Barinthus Biotherapeutics plc 10-Q for FY2021 Q2

Barinthus Biotherapeutics plc. (BRNS)

10-Q 2021-08-12 For: 2021-06-30

Added on April 10, 2026

About this 10-Q

Barinthus Biotherapeutics plc filed this 10-Q on August 12, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $35K; down 93.2% from $511K a year earlier
Net loss: $15.93M; compared with a net loss of $3.59M 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.)
The Schrodinger Building Heatley Road The Oxford Science Park Oxford, United Kingdom	OX4 4GE
(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	29
Item 4.	Controls and Procedures	29
PART II - OTHER INFORMATION		30
Item 1.	Legal Proceedings	30
Item 1A	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
SIGNATURES		33


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,
	2021			2020
ASSETS
Current assets:
Cash and cash equivalents	$	243,619		$	43,266
Accounts receivable		37			518
Research and development incentives receivable		4,558			2,708
Prepaid expenses and other current assets		8,514			1,409
Total current assets		256,728			47,901
Property and equipment, net		1,038			629
Right of use assets, net		2,040			2,136
Deferred tax assets		32			—
Total assets	$	259,838		$	50,666

LIABILITIES, REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT

Current liabilities:
Accounts payable	$	4,683		$	4,667
Accrued expenses and other current liabilities		3,441			2,537
Deferred revenue		217			245
Current portion of lease liability		202			192
Total current liabilities		8,543			7,641
Convertible loan notes – non current		—			44,700
Lease liability – non current		1,384			1,472
Total liabilities	$	9,927		$	53,813
Commitments and contingencies (Note 11)
Series A redeemable convertible preferred shares (Series A shares); £0.10 nominal value; no shares issued and outstanding; (December 31, 2020: issued and outstanding: 22,065)	$	—		$	33,765
Series B redeemable convertible preferred shares (Series B shares); £0.10 nominal value; no shares issued and outstanding; (December 31, 2020: issued and outstanding: no shares issued or outstanding)	$	—		$	—
Shareholders’ equity/(deficit):
Ordinary shares, £0.000025 nominal value; 34,328,231 shares authorized, issued and outstanding (December 31, 2020: authorized, issued and outstanding: 7,960,458)		1			0	¹
Deferred A shares, £1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2020:no shares issued or outstanding)		86			—
Deferred B shares, £1 nominal value; 570,987 shares authorized, issued and outstanding (December 31, 2020: no shares issued or outstanding)		8			—
Deferred C shares, £0,000007 nominal value, 27,828,231 shares authorized, issued and outstanding (December 31, 2020: authorized, issued and outstanding: 7,960,458)		0	¹		0	¹
Additional paid-in capital		340,793			21,660
Accumulated deficit		(88,915)			(57,720)
Accumulated other comprehensive loss – foreign currency translation adjustments		(2,580)			(1,243)
Noncontrolling interest		518			391
Total shareholders’ equity/(deficit)	$	249,911		$	(36,912)
Total liabilities, redeemable convertible preferred shares and shareholders’ equity	$	259,838		$	50,666


	Three months ended				Six months ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
License revenue	$	16	$	39		32		42
Service revenue		—		97		21		316
Research grants and contracts		19		375		197		858
Total revenue		35		511		250		1,216
Operating expenses
Research and development		4,509		3,877		9,119		8,119
General and administrative		12,371		970		14,148		2,082
Total operating expenses		16,880		4,847		23,267		10,201
Loss from operations		(16,845)		(4,336)		(23,017)		(8,985)
Other income (expense):
Change in fair value of derivatives		—		—		5,994		—
Unrealized exchange gain on convertible loan notes		—		—		209		—
Loss on extinguishment of convertible loan notes		—		—		(13,789)		—
Interest income		—		—		2		—
Interest expense		—		—		(2,650)		—
Research and development incentives		875		679		1,830		1,377
Other		(3)		—		(3)		—
Total other (expense) income		872		679		(8,407)		1,377
Tax (expense)/benefit		(12)		—		53		—
Net loss		(15,985)		(3,657)		(31,371)		(7,608)
Net loss attributable to noncontrolling interest		58		69		176		199
Net loss attributable to Vaccitech Plc. shareholders		(15,927)		(3,588)		(31,195)		(7,409)

Weighted-average ordinary shares outstanding, basic and diluted		24,897,665		7,904,838		16,523,961		7,860,760
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.64)	$	(0.45)		(1.89)		(0.94)

Net loss	$	(15,985)	$	(3,657)		(31,371)		(7,608)
Other comprehensive income/(loss) – foreign currency translation adjustments		86		(144)		(1,330)		(827)
Comprehensive loss		(15,899)		(3,801)		(32,701)		(8,435)
Comprehensive loss attributable to noncontrolling interest		55		70		169		218
Comprehensive loss attributable to Vaccitech Plc. shareholders	$	(15,844)	$	(3,731)		(32,532)		(8,217)


	Six months ended June 30, 2021
	Series A			Series B
	Redeemable			Redeemable																					Accumulated
	Convertible Preferred			Convertible																	Additional				Other				Total
	Shares			Preferred 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
Balance, January 1, 2021, as previously reported	22,065	$	33,765	—	$	—	7,960,458	$	0	¹	—	$	—	—	$	—	7,960,458	$	0	¹	$	19,531	$	(55,591)	$	(1,243)	$	391	$	(36,912)
Share based compensation – restatement (see note 1)	—		—	—		—	—		—		—		—	—		—	—		—			2,129		(2,129)					$	—
Balance, January 1, 2021, as restated	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 share 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


