Vir Biotechnology, Inc. · NASDAQ:VIR
Vir Biotechnology — Q2 2026 Earnings Presentation
62 slides from Vir Biotechnology's earnings presentation, Aug 5, 2026
Slide 1: Corporate Overview Presentation
Corporate Overview Presentation August 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: Our path to delivering transformational therapies
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: Vir Bio discovery engine to fuel the next generation of therapeutics
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 elebsiran and tobevibart Treatment Hepatitis De
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 elebsiran (siRNA) and tobevibart (mAb) ECLIPSE 2: topline data 1Q’27 ECLIPSE 3: topline data 1Q’27 PSMA-Expressing VIR-5500 Phase 1
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 Elebsiran and Tobevibart Phase 1 Phase 1 Drug-treated Patients3 Phase 3 Drug-treated Patients3 Dr
Slide 9: Our path: 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
CHD: devastating liver disease, significantly underserved with CHD high mortality >50% 5 years 3X ~61K ~113K ~7M Liver-related Average Risk of liver Active Active viremic Active death in 10 progression cancer (HCC) viremic patients5 in viremic years1 to cirrhosis vs. HBV3 patients4 total EU (27 pati
Slide 11: Accelerating access to CHD regimen in Europe and ANZ with 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: Complementary mechanisms designed to maximize disruption of HDV
Complementary mechanisms designed to maximize disruption of HDV CHD Tobevibart Elebsiran (mAb) (siRNA) Inhibiting viral entry Degrading HBV RNA & reducing HBsAg production Neutralizing HDV & HBV virions cccDNA: covalently closed circular DNA; CHD: chronic hepatitis delta; HBsAg: hepatitis B virus su
Slide 13: Our dual-acting regimen aims to set a new bar for best-in-class therapy
Our dual-acting regimen aims to set a new bar for best-in-class therapy Characteristics of a best-in-class Potential of combination elebsiran and tobevibart CHD therapy Building on SOLSTICE data that achieved robust and sustained undetectable HDV Viral elimination RNA with the Phase 3 ECLIPSE progra
Slide 14: Ph2 SOLSTICE trial study design
Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD CHD Study design: elebsiran and tobevibart combination therapy Q4W and tobevibart monotherapy Q2W Inclusion criteria: • HDV RNA ≥500 IU/mL combination Q4W elebsiran 200 mg and tobevibart 300 mg SC Q4W • ALT >ULN; ALT <5 × de novo
Slide 15: SOLSTICE patient demographics and baseline characteristics
Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD CHD Patient demographic and baseline characteristics were generally balanced across the treatment groups and all participants remained on concomitant NA therapy throughout the duration of the study Elebsiran and tobevibart Tobevib
Slide 16: SOLSTICE: undetectable HDV RNA
CHD Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD Monthly combo therapy achieved undetectable HDV RNA in 88% (28/32) of participants at Week 96 (missing = failure analysis) and 97% (31/32) of participants at Week 96 (LOCF analysis) HDV RNA TND siRNA 100 and achieving HDV RNA
Slide 17: SOLSTICE: ALT normalization
CHD Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD ALT normalization was robust and similar between elebsiran and tobevibart and tobevibart monotherapy ALT Normalization achieving ALT normalization 100 76% 80 % of participants 69% 61% 63% 60 56% 53% 53% 40 47% 20 0 0 24 48 72
Slide 18: High rates of viral elimination and ALT normalization in Phase 2
High rates of viral elimination and ALT normalization for elebsiran and CHD tobevibart combination in Phase 2 1,2 HDV RNA TND ALT Normalization 100 SOLSTICE 48-week endpoint3 AZURE-1 24-week endpoint 90 80 % of participants 66% 70 (21/32) 56% 60 (18/32) 45% 50 40% (9/20) (8/20) 40 30% (6/20) 30 20 5
Slide 19: SOLSTICE: HBsAg suppression
Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD CHD ~90% of participants receiving elebsiran and tobevibart achieved very low HBsAg values by Week 24 and maintain suppression Proportion with HBsAg <10 IU/mL 100 91% 94% mAb + 88% 88% siRNA with HBsAg <10 IU/mL 80 HBsAg % of part
Slide 20: SOLSTICE: safety and tolerability
CHD Ph2 SOLSTICE trial evaluating potential best-in-class therapy for CHD Combination therapy generally well-tolerated; majority of adverse events through Week 96 were grade 1 or 2 and transient Elebsiran and tobevibart Tobevibart Q2W Q4W de novo Safety or tolerability measure, n (%)a N = 33 N = 32
Slide 21: SOLSTICE results to-date show remarkable viral elimination
CHD Ph2 SOLSTICE results to-date show remarkable viral elimination, with monthly elebsiran and tobevibart administration 88% (28/32) of elebsiran and tobevibart participants achieved undetectable HDV RNA (HDV RNA TND) ~90% of elebsiran and tobevibart participants achieved HBsAg <10 IU/mL by Week 24
