Vir Biotechnology, Inc. · NASDAQ:VIR
Vir Biotechnology — Q4 2025 Earnings Presentation
56 slides from Vir Biotechnology's earnings presentation, Feb 23, 2026
Slide 1: Corporate Overview Presentation
Corporate Overview Presentation February 2026 2026 Vir Biotechnology, Inc. 1
Slide 2: Legal disclaimer
Legal disclaimer Forward-Looking Statements Statements in this presentation that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding: the therapeutic and commercial potential of Vir Biotechnology's CH
Slide 3: Powering the immune system to transform lives
POWERING THE IMMUNE SYSTEM TO TRANSFORM LIVES 2026 Vir Biotechnology, Inc. 3
Slide 4: Strategic Collaborations
Our path to delivering transformational therapies to people living with devastating diseases Commercializing our Accelerating our masked Aiming Vir Bio's discovery chronic hepatitis delta T-cell engager (TCE) engine at developing a robust (CHD) combination therapy immunotherapy portfolio pipeline of
Slide 5: We've developed a powerful Vir Bio discovery engine
We’ve developed a powerful Vir Bio discovery engine to fuel the next generation of therapeutics Our distinctive capabilities Building on legacy of infectious disease innovation World Worldclass classprotein proteinengineering, engineering, antibody antibody/ discovery TCE discovery EbangaTM Xevudy®
Slide 6: Delivering a differentiated pipeline in oncology and infectious disease
Delivering a differentiated pipeline in oncology and infectious disease Driving near-term and long-term value creation siRNA Antibody Masked TCE Disease Area Product Candidate Goal Pre-clinical Phase 1 Phase 2 Phase 3 Approval CLINICAL PROGRAMS Chronic tobevibart + elebsiran Treatment Hepatitis Delt
Slide 7: Upcoming clinical milestones
Upcoming clinical milestones DRUG CANDIDATES PROGRAM REGIMEN CATALYST TIMING SOLSTICE: 72 & (partial) 96-week data Jan’26 ECLIPSE 1: topline data 4Q’26 Hepatitis Delta tobevibart (mAb) + elebsiran (siRNA) ECLIPSE 2: topline data 1Q’27 ECLIPSE 3: topline data 1Q’27 PSMA-Expressing VIR-5500 Phase 1 Fe
Slide 8: Our clinical programs address large and growing unmet needs
Our clinical programs address large and growing unmet needs Infectious Disease Oncology – Solid Tumors 2032 prevalence estimate for U.S., EU4 and UK PSMA HER2 EGFR CHD VIR-5500 VIR-5818 VIR-5525 Phase 1 Tobevibart + elebsiran Phase 1 Phase 1 Drug-Treated Patients3 Phase 3 Drug-Treated Patients3 Drug
Slide 9: Path to transformational therapies: chronic hepatitis delta (CHD)
Our path to delivering transformational therapies to people living with devastating diseases: chronic hepatitis delta (CHD) Commercializing our Accelerating our masked Aiming Vir Bio's discovery chronic hepatitis delta T-cell engager (TCE) engine at developing a robust (CHD) combination therapy immu
Slide 10: CHD: devastating liver disease, significantly underserved with high mortality
CHD: devastating liver disease, significantly underserved with CHD high mortality >50% 5 years 3X ~61K ~113K ~7M Liver-related Average Risk of liver in U.S. with in total EU worldwide death in 10 progression cancer (HCC) RNA+ (27 member with RNA+ years1 to cirrhosis vs. HBV3 patients4 states) and pa
Slide 11: Accelerating access to CHD regimen in Europe and ANZ through Norgine
Accelerating access to our CHD regimen to patients in Europe and CHD ANZ through collaboration with Norgine • Norgine is a leading European-focused specialty pharma with market-leading products in hepatology/GI, rare disease and pediatric oncology • Exclusive commercial license in Europe, Australia,
Slide 12: Our CHD combination regimen is potentially best-in-class
Our CHD combination regimen is potentially best-in-class CHD Two complementary MOAs & highly differentiated target product profile tobevibart (mAb) + elebsiran (siRNA) Inhibition of viral combination therapy entry (tobevibart) key differentiators Deep & increasing HDV RNA target not 1 detected (TND)
