Vir Biotechnology, Inc. reported a net loss of $438.0 million for the year ended December 31, 2025, compared to a net loss of $522.0 million for the previous year. The company's revenue totaled $68.6 million, a decrease from $74.2 million in 2024. This decrease was primarily due to lower grant revenue and the expiration of GSK's rights to select additional target pathogens, partially offset by license revenue from the Norgine agreement. As of December 31, 2025, Vir Bio had cash, cash equivalents, and investments totaling $781.6 million, which the company believes will fund operations for at least the next 12 months.
The company's research and development expenses decreased to $456.0 million in 2025 from $506.5 million in 2024, mainly due to lower expenses related to de-prioritized programs, headcount reductions, and the expensing of in-process research and development from the Sanofi license agreement in the prior year. These decreases were partially offset by higher clinical costs associated with the initiation of the Phase 3 ECLIPSE program for chronic hepatitis delta (CHD) and the progression of oncology programs. Selling, general, and administrative expenses also decreased to $92.1 million from $119.0 million, reflecting efficiencies and cost savings from restructuring initiatives.
Strategic developments included a global strategic collaboration with Astellas for VIR-5500, a prostate cancer treatment, with Vir Bio receiving $335 million in upfront and near-term milestone payments. The company also granted Norgine an exclusive commercial license for the combination of tobevibart and elebsiran for CHD in Europe, Australia, and New Zealand, receiving an initial reimbursement of development costs of $64.3 million. Clinical trials for the tobevibart and elebsiran combination in CHD are ongoing, with topline results from ECLIPSE 1 expected in the fourth quarter of 2026.
Operationally, Vir Bio is advancing three clinical-stage dual-masked T-cell engagers (TCEs) in oncology: VIR-5500, VIR-5818, and VIR-5525. Positive updated Phase 1 data for VIR-5500 monotherapy showed dose-dependent anti-tumor activity and a well-tolerated safety profile in patients with metastatic castration-resistant prostate cancer (mCRPC). The company anticipates initiating monotherapy and combination dose-expansion cohorts in the second quarter of 2026, followed by pivotal Phase 3 trials in 2027. As of December 31, 2025, the company had 367 employees, with 282 primarily engaged in research and development activities.
About Vir Biotechnology, Inc.
Vir Biotechnology, Inc. is a biopharmaceutical company focused on developing therapies for infectious diseases and cancer. Its core activities include discovering and engineering antibodies, T-cell engagers, and siRNA treatments targeting hepatitis B, hepatitis delta, HIV, and solid tumors. Leveraging immunology, AI, and proprietary platforms, it aims to create innovative, targeted, and safer medicines to address high unmet medical needs worldwide.
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