$BRNS
Barinthus Biotherapeutics PLC

2022 Q2 Form 10-Q Financial Statement

#000110465922058820 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $17.06M $15.02M $268.0K
YoY Change 48651.43% 6885.12% -24.14%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin -$6.445M $3.663M $25.12M
YoY Change -152.1% 106.13% 238.44%
% of Gross Profit
Research & Development $9.720M $10.70M $20.37M
YoY Change 115.57% 132.13% 694.03%
% of Gross Profit
Depreciation & Amortization $992.0K $966.0K $321.0K
YoY Change 853.85% 950.0% 469.15%
% of Gross Profit
Operating Expenses $3.275M $14.36M $45.49M
YoY Change -80.6% 124.89% 355.47%
Operating Profit $13.24M $654.0K
YoY Change -178.57% -110.6%
Interest Expense $109.0K $74.00K $3.537M
YoY Change -97.21% -413.54%
% of Operating Profit 0.82% 11.31%
Other Income/Expense, Net $877.0K $1.057M $4.333M
YoY Change 0.57% -111.39% 1207.09%
Pretax Income $14.77M $1.711M -$51.14M
YoY Change -192.49% -111.07% 390.29%
Income Tax -$915.0K -$863.0K -$28.00K
% Of Pretax Income -6.19% -50.44%
Net Earnings $15.69M $2.596M -$50.87M
YoY Change -198.53% -117.0% 386.51%
Net Earnings / Revenue 91.97% 17.29% -18979.48%
Basic Earnings Per Share $0.42 $0.07
Diluted Earnings Per Share $411.1K $0.07 -$1.964M
COMMON SHARES
Basic Shares Outstanding 37.20M 37.19M 34.85M
Diluted Shares Outstanding 38.17M 38.35M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.3M $200.6M $214.1M
YoY Change -21.05% 28.64%
Cash & Equivalents $192.3M $200.6M $214.1M
Short-Term Investments
Other Short-Term Assets $10.62M $1.808M $995.0K
YoY Change 176916.67% -37.33% 3331.03%
Inventory
Prepaid Expenses $5.479M $4.612M
Receivables $17.05M $18.01M $20.00K
Other Receivables $6.295M $4.809M $6.934M
Total Short-Term Assets $226.3M $230.8M $226.8M
YoY Change -11.86% 41.27% 373.4%
LONG-TERM ASSETS
Property, Plant & Equipment $15.38M $4.583M $1.829M
YoY Change 1381.98% 47.79% 190.78%
Goodwill $12.63M $12.63M
YoY Change
Intangibles $30.64M $31.43M
YoY Change
Long-Term Investments
YoY Change
Other Assets $902.0K $788.0K $804.0K
YoY Change 2718.75% 3052.0%
Total Long-Term Assets $58.77M $55.34M $53.95M
YoY Change 1789.55% 1670.31% 1851.18%
TOTAL ASSETS
Total Short-Term Assets $226.3M $230.8M $226.8M
Total Long-Term Assets $58.77M $55.34M $53.95M
Total Assets $285.1M $286.1M $280.7M
YoY Change 9.71% 71.85% 454.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.475M $4.660M $2.419M
YoY Change -4.44% -3.58% -48.17%
Accrued Expenses $7.555M $11.66M $8.398M
YoY Change 107.38% 235.96%
Deferred Revenue $162.0K $182.0K
YoY Change -25.71%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $159.0K
YoY Change
Total Short-Term Liabilities $12.17M $16.48M $11.16M
YoY Change 42.41% 90.55% 46.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.82M $434.0K $8.911M
YoY Change 753.83% -69.76%
Total Long-Term Liabilities $11.82M $434.0K $8.911M
YoY Change 753.83% -69.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.17M $16.48M $11.16M
Total Long-Term Liabilities $11.82M $434.0K $8.911M
Total Liabilities $30.66M $32.99M $28.15M
YoY Change 208.8% 218.34% -47.68%
SHAREHOLDERS EQUITY
Retained Earnings -$106.0M -$108.6M
YoY Change 88.12%
Common Stock $1.000K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.4M $252.7M $252.1M
YoY Change
Total Liabilities & Shareholders Equity $285.1M $286.1M $280.7M
YoY Change 9.71% 71.85% 454.05%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $15.69M $2.596M -$50.87M
YoY Change -198.53% -117.0% 386.51%
Depreciation, Depletion And Amortization $992.0K $966.0K $321.0K
YoY Change 853.85% 950.0% 469.15%
Cash From Operating Activities -$8.393M -$6.579M -$7.972M
YoY Change -42.61% -17.44% 62.82%
INVESTING ACTIVITIES
Capital Expenditures -$2.054M $1.092M -$424.0K
YoY Change 916.83% 178.57% 117.69%
Acquisitions
YoY Change
Other Investing Activities -$11.77M
YoY Change
Cash From Investing Activities -$2.054M -$1.092M -$12.19M
YoY Change 916.83% 178.57% 6158.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -159.0K 9.000K
YoY Change -100.0% -100.13% -99.95%
NET CHANGE
Cash From Operating Activities -8.393M -6.579M -7.972M
Cash From Investing Activities -2.054M -1.092M -12.19M
Cash From Financing Activities 0.000 -159.0K 9.000K
Net Change In Cash -10.45M -13.46M -20.15M
YoY Change -111.94% -111.94% -276.95%
FREE CASH FLOW
Cash From Operating Activities -$8.393M -$6.579M -$7.972M
Capital Expenditures -$2.054M $1.092M -$424.0K
Free Cash Flow -$6.339M -$7.671M -$7.548M
YoY Change -56.05% -8.25% 60.54%

