Vir Biotechnology Reports $163.1 Million Net Loss in Q3 2025, Revenue Declines Significantly

Vir Biotechnology, Inc. reported a net loss of $163.1 million for the third quarter of 2025, a decrease from a net loss of $213.7 million in the same period of 2024. For the nine months ending September 30, 2025, the company recorded a net loss of $395.1 million, compared to a loss of $417.4 million for the same period last year. Total revenues for the third quarter were $240,000, a significant decline from $2.4 million in the prior year, while revenues for the nine-month period fell to $4.5 million from $61.8 million. The decrease in revenue was primarily attributed to lower grant revenue and a reduction in contract revenue, which was impacted by the expiration of certain agreements.

Operating expenses for the third quarter of 2025 totaled $173.7 million, down from $233.7 million in the same quarter of 2024. The reduction in expenses was largely due to decreased research and development costs, which fell to $151.5 million from $195.2 million year-over-year. This decline was influenced by lower personnel expenses and reduced costs associated with licenses and collaborations, following a significant expense related to in-process research and development in the previous year. Selling, general, and administrative expenses also decreased to $22.2 million from $25.7 million, reflecting ongoing cost-saving measures.

In terms of strategic developments, Vir Biotechnology has made significant progress in its clinical pipeline, particularly in its ECLIPSE registrational program for chronic hepatitis delta virus (HDV). The company has initiated all three trials in this program, with primary completion expected in late 2026. Additionally, Vir is advancing multiple dual-masked T-cell engagers (TCEs) in oncology, with the first patient dosed in the Phase 1 study of VIR-5525 in July 2025. The company also entered into a license agreement with Amunix Pharmaceuticals, Inc., which included a $100 million upfront payment and a $75 million milestone payment.

As of September 30, 2025, Vir Biotechnology reported $810.7 million in cash, cash equivalents, and investments, down from $1.1 billion at the end of 2024. The company believes this capital will be sufficient to fund operations for at least the next twelve months. However, it has acknowledged the need for additional funding to support ongoing clinical trials and operational commitments. The company has also entered into a sales agreement to potentially raise up to $300 million through the sale of common stock, although no shares have been sold under this agreement as of the reporting date.

Looking ahead, Vir Biotechnology anticipates continued investment in its clinical programs, particularly in the areas of HDV and oncology. The company remains focused on advancing its product candidates through clinical development and regulatory approval, while managing its operating expenses to align with its strategic goals. The outlook remains cautious, given the inherent risks in drug development and the competitive landscape of the biopharmaceutical industry.