Vir Biotechnology, Inc. (VIR): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that's deep in the execution phase, and honestly, the current business model isn't about revenue yet; it's a pure play on pipeline milestones, which is typical for this stage. As of Q3 2025, Vir Biotechnology, Inc. was sitting on $810.7 million in cash, but they were burning through it fast with R&D costs hitting $151.5 million that quarter alone, mostly focused on the critical Phase 3 ECLIPSE trials for Chronic Hepatitis Delta. So, the whole model hinges on successfully advancing that combination therapy and their next-gen T-cell engagers while managing that cash runway into mid-2027. Dive into the full canvas below to see exactly how their partnerships, resources, and costs align with this high-risk, high-reward strategy.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Key Partnerships

You're looking at how Vir Biotechnology, Inc. (VIR) structures its external relationships to drive its pipeline, which is key to understanding its operational leverage. These aren't just friendly chats; these are concrete financial and development arrangements that shape the balance sheet and future revenue potential. For instance, as of June 30, 2025, Vir Biotechnology, Inc. reported cash, cash equivalents, and investments totaling $892.1 million, which funds these complex collaborations.

Alnylam Pharmaceuticals for elebsiran (siRNA) in Chronic Hepatitis Delta (CHD)

The relationship with Alnylam Pharmaceuticals regarding elebsiran (an siRNA for HBV/HDV) was significantly restructured in 2025. In March 2025, the collaboration agreement was amended and restated, which is a big deal for Vir's P&L. Alnylam elected not to opt-in to its profit-sharing option for elebsiran in the Chronic Hepatitis B (CHB) and Chronic Hepatitis Delta (CHD) indications.

This move put the full development, manufacturing, and commercialization responsibility squarely on Vir Biotechnology, Inc.'s shoulders, but it also means Vir keeps all the upside. In connection with this amended agreement, Vir Biotechnology, Inc. made a $30.0 million payment to Alnylam Pharmaceuticals. Vir Biotechnology, Inc. remains solely responsible for all activities for elebsiran in HBV and HDV indications at its own expense.

Bill & Melinda Gates Foundation for HIV cure program development

Vir Biotechnology, Inc.'s work on an HIV cure program, specifically advancing a broadly neutralizing antibody development candidate, is supported by the Bill & Melinda Gates Foundation. We see a concrete commitment from a March 2023 grant: $10,000,000 committed over 51 months to develop a prophylactic HIV vaccine using the HCMV vector platform. This collaboration is focused on a functional cure, which they frame as life-long control of the virus after finite therapy. The progress on this broadly neutralizing antibody candidate was noted as continuing in Q2 2025.

Limited, residual collaboration with GSK on sotrovimab access and respiratory diseases

The original broad research collaboration with GSK was significantly narrowed via an amendment announced in early 2023, but the residual parts still matter. Vir Biotechnology, Inc. retained sole rights to advance next-generation solutions from the joint coronavirus vaccine and antibody programs, but this is subject to tiered low- to mid-single digit royalties payable to GSK. The companies continue to collaborate specifically to ensure ongoing access to sotrovimab (where authorized) and to develop new therapies for influenza and other respiratory diseases, including the antibody VIR-7832.

Xencor for Xtend™ technology used in tobevibart half-life extension

Tobevibart, a key asset in the CHD program, incorporates Xencor's Xtend™ technology in its Fc domain to extend its half-life. Vir Biotechnology, Inc. initially secured a non-exclusive license from Xencor for its Xtend technology for two targets in infectious disease back in August 2019. While specific royalty details for tobevibart aren't itemized, Xencor's broader XmAb Fc domain technology generated $55.8 million in royalty revenue for them in 2023 from all marketed partner products. That's the kind of downstream financial impact these platform collaborations can have.

Clinical research organizations (CROs) for global Phase 3 ECLIPSE trials

The Phase 3 registrational program for chronic hepatitis delta, the ECLIPSE program, heavily relies on external CROs for global execution. The initiation of this program in Q1 2025 triggered a financial event for Vir Biotechnology, Inc., which recorded $50.5 million in milestone payments in the second quarter of 2025 related to the program's start. The key trial, ECLIPSE 1, completed enrollment as of November 2025. The timeline for this critical data generation is set:

ECLIPSE 2 and ECLIPSE 3 are also actively enrolling to support potential submissions in the U.S. and Europe.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Key Activities

You're focused on the core engine of Vir Biotechnology, Inc. (VIR) right now-the activities that consume capital but hold the potential for massive future returns. It's all about clinical execution and pipeline advancement as of late 2025. Here's the quick math on what's driving the operational spend.

