Grant Income

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Coalition for Epidemic Preparedness Innovations (“CEPI”) Funding Agreement

On December 20, 2023, Barinthus Biotherapeutics (UK) Limited, the Chancellors, Masters and Scholars of the University of Oxford (“Oxford,” together with Barinthus Biotherapeutics (UK) Limited, the “Partners”) and the Coalition for Epidemic Preparedness Innovations (“CEPI”) entered into a Funding Agreement (the “Funding Agreement”) pursuant to which CEPI will provide funding of up to $34.8 million to the Company to advance the development of VTP-500, the Company’s vaccine candidate against Middle East Respiratory Syndrome (“MERS,” and such development activities, the “Project”). In December 2023, VTP-500 received PRIME (PRIority MEdicines) designation by the European Medicines Agency. There have been no changes to the terms or conditions of the grant since the previous reporting period.

In January 2025, the Company announced its strategic focus on developing a pipeline in I&I, and the deprioritization of its programs in infectious disease and oncology. The Company intends to exit the Funding Agreement as part of aligning resources in accordance with the Company's strategy.

The Funding Agreement cash payments are restricted as to the use and management of the funds. During the first quarter of 2026, a repayment of $1.0 million was requested, resulting in a reduction of the remaining unused Funding Agreement cash payments. The Company repaid that amount during the second quarter of 2026. The unused amounts total $0.3 million as of June 30, 2026 (December 31, 2025: $1.4 million) and continue to be reflected in deferred income in the condensed consolidated balance sheets until expenditures contemplated in the Funding Agreement are incurred. Restricted cash as of June 30, 2026 is $0.3 million (December 31, 2025: $1.4 million), as the related cash had not been repaid as of period end.

Deferred income

Deferred income relates to payments received from CEPI in advance of the eligible research and development expenses being incurred and are disclosed as deferred income separately in the condensed consolidated balance sheets. Deferred income is released to the condensed consolidated statements of operations and comprehensive loss in the period in which

such research and development activities are actually performed in a manner that satisfies the conditions of the Funding Agreement.

Changes in deferred income during the three and six months ended June 30, 2026 and 2025, are as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Beginning balance	$	318	$	1,461	$	1,396	$	1,738
Cash payment	—		—		(1,000)		—
Other operating income recognized related to the Funding Agreement	(5)		(13)		(51)		(342)
Foreign exchange translation	22		77		(10)		129
Ending balance	$	335	$	1,525	$	335	$	1,525