Issue 005 | U.S. Pilot | US

BRNS

Barinthus Biotherapeutics plc.

Screen state: Passing Source state: Verified 10-Q | 2026-04-30 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 47.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 72,664,000USD
Total Liabilities: 25,665,000USD
NCAV: 46,999,000USD
Cash: 65,858,000USD
NCAV per share: 1.15USD/share
Evidence: 5 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 3
Unavailable: 7

Requires inspection High NCAV Burn since the previous filing 46,999,000

Latest: 46,999,0002026-03-31
Comparison: 53,913,0002025-12-31
Change: -12.8%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001828185-26-000019; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -3,366,000

Latest: -3,366,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001828185-26-000019

Supporting observation Current Ratio > 1.5 6.05

Latest: 6.052026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001828185-26-000019

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001828185-26-000019	2026-04-30	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001828185/accession=0001828185-26-000019/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing
Period-end Shares Outstanding	40,848,89340,848,893	n/an/a	40,827,26340,827,263	n/an/a	40,339,39540,339,395	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	38,546,59438,546,594	38,524,05938,524,059	38,357,02538,357,025	37,683,53137,683,531	37,291,49237,291,492	37,216,16237,216,162	37,193,36737,193,367	37,188,73037,188,730	34,328,23134,328,231	34,328,23134,328,231
Weighted-average Basic Shares	40,848,89340,848,893	40,527,21840,527,218	40,661,11840,661,118	40,343,52140,343,521	40,265,21640,265,216	39,348,24039,348,240	39,419,44739,419,447	39,041,11139,041,111	38,773,48238,773,482	38,386,49138,386,491	38,533,83338,533,833	38,407,67238,407,672	38,013,39938,013,399	37,248,12637,248,126	37,247,12337,247,123	37,202,60037,202,600	37,191,02237,191,022	25,894,37525,894,375	34,843,15434,843,154	n/an/a
Weighted-average Diluted Shares	40,848,89340,848,893	40,527,21840,527,218	40,661,11840,661,118	40,343,52140,343,521	40,265,21640,265,216	39,348,24039,348,240	39,419,44739,419,447	39,041,11139,041,111	38,773,48238,773,482	38,386,49138,386,491	38,533,83338,533,833	38,407,67238,407,672	38,013,39938,013,399	38,169,30738,169,307	38,156,56438,156,564	38,174,42638,174,426	38,346,66838,346,668	25,894,37525,894,375	34,843,15434,843,154	n/an/a
Basic EPS	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	00	11	00	00	-2-2	-2-2	-2-2
Diluted EPS	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	-2-2	-1-1	-1-1	-0-0	00	11	00	00	-2-2	-2-2	-2-2
Basic-to-Diluted Share Difference	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.5%	2.4%	2.6%	3.1%	0.0%	0.0%	Insufficient evidence
Net Share Count Change	Insufficient evidence	-0.3%	Insufficient evidence	0.2%	Insufficient evidence	-0.2%	1.0%	0.7%	1.0%	-0.4%	0.1%	0.4%	1.8%	1.1%	0.2%	0.1%	0.0%	8.3%	0.0%	Insufficient evidence
Ownership Claim Change	Insufficient evidence	0.3%	Insufficient evidence	-0.2%	Insufficient evidence	0.2%	-1.0%	-0.7%	-1.0%	0.4%	-0.1%	-0.4%	-1.8%	-1.0%	-0.2%	-0.1%	-0.0%	-7.7%	0.0%	Insufficient evidence