Slide 22: 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 23: Our path: 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 24: 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 Non-masked TCEs hold The PRO-XTEN® masking platform tremendous potential, limited by toxicity Clinically validated, used on a blockbuster drug for hemophilia
Slide 25: Our TCE pipeline 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 TCE, expanding potential in cancer therapy Tumor-binding domain Variable region binds tumor-associated antigen T-cell-binding domain Vari
Slide 26: Phase 1 Clinical Data: VIR-5500 (PSMA)
Phase 1 Clinical Data: VIR-5500 (PSMA) Presented February 2026 2026 Vir Biotechnology, Inc. 26
Slide 27: Landmark strategic collaboration with Astellas for VIR-5500
Landmark strategic collaboration with Astellas maximizes potential VIR-5500 (PSMA) 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 28: Collaboration summary and economics
Collaboration summary: accelerates development, access to expertise and delivers attractive economics1 Scope Commercial rights Global development and commercialization collaboration for U.S. commercialization based on 50/50 profit share VIR-5500 in prostate cancer Vir Bio option to U.S. co-promote U
Slide 29: VIR-5500 monotherapy study in prostate cancer
VIR-5500 monotherapy study of PSMA-targeted PRO-XTEN® 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
Slide 30: Late-line mCRPC population including 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 31: VIR-5500 favorable safety profile with meaningful 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 32: Case Study 1: complete resolution of liver lesions; PSA99
Case Study 1: complete resolution of multiple (>14) liver lesions at VIR-5500 (PSMA) 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 33: 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 34: Case Study 3: durable RECIST, PSMA-PET and 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 35: Case Study 4: complete response with prior radioligand therapy
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 36: Case Study 5: complete response with ~12 months 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 37: 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 38: 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 39: Deep PSA declines observed as early as Cycle 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 40: 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 41: 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 42: 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 43: 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 44: Next steps for VIR-5500: advancement into earlier treatment setting
Next steps for VIR-5500: rapid advancement into earlier treatment VIR-5500 (PSMA) setting in prostate cancer Taxane naïve mCRPC Currently enrolling Monotherapy RLT-naïve mCRPC Currently enrolling VIR-5500 RLT-exposed mCRPC Currently enrolling Expansion Cohorts Q3W 800/2000/3500 VIR-5500 + enzalutami
Slide 45: Our clinical pipeline of masked TCEs demonstrates promise of PRO-XTEN
Our clinical pipeline of masked TCEs demonstrates promise of the TCE PRO-XTEN® platform VIR-5500 VIR-5818 VIR-5525 7 Preclinical (PSMA) (HER2) (EGFR) Programs The most advanced dual- The only dual-masked TCE in PRO-XTEN® dual-masked TCE PRO-XTEN® universal masking masked TCE in clinical clinical dev
Slide 46: Financials and Closing
Financials and Closing 2026 Vir Biotechnology, Inc. 46
Slide 47: Q2 2026 Financial Results
Q2 2026 Financial Results Three Months Ended June 30, $ in millions 2026 2025 Change % Total revenues $238.9 $1.2 $237.7 19808% Operating expenses: Research and development (1) 135.3 97.5 37.8 39% Selling, general and administrative (1) 30.2 22.3 7.9 35% Restructuring, long-lived assets impairment a
Slide 48: 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 4Q’26 to initiate in 2027 targets identified ECLIPSE 2 & 3 topline data in VIR-5818 HER2
Slide 49: Patients are waiting
PATIENTS ARE WAITING 2026 Vir Biotechnology, Inc. 2026 Vir Biotechnology, Inc. 49
Slide 50: Phase 1 Clinical Data: VIR-5818 (HER2)
Phase 1 Clinical Data: VIR-5818 (HER2) Presented January 2025 2026 Vir Biotechnology, Inc. 50
Slide 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: Potential first-in-class HER2 TCE validating the 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 60: Phase 1 Clinical Program: VIR-5525 (EGFR)
Phase 1 Clinical Program: VIR-5525 (EGFR) 2026 Vir Biotechnology, Inc. 60
Slide 61: 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 62: 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