olivLaw · US equity research
Vir Biotechnology, Inc. VIR
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Vir Biotechnology is a clinical-stage biopharmaceutical company developing medicines for serious viral infections and cancer, with a focus on hepatitis delta, a liver disease with no approved treatment in the US. On August 5, 2026, the company reported total revenue of 238.9 million USD in the second quarter, driven by the upfront payment from Astellas, while the ECLIPSE registrational studies are ongoing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vir Biotechnology, Inc. (VIR) stock was 11.77 USD (+4.90% on the day), with market capitalisation 2.0 bn USD, beta 1.63, 52-week range 5.12–11.93 USD. Latest reported quarter (Q3 2026): revenue of -188.0 k USD (−178.3% YoY), net income of -96.3 m USD, diluted EPS -0.57 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.3
- strong (55–70)
- Bollinger (20, 2)
- 9.86 – 12.11
- in the upper half of the band · %B 0.85 · band width 20.5%
- SMA 50 / 200
- 11.02 / 9.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.17 / 0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.1% | −1.1% | +1.0 pp | — |
| 3 months | +29.2% | −0.5% | +29.7 pp | — |
| 6 months | +14.4% | +4.4% | +10.0 pp | — |
| Year to date | +95.2% | +12.3% | +82.9 pp | — |
| 1 year | +124.2% | +13.5% | +110.6 pp | +8.1% |
| 3 years | +34.4% | +76.4% | −42.1 pp | +3.1% |
| 5 years | −62.3% | +63.7% | −126.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.4 m | 3.0 m | 1.2 m | 240.0 k | 64.1 m | -29.0 k | 238.9 m | -188.0 k |
| Cost of revenue | 684.0 k | 0 | 11.0 k | — | — | — | 0 | — |
| Research & development | 106.1 m | 118.6 m | 97.5 m | 151.5 m | 88.3 m | 108.9 m | 135.3 m | 80.0 m |
| SG&A | 26.7 m | 23.9 m | 22.3 m | 22.2 m | 23.6 m | 23.3 m | 30.2 m | 24.4 m |
| Operating income | -117.2 m | -139.5 m | -118.4 m | -173.4 m | -47.9 m | -132.3 m | 73.5 m | -104.7 m |
| Depreciation & amortisation | 2.9 m | 2.9 m | 2.9 m ≈ | 3.0 m ≈ | 2.9 m | 2.8 m | 2.8 m ≈ | 2.8 m ≈ |
| Pre-tax income | -104.7 m | -120.9 m | -110.8 m | -163.0 m | -43.1 m | -125.5 m | 80.3 m | -96.4 m |
| Income tax | -86.0 k | 16.0 k | 170.0 k | 168.0 k | -137.0 k | 170.0 k | 179.0 k | -143.0 k |
| Net income | -104.6 m | -121.0 m | -111.0 m | -163.1 m | -42.9 m | -125.7 m | 80.1 m | -96.3 m |
| Diluted EPS | -0.76 ≈ | -0.88 | -0.80 | -1.17 | -0.31 ≈ | -0.85 | 0.47 | -0.57 |
| Operating cash flow | -87.6 m | -78.1 m | -120.2 m ≈ | -167.6 m ≈ | -25.9 m | -132.4 m | 123.3 m ≈ | -106.1 m ≈ |
| Capex | 2.0 m | 1.6 m | 2.5 m ≈ | 317.0 k ≈ | 348.0 k | 390.0 k | 32.0 k ≈ | 34.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.7 m | 8.1 m | 76.4 m | 1.1 bn | 1.6 bn | 86.2 m | 74.2 m | 68.6 m |
| Revenue YoY | +293.9% | −24.2% | +843.9% | +1,334.4% | +47.5% | −94.7% | −13.9% | −7.6% |
| Net income | -115.9 m | -174.7 m | -298.7 m | 528.6 m | 515.8 m | -615.1 m | -522.0 m | -438.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −2.4% | −219.2% | unavailable | unavailable |
| Diluted EPS | unavailable | -5.76 | -2.51 | 3.96 | 3.83 | -4.59 | -3.83 | -3.16 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −3.3% | −219.8% | unavailable | unavailable |
| net % | -1,086.3% | -2,159.0% | -391.1% | 48.3% | 31.9% | -713.7% | -703.4% | -638.9% |
| Free cash flow | -102.3 m | -138.6 m | -197.5 m | -69.4 m | 1.6 bn | -800.4 m | -453.7 m | -396.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 232.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 765.3 m USD
- Total assets
- 1.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 5.54x
- ROE
- -45.7%
- ROA
- -36.5%
- FCF margin