Executing Phase 3 Registrational Trials for CHD (ECLIPSE Program)

The work on chronic hepatitis delta (CHD) is hitting critical milestones. You need to know that enrollment for the ECLIPSE 1 Phase 3 trial, evaluating tobevibart and elebsiran, wrapped up ahead of schedule. Specifically, enrollment for ECLIPSE 1 was completed approximately two months ahead of internal projections as of early November 2025.

The entire ECLIPSE registrational program-which includes ECLIPSE 1, ECLIPSE 2, and ECLIPSE 3-is designed to generate the efficacy and safety data needed for potential submissions to global regulators, including the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). The last participant in ECLIPSE 1 is expected to reach the primary endpoint in the fourth quarter of 2026, with topline data anticipated in the first quarter of 2027 for all three studies. ECLIPSE 2 is enrolling patients who have not achieved undetectable HDV RNA on bulevirtide, comparing a switch to the combination versus continued bulevirtide. The program targets a global population estimated at approximately 7 million viremic HDV RNA-positive patients.

Advancing Three Phase 1 Oncology Programs

Vir Biotechnology, Inc. is actively advancing three PRO-XTEN™ dual-masked T-cell engager (TCE) programs through Phase 1 dose escalation. These activities are central to their oncology strategy, leveraging their proprietary masking technology to potentially improve the therapeutic index over traditional TCEs.

The progress across these three candidates is detailed below. Honestly, the early data on these TCEs is what keeps the oncology story compelling.

Research and Development of Next-Generation PRO-XTEN™ T-cell Engagers

The core R&D activity centers on optimizing the PRO-XTEN™ platform. This technology is designed to mask the TCEs, preventing systemic activation and minimizing off-target effects like Cytokine Release Syndrome (CRS). Initial Phase 1 data for VIR-5818 and VIR-5500 showed no dose-limiting CRS greater than Grade 2.

The company is leveraging these learnings to drive forward its pipeline:

• Advancing three ongoing Phase 1 trials using PRO-XTEN masked TCEs.
• Advancing multiple preclinical dual-masked TCEs against other clinically validated targets.
• Planning a comprehensive data update for VIR-5500 in the first quarter of 2026.

Securing Regulatory Designations

For the lead infectious disease program, Vir Biotechnology, Inc. has successfully secured several key regulatory advantages, which are intended to help expedite development and review timelines.

• U.S. FDA Breakthrough Therapy designation for tobevibart and elebsiran in CHD.
• U.S. FDA Fast Track designation for the same combination.
• EMA Priority Medicines (PRIME) designation.
• EMA Orphan Drug designation.

These designations were granted based on compelling positive safety and efficacy data from the Phase 2 SOLSTICE trial.

Seeking New Commercialization Partners for Ex-U.S. Markets

Strategic partnership activities are key for maximizing the reach of their infectious disease assets. Following an agreement with Alnylam Pharmaceuticals, Vir Biotechnology, Inc. gained flexibility regarding elebsiran for both chronic hepatitis B (CHB) and CHD.

The amended agreement specifically provides the Company with the flexibility to pursue commercialization partners in markets outside the U.S. for elebsiran. Furthermore, further development for the chronic hepatitis B candidate from the Phase 2 MARCH study requires a partner.

Financially, the company ended Q3 2025 with $810.7 million in cash, cash equivalents, and investments, projecting a runway into mid-2027. R&D expenses for Q3 2025 were $151.5 million, which included a $75.0 million milestone payment related to VIR-5525 dosing. Finance: draft 13-week cash view by Friday.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Key Resources

When you look at the core assets Vir Biotechnology, Inc. (VIR) is relying on right now, it's clear the focus is heavily weighted toward proprietary technology and the financial runway to see those technologies through clinical proof. You need to see the hard numbers that back up their operational strategy.

Financial Capital

The immediate, tangible resource is the cash pile. As of the end of the third quarter of 2025, specifically September 30, 2025, Vir Biotechnology reported $810.7 million in cash, cash equivalents, and investments. This is a critical number because it directly dictates the timeline for execution. Based on their current operating plan, management projects this capital will fund operations well into mid-2027. This runway is essential for advancing their registrational hepatitis delta program and their oncology pipeline without immediate dilution pressure.

