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Edge14 Nov 2025
Ball: The King of Cans
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Vir Biotechnology (VIR) investor relations material
Vir Biotechnology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Focused on developing immune system-powered therapies for cancer and infectious diseases, with lead programs in hepatitis delta and solid tumors, and a diversified pipeline including siRNA, antibody, and masked T-cell engager platforms.
ECLIPSE registrational program for hepatitis delta is fully underway, with ECLIPSE 1 Phase 3 trial enrollment completed two months ahead of schedule and ECLIPSE 2 and 3 progressing well; topline data for all three expected in Q1 2027.
Oncology pipeline includes three dual-masked T-cell engagers (VIR-5500, VIR-5818, VIR-5525) in phase 1 trials, leveraging the PRO-XTEN masking platform, with first patient dosed in a first-line mCRPC study.
Strategic realignment in 2024 led to phasing out certain research programs and cost-saving initiatives.
Strong financial position with $810.7 million in cash, cash equivalents, and investments as of September 30, 2025, providing runway into mid-2027.
Financial highlights
Q3 2025 total revenues were $0.2 million, down 92% year-over-year, with total revenue for the nine months ended September 30, 2025 at $4.5 million, primarily due to lower collaboration and grant revenue.
R&D expenses for Q3 2025 were $151.5 million, including $5.5 million in stock-based compensation and a $75 million milestone payment, down from $195.2 million in Q3 2024.
SG&A expenses for Q3 2025 were $22.2 million, including $5.8 million in stock-based compensation, down from $25.7 million in Q3 2024.
Net loss for Q3 2025 was $163.1 million ($1.17 per share), compared to $213.7 million ($1.56 per share) in Q3 2024; net loss for the nine months ended September 30, 2025 was $395.1 million.
Operating expenses totaled $173.7 million in Q3 2025, a 26% decrease year-over-year.
Outlook and guidance
Cash and investments expected to fund operations into mid-2027 based on current operating plans.
Topline data for all three ECLIPSE hepatitis delta trials expected in Q1 2027, with primary completion for ECLIPSE 1 in Q4 2026; comprehensive data update for VIR-5500 anticipated in Q1 2026.
No significant revenue expected from sotrovimab for COVID-19 in the future.
Continued investment in clinical and preclinical programs, with potential need for additional capital depending on future developments.
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Next Vir Biotechnology earnings date
Jefferies London Healthcare Conference 202518 Nov, 2025
Next Vir Biotechnology earnings date
Jefferies London Healthcare Conference 202518 Nov, 2025
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Frequently asked questions
Vir Biotechnology Inc., a commercial-stage immunology company, specializes in developing therapeutic products aimed at treating and preventing serious infectious diseases. Leveraging its expertise in immunology, Vir Biotechnology focuses on a wide range of diseases, including viral and bacterial infections, with a particular emphasis on chronic infectious diseases like hepatitis B, tuberculosis, and HIV, as well as respiratory diseases such as influenza, respiratory syncytial virus (RSV), and metapneumovirus (MPV). The company's approach involves a multi-program, multi-platform strategy to induce protective and therapeutic immune responses. Vir Biotechnology is headquartered in San Francisco, California, and its shares are listed on the Nasdaq.
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