2 unchanged sentences
We are subject to the risk of fluctuations in foreign currency exchange rates, specifically with respect to the euro, pound sterling, Swiss franc and Australian dollar.
−Removed: Our reporting currency is the United States dollar, and the functional currency of Barinthus Biotherapeutics plc and its consolidated subsidiaries, Barinthus Biotherapeutics (U.K.) Limited and VOLT, is the pound sterling.
−Removed: The functional currency of our wholly owned foreign subsidiary, Barinthus Biotherapeutics North America, Inc.
−Removed: is the United States dollar.
+Added: Our reporting currency is the United States dollar, and the functional currency of Barinthus Biotherapeutics plc and its consolidated subsidiaries, Barinthus Biotherapeutics (UK) Limited and Vaccitech Oncology Limited, is the pound sterling.
+Added: The functional currency of our wholly owned foreign subsidiaries, Barinthus Biotherapeutics North America, Inc.
+Added: , Beacon Topco, Inc.
+Added: and Cdog Merger Sub, Inc., is the United States dollar.
The functional currency of our wholly owned foreign subsidiary, Barinthus Biotherapeutics Pty Limited, is the Australian dollar.
The functional currency of our wholly owned foreign subsidiary, Barinthus Biotherapeutics Switzerland GmbH, is the Swiss franc.
−Removed: Our cash, cash equivalents and restricted cash as of December 31, 2024 consisted primarily of cash balances held by Barinthus Biotherapeutics (U.K.) Limited in United States dollars.
+Added: Our cash, cash equivalents and restricted cash as of December 31, 2025 consisted primarily of cash balances held by Barinthus Biotherapeutics (UK) Limited in United States dollars.
Assets and liabilities are translated into United States dollars at the exchange rate in effect on the balance sheet date.
1 unchanged sentence
Translation adjustments are included in the consolidated Balance Sheets as a component of accumulated other comprehensive loss.
−Removed: Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in operating expenses in the consolidated Statements of Operations and Comprehensive Loss as incurred.
+Added: Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in operating expenses, net in the consolidated Statements of Operations and Comprehensive Loss as incurred.
We incur significant operating costs in the U.K.
−Removed: and face exposure to changes in the exchange ratio of the United States dollar and the pound sterling arising from expenses and payables at our U.K.
+Added: and face exposure to changes in the exchange ratio of the United States dollar and the pound sterling arising from expenses and payables from our U.K.
operations that are settled in pound sterling.
2 unchanged sentences
We are not currently exposed significantly to market risk related to changes in interest rates, as we have no significant interest-bearing liabilities.
−Removed: We had cash, cash equivalents and restricted cash of $112.4 million as of December 31, 2024, which were held as account balances with banks in the United Kingdom, United States and Australia.
+Added: We had cash, cash equivalents and restricted cash of $71.9 million as of December 31, 2025, which were primarily held as account balances with banks in the U.K.
+Added: and United States.
A hypothetical 10% relative change in interest rates during any of the periods presented would not have had a material impact on our financial statements.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.