Detailed financial statements for Barinthus Biotherapeutics plc (BRNS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Barinthus Biotherapeutics PLC is a clinical-stage biopharmaceutical company focused on developing novel immunotherapeutic drug candidates for treating autoimmune and inflammatory diseases. The company is prioritizing the development of its proprietary SNAP-TI platform, designed to promote immune tolerance, with its lead candidate VTP-1000 targeting celiac disease.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.74, BRNS has negative trailing earnings (P/E not meaningful) and an ROE of -59.18%. Market capitalisation stands at $30M.
Balance sheet quality for BRNS: current ratio of 7.8, net cash position of $59.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $6.8M | $4.8M | $268000 | $44.7M | $802000 | $15.0M | 0 |
| Cost of Revenue | $29.8M | $14.4M | 0 | 0 | 0 | 0 | $5.9M |
| Gross Profit | -$23.0M | -$9.6M | $268000 | $44.7M | $802000 | $15.0M | -$5.9M |
| Research & Development | $29.8M | $14.4M | $16.4M | $41.1M | $41.4M | $38.3M | $25.6M |
| Selling, General & Admin | $2.7M | $10.5M | $25.1M | $6.4M | $39.8M | $29.7M | $40.8M |
| Operating Expenses | $2.7M | $10.5M | $45.5M | $48.7M | $84.7M | $82.9M | $48.3M |
| Operating Income | -$25.7M | -$20.0M | -$45.2M | -$4.0M | -$83.9M | -$68.0M | -$54.2M |
| EBITDA | -$22.5M | -$16.6M | -$47.9M | $5.2M | -$71.1M | -$55.4M | -$62.9M |
| Interest Expense | $133299 | $3.6M | $2.7M | $19000 | $28000 | $53000 | $51119 |
| Pre-tax Income | -$22.7M | -$17.8M | -$51.1M | $850000 | -$76.5M | -$61.2M | -$68.8M |
| Income Tax | 0 | $95000 | -$28000 | -$4.5M | -$3.1M | -$44000 | -$2.2M |
| Net Income | -$20.7M | -$17.7M | -$50.9M | $5.3M | -$73.3M | -$61.1M | -$66.6M |
| EPS | $-436.87 | $-2.24 | $-1.37 | $0.14 | $-1.91 | $-1.55 | $-1.64 |
| EPS (Diluted) | $-436.87 | $-2.24 | $-1.37 | $0.14 | $-1.91 | $-1.55 | $-1.64 |
| Shares Outstanding (Diluted) | $7.8M | $7.9M | $37.2M | $38.2M | $38.4M | $39.3M | $40.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$907686 | -$854565 | 0 |
| Operating Income | -$15.1M | -$9.4M | -$9.1M | -$11.0M |
| EBITDA | -$13.4M | -$10.3M | -$4.8M | -$8.9M |
| Net Income | -$14.6M | -$11.1M | -$5.5M | -$10.6M |
| EPS | $-0.36 | $-0.27 | $-0.14 | $-0.26 |
| EPS (Diluted) | $-0.36 | $-0.27 | $-0.14 | $-0.26 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $11.4M | $43.3M | $214.1M | $194.4M | $142.1M | $110.7M | $70.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.9M | $518000 | $11.7M | $18.0M | $7.9M | $7.1M | $1.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $16.2M | $47.9M | $226.8M | $213.0M | $156.9M | $125.7M | $77.8M |
| Property, Plant & Equipment | $2.8M | $2.8M | $9.1M | $15.7M | $19.4M | $11.8M | $5.2M |
| Goodwill | 0 | 0 | $12.6M | $12.2M | $12.2M | 0 | 0 |
| Intangible Assets | 0 | 0 | $31.4M | $28.3M | $25.1M | $21.9M | $14.3M |
| Total Assets | $19.0M | $50.7M | $280.7M | $270.2M | $214.5M | $160.3M | $98.2M |
| Accounts Payable | $3.9M | $4.7M | $2.4M | $3.7M | $1.6M | $2.5M | $350000 |
| Short-term Debt | 0 | 0 | $159000 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $5.8M | $7.6M | $11.2M | $12.2M | $12.6M | $15.7M | $10.0M |
| Long-term Debt | 0 | $44.7M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $41.1M | $53.8M | $28.2M | $27.0M | $27.5M | $30.2M | $23.9M |
| Retained Earnings | -$37.9M | -$57.7M | -$108.6M | -$103.2M | -$176.6M | -$237.7M | -$304.1M |
