0001828185-24-000036 | 10-Q | XBRL Viewer | Barinthus Biotherapeutics PLC

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Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Additions to property and equipment	$ 0.4	$ 4.8
Depreciation expense	$ 0.6	$ 0.4

Commitments and Contingencies - Additional Information (Details) $ in Millions			3 Months Ended
	Jun. 14, 2022 USD ($) ft²	Sep. 03, 2021 USD ($) ft²	Mar. 31, 2024
Oxfordshire
Commitment and Contingencies
Size of space under lease agreement (in square feet) \| ft²		31,000
Refundable security deposit		$ 0.7
Maryland
Commitment and Contingencies
Size of space under lease agreement (in square feet) \| ft²	19,700
Refundable security deposit	$ 0.2
Additional lease term	5 years
Leasehold improvement expense	$ 3.5
In-License Agreements \| Minimum
Commitment and Contingencies
Percentage of future royalties for direct sales of a covered product			1.00%
Net payments received for allowable sublicenses of technology developed			3.00%
In-License Agreements \| Maximum
Commitment and Contingencies
Percentage of future royalties for direct sales of a covered product			5.00%
Net payments received for allowable sublicenses of technology developed			7.00%

Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of financial instruments carried at fair value and classified within Level 3

The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in thousands):


	Three Months Ended March 31,
		2024		2023
Beginning balance		$	1,823	$	1,711

Change in fair value recognized in net loss/(gain)		60		(38)

Foreign exchange translation recognized in other comprehensive loss		(16)		37
Ending balance		$	1,867	$	1,710

Share-Based Compensation - Weighted-average assumptions (Details) - Enterprise Management Incentive Share Option Scheme	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	108.80%	97.40%
Expected term (years)	6 years	6 years
Risk-free interest rate	4.00%	3.60%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued Expenses and Other Current Liabilities (in thousands):


	March 31, 2024		December 31, 2023
Accrued manufacturing and clinical expenses	$	4,437	$	4,003
Accrued bonus	660		2,412
Accrued payroll and employee benefits	1,152		789
Accrued professional fees	1,048		942
Accrued other	1,033		1,066
Total	$	8,330	$	9,212

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Barinthus Biotherapeutics plc is a public limited company incorporated pursuant to the laws of England and Wales in March 2021. Barinthus Biotherapeutics plc and its direct and indirect subsidiaries, Barinthus Biotherapeutics (UK) Limited, Barinthus Australia Pty Limited, Vaccitech Oncology Limited (“VOLT”), Barinthus Biotherapeutics North America, Inc., Barinthus Biotherapeutics Switzerland GmbH and Barinthus Biotherapeutics S.R.L., are collectively referred to as the “Company” or “Barinthus Bio”. The Company is a clinical-stage biopharmaceutical company developing novel T cell immunotherapeutic candidates designed to guide the immune system to overcome chronic infectious diseases, autoimmunity and cancer. The Company is headquartered in Harwell, Oxfordshire, United Kingdom. The Company operates in an environment of rapid technological change and substantial competition from pharmaceutical and biotechnology companies. The Company is subject to risks common to companies in the biopharmaceutical industry in a similar stage of its life cycle including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its vaccine product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of any of its products that are approved, and protection of proprietary technology. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant product sales. If the Company does not successfully commercialize any of its products or mitigate any of these other risks, it will be unable to generate revenue or achieve profitability. Basis of presentation The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements. Accordingly, the unaudited condensed consolidated financial statements should be read in connection with the Company’s audited consolidated financial statements and related notes as of and for the year ended December 31, 2023. The condensed consolidated balance sheet as of December 31, 2023, was derived from the audited financial statements but does not contain all of the footnote disclosures from the annual financial statements. As of March 31, 2024, the Company had cash, cash equivalents and restricted cash of $130.0 million and an accumulated deficit of $192.1 million, and the Company expects to incur losses for the foreseeable future. The Company expects that its cash, cash equivalents and restricted cash will be sufficient to fund current operations for at least the next twelve months from the issuance of the financial statements. The Company expects to seek additional funding through equity financing, government or private-party grants, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or rights of the Company’s stockholders. If the Company is unable to obtain sufficient capital, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Unaudited Condensed Financial Information The accompanying Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, the Condensed Consolidated Statements of Operations and Comprehensive Loss, Condensed Consolidated Statements of Changes in Stockholders’ Equity and the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities Exchange Commission (the “Annual Report”) on March 20, 2024. In our opinion, the unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of March 31, 2024, our results of operations for the three months ended March 31, 2024, and 2023, and our cash flows for the three months ended March 31, 2024, and 2023. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or any other interim periods.

