Vir Biotechnology (VIR) 10-K 26 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-39083
Entity Registrant Name	Vir Biotechnology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2730369
Entity Address, Address Line One	1800 Owens Street
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	906-4324
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	VIR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.8
Entity Common Stock, Shares Outstanding		135,032,268
Documents Incorporated by Reference	Portions of the definitive proxy statement, or the Proxy Statement, for the Registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001706431
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 241,576	$ 848,631
Short-term investments	1,270,980	1,521,517
Restricted cash and cash equivalents, current	13,268	12,681
Equity investments	9,853	31,892
Prepaid expenses and other current assets	52,549	104,356
Total current assets	1,588,226	2,519,077
Intangible assets, net	22,565	32,755
Goodwill	16,937	16,937
Property and equipment, net	96,018	105,609
Operating right-of-use assets	71,182	82,557
Restricted cash and cash equivalents, noncurrent	6,448	6,656
Long-term investments	105,275	23,927
Other assets	12,409	14,570
TOTAL ASSETS	1,919,060	2,802,088
CURRENT LIABILITIES:
Accounts payable	6,334	6,422
Accrued and other liabilities	104,220	489,090
Deferred revenue, current	64,853	15,517
Total current liabilities	175,407	511,029
Deferred revenue, noncurrent	1,526	53,207
Operating lease liabilities, noncurrent	111,673	123,837
Contingent consideration, noncurrent	25,960	24,937
Other long-term liabilities	14,258	11,115
TOTAL LIABILITIES	328,824	724,125
Commitments and contingencies (Note 10)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2023 and 2022, respectively; no shares issued and outstanding as of December 31, 2023 and 2022	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2023 and 2022, respectively; 134,781,286 and 133,236,687 shares issued and outstanding as of December 31, 2023 and 2022, respectively	13	13
Additional paid-in capital	1,828,862	1,709,835
Accumulated other comprehensive loss	(815)	(9,122)
(Accumulated deficit) retained earnings	(237,824)	377,237
TOTAL STOCKHOLDERS’ EQUITY	1,590,236	2,077,963
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,919,060	$ 2,802,088

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	134,781,286	133,236,687
Common stock, shares outstanding (in shares)	134,781,286	133,236,687

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 86,180,000	$ 1,615,797,000	$ 1,095,415,000
Operating expenses:
Cost of revenue	2,765,000	146,319,000	65,865,000
Research and development	589,671,000	474,648,000	448,006,000
Selling, general and administrative	178,049,000	161,762,000	160,793,000
Total operating expenses	770,485,000	782,729,000	674,664,000
(Loss) income from operations	(684,305,000)	833,068,000	420,751,000
Other income (loss):
Change in fair value of equity investments	(21,888,000)	(111,140,000)	138,049,000
Interest income	86,990,000	28,092,000	439,000
Other (expense) income, net	(8,991,000)	4,260,000	(9,437,000)
Total other income (loss)	56,111,000	(78,788,000)	129,051,000
(Loss) income before benefit from (provision for) income taxes	(628,194,000)	754,280,000	549,802,000
Benefit from (provision for) income taxes	13,077,000	(238,443,000)	(21,218,000)
Net (loss) income	(615,117,000)	515,837,000	528,584,000
Net loss attributable to noncontrolling interest	(56,000)	0	0
Net (loss) income attributable to Vir	$ (615,061,000)	$ 515,837,000	$ 528,584,000
Net income (loss) per share attributable to Vir, basic (in USD per share)	$ (4.59)	$ 3.89	$ 4.07
Net income (loss) per share attributable to Vir, diluted (in USD per share)	$ (4.59)	$ 3.83	$ 3.96
Weighted-average shares outstanding, basic (in shares)	134,130,924	132,606,767	129,884,967
Weighted-average shares outstanding, diluted (in shares)	134,130,924	134,810,908	133,437,126
Collaboration revenue
Revenues:
Total revenues	$ 37,266,000	$ 1,505,469,000	$ 917,194,000
Contract revenue
Revenues:
Total revenues	2,228,000	52,714,000	169,874,000
License revenue from a related party
Revenues:
Total revenues	0	22,289,000	0
Grant revenue
Revenues:
Total revenues	$ 46,686,000	$ 35,325,000	$ 8,347,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net (loss) income	$ (615,117)	$ 515,837	$ 528,584
Other comprehensive income (loss):
Unrealized gain (loss) on investments	9,310	(7,524)	(957)
Actuarial (loss) gain	(1,003)	(499)	1,136
Total other comprehensive income (loss)	8,307	(8,023)	179
Comprehensive (loss) income	(606,810)	507,814	528,763
Comprehensive loss attributable to noncontrolling interest	(56)	0	0
Comprehensive (loss) income attributable to Vir	$ (606,754)	$ 507,814	$ 528,763

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	(Accumulated Deficit) Retained Earnings	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2020		127,416,740
Beginning balance at Dec. 31, 2020	$ 716,852	$ 13	$ 1,385,301	$ (1,278)	$ (667,184)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with a collaboration agreement (in shares)		1,924,927
Issuance of common stock in connection with a collaboration agreement	85,213		85,213
Issuance of common stock to settle a contingent consideration (in shares)		42,737
Issuance of common stock to settle a contingent consideration	1,860		1,860
Vesting of restricted common stock (in shares)		89,261
Exercise of stock option (in shares)		1,622,718
Exercise of stock options	13,077		13,077
Issuance of common stock under employee stock purchase plan (in shares)		65,021
Issuance of common stock under employee stock purchase plan	2,300		2,300
Stock-based compensation	83,784		83,784
Other comprehensive income (loss)	179			179
Net (loss) income	528,584				528,584
Ending balance (in shares) at Dec. 31, 2021		131,161,404
Ending balance at Dec. 31, 2021	1,431,849	$ 13	1,571,535	(1,099)	(138,600)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with grant agreement (in shares)		881,365
Issuance of common stock in connection with a grant agreement	28,462		28,462
Vesting of restricted common stock (in shares)		349,496
Exercise of stock option (in shares)		696,963
Exercise of stock options	4,534		4,534
Issuance of common stock under employee stock purchase plan (in shares)		147,459
Issuance of common stock under employee stock purchase plan	3,222		3,222
Stock-based compensation	102,082		102,082
Other comprehensive income (loss)	(8,023)			(8,023)
Net (loss) income	$ 515,837				515,837
Ending balance (in shares) at Dec. 31, 2022	133,236,687	133,236,687
Ending balance at Dec. 31, 2022	$ 2,077,963	$ 13	1,709,835	(9,122)	377,237	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock (in shares)		734,662
Exercise of stock option (in shares)		487,014
Exercise of stock options	3,484		3,484
Issuance of common stock under employee stock purchase plan (in shares)		322,923
Issuance of common stock under employee stock purchase plan	4,283		4,283
Stock-based compensation	111,316		111,316
Other comprehensive income (loss)	8,307			8,307
Contributions from noncontrolling interest owners	100					100
Increase in ownership interest in a subsidiary	(100)		(56)			(44)
Net (loss) income	$ (615,117)				(615,061)	(56)
Ending balance (in shares) at Dec. 31, 2023	134,781,286	134,781,286
Ending balance at Dec. 31, 2023	$ 1,590,236	$ 13	$ 1,828,862	$ (815)	$ (237,824)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (615,117)	$ 515,837	$ 528,584
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Changes in estimated constraint on profit-sharing amount	(28,118)	369,535	0
Depreciation and amortization	18,920	6,251	5,278
Amortization of intangible assets	531	532	533
Accretion of discounts on investments, net	(8,706)	(8,943)	(244)
Noncash lease expense	7,658	8,709	6,172
Change in fair value of equity investments	21,888	111,140	(138,049)
Change in estimated fair value of contingent consideration	1,024	2,115	91,848
Stock-based compensation	111,316	102,082	83,784
Change in deferred income taxes	(1,063)	(15,186)	15,186
In-process research and development impairment	9,658	0	0
Long-lived assets impairment and disposal loss	7,662	0	0
Payment of contingent consideration in excess of acquisition date fair value	0	(93,803)	(8,140)
Gain from a sublease termination	0	0	(4,844)
Other	153	(383)	697
Changes in operating assets and liabilities:
Receivable from collaboration	(565)	770,038	(773,079)
Prepaid expenses and other current assets	64,970	(39,358)	(3,665)
Other assets	2,161	(11,795)	(1,483)
Accounts payable	732	797	(171)
Accrued liabilities and other long-term liabilities	(356,498)	(15,513)	58,498
Operating lease liabilities	(13,046)	(5,502)	(535)
Deferred revenue	(2,345)	(33,300)	92,041
Net cash (used in) provided by operating activities	(778,785)	1,663,253	(47,589)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(21,573)	(68,006)	(21,817)
Purchases of investments	(2,016,189)	(1,476,965)	(420,240)
Maturities and sales of investments	2,202,391	351,510	301,243
Net cash provided by (used in) investing activities	164,629	(1,193,461)	(140,814)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under the employee stock purchase plan	4,283	3,222	2,300
Proceeds from exercise of stock options	3,484	4,534	13,077
Payment of principal on financing lease obligations	(287)	(260)	(259)
Contributions from noncontrolling interest owners	100	0	0
Increase in ownership interest in a subsidiary	(100)	0	0
Proceeds from issuance of common stock in connection with a collaboration agreement	0	0	85,213
Proceeds from issuance of common stock in connection with a grant agreement	0	28,462	0
Payment of contingent consideration	0	(1,197)	0
Net cash provided by financing activities	7,480	34,761	100,331
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents	(606,676)	504,553	(88,072)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	867,968	363,415	451,487
Cash, cash equivalents and restricted cash and cash equivalents at end of period	261,292	867,968	363,415
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Net refund received (cash paid) for income tax	2,676	(252,030)	0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	241,576	848,631	347,815
Restricted cash and cash equivalents, current	13,268	12,681	8,594
Restricted cash and cash equivalents, noncurrent	6,448	6,656	7,006
Total cash, cash equivalents and restricted cash	$ 261,292	$ 867,968	$ 363,415

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	. Organization Vir Biotechnology, Inc. (“Vir” or the “Company”) is an immunology company focused powering the immune system to transform lives by treating and preventing infectious diseases and other serious conditions, including viral-associated diseases. Vir has assembled two technology platforms that are designed to modulate the immune system by exploiting critical observations of natural immune processes. Its current clinical development pipeline consists of product candidates targeting hepatitis delta virus (“HDV”), hepatitis B virus (“HBV”), and human immunodeficiency virus (“HIV”). Vir has several preclinical candidates in its pipeline, including those targeting influenza A and B, coronavirus disease 2019 (“COVID-19”), respiratory syncytial virus and human metapneumovirus, (“RSV” and “MPV”, respectively), and human papillomavirus (“HPV”). In September 2022, the Company formed a new wholly-owned subsidiary in Switzerland, Vir Biotechnology International GmbH (“VBI”), a Swiss limited liability company. The primary purpose of VBI is to support Vir's research and development and international commercial activities outside of the United States. In January 2023, a majority-owned subsidiary, Encentrio Therapeutics, Inc. (“Encentrio”), was incorporated in the State of Delaware. The Company initially owned 80% of Encentrio’s outstanding voting shares. During the three months ended June 30, 2023, the Company increased its ownership of Encentrio's outstanding voting shares to 100%. The primary purpose of Encentrio is to conduct research and development of oncology therapeutics. Sales Agreement In November 2023, the Company entered into a sales agreement (“Sales Agreement”) with Cowen and Company, LLC, as sales agent (“TD Cowen”), pursuant to which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $300.0 million, through or to TD Cowen, acting as sales agent or principal. The shares will be offered and sold under the Company’s shelf registration statement on Form S-3 and a related prospectus filed with the Securities and Exchange Commission (“SEC”) on November 3, 2023. The Company will pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide TD Cowen with customary indemnification and contribution rights. As of December 31, 2023, no shares have been issued under the Sales Agreement. Need for Additional Capital