Proprietary Technology Platforms

The real value here is locked up in the platforms that generate the pipeline candidates. You're looking at specialized, in-house capabilities that are hard to replicate quickly. The company holds exclusive rights for oncology and infectious disease applications for the PRO-XTEN™ masking platform. This platform is key for their T-cell engager (TCE) programs, designed to improve the therapeutic window by reducing off-target effects.

Here's a quick breakdown of the key assets leveraging these platforms:

• The PRO-XTEN™ platform is licensed from Amunix Pharmaceuticals, Inc., a Sanofi company.
• The platform helps drug candidates stay in the bloodstream longer in their inactive form.
• Three clinical candidates-VIR-5500 (PSMA-targeting), VIR-5818 (HER2-targeting), and VIR-5525 (EGFR-targeting)-all utilize the dual-masked PRO-XTEN™ technology.

Furthermore, the discovery engine is a major asset. Preclinical candidates are being engineered using the company's monoclonal antibody discovery platform in conjunction with their proprietary dAIsY™ (data AI structure and antibody) AI engine. This combination is how they are generating novel TCEs.

Intellectual Property and Pipeline Assets

The intellectual property portfolio is the defensive moat around these platforms and the resulting product candidates. Since its founding in April 2016, a core focus has been establishing this IP. The portfolio covers novel antibodies and TCEs across several therapeutic areas.

Consider the status of their pipeline assets, which are protected by this IP:

It's important to note that the company does not expect meaningful future revenue from its prior COVID-19 asset, sotrovimab. The focus is clearly on the pipeline built on these newer platforms.

Human Capital

The specialized scientific and clinical development personnel are indispensable; honestly, without them, the platforms are just code and patents. The company has stated it is highly dependent on its management, clinical, and scientific staff. However, you should note the recent reduction in headcount, which reflects restructuring initiatives. As of December 31, 2024, the employee count stood at 408, which was a decrease of 179 employees, or -30.49%, compared to the end of 2023. This reduction in operating expense helped narrow the net loss in Q3 2025 to $163.1 million from $213.7 million in Q3 2024.

Finance: draft 13-week cash view by Friday.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Value Propositions

You're looking at the core value Vir Biotechnology, Inc. (VIR) offers to its customers-the patients and prescribers-based on its late 2025 pipeline execution. It's all about delivering transformative science where current options fall short.

Potential functional cure for Chronic Hepatitis Delta (CHD), a high unmet need market

The value here is addressing a serious, life-threatening viral disease with no approved treatment in the U.S. as of late 2025. The ECLIPSE registrational program is the key driver for this proposition.

• Approximately 61,000 patients in the U.S. and 113,000 in the EU and UK have active viremic HDV infection.
• The U.S. Food and Drug Administration granted the combination treatment fast track designation.
• The ECLIPSE 1 Phase 3 trial completed enrollment approximately two months ahead of schedule.
• Topline data for the Phase 3 ECLIPSE program (tobevebart + elebsiran) is expected in the first quarter of 2027.
• Phase 2 SOLSTICE trial data showed 66% of participants on the combination achieved undetectable HDV RNA at Week 48.
• This compared to 12% for bulevirtide, a competing therapy, in one data comparison.

Next-generation T-cell engagers with reduced systemic toxicity (PRO-XTEN™ masking)

Vir Biotechnology is using its in-licensed PRO-XTEN™ masking platform to tackle validated oncology targets that typically carry high toxicity risks. The goal is a wider therapeutic index, meaning more killing power at the tumor with less collateral damage.

The early safety profile is a major value point; for both VIR-5818 and VIR-5500, there was no dose-limiting cytokine release syndrome (CRS) observed, and no CRS greater than grade 2 reported in initial Phase 1 data. Also, the desirable half-life of 8-10 days for the dual-masked TCE is enabling evaluation of a Q3W dosing regimen.

Combination therapy (tobevebart + elebsiran) for a serious, life-threatening viral disease

This combination is engineered for direct antiviral activity against the hepatitis delta virus (HDV). Tobevibart inhibits viral entry and neutralizes virions, while elebsiran degrades HBV RNA, limiting the necessary surface antigen production.

• The combination showed no grade 3 or higher treatment-related adverse events in Phase 2.
• There were no treatment-related discontinuations in the Phase 2 trial.