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments and accrued income	$ 5,093	$ 5,402
Value Added Tax receivable	1,196	3,031
Other	1,675	1,474
Total	$ 7,964	$ 9,907

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accounting policies of the Company are set forth in Note 2 to the consolidated financial statements contained in the Annual Report, except as discussed below related to newly adopted accounting pronouncements. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue, income and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the unaudited condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM"), the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM approves key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts and approves the Company's consolidated operating budget. The Company views its operations and manages its business as one operating segment, the research and development of vaccines and immunotherapies. As the Company operates in one operating segment, all required financial segment information can be found in these condensed consolidated financial statements. Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition period related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. We have reviewed all recently issued standards and have determined that such standards will not have a material impact on our condensed consolidated financial statements or do not otherwise apply to our current operations.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue, income and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the unaudited condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Segment information	Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM"), the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM approves key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts and approves the Company's consolidated operating budget. The Company views its operations and manages its business as one operating segment, the research and development of vaccines and immunotherapies. As the Company operates in one operating segment, all required financial segment information can be found in these condensed consolidated financial statements.
Recently issued accounting pronouncements	Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition period related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. We have reviewed all recently issued standards and have determined that such standards will not have a material impact on our condensed consolidated financial statements or do not otherwise apply to our current operations.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	1,627,958	1,987,289
Weighted-average grant date fair value of options granted (in usd per share)	$ 2.90	$ 2.01
Weighted average exercise price of options granted (in usd per share)	$ 3.67	$ 2.53
Options forfeited (in shares)	70,946	57,970
Options outstanding (in shares)	7,645,076	6,807,859
Weighted average exercise price of options outstanding (in usd per share)	$ 6.20	$ 9.69
Unrecognized compensation cost related to options	$ 6.2
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period over which unrecognized compensation cost is expected to be recognized	1 year 10 months 24 days
Barinthus Biotherapeutics plc Share Award Plan 2021 \| Restricted share units, options, share appreciation rights and restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of issued and outstanding ordinary shares available for issuance under the Plan	4.00%

Goodwill (Details) $ in Millions	3 Months Ended
Goodwill (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0.0

Intangible Assets, Net	3 Months Ended
Intangible Assets, Net	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net The gross amount of amortizable intangible assets, consisting of acquired developed technology, was $31.6 million as of March 31, 2024 and December 31 2023, respectively, and accumulated amortization was $7.3 million and $6.5 million as of March 31, 2024 and December 31, 2023, respectively. The amortization expense for the three months ended March 31, 2024 was $0.8 million (three months ended March 31, 2023: $0.8 million). The estimated annual amortization expense is $3.2 million for the years 2024 through to 2031.

Grant Income - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 20, 2023	Mar. 31, 2024	Mar. 31, 2023
Deferred Income [Line Items]
Cash payments received		$ 1,629	$ 0
Other income recognized related to the Funding Agreement		205	$ 0
Coalition for Epidemic Preparedness Innovations
Deferred Income [Line Items]
Maximum funding amount	$ 34,800
Maximum royalty payment period	10 years
Cash payments received		1,600
Other income recognized related to the Funding Agreement		200
Restricted cash		$ 1,400

Related Party Transactions (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Amounts owed to other party

$ 1,162

$ 1,601

Total revenue

$ 468

License revenue

Total revenue

^[1]

468

Total revenue

500

Oxford University Innovation Limited | Related Parties

Amounts owed to other party

Amounts owned from other party

$ 0

Oxford University Innovation Limited | Related Parties | License revenue

Total revenue

500

Oxford University Innovation Limited | Expenses

Amounts of related party transactions

$ 200

$ 100

[1]	Includes license revenue from related parties for the three months ended March 31, 2024 and 2023 of nil and $0.5 million, respectively.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Ordinary Shares (Details)			3 Months Ended
Ordinary Shares (Details)	Nov. 06, 2023 GBP (£)	Apr. 21, 2021	Mar. 31, 2024 vote
Subsidiary, Sale of Stock [Line Items]
Number of votes per common share (in votes) \| vote			1
Percentage of ordinary shares present to exercise preemptive rights			75.00%
Maximum period to exercise preemptive rights			5 years
Maximum aggregate nominal amount of shares authorized to be allotted free from pre-emption rights \| £	£ 1,928
IPO
Subsidiary, Sale of Stock [Line Items]
Maximum period to exercise preemptive rights	5 years	5 years	5 years

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of weighted-average assumptions of fair value stock option issued to employees

The fair value of each stock option issued to employees was estimated at the date of grant using the Black-Scholes model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2024		2023
Expected volatility	108.8	%	97.4	%
Expected term (years)	6.0		6.0
Risk-free interest rate	4.0	%	3.6	%
Expected dividend yield	—	%	—	%

Schedule of share based compensation expense

Share based compensation expense is classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Research and development		$	712	$	1,119
General and administrative		903		1,103
Total		$	1,615	$	2,222

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets (in thousands):


	March 31, 2024		December 31, 2023
Prepayments and accrued income	$	5,093	$	5,402
Value Added Tax receivable	1,196		3,031
Other	1,675		1,474
Total	$	7,964	$	9,907

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Total stockholders’ equity attributable to Barinthus Biotherapeutics plc stockholders

Ordinary Shares

Additional Paid-in-Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Non-Controlling Interest

Deferred A Shares

Deferred Shares

Deferred B Shares

Deferred Shares

Deferred C Shares

Deferred Shares

Beginning balance (in shares) at Dec. 31, 2022

37,683,531

63,443

570,987

27,828,231

Beginning balance at Dec. 31, 2022

$ 243,201

$ 242,896

$ 1

$ 379,504

$ (103,243)

$ (33,460)

$ 305

$ 86

$ 8

$ 0

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share based compensation

2,222

Issue of ordinary shares, net of issuance cost (in shares)

