The firm's financial position appears increasingly vulnerable, with total assets declining from $214.5 million in 2023Q4 to $92.1 million in 2026Q1, while maintaining a debt-to-equity ratio of 0.17.
| Total Current Assets | 72.66M | 77.79M | 125.74M | 156.91M | 213.04M | 226.76M | 47.9M | 16.25M |
| Cash & Short-Term Investments | 65.86M | 70.46M | 110.66M | 142.09M | 194.38M | 214.05M | 43.27M | 11.43M |
| Cash Only | 65.86M | 70.46M | 110.66M | 142.09M | 194.38M | 214.05M | 43.27M | 11.43M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1.3M | 13M | 7.94M | 18.05M | 11.72M | 518K | 3.91M |
| Days Sales Outstanding | - | - | 316.94 | 3.61K | 147.34 | 15.96K | 39.22 | 208.38 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.81M | 6.03M | 2.08M | 1.47M | -5.28M | -3.62M | 3.04M | 0 |
| Total Non-Current Assets | 19.48M | 20.38M | 34.59M | 57.6M | 57.16M | 53.95M | 2.77M | 2.79M |
| Property, Plant & Equipment | 4.9M | 5.16M | 11.76M | 19.4M | 15.71M | 9.09M | 2.77M | 2.79M |
| Fixed Asset Turnover | 0.00x | - | 1.27x | 0.04x | 2.85x | 0.03x | 1.74x | 2.45x |
| Goodwill | 0 | 0 | 0 | 12.21M | 12.21M | 12.63M | 0 | 0 |
| Intangible Assets | 13.67M | 14.29M | 21.95M | 25.11M | 28.27M | 31.43M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 914K | 930K | 881K | 882K | 976K | 804K | 0 | 0 |
| Total Assets | 92.14M | 98.17M | 160.33M | 214.51M | 270.2M | 280.71M | 50.67M | 19.04M |
| Asset Turnover | 0.00x | - | 0.09x | 0.00x | 0.17x | 0.00x | 0.10x | 0.36x |
| Asset Growth % | -146.63% | -38.77% | -25.26% | -20.61% | -3.74% | 454.05% | 166.06% | - |
| Total Current Liabilities | 12M | 10.02M | 15.66M | 12.6M | 12.24M | 11.16M | 7.64M | 5.75M |
| Accounts Payable | 993K | 350K | 2.47M | 1.6M | 3.75M | 2.42M | 4.67M | 3.89M |
| Days Payables Outstanding | 386.14 | 21.81 | - | - | - | - | 118.4 | 47.56 |
| Short-Term Debt | 2M | 2.02M | 0 | 0 | 0 | 159K | 0 | 0 |
| Deferred Revenue (Current) | 3.24M | 1.4M | 1.74M | 0 | 0 | 182K | 0 | 269.91K |
| Other Current Liabilities | 8.69M | 6.25M | 1.77M | 6.01M | 1.93M | 1.42M | 245K | 373.89K |
| Current Ratio | 6.05x | 7.77x | 8.03x | 12.45x | 17.40x | 20.32x | 6.27x | 2.83x |
| Quick Ratio | 6.05x | 7.77x | 8.03x | 12.45x | 17.40x | 20.32x | 6.27x | 2.83x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 13.66M | 13.86M | 14.54M | 14.91M | 14.76M | 17M | 46.17M | 35.37M |
| Long-Term Debt | 9M | 0 | 0 | 0 | 0 | 0 | 44.7M | 0 |
| Capital Lease Obligations | 28.76M | 9.26M | 10.09M | 11.19M | 8.34M | 6.54M | 1.47M | 1.61M |
| Deferred Tax Liabilities | 882K | 254K | 438K | 574K | 3.75M | 8.08M | 0 | 0 |
| Other Non-Current Liabilities | 4.42M | 4.35M | 4.01M | 3.15M | 2.68M | 2.37M | 0 | 33.76M |
| Total Liabilities | 25.66M | 23.88M | 30.19M | 27.51M | 27M | 28.15M | 53.81M | 41.12M |
| Total Debt | 11.01M | 11.28M | 12.01M | 12.98M | 8.77M | 7.22M | 46.36M | 1.78M |
| Net Debt | -54.85M | -59.17M | -98.66M | -129.11M | -185.61M | -206.83M | 3.1M | -9.65M |
| Debt / Equity | 0.17x | 0.15x | 0.09x | 0.07x | 0.04x | 0.03x | - | - |
| Debt / EBITDA | -0.31x | - | - | - | 31.11x | - | - | - |
| Net Debt / EBITDA | 1.54x | - | - | - | -658.20x | - | - | - |
| Interest Coverage | -1808.55x | -1060.16x | -1154.23x | -2731.93x | 45.74x | -18.17x | -4.66x | -170.21x |
| Total Equity | 66.48M | 74.29M | 130.13M | 187M | 243.2M | 252.56M | -3.15M | -22.08M |
| Equity Growth % | -167.01% | -42.91% | -30.41% | -23.11% | -3.71% | 8125.48% | 85.75% | - |
| Book Value per Share | 1.63 | 1.83 | 3.31 | 4.87 | 6.37 | 6.79 | -0.40 | -2.82 |
