$BRNS
Barinthus Biotherapeutics plc.

2023 Q2 Form 10-Q Financial Statement

#000110465923059430 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $334.0K $468.0K $15.02M
YoY Change -98.04% -96.88% 6885.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.13M $12.14M $3.663M
YoY Change -303.69% 231.37% 106.13%
% of Gross Profit
Research & Development $13.54M $9.814M $10.70M
YoY Change 39.33% -8.29% 132.13%
% of Gross Profit
Depreciation & Amortization $500.0K $1.221M $966.0K
YoY Change -49.6% 26.4% 950.0%
% of Gross Profit
Operating Expenses $26.67M $21.95M $14.36M
YoY Change 714.38% 52.83% 124.89%
Operating Profit -$26.34M -$21.48M $654.0K
YoY Change -299.0% -3385.02% -110.6%
Interest Expense $508.0K $1.588M $74.00K
YoY Change 366.06% 2045.95% -97.21%
% of Operating Profit 11.31%
Other Income/Expense, Net $1.377M $2.745M $1.057M
YoY Change 57.01% 159.7% -111.39%
Pretax Income -$24.96M -$18.74M $1.711M
YoY Change -268.95% -1195.21% -111.07%
Income Tax -$1.136M -$516.0K -$863.0K
% Of Pretax Income -50.44%
Net Earnings -$23.80M -$18.18M $2.596M
YoY Change -251.67% -800.31% -117.0%
Net Earnings / Revenue -7126.35% -3884.62% 17.29%
Basic Earnings Per Share -$0.62 -$0.48 $0.07
Diluted Earnings Per Share -$0.62 -$0.48 $0.07
COMMON SHARES
Basic Shares Outstanding 38.37M 38.34M 37.19M
Diluted Shares Outstanding 38.41M 38.01M 38.35M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.0M $191.3M $200.6M
YoY Change -10.03% -4.62% 28.64%
Cash & Equivalents $173.0M $191.3M $200.6M
Short-Term Investments
Other Short-Term Assets $1.446M $549.0K $1.808M
YoY Change -86.39% -69.63% -37.33%
Inventory
Prepaid Expenses $6.762M $5.294M $5.479M
Receivables $349.0K $172.0K $18.01M
Other Receivables $3.190M $2.554M $4.809M
Total Short-Term Assets $184.8M $200.7M $230.8M
YoY Change -18.35% -13.05% 41.27%
LONG-TERM ASSETS
Property, Plant & Equipment $13.74M $12.71M $4.583M
YoY Change -10.67% 177.37% 47.79%
Goodwill $12.21M $12.21M $12.63M
YoY Change -3.33%
Intangibles $26.69M $27.48M $30.64M
YoY Change -10.32%
Long-Term Investments
YoY Change
Other Assets $1.006M $1.028M $788.0K
YoY Change 11.53% 30.46% 3052.0%
Total Long-Term Assets $61.35M $61.15M $55.34M
YoY Change 4.4% 10.5% 1670.31%
TOTAL ASSETS
Total Short-Term Assets $184.8M $200.7M $230.8M
Total Long-Term Assets $61.35M $61.15M $55.34M
Total Assets $246.1M $261.8M $286.1M
YoY Change -13.66% -8.5% 71.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.429M $4.327M $4.660M
YoY Change -45.72% -7.15% -3.58%
Accrued Expenses $9.682M $7.661M $11.66M
YoY Change 28.15% -34.3% 235.96%
Deferred Revenue $162.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $12.11M $11.99M $16.48M
YoY Change -0.45% -27.27% 90.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $1.314M $434.0K
YoY Change -89.0% 202.76% -69.76%
Total Long-Term Liabilities $1.300M $1.314M $434.0K
YoY Change -89.0% 202.76% -69.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.11M $11.99M $16.48M
Total Long-Term Liabilities $1.300M $1.314M $434.0K
Total Liabilities $28.67M $28.25M $32.99M
YoY Change -6.49% -14.37% 218.34%
SHAREHOLDERS EQUITY
Retained Earnings -$145.2M -$121.4M -$106.0M
YoY Change 14.54%
Common Stock $1.000K $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.2M $233.3M $252.7M
YoY Change
Total Liabilities & Shareholders Equity $246.1M $261.8M $286.1M
YoY Change -13.66% -8.5% 71.85%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$23.80M -$18.18M $2.596M
YoY Change -251.67% -800.31% -117.0%
Depreciation, Depletion And Amortization $500.0K $1.221M $966.0K
YoY Change -49.6% 26.4% 950.0%
Cash From Operating Activities -$16.96M -$3.174M -$6.579M
YoY Change 102.04% -51.76% -17.44%
INVESTING ACTIVITIES
Capital Expenditures $3.023M $2.507M $1.092M
YoY Change -247.18% 129.58% 178.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.023M -$2.507M -$1.092M
YoY Change 47.18% 129.58% 178.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.00K 1.689M -159.0K
YoY Change -1162.26% -100.13%
NET CHANGE
Cash From Operating Activities -16.96M -3.174M -6.579M
Cash From Investing Activities -3.023M -2.507M -1.092M
Cash From Financing Activities 28.00K 1.689M -159.0K
Net Change In Cash -19.95M -3.057M -13.46M
YoY Change 90.98% -77.28% -111.94%
FREE CASH FLOW
Cash From Operating Activities -$16.96M -$3.174M -$6.579M
Capital Expenditures $3.023M $2.507M $1.092M
Free Cash Flow -$19.98M -$5.681M -$7.671M
YoY Change 215.19% -25.94% -8.25%

