Vir Biotechnology, Inc. · NASDAQ:VIR
Vir Biotechnology — Investor Presentation (November 2025)
47 slides from Vir Biotechnology's investor presentation, November 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 Cancer cells and viruses can evade the We power the immune system to fight viruses in normal conditions immune system, causing serious back against cancer and i
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 data update
Multiple near-term catalysts led by SOLSTICE AASLD presentation 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: topline
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, HDV cirrhosis, and cancer Worldwide Liver-Related >50% Death in 10 Years1 ~7M RNA+ (Active Viremic HDV) Patients4 U.S. 5 year Average Progression to Cirrhosis and Liver Failure2 ~61K RNA+ (Active Viremic HDV) Patients5,7 Total EU (27 member state
Slide 10: An estimated 61,000 patients in the U.S. have active HDV infection
An estimated 61,000 patients in the U.S. have active HDV viremic 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, Inhibition of viral entry binding, and entry of HBV and (tobevibart) HDV virions to hepatocytes Complementary MOAs: Tobevibart Degradation of HBV
Slide 12: SOLSTICE Study Design: Tobevibart + Elebsiran and Tobevibart Q2W
SOLSTICE Study Design: Tobevibart + Elebsiran Q4W and HDV Tobevibart Q2W in participants living with chronic HDV Tobevibart Q2W HDV RNA >500 IU/mL Tobevibart 300 mg SC Q2W ALT >ULN; ALT <5 × ULN (Overall N = 33 including N = 15 cirrhotic) Non-cirrhotica Combo Q4W de novo or cirrhotic (CPT-A)b Tobevi
Slide 13: Higher Antiviral Responses in Participants Receiving Tobevibart + Elebsiran through Week 48
Higher Antiviral Responses in Participants Receiving HDV Tobevibart + Elebsiran through Week 48 100 Week 4 97% 79% HDV RNA ≥2 log10 decrease or HDV RNA <LOD 80 Protocol defined virologic endpoint % participants 66% Tobevibart + Elebsiran Q4W (N=32) 60 49% Tobevibart Q2W (N=33) 40 HDV RNA Target Not(
Slide 14: Similar ALT normalization observed in both regimens
Similar ALT normalization observed in both regimens HDV ALT Reduction ALT Normalization 120 100 100 80 Median (Q1, Q3) % participants 80 ALT (U/L) 60 60 40 40 20 20 0 0 Day0 1 Week 1212 Week 2424 Week 3636 Week 48 48 Day 0 1 Week 12 12 Week 24 24 Week 36 36 Week 48 48 Tobevibart + Elebsiran Q4W (N=3
Slide 15: Combination markedly outperforms monotherapy in HBsAg reduction
Combination of tobevibart + elebsiran markedly outperforms HDV monoclonal antibody monotherapy in HBsAg reduction Serum HBsAg Week 48 HBsAg (IU/mL) 3% 5 100 22% <0.05 HBsAg (log10 IU/mL) 4 80 0.05 to <10 % of participants 3 Mean ± SD 30% 10 to <100 60 2 88% ≥100 40 Missing 1 30% or discontinued 0 20
Slide 16: Majority of Adverse Events were Grade 1-2 and Transient Through Week 48
Majority of Adverse Events were Grade 1-2 and Transient HDV Through Week 48 Tobevibart + elebisran Tobevibart Q2W Q4W de novo N = 33 Safety or tolerability measure, n (%)a N = 32 Any TEAE 26 (81) 31 (94) Grade 1-2 26 (81) 29 (88) Grade 3 0 1 (3)g Grade 4 0 1 (3)b Treatment-related TEAE 23 (72) 26 (7
Slide 17: Tobevibart + elebsiran combo has shown transformative HDV virological responses
Tobevibart + elebsiran combo has shown transformative HDV virological responses in HDV in SOLSTICE P2 trial Virologic Endpoint: Tobevibart (mAb) + elebsiran (siRNA) combination therapy HDV RNA <Target Not Detected (0 IU/mL)* Key differentiators 100% P2: SOLSTICE 100% P3: MYR 301 1 Deep HDV antiviral
Slide 18: ECLIPSE registrational clinical trials progressing, topline data expected Q1 2027
ECLIPSE registrational clinical trials progressing, with ECLIPSE 1 HDV 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 19: PRO-XTEN Dual-Masked TCE Platform
PRO-XTEN® Dual- Masked TCE Platform Potential to Overcome the Challenges of TCEs 2025 Vir Biotechnology, Inc. 19
Slide 20: 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 21: PRO-XTEN masked TCEs can expand the potential of T-cell engagers in cancer
PRO-XTEN® masked TCEs can expand the potential of PRO-XTEN® Platform T-cell 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 22: 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. 22
Slide 23: Ongoing dose escalation of first dual-masked TCE in prostate cancer
