Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2025 and 2024 (in thousands, except number of shares and per share amounts):
Year Ended December 31,
Numerator:20252024
Net loss$(66,458)$(61,183)
Net loss attributable to noncontrolling interest30 109 
Net loss attributable to Barinthus Biotherapeutics plc shareholders$(66,428)$(61,074)
Denominator:
Weighted-average ordinary shares outstanding, basic40,527,21839,348,240
Weighted-average ordinary shares outstanding, diluted40,527,21839,348,240
Net loss per share attributable to ordinary shareholders, basic$(1.64)$(1.55)
Net loss per share attributable to ordinary shareholders, diluted$(1.64)$(1.55)
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential ordinary share equivalents outstanding would have been anti-dilutive. For the year ended December 31, 2025, 5,976,157 (December 31, 2024: 7,285,275) potential ordinary shares issuable for stock options were excluded from the computation of diluted weighted-average shares outstanding because including them would have had an anti-dilutive effect.

Historical Timeline

Fiscal YearFiled
2025Mar 13, 2026Showing above
2024Mar 20, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.