Barinthus Biotherapeutics PLC (NASDAQ: BRNS) is a clinical-stage biotherapeutics company that develops biologic product candidates, with no approved products generating commercial revenue as of the fiscal year ended December 31, 2025. The company has no product revenue and funds operations through equity issuances and, in the U.K., through research and development tax credits including the merged RDEC scheme at a 20% rate for qualifying expenditure in periods beginning on or after April 1, 2024. Barinthus is incorporated in the United Kingdom, lists American Depositary Shares on the Nasdaq Global Market, and conducted clinical trials in the United States and European Economic Area as of the 10-K filed March 13, 2026. Oxford Science Enterprises plc held 21.5% of ordinary shares and M&G Investment Management Limited held 12.7% as of December 31, 2025. The company carries an accumulated deficit and generated net losses in both FY2025 and FY2024 per the consolidated statements of cash flows.

Revenue model

No product revenue. The company funds operations primarily through equity issuances and U.K. R&D tax credits under the merged RDEC scheme (20% rate) and ERIS for qualifying expenditure in periods beginning on or after April 1, 2024.

Products and services

Biologic product candidates in clinical development. No products have received marketing approval as of the 10-K filed March 13, 2026. The company acquired Avidea Technologies Inc. via merger in December 2021.

Customers and end markets

No commercial customers as of FY2025. End markets upon potential approval would include pharmaceutical and biologic drug markets subject to third-party payor reimbursement, hospital formulary inclusion, and U.S. federal and state pricing regulations.

Value-chain role

Clinical-stage drug developer. The company conducts clinical trials in the U.S. and EEA/U.K., works with third-party collaborators and service providers for data processing and trial operations, and has not reached commercial manufacturing or distribution.

Geographic exposure

Primary operations in the United Kingdom. Clinical trials conducted in the United States (including California) and the European Economic Area. American Depositary Shares listed on the Nasdaq Global Market.

Source: SEC 10-K, filed 2026-03-13

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