Slide 13: Ph2 SOLSTICE trial design
Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD CHD Study design: tobevibart + elebsiran Q4W and tobevibart Q2W Inclusion criteria: • HDV RNA ≥500 IU/mL combination Q4W tobevibart 300 mg + elebsiran 200 mg SC Q4W • ALT >ULN; ALT <5 × de novo (Overall N = 32, including N = 18 ci
Slide 14: SOLSTICE: HDV RNA TND results
Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD CHD Monthly combo therapy achieved undetectable HDV RNA in 88% of patients that reached Week 96 vs. 46% with monotherapy HDV RNA TND 100 mAb + 88% siRNA Undetectable HDV RNA is a known with HDV RNA TND 80 77% driver of improved CH
Slide 15: SOLSTICE: HBsAg suppression
Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD CHD ~90% of participants receiving tobevibart + elebsiran achieved very low HBsAg values by Week 24 and maintain suppression HBsAg <10 IU/mL 100 91% 94% 88% 88% mAb + with HBsAg <10 IU/mL 80 siRNA % of participants Hepatitis delta
Slide 16: SOLSTICE: ALT normalization
CHD Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD ALT normalization was similar between tobevibart + elebsiran and tobevibart monotherapy ALT Normalization 100 with ALT normalization 80 % of participants 76% 69% 61% 58% 60 56% 55% 54% 40 47% 20 tobevibart + elebsiran Q4W (N=3
Slide 17: SOLSTICE: safety and adverse events
CHD Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD Majority of adverse events were grade 1 or 2 transient through Week 72 Tobevibart + elebisran Tobevibart Q2W Q4W de novo N = 33 Safety or tolerability measure, n (%)a N = 32 Any TEAE 28 (88) 32 (97) Most TEAEs were grade 1 Gra
Slide 18: SOLSTICE results show combo well tolerated with durable efficacy
Ph2 SOLSTICE results to-date show monthly tobevibart + elebsiran CHD combo is well tolerated with robust and durable efficacy Summary of available data through Week 96 Monthly combination therapy achieves and maintains HDV RNA TND in 88% of participants who reached Week 96 High reductions in serum H
Slide 19: Registrational ECLIPSE program progressing ahead of schedule
Registrational ECLIPSE program progressing ahead of schedule CHD Initial topline data anticipated in Q4 2026 FDA breakthrough designation ECLIPSE 1 ECLIPSE 2 ECLIPSE 3 Phase 3 Phase 3 Phase 2b FDA Fast Track • HDV RNA TND + ALT • HDV RNA TND at • HDV RNA TND at EMA PRIME normalization at Week 24 Wee
Slide 20: Path to transformational therapies: cancer immunotherapy
Our path to delivering transformational therapies to people living with devastating diseases: cancer immunotherapy Commercializing our Accelerating our masked Aiming Vir Bio's discovery chronic hepatitis delta T-cell engager (TCE) engine at developing a robust (CHD) combination therapy immunotherapy
Slide 21: T-cell engagers are a powerful modality in cancer therapy
T-cell engagers (TCEs) are a powerful modality in cancer therapy TCE Our masked TCEs act like Trojan Horses, powered by the PRO-XTEN® platform TCEs hold tremendous The PRO-XTEN® masking platform potential, limited by toxicity Clinically validated, used on a blockbuster drug for hemophilia A2 Univers
Slide 22: Our pipeline of TCEs is enabled by the PRO-XTEN masking platform
Our unique pipeline of TCEs is enabled by the PRO-XTEN® masking TCE platform Allows our TCEs to overcome challenges of unmasked and single-masked TCEs Shields the core of TCEs, expanding potential in cancer therapy Tumor-binding domain Variable region binds tumor-associated antigen T-cell-binding do
Slide 23: Phase 1 Clinical Data: VIR-5500 (PSMA)
Phase 1 Clinical Data: VIR-5500 (PSMA) Presented February 2025 2026 Vir Biotechnology, Inc. 23
