Beacon Topco, Inc. is a special purpose acquisition company (SPAC) established in late 2025 by Barinthus Biotherapeutics plc to complete a business combination involving Barinthus Bio and Clywedog Therapeutics, Inc. As of June 30, 2026, Beacon Topco remains a non-operating shell with all issued shares owned by Barinthus Bio. The planned transaction involves acquiring Barinthus Bio’s share capital via a UK scheme of arrangement and merging Merger Sub into Clywedog, which will become a wholly-owned subsidiary. Post-closing, Barinthus Bio shareholders are expected to hold approximately 34% and Clywedog shareholders about 66% on a fully diluted basis. The combined entity will be renamed Clywedog Therapeutics Holdings, Inc. and list on Nasdaq under the ticker 'CLYD'. The SPAC’s value creation depends entirely on successful deal closure and the merged company’s future performance.