Vir Biotechnology, Inc. · NASDAQ:VIR
Vir Biotechnology — Q3 2025 Earnings Presentation
45 slides from Vir Biotechnology's earnings presentation, Nov 5, 2025
Slide 1: Corporate Overview Presentation
Corporate Overview Presentation November 2025 2025 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: Our Vision: Powering The Immune System To Transform Lives
Our Vision: Powering The Immune System To Transform Lives 2025 Vir Biotechnology, Inc.™ 3
Slide 4: We power the immune system to fight back against cancer and viruses
We power the immune system to fight back against two related and formidable threats: cancer and viruses Protecting us from cancer cells and viruses Cancer cells and viruses can evade the We power the immune system to fight in normal conditions immune system, causing serious disease back against canc
Slide 5: Potential best-in-class programs across oncology and infectious disease
Potential best-in-class programs across oncology and infectious disease Leveraging immune-targeted approaches to transform patient care Oncology – Solid Tumors Infectious Disease HER2 PSMA EGFR Hepatitis Delta (Phase 1) (Phase 1) (Phase 1) (Phase 3) Potential HER2 mCRPC mNSCLC Chronic suppressive tu
Slide 6: Diversified pipeline in oncology and infectious disease
Diversified 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 Delta Solid Tumors V
Slide 7: Multiple near-term catalysts led by SOLSTICE AASLD presentation and VIR-5500 Q1 2026
Multiple near-term catalys ts led by SOLSTICE AASLD pres entation and VIR-5500 Q1 2026 data update Program Drug Candidates/Regimen Catalyst Timing ECLIPSE 1: enrollment complete Q4’25 48-week Phase 2 SOLSTICE data at AASLD Nov 9th Hepatitis Delta tobevibart (mAb) + elebsiran (siRNA) ECLIPSE 1: topli
Slide 8: Chronic Hepatitis Delta
Chronic Hepatitis Delta Potentially Transformative Chronic Treatment 2025 Vir Biotechnology, Inc.™ 8
Slide 9: Hepatitis Delta dramatically increases risk of death, cirrhosis, and cancer
Hepatitis Delta dramatically increases risk of death, cirrhosis, and HDV cancer Liver-Related Death Worldwide >50% in 10 Years1 ~7M RNA+ (Active Viremic HDV) Patients4 Average Progression to Cirrhosis U.S. 5 year and Liver Failure2 ~61K RNA+ (Active Viremic HDV) Patients5,7 3x Risk of Liver Cancer (
Slide 10: An estimated 61,000 patients in the U.S. have active viremic HDV infection
An estimated 61,000 patients in the U.S. have active viremic HDV HDV infection ~2M Prevalent Chronic Hepatitis B Patients1 ~4.7% Anti-HDV proportion of HBV Patients (avg. calculated across sources)1,2,3,4 ~92K Anti-HDV Patients ~66% HDV RNA Positivity Rate (Active Viremic HDV Patients)2 ~61K HDV RNA
Slide 11: Our ambition in HDV: chronic viral suppression to undetectable levels with monthly dosing
Our ambition in HDV: chronic viral suppression to HDV undetectable levels with monthly dosing HBsAg is the key viral protein responsible for recognition, binding, Inhibition of viral entry and entry of HBV and HDV virions to (tobevibart) hepatocytes Complementary MOAs: Tobevibart Degradation of HBV
Slide 12: Rapid and sustained HDV RNA suppression with tobevibart + elebsiran combination
Rapid and sustained HDV RNA suppression with tobevibart + elebsiran HDV combination Mean HDV RNA (log10 IU/mL) by Visit Mean HDV RNA (log10 IU/mL) by Visit Combo Q4W rollover Combo Q4W de novo Combo Q4W rollover Combo Q4W de novo HDV RNA levels decreased rapidly in the tobevibart + elebsiran combina