- -578.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 76.4 m | 1.1 bn | 1.6 bn | 86.2 m | 74.2 m | 68.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 0 | 65.9 m | 146.3 m | 2.8 m | 845.0 k | 26.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 76.4 m ≈ | 1.0 bn ≈ | 1.5 bn ≈ | 83.4 m ≈ | 73.4 m ≈ | 68.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Research & development | 302.4 m | 448.0 m | 474.6 m | 579.7 m | 506.5 m | 456.0 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 70.9 m | 160.8 m | 161.8 m | 174.4 m | 119.0 m | 92.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | -297.0 m | 420.8 m | 833.1 m | -684.3 m | -587.2 m | -479.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 4.4 m | 5.3 m | 6.8 m | 19.5 m | 14.6 m | 11.7 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | -292.6 m ≈ | 426.0 m ≈ | 839.9 m ≈ | -664.9 m ≈ | -572.6 m ≈ | -467.6 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Pre-tax income | -298.6 m | 549.8 m | 754.3 m | -628.2 m | -523.1 m | -437.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 54.0 k | 21.2 m | 238.4 m | -13.1 m | -1.1 m | 217.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -298.7 m | 528.6 m | 515.8 m | -615.1 m | -522.0 m | -438.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -2.51 | 3.96 | 3.83 | -4.59 | -3.83 | -3.16 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 119.2 m | 133.4 m | 134.8 m | 134.1 m | 136.2 m | 138.5 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 436.6 m | 347.8 m | 848.6 m | 241.6 m | 222.9 m | 232.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 0 | 773.1 m | 0 | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Current assets | 772.4 m | 1.6 bn | 2.5 bn | 1.6 bn | 1.0 bn | 514.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 17.9 m | 42.8 m | 105.6 m | 96.0 m | 63.2 m | 55.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 16.9 m | 16.9 m | 16.9 m | 16.9 m | 16.9 m | 16.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 33.8 m | 33.3 m | 32.8 m | 22.6 m | 8.1 m | 7.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 918.8 m | 2.0 bn | 2.8 bn | 1.9 bn | 1.4 bn | 1.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 5.1 m | 6.5 m | 6.4 m | 6.3 m | 5.1 m | 9.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 99.1 m | 341.2 m | 511.0 m | 175.4 m | 119.7 m | 92.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 201.9 m | 522.4 m | 724.1 m | 328.8 m | 248.4 m | 237.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 716.9 m | 1.4 bn | 2.1 bn | 1.6 bn | 1.2 bn | 765.3 m | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -190.9 m | -47.6 m | 1.7 bn | -778.8 m | -446.4 m | -391.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 6.5 m | 21.8 m | 68.0 m | 21.6 m | 7.3 m | 4.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | -197.5 m ≈ | -69.4 m ≈ | 1.6 bn ≈ | -800.4 m ≈ | -453.7 m ≈ | -396.6 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -9.9 m | -140.8 m | -1.2 bn | 164.6 m | 499.4 m | 310.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | 529.5 m | 100.3 m | 34.8 m | 7.5 m | 4.4 m | 3.8 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -61.0% | 69 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -65.1% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.0% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial69/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vir Biotechnology, Inc. (VIR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 68.6 m USD in 2025; YoY growth -7.6%; net margin -61.0%; ROE -21.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.3x
What contradicts it
- Revenue CAGR 3Y: -65.1%
- FCF yield: -7.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 258.8 bn | 27.7 | 78.4% | 24.1% | +10.0% | +39% / +77% |
| GILDGilead Sciences, Inc. | 216.4 bn | — | -22.3% | -12.5% | +2.4% | +39% / +128% |
| MRNAModerna, Inc. | 103.2 bn | — | -39.0% | -141.4% | −39.9% | +895% / +233% |
| ARGXArgenx Se | 57.6 bn | 47.6 | 20.2% | — | +254.4% | +2% / +107% |
| RVMDRevolution Medicines, Inc. | 43.2 bn | — | -93.6% | -946.8% | unavailable | +157% / +756% |
