Vir Biotechnology, Inc. Q4 FY2024 earnings call

• Infectious Disease: Moving forward with ECLIPSE Phase III program in hepatitis delta, expecting initiation in first half of 2025; regulatory designations (FDA breakthrough, Fast Track; EMA PRIME, Orphan Drug) for hepatitis delta combo therapy. For hepatitis B, looking to share functional cure data in Q2 2025, and would proceed with commercialization/development partner. • Oncology: PRO-XTEN platform showing promise with VIR-5818 (HER2-targeted T-cell engager) with promising early clinical activity in colorectal cancer; VIR-5500 (PSMA-targeted T-cell engager) with strong early results in prostate cancer; VIR-5525 (EGFR-targeted T-cell engager) on track for Phase I start in first half of 2025. • Financial: R&D expenses decreased in 2024 to $507M (excluding Sanofi transaction expenses), G&A expenses down to $119M; net loss $522M in 2024; cash runway extends into mid-2027 with $1.1B in cash, cash equivalents, and investments.

No detailed financial performance by product segment with absolute revenue and contribution % provided in the transcript.

• Anticipate initiating ECLIPSE Phase III program in hepatitis delta in first half of 2025. • Plan to initiate Phase I study for VIR-5525 in first half of 2025. • Capital deployment focused on accelerating ECLIPSE enrollment, advancing VIR-5500, enrolling patients in VIR-5818, and pursuing partnership for hepatitis B program. • Cash position of $1.1B provides runway into mid-2027 based on current operating plan.

• Forward-looking statements involve substantial risks and uncertainties. • Cross-trial comparisons discussed are not based on head-to-head studies and have inherent limitations. • Risks associated with clinical development programs, future results, performance, or achievements differing from forward-looking statements as described in SEC filings.

Q: Thoughts on moving T-cell engagers into earlier lines of therapy and application of machine learning/antibody engineering?

A: Mark Eisner mentioned interest in moving to earlier lines for PSMA program, and machine learning and antibody engineering are used to optimize T-cell engager design, leveraging AI-driven platforms for binder optimization.

Q: Dose response confidence for 5500 and timing of next updates for 5500 and 5818?

A: Mark Eisner said PSMA program is early in dose escalation with room to move dose, anticipating deeper efficacy with higher doses, and updates will be shared as meaningful data develops from safety, efficacy, and durability assessments.

Q: Details of collaboration with Alnylam on elebsiran and impact on HBV partnership negotiations?

A: Marianne De Backer explained Alnylam has an option to share costs/profits or opt out, with potential upside if they opt in, and the partnership with Alnylam doesn't preclude large pharma partners from taking operational roles in HBV program.

Q: Learnings from SOLSTICE for ECLIPSE and importance of HB surface antigen reduction in hepatitis delta?

A: Mark Eisner noted SOLSTICE data showed unprecedented viral suppression in hepatitis delta, informing ECLIPSE program, and significant reduction in HB surface antigen with combination therapy is important for long-term viral suppression and better patient outcomes.