Financial Overview - Vir Biotechnology had $810.7 million in cash and investments as of September 30, 2025, providing a cash runway into mid-2027[11] - Q3 2025 total revenues were $0.2 million, a 92% decrease from $2.4 million in Q3 2024[134] - Research and development expenses for Q3 2025 were $151.5 million, a 22% decrease from $195.2 million in Q3 2024[134] - Net loss for Q3 2025 was $(163.1) million, compared to $(213.7) million in Q3 2024, a 24% improvement[134] Hepatitis Delta Program (Tobevibart + Elebsiran) - In an ongoing Phase 2 trial, 41% of participants achieved HDV RNA <Target Not Detected (0 IU/mL) at 24 weeks, and 64% at 36 weeks with tobevibart + elebsiran Q4W de novo[31] - 90% of participants receiving tobevibart + elebsiran achieved HBsAg <10 IU/mL, compared to only 22% with tobevibart monotherapy Q2W at Week 24[36] - ECLIPSE 1, a Phase 3 trial for Hepatitis Delta, is fully enrolled, with topline data for all three ECLIPSE studies expected in Q1 2027[40] Oncology - PRO-XTEN® Masked TCE Platform - VIR-5500 (PSMA): In Phase 1 testing, 58% of patients with 1st dose ≥ 120 µg/kg showed PSA50 responses[66] - VIR-5818 (HER2): In heavily pre-treated CRC patients (≥400 µg/kg), a 33% response rate was observed[118] - VIR-5818 (HER2): ctDNA Molecular response in 54% of subjects[118] - VIR-5525 (EGFR): Phase 1 study initiated in Q3 2025, targeting NSCLC, CRC, HNSCC, and cSCC[51]

Summary of Bolt Biotherapeutics Conference Call Company Overview - **Company**: Bolt Biotherapeutics (BOLT) - **Focus**: Development of immuno-oncology therapeutics, specifically targeting cancer through innovative antibody platforms Key Points Discussed Financial Overview - As of March 31, cash, cash equivalents, and marketable securities totaled **$58 million** [4] - Funding expected to support key milestones, including the Phase 1 trial for BDC3042 through mid-2026 [4] Clinical Programs - **BDC3042**: A first-in-class dectin-2 agonist antibody aimed at treating cancer - Phase 1 trial results presented at the American Association for Cancer Research (AACR) Annual Meeting [4][25] - **Enrollment**: 17 patients, including those with non-small cell lung cancer (NSCLC) [26] - **Safety Profile**: Well tolerated with no grade 4 or 5 adverse events reported [28] - **Efficacy**: Evidence of tumor size reduction in patients with prior treatments, particularly in NSCLC [31][37] - **BDC4182**: A next-generation immune-stimulating antibody conjugate (ISAC) targeting claudin 18.2 - Enrollment for the first-in-human Phase 1 study has opened in Australia [42] - Targeting advanced gastric and gastroesophageal cancers [50] Mechanism of Action - **BDC3042**: Engages and activates dectin-2 on tumor-associated macrophages (TAMs), converting them into tumor-destructive cells [11][12] - **Clinical Observations**: Enhanced immune response noted, particularly in patients previously treated with checkpoint inhibitors [12][60] Preclinical Data - BDC3042 shows promising preclinical results, indicating potential for broad applicability across various cancer types [15][18] - Evidence of tumor regression in preclinical models, supporting the mechanism of action [19][20] Market Potential - BDC4182 aims to capture a broader market by targeting not only high expressers of claudin 18.2 but also moderate and low expressers [44][81] - The approved drug for claudin 18.2 currently addresses about **38%** of the gastric cancer market [81] Collaboration and Partnerships - Ongoing discussions for partnerships to accelerate the development of BDC3042, with a goal to secure a non-binding term sheet by June 6 [39] - Collaboration with Genmab and Toray to advance multiple development programs [52][53] Future Outlook - Anticipated updates on patient recruitment for BDC4182 and partner selection for BDC3042 by fall [54] - Emphasis on efficiency in the current biotech financing environment to develop product candidates that could improve patient outcomes [54] Additional Insights - The conference highlighted the importance of safety and tolerability in early-phase trials, especially for heavily pretreated patients [28][37] - The potential for BDC3042 to be effective in combination with other therapies, particularly in immunogenic tumors like NSCLC [60][61] - The company is focused on differentiating its ISAC platform from competitors by improving linker payloads and reducing immunogenicity [95][96] This summary encapsulates the critical aspects of the conference call, providing insights into Bolt Biotherapeutics' current status, clinical programs, and future directions in the oncology space.