Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -1.64, beating the estimate of USD -1.715.EBIT: As of FY2025, the actual value is USD -72.46 M.<h4>Segment Revenue</h4><ul><li>License Revenue: Barinthus Biotherapeutics plc reported nil in license revenue for the year ended December 31, 2025, which is a decrease from $14,969 thousand for the year ended December 31, 2024. This revenue was from the OUI License Agreement Amendment related to amounts owed by OUI for commercial sales of Vaxzevria. Barinthus Biotherapeutics plc does not anticipate receiving further payments for future commercial sales of Vaxzevria and, if such payments are due, does not expect to be notified in a timely manner.</li></ul><h4>Operational Metrics</h4><ul><li>Net Loss: Barinthus Biotherapeutics plc incurred net losses of - $66.5 million for the year ended December 31, 2025, compared to - $61.2 million for the year ended December 31, 2024.</li><li>Accumulated Deficit: As of December 31, 2025, the accumulated deficit was - $304.1 million, compared to - $237.7 million as of December 31, 2024.</li><li>Research and Development Expenses: These expenses decreased to $25,564 thousand for the year ended December 31, 2025, from $42,236 thousand for the year ended December 31, 2024.<ul><li>Direct R&amp;D Expenses: Totaled $14,594 thousand in 2025, down from $23,709 thousand in 2024.</li><li>VTP-1000 Celiac: Increased to $6,063 thousand in 2025 from $5,486 thousand in 2024.</li><li>Barinthus Legacy Assets: Decreased to $8,531 thousand in 2025 from $18,223 thousand in 2024, primarily due to a strategic decision to partner these programs for future development.</li><li>Indirect R&amp;D Expenses: Totaled $10,970 thousand in 2025, down from $18,527 thousand in 2024, mainly due to a reduction in personnel-related expenses.</li></ul></li><li>General and Administrative Expenses: Increased to $40,830 thousand for the year ended December 31, 2025, from $29,670 thousand for the year ended December 31, 2024.</li><li>Impairment of Intangible Assets: An impairment charge of $4,667 thousand was recorded for the year ended December 31, 2025, following an impairment triggering event related to the merger agreement with Clywedog, with no such impairment recorded in 2024.</li><li>Goodwill Impairment: No goodwill impairment was recorded in 2025, compared to $12,209 thousand for the year ended December 31, 2024.</li><li>Total Operating Expenses: Decreased to $71,061 thousand in 2025 from $84,115 thousand in 2024.</li><li>Other Operating Income: Decreased to $506 thousand in 2025 from $1,176 thousand in 2024.</li><li>Loss from Operations: Increased to - $70,555 thousand in 2025 from - $67,970 thousand in 2024.</li><li>Interest Income: Decreased to $1,957 thousand in 2025 from $2,678 thousand in 2024, primarily due to reduced interest rates and cash balances.</li><li>Interest Expense: Remained stable at - $51 thousand in 2025 compared to - $53 thousand in 2024.</li><li>Research and Development Incentives: Decreased to $2,000 thousand in 2025 from $3,983 thousand in 2024, mainly due to reduced qualifying R&amp;D activities in the U.K. and a lower recovery rate under the new merged scheme.</li></ul><h4>Cash Flow</h4><ul><li>Cash, Cash Equivalents and Restricted Cash: As of December 31, 2025, these totaled $71.9 million.</li><li>Net Cash Used in Operating Activities: Increased to - $47,979 thousand for the year ended December 31, 2025, from - $28,940 thousand for the year ended December 31, 2024.</li><li>Net Cash Provided by Investing Activities: Was $416 thousand in 2025, compared to - $892 thousand used in 2024.</li><li>Net Cash Provided by Financing Activities: Was $2 thousand in 2025, compared to $2,163 thousand in 2024.</li></ul><h4>Outlook / Guidance</h4>Barinthus Biotherapeutics plc expects to incur net operating losses for at least the next several years as it advances product candidates through clinical development, seeks regulatory approval, and prepares for commercialization, as well as continues research and development efforts. The company believes its existing cash and financial resources are sufficient to fund operations for at least the next 12 months. The merger with Clywedog is expected to close in the second quarter of 2026, creating a combined company focused on metabolic and autoimmune diseases with four clinical data milestones anticipated within 18 months of closing.

Barinthus Biotherapeutics | 10-K: FY2025 Revenue: USD 0