| Total Equity | -$22.4M | -$3.5M | $252.1M | $242.9M | $186.8M | $130.0M | $74.2M |
| Total Debt | $1.8M | $46.4M | $7.2M | $8.8M | $13.0M | $12.0M | $11.3M |
| Net Debt | -$9.7M | $3.1M | -$206.8M | -$185.6M | -$129.1M | -$98.7M | -$59.2M |
| Working Capital | $10.5M | $40.3M | $215.6M | $200.8M | $144.3M | $110.1M | $67.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $74.3M | $70.5M | $67.2M | $59.3M |
| Total Assets | $109.2M | $98.2M | $92.1M | $81.9M |
| Total Liabilities | $24.6M | $23.9M | $25.7M | $24.8M |
| Total Equity | $84.5M | $74.2M | $66.4M | $57.1M |
| Total Debt | $11.6M | $11.3M | $11.0M | $10.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$20.8M | -$17.9M | -$51.1M | $5.3M | -$73.4M | -$61.2M | -$66.5M |
| Depreciation & Amortization | $346860 | $208000 | $602000 | $4.3M | $5.4M | $5.8M | $5.8M |
| Stock-based Compensation | 0 | $3.6M | $16.5M | $9.9M | $5.1M | $4.7M | $468000 |
| Change in Working Capital | $2.9M | $1.9M | -$7.2M | -$5.5M | $6.2M | $2.6M | -$359838 |
| Operating Cash Flow | -$18.8M | -$11.0M | -$32.6M | -$14.4M | -$50.9M | -$28.9M | -$48.0M |
| Capital Expenditure | -$128347 | -$293000 | -$1.1M | -$6.1M | -$5.4M | -$892000 | -$37000 |
| Acquisitions | $2.1M | 0 | -$11.8M | 0 | 0 | 0 | $454058 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.9M | -$11.3M | -$33.7M | -$20.6M | -$56.3M | -$29.8M | -$48.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$10.7M | -$4.2M | -$3.4M | -$8.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.7M | -$4.2M | -$3.4M | -$8.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | -$415000 | $696000 | $556000 | $433000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -29.6% | -94.4% | +16580.2% | -98.2% | +1766.5% | -100.0% |
| Net Income Growth (YoY) | | +14.6% | -187.3% | +110.5% | -1473.0% | +16.7% | -9.0% |
| EPS Growth (YoY) | | +99.5% | +38.8% | +110.2% | -1464.3% | +18.8% | -5.8% |
| Shares Change (YoY) | | +1.1% | +370.5% | +2.6% | +0.6% | +2.5% | +3.0% |
| FCF Growth (YoY) | | +40.1% | -197.9% | +39.0% | -173.9% | +47.0% | -61.0% |
| Gross Margin | -336.0% | -198.4% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin | -374.9% | -415.8% | -16873.5% | -9.0% | -10463.1% | -454.1% | |
| EBITDA Margin | -329.0% | -343.5% | -17861.9% | 11.6% | -8861.0% | -369.9% | |
| Net Margin | -302.8% | -367.3% | -18979.5% | 11.9% | -9145.5% | -408.0% | |
| FCF Margin | -275.9% | -234.8% | -12585.4% | -46.0% | -7024.7% | -199.3% | |
| Effective Tax Rate | -0.0% | -0.5% | 0.1% | -526.0% | 4.0% | 0.1% | 3.2% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2.42 | $-1.43 | $-0.91 | $-0.54 | $-1.47 | $-0.76 | $-1.18 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $7.8M | $7.9M | $37.2M | $37.2M | $38.4M | $39.3M | $40.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -59.18% |
| Return on Invested Capital | -61.15% |
| Return on Assets | -50.97% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 5.54 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -4.62 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.03 | -6.29 | -8.11 | 16.79 | -1.93 | -0.78 | -0.43 |
| P/B | -4.91 | -31.50 | 1.64 | 0.36 | 0.76 | 0.37 | 0.38 |
| P/S | 16.10 | 23.12 | 1541.68 | 1.96 | 176.61 | 3.18 | 0.00 |
| Gross Margin | -336.0% | -198.4% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% |
| Operating Margin | -374.9% | -415.8% | -16873.5% | -9.0% | -10463.1% | -454.1% | 0.0% |
| Net Margin | -302.8% | -367.3% | -18979.5% | 11.9% | -9145.5% | -408.0% | 0.0% |