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of Vir and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Foreign Currency The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Monetary assets and liabilities of foreign subsidiaries are translated into U.S. dollars at period-end exchange rates, and non-monetary assets and liabilities are translated to U.S. dollars using historical exchange rates. Revenue and expenses are translated at average exchange rates throughout the respective periods. Transaction gains and losses are included in other (expense) income, net on the consolidated statements of operations. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Segments The Company operates as one reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources. Concentration of Credit Risk, Credit Loss and Other Risks and Uncertainties Although the Company received Emergency Use Authorization (“EUA”), temporary authorization or marketing approval for sotrovimab (under the brand name Xevudy®), sotrovimab is currently deauthorized in the U.S. and has limitations in use outside of the U.S. In addition, the Company is subject to a number of other challenges and risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its other product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of sotrovimab and other product candidates and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its product candidates, it will be unable to generate revenue from product sales or maintain profitability. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investments. Cash and cash equivalents are deposited in checking and sweep accounts at financial institutions. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. Prior to such events, the Company held cash deposits at SVB in excess of government insured limits. On March 12, 2023, the U.S. Treasury Department, the Federal Reserve and the FDIC jointly announced enabling actions that fully protect all SVB depositors’ insured and uninsured deposits, and that such depositors would have access to all of their funds starting March 13, 2023. On March 13, 2023, the Company was able to access its deposits at the FDIC’s newly created Silicon Valley Bridge Bank, N.A., which was subsequently purchased on March 27, 2023 by First Citizens Bank & Trust Company, a subsidiary of First Citizens BancShares, Inc. As such, no losses have been incurred by the Company on deposits that were held at SVB. Management believes that the Company is not currently exposed to significant credit risk as the Company’s investments are held in custody at third-party financial institutions. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the consolidated balance sheets. As of December 31, 2023 and 2022, the Company has no off-balance sheet concentrations of credit risk. The Company is exposed to credit losses primarily through receivables from customers and collaborators and through its available-for-sale debt securities. The Company’s expected loss allowance methodology for the receivables is developed using historical collection experience, current and future economic market conditions, a review of the current aging status and financial condition of the entities. Specific allowance amounts are established to record the appropriate allowance for customers that have a higher probability of default. Balances are written off when determined to be uncollectible. The Company’s expected loss allowance methodology for the debt securities is developed by reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. There was no allowance for losses on available-for-sale debt securities attributable to credit risk as of December 31, 2023 and 2022. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents, which consist of amounts invested primarily in money market funds and are stated at fair value. Investments Investments include available-for-sale debt securities and equity investments, which are carried at fair value. Available-for-Sale Debt Securities The Company’s valuations of marketable securities are generally derived from independent pricing services based on quoted prices in active markets for similar securities at period end. Generally, investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from the consolidated balance sheet date are considered short-term investments, with all others considered to be long-term investments. Unrealized gains and losses deemed temporary in nature are reported as a component of accumulated other comprehensive loss. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Equity Investments The Company measures its investment in equity securities at fair value at each reporting date based on the market price at period end if it has a readily determinable fair value. Otherwise, the investments in equity securities are measured at cost less impairment, adjusted for observable price changes for identical or similar investments of the same issuer unless the Company has significant influence or control over the investee. Changes in fair value resulting from observable price changes are presented as change in fair value of equity investments, and changes in fair value resulting from foreign currency translation are included in other (expense) income, net on the consolidated statements of operations. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents represent money market funds to secure standby letters of credit and security deposits with financial institutions, both under office and laboratory space lease agreements. Additionally, funds received from certain grants are restricted as to their use and are therefore classified as restricted cash and cash equivalents. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization and, if applicable, impairment charges. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally three The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (group) may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows that the asset (group) is expected to generate. If such asset (group) is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset (group) exceeds its fair value projected discounted future net cash flows arising from the asset (group). Acquired Intangible Assets The Company’s intangible assets were acquired via business combinations or asset acquisitions. Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (“IPR&D”) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its fair value. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses. IPR&D assets acquired as part of an asset acquisition are recorded at cost and expensed immediately if they have no alternative future uses. Finite-lived intangible assets acquired in a business combination are initially recognized at their fair value at the acquisition date. Finite-lived intangible assets acquired in an asset acquisition are initially recognized at cost. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets, generally seven Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company tests goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired. In testing for goodwill impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that the carrying value exceeds its fair value, the Company performs a quantitative goodwill impairment test to compare the fair value of its reporting unit to its carrying value, including goodwill. If the carrying value, including goodwill, exceeds the reporting unit’s fair value, the Company will recognize an impairment loss for the amount by which the carrying amount exceeds the reporting unit’s fair value (but not in excess of the carrying value of goodwill). Revenue Recognition Collaboration, License and Contract Revenue Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when the Company’s customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company first determines which elements of the collaboration are deemed to be a performance obligation with a customer within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808 and are not subject to the guidance in ASC 606, the Company applies the revenue recognition model under ASC 606, including the royalty exception guidance and variable consideration guidance under ASC 606 as described below, or other guidance, as deemed appropriate. When the Company is considered an agent in elements of collaboration arrangements within the scope of ASC 808, it records its share of collaboration revenue in the period in which such sales occur. The Company is considered an agent when the collaboration partner controls the product before transfer to the customers and has the ability to direct the use of and obtain substantially all of the remaining benefits from the product. In these instances, collaboration revenue is based upon the net sales reported by the Company's collaboration partners, net of cost of goods sold and allowable expenses (e.g., manufacturing, distribution, medical affairs, selling, and marketing expenses) in the period. In order to record collaboration revenue, the Company utilizes certain information from its collaboration partner, including actual net product sales and costs incurred for sales activities, and makes key judgments based on business updates related to commercial and clinical activities such as expected commercial demand, commercial supply plan, manufacturing commitments, risks related to expired or obsolete inventories, and risks related to potential product returns or contract terminations. The Company uses these estimates to determine whether payments due to it under its collaboration arrangements, such as profit-share payments, should be recognized as revenue in the period that they become due or whether any portion of the payments due should be constrained from revenue recognition because it is not probable that recognizing such amounts will not result in a significant reversal of cumulative revenues recognized in future reporting periods. The Company has entered into a number of license and collaboration agreements that fall within the scope of ASC 606. The Company evaluates the promised goods or services in these agreements to determine which ones represent distinct performance obligations. Prior to recognizing revenue, the Company estimates the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period as required. These agreements may include the following types of consideration: non-refundable upfront payments, reimbursement for research and development services, research, development or regulatory milestone payments, profit-sharing arrangements, and royalty and commercial sales milestone payments. If there are multiple distinct performance obligations, the Company allocates the transaction price to each distinct performance obligation based on their estimated standalone selling prices (“SSP”). The Company estimates the SSP for each distinct performance obligation by considering information such as market conditions, entity-specific factors, and information about its customer that is reasonably available. The Company considers estimation approaches that allow it to maximize the use of observable inputs. These estimation approaches may include the adjusted market assessment approach, the expected cost plus a margin approach or the residual approach. The Company also considers whether to use a different estimation approach or a combination of approaches to estimate the SSP for each distinct performance obligation. Developing certain assumptions (e.g., treatable patient population, expected market share, probability of success and product profitability, and discount rate based on weighted-average cost of capital) to estimate the SSP of a distinct performance obligation requires significant judgment. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligation and recognizes revenue by measuring the progress towards complete satisfaction of the performance obligation using an input measure. For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified levels of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon the performance of the licensee. Grant Revenue Grants received, including cost reimbursement agreements, are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Contributions are recognized as grant revenue when all donor-imposed conditions have been met. Research and Development Expenses To date, research and development expenses have related primarily to discovery efforts and preclinical and clinical development of product candidates. Research and development expenses are recognized as incurred, and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Research and development expenses include expenses related to license and collaboration agreements; contingent consideration from business acquisitions; personnel-related expenses, including salaries, benefits, and stock-based compensation for personnel contributing to research and development activities; expenses incurred under agreements with third-party contract manufacturing organizations, contract research organizations, and consultants; clinical costs, including laboratory supplies and costs related to compliance with regulatory requirements; and other allocated expenses, including expenses for rent, facilities maintenance, and depreciation and amortization. The Company has acquired and may continue to acquire the rights to develop and commercialize new product candidates from third parties. Upfront payments and research and development milestone payments made in connection with acquired licenses or product rights are expensed as incurred, provided that they do not relate to a regulatory approval milestone or assets acquired in a business combination. The Company’s expense accruals for clinical trials and manufacturing are based on estimates of contracted services provided by third-party vendors not yet billed. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of its outstanding obligations to those third parties as of the period end. The accrual estimates are based on a number of factors, including the Company’s knowledge of the research and development programs and clinical manufacturing activities, the status of the programs and activities, invoicing to date, and the provisions in the contracts. The Company obtains information regarding unbilled services directly from these service providers and performs procedures to support its estimates based on its internal understanding of the services provided to date. However, the Company may also be required to estimate these services based on information available to its internal clinical and manufacturing administrative staff if such information is not able to be obtained timely from its service providers. Stock-based Compensation The Company recognizes stock-based compensation to employees over the requisite service period based on the grant-date fair value of the awards. The Company calculates the estimated fair value of stock options and employees’ purchase rights under the Company’ 2019 employee stock purchase plan (“ESPP”) using the Black-Scholes valuation model, which requires the use of subjective assumptions including volatility and expected term, among others. The fair value of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) is based on the market value of the Company’s common stock on the date of grant. Stock-based compensation is recognized using the straight-line method for awards that vest only upon the employee’s or non-employee’s continued service to the Company. Stock-based compensation expense of the employees' purchase rights under the ESPP is recognized over the offering period. Forfeitures are recognized as they occur. Acquisitions Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded at their respective fair values as of the acquisition date. Any excess fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with the business combination are recorded at their fair values on the acquisition date, are remeasured each subsequent reporting period until the related contingencies are resolved and are classified as contingent consideration on the consolidated balance sheets. The changes in fair values of contingent consideration related to the achievement of various milestones are recorded within research and development expenses or selling, general and administrative expenses based on the nature of the relevant underlying activities. When the Company determines that an entity acquired does not meet the definition of a business, the transaction is accounted for as an acquisition of assets. Therefore, the consideration paid to acquire IPR&D is expensed, and no goodwill is recorded. Any contingent consideration is generally recognized only when it becomes payable or is paid. Leases In accordance with ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. On the lease commencement date, the Company estimates and includes in its lease payments any lease incentive amounts based on future events when (1) the events are within the Company’s control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, the Company recognizes the difference as an adjustment to ROU asset and/or lease liability, as applicable. As the implicit rate in the Company’s leases is generally unknown, the Company uses an incremental borrowing rate estimated based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating its estimated incremental borrowing rates, the Company considers its credit risk, the lease term, the total lease payments and the impact of collateral, as necessary. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. ROU assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Rent expense for the Company’s operating leases is recognized on a straight-line basis within operating expenses over the reasonably assured lease term. The Company elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (group) may not be recoverable, like that of property and equipment. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on the differences between the financial statement reporting and tax bases of assets and liabilities and net operating losses and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company’s tax positions are subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on several factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as any related net interest and penalties. Net (Loss) Income Per Share Basic net (loss) income per common share is computed by dividing the net (loss) income attributable to Vir by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net (loss) income per common share is computed by dividing the net (loss) income attributable to Vir by the sum of the weighted average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. New Accounting Pronouncement Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the adoption of ASU 2023-09 may have on its consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company determines the fair value of financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of the Company’s financial instruments, including accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Cash Equivalents and Available-for-Sale Securities The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): December 31, 2023 Valuation Hierarchy Amortized Cost Gross Gross Aggregate Fair Value Assets: Money market funds (1) Level 1 $ 278,187 $ — $ — $ 278,187 U.S. government treasuries Level 2 1,162,124 1,017 (80) 1,163,061 U.S. government agency bonds and discount notes Level 2 181,189 27 (50) 181,166 Equity securities Level 1 N/A N/A N/A 9,853 Total financial assets $ 1,621,500 $ 1,044 $ (130) $ 1,632,267 ____________________________________________ (1) Includes $19.7 million of restricted cash equivalents. December 31, 2022 Valuation Amortized Gross Gross Aggregate Assets: Money market funds (1) Level 1 $ 909,342 $ — $ — $ 909,342 U.S. government treasuries Level 2 1,493,841 — (8,396) 1,485,445 Equity securities Level 1 N/A N/A N/A $ 31,892 Total financial assets $ 2,403,183 $ — $ (8,396) $ 2,426,679 ____________________________________________ (1) Includes $19.3 million of restricted cash equivalents. Accrued interest receivable excluded from both the fair value and amortized cost basis of the available-for-sale debt securities are presented within prepaid expenses and other current assets in the consolidated balance sheets. Accrued interest receivable amounted to $4.0 million and $2.5 million as of December 31, 2023 and 2022, respectively. The Company did not write off any accrued interest receivable during the years ended December 31, 2023, 2022 and 2021. The Company recognized total net unrealized gain of $0.9 million and total net unrealized loss of $8.4 million in accumulated other comprehensive loss as of December 31, 2023 and 2022, respectively. The gross unrealized losses as of December 31, 2023 and 2022 were due to changes in interest rates. The Company determined that the gross unrealized losses on our investments as of December 31, 2023 were temporary in nature. The Company currently does not intend, and it is highly unlikely that it will be required, to sell these securities before recovery of their amortized cost basis. As of December 31, 2023, no securities have contractual maturities of longer than two years. As of December 31, 2023, the Company’s equity investment consisted solely of ordinary shares of Brii Biosciences Limited (“Brii Bio Parent”). The equity securities of Brii Bio Parent are listed on the Stock Exchange of Hong Kong Limited and are considered to be marketable equity securities measured at fair value at each reporting date. As of December 31, 2023, the Company remeasured the equity investment at a fair value of $9.9 million. For the years ended December 31, 2023, 2022 and 2021, the Company recognized an unrealized (loss) income of $(21.9) million, $(111.1) million and $138.0 million, respectively, as other income (loss) in the consolidated statements of operations. For the years ended December 31, 2023, 2022 and 2021, the unrealized loss related to foreign currency translation were immaterial. Contingent Consideration Contingent consideration primarily includes potential milestone payments in connection with the acquisitions of Humabs BioMed SA (“Humabs”). See further discussion in Note 4—Acquisitions. The Company classifies the contingent consideration as Level 3 financial liabilities within the fair value hierarchy as of December 31, 2023 and 2022. The estimated fair value of the contingent consideration related to the Humabs acquisition was determined by calculating the probability-weighted clinical, regulatory and commercial milestone payments based on the assessment of the likelihood and estimated timing that certain milestones would be achieved. As of December 31, 2023, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to tobevibart (formerly as VIR-3434) using the following significant unobservable inputs: Unobservable input Range (Weighted-Average) 1 Discount rates 11.7% - 12.5% (12.0%) Probability of achievement 14.4% - 60.0% (42.9%) ____________________________________________ (1) Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments. For the commercial milestones, the Company used a Monte Carlo simulation because of the availability of discrete revenue forecasts. As of December 31, 2023, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecasts, as well as the following significant unobservable inputs for the remaining commercial milestones related to tobevibart: Unobservable input Value Volatility 70.0% Discount rate 10.0% Probability of achievement 29.1% The discount rate captures the credit risk associated with the payment of the contingent consideration when earned and due. As of December 31, 2023 and 2022, the estimated fair value of the contingent consideration related to the Humabs acquisition was $26.0 million and $23.4 million, respectively, with changes in the estimated fair value recorded in research and development expenses in the consolidated statements of operations based on the nature of the relevant underlying activities. The estimated fair value of the contingent consideration related to the Humabs acquisition involves significant estimates and assumptions which give rise to measurement uncertainty. The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration (in thousands): Contingent Balance at December 31, 2022 $ 24,937 Changes in fair value 1,024 Balance at December 31, 2023 $ 25,961

