Barinthus Biotherapeutics plc., a clinical-stage biopharmaceutical company, reported a net loss of $61.2 million for the year ended December 31, 2024, compared to a net loss of $73.4 million in 2023. This improvement was driven by a significant increase in revenue, primarily from royalties received from Oxford University Innovation Limited (OUI) related to AstraZeneca's sales of the COVID-19 vaccine, Vaxzevria. Revenue for 2024 totaled $15 million, a substantial increase from the $0.8 million recorded in 2023. However, AstraZeneca announced the withdrawal of Vaxzevria's marketing authorization in Europe in May 2024, leading Barinthus to expect no further payments from this source.
Operating expenses decreased slightly from $84.7 million in 2023 to $84.1 million in 2024. This decrease resulted from lower research and development ($2.6 million) and general and administrative expenses ($10.2 million), partially offset by a $12.2 million goodwill impairment charge recognized in 2024. The reduction in research and development costs stemmed from the completion of several clinical trials and the deprioritization of certain programs. The decrease in general and administrative expenses was primarily due to a change in foreign exchange gains and losses and reduced personnel costs.
Significant strategic developments during 2024 included the FDA clearance of an Investigational New Drug (IND) application for VTP-1000, a celiac disease treatment, and the announcement of top-line data from the APOLLO trial for VTP-200, an HPV treatment. The company also appointed a new Chief Medical Officer and presented interim data from Phase 2 trials of VTP-300, a chronic hepatitis B treatment. In June 2024, Barinthus announced a strategic pipeline prioritization, focusing on VTP-300 and VTP-1000. Further, the company announced the completion of enrollment in Phase 2b and Phase 1 trials for VTP-300 and VTP-850, respectively, and presented positive updated interim data for VTP-300 in November 2024. A restructuring plan was announced in January 2025, including a 65% reduction in headcount, to prioritize immune tolerance programs and extend the cash runway to the start of 2027.
As of December 31, 2024, Barinthus employed 105 full-time and part-time employees, with 61% of its workforce and 53% of its leadership being female. The company reported total carbon emissions of 398.14 tCO2e in 2024, an increase from 366.54 tCO2e in 2023, primarily due to increased office utilization. The company's cash, cash equivalents, and restricted cash totaled $112.4 million as of December 31, 2024. Barinthus anticipates incurring losses for at least the next several years and may never achieve profitability, relying on additional financing to fund its operations. The company's future capital requirements will depend on various factors, including the progress of its clinical trials, regulatory approvals, and commercialization efforts.
About Barinthus Biotherapeutics plc.
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