Vir Biotechnology (VIR) Q1 2026 earnings summary

Executive summary

• Achieved major progress in oncology and hepatitis delta programs, including a landmark global collaboration with Astellas for VIR-5500, a PRO-XTEN dual-masked PSMA-targeted T-cell engager for prostate cancer, with a $240M upfront payment, $75M equity investment, and up to $1.37B in milestones and royalties.

• Advanced hepatitis delta program with strong phase II data for tobevibart plus elebsiran, showing 88% undetectable virus at 96 weeks and favorable safety, with similar efficacy in cirrhotic patients.

• Closed a $1.7 billion collaboration with Astellas, received $75M equity investment, and will receive $240M upfront payment, with up to $1.37B in milestones and a 50/50 US profit share.

• Raised $172.5M in a follow-on equity offering, strengthening the balance sheet and extending cash runway into the second half of 2028.

• Focus on commercializing chronic hepatitis delta therapy for near-term revenue and advancing a robust oncology pipeline for long-term growth, leveraging proprietary PRO-XTEN masking technology.

Financial highlights

• Ended Q1 2026 with $809.3M in cash equivalents and investments, excluding $315M from Astellas collaboration to be received in Q2 2026.

• Q1 2026 total revenues were $0, down from $3.0M in Q1 2025.

• R&D expense for Q1 2026 was $108.9M, down from $118.6M in Q1 2025.

• SG&A expense was $23.3M, slightly down from $23.9M year-over-year.

• Net loss for Q1 2026 was $125.7M, compared to $121M in Q1 2025.

Outlook and guidance

• Cash runway expected to last into the second half of 2028, enabling advancement of key programs.

• Registrational phase III program for VIR-5500 anticipated to begin in 2027.

• Top-line data from ECLIPSE 1 hepatitis delta study expected in Q4 2026; ECLIPSE 2 and 3 readouts in early 2027.

• Preliminary response data for VIR-5818 expected in the second half of 2026.

• Advancing 7 preclinical PRO-XTEN TCE targets toward development candidate selection by early 2027.