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	. Acquisitions In August 2017, the Company acquired all of the outstanding equity of Humabs, a private Swiss company, which discovers and develops monoclonal antibodies (“mAbs”) derived from individuals whose immune systems have successfully responded to major diseases. The Company acquired all of Humabs’ rights, title and interest in and to substantially all of the assets of Humabs except for rights under certain license agreements with third parties. The Company is obligated to pass through to the former Humabs shareholders any amounts received by Humabs under such license agreements, net of any program expenses. The transaction was accounted for as an acquisition of a business. In addition to the cash payment and issuance of common stock to the former Humabs shareholders at the acquisition date, the Company also agreed to pay additional amounts in cash upon the achievement of specified milestone events: (i) up to $135.0 million upon the achievement of clinical, regulatory and commercial milestones for tobevibart; and (ii) up to $105.0 million upon the achievement of clinical, regulatory and commercial milestones for another product, which the Company elected as sotrovimab, a severe acute respiratory syndrome coronavirus 2 (“SARS-CoV-2”) product. During the year ended December 31, 2020, the Company achieved two of the specified clinical milestones for tobevibart and sotrovimab totaling $20.0 million. During the year ended December 31, 2021, the Company achieved the specified regulatory milestone of $35.0 million and sales milestones totaling $60.0 million related to sotrovimab. The estimated fair value of the remaining contingent consideration was $26.0 million as of December 31, 2023. The acquired developed technologies that have associated patents issued are classified as finite-lived intangible assets and are amortized on a straight-lined basis over their estimated remaining useful lives, generally between seven

Goodwill and Intangible assets

Goodwill and Intangible assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible assets	Goodwill and Intangible assets Goodwill Goodwill of $16.9 million represents the excess of the purchase price over the estimated fair value of the net assets acquired from Humabs. There was no impairment for the years ended December 31, 2023, 2022 and 2021. Intangible Assets The following table summarizes the carrying amount of the finite-lived intangible assets (in thousands): December 31, Weighted-Average Remaining 2023 2022 Developed technology $ 4,260 $ 4,260 5.6 Contract-based intangible asset 502 502 11.9 Finite-lived intangible assets, gross 4,762 4,762 Less accumulated amortization (3,270) (2,738) Finite-lived intangible assets, net $ 1,492 $ 2,024 The contract-based intangible asset resulted from the product approval of a sublicensed intellectual property right in December 2020. The intellectual property right was previously accounted for as IPR&D. Amortization expense related to finite-lived intangible assets, included in research and development expenses on the consolidated statements of operations, totaled $0.5 million, $0.5 million and $0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. There was no impairment for the years ended December 31, 2023, 2022 and 2021. Based on the finite-lived intangible assets recorded as of December 31, 2023, the estimated future amortization expense for the next five years is as follows (in thousands): Years Ending December 31: 2024 $ 260 2025 213 2026 213 2027 213 2028 213 Total $ 1,112 Indefinite-Lived Intangible Assets

Grant Agreements

Grant Agreements	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Grant Agreements	Grant Agreements Bill & Melinda Gates Foundation Grants The Company has entered into various grant agreements with the Bill & Melinda Gates Foundation (“BMGF”), under which it was awarded grants totaling up to $49.9 million to support its HIV vaccine program, tuberculosis vaccine program, HIV vaccinal antibody program and malaria vaccinal antibody program. The term of the grant agreements will expire at various dates through June 2027, unless earlier terminated by the BMGF for the Company’s breach, failure to progress the funded project, in the event of the Company’s change of control, change in the Company’s tax status, or significant changes in the Company’s leadership that the BMGF reasonably believes may threaten the success of the project. Concurrently with the execution of the grant agreement for the vaccinal antibody program, the Company entered into a stock purchase agreement with the BMGF, under which the BMGF purchased 881,365 shares of the Company’s common stock on January 13, 2022, at a price per share of $45.38, for an aggregate purchase price of approximately $40.0 million. The fair market value of the common stock issued to the BMGF was $28.5 million, based on the closing stock price of $37.65 per share on the closing date and taking into account a discount for the lack of marketability due to the restrictions in place on the underlying shares, resulting in a $11.3 million premium received by the Company. The Company accounted for the common stock issued to the BMGF based on its fair market value on the closing date and determined that the premium paid by the BMGF should be included in the deferred revenue from the vaccinal antibody grant. Payments received in advance that are related to future research activities along with the aforementioned premium received are deferred and recognized as revenue when the donor-imposed conditions are met, which is as the research and development activities are performed. The premium received by the Company is deferred and recognized over the same period as the grant proportionally. The Company recognized grant revenue of $13.3 million, $8.6 million, and $8.2 million for the years ended December 31, 2023 Biomedical Advanced Research and Development Authority In September 2022, the Company entered into an other transaction for advanced research agreement (the “BARDA Agreement”) with the Biomedical Advanced Research and Development Authority (“BARDA”), part of the U.S. Department of Health and Human Services’ Administration for Strategic Preparedness and Response. Under the BARDA Agreement, the Company may receive up to an estimated $1.0 billion to advance the development of a full portfolio of innovative solutions to address influenza and potentially other infectious disease threats. The Base Period (September 2022 to January 2026) for the BARDA Agreement includes government funding of approximately $55.0 million to reimburse a portion of expenses incurred by the Company to support the development of VIR-2482, an investigational prophylactic monoclonal antibody designed with the aim to protect against seasonal and pandemic influenza, including expenses related to the Phase 2 pre-exposure prophylaxis trial of VIR-2482. The BARDA Agreement also provides for additional BARDA funding after the exercise by BARDA of up to twelve options to further support the development of pre-exposure prophylactic antibodies including and beyond VIR-2482 for the prevention of influenza illness or possibly supporting medical countermeasures for other pathogens of pandemic potential. In September 2023, the Company and BARDA entered into Amendment No. P00001 to the BARDA Agreement (the “Amended BARDA Agreement”), pursuant to which BARDA awarded the Company $50.1 million in new funding upon the exercise of an additional option. The Company will use $40.0 million to support the development of VIR-7229 through a Phase 1 clinical trial and $10.1 million to support the discovery of new monoclonal antibody against a second pathogen of pandemic potential. The Company may also receive up to $11.2 million of additional funding for the Base Period under the Amended BARDA Agreement to wind down activities related to the Phase 2 pre-exposure prophylaxis trial of VIR-2482. The Amended BARDA Agreement will expire in July 2027 and may be extended by mutual written agreement of the Company and BARDA, if funding is available and research opportunities within scope reasonably warrant, or, if any of the options are exercised (as described above), to cover the period of such exercised option set forth in the Amended BARDA Agreement. The Amended BARDA Agreement is terminable by the Company and BARDA at any time under specified circumstances, including for convenience. The Company recognized grant revenue related to BARDA of $33.4 million and $26.4 million for the years ended December 31, 2023 and 2022, respectively, and other receivables in prepaid expenses and other current assets of $7.6 million and $26.4 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, $56.5 million of potential future reimbursement remains available out of $116.3 million total awarded amount under the Amended BARDA Agreement.

