The company has transitioned to a pre-revenue model, with year-over-year growth metrics hitting -100% as R&D expenditures remain the primary cost driver, occasionally reaching $11.0 million per quarter.
| Sales/Revenue | 0 | 0 | 14.97M | 802K | 44.7M | 268K | 4.82M | 6.85M |
| Revenue Growth % | -100% | -100% | 1766.46% | -98.21% | 16580.22% | -94.44% | -29.57% | - |
| Cost of Goods Sold | 907.69K | 5.86M | 0 | 0 | 0 | 0 | 14.39M | 29.84M |
| COGS % of Revenue | - | - | - | - | - | - | 298.42% | 435.97% |
| Gross Profit | -907.69K | -5.86M | 14.97M | 802K | 44.7M | 268K | -9.57M | -23M |
| Gross Margin % | - | - | 100% | 100% | 100% | 100% | -198.42% | -335.97% |
| Gross Profit Growth % | - | -139.14% | 1766.46% | -98.21% | 16580.22% | 102.8% | 58.4% | - |
| Operating Expenses | 56.08M | 48.34M | 82.94M | 84.72M | 48.74M | 45.49M | 10.48M | 2.67M |
| OpEx % of Revenue | - | - | 554.07% | 10563.09% | 109.04% | 16973.51% | 217.38% | 38.97% |
| Selling, General & Admin | 30.72M | 40.83M | 29.67M | 39.84M | 6.39M | 25.12M | 10.48M | 2.67M |
| SG&A % of Revenue | - | - | 198.21% | 4967.83% | 14.3% | 9372.39% | 217.38% | 38.97% |
| Research & Development | 19.29M | 25.56M | 38.25M | 41.41M | 41.11M | 16.37M | 14.39M | 29.84M |
| R&D % of Revenue | - | - | 255.55% | 5163.72% | 91.96% | 6108.21% | 298.42% | 435.97% |
| Other Operating Expenses | 1.99M | -18.06M | 15.02M | 3.46M | 1.24M | 4M | -14.39M | -29.84M |
| Operating Income | -39.67M | -54.19M | -67.97M | -83.91M | -4.04M | -45.22M | -20.05M | -25.66M |
| Operating Margin % | - | - | -454.07% | -10463.09% | -9.04% | -16873.51% | -415.81% | -374.94% |
| Operating Income Growth % | - | 20.27% | 19% | -1976.57% | 91.06% | -125.59% | 21.89% | - |
| EBITDA | -35.56M | -48.35M | -62.17M | -78.48M | 282K | -44.62M | -19.84M | -25.5M |
| EBITDA Margin % | - | - | -415.32% | -9786.16% | 0.63% | -16648.88% | -411.49% | -372.49% |
| EBITDA Growth % | 45.5% | 22.23% | 20.79% | -27931.56% | 100.63% | -124.92% | 22.19% | - |
| D&A (Non-Cash Add-back) | 4.11M | 5.84M | 5.8M | 5.43M | 4.32M | 602K | 208K | 167.62K |
| EBIT | -45.18M | -54.19M | -61.17M | -76.49M | 869K | -48.47M | -16.77M | -22.69M |
| Net Interest Income | 1.36M | 1.91M | 2.63M | 2.85M | 3.08M | -2.67M | -3.6M | -92.93K |
| Interest Income | 1.75M | 1.96M | 2.68M | 2.88M | 3.1M | 2K | 0 | 40.37K |
| Interest Expense | 24.98K | 51.12K | 53K | 28K | 19K | 2.67M | 3.6M | 133.3K |
| Other Income/Expense | -14.99M | -14.6M | 6.74M | 7.39M | 4.89M | -5.92M | 2.21M | 2.97M |
| Pretax Income | -54.66M | -68.79M | -61.23M | -76.52M | 850K | -51.14M | -17.84M | -22.7M |
| Pretax Margin % | - | - | -409.03% | -9541.4% | 1.9% | -19082.09% | -370.01% | -331.6% |
| Income Tax | -202K | -205K | -44K | -3.08M | -4.47M | -28K | 95K | 0 |
| Effective Tax Rate % | 0.37% | 0.3% | 0.07% | 4.02% | -526% | 0.05% | -0.53% | 0% |
| Net Income | -52.31M | -66.43M | -61.07M | -73.35M | 5.34M | -50.87M | -17.71M | -20.73M |
| Net Margin % | - | - | -408% | -9145.51% | 11.95% | -18979.48% | -367.27% | -302.84% |
| Net Income Growth % | 19.81% | -8.77% | 16.73% | -1473.03% | 110.5% | -187.28% | 14.59% | - |
| Net Income (Continuing) | -52.3M | -66.43M | -61.18M | -73.45M | 5.32M | -51.11M | -17.93M | -22.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 79K | 84K | 106K | 211K | 305K | 437K | 391K | 367.19K |