673,494

Issue of ordinary shares, net of issuance costs

1,789

$ 0

^[1]

1,789

Foreign currency translation adjustments

4,580

4,574

Cancellation of deferred shares (in shares)

(570,987)

(27,828,231)

Cancellation of deferred shares

$ (8)

$ 0

^[1]

Net loss

(18,223)

(18,180)

(43)

Ending balance (in shares) at Mar. 31, 2023

38,357,025

63,443

Ending balance at Mar. 31, 2023

233,569

233,301

$ 1

383,523

(121,423)

(28,886)

268

$ 86

$ 0

Beginning balance (in shares) at Dec. 31, 2023

38,643,540

63,443

Beginning balance at Dec. 31, 2023

186,995

186,784

$ 1

386,602

(176,590)

(23,315)

211

$ 86

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share based compensation

1,615

Issue of ordinary shares, net of issuance cost (in shares)

309,416

Issue of ordinary shares, net of issuance costs

503

$ 0

^[1]

503

Foreign currency translation adjustments

(1,577)

(1,580)

Net loss

(15,520)

(15,489)

(31)

Ending balance (in shares) at Mar. 31, 2024

38,952,956

63,443

Ending balance at Mar. 31, 2024

$ 172,016

$ 171,833

$ 1

$ 388,720

$ (192,079)

$ (24,895)

$ 183

$ 86

[1]	Indicates amount less than one thousand

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities (in thousands):


	March 31, 2024		December 31, 2023
Accrued manufacturing and clinical expenses	$	4,437	$	4,003
Accrued bonus	660		2,412
Accrued payroll and employee benefits	1,152		789
Accrued professional fees	1,048		942
Accrued other	1,033		1,066
Total	$	8,330	$	9,212

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1

Foreign Currency Translation in General and Administrative Expenses	3 Months Ended
	Mar. 31, 2024
Foreign Currency [Abstract]
Foreign Currency Translation in General and Administrative Expenses	Foreign Currency Translation in General and Administrative Expenses The aggregate, net foreign exchange gain or loss recognized in general and administrative expenses for the three months ended March 31, 2024, was a gain of $1.2 million (three months ended March 31, 2023: $3.5 million loss).

- Definition

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

+ References + Details

Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Intangible Assets, net
Amortization expense for intangible assets	$ 0.8	$ 0.8
Estimated annual amortization expense for 2024	3.2
Estimated annual amortization expense for 2025	3.2
Estimated annual amortization expense for 2026	3.2
Estimated annual amortization expense for 2027	3.2
Estimated annual amortization expense for 2028	3.2
Estimated annual amortization expense for 2029	3.2
Estimated annual amortization expense for 2030	3.2
Estimated annual amortization expense for 2031	3.2
Developed technology
Intangible Assets, net
Gross amount of amortizable intangible assets	31.6		$ 31.6
Accumulated amortization for amortizable intangible assets	$ 7.3		$ 6.5

Deferred Shares (Details) - GBP (£) £ / shares in Units, £ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 29, 2023
Deferred A Shares
Deferred shares [Line items]
Ordinary shares, liquidation preference	£ 1.0
Deferred shares, nominal value (in gbp per share)	£ 1	£ 1	£ 1.00
Deferred B Shares
Deferred shares [Line items]
Deferred shares, nominal value (in gbp per share)			0.01
Deferred C Shares
Deferred shares [Line items]
Deferred shares, nominal value (in gbp per share)			£ 0.00000736245954692556

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

In-License Agreements

The Company is party to a number of licensing agreements, most of which are with related parties. These agreements serve to provide the Company with the right to develop and exploit the counterparties’ intellectual property for certain medical indications. As part of execution of these arrangements, the Company paid certain upfront fees, which have been expensed as incurred because the developing technology has not yet reached technical feasibility, the lack of alternative use, and the lack of proof of potential value. The agreements cover a variety of fields, including influenza, cancer, human papillomavirus infection, (“HPV”), hepatitis B virus (“HBV”) and MERS. The Company’s obligations for future payments under these arrangements are dependent on its ability to develop promising drug candidates, the potential market for these candidates and potential competing products, and the payment mechanisms in place in countries where the Company retains the right to sell. Each agreement provides for specific milestone payments, typically triggered by achievement of certain testing phases in human candidates, and future royalties ranging from 1 to 5% for direct sales of a covered product to 3 to 7% of net payments received for allowable sublicenses of technology developed by the Company. The obligation to make these payments is contingent upon the Company’s ability to develop candidates for submission for phased testing and approvals, and for the development of markets for the products developed by the Company. The Company has not made or accrued any material payments under these license agreements during the three month periods ended March 31, 2024 and 2023.

Leases

The Company leases certain laboratory and office space under operating leases, which are described below.

The Harwell Science and Innovation Campus, Oxfordshire

On September 3, 2021, the Company entered into a lease agreement for the lease of approximately 31,000 square feet in Harwell, Oxfordshire which expires in September 2031. The property is the Company’s corporate headquarters. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date, being the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The Company has provided the lessor with a refundable security deposit of $0.7 million which is included in Other assets.