Collaboration and License Agree

Collaboration and License Agreements	12 Months Ended
	Dec. 31, 2023
Revenue Recognition [Abstract]
Collaboration and License Agreements	Collaboration and License Agreements Collaboration Agreements with GSK 2020 GSK Agreement In 2020, the Company, Glaxo Wellcome UK Limited and Beecham S.A. entered into a collaboration agreement (the “2020 GSK Agreement”). Subsequently, Beecham S.A. assigned and transferred all its rights, title, interest, and benefit in the 2020 GSK Agreement to GlaxoSmithKline Biologicals S.A. (Glaxo Wellcome UK Limited and GlaxoSmithKline Biologicals S.A., referred to, individually and together, as “GSK”). Under the terms of the 2020 GSK Agreement, the Company and GSK agreed to collaborate to research, develop and commercialize products for the prevention, treatment and prophylaxis of diseases caused by SARS-CoV-2, the virus that causes COVID-19, and potentially other coronaviruses. The collaboration initially focused on the development and commercialization of three programs: (1) antibodies targeting SARS-CoV-2 and potentially other coronaviruses (the “Antibody Program”); (2) vaccines targeting SARS-CoV-2 and potentially other coronaviruses (the “Vaccine Program”), and (3) products based on genome-wide CRISPR screening of host targets expressed in connection with exposure to SARS-CoV-2 and potentially other coronaviruses (the “Functional Genomics Program”). On February 8, 2023, the Company and GSK entered into Amendment No. 2 and Amendment No. 3 to the 2020 GSK Agreement. Pursuant to Amendment No. 2, the Company and GSK agreed to remove the Vaccine Program from the 2020 GSK Agreement, and to wind down and terminate the cost-sharing arrangements and all ongoing activities in relation to the Vaccine Program. As of the effective date of Amendment No. 2, the Vaccine Program had not yet advanced to its predefined development candidate stage. The Company retains the right to progress development of vaccine products directed to SARS-CoV-2 and other coronaviruses independently (including with or for third parties) outside the scope of the 2020 GSK Agreement, subject to the payment of tiered royalties to GSK on net sales of any vaccine products covered by certain GSK intellectual property rights in the low single digits. Pursuant to Amendment No. 3, the Company and GSK agreed to modify the Antibody Program to remove from the collaboration all coronavirus antibodies other than sotrovimab and VIR-7832, and certain variants thereof. Sotrovimab and VIR-7832, and certain variants thereof, remain subject to the terms of the 2020 GSK Agreement, and the Company retains the sole right to progress the development and commercialization of the terminated antibody products independently (including with or for third parties), subject to the payment of tiered royalties to GSK on net sales of such terminated antibody products at percentages ranging from the very low single digits to the mid-single digits, depending on the nature of the antibody product being commercialized. Subject to an opt-out mechanism, the parties share all development costs, manufacturing costs, and costs and expenses for the commercialization of the collaboration products, with the Company bearing 72.5% of such costs for the antibody products, except that GSK has the sole right to develop (including to seek, obtain or maintain regulatory approvals), manufacture and commercialize sotrovimab in and for mainland China, Hong Kong, Macau and Taiwan at GSK’s sole cost and expense, and equal sharing of such costs for the functional genomics products. The 2020 GSK Agreement will remain in effect with respect to each collaboration program for as long as there is a collaboration product being developed or commercialized by the lead party, or the non-opt-out party, in such program. Either party has the right to terminate the 2020 GSK Agreement in the case of the insolvency of the other party, an uncured material breach of the other party with respect to a collaboration program or collaboration product, or as mutually agreed by the parties. In May 2021, the U.S. Food and Drug Administration (“FDA”) granted an EUA in the United States for sotrovimab, the first collaboration product under the Antibody Program. In April 2022, the FDA excluded the use of sotrovimab in all U.S. regions due to the continued proportion of COVID-19 cases caused by certain Omicron subvariants. As the lead party for all manufacturing and commercialization activities, GSK incurs all of the manufacturing, sales and marketing expenses and is the principal on sales transactions with third parties. As described in Note 2—Summary of Significant Accounting Policies, the Company’s accounting policy related to the profit-share is to consider the agreed-upon share of the profit-sharing amounts each quarter and evaluate whether those amounts are subject to potential future adjustments based on the latest available facts and circumstances. As the Company is the agent, the Company recognizes its contractual share of the profit-sharing amounts or royalties (in case of an opt-out) as revenue, based on sales net of various estimated deductions such as rebates, discounts, chargebacks, credits and returns, less cost of sales and allowable expenses (including manufacturing, distribution, medical affairs, selling, and marketing expenses) in the period the sale occurs. Manufacturing costs include inventory revaluation adjustments, lower of cost or market inventory adjustments, inventory write-downs and write-offs, and binding purchase commitments with a third-party manufacturer among other manufacturing costs. In periods when allowable expenses exceed amounts recognized for net product sales of sotrovimab, negative revenue will be reported in our consolidated statements of operations. The Company’s contractual share of the profit-sharing amounts is subject to potential future adjustments to allowable expenses, which represents a form of variable consideration. At each reporting period, the Company evaluates the latest available facts and circumstances to determine whether any portion of profit-sharing amounts should be constrained. In 2023, GSK reported to the Company certain allowable manufacturing expenses related to excess sotrovimab supply and binding reserved manufacturing capacity not utilized, which the Company had previously reserved as a constraint on its cumulative profit-sharing amounts. For the year ended December 31, 2023, the Company paid GSK $341.4 million relating to these manufacturing expenses. GSK may continue to adjust allowable manufacturing expenses for the Company’s share of the excess supply write-offs and unused binding manufacturing capacity and report to the Company as cost-sharing amounts in future periods. The Company evaluated the latest available facts and circumstances to update its assessment of profit-sharing amounts to be constrained. As of December 31, 2023, the accrued liability balance for the Company’s share of the remaining estimated manufacturing expenses related to excess sotrovimab supply and binding reserved manufacturing capacity not utilized is immaterial. The Company re-assesses these estimates each reporting period. During the years ended December 31, 2023, 2022, and 2021, the Company recorded profit-sharing amounts, profit-sharing amounts constrained, and profit-sharing amounts previously constrained, released as components of collaboration revenue in the consolidated statements of operations, as follows (in thousands): Years Ended December 31, 2023 2022 2021 Collaboration revenue, net Profit-sharing amount $ 1,536 $ 1,875,147 $ 917,194 Profit-sharing amount constrained — (369,678) — Profit-sharing amount previously constrained, released 35,730 — — Total collaboration revenue, net $ 37,266 $ 1,505,469 $ 917,194 Costs associated with co-development activities performed under the 2020 GSK Agreement are included in research and development expenses on the consolidated statements of operations, with any reimbursement of costs by GSK reflected as a reduction of such expenses. Under the 2020 GSK Agreement, the Company recognized additional net research and development expenses of $23.4 million, $31.4 million, and $77.3 million during the years ended December 31, 2023, 2022, and 2021, respectively. 2021 Expanded GSK Collaboration In 2021, the Company and GSK entered into a collaboration agreement (the “2021 GSK Agreement”) under which the parties agreed to expand the 2020 GSK Agreement to collaborate on three separate programs: (1) a program to research, develop and commercialize mAbs for the prevention, treatment or prophylaxis of the influenza virus (the “Influenza Program”), excluding VIR-2482 unless GSK exercises its exclusive option to co-develop and commercialize after the Company completes a Phase 2 clinical trial; (2) an expansion of the parties’ current Functional Genomics Program to focus on functional genomics screens directed to targets associated with respiratory viruses (the “Expanded Functional Genomics Program”); and (3) additional programs to develop neutralizing mAbs directed to up to three non-influenza target pathogens selected by GSK (the “Selected Pathogens” and such programs, the “Additional Programs”). On February 21, 2024, the Company and GSK entered into a letter agreement (the “Letter Agreement”) pursuant to which the Company and GSK agreed to remove the Influenza Program from the 2021 GSK Agreement and to wind down and terminate the cost-sharing arrangements and all ongoing activities in relation to the Influenza Program. As of the effective date of the Letter Agreement, GSK had not exercised the VIR-2482 Option. On July 20, 2023, the Company announced that the VIR-2482 Phase 2 Prevention of Illness Due to Influenza A, or PENINSULA, trial evaluating the prevention of symptomatic influenza A illness did not meet primary or secondary efficacy endpoints. The parties mutually agree upon the allocation of responsibility for the development of products under the Expanded Functional Genomics Program, and for the development and early-stage manufacturing of products under the Additional Programs if and when GSK decides which Selected Pathogens to pursue. GSK is primarily responsible for commercial manufacturing and commercialization activities for products under the Expanded Functional Genomics Program and Additional Programs, if and when selected by GSK. For each collaboration program, the Company granted or will grant GSK certain license rights related to the development, manufacturing and commercialization of products arising from the program. GSK selected respiratory syncytial virus (“RSV”) as its first pathogen under the Additional Programs and can select up to two additional non-influenza target pathogens prior to March 25, 2024. The parties share 50% of all development costs in accordance with the budget for each of the collaboration programs (other than for VIR-2482). The parties also share 50% of all profits and losses arising from any collaboration product. As of December 31, 2023, the total unrecognized transaction price of $51.7 million is classified as current deferred revenue on the Company's consolidated balance sheet related to the remaining performance obligations, being the material rights to select up to two additional non-influenza target pathogens under the Additional Programs. Costs associated with co-development activities performed under the 2021 GSK Agreement are included in research and development expenses in the consolidated statements of operations, with any reimbursement of costs by GSK reflected as a reduction of such expenses. During the years ended December 31, 2023, 2022, and 2021, the Company recognized additional net research and development expenses of $2.2 million, $2.3 million and $0.5 million, respectively. During the year ended December 31, 2022, the Company recognized the $39.8 million as contract revenue related to GSK’s selection of RSV as its first pathogen under the Additional Programs. Brii Biosciences In 2018, the Company entered into a collaboration, option and license agreement (the “Brii Agreement”) with Brii Bio Parent and Brii Bio, pursuant to which the Company granted to Brii Bio, with respect to up to four of the Company’s programs, an exclusive option to obtain exclusive rights to develop and commercialize compounds and products arising from such programs in China, Taiwan, Hong Kong and Macau (collectively, the “China Territory”) for the treatment, palliation, diagnosis, prevention or cure of acute and chronic diseases of infectious pathogen origin or hosted by pathogen infection (the “Field of Use”). To date, Brii Bio has opted in for elebsiran (formerly as VIR-2218) and tobevibart to develop and commercialize in the China Territory under the Brii Agreement. In partial consideration for the options granted by the Company to Brii Bio, Brii Bio Parent and Brii Bio granted the Company, with respect to up to four of Brii Bio Parent’s or Brii Bio’s programs, an exclusive option to be granted exclusive rights to develop and commercialize compounds and products arising from such Brii Bio programs in the United States for the Field of Use. To date, the Company has not exercised any of its options. In July 2022, Brii Bio exercised its option to obtain exclusive rights to develop and commercialize compounds and products arising from tobevibart in the China Territory. In consideration of the Company’s grant to Brii Bio of an exclusive license related to tobevibart in the China Territory, the Company received a $20.0 million option exercise fee in connection with the option exercise. The Company evaluated the tobevibart transaction under ASC 606 and identified one performance obligation consisting of the license granted to Brii Bio. Under the Brii Agreement, Brii Bio is responsible for performing all research and development activities, and the Company does not have any other performance obligations within the context of ASC 606 under the arrangement after the option exercise. The transaction price was determined to be $22.3 million, which consists of the $20.0 million option exercise fee and $2.3 million of the deferred revenue allocated to the tobevibart option at the inception of the Brii Agreement. The Company determined that the license is considered a functional intellectual property that is a distinct performance obligation. Specifically, the Company believes the license is capable of being distinct, as Brii Bio has the capabilities to develop the license either on its own or by contracting with other third parties. Brii Bio can benefit from the license at the time of grant and, therefore, the related performance obligation is satisfied at a point in time. For the years ended December 31, 2023 and 2021, no license revenue from a related party was recognized. For the year ended December 31, 2022, the Company recognized $22.3 million as license revenue from a related party. Alnylam In 2017, the Company entered into a collaboration and license agreement with Alnylam (the “Alnylam Agreement”) for the development of siRNA products for the treatment of HBV, and following the exercise of certain program options, the development and commercialization of siRNA therapeutic products directed to up to four other infectious disease targets selected by the Company. Under the Alnylam Agreement, the Company obtained a worldwide, exclusive license to develop, manufacture and commercialize the HBV siRNA product candidates, including elebsiran, for all uses and purposes other than agricultural, horticultural, forestry, aquaculture and other residential applications (such excluded fields, the “Excluded Fields”). In addition, Alnylam granted the Company an exclusive option, for each of the infectious disease siRNA programs directed to the Company’s selected targets, to obtain a worldwide, exclusive license to develop, manufacture and commercialize siRNA products directed to the target of each such program for all uses and purposes other than the Excluded Fields. Following the Company’s exercise of an option for a program and payment of the program option exercise fee and any outstanding program costs due to Alnylam, the Company is solely responsible, at the Company’s expense (subject to Alnylam’s exercise of a profit-sharing option), for conducting all development, manufacture and commercialization activities for products arising from each such program. If Alnylam exercises its profit-sharing option, the parties will negotiate and enter into a profit-sharing agreement for such product. The Company will be required to pay Alnylam up to $190.0 million in the aggregate for the achievement of specified development and regulatory milestones by the first siRNA product directed to HBV. Following commercialization, the Company will be required to pay to Alnylam up to $250.0 million in the aggregate for the achievement of specified levels of net sales by siRNA products directed to HBV. The Company may also be required to pay Alnylam tiered royalties at percentages ranging from the low double-digits to mid-teens on annual net sales of HBV products. The royalties are payable on a product-by-product and country-by-country basis until the later of the expiration of all valid claims of specified patents covering such product in such country and 10 years after the first commercial sale of such product in such country. The term of the Alnylam Agreement will continue, on a product-by-product and country-by-country basis, until the expiration of all royalty payment obligations under the Alnylam Agreement. If the Company does not exercise its option for an infectious disease program directed to one of its selected targets, the Alnylam Agreement will expire upon the expiration of the applicable option period with respect to such program. The Company may terminate the Alnylam Agreement on a program-by-program basis or in its entirety for any reason on 90 days’ written notice. Either party may terminate the agreement for cause for the other party’s uncured material breach on 60 days’ written notice (or 30 days’ notice for payment breach), or if the other party challenges the validity or enforceability of any patent licensed to it under the Alnylam Agreement on 30 days’ notice. The Company incurred expenses under the Alnylam Agreement of $1.7 million, $1.4 million, and $11.2 million during the years ended December 31, 2023, 2022 and 2021, respectively. Xencor In 2020, the Company entered into a patent license agreement (the “2020 Xencor Agreement”), with Xencor under which the Company obtained a non-exclusive, sublicensable (only to its affiliates and subcontractors) license to incorporate Xencor’s licensed technologies into, and to evaluate, antibodies that target any component of a coronavirus, including SARS-CoV-2, SARS-CoV and MERS-CoV, and a worldwide, non-exclusive, sublicensable license to develop and commercialize products containing such antibodies incorporating such technologies for all uses. These technologies are used in sotrovimab, incorporating Xencor’s Xtend technology. In consideration for the grant of the license, the Company is obligated to pay royalties based on net sales of licensed products at the mid-single-digits. The royalties are payable, on a product-by-product and country-by-country basis, until the later of the expiration of the last to expire valid claim in the licensed patents covering such product in such country or 12 years. During the years ended December 31, 2023, 2022, and 2021, the Company recognized $2.2 million, $114.5 million, and $52.7 million, respectively, as cost of revenue for royalties due to Xencor from the sale of sotrovimab. The 2020 Xencor Agreement will remain in force, on a product-by-product and country-by-country basis, until the expiration of all royalty payment obligations under each of the respective agreements. The Company may terminate each agreement in its entirety, or on a target-by-target basis, for convenience upon 60 days’ written notice. Either party may terminate each agreement for the other party’s uncured material breach upon 60 days’ written notice (or 30 days in the case of non-payment) or in the event of bankruptcy of the other party immediately upon written notice. Xencor may terminate each agreement immediately upon written notice if the Company challenges, or upon 30 days’ written notice if any of the Company’s sublicensees challenge, the validity or enforceability of any patent licensed to the Company under each respective agreement.

