		—
Series B Shares issued on conversion of convertible notes	—		—	12,421		53,721	—		—		—		—	—		—	—		—			—		—		—		—		—
Issue of Deferred A shares	—		(29)	—		(57)	—		—		63,443		86	—		—	—		—			—		—		—		—		86
Issue of ordinary shares	—		—	—		—	263,886		0	¹	—		—	—		—	263,886		0	¹		—		—		—		—		0	¹
Foreign currency translation adjustments	—		—	—		—	—		—		—		—	—		—	—		—			—		—		(1,420)		4		(1,416)
Net loss	—		—	—		—	—		—		—		—	—		—	—		—			—		(15,268)		—		(118)		(15,386)
Balance, March 31, 2021	22,065	$	33,736	41,378	$	175,501	8,224,344	$	0	¹	63,443	$	86	—	$	—	8,224,344	$	0	¹	$	22,457	$	(72,988)	$	(2,663)	$	277	$	(52,831)
Share-based compensation	—		—	—		—	—		—		—		—	—		—	—		—			8,736		—		—		—		8,736
Initial public offering, net of underwriting discounts	—		—	—		—	6,500,000		0	¹	—		—	—		—	—		—			102,765		—		—		—		102,765
Offering Cost	—		—	—		—	—		—		—		—	—		—	—		—			(2,394)		—		—		—		(2,394)
Conversion of Series A shares	(22,065)		(33,736)	—		—	6,818,085		0	¹	—		—	198,585		3	6,818,085		0	¹		33,733		—		—		—		33,736
Conversion of Series B shares	—		—	(41,378)		(175,501)	12,785,802		0	¹	—		—	372,402		5	12,785,802		0	¹		175,496		—		—		—		175,501
Issue of shares to non-controlling interest	—		—	—		—	—		—		—		—	—		—	—		—			—		—		—		296		296
Foreign currency translation adjustments	—		—	—		—	—		—		—		—	—		—	—		—			—		—		83		3		86
Net loss	—		—	—		—	—		—		—		—	—		—	—		—			—		(15,927)		—		(58)		(15,985)
Balance, June 30, 2021	—	$	—	—	$	—	34,328,231	$	1		63,443	$	86	570,987	$	8	27,828,231	$	0	¹	$	340,793	$	(88,915)	$	(2,580)	$	518	$	249,911


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Numerator:
Net income / (loss)	$	15,689	$	(15,985)	$	18,263	$	(31,371)
Net loss attributable to noncontrolling interest		4		58		26		176
Net income / (loss) attributable to Vaccitech shareholders	$	15,693	$	(15,927)	$	18,289	$	(31,195)
Denominator:
Weighted-average ordinary shares outstanding, basic		37,202,600		24,897,665		37,196,843		16,523,961
Effect of dilutive stock options		971,826		—		1,063,736		—
Weighted-average ordinary shares outstanding, diluted		38,174,426		24,897,665		38,260,579		16,523,961
Net income (loss) per share attributable to ordinary shareholders, basic	$	0.42	$	(0.64)	$	0.49	$	(1.89)
Net income (loss) per share attributable to ordinary shareholders, diluted	$	0.41	$	(0.64)	$	0.48	$	(1.89)



	June 30, 2022
Balance as of December 31, 2021	$	(182)
Revenue recognized related to contract liability balance		29
Foreign exchange translation		17
Balance as of June 30, 2022	$	(136)


Remainder of 2022	$	(1,273)
2023		(1,574)
2024		1,734
2025		1,885
2026		1,909
Thereafter		11,756
Total minimum lease payments	$	14,437
Less: imputed interest		(5,824)
Total operating lease liability	$	8,613


	Six months		Six months
	ended		ended
	June 30, 2022		June 30, 2021
Expected volatility	92.7	%	110.9	%
Expected term (years)	6.00		6.32
Risk-free interest rate	2.0	%	1.1	%
Expected dividend yield	0.0	%	0.0	%


