Vir Biotechnology, Inc. · NASDAQ:VIR
Vir Biotechnology — FY2025 Earnings Presentation
35 slides from Vir Biotechnology's earnings presentation, Feb 23, 2026
Slide 1: VIR-5500 Strategic Collaboration with Astellas and Positive Phase 1 Data
VIR-5500 Strategic Collaboration with Astellas and Positive Phase 1 Data February 23, 2026 2026 Vir Biotechnology, Inc. 1
Slide 2: Legal disclaimer
Legal disclaimer Forward-Looking Statements Statements in this presentation that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding: the therapeutic and commercial potential of VIR-5500 and other ass
Slide 3: Agenda
Agenda Strategic Rationale VIR-5500 Data Update KOL Perspective Financials Marianne De Backer, Mark Eisner, M.D., M.P.H. Johann de Bono Jason O’Byrne, M.Sc., Ph.D., MBA Executive Vice President and M.D., M.Sc., Ph.D., FRCP, MBA Chief Executive Officer Chief Medical Officer FMedSci Executive Vice Pre
Slide 4: VIR-5500 strategic collaboration with Astellas & Positive Phase 1 data
VIR-5500 strategic collaboration with Astellas & Positive Phase 1 data Marianne De Backer, M.Sc., Ph.D., MBA 2026 Vir Biotechnology, Inc. 4
Slide 5: VIR-5500 strategic collaboration with Astellas and new positive Phase 1 data
VIR-5500 strategic collaboration with Astellas and new positive Phase 1 data i Collaboration pairs Astellas’ Deal economics enable rapid New Phase 1 data at ASCO-GU world class capabilities in advancement of VIR-5500 in show compelling safety and prostate cancer with Vir Bio’s early and late-stage p
Slide 6: mCRPC is an area of high unmet need with a significant market opportunity
Metastatic castration resistant prostate cancer (mCRPC) is an area of high unmet need with a significant market opportunity T-cell engagers (TCEs) represent a promising new approach for treatment of solid tumors 1 in 8 ~30% Men diagnosed with prostate mCRPC 5-year cancer in their lifetime1 survival
Slide 7: VIR-5500 is positioned to be a best-in-class TCE designed to address the unmet need
VIR-5500 is positioned to be a best-in-class TCE designed to address the unmet need in mCRPC VIR-5500: PSMA-targeted dual Powered by PRO-XTEN® technology masked TCE Specific cleavage of masks by proteases in the tumor microenvironment Designed to reduce toxicity, enabling higher dosing and wider the
Slide 8: Astellas is the partner-of-choice in prostate cancer
Astellas is the partner-of-choice in prostate cancer, with proven track record of successful co-development with biotech partners Market leader in Track record of Global clinical prostate cancer co-development development capabilities XTANDI® (enzalutamide) is the Co-developed XTANDI® Operates in ~7
Slide 9: Global strategic collaboration with Astellas maximizes potential of VIR-5500
Global strategic collaboration with Astellas maximizes potential of VIR-5500 in prostate cancer1 VIR-5500 co-development and Strategic collaboration overview co-commercialization in prostate cancer3 50/50 40/60 Vir Bio / Astellas global $1.7B In upfront payments and milestones2 profit/loss share in
Slide 10: Positive Phase 1 data for VIR-5500 in prostate cancer
Positive Phase 1 data for VIR-5500 in prostate cancer Validates PRO-XTEN® Platform Mark Eisner, M.D., M.P.H. 2026 Vir Biotechnology, Inc. 10
Slide 11: VIR-5500 monotherapy study of PSMA-targeted dual-masked TCE in prostate cancer
VIR-5500 monotherapy study of PSMA-targeted dual-masked TCE in prostate cancer All dose escalation cohorts have cleared DLT (N=58) QW dose escalation (N=26) Q3W dose escalation (N=32) Eligibility criteria: • Documented progressive 1000 2000 3000 µg/kg (N=4) 1000 2000 4000 µg/kg metastatic CR
Slide 12: Late-line mCRPC population including patients with liver metastases
Late-line mCRPC population including patients with liver metastases VIR-5500 baseline characteristics VIR-5500 Study & enrollment details: NCT05997615 N=58 Heavily pre-treated participants: Median age, years (range) 68 (49-81) • Median 4 prior lines of therapy Prior lines of therapy (Any Setting) •