| EPS (Diluted) | -1.28 | -1.64 | -1.55 | -1.91 | 0.14 | -1.37 | -2.24 | -436.87 |
| EPS Growth % | 21.34% | -5.81% | 18.85% | -1464.29% | 110.22% | 38.84% | 99.49% | - |
| EPS (Basic) | - | -1.64 | -1.55 | -1.91 | 0.14 | -1.37 | -2.24 | -436.87 |
| Diluted Shares Outstanding | 40.85M | 40.53M | 39.35M | 38.39M | 38.17M | 37.19M | 7.9M | 7.82M |
| Basic Shares Outstanding | 40.85M | 40.53M | 39.35M | 38.39M | 37.25M | 37.19M | 7.9M | 7.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As reported in financial statements, Barinthus Biotherapeutics has experienced a complete cessation of revenue, with year-over-year growth metrics hitting -100% as the firm transitions away from legacy pandemic-era royalty streams toward a purely clinical-stage model focused on its proprietary T-cell redirection platform.
The total absence of top-line revenue indicates that the company is currently devoid of commercial operations, rendering traditional growth analysis inapplicable. Investors should monitor the firm's ability to secure milestone-based licensing agreements, as the current trajectory is entirely dependent on external partnership validation rather than organic product sales.
Based on recent SEC filings, the company's cost structure is overwhelmingly dominated by research and development expenditures, which reached as high as $11.0 million in a single quarter, reflecting the heavy capital requirements of advancing the VTP-300 and VTP-200 clinical programs.
The concentration of spending in R&D highlights the firm's status as a high-burn clinical entity where expense discipline is secondary to meeting critical trial milestones. The volatility in SG&A expenses suggests that administrative overhead remains subject to the timing of corporate initiatives and potential restructuring efforts.
According to the provided income statement data, Barinthus consistently reports significant net losses, with quarterly deficits frequently exceeding $15 million, while stock-based compensation fluctuations, such as the $755,000 recorded in 2024Q4, complicate the underlying assessment of operational cash burn.
The persistent negative net income is a direct consequence of the company's pre-revenue status and high fixed-cost clinical development model. Analysts should scrutinize the impact of non-cash stock-based compensation on the overall expense profile, as these items may obscure the true cash-outflow requirements necessary to sustain operations.
Data from recent quarterly reports suggests that the company's reliance on a finite cash position of $70.5 million, coupled with a lack of recurring revenue, creates a precarious financial profile that may necessitate dilutive equity financing to support ongoing clinical development.
Short-sellers would likely focus on the lack of a clear path to self-sustainability, arguing that the current cash runway is insufficient to reach definitive clinical readouts. The absence of a commercial revenue bridge implies that the company remains highly vulnerable to sector-wide downturns in the equity capital markets.
Quick answers to the most common questions about buying BRNS stock.
For fiscal year 2025, Barinthus Biotherapeutics plc (BRNS) reported total revenue of $0.0M. This represents a 100.0% decline compared to $6.8M in 2019.
Barinthus Biotherapeutics plc (BRNS) reported a net loss of $66.4M for the fiscal year ending 2025.