Vir Biotechnology Trims Quarterly Loss To $96.3 Million As Hepatitis Delta Readout Nears
Vir expects topline data from its pivotal ECLIPSE 1 trial in the fourth quarter, and says its cash lasts into the second half of 2028.
Vir Biotechnology, which develops antibody and other investigational medicines for serious infectious diseases and cancer, cut its third-quarter net loss to $96.3 million, or $0.57 per share, from $163.1 million, or $1.17 per share, a year earlier. The company said Wednesday that topline data from its pivotal ECLIPSE 1 hepatitis delta trial are due in the fourth quarter.
Why the loss narrowed
Research and development spending fell to $80.0 million from $151.5 million. The prior-year quarter carried a non-recurring $75.0 million milestone expense that came due when VIR-5525 reached first dosing in humans. This year's quarter also includes cost recoveries tied to collaborations with Astellas and Norgine, partly offset by higher manufacturing costs for the oncology and hepatitis delta programs.
Selling, general and administrative costs rose to $24.4 million from $22.2 million, which the company attributed mainly to higher advisory and legal fees.
Vir ended September with about $901.3 million in cash, cash equivalents and investments, down $106.5 million during the quarter. That figure excludes the $90 million it received from Gilead. The company continues to expect the cash to fund operations into the second half of 2028.
Two catalysts in oncology and liver disease
ECLIPSE 1 is a Phase 3 trial of monthly elebsiran and tobevibart injections against deferred treatment in patients in the U.S. or other regions where bulevirtide use is limited. Data from ECLIPSE 2 and ECLIPSE 3 are expected in the first quarter of 2027. Vir will present expanded Phase 2 SOLSTICE results at the AASLD liver meeting on November 8.
In oncology, the FDA granted Fast Track designation to VIR-5500, a PSMA-targeted T-cell engager for late-line metastatic castration-resistant prostate cancer. Vir says the drug has achieved proof of concept and expects multiple pivotal trials to begin in 2027.
"We look forward to reporting topline ECLIPSE 1 data this quarter," CEO Marianne De Backer said.
Gilead deal and new executives
Vir signed a collaboration with Gilead to discover and engineer three PRO-XTEN dual-masked T-cell engager candidates aimed at solid tumors. Gilead gets an exclusive license to develop and sell them.
Vir received $90 million in cash, made up of a $65 million upfront payment and a $25 million equity investment at a 30% premium. It is eligible for up to $45 million in near-term preclinical milestones and up to $1.74 billion in further development, regulatory and commercial milestones, plus tiered royalties on net sales.
The company also named Aziz Sawaf chief financial officer and David Liu chief medical officer, and added Suzanne Topalian to its board.
Vir plans a virtual research investor event in the first quarter of 2027 to lay out its oncology strategy, including new preclinical candidates.
Sources
- 8-K Filing — Vir Biotechnology, Inc. (VIR) — SEC EDGAR
- Exhibit a20261104-q3ex991earningsr.htm — Vir Biotechnology, Inc. 8-K exhibit — SEC EDGAR
- Vir Biotechnology, Inc. (VIR) stock price, news, quote and history - Yahoo Finance — Yahoo Finance
- Vir Biotechnology Q3 2026 Earnings Call Transcript — benzinga.com
- Vir Biotechnology Provides Corporate Update and Reports Third Quarter 2026 Financial Results — businesswire.com