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Property and Equipment, net Property and equipment, net consists of the following (in thousands): December 31, 2023 2022 Laboratory equipment $ 43,728 $ 36,533 Computer equipment 2,783 2,545 Furniture and fixtures 2,887 2,852 Leasehold improvements 80,290 84,422 Construction in progress 226 — Property and equipment, gross 129,914 126,352 Less: accumulated depreciation and amortization (33,896) (20,743) Total property and equipment, net $ 96,018 $ 105,609 Depreciation and amortization expenses were $18.9 million, $6.3 million and $5.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Accrued and Other Liabilities Accrued and other liabilities consist of the following (in thousands): December 31, 2023 2022 Payroll and related expenses $ 41,322 $ 28,286 Research and development expenses 33,129 48,880 Operating lease liabilities, current 12,867 4,137 Excess funds payable under grant agreements 9,202 7,652 Other professional and consulting expenses 3,418 3,987 Accrued royalties 816 10,447 Accrued income taxes 149 15,228 Net profit-sharing — 357,762 Other accrued expenses 3,317 12,711 Total accrued and other liabilities $ 104,220 $ 489,090

Restructuring and Related Activ

Restructuring and Related Activities	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	Restructuring, Impairment and Other Costs In December 2023, the Company initiated strategic steps to reduce operating expenses and focus its capital allocation on programs with the highest potential for patient impact and value creation (“Restructuring Plan”). As part of the steps, the R&D facilities in St. Louis, Missouri and Portland, Oregon will be closed in 2024. In addition, approximately 75 net positions, or 12% of the workforce, will be eliminated, which includes reductions from the Company’s discontinuation of its innate immunity small molecule group that was initiated in the third quarter of 2023. The Company expects all actions related to the Restructuring Plan to be substantially completed in the third quarter of 2024. During the year ended December 31, 2023, the Company incurred severance and other employee-related expenses of $5.9 million, of which $4.0 million is included in research and development expense and $1.9 million is included in selling, general and administrative expense. As of December 31, 2023, the Company recorded $4.5 million as accrued and other liabilities related to restructuring costs. The Company expects to incur additional charges of approximately $25 million to $35 million, primarily related to facility closures in the future. In addition to these strategic steps, the Company also recorded one-time non-cash impairment charges and disposal losses on ROU assets, leasehold improvements, and equipment of $7.7 million for the year ended December 31, 2023, primarily related to consolidation of facilities and disposal of equipment used in the small molecule platform that was discontinued. Of the $7.7 million, $5.6 million is included in research and development expense, and $2.1 million is included in selling, general and administrative expense.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Agreements The Company has various operating lease arrangements for office and laboratory spaces located in California, Oregon, Missouri, and Switzerland with contractual lease periods expiring at various dates through 2033. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain lease agreements also provide the Company with the option to renew for five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. In December 2023, the Company announced that the R&D facilities in Missouri and Oregon will be closed in 2024. Throughout the term of the lease agreements, the Company is responsible for paying certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities and insurance. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred. The discount rate used to determine the present value of the lease payments is our estimated collateralized incremental borrowing rate, based on the yield curve for the respective lease terms, as we generally cannot determine the interest rate implicit in the leases. The following table contains a summary of the lease costs recognized under ASC 842 and additional information related to operating leases (in thousands, except weighted average amounts): Years Ended December 31, 2023 2022 2021 Operating lease cost $ 13,934 $ 15,910 $ 11,921 Variable lease cost 10,996 10,176 4,517 Total lease cost $ 24,930 $ 26,086 $ 16,438 Other Information Weighted average remaining lease term (in years) 8.9 10.0 10.4 Weighted average incremental borrowing rate (%) 5.1 5.2 5.2 Cash paid for amounts included in the measurement of operating lease liabilities $ 19,584 $ 12,716 $ 6,250 ROU assets obtained in exchange for new operating lease liabilities $ 957 $ 4,046 $ 77,187 The maturity of the Company’s operating lease liabilities as of December 31, 2023 was as follows (in thousands): Amounts 2024 $ 18,798 2025 16,490 2026 16,935 2027 17,114 2028 17,388 Thereafter 69,688 Total lease payments 156,413 Less: imputed interest (31,873) Present value of operating lease liabilities $ 124,540 The following amounts were recorded in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Operating Leases Prepaid expenses and other current assets (1) $ — $ 17,616 Operating ROU assets 71,182 82,557 Accrued and other liabilities $ 12,867 $ 4,137 Operating lease liabilities, noncurrent 111,673 123,837 Total operating lease liabilities $ 124,540 $ 127,974 ____________________________________________ (1) For certain operating leases, lease incentives expected to be received exceeds the minimum lease payments expected to be paid over the next 12 months, therefore the net amount is recorded in prepaid expenses and other current assets. Indemnification

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions

Stock-Based Awards

Stock-Based Awards	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Awards	Stock-Based Awards 2019 Equity Incentive Plan In September 2019, the Company’s board of directors adopted, with the approval of its stockholders, the 2019 Equity Incentive Plan (the “2019 Plan”) for the issuance of incentive stock options (“ISO”), non-qualified stock options (“NSO”), stock appreciation rights (“SARs”), restricted stock, other stock awards and performance cash awards, to employees, non-employee directors, and consultants. The 2019 Plan became effective concurrent with the Company’s initial public offering (“IPO”). Awards granted under the 2019 Plan expire no later than 10 years from the date of grant. For ISO and NSO, the option price shall not be less than 100% of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. As of December 31, 2023, there are 15,467,779 shares available for the Company to grant under the 2019 Plan. 2016 Equity Incentive Plan In September 2016, the Company adopted the 2016 Equity Incentive Plan (the “2016 Plan”) for the issuance of ISO, NSO, SARs, restricted stock and other stock awards, to employees, non-employee directors, and consultants under terms and provisions established by the Company’s board of directors and approved by the stockholders. Awards granted under the 2016 Plan expire no later than 10 years from the date of grant. For ISO and NSO, the option price shall not be less than 100% of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. In conjunction with adopting the 2019 Plan, the Company discontinued the 2016 Plan with respect to the new equity awards. 2019 Employee Stock Purchase Plan In September 2019, the Company’s board of directors adopted, with the approval of its stockholders, the Employee Stock Purchase Plan (“ESPP”). The ESPP became effective on the completion of the Company’s IPO. The ESPP initially authorized the issuance of 1,280,000 shares of the Company’s common stock under purchase rights granted to its employees or employees of any of the Company’s designated affiliates. The number of shares of the Company’s common stock reserved for issuance is subject to an automatic increase at each calendar year. Under the ESPP, the Company may specify offerings with durations of not more than 27 months and may specify shorter purchase periods within each offering. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their earnings, subject to any plan limitations. Unless otherwise determined by the Company’s board of directors, employees can purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first date of an offering or the purchase date. During the year ended December 31, 2023, 322,923 shares were issued under the ESPP. Stock Option Activity Activity under the Company’s stock option plans is set forth below: Number of Options Weighted Average Weighted Average Aggregate (Years) (in thousands) Outstanding at December 31, 2022 10,604,367 $ 31.70 7.6 Granted 3,296,741 $ 23.70 Exercised (487,014) $ 7.15 Forfeited (2,061,875) $ 31.47 Outstanding at December 31, 2023 11,352,219 $ 30.47 7.1 $ 8,141 Vested and expected to vest at December 31, 2023 11,352,219 $ 30.47 7.1 $ 8,141 Vested and exercisable at December 31, 2023 6,582,670 $ 31.26 6.2 $ 8,098 The aggregate intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $5.9 million $12.1 million, and $65.1 million, respectively. During the years ended December 31, 2023, 2022, and 2021, the estimated weighted-average grant date fair value of the options granted was $19.13, $22.69, and $47.62 per share, respectively. As of December 31, 2023, the Company expects to recognize the remaining unamortized stock-based compensation expense of $98.4 million related to stock options, over an estimated weighted average period of 2.5 years. Stock Options Granted to Employees The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Years Ended December 31, 2023 2022 2021 Expected term of options (in years) 5.5 – 6.1 5.3 – 6.1 5.3 – 6.1 Expected stock price volatility 99.0% – 101.5% 101.4% – 111.2% 103.1% – 112.1% Risk-free interest rate 3.4% – 4.9% 1.6% – 4.3% 0.6% – 1.3% Expected dividend yield — — — The valuation assumptions for stock options were determined as follows: Expected Term— The expected term represents the period that the stock options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. Expected Volatility— Since inception the expected volatility was determined by examining the historical volatilities for industry peers and using an average of historical volatilities of the Company’s industry peers. Beginning the first quarter of 2022, the expected volatility is determined by using a blended approach of the Company and its industry peers’ historical volatilities. Risk-Free Interest Rate— The Company determines the risk-free interest rate over the expected term of the stock options based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant. Expected Dividend Rate— The expected dividend is zero as the Company has not paid nor does it anticipate paying any dividends on its profit interest units in the foreseeable future. Employees Stock Purchase Plan In June 2021, the Company initiated its first offering period under the ESPP. Each offering period is six months, which commences on the grant date on or after June 1 and December 1 of each year and ends on the purchase date on or before November 30 and May 31 of each year. The fair value of employees’ purchase rights under the ESPP was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Years Ended December 31, 2023 2022 2021 Expected term of ESPP (in years) 0.5 0.5 0.5 Expected stock price volatility 41.2% - 95.1% 59.0% - 86.0% 76.1% - 144.1% Risk-free interest rate 4.5% - 5.2% 0.10% - 4.5% 0.04% - 0.1% Expected dividend yield — — — The expected term of employees’ purchase rights is equal to the purchase period. The expected volatility was determined based on the Company’s historical volatility. The risk-free interest rate is based on the constant maturity rate of U.S. Treasury securities with similar maturities as of the date of the grant over the expected term of the employees’ purchase rights. The expected dividend is zero as the Company has not paid nor does it anticipate paying any dividends on its profit interest units in the foreseeable future. Based on the Black-Scholes option-pricing model, the estimated weighted-average grant date fair value of the employees’ purchase rights granted for the years ended December 31, 2023, 2022 and 2021 was $4.93, $9.09 and $19.85 per share, respectively. Restricted Stock Activity The Company’s RSUs activity was summarized as follows: Shares Weighted Average Grant Date Fair Value Per Share Unvested as of December 31, 2022 2,667,828 $ 37.46 Granted 3,534,242 $ 24.91 Vested (734,662) $ 38.91 Forfeited (662,441) $ 33.45 Unvested as of December 31, 2023 4,804,967 $ 28.56 The unvested shares of RSUs have not been included in the shares issued and outstanding. As of December 31, 2023, there was $102.1 million of total unrecognized compensation cost related to unvested restricted stock units, all of which is expected to be recognized over a remaining weighted-average period of 2.8 years. Stock-Based Compensation Expense Stock-based compensation is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The following table sets forth the total stock-based compensation expense for all awards granted to employees and the ESPP in the consolidated statements of operations (in thousands): Years Ended December 31, 2023 2022 2021 Research and development $ 62,745 $ 53,153 $ 42,554 Selling, general and administrative 48,571 48,929 41,230 Total stock-based compensation $ 111,316 $ 102,082 $ 83,784

