Vir Biotechnology (VIR) Q3 2026 earnings summary

Executive summary

• Q3 priorities included pivotal chronic hepatitis delta (CHD) readouts, advancing VIR-5500 toward pivotal studies, and expanding masked T-cell engager programs.

• Cash and investments were $901.3M at quarter-end, with projected runway into H2 2028; Astellas and Gilead collaborations broaden development capabilities.

Financial highlights

• Q3 revenue was $(0.2)M versus $0.2M in Q3 2025; nine-month revenue was $238.7M versus $4.5M, including $239.3M of Astellas license and collaboration revenue.

• Q3 operating expenses were $104.5M, down 40% YoY; operating loss was $104.7M versus $173.4M, and net loss was $96.3M versus $163.1M.

• Q3 R&D expense was $80.0M versus $151.5M, reflecting a non-recurring $75.0M prior-year milestone and collaboration cost recoveries, partly offset by higher manufacturing costs.

• Q3 SG&A expense was $24.4M versus $22.2M, primarily due to higher advisory and legal fees; stock-based compensation was $10.5M, down 8% YoY.

• Nine-month operating cash use was $115.1M versus $365.9M; financing provided $242.5M, including public offering and Astellas equity proceeds.

Outlook and guidance

• ECLIPSE 1 topline data are expected in Q4 2026; ECLIPSE 2 and 3 topline data are expected in Q1 2027 for a comprehensive global filing package.

• Multiple VIR-5500 pivotal trials are planned to begin in 2027; dose-expansion cohorts are open and enrolling across earlier- and later-line settings.

• A virtual Research Investor Event is planned for Q1 2027; development-candidate selection is targeted by early 2027.

• R&D expenses are expected to increase as candidates advance; significant product revenue is not expected before approvals, if ever, and additional capital may be needed as plans evolve.