Germantown, Maryland

On June 14, 2022, the Company entered into a lease agreement for the lease of approximately 19,700 square feet in Germantown, Maryland. The site will house the Company’s, state-of-the-art wet laboratory in the United States of America. The lease expires on February 28, 2034, with the Company having a single right to extend for an additional five years on the same terms and conditions other than for the base rent. The Company has a rent-free period up to February 29, 2024, and is entitled to up to $3.5 million for leasehold improvements to the premises desired by the Company. The Company has provided the lessor with a refundable security deposit of $0.2 million which is included in Other assets.

The Company recorded a right-of-use asset and a lease liability on the effective date of the lease term. The Company’s right-of-use asset and lease liability are as follows (in thousands):


	March 31, 2024		December 31, 2023
Right-of-use asset	$	7,408	$	7,581
Lease liability, current	1,909		1,785
Lease liability, non-current	10,897		11,191


	Three months ended March 31,
	2024			2023
Other information
Operating cash flows from operating leases	$	346		$	220
Weighted average remaining lease term (years)	8.71			9.71
Weighted average discount rate	7.5		%	7.6		%


	Three months ended March 31,
		2024		2023
Lease Cost
Short-term lease costs		$	—	$	152
Fixed lease costs		359		279
Total lease cost		$	359	$	431

Future annual minimum lease payments under operating leases as of March 31, 2024, were as follows (in thousands):


Remainder of 2024	$	1,430
2025	1,926
2026	1,951
2027	1,975
2028	2,001
Thereafter	7,974
Total minimum lease payments	$	17,257
Less: imputed interest	(4,451)
Total lease liability	$	12,806

Other contingencies

As of the date of this Quarterly Report on Form 10-Q, we do not believe we are party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business. However, from time to time, we could be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Regardless of the outcome, legal proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and restricted cash	$ 129,971	$ 142,090	$ 191,328	$ 194,385
Accumulated deficit	$ 192,079	$ 176,590

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Property and Equipment, Net	3 Months Ended
Property and Equipment, Net	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net During the three months ended March 31, 2024, the Company’s additions to property and equipment, net were $0.4 million which primarily related to an increase in leasehold improvements from the Company’s U.S. office in Germantown, Maryland (three months ended March 31, 2023: $4.8 million). Depreciation expense for the three months ended March 31, 2024 was $0.6 million (three months ended March 31, 2023: $0.4 million, respectively).

Grant Income - Changes in deferred income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Income [Roll Forward]
Beginning balance	$ 0	$ 0
Cash payments received	1,629	0
Other income recognized related to the Funding Agreement	(205)	0
Foreign exchange translation	10	0
Ending balance	$ 1,434	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Total revenue

$ 0

$ 468

Operating expenses

Research and development

11,125

9,814

General and administrative

5,994

12,138

Total operating expenses

17,119

21,952

Other operating income

205

Loss from operations

(16,914)

(21,484)

Other income/(expense):

Interest income

775

1,588

Interest expense

(12)

Research and development incentives

594

1,157

Total other income, net

1,357

2,745

Loss before income tax

(15,557)

(18,739)

Tax benefit

516

Net loss

(15,520)

(18,223)

Net loss attributable to noncontrolling interest

Net loss attributable to Barinthus Biotherapeutics plc shareholders

$ (15,489)

$ (18,180)

Weighted-average ordinary shares outstanding, basic (in shares)

38,773,482

38,013,399

Weighted-average ordinary shares outstanding, diluted (in shares)

38,773,482

38,013,399

Net loss per share attributable to ordinary shareholders, basic (in usd per share)

$ (0.40)

$ (0.48)

Net loss per share attributable to ordinary shareholders, diluted (in usd per share)

$ (0.40)

$ (0.48)

Net loss

$ (15,520)

$ (18,223)

Other comprehensive (loss)/gain – foreign currency translation adjustments

(1,577)

4,580

Comprehensive loss

(17,097)

(13,643)

Comprehensive loss attributable to noncontrolling interest

Comprehensive loss attributable to Barinthus Biotherapeutics plc shareholders

(17,069)

(13,606)

License revenue

Total revenue

^[1]

$ 0

$ 468

[1]	Includes license revenue from related parties for the three months ended March 31, 2024 and 2023 of nil and $0.5 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (15,489)	$ (18,180)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

During the three month period ended March 31, 2024, in accordance with the terms of the Annual Increase of the Barinthus Biotherapeutics plc Award Plan 2021 (the “Plan”), the total number of ordinary shares available for issuance under the Plan increased by 4% of the Company’s issued and outstanding ordinary shares as of January 1, 2023.

For the three months ended March 31, 2024, the Company granted 1,627,958 options to employees and directors with a weighted average grant date fair value of $2.90 and a weighted average exercise price of $3.67 per share (March 31, 2023: granted 1,987,289 options, weighted average grant date fair value of $2.01 and a weighted average exercise price of $2.53 per share). For the three months ended March 31, 2024, 70,946 options (March 31, 2023: 57,970 ) were forfeited.

The fair value of each stock option issued to employees was estimated at the date of grant using the Black-Scholes model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2024		2023
Expected volatility	108.8	%	97.4	%
Expected term (years)	6.0		6.0
Risk-free interest rate	4.0	%	3.6	%
Expected dividend yield	—	%	—	%

As of March 31, 2024, 7,645,076 options with a weighted average exercise price of $6.20 were outstanding. As of March 31, 2024, there was $6.2 million unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.9 years. As of March 31, 2023, 6,807,859 options with a weighted average exercise price of $9.69 were outstanding.

