Barinthus Biotherapeutics ADSs Delisted from Nasdaq

What happened

Barinthus Biotherapeutics plc, a pharmaceutical company based in Germantown, Maryland, filed a Form 25 with the SEC on September 9, 2026, to remove its American Depositary Shares (ADSs) from listing and registration on the exchange where they were traded (likely Nasdaq). The filing was signed by the company's CEO, William Enright, indicating the withdrawal is voluntary.

The company states it has complied with exchange rules and SEC requirements for voluntary delisting. The stock closed at $0.74 on the event date, down 2.5% from the previous close of $0.759.

The filing

The Form 25 is the SEC notification used to strike a security from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. This particular filing checks the box under 17 CFR 240.12d2-2(c), which applies when the issuer voluntarily withdraws its securities from listing, rather than the exchange forcing a delisting (which would be under rules (a)(1) through (a)(4)).

The filing covers American Depositary Shares (ADSs), which are U.S. dollar-denominated equity shares of a foreign company traded on a U.S. exchange. Each ADS represents a certain number of ordinary shares of the company, which is incorporated in the U.K. but has its principal offices in Maryland.

What this means

This is a voluntary delisting, meaning the company chose to remove its ADSs from the exchange, likely because it no longer meets listing requirements or because the costs of maintaining a listing outweigh benefits given the low share price (under $1). The filing does not explain the reason for the delisting.

After a Form 25 is filed, the delisting typically becomes effective 10 days after filing, and the SEC registration is terminated 90 days after that, unless an appeal is made. After that, the ADSs will no longer be traded on the national exchange, and investors may trade them over-the-counter (OTC) if a market maker applies to quote them.

A low stock price, such as Barinthus's $0.74, often reflects financial distress or declining investor confidence, but the filing itself does not provide details about the company's financial condition. Readers should note that the company is a biopharmaceutical firm focused on developing immunotherapies for infectious diseases and cancer, per its public profile.