For the six months ended June 30, 2026, the Company granted 8,779 options to employees and directors under the Barinthus Biotherapeutics plc Award Plan 2021 (the “Plan”) with a weighted average grant date fair value of $0.60 per share and a weighted average exercise price of $0.73 per share (June 30, 2025: granted 1,470,812 options, weighted average grant date fair value of $0.85 per share and a weighted average exercise price of $1.00 per share). For the six months ended June 30, 2026, 1,993,860 options (June 30, 2025: 1,016,357) 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,
	2026		2025
Expected volatility	105.9	%	114.1	%
Expected term (years)	6.0		6.0
Risk-free interest rate	3.9	%	4.4	%
Expected dividend yield	—	%	—	%

As of June 30, 2026, 3,992,720 options with a weighted average exercise price of $5.49 per share were outstanding (June 30, 2025: 7,625,728 options with a weighted average exercise price of $5.30 per share were outstanding). As of June 30, 2026, there was $0.3 million unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.3 years.

The following table summarizes the Company's restricted stock units ('RSUs") under the Plan as of June 30, 2026:


	Number of Shares Underlying RSUs	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	864,724	$	1.50
Granted	0	—
Vested and settled	—	—
Vested and deferred	—	—
Forfeited	(72,000)	1.50
Unvested outstanding, June 30, 2026	792,724	1.50
Vested but subject to deferred settlement at June 30, 2026	—	$	—
Outstanding at June 30, 2026	792,724	$	1.50

In October 2025, the Company granted an aggregate of 886,018 restricted stock units (“RSUs”) to employees under the Plan. The RSUs will vest in full on the seventh day following the occurrence of either the closing of the Contemplated Transactions or the termination of the Merger Agreement pursuant to its terms, subject to the employee’s continued employment with the Company through such vesting date, and were granted as part of the Company’s equity incentive program with a grant date fair value of $1.3 million.

Total share-based compensation expense for RSUs for the three and six months ended June 30, 2026 was $0.3 million and $0.7 million, respectively (three and six months ended June 30, 2025: nil). As of June 30, 2026, the total unrecognized compensation expense related to RSUs was nil.

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,
	2026		2025		2026		2025
Research and development	$	219	$	(1)	$	490	$	67
General and administrative	214		(280)		499		120
Total	$	433	$	(281)	$	989	$	187