Vir(US:VIR)2025-02-26 21:17Financial Performance - Revenue for Q4 2024 was $12.4 million, down from $16.8 million in Q4 2023, and full-year revenue for 2024 was $74.2 million, compared to $86.2 million in 2023[12]. - Vir Biotechnology reported total revenues of $12,374,000 for Q4 2024, a decrease of 26.5% compared to $16,787,000 in Q4 2023[32]. - The company's net loss for Q4 2024 was $104,589,000, compared to a net loss of $115,973,000 in Q4 2023, reflecting a 3.5% improvement[32]. - Net loss attributable to Vir Biotechnology for Q4 2024 was $(104.6) million, or $(0.76) per share, compared to a net loss of $(116.0) million, or $(0.86) per share, in Q4 2023[19]. - The company reported a 28% year-over-year reduction in operating expenses for 2024, excluding the upfront expense related to the Sanofi licensing agreement[11]. - Research and development expenses for the year ended December 31, 2024, were $506,499,000, down from $579,720,000 in 2023, indicating a reduction of 12.6%[32]. - Total current assets decreased to $1,042,458,000 in 2024 from $1,588,226,000 in 2023, representing a decline of 34.4%[30]. - The company's total liabilities decreased to $248,428,000 in 2024 from $328,824,000 in 2023, a reduction of 24.4%[30]. - As of December 31, 2024, Vir Biotechnology's cash and cash equivalents totaled $222,947,000, a decrease from $241,576,000 at the end of 2023[30]. - The company has approximately $1.10 billion in cash, cash equivalents, and investments as of December 31, 2024, with a cash runway into mid-2027[11]. Clinical Development - The ECLIPSE Phase 3 registrational clinical program in chronic hepatitis delta is on track to begin in the first half of 2025[1]. - The company plans to initiate a Phase 1 study of VIR-5525, its dual-masked EGFR-targeting T-cell engager, in the first half of 2025[1]. - The company anticipates functional cure data from the 24-week follow-up of the MARCH Part B Phase 2 trial in the second quarter of 2025[8]. - The dual-masked T-cell engager VIR-5818 showed tumor shrinkage in 50% of participants receiving doses ≥400 µg/kg[8]. - The dual-masked T-cell engager VIR-5500 demonstrated PSA reductions in 100% of metastatic castration-resistant prostate cancer patients after an initial dose ≥120 µg/kg[8]. - The company is advancing multiple undisclosed dual-masked T-cell engagers against clinically validated targets in solid tumors[12]. Strategic Focus - The company anticipates continued focus on its oncology and hepatitis programs, with ongoing clinical studies and potential partnering opportunities[28]. - Vir Biotechnology's strategy includes leveraging artificial intelligence and machine learning for next-generation protein engineering and other R&D efforts[28]. - The weighted-average shares outstanding for basic calculations increased to 136,808,690 in Q4 2024 from 134,608,811 in Q4 2023[32].