Share based compensation expense is classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
		2024		2023
Research and development		$	712	$	1,119
General and administrative		903		1,103
Total		$	1,615	$	2,222

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued manufacturing and clinical expenses	$ 4,437	$ 4,003
Accrued bonus	660	2,412
Accrued payroll and employee benefits	1,152	789
Accrued professional fees	1,048	942
Accrued other	1,033	1,066
Total	$ 8,330	$ 9,212

Net Loss Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (15,520)	$ (18,223)
Net loss attributable to noncontrolling interest	31	43
Net loss attributable to Barinthus Biotherapeutics plc shareholders	$ (15,489)	$ (18,180)
Denominator:
Weighted-average ordinary shares outstanding, basic (in shares)	38,773,482	38,013,399
Weighted-average ordinary shares outstanding, diluted (in shares)	38,773,482	38,013,399
Net loss per share attributable to ordinary shareholders, basic (in usd per share)	$ (0.40)	$ (0.48)
Net loss per share attributable to ordinary shareholders, diluted (in usd per share)	$ (0.40)	$ (0.48)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Amount of Net Income (Loss) attributable to noncontrolling interest.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share for the three months ended March 31, 2024, and 2023 (in thousands, except number of shares):


	Three months ended March 31,
		2024		2023
Numerator:
Net loss		$	(15,520)	$	(18,223)
Net loss attributable to noncontrolling interest		31		43
Net loss attributable to Barinthus Biotherapeutics plc shareholders		$	(15,489)	$	(18,180)
Denominator:
Weighted-average ordinary shares outstanding, basic		38,773,482		38,013,399

Weighted-average ordinary shares outstanding, diluted		38,773,482		38,013,399
Net loss per share attributable to ordinary shareholders, basic		$	(0.40)	$	(0.48)
Net loss per share attributable to ordinary shareholders, diluted		$	(0.40)	$	(0.48)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential ordinary share equivalents outstanding would have been anti-dilutive. As of March 31, 2024, 7,645,076 potential ordinary shares issuable for stock options were excluded from the computation of diluted weighted-average shares outstanding because including them would have had an anti-dilutive effect (March 31, 2023: 6,807,859).

Grant Income (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of changes in deferred income

Changes in the deferred income during the three months ended March 31, 2024 and 2023, are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Beginning balance	$	—	$	—
Cash payments received	1,629		—
Other income recognized related to the Funding Agreement	(205)		—
Foreign exchange translation	10		—
Ending balance	$	1,434	$	—

Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

The Company’s financial instruments consist of cash, cash equivalents and restricted cash, accounts receivable, accounts payable, certain accrued expenses, and contingent consideration. The carrying amounts of cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued expenses approximated their respective fair value due to the short-term nature and maturity of these instruments.

As of March 31, 2024, the Company had a contingent consideration liability of $1.9 million related to the acquisition of Avidea Technologies, Inc. The fair value of the contingent consideration is a Level 3 valuation with the significant unobservable inputs being the probability of success of achievement of the milestones and the expected date of the milestone achievement. Significant judgment is employed in determining the appropriateness of certain of these inputs.

The following table summarizes changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in thousands):


	Three Months Ended March 31,
		2024		2023
Beginning balance		$	1,823	$	1,711

Change in fair value recognized in net loss/(gain)		60		(38)

Foreign exchange translation recognized in other comprehensive loss		(16)		37
Ending balance		$	1,867	$	1,710

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash, cash equivalents and restricted cash	$ 129,971	$ 142,090
Research and development incentives receivable	5,196	4,908
Prepaid expenses and other current assets	7,964	9,907
Total current assets	143,131	156,905
Goodwill	12,209	12,209
Property and equipment, net	11,532	11,821
Intangible assets, net	24,317	25,108
Right of use assets, net	7,408	7,581
Other assets	885	882
Total assets	199,482	214,506
Current liabilities:
Accounts payable	1,162	1,601
Accrued expenses and other current liabilities	8,330	9,212
Deferred income	1,434	0
Operating lease liability - current	1,909	1,785
Total current liabilities	12,835	12,598
Non-Current liabilities:
Operating lease liability - non-current	10,897	11,191
Contingent consideration	1,867	1,823
Other non-current liabilities	1,330	1,325
Deferred tax liability, net	537	574
Total liabilities	27,466	27,511
Commitments and contingencies (Note 15)
Stockholders’ equity:
Ordinary shares, £0.000025 nominal value; 38,952,956 shares authorized, issued and outstanding (December 31, 2023: authorized, issued and outstanding:38,643,540)	1	1
Additional paid-in capital	388,720	386,602
Accumulated deficit	(192,079)	(176,590)
Accumulated other comprehensive loss – foreign currency translation adjustments	(24,895)	(23,315)
Total stockholders’ equity attributable to Barinthus Biotherapeutics plc shareholders	171,833	186,784
Noncontrolling interest	183	211
Total stockholders’ equity	172,016	186,995
Total liabilities and stockholders’ equity	199,482	214,506
Deferred A shares
Stockholders’ equity:
Deferred A shares, £1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2023: authorized, issued and outstanding: 63,443)	$ 86	$ 86