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CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-108000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-15000
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
98000
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1092000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0
CY2021Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0
CY2022Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
159000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
22000
CY2021Q1 vacc Payments Of Transaction Costs For Redeemable Convertible Preferred Stock
PaymentsOfTransactionCostsForRedeemableConvertiblePreferredStock
3402000
CY2021Q1 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
112669000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43266000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
214054000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
200596000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155935000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1844000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1365000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
67000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
36000
CY2022Q1 vacc Asset Retirement Obligations
AssetRetirementObligations
443000
CY2021Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
309
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We have experienced and expect to continue to experience disruptions as a result of the COVID-19 pandemic that could severely impact the Company’s clinical and pre-clinical development timelines for the Company’s clinical and pre-clinical programs. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. In respect of the international situation in Ukraine, we have assessed the impact on the Company as minimal. We have no operations or suppliers based in Ukraine, Belarus, or Russia, and there is consequently no additional risk or negative impact on the unaudited condensed consolidated financial statements. We have no operations or suppliers based in Turkey either, and therefore the Company is not impacted by the potential hyperinflationary environment in that country. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.</p>
CY2022Q1 us-gaap Profit Loss
ProfitLoss
2574000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-15386000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-22000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-118000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2596000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-15268000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37191022
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8057216
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1155646
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38346668
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8057216
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.070
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.90
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.068
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.90
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5479000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4612000
CY2022Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
31000
CY2021Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
705000
CY2022Q1 vacc Employee Retention And Payroll Tax Credit Current
EmployeeRetentionAndPayrollTaxCreditCurrent
80000
CY2021Q4 vacc Employee Retention And Payroll Tax Credit Current
EmployeeRetentionAndPayrollTaxCreditCurrent
150000
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1808000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
995000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7398000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6462000
CY2022Q1 vacc Accrued Manufacturing And Clinical Expenses Current
AccruedManufacturingAndClinicalExpensesCurrent
4082000
CY2021Q4 vacc Accrued Manufacturing And Clinical Expenses Current
AccruedManufacturingAndClinicalExpensesCurrent
1789000
CY2022Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
30000
CY2021Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
91000
CY2022Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
503000
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1333000
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
726000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1072000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2082000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2338000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1628000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1252000
CY2022Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2279000
CY2022Q1 vacc Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
11330000
CY2021Q4 vacc Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
7875000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3984000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
797000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
182000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15000
CY2022Q1 vacc Contract With Customer Liability Foreign Exchange Translation
ContractWithCustomerLiabilityForeignExchangeTranslation
-5000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
162000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
16000
CY2021Q3 vacc Number Of Square Feet Under Lease Agreement
NumberOfSquareFeetUnderLeaseAgreement
31000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6699000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7257000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
331000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
523000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6404000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6540000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M6D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y5M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.079
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
101000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
307000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
81000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
488000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
92000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
327000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
472000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1170000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1170000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1170000
CY2022Q1 vacc Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
5470000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9779000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3044000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6735000

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vacc-20220331x10q_htm.xml Edgar Link completed
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