Barinthus Biotherapeutics Reports $21.1 Million Net Loss for Q2 2025, Focuses on Immunology Programs

Barinthus Biotherapeutics plc reported a net loss of $21.1 million for the three months ended June 30, 2025, compared to a loss of $16.9 million for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net loss of $40.8 million, up from $32.5 million in the prior year. The increase in losses is attributed to higher general and administrative expenses, which rose to $15.4 million in Q2 2025 from $7.2 million in Q2 2024, largely due to a significant foreign exchange loss of $8.0 million. Research and development expenses decreased to $7.9 million in Q2 2025 from $11.7 million in Q2 2024, reflecting a strategic shift to prioritize immunology and inflammation (I&I) programs.

Total operating expenses for the first half of 2025 were $44.3 million, compared to $36.0 million in the same period of 2024. The company’s accumulated deficit as of June 30, 2025, stood at $278.4 million, with cash, cash equivalents, and restricted cash totaling $87.8 million. The decrease in cash from $110.7 million at the end of 2024 was primarily due to cash used in operating activities, which amounted to $33.0 million for the first half of 2025, compared to $23.8 million in the same period of 2024.

In terms of strategic developments, Barinthus is focusing on its lead candidate, VTP-1000, for celiac disease, which is currently in a Phase 1 clinical trial. The company has also deprioritized its infectious disease and oncology programs to concentrate resources on I&I indications. This strategic pivot is expected to streamline operations and enhance the potential for successful product development. The company is actively seeking partnerships to support the ongoing development of its product candidates, particularly VTP-300, which targets hepatitis B.

Operationally, Barinthus has made significant changes, including a reduction in workforce to align with its new strategic focus. The company reported a decrease in research and development personnel-related expenses, reflecting this workforce reduction. As of June 30, 2025, Barinthus had 40,348,665 ordinary shares outstanding, an increase from 40,234,663 shares at the end of 2024. The company anticipates that its existing cash resources will be sufficient to fund operations into early 2027, although it may seek additional funding through equity offerings or collaborations to support its ongoing development efforts.

Looking ahead, Barinthus expects to continue incurring losses as it advances its clinical programs and seeks regulatory approvals. The company acknowledges the inherent risks in drug development, including the need for substantial funding and the uncertainty of clinical trial outcomes. Management remains focused on executing its strategic plan while navigating the challenges of the biopharmaceutical landscape.