Barinthus Biotherapeutics plc.BRNS

Barinthus Biotherapeutics plc. Segments Disclosure

10-KFiled Mar 13, 20262 min read
Segment information
Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM"), the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM approves key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts and approves the Company's consolidated operating budget. The Company views its operations and manages its business as one operating segment, the research and development of immunotherapies and vaccines. The CODM uses loss before income tax to monitor budget versus actual results and decide how to use the Company's resources. As the Company operates in one operating segment, all required financial segment information can be found in these consolidated financial statements. The following table is a summary of the Company's significant segment expenses:
Year ended December 31, 2025Year ended December 31, 2024
Direct research and development expenses:
VTP-1000 Celiac$6,063 $5,486 
Barinthus legacy assets1
8,531 18,223 
Total direct research and development expenses$14,594 $23,709 
Indirect research and development expenses:
Personnel-related (including share-based compensation)8,413 15,867 
Facility related1,370 1,249 
Other indirect costs1,187 1,411 
Total indirect research and development expenses10,970 18,527 
Total research and development expenses$25,564 $42,236 
1 In January 2025, we announced a strategic focus on developing a pipeline in I&I, and the deprioritization of our programs in infectious disease and oncology. The following programs were previously presented separately and have been grouped collectively as "Barinthus Legacy Assets" for both years presented: VTP-300 HBV, VTP-850 Prostate Cancer, VTP-200 HPV, VTP-600 NSCLC, VTP-500 MERS and other and earlier stage programs.
The Company operates in two geographic regions: the U.S. and the U.K. The following table summarizes the Company’s long-lived assets, which include the Company’s intangible assets, property and equipment, net and right-of-use assets by geography:
Year ended December 31, 2025Year ended December 31, 2024
United States
$19,449 $28,907 
United Kingdom
— 4,797 
$19,449 $33,704 

Historical Timeline

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

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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