Pipeline diversification across infectious diseases and solid tumor oncology

The platform approach offers value by spreading risk and maximizing the use of core technology across different high-need areas. You have the advanced Hepatitis Delta program alongside a growing oncology portfolio.

• Three oncology programs utilizing PRO-XTEN® technology are in Phase 1: VIR-5818 (HER2), VIR-5500 (PSMA), and VIR-5525 (EGFR).
• Phase 1 study of VIR-5525, the EGFR-targeting TCE, initiated in the second quarter of 2025.
• VIR-5500 is being evaluated in combination with ARPIs in first-line metastatic castration-resistant prostate cancer.

Rapid response capabilities for emerging viral threats

While specific emerging threat response metrics aren't detailed, the financial foundation supports the operational agility needed for such efforts. The company is executing with capital efficiency.

The cash position as of September 30, 2025, was $810.7 million in cash, cash equivalents, and investments. This is projected to fund operations into mid-2027 based on the current operating plan. Finance: draft 13-week cash view by Friday.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Customer Relationships

You're looking at the relationships Vir Biotechnology, Inc. maintains with its key external stakeholders as of late 2025. These relationships are critical for advancing their pipeline and securing their financial future.

Investor relations is heavily weighted toward demonstrating pipeline execution to support the projected financial runway. The focus is on hitting clinical milestones that validate the capital deployed. The company reported a strong financial position with $810.7 million in cash, cash equivalents and investments as of September 30, 2025. This level of capital is explicitly stated to fund operations into mid-2027.

The relationship with global regulatory bodies is characterized by seeking expedited pathways for their most advanced assets. For the tobevibart and elebsiran combination in chronic hepatitis delta (CHD), Vir Biotechnology secured significant early engagement markers:

• Received U.S. Food and Drug Administration (FDA) Breakthrough Therapy designation.
• Received European Medicines Agency (EMA) Priority Medicines (PRIME) designation.
• The Phase 3 ECLIPSE registrational program was set to commence in the first half of 2025.

The execution of the Phase 3 program shows intensive interaction with specialized clinical investigators and trial sites. The company is managing a complex registrational program across multiple sites. Here's a look at the execution metrics:

• ECLIPSE 1 enrollment was completed approximately two months ahead of schedule.
• Topline data for all three ECLIPSE studies (ECLIPSE 2 and ECLIPSE 3 progressing) are expected in the first quarter of 2027.
• As of Q2 2025, Vir Biotechnology had three ongoing Phase 1 studies for its PRO-XTEN™ dual-masked T-cell engagers in oncology.

Vir Biotechnology maintains strategic, long-term R&D collaborations, which shape resource allocation and commercial strategy. A key recent development involved the Alnylam Pharmaceuticals agreement:

• Vir Biotechnology and Alnylam Pharmaceuticals amended their collaboration agreement in January 2025.
• Alnylam elected not to opt-in to its profit-sharing option for elebsiran in the chronic hepatitis B (CHB) and CHD indications.

The current state of key financial and pipeline metrics underpinning these relationships can be seen below. Honestly, the cash position is the bedrock supporting all these interactions right now.

Finance: draft 13-week cash view by Friday.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Channels

You're planning the launch of a transformative therapy, and the path to the patient-your channel-is as critical as the science itself. For Vir Biotechnology, Inc., as of late 2025, the channels are heavily weighted toward clinical execution to generate the necessary data for market entry, supplemented by strategic business development for global reach.

The primary channel right now is the Global clinical trial network for patient enrollment, specifically the ECLIPSE registrational program for chronic hepatitis delta (CHD). This network is designed to generate the efficacy and safety data required for potential submission to global regulatory agencies, including in the U.S. and Europe. The execution here is sharp; ECLIPSE 1 completed enrollment approximately two months ahead of schedule.

Here's a look at the scale of the ongoing clinical channel work:

• The ECLIPSE 1 Phase 3 trial aimed to enroll 120 people.
• ECLIPSE 1 utilized 39 study sites worldwide.
• The last patient in ECLIPSE 1 is expected to reach the primary endpoint in the fourth quarter of 2026.
• Topline data for ECLIPSE 1 is anticipated in the first quarter of 2027.
• ECLIPSE 2 is evaluating a switch therapy after participants have been on bulevirtide for a minimum of 24 weeks without achieving undetectable HDV RNA.

