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Vir Biotechnology Reports Third Quarter 2024 Financial Results and Provides Corporate Update

1. Vir secured exclusive worldwide licensing with Sanofi for innovative therapies. 2. Phase 2 data for hepatitis programs to be presented at AASLD 2024. 3. CFO Jason O’Byrne appoints, enhancing financial leadership at Vir. 4. Net loss for Q3 2024 was $213.7 million, compared to $163.4 million in Q3 2023. 5. Vir anticipates important clinical data in Q1 2025 for oncology therapies.

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FAQ

Why Bullish?

The licensing agreement with Sanofi could enhance market confidence in VIR's pipeline, similar to previous strategic partnerships boosting related stock performance.

How important is it?

The article covers significant corporate updates, especially the licensing deal, likely impacting investor sentiments and future revenue streams drastically.

Why Long Term?

The licensing deal and anticipated data releases could drive sustained interest and growth, reminiscent of past biotech collaborations that resulted in long-term stock appreciation.

Related Companies

Vir Biotechnology Reports Third Quarter 2024 Financial Results and Provides Corporate Update

– Successful closing of exclusive worldwide licensing agreement with Sanofi for three potential best-in-class clinical-stage dual-masked T-cell engagers with initial clinical data anticipated in Q1 2025 –

– Key Phase 2 SOLSTICE data in chronic hepatitis delta to be presented at AASLD 2024 –

– The Company will host a Hepatitis Investor Event following AASLD on November 19, 2024 –

– Jason O’Byrne appointed as Chief Financial Officer –

– Conference call scheduled for October 31, 2024 at 1:30 p.m. PT / 4:30 p.m. ET –

SAN FRANCISCO--()--Vir Biotechnology, Inc. (Nasdaq: VIR) today provided a corporate update and reported financial results for the third quarter ended September 30, 2024.

“This quarter was transformational for Vir. We have bolstered our clinical pipeline with three potential best-in-class dual-masked T-cell engagers in oncology, and have sharpened our focus within infectious diseases to the areas where we believe we can make the most significant impact for patients. We are also thrilled to welcome Jason O’Byrne as our new CFO. Jason brings a wealth of financial leadership experience, further strengthening our ability to bring these potentially transformative therapies to patients as quickly as possible,” said Marianne De Backer, M.Sc., Ph.D., MBA, Chief Executive Officer, Vir Biotechnology. “Looking ahead, this is an exciting time for the Company. We eagerly anticipate critical data in our hepatitis programs in the fourth quarter and look forward to sharing initial clinical data from our dual-masked T-cell engagers in the first quarter of 2025.”

Pipeline Programs

Chronic Hepatitis Delta (CHD)

  • Preliminary data from the Phase 2 chronic hepatitis delta SOLSTICE study was presented at the European Study of the Liver (EASL) Meeting in June 2024. This data demonstrated the potential for transformative treatment for people living with chronic hepatitis delta, with both tobevibart as a monotherapy, and in combination with elebsiran, achieving high rates of virologic response and ALT normalization after 12 and 24 weeks of treatment. No treatment-related serious adverse events were observed.
  • The combination of tobevibart and elebsiran has been granted Fast Track Designation by the U.S. FDA. Given the robust rates of virologic suppression observed with the combination, the Company is diligently working to advance this regimen into a pivotal development program as quickly as possible to address the urgent needs of these patients.

Corporate Update

  • On August 1, 2024 the Company announced an exclusive worldwide license to three clinical-stage masked T-cell engagers (TCEs) with potential applications in a range of cancers.

Third Quarter 2024 Financial Results

Cash, Cash Equivalents and Investments: As of September 30, 2024, the Company had approximately $1.19 billion in cash, cash equivalents and investments, representing a decrease of approximately $245.1 million during the third quarter of 2024.

Contacts

Media
Arran Attridge
Senior Vice President, Corporate Communications
aattridge@vir.bio

Investors
Richard Lepke
Senior Director, Investor Relations
rlepke@vir.bio

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