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 HDV RNA at 96 weeks and favorable safety.

• Strategic collaborations with Norgine and Astellas accelerate access and development of key assets, with Norgine providing €55M upfront and up to €495M in milestones for CHD therapy in Europe, Australia, and New Zealand.

• Proprietary discovery engine and PRO-XTEN masking technology enable differentiated T-cell engager therapies, advancing multiple preclinical and clinical programs.

• Completed $172.5M follow-on equity offering, further strengthening the balance sheet.

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, mainly due to a prior $30M payment to Alnylam.

• 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

• Registrational phase III program for VIR-5500 expected to initiate in 2027; pivotal trials for prostate cancer anticipated to begin in 2027.

• Top-line data from ECLIPSE 1 hepatitis delta study expected in Q4 2026; ECLIPSE 2 and 3 readouts in Q1 2027.

• Filing for hepatitis delta regimen will require data from both ECLIPSE 1 and ECLIPSE 2.

• Preliminary response data for VIR-5818 (HER2) expected in the second half of 2026.

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