Ongoing dose escalation of first dual-masked TCE in VIR-5500 (PSMA) prostate 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 24: Minimal systemic unmasking and potential for Q3W dosing
Minimal systemic unmasking and potential for VIR-5500 (PSMA) Q3W dosing Minimal unmasked TCE outside the tumor 8-10 Day Half-Life: Supportive of Q3W Dosing Only one VIR-5500 patient with detectable unmasked TCE VIR-5500 Dose 1 (All Patients, n=18) (Dose: 200/300/400 µg/kg) 30 μg/kg 60 μg/kg 120/120/
Slide 25: Well-tolerated without prophylactic corticosteroids or anti-IL-6 premedication
Well-tolerated without prophylactic corticosteroids or VIR-5500 (PSMA) anti-IL-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 1 Gr
Slide 26: Strong PSA50 responses and tolerable safety at early doses
Strong PSA50 responses and tolerable safety at early VIR-5500 (PSMA) doses in Phase 1 testing PSA Responses (1st dose ≥ 120 ug/kg) Early Phase 1 responses: 120/180/180 μg/kg QW 25 200/300/400 μg/kg QW from Baseline PSA Best % Change from Baseline PSA Responses (1st dose ≥ 120 µg/kg) 300/600/1000 μg/
Slide 27: Meaningful responses and evidence of durability at early dose cohorts
Meaningful responses and evidence of durability at VIR-5500 (PSMA) early dose cohorts Longitudinal Responses *Note: Participant had dose μg g μg g μg g interruption at Day 20 due to 120/180/180 μg/kg QW 200/300/400 μg/kg QW 300/600/1000 μg/kg QW 0 * unrelated case of bronchial infection PSA Best % C
Slide 28: Patient case study: whole-body MRI and PSMA-PET show tumor cell death
Patient case study: whole-body MRI and PSMA-PET show VIR-5500 (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 29: 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 30: 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. 30
Slide 31: The first clinical stage masked HER2 TCE in ongoing Phase 1
The first clinical stage masked HER2 TCE in ongoing VIR-5818 (HER2) Phase 1 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 32: Minimal unmasked TCE in circulation and potential for Q3W Dosing
Minimal unmasked TCE in circulation and potential for VIR-5818 (HER2) Q3W Dosing 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 33: Preliminary safety data indicates VIR-5818 is not dose-limited by CRS
Preliminary safety data indicates VIR-5818 is VIR-5818 (HER2) not dose-limited 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 34: 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 Breast cancer patient case study in QW and Q3W regimens • 50% observed tumor shrinkage (10/20 p
Slide 35: A patient's journey: dramatic response in advanced HER2+ breast cancer
A patient’s journey: dramatic response in advanced VIR-5818 HER2+ 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, Cycl
Slide 36: Deep responses at early doses in MSS colorectal cancer
Deep responses at early doses in MSS colorectal cancer, VIR-5818 (HER2) a tumor 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 600 µg/kg Activity HER2+ CRC ≥400 µg/kg 800 µg/kg cPR 2/6 (33
Slide 37: Patient Case Study: 2 years on treatment, exceptional durability
Patient Case Study: 2 years on treatment, VIR-5818 (HER2) exceptional durability 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 Plasma
Slide 38: Molecular evidence of anti-tumor activity across multiple cancer types
Molecular evidence of anti-tumor activity across VIR-5818 (HER2) multiple 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 confounded by tumor 0 inflammation • With on-tr
Slide 39: A potential first-in-class HER2 TCE designed to validate the 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 40: 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. 40
Slide 41: 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 Indications: + Highest Potential Dose NSCLC (nonsquamous or squamous histology), CRC, Continued Dose Esca
Slide 42: 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 43: Preclinical data demonstrate potent activity and substantial safety margin
Preclinical data demonstrate potent activity and VIR-5525 (EGFR) substantial safety 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
Slide 44: Financials and closing
Financials and closing 2025 Vir Biotechnology, Inc. 44
Slide 45: 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 46: 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 47: Patients are waiting
PATIENTS ARE WAITING 2025 Vir Biotechnology, Inc. 47
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