Vir(VIR) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for the third quarter of 2025 were $0.2 million, a significant decrease from $2.4 million for the same period in 2024[7] - Total revenues for the three months ended September 30, 2025, were $240,000, a decrease of 89.9% compared to $2,380,000 for the same period in 2024[27] - Net loss for the third quarter of 2025 was $163.1 million, or $1.17 per share, compared to a net loss of $213.7 million, or $1.56 per share, for the same period in 2024[14] - The net loss for the three months ended September 30, 2025, was $163,141,000, compared to a net loss of $213,717,000 in 2024, representing a 23.6% improvement[27] - The company reported a loss from operations of $173,443,000 for the three months ended September 30, 2025, compared to a loss of $231,304,000 in 2024, indicating a 25.0% improvement[27] - The company reported interest income of $9,363,000 for the three months ended September 30, 2025, down 46.6% from $17,527,000 in 2024[27] Cash and Investments - As of September 30, 2025, the company had $810.7 million in cash and investments, representing a decrease of approximately $81.4 million during the third quarter of 2025[7] - The company expects its cash, cash equivalents, and investments to fund operations into mid-2027[15] - Cash and cash equivalents decreased to $170,084,000 as of September 30, 2025, from $222,947,000 as of December 31, 2024, a decline of 23.6%[25] Research and Development - R&D expenses for the third quarter of 2025 were $151.5 million, down from $195.2 million in the same period in 2024, primarily due to lower license expenses and cost savings[10] - Research and development expenses for the same period were $151,463,000, down 22.4% from $195,178,000 in 2024[27] - The company plans to provide a comprehensive data update for VIR-5500 in the first quarter of 2026, which is currently in Phase 1 study[1] - The first patient has been dosed in the Phase 1 study of VIR-5500 in combination with ARPIs for first-line metastatic castration-resistant prostate cancer[1] Trials and Studies - ECLIPSE 1 enrollment completed approximately two months ahead of schedule, with topline data for ECLIPSE 1, 2, and 3 expected in the first quarter of 2027[1] - The ECLIPSE 2 and ECLIPSE 3 trials are progressing well, with topline data expected in the first quarter of 2027[3] Expenses - SG&A expenses for the third quarter of 2025 were $22.2 million, a decrease from $25.7 million in the same period in 2024, due to efficiencies from restructuring initiatives[12] Assets and Liabilities - Total current assets decreased to $545,684,000 as of September 30, 2025, from $1,042,458,000 as of December 31, 2024, a decline of 47.7%[25] - Total liabilities decreased to $223,355,000 as of September 30, 2025, from $248,428,000 as of December 31, 2024, a reduction of 10.1%[25] - Total stockholders' equity decreased to $796,098,000 as of September 30, 2025, from $1,150,385,000 as of December 31, 2024, a decline of 30.8%[25] - The weighted-average shares outstanding for the basic and diluted net loss per share increased to 138,930,173 in 2025 from 136,653,753 in 2024[27]