Vir extends cash with Astellas VIR-5500 deal, touts best-in-class potential in HDV and mCRPC

 

Vir extends cash runway with Astellas VIR-5500 deal, highlights best-in-class potential in HDV and mCRPC programs after Q1 results

• Astellas VIR-5500 collaboration closed, adding $315M near-term capital and sharing 40/60 global development costs.
• Quarter-end cash was $809M, excluding $315M Astellas proceeds; runway now extends into 2H 2028.
• No revenue disclosed; Q1 net loss was $126M as Vir continues heavy R&D investment.
• Non-GAAP EPS of -0.85 improved 3% year over year, while revenue of -$29,000 declined 101% and missed estimates.
• R&D fell to $109M from $119M YoY, mainly from lapping a $30M Alnylam payment.
• VIR-5500 Phase I mCRPC data show favorable safety, low-grade CRS, and durable responses up to 12 months.
• Late-line monotherapy expansion is underway; registrational Phase III for VIR-5500 targeted to begin in 2027.
• Tobevibart + elebsiran achieved 88% undetectable HDV RNA at 96 weeks vs 46% on antibody alone.
• Three registrational ECLIPSE HDV studies remain on track; first pivotal ECLIPSE-1 readout expected in Q4 2026.
• Management positions HDV combo as potential best-in-class on viral clearance and dosing convenience vs bulevirtide/Mirum.
• Q&A centered on VIR-5500 Phase III gating metrics, HDV competitive data, and HER2/EGFR T-cell engager plans.
• Main concern: Clinical and regulatory execution for VIR-5500 and HDV programs in increasingly competitive markets.
• Mixed quarter, driven by strengthened balance sheet and promising HDV/oncology data amid continued operating losses.

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