Barinthus Bio reports FY2025 net loss $66.5M; merger with Clywedog on track for Q2 2026

Barinthus Biotherapeutics plc.

Proposed all-stock merger with Clywedog expected to close Q2 2026; combined entity to trade as CLYD.
Cash, cash equivalents & restricted cash $71.9M at Dec 31, 2025, down from $112.4M YoY.
Net loss of $66.5M ($1.64 per share) in 2025 vs $61.1M ($1.55) in 2024.
R&D expenses decreased to $25.6M from $42.2M due to deprioritization of legacy assets.
VTP-1000 multiple ascending dose data in celiac expected H2 2026.

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