| BIIBBiogen Inc. | 37.6 bn | 108.8 | 1.9% | 3.4% | +2.2% | +40% / +9% |
| EXELExelixis, Inc. | 17.8 bn | 21.7 | 44.3% | 35.5% | +7.0% | +65% / +234% |
| TECHBio-Techne Corp | 11.4 bn | 62.7 | 9.0% | 15.0% | −0.4% | +13% / +16% |
| QGENQiagen N.V. | 11.0 bn | 26.2 | 11.6% | 20.3% | +5.7% | +6% / +20% |
| IBRXImmunitybio, Inc. | 9.5 bn | — | — | -598.6% | +668.3% | +278% / +143% |
| BEAMBeam Therapeutics Inc. | 2.9 bn | — | -11.3% | -73.9% | +120.0% | +10% / −1% |
| RXRXRecursion Pharmaceuticals, Inc. | 2.4 bn | — | -48.7% | -697.1% | +26.9% | −16% / −43% |
| VIRVir Biotechnology, Inc. | 2.0 bn | — | -21.8% | -61.0% | −7.6% | +124% / +34% |
| NVAXNovavax Inc | 1.8 bn | — | — | -59.9% | +64.7% | +51% / +94% |
| TSHATaysha Gene Therapies, Inc. | 1.4 bn | — | -47.1% | -2,728.0% | +17.3% | −8% / +148% |
| INBXInhibrx Biosciences, Inc. | 1.3 bn | — | -1,773.6% | — | +550.0% | +3% / unavailable |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −50% / −93% |
| GLUEMonte Rosa Therapeutics, Inc. | 923.1 m | — | -42.7% | -560.9% | +63.5% | −33% / +249% |
| PRMEPrime Medicine, Inc. | 901.4 m | — | -373.3% | -4,056.4% | +55.3% | +30% / −32% |
| SLDBSolid Biosciences Inc. | 727.7 m | — | -76.9% | — | −40.6% | +20% / +131% |
| CCCCC4 Therapeutics, Inc. | 383.8 m | — | -48.1% | -289.4% | +1.0% | +15% / +91% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| AGENAgenus Inc | 313.8 m | 2.6 | — | 69.3% | +10.4% | +53% / −55% |
| SABSSab Biotherapeutics, Inc. | 289.3 m | — | -11.3% | — | −100.0% | −19% / −67% |
| FATEFate Therapeutics Inc | 250.4 m | — | -60.7% | -1,941.1% | −51.2% | +83% / −16% |
1- and 3-year price returns: for VIR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Vir Biotechnology is a clinical-stage biopharmaceutical company developing medicines for serious viral infections and cancer, with a focus on hepatitis delta, a liver disease with no approved treatment in the US. On August 5, 2026, the company reported total revenue of 238.9 million USD in the second quarter, driven by the upfront payment from Astellas, while the ECLIPSE registrational studies are ongoing.
SWOT
Strengths
- Proprietary technology platforms and a portfolio with regulatory designations for chronic hepatitis delta.
- Partnerships with large companies that bring funding and commercialization experience.
- Phase 2 data with high rates of durable viral suppression.
Weaknesses
- The company reports net losses and has no significant revenue from approved products.
- Dependence on the results of a small number of registrational studies raises risk.
- Some agreements give up important rights over development and commercialization.
Opportunities
- Approval of the combination for hepatitis delta could set a new standard of treatment.
- Expansion of the VIR-5500 program in prostate cancer could bring new collaborations.
- Masking platforms could be applied to other oncology targets.
Threats
- Final study results could be weaker than the preliminary data.
- Competitors could develop similar or more effective treatments.
- Manufacturing difficulties or supply shortages could delay the launch.
Risks
- Additional fundinghigh
The company could need extra capital before generating product revenue, which could dilute shareholders.
- Uncertain registrational resultshigh
If ECLIPSE does not confirm the benefit of the combination, development in CHD could be delayed or stopped.
- Dependence on partnersmedium
A breach or termination of license agreements could affect development.
- Leadership changesmedium
Departures from key roles, including the finance chief, could disrupt execution of the strategy.
- Cybersecuritylow
IT system failures or security breaches could interrupt development programs.
Investment thesis
What would need to be true (bull case)
- If ECLIPSE confirms the Phase 2 data, the combination could become a new standard for a disease with few good options.
