Vir Biotechnology Updates on Corporate Progress and Q1 2024 Financial Results

Vir Biotechnology, Inc. recently shared its first-quarter financial results and corporate updates for the period ending March 31, 2024. The company is set to present crucial Phase 2 data from its chronic hepatitis delta SOLSTICE trial at the European Association for the Study of the Liver (EASL) Congress 2024. CEO Marianne De Backer emphasized the company's efforts in streamlining operations to focus on advancing clinical programs for hepatitis delta and hepatitis B.

The SOLSTICE trial has successfully enrolled over 60 participants in two additional cohorts, ahead of schedule. This trial evaluates the safety, tolerability, and efficacy of tobevibart and elebsiran for chronic hepatitis delta treatment. Data from a subset of SOLSTICE participants, including 12-week and 24-week treatment results, will be presented at the upcoming EASL Congress. The complete 24-week treatment data is expected by the fourth quarter of 2024.

In the chronic hepatitis B (CHB) program, two abstracts were accepted for poster presentation at EASL Congress 2024. The Phase 2 MARCH Part B trial, fully enrolled, will report 48-week end-of-treatment data in the fourth quarter of 2024. Additionally, initial data from the Phase 2 PREVAIL platform trial is anticipated in the first half of 2025.

Vir's pipeline also includes investigational therapies for other diseases. The Phase 1 trial of VIR-1388, a novel T cell vaccine for HIV prevention, has completed enrollment with initial data expected in the second half of 2024. Supported by notable institutions, this trial aims to advance HIV vaccine development.

In influenza research, Vir published full data from the Phase 2 PENINSULA trial evaluating VIR-2482. The company is also progressing with preclinical candidates using its proprietary AI engine, dAIsY™, designed to improve drug candidate quality and efficiency. Multiple investigational new drug applications are expected within the next 18 months, including VIR-1949 for HPV-related lesions and VIR-7229, a next-generation COVID monoclonal antibody.

Corporate updates include the announcement of Sung Lee's departure as Executive Vice President and CFO, effective May 3, 2024, with a search for his successor underway. A virtual R&D day is planned for late November.

Financially, as of March 31, 2024, Vir reported $1.51 billion in cash, cash equivalents, and investments, reflecting a decrease of $118 million during the quarter. Total revenues for the quarter were $56.4 million, a decrease from $63.0 million in the same period in 2023. This revenue decline was influenced by lower collaboration revenue and grant revenue, although contract revenue saw a significant increase.

Research and development expenses for the quarter were $100.1 million, down from $157.6 million in the previous year, largely due to reduced clinical development and manufacturing costs. Selling, general, and administrative expenses also decreased to $36.3 million from $46.8 million, attributed to cost-saving initiatives.

Other income for the first quarter was $15.1 million, compared to $0.2 million in the previous year, driven by a reduction in foreign exchange loss and losses on equity investments. The net loss for the quarter was $65.3 million, or $0.48 per share, improved from a net loss of $140.9 million, or $1.06 per share, in the same period in 2023.

Vir continues to target a GAAP combined R&D and SG&A expense range of $650-$680 million for 2024, including stock-based compensation and restructuring charges. The company’s robust pipeline and strategic focus on hepatitis and other infectious diseases position it for potential significant advancements in the coming quarters.