Slide 13: Tobevibart + elebsiran combo has shown transformative HDV virological responses
Tobevibart + elebsiran combo has shown transformative HDV virological responses in HDV in our ongoing P2 trial Virologic Endpoint: Tobevibart (mAb) + elebsiran (siRNA) combination therapy Key HDV RNA <Target Not Detected (0 IU/mL)* differentiators 100% P2: SOLSTICE 100% P3: MYR 301 1 Deep HDV antivi
Slide 14: Combination outperforms monoclonal antibody monotherapy in HBsAg reduction
Combination of tobevibart + elebsiran markedly outperforms monoclonal antibody HDV monotherapy in HBsAg reduction at Week 24 HBsAg Level HBsAg (IU/mL) Category at Week 24 6 Mean HBsAg (log10 IU/mL), 100 3 11 4 22 Mean ± SD 80 2 <0.05 60 38 0.05 to <10 0 84 78 10 to <100 40 ≥100 Missing Day 1 Week 12
Slide 15: Majority of adverse events were Grade 1-2 & transient
Majority of adverse events were Grade 1-2 & transient, no Grade 2 or higher HDV ALT elevations have occurred to date Combo Q4W Tobevibart Q2W Combo Q4W rollover de novo N = 33 N = 13 Safety or tolerability measure, n (%)a N = 32 Any TEAE 29 (87.9) 25 (78.1) 5 (38.5) Grade 1-2 28 (84.9) 25 (78.1) 5 (
Slide 16: ECLIPSE registrational clinical trials progressing
HDV ECLIPSE registrational clinical trials progressing, with ECLIPSE 1 fully enrolled and topline data for all three studies expected Q1 2027 Supported by: FDA breakthrough designation FDA Fast Track EMA PRIME designation EMA ODD ECLIPSE 1 – Phase 3 HDV RNA LLOQ, TND + ALT normalization at w
Slide 17: PRO-XTEN Dual-Masked TCE Platform
PRO-XTEN® Dual- Masked TCE Platform Potential to Overcome the Challenges of TCEs 2025 Vir Biotechnology, Inc.™ 17
Slide 18: PRO-XTEN masked TCEs have potential best-in-class therapeutic index and durability
PRO-XTEN® masked TCEs have potential best-in-class PRO-XTEN® therapeutic index and long-term durability Platform PRO-XTEN® dual masking CD3: cluster of differentiation 3; TME: tumor microenvironment; TCE: T-cell engager; TI: therapeutic index; Q3W: once every 3 weeks PRO-XTEN® is a trademark of Amun
Slide 19: PRO-XTEN masked TCEs can expand the potential of T-cell engagers
PRO-XTEN® masked TCEs can expand the potential of T-cell PRO-XTEN® Platform engagers in cancer treatment PRO-XTEN® Dual-Masked TCEs VIR-5500 (PSMAxCD3)1: The only dual-masked PSMA-targeted TCE, significant room to dose escalate including Q3W dosing • Efficacy: 100% PSA decline, 58% PSA50 responses a
Slide 20: Phase 1 Clinical Data: VIR-5500 (PSMA)
Phase 1 Clinical Data: VIR-5500 (PSMA) Potential Best-in-Class Profile in Prostate Cancer 2025 Vir Biotechnology, Inc.™ 20
Slide 21: Ongoing dose escalation of first dual-masked TCE in prostate cancer
Ongoing dose escalation of first dual-masked TCE in prostate VIR-5500 (PSMA) cancer QW Dose Escalation Q3W Dose Escalation QW Highest Potential Dose Eligibility: Q3W Highest Potential Dose Documented progressive Continued Dose Escalation metastatic CRPC Continued Dose Escalation 500 1000 2000 µg
Slide 22: VIR-5500 minimal systemic unmasking and potential for Q3W dosing
10 Plasma XPAT Plasma XP 10 Minimal systemic unmasking 1 and potential for1 Q3W VIR-5500 (PSMA) dosing 0.1 0.1 0.01 Minimal unmasked 0.01 the tumor TCE outside 0 8-10 Day Half-Life: 1 2 of Q3W Supportive 3 Dosing4 5 Participant X PK 0 1 2 3 4 5 6 7 Nominal Time, Day ticipant200/300/400 X PK μg/kg QW
Slide 23: Well-tolerated without prophylactic corticosteroids or anti-IL-6 premedication
