Barinthus Biotherapeutics plc (NASDAQ: BRNS), a clinical-stage biopharmaceutical company, has announced a strategic business and financial update, focusing on immunology and inflammation (I&I) indications. The company will prioritize the development of VTP-1000 for celiac disease, with Phase 1 data expected in mid-2025. Meanwhile, further clinical development of VTP-300 for chronic hepatitis B (CHB) will be postponed until a partner is identified.
As part of its restructuring efforts, Barinthus Bio plans to extend its cash runway to the start of 2027 by reducing costs, including an approximate 65% reduction in workforce and the expected closure of its U.K. site. Future operations will be concentrated at the U.S. site in Germantown, Maryland. This restructuring will also see the departure of two executive leadership team members based in the U.K., Chief Operating Officer Graham Griffiths and Chief Financial Officer Gemma Brown.
Financially, the company expects to have $112 million in cash, cash equivalents, and restricted cash as of December 31, 2024. With the anticipated cost savings from the corporate restructuring, Barinthus Bio believes its available resources will fund its operations until the start of 2027.
Looking ahead to 2025, Barinthus Bio anticipates several corporate milestones, including the announcement of Phase 1 clinical trial data for VTP-1000 in celiac disease and results from Phase 2b and Phase 2a clinical trials for VTP-300 in chronic hepatitis B. Additionally, the company expects to announce results from a Phase 1 clinical trial for VTP-850 in prostate cancer.
CEO Bill Enright emphasized the company's commitment to broadening the potential of its SNAP-TI platform to address autoimmune diseases and maximize shareholder value. Despite achieving a functional cure in a subset of patients with chronic hepatitis B, Barinthus Bio has decided to seek potential partners for further development of VTP-300, aiming to leverage the necessary technologies and expedite patient access to the treatment.
This strategic shift and financial restructuring underscore Barinthus Bio's focus on advancing immunotherapeutic candidates for autoimmunity and chronic infectious diseases, with a clear emphasis on operational efficiency and strategic partnerships.
