MeritValue

Barinthus Biotherapeutics plc.

BRNSdata completeness 88%6 fiscal years on file
The thesis, from the filings

Barinthus Biotherapeutics plc. earns about -377% on invested capital, but has diluted owners by 57% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$268,0001$44.7M2$802,0003$15M4$04
Net income−$50.9M5$5.34M6−$73.3M7−$61.1M8−$66.4M8
Operating cash flow−$32.6M9−$14.4M10−$50.9M11−$28.9M12−$48M12
Capital expenditure$1.15M13$6.14M14$5.41M15$892,00016$37,00016
Free cash flow (derived)−$33.7M9−$20.6M10−$56.3M11−$29.8M12−$48M12
Total debt$159,00017————
Cash & equivalents$214.1M18$194.4M19$142.1M20$110.7M21$70.5M21
Diluted shares25.9M38.2M38.4M39.3M40.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$18.31
your share of equity
Profit it earned you last year
−$16.39
Free cash flow it threw off
−$11.85
Debt you’d be carrying
—

10 shares is a claim on $18.31 of net worth that earned you −$16.39 and generated −$11.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-377% avg · 5y
FY21 -100%FY22 2%FY23 -135%FY24 -250%FY25 -1403%

It earned an average -377% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+57% shares · 5y

Share count is up 57% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001104659-23-036275 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001828185-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001828185-25-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001828185-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-036275 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001828185-24-000011 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001828185-25-000021 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001828185-26-000012 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-036275 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001828185-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001828185-25-000021 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001828185-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001104659-23-036275 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001828185-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001828185-25-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001828185-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001104659-23-036275 (DebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001104659-23-036275 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001828185-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001828185-25-000021 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001828185-26-000012 (CashAndCashEquivalentsAtCarryingValue)