Vir Biotechnology Reports 60% Revenue Decline in Q2 2025, Net Loss of $111 Million

Vir Biotechnology, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $1.2 million, a decrease of 60% from $3.1 million in the same period last year. For the first half of 2025, revenues totaled $4.2 million, down from $59.5 million in the first half of 2024. The decline in revenue was primarily attributed to a significant drop in contract revenue, which fell from $53.1 million to $3.4 million year-over-year, largely due to the expiration of certain rights under a collaboration agreement with GlaxoSmithKline (GSK). Collaboration revenue also saw a negative shift, with a loss of $495, compared to a gain of $55 in the prior year.

Operating expenses for the second quarter decreased to $119.6 million from $161.7 million in the same quarter of 2024, reflecting a reduction in research and development costs and selling, general, and administrative expenses. The company reported a net loss of $111 million for the quarter, an improvement from a loss of $138.4 million in the same period last year. For the first half of 2025, the net loss was $231.9 million, compared to $203.7 million in the first half of 2024. The loss per share for the second quarter was $0.80, down from $1.02 in the previous year.

In terms of strategic developments, Vir Biotechnology has made significant progress in its clinical programs, particularly in chronic hepatitis delta and oncology. The company has initiated the ECLIPSE registrational program, which includes three trials aimed at evaluating the efficacy of its therapies. Additionally, the first patient was dosed in the Phase 1 study of VIR-5525, a dual-masked T-cell engager targeting EGFR-expressing tumors. The company also completed a $100 million acquisition of Amunix Pharmaceuticals' PRO-XTEN™ technology, which is expected to enhance its oncology portfolio.

As of June 30, 2025, Vir Biotechnology reported $892.1 million in cash, cash equivalents, and investments, which the company believes will be sufficient to fund operations for at least the next twelve months. 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, with expectations of increased research and development expenses as it advances its product candidates through clinical trials.