Well-tolerated without prophylactic corticosteroids or anti-IL- VIR-5500 (PSMA) 6 premedication in early Phase 1 testing Potential Best-in-Class Safety No Anti-IL-6, No Corticosteroids, No Gr ≥3 CRS CRS by VIR-5500 Dose Regimen* Grade 1 Grade 2 Grade ≥ 3 5 VIR-5500 (n=18) N (%) N (%) N (%) Grade 2 P
Slide 24: Strong PSA50 responses and tolerable safety at early doses
Strong PSA50 responses and tolerable safety at early doses in VIR-5500 (PSMA) Phase 1 testing PSA Responses (1st dose ≥ 120 ug/kg) 120/180/180 μg/kg QW Early Phase 1 responses: 25 120/180/180 μg/kg QW 200/300/400 μg/kg QW from Baseline 25 PSA Best % Change from Baseline 200/300/400 μg/kg QW PSA Resp
Slide 25: Meaningful responses and evidence of durability at early dose cohorts
Meaningful responses and evidence of durability at early VIR-5500 (PSMA) dose cohorts Longitudinal Responses *Note: Participant had dose interruption 120/180/180 μg/kg QW 200/300/400 μg/kg QW 300/600/1000 μg/kg QW at Day 20 due to unrelated case of 120/180/180 μg/kg QW 200/300/400 μg/kg QW 300/600/1
Slide 26: Patient case study: whole-body MRI and PSMA-PET show tumor cell death
VIR-5500 Patient case study: whole-body MRI and PSMA-PET show (PSMA) widespread and homogeneous changes indicative of tumor cell death Individual case subject 200/300/400 µg/kg Baseline Week 9 (PSA 959) (PSA 31) Case Study Detail: • Prior treatment: Cabazitaxel, Docetaxel, and Darolutamide • Related
Slide 27: Potential for best-in-class therapeutic index in early and late lines
Potential for best-in-class therapeutic index and VIR-5500 (PSMA) positioning in both early and late lines Late-Line mCRPC Early-Line mCRPC Expansion Opportunities 3L+ 1L-2L nmCRPC, HSPC 12,000 patients 90,000 patients 80,000 patients Chemo Anti-Androgen Therapies Radioligand Therapies Other Targete
Slide 28: Phase 1 Clinical Data: VIR-5818 (HER2)
Phase 1 Clinical Data: VIR-5818 (HER2) PRO-XTEN® Platform Proof of Concept in HER2 Expressing Tumors 2025 Vir Biotechnology, Inc.™ 28
Slide 29: The first clinical stage masked HER2 TCE in ongoing Phase 1
VIR-5818 The first clinical stage masked HER2 TCE in ongoing Phase 1 (HER2) Part 1: Monotherapy Dose Escalation - Completed Part 2: Pembrolizumab Combination Recommended expansion dose Eligibility: and schedule Pembrolizumab 100 300 1000 µg/kg HER2 IHC2-3+, ISH+, or mutant Exhausted all SOC VIR-
Slide 30: Minimal unmasked TCE in circulation and potential for Q3W dosing
VIR-5818 Minimal unmasked TCE in circulation and potential for Q3W (HER2) Dosing Minimal unmasked TCE outside the tumor Half-life of ~ 6 days unlocks potential Q3W dosing Mean PK VIR-5818 QW and uTCE PK, First Stepup Cycle* Dosing VIR-5818 PK, First Dose 1000 Plasma Concentration, nM 100 10 1 XPAT 1
Slide 31: Preliminary safety data indicates VIR-5818 is not dose-limited by CRS
Preliminary safety data indicates VIR-5818 is not dose-limited VIR-5818 (HER2) by CRS 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 32: Notable tumor shrinkage observed during dose escalation
VIR-5818 Notable tumor shrinkage observed during dose escalation (HER2) HER2+ Solid Tumors (Doses ≥ 400 µg/kg) Efficacy detail: • ≥ 400 µg/kg drive significant RECIST responses o Dose escalation continues in Breast cancer patient case study QW and Q3W regimens • 50% observed tumor shrinkage (10/20 p
Slide 33: A patient's journey: dramatic response in advanced HER2+ breast cancer
A patient’s journey: dramatic response in advanced HER2+ VIR-5818 breast cancer (HER2) 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, incl