Net (Loss) Income Per Share

Net (Loss) Income Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per common share is computed by dividing the net (loss) income by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net (loss) income per common share is computed by dividing the net (loss) income by the sum of the weighted-average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. For periods that the Company was in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common securities outstanding would have been anti-dilutive. The following is a calculation of the basic and diluted net (loss) income per share (in thousands, except share and per share data): Years ended December 31, 2023 2022 2021 Net (loss) income attributable to Vir $ (615,061) $ 515,837 $ 528,584 Weighted-average shares outstanding, basic 134,130,924 132,606,767 129,884,967 Weighted-average effect of dilutive securities: Options to purchase common stock — 2,130,212 3,513,438 Restricted shares subject to future vesting — 73,851 35,488 Shares to purchase under Employee Stock Purchase Plan — 78 — Contingently issuable shares — — 3,233 Weighted-average shares outstanding, diluted 134,130,924 134,810,908 133,437,126 Net (loss) income attributable to Vir per share, basic $ (4.59) $ 3.89 $ 4.07 Net (loss) income attributable to Vir per share, diluted $ (4.59) $ 3.83 $ 3.96 Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of December 31, 2023 2022 2021 Options issued and outstanding 11,124,181 8,853,734 5,764,308 Restricted shares subject to future vesting 5,260,229 2,646,748 1,088,304 Total 16,384,410 11,500,482 6,852,612

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined Contribution Plan	Defined Contribution Plan

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes (Loss) income before benefit from (provision for) income taxes consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ (608,134) $ 692,445 $ 535,989 Foreign (20,060) 61,835 13,813 Total (loss) income before benefit from (provision for) income taxes $ (628,194) $ 754,280 $ 549,802 The components of benefit from (provision for) income taxes consist of the following (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ 12,774 $ (238,550) $ (3,526) State (685) (2,432) (105) Foreign (75) (12,647) (2,401) 12,014 (253,629) (6,032) Deferred: Federal 406 15,186 (15,186) State 598 — — Foreign 59 — — 1,063 15,186 (15,186) Benefit from (provision for) income taxes $ 13,077 $ (238,443) $ (21,218) A reconciliation between the U.S. federal statutory income tax rate and the reported effective income tax rate is as follows: Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax at less than federal statutory rate — (0.3) (0.2) State taxes, net of federal benefit 5.3 0.1 0.7 Research and development tax credit 2.4 (2.0) (1.6) Permanent items (1.6) (7.4) 1.8 Changes in valuation allowance (24.2) 21.1 (17.9) Other (0.8) (0.9) 0.1 Effective income tax rate 2.1 % 31.6 % 3.9 % The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2023, and 2022, are related to the following (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 138,257 $ 14,793 Research and development tax credit carryforward 17,917 12,123 Equity compensations 34,875 24,250 Reserves and accruals 21,745 85,977 Capitalized research and development 136,962 75,680 Lease liabilities 29,047 18,553 Intangible assets 19,060 18,348 Valuation allowance (356,833) (204,601) Deferred tax assets 41,030 45,123 Deferred tax liabilities: ROU assets (16,536) (20,834) Property and equipment (19,610) (13,151) Unrealized gain on investments (1,190) (5,880) IPR&D (5,884) (8,511) Deferred tax liabilities (43,220) (48,376) Net deferred tax liabilities $ (2,190) $ (3,253) Although the Company has taxable income for the years ended December 31, 2022, and 2021, it has otherwise incurred accumulated tax losses since inception. Based on the available objective evidence, the Company cannot conclude it is more likely than not that the deferred tax assets will be fully realizable. Accordingly, the Company has provided a valuation allowance against its deferred tax assets. For the year ended December 31, 2023, the Company recorded a valuation allowance increase of $152.2 million. As of December 31, 2023, the Company has net operating loss carryforwards of $487.0 million for federal purposes and $415.4 million for state tax purposes. If not utilized, these carryforwards will begin to expire in 2036 for federal and in 2031 for state tax purposes. As of December 31, 2023, the Company also has net operating loss carryforwards of $19.4 million for Australian tax purposes, which have an indefinite carryforward period, and $10.7 million net operating loss carryforwards for Swiss tax purposes, which have a seven-year carryforward period. Under the Tax Reform Act of 1986, the amounts of and benefits from net operating loss carryforwards may be impaired or limited in certain circumstances. Events which cause limitations in the amount of net operating losses that the Company may utilize in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. The Company completed its Section 382 analysis as of December 31, 2023, and based on this analysis, it does not expect that the annual limitations will significantly impact its ability to utilize its net operating loss or tax credit carryforwards prior to expiration. As of December 31, 2023, the Company has research tax credit carryforwards of $0.4 million and $21.4 million for federal and state tax purposes, respectively. If not utilized, the federal carryforward will expire in various amounts beginning in 2036. The California credits can be carried forward indefinitely. The Tax Cuts and Jobs Act of 2017 subjects a U.S. shareholder to current tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Uncertain Tax Positions As of December 31, 2023, and 2022, the Company had an unrecognized tax benefit balance of $13.6 million and $10.6 million, respectively, related to transfer pricing and research and development tax credits. A portion of the unrecognized tax benefits as of December 31, 2023, if recognized, would increase the Company’s effective tax rate by 1.2%. Other unrecognized tax benefits as of December 31, 2023, if recognized, would be in the form of net operating loss and tax credit carryforwards, which attract a full valuation allowance offset, and would not impact the Company’s effective tax rate. There are no provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. Because the statute of limitations does not expire until after the net operating loss and credit carryforwards are actually used, the statutes are still open on calendar years ending December 31, 2017 and forward for federal and state purposes. The Company recognized $0.5 million expense for interest and penalties related to uncertain tax positions during 2023, all of which was recorded as accrued and other liabilities as of December 31, 2023. The Company files U.S. federal, state, Switzerland and Australia tax returns. The Company’s tax years remain open for all years. As of December 31, 2023, the Company was not under examination by the Internal Revenue Service or any state or foreign tax jurisdiction. A reconciliation of the beginning and ending amounts of the liability for uncertain tax positions is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Gross unrecognized tax benefits at January 1 $ 10,638 $ 7,422 $ 4,877 Addition for tax positions taken in the prior years 29 — — Reduction for tax positions taken in the prior years — (12) (62) Addition for tax positions taken in current year 2,916 3,228 2,607 Gross unrecognized tax benefits at December 31 $ 13,583 $ 10,638 $ 7,422

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (615,117)	$ 515,837	$ 528,584

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dr. George Scangos [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On October 20, 2023, Dr. George Scangos, one of our directors, adopted a Rule 10b5-1 trading plan for the sale of our common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (the “Scangos Trading Plan”). The Scangos Trading Plan provides for two market order sales of 100% of the net shares deposited to Dr. Scangos after a mandatory sell-to-cover of shares occurs to generate funds to satisfy the Company’s tax withholding obligation in connection with two restricted stock unit awards with scheduled vesting dates of February 16, 2024 and February 22, 2024, respectively. Pursuant to these two restricted stock awards, 27,750 shares of our common stock will have vested on each of those dates (for an aggregate of 55,500 shares of our common stock), which aggregate amount includes all the shares subject to the Scangos Trading Plan. The Scangos Trading plan will expire upon the earlier of (i) the date all sales contemplated by the Scangos Trading Plan have been executed, or (ii) December 31, 2024.
Name	Dr. George Scangos
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October 20, 2023
Arrangement Duration	438 days
Aggregate Available	55,500	55,500