Slide 13: VIR-5500 Phase 1 study shows favorable safety profile with meaningful anti-tumor activity
VIR-5500 Phase 1 study shows favorable safety profile with meaningful anti-tumor activity ≥3,000 µg/kg Q3W Well tolerated with no dose limiting toxicities CRS • 12% Grade ≥ 3 TRAEs All Grades 59% (13/22) • Limited CRS 50% (29/58) primarily seen in first cycle and mostly Grade 1 (Fever Only) Grade 1
Slide 14: KOL perspective
KOL perspective Johann de Bono M.D., M.Sc., Ph.D., FRCP, FMedSci 2026 Vir Biotechnology, Inc. 14
Slide 15: Case Study 1: complete resolution of multiple liver lesions at Week 9; PSA99
Case Study 1: complete resolution of multiple (>14) liver lesions at Week 9; PSA99 Q3W Cohort 800/1500/3000 µg/kg Baseline Week 9 PSA 99 ng/mL PSA 0.4 ng/mL 99% PSA Case study detail Decline • 63-year-old male • High disease burden: liver and bone lesions • 5 Prior Lines of Treatment: Docetaxel, Ola
Slide 16: Case Study 2: significant RECIST response in large liver lesions
Case Study 2: significant RECIST response in large liver lesions Q3W cohort 800/2000/3500 µg/kg Baseline Week 9 PSA 403 ng/mL PSA 44 ng/mL 94% Best PSA Decline Case study detail • 75-year-old male • High disease burden; liver and lymph- nodes (no bone lesions) • 6 Prior Lines of Treatment: Enzalutam
Slide 17: Case Study 3: durable RECIST, PSMA-PET and deep PSA response up to 8 months
Case Study 3: durable RECIST, PSMA-PET and deep PSA response up to 8 months Q3W cohort 800/2000/3500 µg/kg Baseline Week Baseline Week 9 9 Week Week 18 18 Case study detail CT/MRI CT/MRI • 70-year-old male with peritoneal and abdominal wall lesions • 3 Prior lines of Treatment: Enzalutamide, Docetax
Slide 18: Case Study 4: complete response in diffuse lesions with prior radioligand therapy
Case Study 4: complete response in diffuse lesions with prior radioligand therapy Lymph Node Biopsy Q3W Cohort 1000/2000/4000 µg/kg with Prophylactic Steroids PSMA/CD3 Duplex IHC Baseline Week 5 Baseline Week 9 PSA 81 ng/mL PSA 0.05 ng/mL PSMA membrane H-score 1401 PSMA H-score 0 100% tumor PSMA+ No
Slide 19: Case Study 5: complete response with ~12 months of durability
Case Study 5: complete response with ~12 months of durability Q3W cohort 300/600/1000 µg/kg Baseline Week 9 C1D1 C3D1 C5D1 C7D1 C9D1 C11D1 C13D1 C15D1 C17D1 PSA 42 ng/mL PSA 0.6 ng/mL 60 Local PSA (ng/mL) 40 9 Week 18 Week 27 Week 39 Week Baseline Scans Scans Scans Scans 20 Scans SD SD CR (NTL) CR (
Slide 20: Positive Phase 1 data for VIR-5500 in prostate cancer validates PRO-XTEN platform
Positive Phase 1 data for VIR-5500 in prostate cancer validates PRO-XTEN® platform Mark Eisner, M.D., M.P.H 2026 Vir Biotechnology, Inc. 20
Slide 21: Well-tolerated with favorable safety profile
Well-tolerated with favorable safety profile 12% grade ≥ 3 TRAEs, limited CRS, mostly grade 1 (Fever Only), and no DLTs Limited High-Grade Events and Tx Discontinuations Low Grade CRS in Doses ≥3,000 µg/kg Q3W (N=22) TEAEs in any Participant n (%) (N=58) 9 Grade 1 Any TEAE 58 (100) 8 Participants wi
Slide 22: Dose response relationship: deeper PSA declines and confirmed PSA responses at higher doses
Dose response relationship: deeper PSA declines and confirmed PSA responses at higher doses 100 30 μg/kg QW 300/600/1000 μg/kg Q3W 60 μg/kg QW 500/1000/2000 μg/kg Q3W 120/180/180 μg/kg QW 800/1500/3000 μg/kg Q3W PSA Best % Change from Baseline (PCWG3)# 200/300/400 μg/kg QW 1000/2000/3000 μg/kg Q3W 3
Slide 23: Deep PSA declines observed as early as Cycle Day 8
Deep PSA declines observed as early as Cycle 1 Day 8, evidence of concordant RECIST responses in evaluable patients Doses ≥ 3000 ug/kg Q3W 100 ≥ 3000 µg/kg Q3W 800/1500/3000 μg/kg Q3W 1000/2000/3000 μg/kg Q3W Any PSA Decline 15/17 (88%) PSA Best % Change from Baseline (PCWG3)^ 75 800/2000/3500 μg/kg