The regulatory pathway is being paved through direct engagement, evidenced by the expedited statuses already secured. These designations streamline the path for eventual product approval submissions to the FDA and EMA.

• The tobevibart and elebsiran combination received FDA Breakthrough Therapy designation.
• The combination also received EMA PRIME designation.
• Additional designations include U.S. FDA Fast Track and EMA Orphan Drug designation.

Data dissemination channels are crucial for establishing scientific credibility ahead of commercialization. Vir Biotechnology, Inc. presented data from the Phase 2 SOLSTICE trial at the European Association for the Study of the Liver (EASL) Congress 2025 in Amsterdam from May 7-10. Furthermore, Week 48 endpoint analysis from SOLSTICE was announced, demonstrating robust HDV RNA suppression. They also presented 24 Week post-treatment follow-up data from the MARCH Phase 2 study at EASL 2025.

For post-commercialization, the Future specialty pharmacy and distributor networks are in the planning stages. While specific Vir Biotechnology, Inc. network details aren't public yet, the industry context shows that as of January 2025, 34% of specialty drugs utilized exclusive dispensing networks. The company's ability to fund this build-out is supported by its financial position; as of September 30, 2025, cash, cash equivalents and investments stood at $810.7 million, providing runway into mid-2027.

Regarding Business development outreach for ex-U.S. commercial partners, the path is being cleared. Following an amendment to the collaboration agreement with Alnylam Pharmaceuticals in the first quarter of 2025, Vir Biotechnology, Inc. gained the flexibility to pursue commercialization partners specifically in markets outside the U.S. for elebsiran in the CHD indication.

Finance: review Q4 2025 cash burn projection against mid-2027 runway by end of year.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Customer Segments

You're looking at the core groups Vir Biotechnology, Inc. (VIR) targets with its pipeline as of late 2025. It's a focused approach, zeroing in on areas with high unmet need, which is smart capital deployment, especially with cash reserves around $810.7 million as of September 30, 2025, giving runway into mid-2027.

The primary patient segments are those with Chronic Hepatitis Delta (CHD) and specific solid tumor indications.

Patients with Chronic Hepatitis Delta (CHD), a rare, severe liver disease

This segment is being addressed by the combination of tobevibart and elebsiran, currently in the ECLIPSE Phase 3 registrational program. The first patient in ECLIPSE 1 enrolled in March 2025.

• ECLIPSE 1 enrollment completed approximately two months ahead of schedule.
• Topline data for ECLIPSE 1, 2, and 3 expected in the first quarter of 2027.
• The therapy is intended for regions like the U.S. where bulevirtide access is limited or unavailable.

Patients with solid tumors (e.g., prostate, breast, colorectal) refractory to current treatments

Vir Biotechnology is targeting these patients with its PRO-XTEN™ dual-masked T-cell engagers (TCEs). The data below reflects early Phase 1 insights from January 2025, which informs the ongoing patient recruitment for later trials.

The Phase 1 study of VIR-5500 in combination with ARPIs in first-line mCRPC started, expanding the target patient group for that asset.

Hepatologists and Oncologists who treat these specialized patient populations

These clinicians are the gatekeepers for trial enrollment and future prescription. Their segment is engaged through clinical trial execution and data presentation.

• ECLIPSE 2 is advancing to evaluate switching patients who have not achieved viral suppression with bulevirtide.
• A comprehensive VIR-5500 data update is planned for late-line patients in the first quarter of 2026.
• Phase 2 SOLSTICE subgroup analysis data in CHD was highlighted at the EASL Congress May 8, 2025.

Global health organizations and governments focused on infectious disease

Engagement here is demonstrated through regulatory support, which de-risks the path to market for the CHD therapy.

• The tobevibart and elebsiran combination therapy has U.S. FDA Breakthrough Therapy and Fast Track designations.
• It also holds European designations including PRIME and Orphan Drug designations.

Pharmaceutical companies seeking co-development or commercialization rights

These entities represent potential revenue streams through milestones, royalties, or commercialization agreements.

• Alnylam Pharmaceuticals elected not to opt-in to its profit-sharing option for elebsiran in CHB and CHD indications following an agreement amendment in Q1 2025.
• A $75.0 million milestone payment was triggered and paid to former Amunix Pharmaceuticals, Inc. shareholders upon VIR-5525 achieving first-in-human dosing in July 2025.
• Vir Biotechnology plans to pursue commercialization partners for Europe and key international markets for its CHD treatment, retaining direct U.S. launch rights.
• Brii Biosciences retains rights in the China Territory (People's Republic of China, Hong Kong, Taiwan, and Macau).