Slide 34: Deep responses at early doses in MSS colorectal cancer
VIR-5818 Deep responses at early doses in MSS colorectal cancer, a (HER2) tumor type traditionally resistant to immunotherapy HER2+ Colorectal Cancer Dose Levels (All Patients Shown are MSS) 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 35: Patient Case Study: years on treatment, exceptional durability
Patient Case Study: 2 years on treatment, exceptional VIR-5818 (HER2) durability Rapid and Sustained Decrease Over time Dose-Dependent Tumor Shrinkage 900 CEA 899 ng/mL Change in Target Tumors Size from Baseline Dose Levels 0 Change in SLD from Baseline (%) 800 60 µg/kg Dose Levels 120 µg/kg Plasma
Slide 36: Molecular evidence of anti-tumor activity across multiple cancer types
Molecular evidence of anti-tumor activity across multiple VIR-5818 (HER2) cancer 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 Best % cfBL confounded by tumor 0 inflammation
Slide 37: A potential first-in-class HER2 TCE to clinically validate PRO-XTEN platform
A potential first-in-class HER2 TCE designed to VIR-5818 (HER2) clinically validate the 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 38: Phase 1 Clinical Program: VIR-5525 (EGFR)
Phase 1 Clinical Program: VIR-5525 (EGFR) Potential for Effective and Differentiated Targeting of EGFR Expressing Tumors 2025 Vir Biotechnology, Inc.™ 38
Slide 39: VIR-5525 Phase 1 study design: dose escalation and expansion
VIR-5525 Phase 1 study design: dose escalation and VIR-5525 (EGFR) expansion Part 3 & 4: Pembrolizumab Combination Part 1 & 2: Monotherapy Dose Escalation & Expansion Dose Escalation & Expansion Highest Potential Dose Indications: Continued Dose Escalation NSCLC (nonsquamous or squamous histology),
Slide 40: Potential to revolutionize treatment in EGFR-expressing cancers
Potential to revolutionize treatment in EGFR-expressing VIR-5525 (EGFR) cancers High annual incidence and EGFR expression in key solid tumors Poor survival in advanced EGFR-expressing tumors Initial indications No currently approved antibodies directly engage T-cell killing in their mechanism of act
Slide 41: Preclinical data demonstrate potent activity and substantial safety margin
Preclinical data demonstrate potent activity and substantial VIR-5525 (EGFR) safety margin with PRO-XTEN® masking Outside Tumor: masking is maintained, leading to ~10,000- In Tumor: similar anti-tumor activity in fold shift in cytotoxicity PRO-XTEN® masked vs. unmasked EGFR TCE Anti-tumor activity i
Slide 42: Financials and closing
Financials and closing 2025 Vir Biotechnology, Inc.™ 42
Slide 43: Q3 2025 Financial Results
Q3 2025 Financial Results Three Months Ended September 30, $ in millions 2025 2024 Change % Total revenues $0.2 $2.4 $(2.2) (92%) Operating expenses: Cost of revenue — 0.1 (0.1) (100%) Research and development(1) 151.5 195.2 (43.7) (22%) Selling, general and administrative(1) 22.2 25.7 (3.5) (14%) R
Slide 44: Clinical execution underpinned by financial discipline, runway into mid-2027
Clinical execution underpinned by strict financial discipline, enabling runway into mid-2027 & through multiple catalysts Financial Highlights Clinical Programs Hepatitis Delta Dual-Masked TCEs Cash runway into • ECLIPSE 1 fully enrolled • VIR-5500 (PSMA) data update Q1’26 mid-2027 • ECLIPSE 2 and 3
Slide 45: Patients Are Waiting
PATIENTS ARE WAITING 2025 Vir Biotechnology, Inc.™ 45