Goodwill	3 Months Ended
Goodwill	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The Company identified qualitative indicators of impairment due to a sustained decline in the price of the Company’s American Depositary Shares, whereby the market capitalization continues to be below the value of the net assets of the Company. Therefore, the Company performed an interim qualitative assessment as of March 31, 2024 to determine whether it was more likely than not that the fair value of the reporting unit is less than its carrying amount. Based on this assessment, management determined it is not more likely than not that the fair value of the reporting unit is less than its carrying amount and hence no impairment loss has been recognized.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue recognized	$ 0	$ 468
Related Parties
Revenue recognized	$ 0	$ 500
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	License revenue	License revenue

- Definition

+ References

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 08, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40367
Entity Registrant Name	BARINTHUS BIOTHERAPEUTICS PLC
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Unit 6-10, Zeus Building
Entity Address, Address Line Two	Rutherford Avenue
Entity Address, City or Town	Harwell, Didcot
Entity Address, Country	GB
Entity Address, Postal Zip Code	OX11 0DF
City Area Code	+44 (0)
Local Phone Number	1865 818 808
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,033,158
Entity Central Index Key	0001828185
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
American Depositary Shares
Document Information
Title of 12(b) Security	American Depositary Shares
Trading Symbol	BRNS
Security Exchange Name	NASDAQ
Ordinary shares
Document Information
Title of 12(b) Security	Ordinary shares, nominal value £0.000025 per share

Commitments and Contingencies - Maturities of minimum lease liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 1,430
2025	1,926
2026	1,951
2027	1,975
2028	2,001
Thereafter	7,974
Total minimum lease payments	17,257
Less: imputed interest	(4,451)
Total lease liability	$ 12,806

Fair Value - Change in Financial Instruments Classified within Level 3 (Details) - Contingent Consideration Liability - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,823	$ 1,711
Change in fair value recognized in net loss/(gain)	60	(38)
Foreign exchange translation recognized in other comprehensive loss	(16)	37
Ending balance	$ 1,867	$ 1,710

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid Expenses and Other Current Assets (in thousands):


	March 31, 2024		December 31, 2023
Prepayments and accrued income	$	5,093	$	5,402
Value Added Tax receivable	1,196		3,031
Other	1,675		1,474
Total	$	7,964	$	9,907

Share-Based Compensation - Share based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 1,615	$ 2,222
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	712	1,119
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 903	$ 1,103

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value - Additional information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Avidea
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability	$ 1.9

Deferred Shares	3 Months Ended
Deferred Shares	Mar. 31, 2024
Equity [Abstract]
Deferred Shares	Deferred Shares All deferred shares rank pari passu as a single class. The deferred shares do not have rights to dividends or to any other right of participation in the profits of the Company. On a return of assets on liquidation, the deferred shares shall confer on the holders thereof an entitlement to receive out of the assets of the Company available for distribution amongst the shareholders (subject to the rights of any new class of shares with preferred rights) the amount credited as paid up on the deferred shares held by them respectively after (but only after) payment shall have been made to the holders of the ordinary shares of the amounts paid up or credited as paid up on such shares and the sum of £1.0 million in respect of each ordinary share held by them respectively. The deferred shares shall confer on the holders thereof no further right to participate in the assets of the Company. On March 29, 2023, all deferred B shares (nominal value of £0.01 each) and deferred C shares (nominal value of £0.00000736245954692556 each) previously in issue were transferred back to the Company and subsequently cancelled. These deferred shares had previously been issued to certain pre-IPO shareholders in connection with the implementation of certain stages of the Company’s pre-IPO share capital reorganization. The Company received shareholder approval on April 21, 2021 (pursuant to the shareholder resolutions passed on that date) in order to effect the transfer back and cancellation of the deferred shares for nil consideration in accordance with sections 659 and 662 of the Companies Act 2006. The Company’s deferred A shares with a nominal value of £1.00 each remain in issue for the purposes of satisfying the minimum share capital requirements for a public limited company as prescribed by the Companies Act 2006.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the three months ended March 31, 2024, the Company incurred expenses of $0.2 million (three months ended March 31, 2023: $0.1 million) from Oxford University Innovation Limited which is a wholly owned subsidiary of the Company’s shareholder, the University of Oxford. As of March 31, 2024, the Company owed $0.01 million (December 31, 2023: $0.002 million) to Oxford University Innovation Limited. During the three months ended March 31, 2024, the Company recognized license revenue of nil (three months ended March 31, 2023: $0.5 million), from Oxford University Innovation Limited. As of March 31, 2024, the Company was owed nil (December 31, 2023: nil) from Oxford University Innovation Limited.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of right-of-use assets, lease liabilities and other information

The Company’s right-of-use asset and lease liability are as follows (in thousands):


	March 31, 2024		December 31, 2023
Right-of-use asset	$	7,408	$	7,581
Lease liability, current	1,909		1,785
Lease liability, non-current	10,897		11,191


	Three months ended March 31,
	2024			2023
Other information
Operating cash flows from operating leases	$	346		$	220
Weighted average remaining lease term (years)	8.71			9.71
Weighted average discount rate	7.5		%	7.6		%