Verified split events: forward 309.0 on 2021-05-04

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD
Revenue	0	14,969,000	802,000	44,703,000	268,000
Operating Income	-70,555,000	-67,970,000	-83,914,000	-4,041,000	-45,221,000
Net Income	-66,428,000	-61,074,000	-73,347,000	5,342,000	-50,865,000
Cash From Operations	-47,979,000	-28,940,000	-50,925,000	-14,431,000	-32,583,000
Capex	-37,000	-892,000	-5,413,000	-6,138,000	-1,146,000
Free Cash Flow	-48,016,000	-29,832,000	-56,338,000	-20,569,000	-33,729,000
Cash And Equivalents	70,456,000	110,662,000	142,090,000	194,385,000	214,054,000
Accounts Receivable	n/a	n/a	n/a	323,000	20,000
Inventory	n/a	n/a	n/a	n/a	n/a
Total Current Assets	77,790,000	125,742,000	156,905,000	213,041,000	226,765,000
Total Assets	98,169,000	160,327,000	214,506,000	270,205,000	280,715,000
Total Current Liabilities	10,018,000	15,657,000	12,598,000	12,242,000	11,158,000
Total Liabilities	23,877,000	30,192,000	27,511,000	27,004,000	28,153,000
Shareholders Equity	74,208,000	130,029,000	186,784,000	242,896,000	252,562,000
Shares Outstanding	40,848,893	40,234,663	38,643,540	37,683,531	37,188,730
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	40,527,218	39,348,240	38,386,491	38,169,307	25,894,375
Weighted Avg Shares Basic	40,527,218	39,348,240	38,386,491	37,248,126	25,894,375
Net Share Count Change (Normalized)	-0.3%	-0.2%	-0.4%	1.1%	8.3%
Ownership Claim Change (Normalized)	0.3%	0.2%	0.4%	-1.0%	-7.7%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	0	n/a	n/a	0	14,969,000	0	0	0	0	334,000	468,000	6,457,000	6,165,000	17,063,000	15,018,000	-1,000	19,000	35,000
Operating Income	-6,075,000	-11,565,000	-15,066,000	-23,324,000	-20,600,000	-23,390,000	-9,380,000	-18,286,000	-16,914,000	-19,988,000	-16,105,000	-26,337,000	-21,484,000	-26,036,000	7,553,000	13,788,000	654,000	-16,668,000	-5,536,000	-16,845,000
Net Income	-5,531,000	-11,090,000	-14,566,000	-21,124,000	-19,648,000	-20,540,000	-8,114,000	-16,931,000	-15,489,000	-17,293,000	-14,072,000	-23,802,000	-18,180,000	-21,189,000	8,242,000	15,693,000	2,596,000	-15,113,000	-4,557,000	-15,927,000
Cash From Operations	-3,366,000	-4,242,000	-10,726,000	-18,109,000	-14,902,000	13,086,000	-18,198,000	-12,006,000	-11,822,000	-19,603,000	-11,191,000	-16,957,000	-3,174,000	-11,343,000	11,884,000	-8,393,000	-6,579,000	-7,972,000	-2,018,000	-14,624,000
Capex	0	0	0	-32,000	-5,000	-278,000	-114,000	-192,000	-308,000	153,000	-36,000	-3,023,000	-2,507,000	-586,000	-2,406,000	-2,054,000	-1,092,000	-424,000	-128,000	-202,000
Free Cash Flow	-3,366,000	-4,242,000	-10,726,000	-18,141,000	-14,907,000	12,808,000	-18,312,000	-12,198,000	-12,130,000	-19,450,000	-11,227,000	-19,980,000	-5,681,000	-11,929,000	9,478,000	-10,447,000	-7,671,000	-8,396,000	-2,146,000	-14,826,000
Cash And Equivalents	65,858,000	70,456,000	74,272,000	86,259,000	99,118,000	110,662,000	106,102,000	117,774,000	129,971,000	142,090,000	160,309,000	173,030,000	191,328,000	194,385,000	200,104,000	192,327,000	200,596,000	214,054,000	233,871,000	243,619,000
Total Current Assets	72,664,000	77,790,000	86,781,000	100,414,000	109,882,000	125,742,000	134,654,000	131,879,000	143,131,000	156,905,000	171,065,000	184,777,000	200,665,000	213,041,000	218,621,000	226,291,000	230,783,000	226,765,000	245,979,000	256,728,000
Total Liabilities	25,665,000	23,877,000	24,640,000	27,080,000	26,403,000	30,192,000	29,228,000	29,959,000	27,466,000	27,511,000	34,367,000	28,666,000	28,247,000	27,004,000	31,329,000	30,289,000	32,986,000	28,153,000	14,100,000	9,927,000
Shares Outstanding	40,848,893	40,848,893	40,827,263	40,348,665	40,339,395	40,234,663	39,542,518	39,184,338	38,952,956	38,643,540	38,546,594	38,524,059	38,357,025	37,683,531	37,291,492	37,216,162	37,193,367	37,188,730	34,328,231	34,328,231
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	40,848,893	40,831,325	40,661,118	40,343,521	40,265,216	40,149,334	39,419,447	39,041,111	38,773,482	38,583,180	38,533,833	38,407,672	38,013,399	37,350,023	38,156,564	38,174,426	38,346,668	35,380,867	34,843,154	24,897,665
Weighted Avg Shares Basic	40,848,893	40,831,325	40,661,118	40,343,521	40,265,216	40,149,334	39,419,447	39,041,111	38,773,482	38,583,180	38,533,833	38,407,672	38,013,399	37,350,023	37,247,123	37,202,600	37,191,022	35,380,867	34,843,154	24,897,665
Net Share Count Change (Normalized)	Insufficient evidence	-0.3%	Insufficient evidence	0.2%	Insufficient evidence	-0.2%	1.0%	0.7%	1.0%	-0.4%	0.1%	0.4%	1.8%	1.1%	0.2%	0.1%	0.0%	8.3%	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	0.3%	Insufficient evidence	-0.2%	Insufficient evidence	0.2%	-1.0%	-0.7%	-1.0%	0.4%	-0.1%	-0.4%	-1.8%	-1.0%	-0.2%	-0.1%	-0.0%	-7.7%	0.0%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	72,664,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json
Total Liabilities	25,665,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json
Cash	65,858,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json
Shares Outstanding	40,848,893	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json Data Vault \| sec/companyfacts/cik=0001828185/companyfacts.json
NCAV	46,999,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	1.15USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	47.9%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001828185
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001828185/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001828185/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 21
Imported At: 2026-08-15T12:51:45+00:00
Rendered At: 2026-08-16T03:30:00+00:00

Run Audit

Mary Run: 062cd84c6cec4533b9bb580392e1f3bf
Mary As Of: 2026-08-07
Accession: 0001828185-26-000019
CIK: 0001828185
Mary Filing Date: 2026-04-30
Filing Currency: USD
Internal Discount: 47.9%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-04-30; mary_accession=0001828185-26-000019; mary_cik=0001828185; gnni_supporting_filing_date=2026-04-30; internal_discount=0.479383; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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