Barinthus Biotherapeutics PLC reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company, which focuses on developing T cell immunotherapeutic candidates for chronic infectious diseases and autoimmunity, experienced a decrease in total assets, which fell to $188.7 million from $214.5 million as of December 31, 2023. Cash, cash equivalents, and restricted cash also declined to $106.1 million from $142.1 million during the same period.
The company recognized license revenue of $15.0 million for the three months ended September 30, 2024, a notable increase from zero revenue in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $15.0 million, up from $802,000 in the prior year. Despite this revenue growth, total operating expenses rose to $24.6 million for the third quarter of 2024, compared to $16.1 million in the same quarter of 2023. The increase in expenses was primarily driven by a significant rise in general and administrative costs, which surged to $13.4 million from $1.0 million year-over-year.
The net loss for the three months ended September 30, 2024, was $8.1 million, a reduction from a net loss of $14.1 million in the same period of 2023. For the nine-month period, the net loss decreased to $40.6 million from $56.2 million in the previous year. The company’s accumulated deficit increased to $217.1 million as of September 30, 2024, compared to $176.6 million at the end of 2023.
Strategically, Barinthus has shifted its focus towards the development of specific product candidates, including VTP-300 for chronic hepatitis B and VTP-1000 for celiac disease. The company has also entered into a funding agreement with CEPI for VTP-500, which could provide up to $34.8 million to advance its development against MERS. Additionally, the company has made personnel changes, promoting Graham Griffiths to Chief Operating Officer effective September 1, 2024.
The company continues to face challenges, including the need for additional funding to support ongoing product development and commercialization efforts. It anticipates that existing cash resources will fund operations into the second quarter of 2026, but further financing will be necessary to maintain its development trajectory.
About Barinthus Biotherapeutics plc.
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