	Six months ended June 30, 2020
	Series A			Series B
	Redeemable			Redeemable																					Accumulated
	Convertible Preferred			Convertible																	Additional				Other				Total
	Shares			Preferred 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
Balance, January 1, 2020, as previously reported	22,065	$	33,765	—	$	—	7,276,332	$	0	¹	—	$	—	—	$	—	7,276,332	$	0	¹	$	15,906	$	(37,885)	$	(467)	$	367	$	(22,079)
Share based compensation - restatement (see note 1)	—		—	—		—	—		—		—		—	—		—	—		—			2,129		(2,129)						—
Balance, January 1, 2020, as restated	22,065	$	33,765	—	$	—	7,276,332	$	0	¹	—	$	—	—	$	—	7,276,332	$	0	¹	$	18,035	$	(40,014)	$	(467)	$	367	$	(22,079)
Share based compensation																						856								856
Issue of ordinary shares							479,568		0	¹							479,568		0	¹										(0)	¹
Exercise of stock options							148,938		0	¹							148,938		0	¹										(0)	¹
Foreign currency translation adjustments																										(665)		(18)		(683)
Net loss																								(3,821)				(130)		(3,951)
Balance, March 31, 2020	22,065	$	33,765	—	$	—	7,904,838	$	0	¹	—	$	—	—	$	—	7,904,838	$	0	¹	$	18,891	$	(43,835)	$	(1,132)	$	219	$	(25,857)
Share based compensation																						415								415
Foreign currency translation adjustments																										(143)		(1)		(144)
Net loss																								(3,588)				(69)		(3,657)
Balance, June 30, 2020	22,065	$	33,765	—	$	—	7,904,838	$	0	¹	—	$	—	—	$	—	7,904,838	$	0	¹	$	19,306	$	(47,423)	$	(1,275)	$	(149)	$	(29,243)


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(15,985)	$	(3,657)	$	(31,371)	$	(7,608)
Net loss attributable to noncontrolling interest		58		69		176		199
Net loss attributable to Vaccitech shareholders	$	(15,927)	$	(3,588)	$	(31,195)	$	(7,409)
Denominator:
Weighted-average ordinary shares outstanding, basic and diluted		24,897,665		7,904,838		16,523,961		7,860,760
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.64)	$	(0.45)	$	(1.89)	$	(0.94)


	June 30, 2021		December 31, 2020
Prepayments and accrued income	$	7,506	$	1,075
Value Added Tax receivable		926		305
Current tax receivable		76		—
Others		6		29
Total	$	8,514	$	1,409


	June 30, 2021		December 31, 2020
Accrued manufacturing and clinical expenses	$	1,400	$	462
Accrued board of director compensation		116		4
Accrued bonus		624		750
Accrued payroll and employee benefits		492		250
Accrued professional fees		763		806
Accrued other		46		265
Total	$	3,441	$	2,537


	June 30, 2021
Balance at December 31, 2020	$	245
Revenue recognized related to contract liability balance		(32)
Foreign exchange translation		4
Balance at June 30, 2021	$	217


Remainder of 2021	$	163
2022		324
2023		324
2024		324
2025		324
Thereafter		591
Total minimum lease payments	$	2,050
Less: imputed interest		(464)
Total lease liability	$	1,586


	Three		Three
	months		months
	ended June 30,		ended June 30,
	2021		2020		Change
Revenue from Licenses, Grants & Services	$	35	$	511	(476)
Operating expenses:
Research & development		4,509		3,877	672
General and administrative		12,371		970	12,033
Total operating expenses		16,880		4,847	11,451
Loss from operations		(16,845)		(4,336)	(12,509)
Other income (expense)
Research and development incentives		875		679	196
Other		(3)		—	(3)
Total other (expense) income		872		679	193
Tax (expense)/benefit		(12)		—	(12)
Net loss	$	(15,985)	$	(3,657)	(12,328)


	Six months ended June 30,
	2021		2020
Expected volatility	110.9	%	110.8	%
Expected term (years)	6.32		6.03
Risk-free interest rate	1.1	%	1.7	%
Expected dividend yield	—	%	—	%


	Six months		Six months
	ended June		ended June
	30, 2021		30, 2020		Change
Revenue from Licenses, Grants & Services Operating expenses:	$	250	$	1,216	(966)
Research & development		9,119		8,119	1,000
General and administrative		14,148		2,082	12,066
Total operating expenses		23,267		10,201	13,066
Loss from operations		(23,017)		(8,985)	(14,032)
Other income (expense)
Change in fair value of derivatives		5,994		—	5,994
Unrealized exchange gain on convertible loan notes		209		—	209
Loss on extinguishment of convertible loan notes		(13,789)		—	(13,789)
Interest income		2		—	2
Interest expense		(2,650)		—	(2,650)
Research and development incentives		1,830		1,377	453
Others		(3)		—	(3)
Total other (expenses) income		(8,407)		1,377	(9,783)
Tax benefit		53		—	53
Net loss	$	(31,195)	$	(7,608)	(23,587)

Exhibit Number	Description
3.1	Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-40367) filed 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	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Data File (the cover page XBRL tags are embedded within the iXBRL document).

	VACCITECH PLC

Date: August 12, 2021	By:	/s/ William Enright
		William Enright
		Chief Executive Officer (Principal Executive Officer)

Date: August 12, 2021	By:	/s/ Georgy Egorov
		Georgy Egorov
		Chief Financial Officer (Principal Financial
		and Accounting Officer)

Date: August 12, 2021	By:	/s/ William Enright
		William Enright
		Chief Executive Officer

Date: August 12, 2021	By:	/s/ Georgy Egorov
		Georgy Egorov
		Chief Financial Officer