| Total Shareholders' Equity | 66.4M | 74.21M | 130.03M | 186.78M | 242.9M | 252.13M | -3.54M | -22.45M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 330 |
| Retained Earnings | -309.63M | -304.09M | -237.66M | -176.59M | -103.24M | -108.58M | -57.72M | -37.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -18.56M | -15.73M | -25.87M | -23.32M | -33.46M | -8.49M | -1.24M | -467.36K |
| Minority Interest | 79K | 84K | 106K | 211K | 305K | 437K | 391K | 367.19K |
Clinical trial funding exhaustion
According to reported financial statements, Barinthus has seen its total assets decline from $214.5 million in 2023Q4 to $92.1 million by 2026Q1, a trend that underscores the rapid consumption of capital required to sustain clinical development in the absence of any meaningful recurring revenue streams.
The consistent contraction in total assets suggests that the company is effectively liquidating its balance sheet to fund ongoing R&D activities. Investors should monitor this trajectory, as the depletion of assets without a corresponding clinical inflection point may signal a narrowing window for strategic pivots.
Based on the most recent quarterly filings, the company's cash position has fallen to $65.9 million from a peak of $142.1 million in 2023Q4, indicating that the firm is burning through its primary liquidity buffer at a rate that warrants close scrutiny regarding future financing needs.
While the current ratio remains elevated at 6.05, this metric is heavily influenced by the remaining cash balance rather than operational efficiency. The steady decline in cash reserves suggests that the company's ability to maintain its current clinical trial pace is increasingly dependent on external capital market conditions.
As reported in financial statements, the company's accumulated deficit in retained earnings has expanded to -$309.6 million as of 2026Q1, reflecting the persistent and substantial net losses incurred while attempting to validate the proprietary ChAdOx-based T-cell redirection platform through expensive, multi-year clinical trial programs.
The deepening deficit highlights the high cost of innovation in the biotechnology sector and the lack of commercial-stage income to offset R&D outlays. This trend suggests that equity value is being continuously eroded, placing significant pressure on the company to demonstrate clinical efficacy to justify further capital raises.
Data from recent quarterly reports indicates that goodwill remains on the balance sheet at $13.7 million, a figure that may be subject to future impairment charges if the clinical programs associated with the original acquisition do not meet their primary endpoints or fail to secure commercial partnerships.
The presence of intangible assets on a balance sheet that is otherwise shrinking suggests that the company's valuation is sensitive to subjective assessments of its pipeline's future potential. Investors should be wary that any negative clinical data could trigger a write-down, further weakening the firm's equity position.
Quick answers to the most common questions about buying BRNS stock.
As of 2025, Barinthus Biotherapeutics plc (BRNS) had total assets of $98.2M including $77.8M in current assets.
Barinthus Biotherapeutics plc (BRNS) carries total debt of $11.3M, offset by $70.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Barinthus Biotherapeutics plc (BRNS) has total shareholders' equity (book value) of $74.2M ($1.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Barinthus Biotherapeutics plc (BRNS) reported a current ratio of 7.77x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.