Slide 24: Strategic collaboration with Astellas for VIR-5500 in prostate cancer
Landmark strategic collaboration with Astellas maximizes VIR-5500 (PSMA) potential of VIR-5500 in prostate cancer i Collaboration pairs Astellas’ world class capabilities in prostate cancer with Vir Bio’s potential best-in-class T-cell engager VIR-5500, powered by PRO-XTEN® masking technology 50/50
Slide 25: VIR-5500 monotherapy study of PSMA-targeted dual-masked TCE
VIR-5500 monotherapy study of PSMA-targeted VIR-5500 (PSMA) dual-masked TCE in prostate cancer All dose escalation cohorts have cleared DLT (N=58) QW dose escalation (N=26) Q3W dose escalation (N=32) Eligibility criteria: • Documented progressive 1000 2000 3000 µg/kg (N=4) 1000 2000 4000 µg/
Slide 26: Late-line mCRPC population including patients with liver metastases
Late-line mCRPC population including patients VIR-5500 (PSMA) with liver metastases VIR-5500 baseline characteristics VIR-5500 Study & enrollment details: NCT05997615 N=58 Heavily pre-treated participants: Median age, years (range) 68 (49-81) • Median 4 prior lines of therapy Prior lines of therapy
Slide 27: VIR-5500 Phase 1 shows favorable safety and anti-tumor activity
VIR-5500 Phase 1 study shows favorable safety profile with VIR-5500 (PSMA) meaningful anti-tumor activity ≥3,000 µg/kg Q3W Well tolerated with no dose limiting toxicities CRS • 12% Grade ≥ 3 TRAEs All Grades 59% (13/22) • Limited CRS 50% (29/58) primarily seen in first cycle and mostly Grade 1 (Feve
Slide 28: Case Study 1: complete resolution of liver lesions; PSA99
Case Study 1: complete resolution of multiple (>14) liver lesions VIR-5500 (PSMA) at Week 9; PSA99 Q3W Cohort 800/1500/3000 µg/kg Baseline Week 9 PSA 99 ng/mL PSA 0.4 ng/mL 99% PSA Case study detail Decline • 63-year-old male • High disease burden: liver and bone lesions • 5 Prior Lines of Treatment
Slide 29: Case Study 2: significant RECIST response in large liver lesions
Case Study 2: significant RECIST response in large liver lesions VIR-5500 (PSMA) Q3W cohort 800/2000/3500 µg/kg Baseline Week 9 PSA 403 ng/mL PSA 44 ng/mL 94% Best PSA Decline Case study detail • 75-year-old male • High disease burden; liver and lymph- nodes (no bone lesions) 2 Liver Lesions SLD • 6
Slide 30: Case Study 3: durable RECIST, PSMA-PET and deep PSA response
Case Study 3: durable RECIST, PSMA-PET and deep PSA response VIR-5500 (PSMA) up to 8 months Q3W cohort 800/2000/3500 µg/kg Baseline Week Baseline Week 9 9 Week Week 18 18 CT/MRI CT/MRI Case study detail • 70-year-old male with peritoneal and abdominal wall lesions Baseline Week 9 Week 27 • 3 Prior l
Slide 31: Case Study 4: complete response in diffuse lesions
Case Study 4: complete response in diffuse lesions with prior radioligand therapy Lymph Node Biopsy Q3W Cohort 1000/2000/4000 µg/kg with Prophylactic Steroids PSMA/CD3 Duplex IHC Baseline Week 5 Baseline Week 9 PSA 81 ng/mL PSA 0.05 ng/mL PSMA membrane H-score 1401 PSMA H-score 0 100% tumor PSMA+ No
Slide 32: Case Study 5: complete response with ~12 months of durability
Case Study 5: complete response with ~12 months of durability VIR-5500 (PSMA) Q3W cohort 300/600/1000 µg/kg Baseline Week 9 C1D1 C3D1 C5D1 C7D1 C9D1 C11D1 C13D1 C15D1 C17D1 PSA 42 ng/mL PSA 0.6 ng/mL 60 Local PSA (ng/mL) 40 9 Week 18 Week 27 Week 39 Week Baseline Scans Scans Scans Scans 20 Scans SD
Slide 33: Well-tolerated with favorable safety profile
Well-tolerated with favorable safety profile 12% grade ≥ 3 TRAEs, limited CRS, mostly grade 1 (Fever Only), and no DLTs Limited High-Grade Events and Tx Discontinuations Low Grade CRS in Doses ≥3,000 µg/kg Q3W (N=22) TEAEs in any Participant n (%) (N=58) 9 Grade 1 Any TEAE 58 (100) 8 Participants wi
Slide 34: Dose response relationship: VIR-5500