Schedule of lease cost


	Three months ended March 31,
		2024		2023
Lease Cost
Short-term lease costs		$	—	$	152
Fixed lease costs		359		279
Total lease cost		$	359	$	431

Schedule of maturities of minimum lease liabilities

Future annual minimum lease payments under operating leases as of March 31, 2024, were as follows (in thousands):


Remainder of 2024	$	1,430
2025	1,926
2026	1,951
2027	1,975
2028	2,001
Thereafter	7,974
Total minimum lease payments	$	17,257
Less: imputed interest	(4,451)
Total lease liability	$	12,806

Commitments and Contingencies - Right-of-use Assets, Lease Liabilities and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Right-of-use asset	$ 7,408		$ 7,581
Lease liability, current	1,909		1,785
Lease liability, non-current	10,897		$ 11,191
Other information
Operating cash flows from operating leases	$ 346	$ 220
Weighted average remaining lease term (years)	8 years 8 months 15 days	9 years 8 months 15 days
Weighted average discount rate	7.50%	7.60%

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net loss per share

The following table sets forth the computation of basic and diluted net loss per share for the three months ended March 31, 2024, and 2023 (in thousands, except number of shares):


	Three months ended March 31,
		2024		2023
Numerator:
Net loss		$	(15,520)	$	(18,223)
Net loss attributable to noncontrolling interest		31		43
Net loss attributable to Barinthus Biotherapeutics plc shareholders		$	(15,489)	$	(18,180)
Denominator:
Weighted-average ordinary shares outstanding, basic		38,773,482		38,013,399

Weighted-average ordinary shares outstanding, diluted		38,773,482		38,013,399
Net loss per share attributable to ordinary shareholders, basic		$	(0.40)	$	(0.48)
Net loss per share attributable to ordinary shareholders, diluted		$	(0.40)	$	(0.48)

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Short-term lease costs	$ 0	$ 152
Fixed lease costs	359	279
Total lease cost	$ 359	$ 431

Ordinary Shares	3 Months Ended
Ordinary Shares	Mar. 31, 2024
Equity [Abstract]
Ordinary Shares	Ordinary Shares All ordinary shares rank pari passu as a single class. The following is a summary of the rights and privileges of the holders of ordinary shares as of March 31, 2024: Liquidation preference: in the event of the liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to holders of the ordinary shares shall be distributed amongst all holders of the ordinary shares in proportion to the number of shares held irrespective of the amount paid or credited as paid on any share. Dividends: The Company may, subject to the provisions of the Companies Act 2006 and our Articles, by ordinary resolution from time to time declare dividends to be paid to shareholders not exceeding the amount recommended by the Company’s board of directors. Subject to the provisions of the Companies Act 2006, in so far as, in the board of directors’ opinions, the Company’s profits justify such payments, the board of directors may pay interim dividends on the Company’s ordinary shares. Voting Rights: Each holder of ordinary shares has the right to receive notice of, and to vote at, the Company’s general meetings. Each holder of ordinary shares who is present (in person or by proxy) at a general meeting on a show of hands has one vote and, on a poll, every such holder who is present (in person or by proxy) has one vote in respect of each share of which they are the holder. Preemption rights: Pursuant to section 561 of the Companies Act 2006, shareholders are granted preemptive rights when new shares are issued for cash. However, it is possible for our Articles, or shareholders at a general meeting representing at least 75% of our ordinary shares present (in person or by proxy) and eligible to vote at that general meeting, to disapply these preemptive rights by passing a special resolution. Such a disapplication of preemption rights may be for a maximum period of up to five years from the date on which the shareholder resolution was passed. In either case, this disapplication would need to be renewed by our shareholders upon its expiration (i.e., at least every five years) to remain effective. On April 21, 2021, our shareholders approved the disapplication of preemptive rights for a period of five years from the date of approval by way of a special resolution of our shareholders. This included the disapplication of preemption rights in relation to the allotment of our ordinary shares in connection with the IPO. This disapplication will need to be renewed upon expiration (i.e., at least every five years) to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period). On November 6, 2023, we held a general meeting where our shareholders approved resolutions granting our board of directors or any duly authorized committee of the board of directors the authority to allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company free from pre-emption rights. Pursuant to such approval, our board of directors was authorized to allot shares up to an aggregate nominal amount of £1,928 free from statutory pre-emption rights. The granting of this authority and the corresponding disapplication of preemptive rights was in addition to all subsisting authorities. This disapplication will need to be renewed upon expiration (i.e., at least every five years) to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Foreign Currency Translation in General and Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Currency [Abstract]
Net foreign exchange gain (loss)	$ 1.2	$ (3.5)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - £ / shares	Mar. 31, 2024	Dec. 31, 2023
Ordinary shares, nominal value (in gbp per share)	£ 0.000025	£ 0.000025
Ordinary shares, authorized (in shares)	38,952,956	38,643,540
Ordinary shares, issued (in shares)	38,952,956	38,643,540
Ordinary shares, outstanding (in shares)	38,952,956	38,643,540
Deferred A shares
Deferred shares, nominal value (in gbp per share)	£ 1	£ 1
Deferred shares, authorized (in shares)	63,443	63,443
Deferred shares, issued (in shares)	63,443	63,443
Deferred shares, outstanding (in shares)	63,443	63,443