Facts In Submission

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IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
-2102000
CY2022Q1 vacc Increase Decrease In Research And Development Incentives Receivable
IncreaseDecreaseInResearchAndDevelopmentIncentivesReceivable
-1300000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1707000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1739000
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1315000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2830000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-15000
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-123000
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3174000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6579000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2507000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1092000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2507000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1092000
CY2023Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
0
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1789000
CY2023Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
100000
CY2022Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
159000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-5628000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3057000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13458000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
194385000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
214054000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
191328000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
200596000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
0
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2023Q1 us-gaap Stock Issued1
StockIssued1
0
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2247000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1365000
CY2023Q1 vacc Asset Retirement Obligations
AssetRetirementObligations
282000
CY2022Q1 vacc Asset Retirement Obligations
AssetRetirementObligations
443000
CY2023Q1 vacc Changes To Right Of Use Asset Resulting From Lease Reassessment Event
ChangesToRightOfUseAssetResultingFromLeaseReassessmentEvent
4000
CY2022Q1 vacc Changes To Right Of Use Asset Resulting From Lease Reassessment Event
ChangesToRightOfUseAssetResultingFromLeaseReassessmentEvent
-36000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
191300000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-121400000
CY2023Q1 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 revenue, 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;">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 unaudited 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>
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3500000
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5300000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-18223000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
2574000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-43000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-22000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-18180000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2596000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38013399
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37191022
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1155646
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38013399
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38346668
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.070
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.068
CY2023Q1 us-gaap Depreciation
Depreciation
400000
CY2022Q1 us-gaap Depreciation
Depreciation
200000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000
CY2023 vacc Estimated Amortization Expense Of Intangible Assets
EstimatedAmortizationExpenseOfIntangibleAssets
3100000
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5294000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5887000
CY2023Q1 vacc Employee Retention And Payroll Tax Credit Current
EmployeeRetentionAndPayrollTaxCreditCurrent
53000
CY2022Q4 vacc Employee Retention And Payroll Tax Credit Current
EmployeeRetentionAndPayrollTaxCreditCurrent
48000
CY2022Q4 vacc Lease Incentive Receivables Current
LeaseIncentiveReceivablesCurrent
1770000
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
549000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
563000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5896000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8268000
CY2022Q1 vacc Accrued Manufacturing And Clinical Expenses Current
AccruedManufacturingAndClinicalExpensesCurrent
2097000
CY2022Q4 vacc Accrued Manufacturing And Clinical Expenses Current
AccruedManufacturingAndClinicalExpensesCurrent
2997000
CY2022Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
19000
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
9000
CY2022Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
539000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1925000
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
653000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
928000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1108000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1270000
CY2022Q1 vacc Accrued Lease Hold Improvements
AccruedLeaseHoldImprovements
1163000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1433000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
932000
CY2022Q1 vacc Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
7012000
CY2022Q4 vacc Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
8061000
CY2023Q1 vacc Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2023Q1 vacc Percentage Of Shares Necessary To Exercise Preemptive Rights
PercentageOfSharesNecessaryToExercisePreemptiveRights
0.75
CY2023Q1 vacc Period Of Preemptive Rights To Be Exercised
PeriodOfPreemptiveRightsToBeExercised
P5Y
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2222000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3984000
CY2021Q3 vacc Number Of Square Feet Under Lease Agreement
NumberOfSquareFeetUnderLeaseAgreement
31000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7723000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7753000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
649000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
433000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10005000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8340000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y8M15D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y5M8D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
152000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
529000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
220000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1081000
CY2023Q1 vacc Lessee Operating Lease Receivable Remainder Of Fiscal Year
LesseeOperatingLeaseReceivableRemainderOfFiscalYear
1457000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1752000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1904000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1928000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1952000
CY2023Q1 vacc Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
9890000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15969000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5315000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10654000

Files In Submission

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vacc-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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0001104659-23-059430-index.html Edgar Link pending
0001104659-23-059430.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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vacc-20230331.xsd Edgar Link pending
vacc-20230331x10q.htm Edgar Link pending
vacc-20230331x10q001.jpg Edgar Link pending
vacc-20230331xex10d1.htm Edgar Link pending
vacc-20230331xex31d1.htm Edgar Link pending
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vacc-20230331xex32d1.htm Edgar Link pending
vacc-20230331_def.xml Edgar Link unprocessable
vacc-20230331_lab.xml Edgar Link unprocessable
vacc-20230331_pre.xml Edgar Link unprocessable
vacc-20230331x10q_htm.xml Edgar Link completed