Dose response relationship: VIR-5500 (PSMA) deeper PSA declines and confirmed PSA responses at higher doses 100 30 μg/kg QW 300/600/1000 μg/kg Q3W 60 μg/kg QW 500/1000/2000 μg/kg Q3W 120/180/180 μg/kg QW 800/1500/3000 μg/kg Q3W PSA Best % Change from Baseline (PCWG3)# 200/300/400 μg/kg QW 1000/2000/
Slide 35: Deep PSA declines observed as early as Cycle 1 Day 8
Deep PSA declines observed as early as Cycle 1 Day 8, VIR-5500 (PSMA) evidence of concordant RECIST responses in evaluable patients Doses ≥ 3000 ug/kg Q3W 100 ≥ 3000 µg/kg Q3W 800/1500/3000 μg/kg Q3W 1000/2000/3000 μg/kg Q3W Any PSA Decline 15/17 (88%) PSA Best % Change from Baseline (PCWG3)^ 75 800
Slide 36: Reduction in PSMA total tumor volume by PSMA PET
Reduction in PSMA total tumor volume by central PSMA PET analysis, RECIP responses associated with deep PSA declines and RECIST responses Doses ≥ 3000 ug/kg Q3W RECIP 1.0 Classification 100 800/1500/3000 μg/kg Q3W Complete Response % Change in PSMA Total Tumor Volume 800/2000/3500 μg/kg Q3W Partial
Slide 37: Robust RECIST responses with VIR-5500 monotherapy
Robust RECIST responses with VIR-5500 monotherapy in VIR-5500 (PSMA) RECIST-evaluable participants Doses ≥ 3000 ug/kg Q3W 100 800/1500/3000 μg/kg Q3W 1000/2000/3000 μg/kg Q3W 80 71.43 800/2000/3500 μg/kg Q3W 1000/2000/4000 μg/kg Q3W (+C1 Steroid Prophylaxis) 60 Best Change from Baseline ORR 45% (5/1
Slide 38: RECIST responses concordant with deep PSA responses
RECIST responses concordant with deep PSA responses VIR-5500 (PSMA) Doses ≥ 3000 ug/kg Q3W Initial Stable Disease followed by disease progression due to 80 Progressive Disease with PSMA-negative lesions in the metastases to the liver and new bone metastases resulting in spinal fracture liver; only r
Slide 39: Emerging evidence of PSA and radiographic durability
Emerging evidence of PSA and radiographic durability VIR-5500 (PSMA) Doses ≥ 3000 ug/kg Q3W, CRS Restricted to Early Cycles 0 2 4 6 8 10 Months 800 / 1500 / 3000 µg/kg * ^ 1000 / 2000 / 3000 µg/kg Time on Treatment Ongoing 800 / 2000 / 3500 µg/kg PSA50 PSA90 uPR cPR cCR G1 CRS 1000 / 2000 / 4000 µg/
Slide 40: Next steps for VIR-5500: advancement into earlier treatment setting
Next steps for VIR-5500: rapid advancement into earlier VIR-5500 (PSMA) treatment setting in prostate cancer Conclusion of monotherapy QW and Q3W dose escalation in late-line mCRPC Initial monotherapy recommended expansion dose Progressing toward initiating Expansion Dose Cohorts in 2Q’26 • Late-lin
Slide 41: Clinical pipeline of masked TCEs demonstrates promise of PRO-XTEN
Our clinical pipeline of masked TCEs demonstrates promise TCE of the PRO-XTEN® platform VIR-5500 VIR-5818 VIR-5525 7 Preclinical (PSMA) (HER2) (EGFR) Programs The only dual masked TCE in The only masked TCE in clinical Dual-masked TCE in clinical Universal masking platform clinical development for d
Slide 42: Our strategic approach creates short and long-term value drivers
Our strategic approach creates short and long-term value drivers chronic hepatitis delta universal masked TCEs discovery engine ECLIPSE 1 topline data VIR-5500 PSMA pivotal trials 7 preclinical PRO-XTEN® TCE in 4Q26 to initiate in 2027 targets identified ECLIPSE 2 & 3 topline data in VIR-5818 HER2 d
Slide 43: Patients are waiting
PATIENTS ARE WAITING 2026 Vir Biotechnology, Inc. 2026 Vir Biotechnology, Inc. 43
Slide 44: Phase 1 Clinical Data: VIR-5818 (HER2)
Phase 1 Clinical Data: VIR-5818 (HER2) Presented January 2025 2026 Vir Biotechnology, Inc. 44
Slide 45: First clinical stage masked HER2 TCE in ongoing Phase 1
The first clinical stage masked HER2 TCE in ongoing Phase 1 VIR-5818 (HER2) Part 1: Monotherapy Dose Escalation - Completed Part 2: Pembrolizumab Combination Recommended expansion Eligibility: + dose and schedule Pembrolizumab HER2 IHC2-3+, ISH+, or VIR-5818 100 300 1000 µg/kg mutant Q3W QW and