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$ (15,520)

$ (18,223)

Adjustments to reconcile net (loss)/income to net cash used in operating activities:

Share based compensation

1,615

2,222

Depreciation and amortization

1,430

1,221

Non-cash lease expenses

359

279

Unrealized foreign exchange (gain)/loss

(1,026)

3,504

Change in contingent consideration

Non cash interest expense

Deferred tax benefit

(37)

(516)

Changes in operating assets and liabilities:

Accounts receivable (including related parties)

4,961

Prepaid expenses and other current assets

1,875

4,090

Research and development incentives receivable

(331)

2,102

Accounts payable

(524)

(1,707)

Accrued expenses and other current liabilities

(823)

(1,315)

Deferred income

1,434

Operating lease liabilities

(346)

Other assets

123

Net cash used in operating activities

(11,822)

(3,174)

Net cash used in operating activities

Purchases of property and equipment

(308)

(2,507)

Net cash used in investing activities

(308)

(2,507)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issue of ordinary shares, net of issuance costs

503

1,789

Issue of shares from the exercise of stock options

^[1]

Payment of contingent consideration

(100)

Net cash provided by financing activities

503

1,689

Effect of exchange rates on cash, cash equivalents and restricted cash

(492)

935

Net decrease in cash, cash equivalents and restricted cash

(12,119)

(3,057)

Cash, cash equivalents and restricted cash, beginning of the period

142,090

194,385

Cash, cash equivalents and restricted cash, end of the period

129,971

191,328

Supplemental cash flow disclosures:

Cash paid for interest

^[1]

Cash paid for income taxes

^[1]

Non-Cash investing and financing activities

Issue of ordinary shares

^[1]

Purchases of property and equipment included in accounts payable and accrued liabilities

2,247

Asset retirement obligation

282

Changes to right-of-use asset resulting from lease reassessment event

$ 0

$ 4

[1]	Indicates amounts less than one thousand

Grant Income

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Grant Income

Coalition for Epidemic Preparedness Innovations (“CEPI”) Funding Agreement

On December 20, 2023, Barinthus Biotherapeutics (UK) Limited (the “Company”), the Chancellors, Masters and Scholars of the University of Oxford (“Oxford,” together with the Company, the “Partners”) and the Coalition for Epidemic Preparedness Innovations (“CEPI”) entered into a Funding Agreement (the “Funding Agreement”) pursuant to which CEPI will provide funding of up to $34.8 million to the Company to advance the development of VTP-500, the Company’s vaccine candidate against Middle East Respiratory Syndrome (“MERS,” and such development activities, the “Project”). In December 2023, VTP-500 received PRIME (PRIority MEdicines) designation by the European Medicines Agency.

Pursuant to the Funding Agreement, the Company has agreed to pay CEPI on a country-by-country basis increasing mid-single digit percentage royalties of net sales and net income with respect to future cash sales of VTP-500, less certain deductions, for a period starting on December 20, 2023 (“Effective Date”) and ending the later of: (i) the expiration of the last valid patent claim included in intellectual property developed under the Project covering VTP-500 in such country, (ii) the expiration of Regulatory Exclusivity (as defined in the Funding Agreement) for VTP-500 in such country, and (iii) the tenth (10th) anniversary of the first commercial sale of VTP-500 (the “Royalty Term”). The Company shall also pay CEPI a mid-double digit percentage of net revenue earned on VTP-500 until CEPI has received payments from the Company under the Funding Agreement equaling the total amount of funding paid by CEPI to the Company and a low double-digit percentage of such net revenue thereafter. Sales for the benefit of end users in specified low and middle income countries (“LMICs”) and upper and middle income countries (“UMICs”) are excluded from the calculations of net sales and net revenue. Sales of product for the benefit of end users in LMICs and UMICs are subject to tiered discounted pricing requirements under the Funding Agreement. The Company is further required to pay a mid-double digit percentage of any proceeds earned on any priority review voucher related to VTP-500 during the Royalty Period.

For the period ended March 31, 2024, $1.6 million proceeds have been received and $0.2 million income has been recognized in relation to this contract. This is presented as other operating income in the Statements of Operations and Comprehensive Loss.

The Funding Agreement cash payments are restricted as to the use and management of the funds. The remaining unused amounts of the Funding Agreement cash payments of $1.4 million as at March 31, 2024 are reflected in Cash, cash equivalents and restricted cash in the condensed consolidated balance sheets until expenditures contemplated in the Funding Agreement are incurred.

Deferred income

Deferred income primarily relates to payments received from CEPI in advance of the eligible research and development expenses being incurred and are disclosed as deferred income separately in the condensed consolidated balance sheets. Deferred income is released to the condensed consolidated statement of operations and comprehensive loss in the period in which such research and development activities are actually performed in a manner that satisfies the conditions of the Funding Agreement.

Changes in the deferred income during the three months ended March 31, 2024 and 2023, are as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Beginning balance	$	—	$	—
Cash payments received	1,629		—
Other income recognized related to the Funding Agreement	(205)		—
Foreign exchange translation	10		—
Ending balance	$	1,434	$	—

Net Loss Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Shares issuable for stock options that were excluded from the computation of diluted weighted-average shares outstanding (in shares)	7,645,076	6,807,859