- The Astellas collaboration brings funding and commercial experience that could speed up the VIR-5500 program.
- Proprietary discovery platforms could generate new candidates across several therapeutic areas.
What would break the thesis
- The company has no approved products, and net losses could continue until commercialization, if it occurs.
- Second-quarter revenue came mostly from a one-time payment that may not recur.
- Final study results could fail to confirm the preliminary data, and delays could raise costs.
What to watch
- ECLIPSE 1 topline resultsQ4 2026
- ECLIPSE 2 and 3 topline resultsQ1 2027
- Appointment of a new finance chiefnext quarterly report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Vir Biotechnology, Inc. describes itself as a clinical-stage biopharmaceutical company that aims to 'power the immune system' to treat serious infections and cancer 1. Its main program targets chronic hepatitis delta, where the tobevibart and elebsiran combination is being tested in the ECLIPSE registrational studies; the company says there is no approved treatment for this disease in the US 1. Its proprietary dAIsY and PRO-XTEN platforms are used for antibody discovery and masked T-cell engagers 1.
The financial picture is still one of development: the company reported a net loss of 438.0 million USD for 2025 and expects no significant product sales until regulatory approvals 1. In the second quarter of 2026, revenue and profit were supported by the Astellas payment, and the company says its cash could fund operations into the second half of 2028 3.
The company is headquartered in San Francisco and works with contract manufacturers for clinical supply across three modalities: monoclonal antibodies, masked T-cell engagers and siRNA 1. Collaborations with Norgine, Brii Bio, Astellas and GSK define an important part of its business model 12.
Segments
Chronic hepatitis delta (CHD)
The ECLIPSE program includes three randomized trials, and ECLIPSE 1 and 3 have completed enrollment; topline results for ECLIPSE 1 are expected in the fourth quarter of 2026 13.
Solid tumors (T-cell engagers)
VIR-5500, which targets PSMA, is being developed with Astellas for prostate cancer, with pivotal Phase 3 trials planned for 2027 23.
Other programs
The company is developing HIV cure candidates based on broadly neutralizing antibodies with Gates Foundation support, and has preclinical programs in solid tumors 1.
Market context
The World Health Organization estimates that 254 million people live with chronic hepatitis B, and current approved therapies have limited functional cure rates 1. For hepatitis delta, options are limited or unavailable in many regions, which creates an unmet need 1.
The T-cell engager oncology market is competitive, but the need for new therapies remains high, and industry partnerships could influence the pace of development 12.
Trends
- Regulatory designations for CHDtailwind
The combination has received Breakthrough Therapy and Fast Track designations from the FDA, and PRIME and orphan designations from the EMA, which could speed review if the data are favorable 1.
- Durable Phase 2 resultsmixed
Week 96 SOLSTICE data show sustained response, but the registrational studies are still ongoing and final results could differ 23.
- Industry partnershipsmixed
Agreements with Astellas and Norgine could fund development and commercialization, but they also give up some rights and future revenue 13.
- Development cost pressureheadwind
Manufacturing and clinical costs rise as the company prepares for launch, which could weigh on net results 3.
Competitive position
For hepatitis delta, bulevirtide is the reference therapy in several regions and is used as a comparator in the ECLIPSE studies 12. In oncology, the company competes with other T-cell engager platforms for solid tumors 1.
Competition will depend on registrational data and the ability to secure reimbursement access, and the technological edge of PRO-XTEN masking could matter if results are confirmed 13.
- Bulevirtide
Therapy used as the reference treatment and comparator in the ECLIPSE studies for hepatitis delta 12.
- Alnylam PharmaceuticalsALNY
Licensor of elebsiran, with a profit-sharing option on this agent 23.
- Astellas Pharma
Partner in the VIR-5500 collaboration and holder of ex-US commercialization rights 13.
- Norgine
Partner holding exclusive commercial license for the CHD combination in Europe, Australia and New Zealand 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Oct 2026Departure or appointment of officers
- Current report14 Oct 2026Item 3.02 · Other events · Financial statements and exhibits
- Current report08 Oct 2026Other events · Financial statements and exhibits
- Current report01 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jul 2026Departure or appointment of officers
- Current report10 Jun 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Vir Biotechnology, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Vir Biotechnology, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Vir Biotechnology, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.