Slide 24: Reduction in PSMA total tumor volume by central PSMA PET analysis
Reduction in PSMA total tumor volume by central PSMA PET analysis, RECIP responses associated with deep PSA declines and RECIST responses Doses ≥ 3000 ug/kg Q3W RECIP 1.0 Classification 100 800/1500/3000 μg/kg Q3W Complete Response % Change in PSMA Total Tumor Volume 800/2000/3500 μg/kg Q3W Partial
Slide 25: Robust RECIST responses with VIR-5500 monotherapy in RECIST-evaluable participants
Robust RECIST responses with VIR-5500 monotherapy in RECIST-evaluable participants Doses ≥ 3000 ug/kg Q3W 100 800/1500/3000 μg/kg Q3W 1000/2000/3000 μg/kg Q3W 80 71.43 800/2000/3500 μg/kg Q3W 1000/2000/4000 μg/kg Q3W (+C1 Steroid Prophylaxis) 60 Best Change from Baseline ORR 45% (5/11)* in RECIST SL
Slide 26: RECIST responses concordant with deep PSA responses
RECIST responses concordant with deep PSA responses Doses ≥ 3000 ug/kg Q3W Initial Stable Disease followed by disease progression due to 80 Progressive Disease with PSMA-negative lesions in the metastases to the liver and new bone metastases resulting in spinal fracture liver; only received 2 cycles
Slide 27: Emerging evidence of PSA and radiographic durability
Emerging evidence of PSA and radiographic durability Doses ≥ 3000 ug/kg Q3W, CRS Restricted to Early Cycles 0 2 4 6 8 10 Months 800 / 1500 / 3000 µg/kg * ^ 1000 / 2000 / 3000 µg/kg Time on Treatment Ongoing 800 / 2000 / 3500 µg/kg PSA50 PSA90 uPR cPR cCR G1 CRS 1000 / 2000 / 4000 µg/kg G2 CRS *101-1
Slide 28: Next steps for VIR-5500: rapid advancement into earlier treatment setting
Next steps for VIR-5500: rapid advancement into earlier treatment setting in prostate cancer Conclusion of monotherapy QW and Q3W dose escalation in late-line mCRPC Initial monotherapy recommended expansion dose Progressing toward initiating Expansion Dose Cohorts in Q2 2026 • Late-line mCRPC (Monot
Slide 29: Financial summary
Financial summary Jason O’Byrne, MBA 2026 Vir Biotechnology, Inc. 29
Slide 30: Collaboration summary: accelerates development, access to expertise, attractive economics
Collaboration summary: accelerates development, access to expertise, and delivers attractive economics1,2 Scope Upfront and near-term payments4 Global development and commercialization collaboration for $240M in upfront cash and $75M from equity5 VIR-5500 in prostate cancer $20M near-term milestone
Slide 31: 2025 financial results
2025 financial results Years Ended December 31, $ in millions (except for headcount) 2025 2024 Change % Total revenues $68.6 $74.2 $(5.6) (8%) Operating expenses: Cost of revenue − 0.8 (0.8) (100%) Research and development 456.0 506.5 (50.5) (10%) Selling, general and administrative 92.1 119.0 (26.9
Slide 32: Closing remarks
Closing remarks: Advancing immune-powered therapies to transform patient care Marianne De Backer, M.Sc., Ph.D., MBA 2026 Vir Biotechnology, Inc. 32
Slide 33: Our clinical pipeline of masked TCEs demonstrates promise of the PRO-XTEN platform
Our clinical pipeline of masked TCEs demonstrates promise of the PRO-XTEN® platform VIR-5500 VIR-5818 VIR-5525 7 Preclinical (PSMA) (HER2) (EGFR) Programs The only dual masked TCE in The only masked TCE in clinical Dual-masked TCE in clinical Universal masking platform clinical development for devel
Slide 34: VIR-5500 strategic collaboration with Astellas and new positive Phase 1 data
VIR-5500 strategic collaboration with Astellas and new positive Phase 1 data i Collaboration pairs Astellas’ Deal economics enable rapid New Phase 1 data at ASCO-GU world class capabilities in advancement of VIR-5500 in show compelling safety and prostate cancer with Vir Bio’s early and late-stage p
Slide 35: Patients are waiting
PATIENTS ARE WAITING 2026 Vir Biotechnology, Inc. 2026 Vir Biotechnology, Inc. 35