	Three months		Three months
	ended June		ended June
	30, 2022		30, 2021	Change
Revenue from Licenses, Grants & Services	$	17,063	35	17,028
Operating expenses:
Research & development		9,720	4,509	5,211
General and administrative		(6,445)	12,371	(18,816)
Total operating expenses		3,275	16,880	(13,605)
Income/(loss) from operations		13,788	(16,845)	30,633
Other income (expense)
Change in fair value of contingent consideration		(626)	—	(626)
Interest income		669	—	669
Interest expense		66	—	66
Research and development incentives		826	875	(49)
Other		51	(3)	54
Total other income		986	872	114
Tax benefit/ (expense)		915	(12)	927
Net income/(loss)	$	15,689	(15,985)	31,674

Exhibit Number	Description
2.1*	Amendment No. 2 to Agreement and Plan of Merger and Reorganization, dated May 9, 2022, by and between Vaccitech plc and Benjamin Eisler, as the Securityholder Agent
4.1	Deposit Agreement, dated as of April 29, 2021, among the Registrant, The Bank of New York Mellon, and all Owners and Holders from time to time of American Depositary Shares issued thereunder (Incorporated herein by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-3 (File No. 333-265763), filed with the Securities and Exchange Commission on June 22, 2022)
4.2	Form of American Depositary Receipt (Incorporated herein by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-3 (File No. 333-265763), filed with the Securities and Exchange Commission on June 22, 2022)
4.3*	Registration Rights Agreement, dated August 9, 2022, by and among Vaccitech plc and the investors listed thereto
21.1*	Subsidiaries of the Registrant
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)


	June 30,		December 31,
	2022		2021
Accrued manufacturing and clinical expenses	$	2,687	$	1,789
Accrued board of director compensation		9		91
Accrued bonus		984		1,333
Accrued payroll and employee benefits		891		1,072
Accrued professional fees		1,677		2,338
Accrued other		1,008		1,252
Total	$	7,256	$	7,875

	VACCITECH PLC

Date: August 9, 2022	By:	/s/ William Enright
		William Enright
		Chief Executive Officer (Principal Executive Officer)

Date: August 9, 2022	By:	/s/ Georgy Egorov
		Georgy Egorov
		Chief Financial Officer (Principal Financial
		and Accounting Officer)


ACQUIRER:

VACCITECH PLC

By:	/s/ William Enright

Name:		William Enright

Title:		Chief Executive Officer and Director

SECURITYHOLDER AGENT:

/s/ Benjamin Eisler
Benjamin Eisler


EXECUTED by a signatory, duly authorised on	)	Signature	/s/ Jim Wilkinson
behalf of OXFORD SCIENCE ENTERPRISES	)
PLC	)	Print Name	Jim Wilkinson


EXECUTED by a signatory, duly authorised on	)	Signature	/s/ Amandine Le Floch
behalf of PRUDENTIAL CREDIT	)
OPPORTUNITIES SCSP acting by an	)	Print Name	Amandine Le Floch
authorised signatory			Class B Manager

Represented by its managing general partner
Prudential Credit Opportunities GP S.à r.l.

EXECUTED by a signatory, duly authorised on	)	Signature	/s/ Carl Vine
behalf of HSBC AS DEP FOR M+G M&G	)
(ACS) Japan Equity Fund	)	Print Name	Carl Vine

Subsidiary		Jurisdiction of Incorporation
Vaccitech Australia Pty Limited		Australia

Vaccitech Oncology Limited		England and Wales
Vaccitech (UK) Limited (formerly Vaccitech Limited)		England and Wales
Vaccitech North America Inc.		Delaware
Vaccitech Italia S.R.L.		Italy


Date: August 9, 2022	By:	/s/ William Enright
		William Enright
		Chief Executive Officer
		(Principal Executive Officer)


Date: August 9, 2022	By:	/s/ Georgy Egorov
		Georgy Egorov
		Chief Financial Officer
		(Principal Financial
		and Accounting Officer)