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Foreign Currency	Foreign Currency
Use of Estimates	Use of Estimates
Segments	Segments
Concentration of Credit Risk, Credit Loss and Other Risks and Uncertainties	Concentration of Credit Risk, Credit Loss and Other Risks and Uncertainties Although the Company received Emergency Use Authorization (“EUA”), temporary authorization or marketing approval for sotrovimab (under the brand name Xevudy®), sotrovimab is currently deauthorized in the U.S. and has limitations in use outside of the U.S. In addition, the Company is subject to a number of other challenges and risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its other product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of sotrovimab and other product candidates and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its product candidates, it will be unable to generate revenue from product sales or maintain profitability. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investments. Cash and cash equivalents are deposited in checking and sweep accounts at financial institutions. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. Prior to such events, the Company held cash deposits at SVB in excess of government insured limits. On March 12, 2023, the U.S. Treasury Department, the Federal Reserve and the FDIC jointly announced enabling actions that fully protect all SVB depositors’ insured and uninsured deposits, and that such depositors would have access to all of their funds starting March 13, 2023. On March 13, 2023, the Company was able to access its deposits at the FDIC’s newly created Silicon Valley Bridge Bank, N.A., which was subsequently purchased on March 27, 2023 by First Citizens Bank & Trust Company, a subsidiary of First Citizens BancShares, Inc. As such, no losses have been incurred by the Company on deposits that were held at SVB. Management believes that the Company is not currently exposed to significant credit risk as the Company’s investments are held in custody at third-party financial institutions. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the consolidated balance sheets. As of December 31, 2023 and 2022, the Company has no off-balance sheet concentrations of credit risk. The Company is exposed to credit losses primarily through receivables from customers and collaborators and through its available-for-sale debt securities. The Company’s expected loss allowance methodology for the receivables is developed using historical collection experience, current and future economic market conditions, a review of the current aging status and financial condition of the entities. Specific allowance amounts are established to record the appropriate allowance for customers that have a higher probability of default. Balances are written off when determined to be uncollectible. The Company’s expected loss allowance methodology for the debt securities is developed by reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. There was no allowance for losses on available-for-sale debt securities attributable to credit risk as of December 31, 2023 and 2022.
Cash Equivalents	Cash Equivalents
Investments	Investments Investments include available-for-sale debt securities and equity investments, which are carried at fair value. Available-for-Sale Debt Securities The Company’s valuations of marketable securities are generally derived from independent pricing services based on quoted prices in active markets for similar securities at period end. Generally, investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from the consolidated balance sheet date are considered short-term investments, with all others considered to be long-term investments. Unrealized gains and losses deemed temporary in nature are reported as a component of accumulated other comprehensive loss. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Equity Investments The Company measures its investment in equity securities at fair value at each reporting date based on the market price at period end if it has a readily determinable fair value. Otherwise, the investments in equity securities are measured at cost less impairment, adjusted for observable price changes for identical or similar investments of the same issuer unless the Company has significant influence or control over the investee. Changes in fair value resulting from observable price changes are presented as change in fair value of equity investments, and changes in fair value resulting from foreign currency translation are included in other (expense) income, net on the consolidated statements of operations.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation and amortization and, if applicable, impairment charges. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, generally three
Acquired Intangible Assets	Acquired Intangible Assets The Company’s intangible assets were acquired via business combinations or asset acquisitions. Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (“IPR&D”) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its fair value. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses. IPR&D assets acquired as part of an asset acquisition are recorded at cost and expensed immediately if they have no alternative future uses. seven
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company tests goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired. In testing for goodwill impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that the carrying value exceeds its fair value, the Company performs a quantitative goodwill impairment test to compare the fair value of its reporting unit to its carrying value, including goodwill. If the carrying value, including goodwill, exceeds the reporting unit’s fair value, the Company will recognize an impairment loss for the amount by which the carrying amount exceeds the reporting unit’s fair value (but not in excess of the carrying value of goodwill).
Revenue Recognition	Revenue Recognition Collaboration, License and Contract Revenue Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when the Company’s customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company first determines which elements of the collaboration are deemed to be a performance obligation with a customer within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808 and are not subject to the guidance in ASC 606, the Company applies the revenue recognition model under ASC 606, including the royalty exception guidance and variable consideration guidance under ASC 606 as described below, or other guidance, as deemed appropriate. When the Company is considered an agent in elements of collaboration arrangements within the scope of ASC 808, it records its share of collaboration revenue in the period in which such sales occur. The Company is considered an agent when the collaboration partner controls the product before transfer to the customers and has the ability to direct the use of and obtain substantially all of the remaining benefits from the product. In these instances, collaboration revenue is based upon the net sales reported by the Company's collaboration partners, net of cost of goods sold and allowable expenses (e.g., manufacturing, distribution, medical affairs, selling, and marketing expenses) in the period. In order to record collaboration revenue, the Company utilizes certain information from its collaboration partner, including actual net product sales and costs incurred for sales activities, and makes key judgments based on business updates related to commercial and clinical activities such as expected commercial demand, commercial supply plan, manufacturing commitments, risks related to expired or obsolete inventories, and risks related to potential product returns or contract terminations. The Company uses these estimates to determine whether payments due to it under its collaboration arrangements, such as profit-share payments, should be recognized as revenue in the period that they become due or whether any portion of the payments due should be constrained from revenue recognition because it is not probable that recognizing such amounts will not result in a significant reversal of cumulative revenues recognized in future reporting periods. The Company has entered into a number of license and collaboration agreements that fall within the scope of ASC 606. The Company evaluates the promised goods or services in these agreements to determine which ones represent distinct performance obligations. Prior to recognizing revenue, the Company estimates the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are re-assessed each reporting period as required. These agreements may include the following types of consideration: non-refundable upfront payments, reimbursement for research and development services, research, development or regulatory milestone payments, profit-sharing arrangements, and royalty and commercial sales milestone payments. If there are multiple distinct performance obligations, the Company allocates the transaction price to each distinct performance obligation based on their estimated standalone selling prices (“SSP”). The Company estimates the SSP for each distinct performance obligation by considering information such as market conditions, entity-specific factors, and information about its customer that is reasonably available. The Company considers estimation approaches that allow it to maximize the use of observable inputs. These estimation approaches may include the adjusted market assessment approach, the expected cost plus a margin approach or the residual approach. The Company also considers whether to use a different estimation approach or a combination of approaches to estimate the SSP for each distinct performance obligation. Developing certain assumptions (e.g., treatable patient population, expected market share, probability of success and product profitability, and discount rate based on weighted-average cost of capital) to estimate the SSP of a distinct performance obligation requires significant judgment. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligation and recognizes revenue by measuring the progress towards complete satisfaction of the performance obligation using an input measure. For arrangements that include sales-based royalties, including commercial milestone payments based on pre-specified levels of sales, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Achievement of these royalties and commercial milestones may solely depend upon the performance of the licensee. Grant Revenue
Research and Development Expenses	Research and Development Expenses To date, research and development expenses have related primarily to discovery efforts and preclinical and clinical development of product candidates. Research and development expenses are recognized as incurred, and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Research and development expenses include expenses related to license and collaboration agreements; contingent consideration from business acquisitions; personnel-related expenses, including salaries, benefits, and stock-based compensation for personnel contributing to research and development activities; expenses incurred under agreements with third-party contract manufacturing organizations, contract research organizations, and consultants; clinical costs, including laboratory supplies and costs related to compliance with regulatory requirements; and other allocated expenses, including expenses for rent, facilities maintenance, and depreciation and amortization. The Company has acquired and may continue to acquire the rights to develop and commercialize new product candidates from third parties. Upfront payments and research and development milestone payments made in connection with acquired licenses or product rights are expensed as incurred, provided that they do not relate to a regulatory approval milestone or assets acquired in a business combination. The Company’s expense accruals for clinical trials and manufacturing are based on estimates of contracted services provided by third-party vendors not yet billed. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of its outstanding obligations to those third parties as of the period end. The accrual estimates are based on a number of factors, including the Company’s knowledge of the research and development programs and clinical manufacturing activities, the status of the programs and activities, invoicing to date, and the provisions in the contracts. The Company obtains information regarding unbilled services directly from these service providers and performs procedures to support its estimates based on its internal understanding of the services provided to date. However, the Company may also be required to estimate these services based on information available to its internal clinical and manufacturing administrative staff if such information is not able to be obtained timely from its service providers.
Stock-based Compensation	Stock-based Compensation
Acquisitions	Acquisitions Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded at their respective fair values as of the acquisition date. Any excess fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with the business combination are recorded at their fair values on the acquisition date, are remeasured each subsequent reporting period until the related contingencies are resolved and are classified as contingent consideration on the consolidated balance sheets. The changes in fair values of contingent consideration related to the achievement of various milestones are recorded within research and development expenses or selling, general and administrative expenses based on the nature of the relevant underlying activities.
Leases	Leases In accordance with ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. On the lease commencement date, the Company estimates and includes in its lease payments any lease incentive amounts based on future events when (1) the events are within the Company’s control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, the Company recognizes the difference as an adjustment to ROU asset and/or lease liability, as applicable. As the implicit rate in the Company’s leases is generally unknown, the Company uses an incremental borrowing rate estimated based on the information available at the lease commencement date in determining the present value of future lease payments. When calculating its estimated incremental borrowing rates, the Company considers its credit risk, the lease term, the total lease payments and the impact of collateral, as necessary. The lease terms may include options to extend or terminate the lease when the Company is reasonably certain it will exercise such options. ROU assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Rent expense for the Company’s operating leases is recognized on a straight-line basis within operating expenses over the reasonably assured lease term. The Company elected to not separate lease and non-lease components for any leases within its existing classes of assets and, as a result, accounts for the lease and non-lease components as a single lease component. The Company also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (group) may not be recoverable, like that of property and equipment.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on the differences between the financial statement reporting and tax bases of assets and liabilities and net operating losses and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Tax Cuts and Jobs Act of 2017 subjects a U.S. shareholder to current tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred.
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per common share is computed by dividing the net (loss) income attributable to Vir by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net (loss) income per common share is computed by dividing the net (loss) income attributable to Vir by the sum of the weighted average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method.
New Accounting Pronouncement Not Yet Adopted	New Accounting Pronouncement Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the adoption of ASU 2023-09 may have on its consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on a Recurring Basis	The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): December 31, 2023 Valuation Hierarchy Amortized Cost Gross Gross Aggregate Fair Value Assets: Money market funds (1) Level 1 $ 278,187 $ — $ — $ 278,187 U.S. government treasuries Level 2 1,162,124 1,017 (80) 1,163,061 U.S. government agency bonds and discount notes Level 2 181,189 27 (50) 181,166 Equity securities Level 1 N/A N/A N/A 9,853 Total financial assets $ 1,621,500 $ 1,044 $ (130) $ 1,632,267 ____________________________________________ (1) Includes $19.7 million of restricted cash equivalents. December 31, 2022 Valuation Amortized Gross Gross Aggregate Assets: Money market funds (1) Level 1 $ 909,342 $ — $ — $ 909,342 U.S. government treasuries Level 2 1,493,841 — (8,396) 1,485,445 Equity securities Level 1 N/A N/A N/A $ 31,892 Total financial assets $ 2,403,183 $ — $ (8,396) $ 2,426,679 ____________________________________________ (1)
Estimated Fair Value of Significant Unobservable Inputs	As of December 31, 2023, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to tobevibart (formerly as VIR-3434) using the following significant unobservable inputs: Unobservable input Range (Weighted-Average) 1 Discount rates 11.7% - 12.5% (12.0%) Probability of achievement 14.4% - 60.0% (42.9%) ____________________________________________ (1) Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments. Unobservable input Value Volatility 70.0% Discount rate 10.0% Probability of achievement 29.1%
Summary of Changes in Estimated Fair Value of Financial Liabilities	The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration (in thousands): Contingent Balance at December 31, 2022 $ 24,937 Changes in fair value 1,024 Balance at December 31, 2023 $ 25,961

Goodwill and Intangible assets

Goodwill and Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table summarizes the carrying amount of the finite-lived intangible assets (in thousands): December 31, Weighted-Average Remaining 2023 2022 Developed technology $ 4,260 $ 4,260 5.6 Contract-based intangible asset 502 502 11.9 Finite-lived intangible assets, gross 4,762 4,762 Less accumulated amortization (3,270) (2,738) Finite-lived intangible assets, net $ 1,492 $ 2,024
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the finite-lived intangible assets recorded as of December 31, 2023, the estimated future amortization expense for the next five years is as follows (in thousands): Years Ending December 31: 2024 $ 260 2025 213 2026 213 2027 213 2028 213 Total $ 1,112

Collaboration and License Agr_2

Collaboration and License Agreements (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue Recognition [Abstract]
Schedule of Collaboration Revenue	During the years ended December 31, 2023, 2022, and 2021, the Company recorded profit-sharing amounts, profit-sharing amounts constrained, and profit-sharing amounts previously constrained, released as components of collaboration revenue in the consolidated statements of operations, as follows (in thousands): Years Ended December 31, 2023 2022 2021 Collaboration revenue, net Profit-sharing amount $ 1,536 $ 1,875,147 $ 917,194 Profit-sharing amount constrained — (369,678) — Profit-sharing amount previously constrained, released 35,730 — — Total collaboration revenue, net $ 37,266 $ 1,505,469 $ 917,194

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment Net	Property and equipment, net consists of the following (in thousands): December 31, 2023 2022 Laboratory equipment $ 43,728 $ 36,533 Computer equipment 2,783 2,545 Furniture and fixtures 2,887 2,852 Leasehold improvements 80,290 84,422 Construction in progress 226 — Property and equipment, gross 129,914 126,352 Less: accumulated depreciation and amortization (33,896) (20,743) Total property and equipment, net $ 96,018 $ 105,609
Schedule of Accrued and Other Liabilities	Accrued and other liabilities consist of the following (in thousands): December 31, 2023 2022 Payroll and related expenses $ 41,322 $ 28,286 Research and development expenses 33,129 48,880 Operating lease liabilities, current 12,867 4,137 Excess funds payable under grant agreements 9,202 7,652 Other professional and consulting expenses 3,418 3,987 Accrued royalties 816 10,447 Accrued income taxes 149 15,228 Net profit-sharing — 357,762 Other accrued expenses 3,317 12,711 Total accrued and other liabilities $ 104,220 $ 489,090

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Costs	The following table contains a summary of the lease costs recognized under ASC 842 and additional information related to operating leases (in thousands, except weighted average amounts): Years Ended December 31, 2023 2022 2021 Operating lease cost $ 13,934 $ 15,910 $ 11,921 Variable lease cost 10,996 10,176 4,517 Total lease cost $ 24,930 $ 26,086 $ 16,438 Other Information Weighted average remaining lease term (in years) 8.9 10.0 10.4 Weighted average incremental borrowing rate (%) 5.1 5.2 5.2 Cash paid for amounts included in the measurement of operating lease liabilities $ 19,584 $ 12,716 $ 6,250 ROU assets obtained in exchange for new operating lease liabilities $ 957 $ 4,046 $ 77,187
Schedule of Maturities of Operating Lease Liabilities	The maturity of the Company’s operating lease liabilities as of December 31, 2023 was as follows (in thousands): Amounts 2024 $ 18,798 2025 16,490 2026 16,935 2027 17,114 2028 17,388 Thereafter 69,688 Total lease payments 156,413 Less: imputed interest (31,873) Present value of operating lease liabilities $ 124,540
Schedule of Operating Lease Amounts Recorded in Condensed Consolidated Balance Sheet	The following amounts were recorded in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Operating Leases Prepaid expenses and other current assets (1) $ — $ 17,616 Operating ROU assets 71,182 82,557 Accrued and other liabilities $ 12,867 $ 4,137 Operating lease liabilities, noncurrent 111,673 123,837 Total operating lease liabilities $ 124,540 $ 127,974 ____________________________________________ (1) For certain operating leases, lease incentives expected to be received exceeds the minimum lease payments expected to be paid over the next 12 months, therefore the net amount is recorded in prepaid expenses and other current assets.

