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Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the six month period ended June 30, 2025, in accordance with the terms of the Annual Increase of the Barinthus Biotherapeutics plc Award Plan 2021 (the “Plan”), the total number of ordinary shares available for issuance under the Plan increased by 4% of the Company’s issued and outstanding ordinary shares as of January 1, 2025.
For the six months ended June 30, 2025, the Company granted 1,470,812 options to employees and directors with a weighted average grant date fair value of $0.85 per share and a weighted average exercise price of $1.00 per share (June 30, 2024: granted 1,951,377 options, weighted average grant date fair value of $2.71 per share and a weighted average exercise price of $3.41 per share). For the six months ended June 30, 2025, 1,016,357 options (June 30, 2024: 229,430) were forfeited.
The fair value of each stock option issued to employees was estimated at the date of grant using the Black-Scholes model with the following weighted-average assumptions:
Six months ended June 30,
20252024
Expected volatility114.1 %108.7 %
Expected term (years)6.06.0
Risk-free interest rate4.4 %4.0 %
Expected dividend yield— %— %
As of June 30, 2025, 7,625,728 options with a weighted average exercise price of $5.30 per share were outstanding (June 30, 2024: 7,779,884 options with a weighted average exercise price of $6.19 per share were outstanding). As of June 30, 2025, there was $2.0 million unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 2.0 years.
Share based compensation expense is classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2025202420252024
Research and development$(1)$505 $67 $1,217 
General and administrative(280)690 120 1,593 
Total$(281)$1,195 $187 $2,810