Finance: review Q4 2025 cash burn projections against the $810.7 million balance by end of next week.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving Vir Biotechnology, Inc.'s operations as of late 2025. For a clinical-stage company, the cost structure is heavily weighted toward discovery and development, which is exactly what the Q3 2025 numbers show.

The largest single component of operating cost is Research and Development (R&D). For the third quarter of 2025, Vir Biotechnology, Inc. reported Research and Development Expenses (R&D) totaling $151.5 million. This spend reflects the intensive work required to advance their pipeline candidates.

A significant portion of that R&D spend is directly tied to late-stage clinical work. Specifically, costs were higher due to the progression of key programs. You see this reflected in:

• The ECLIPSE registrational program for Chronic Hepatitis Delta (CHD).
• The progression of their oncology programs, including the Phase 1 study of VIR-5500 in combination with androgen receptor pathway inhibitors (ARPIs) for metastatic castration-resistant prostate cancer.

To be fair, a large, non-cash-impacting expense was also recorded in the quarter. Vir Biotechnology, Inc. recorded $75.0 million of milestone payments related to licensed technology, which was paid from restricted cash held in escrow. This specific payment was triggered by VIR-5525 achieving first-in-human dosing.

General overhead and commercial preparation costs are captured in Selling, General, and Administrative (SG&A) expenses. For Q3 2025, these expenses were $22.2 million. This figure was lower than the prior year, largely due to efficiencies and cost savings from previously announced restructuring initiatives.

The costs associated with maintaining and expanding proprietary technology platforms are embedded within the R&D total. These platforms include the PRO-XTEN® dual-masked T-cell engager technology and the dAIsY™ AI engine, which underpin their oncology efforts like VIR-5500, VIR-5818, and VIR-5525.

Here's the quick math on the major operating cost categories for the period:

What this estimate hides is the ongoing cash burn; the net loss for the quarter was $163.1 million, though this was an improvement from the $213.7 million net loss in Q3 2024. Still, the cash position of $810.7 million as of September 30, 2025, is what supports this cost structure, projecting runway into mid-2027.

Finance: draft 13-week cash view by Friday.

Vir Biotechnology, Inc. (VIR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Vir Biotechnology, Inc.'s business model as of late 2025. Honestly, the current picture is dominated by R&D spend, with revenue being quite minimal right now, which is typical for a company deep in clinical trials.

Minimal collaboration and license revenue has been the reality through the third quarter of 2025. For the period ending September 30, 2025, total revenues were reported at only \$0.2 million, which is a sharp drop from prior periods. This low figure reflects the current stage of their development programs, where major upfront payments or significant collaboration milestones are not currently being recognized.

The current financial position does generate some passive income, primarily through interest income generated from the large cash and investments balance. As of September 30, 2025, Vir Biotechnology, Inc. maintained \$810.7 million in cash, cash equivalents, and investments, giving them a strong runway into mid-2027. This balance supports the interest income stream, though it has been declining year-over-year as the cash balance is utilized for operations.

Here's a quick look at the interest income component compared to the prior year:

The primary focus for future revenue upside rests on successful clinical execution, which unlocks the potential for future milestone payments from new commercialization partnerships and potential future royalties from residual collaboration products (e.g., sotrovimab). While specific amounts are not booked yet, the progress in their pipeline is the trigger for these future cash inflows.

The path to future product sales of tobevibart/elebsiran combination post-regulatory approval is tied directly to the Chronic Hepatitis Delta (CHD) program. Topline data for the ECLIPSE 1, 2, and 3 studies, which evaluate this combination, is expected in the first quarter of 2027. This sets the timeline for potential regulatory submissions and subsequent commercial revenue generation.

Key pipeline advancements that underpin these future revenue potentials include:

• ECLIPSE 1 enrollment completed approximately two months ahead of schedule.
• Topline data for all three ECLIPSE CHD studies expected in the first quarter of 2027.
• Comprehensive data update for VIR-5500, a PSMA-targeting T-cell engager, planned for the first quarter of 2026.
• First patient dosed in Phase 1 study of VIR-5500 in combination with ARPIs in first-line metastatic castration-resistant prostate cancer.

Finance: draft 13-week cash view by Friday.