Slide 46: Minimal unmasked TCE in circulation and potential for Q3W dosing
Minimal unmasked TCE in circulation and potential for Q3W dosing VIR-5818 (HER2) Minimal unmasked TCE outside the tumor Half-life of ~ 6 days unlocks potential Q3W dosing VIR-5818 and uTCE PK, First Cycle* VIR-5818 PK, First Dose 1000 Plasma Concentration, nM 100 10 1 0.1 0.01 0 7 14 21 Nominal Time
Slide 47: VIR-5818 is not dose-limited by CRS
Preliminary safety data indicates VIR-5818 is not dose-limited by CRS VIR-5818 (HER2) Highly Tolerable Safety Low Cytokine Levels, Even at Higher Doses TRAE (max grade) in >15% of pts Peaks of IL-6 Secretion Post VIR-5818 Dosing VIR-5818 Grade 1 Grade 2 Grade ≥ 3 N = 79 N (%) N (%) N (%) Peak IL-6 I
Slide 48: Notable tumor shrinkage observed during dose escalation
Notable tumor shrinkage observed during dose escalation VIR-5818 (HER2) HER2+ Solid Tumors (Doses ≥ 400 µg/kg) Efficacy detail: • ≥ 400 µg/kg drive significant RECIST responses Breast cancer patient case study o Dose escalation continues in QW and Q3W regimens • 50% observed tumor shrinkage (10/20 p
Slide 49: A patient's journey: dramatic response in advanced HER2+ breast cancer
A patient’s journey: dramatic response in advanced HER2+ breast VIR-5818 (HER2) cancer Tumor pain, inflammation Day 1 Baseline Cycle 1 Day 8 Cycle 2 Day 1 VIR-5818 Case Study Compelling activity in breast cancer patient by Cycle 1 with transformative clearance of tumor 9 prior lines of therapy, Cycl
Slide 50: Deep responses at early doses in MSS colorectal cancer
Deep responses at early doses in MSS colorectal cancer, a tumor VIR-5818 (HER2) type traditionally resistant to immunotherapy HER2+ Colorectal Cancer (All Patients Shown are MSS) Dose Levels Early Phase 1 efficacy 100-300 µg/kg 400 µg/kg Activity HER2+ CRC ≥400 µg/kg 600 µg/kg 800 µg/kg cPR 2/6 (33%
Slide 51: Patient Case Study: years on treatment, exceptional durability
Patient Case Study: 2 years on treatment, exceptional durability VIR-5818 (HER2) Rapid and Sustained Decrease Over Time Dose-Dependent Tumor Shrinkage 900 CEA 899 ng/mL Dose Levels Change in Target Tumors Size from Baseline 0 Change in SLD from Baseline (%) 800 60 µg/kg Dose Levels 120 µg/kg 700 -10
Slide 52: Molecular evidence of anti-tumor activity across cancer types
Molecular evidence of anti-tumor activity across multiple cancer VIR-5818 (HER2) types Molecular Responses: ctDNA (Step-up doses only) Detail: 100 • High value of biomarkers for Percent Change from Baseline (%) immunologics 50 • RECIST responses may be confounded by tumor 0 inflammation • With on-tr
Slide 53: Potential first-in-class HER2 TCE validating PRO-XTEN platform
A potential first-in-class HER2 TCE designed to clinically validate the VIR-5818 (HER2) PRO-XTEN® platform Clear activity based on early Phase 1 data with potential for long-term durable responses Emerging activity: wide TI in heavily pretreated population • Unprecedented tolerability: no Gr3+ CRS,
Slide 54: Phase 1 Clinical Program: VIR-5525 (EGFR)
Phase 1 Clinical Program: VIR-5525 (EGFR) 2026 Vir Biotechnology, Inc. 54
Slide 55: VIR-5525 Phase 1 study design
VIR-5525 Phase 1 study design: dose escalation and expansion VIR-5525 (EGFR) Part 3 & 4: Pembrolizumab Combination Part 1 & 2: Monotherapy Dose Escalation & Expansion Dose Escalation & Expansion Indications: + Highest Potential Dose NSCLC (nonsquamous or squamous histology), CRC, Continued Dose Esca
Slide 56: Preclinical data show potent activity and safety margin with PRO-XTEN
Preclinical data demonstrate potent activity and substantial safety VIR-5525 (EGFR) margin with PRO-XTEN® masking Outside Tumor: masking is maintained, leading to In Tumor: similar anti-tumor activity in ~10,000-fold shift in cytotoxicity PRO-XTEN® masked vs. unmasked EGFR TCE Anti-tumor activity in