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Plans Activity	Activity under the Company’s stock option plans is set forth below: Number of Options Weighted Average Weighted Average Aggregate (Years) (in thousands) Outstanding at December 31, 2022 10,604,367 $ 31.70 7.6 Granted 3,296,741 $ 23.70 Exercised (487,014) $ 7.15 Forfeited (2,061,875) $ 31.47 Outstanding at December 31, 2023 11,352,219 $ 30.47 7.1 $ 8,141 Vested and expected to vest at December 31, 2023 11,352,219 $ 30.47 7.1 $ 8,141 Vested and exercisable at December 31, 2023 6,582,670 $ 31.26 6.2 $ 8,098
Summary of Assumptions Used for Estimating the Fair Value of Stock Options Granted	The fair value of stock options granted to employees was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Years Ended December 31, 2023 2022 2021 Expected term of options (in years) 5.5 – 6.1 5.3 – 6.1 5.3 – 6.1 Expected stock price volatility 99.0% – 101.5% 101.4% – 111.2% 103.1% – 112.1% Risk-free interest rate 3.4% – 4.9% 1.6% – 4.3% 0.6% – 1.3% Expected dividend yield — — —
Summary of Employees Stock Purchase Plan	The fair value of employees’ purchase rights under the ESPP was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Years Ended December 31, 2023 2022 2021 Expected term of ESPP (in years) 0.5 0.5 0.5 Expected stock price volatility 41.2% - 95.1% 59.0% - 86.0% 76.1% - 144.1% Risk-free interest rate 4.5% - 5.2% 0.10% - 4.5% 0.04% - 0.1% Expected dividend yield — — —
Summary of Restricted Stock Activity	The Company’s RSUs activity was summarized as follows: Shares Weighted Average Grant Date Fair Value Per Share Unvested as of December 31, 2022 2,667,828 $ 37.46 Granted 3,534,242 $ 24.91 Vested (734,662) $ 38.91 Forfeited (662,441) $ 33.45 Unvested as of December 31, 2023 4,804,967 $ 28.56
Summary of Stock-based Compensation Expense	The following table sets forth the total stock-based compensation expense for all awards granted to employees and the ESPP in the consolidated statements of operations (in thousands): Years Ended December 31, 2023 2022 2021 Research and development $ 62,745 $ 53,153 $ 42,554 Selling, general and administrative 48,571 48,929 41,230 Total stock-based compensation $ 111,316 $ 102,082 $ 83,784

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (loss) Per Share	The following is a calculation of the basic and diluted net (loss) income per share (in thousands, except share and per share data): Years ended December 31, 2023 2022 2021 Net (loss) income attributable to Vir $ (615,061) $ 515,837 $ 528,584 Weighted-average shares outstanding, basic 134,130,924 132,606,767 129,884,967 Weighted-average effect of dilutive securities: Options to purchase common stock — 2,130,212 3,513,438 Restricted shares subject to future vesting — 73,851 35,488 Shares to purchase under Employee Stock Purchase Plan — 78 — Contingently issuable shares — — 3,233 Weighted-average shares outstanding, diluted 134,130,924 134,810,908 133,437,126 Net (loss) income attributable to Vir per share, basic $ (4.59) $ 3.89 $ 4.07 Net (loss) income attributable to Vir per share, diluted $ (4.59) $ 3.83 $ 3.96
Schedule of Potentially Dilutive Securities Not Included in the Diluted Per Share Calculations	Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of December 31, 2023 2022 2021 Options issued and outstanding 11,124,181 8,853,734 5,764,308 Restricted shares subject to future vesting 5,260,229 2,646,748 1,088,304 Total 16,384,410 11,500,482 6,852,612

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Provision for (Benefit from) Income Taxes	(Loss) income before benefit from (provision for) income taxes consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ (608,134) $ 692,445 $ 535,989 Foreign (20,060) 61,835 13,813 Total (loss) income before benefit from (provision for) income taxes $ (628,194) $ 754,280 $ 549,802
Components of Income Tax Expense (Benefit)	The components of benefit from (provision for) income taxes consist of the following (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ 12,774 $ (238,550) $ (3,526) State (685) (2,432) (105) Foreign (75) (12,647) (2,401) 12,014 (253,629) (6,032) Deferred: Federal 406 15,186 (15,186) State 598 — — Foreign 59 — — 1,063 15,186 (15,186) Benefit from (provision for) income taxes $ 13,077 $ (238,443) $ (21,218)
Reconciliation Between Expected Income Tax Provision at Federal Statutory Rate and Reported Income Tax Benefit	A reconciliation between the U.S. federal statutory income tax rate and the reported effective income tax rate is as follows: Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign tax at less than federal statutory rate — (0.3) (0.2) State taxes, net of federal benefit 5.3 0.1 0.7 Research and development tax credit 2.4 (2.0) (1.6) Permanent items (1.6) (7.4) 1.8 Changes in valuation allowance (24.2) 21.1 (17.9) Other (0.8) (0.9) 0.1 Effective income tax rate 2.1 % 31.6 % 3.9 %
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2023, and 2022, are related to the following (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 138,257 $ 14,793 Research and development tax credit carryforward 17,917 12,123 Equity compensations 34,875 24,250 Reserves and accruals 21,745 85,977 Capitalized research and development 136,962 75,680 Lease liabilities 29,047 18,553 Intangible assets 19,060 18,348 Valuation allowance (356,833) (204,601) Deferred tax assets 41,030 45,123 Deferred tax liabilities: ROU assets (16,536) (20,834) Property and equipment (19,610) (13,151) Unrealized gain on investments (1,190) (5,880) IPR&D (5,884) (8,511) Deferred tax liabilities (43,220) (48,376) Net deferred tax liabilities $ (2,190) $ (3,253)
Reconciliation of Liability for Uncertain Tax Positions	A reconciliation of the beginning and ending amounts of the liability for uncertain tax positions is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Gross unrecognized tax benefits at January 1 $ 10,638 $ 7,422 $ 4,877 Addition for tax positions taken in the prior years 29 — — Reduction for tax positions taken in the prior years — (12) (62) Addition for tax positions taken in current year 2,916 3,228 2,607 Gross unrecognized tax benefits at December 31 $ 13,583 $ 10,638 $ 7,422

Organization - Additional Infor

Organization - Additional Information (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2020 USD ($)	Dec. 31, 2023 USD ($) platform shares	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2022 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of technology platforms | platform			2
Aggregate offering price		$ 300,000
Accumulated deficit			$ 237,824			$ (377,237)
Cash, cash equivalents and investments			$ 1,630,000
Encentrio Therapeutics, Inc.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity method ownership percentage				100%
Encentrio Therapeutics, Inc.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Ownership percentage					80%
Common Stock | Sales Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common stock (in shares) | shares			0
Common Stock | Sales Agreement | Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of commission rate from sale of shares	3%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment | Segment	1
Allowance for losses on available-for-sale debt securities | $	$ 0	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	3 years
Finite-lived intangible asset, estimated useful life	7 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	5 years
Finite-lived intangible asset, estimated useful life	15 years

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 241,576	$ 848,631	$ 347,815
Amortized Cost	1,621,500	2,403,183
Gross Unrealized Holding Gains	1,044	0
Gross Unrealized Holding Losses	(130)	(8,396)
Aggregate Fair Value	1,632,267	2,426,679
Level 1 | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	278,187	909,342
Cash and cash equivalents	278,187	909,342
Restricted cash equivalents	19,700	19,300
Level 1 | Equity securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	9,853	31,892
Level 2 | U.S. government treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	1,162,124	1,493,841
Gross Unrealized Holding Gains	1,017	0
Gross Unrealized Holding Losses	(80)	(8,396)
Aggregate Fair Value	1,163,061	$ 1,485,445
Level 2 | U.S. government agency bonds and discount notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	181,189
Gross Unrealized Holding Gains	27
Gross Unrealized Holding Losses	(50)
Aggregate Fair Value	$ 181,166

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Accrued interest receivable excluded from fair value and amortized cost basis of available for sale securities	$ 4,000,000	$ 2,500,000
Write off of accrued interest receivable	0	0	$ 0
Total unrealized gains (losses) recorded in accumulated other comprehensive income (loss)	900,000	(8,400,000)
Change in fair value of equity investments	(21,888,000)	(111,140,000)	138,049,000
Brii Bio Parent
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase Decrease In Equity Securities Fv Ni	(21,900,000)	(111,100,000)	$ 138,000,000
Equity securities | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	$ 9,853,000	31,892,000
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities contractual term	2 years
Humabs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of contingent consideration	$ 26,000,000	$ 23,400,000

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Significant Unobservable Inputs (Details) - Humabs	Dec. 31, 2023
Clinical and Regulatory Milestones | Discount rates | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.117
Clinical and Regulatory Milestones | Discount rates | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.125
Clinical and Regulatory Milestones | Discount rates | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.120
Clinical and Regulatory Milestones | Probability of achievement | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.144
Clinical and Regulatory Milestones | Probability of achievement | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.600
Clinical and Regulatory Milestones | Probability of achievement | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.429
Commercial Milestones | Discount rates
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.100
Commercial Milestones | Probability of achievement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.291
Commercial Milestones | Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value contingent consideration measurement input	0.700

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Estimated Fair Value of Financial Liabilities (Details) - Level 3 - Contingent Consideration $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022	$ 24,937
Changes in fair value	1,024
Balance at December 31, 2023	$ 25,961

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - Humabs $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) Milestone	Dec. 31, 2022 USD ($)	Aug. 31, 2017 USD ($)
Business Acquisition [Line Items]
Contingent consideration recognized	$ 26			$ 23.4
Developed Technologies | Minimum
Business Acquisition [Line Items]
Estimated remaining useful lives	7 years
Developed Technologies | Maximum
Business Acquisition [Line Items]
Estimated remaining useful lives	12 years
HBV product
Business Acquisition [Line Items]
Additional consideration payable upon achievement of specified milestone events					$ 135
Specified clinical development milestones payment			$ 20
Another Product
Business Acquisition [Line Items]
Additional consideration payable upon achievement of specified milestone events					$ 105
SARS-CoV-2 Product
Business Acquisition [Line Items]
Number of specified clinical milestones achieved | Milestone			2
Specified clinical development milestones payment			$ 20
Regulatory milestones achieved		$ 35
Sales milestone achieved		$ 60

Goodwill and Intangible asset_2

Goodwill and Intangible assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Goodwill and Intangible Assets [Line Items]
Goodwill	$ 16,937,000	$ 16,937,000
Goodwill impairment loss	0	0	$ 0
Amortization expense of intangible assets	$ 531,000	$ 532,000	$ 533,000
Impairment Of Intangible Asset Indefinite Lived Excluding Goodwill Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	impairment losses	impairment losses	impairment losses
Humabs
Schedule of Goodwill and Intangible Assets [Line Items]
Indefinite-lived intangible assets IPR&D	$ 21,100,000	$ 30,700,000
Impairment of indefinite-lived intangible assets	$ 9,700,000	$ 0	$ 0
Research and development
Schedule of Goodwill and Intangible Assets [Line Items]
Amortization expense of intangible assets			$ 500,000

Goodwill and Intangible asset_3

Goodwill and Intangible assets - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 4,762	$ 4,762
Less accumulated amortization	(3,270)	(2,738)
Finite-lived intangible assets, net	1,492	2,024
Developed technology
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 4,260	4,260
Weighted-Average Remaining Useful Life (Years)	5 years 7 months 6 days
Contract-based intangible asset
Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 502	$ 502
Weighted-Average Remaining Useful Life (Years)	11 years 10 months 24 days

Goodwill and Intangible asset_4

Goodwill and Intangible assets - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 260
2025	213
2026	213
2027	213
2028	213
Total	$ 1,112

Grant Agreements - Additional I

Grant Agreements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Sep. 01, 2022	Jan. 13, 2022	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accrued and other liabilities				$ 104,220	$ 489,090
Other current assets				7,600	26,400
National Institutes of Health | Grant Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants				33,400	26,400
Human Immunodeficiency Virus ("HIV") Grant
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant awarded amount. maximum				49,900
Vaccinal Antibody Grant | Grant Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from grants				13,300	8,600	$ 8,200
Vaccinal Antibody Grant | Bill & Melinda Gates Foundation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares purchased (in shares)		881,365
Shares purchased (in USD per share)		$ 45.38
Shares purchased, aggregate price		$ 40,000
Common stock, shares issued, fair market value		$ 28,500
Closing stock price (in USD per share)		$ 37.65
Underlying shares, premium received		$ 11,300
Transaction price upon exercise				13,100	15,500
Accrued and other liabilities				9,200	$ 7,700
BARDA
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Potential maximum amount of grant	$ 1,000,000
Maximum amount of grant during the base period	$ 55,000
New funding			$ 50,100
Potential future reimbursement				56,500
Total awarded amount				$ 116,300
BARDA | Development of VIR-7229 through Phase 1
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
New funding			40,000
BARDA | New Monoclonal Antibody Discovery
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
New funding			10,100
BARDA | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional funding			$ 11,200

Collaboration and License Agr_3

Collaboration and License Agreements - Additional Information (Details)			1 Months Ended			12 Months Ended
	Feb. 08, 2023	Feb. 14, 2021 Program	Jul. 31, 2022 USD ($)	May 31, 2018 Program	Oct. 31, 2017 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accrued and other liabilities						$ 104,220,000	$ 489,090,000
Research and development						589,671,000	474,648,000	$ 448,006,000
Deferred revenue, current						64,853,000	15,517,000
Total revenues						86,180,000	1,615,797,000	1,095,415,000
Cost of revenue						2,765,000	146,319,000	65,865,000
Contract revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenues						2,228,000	52,714,000	169,874,000
Collaboration revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenues						37,266,000	1,505,469,000	917,194,000
License revenue from a related party
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenues						0	22,289,000	0
2020 GSK
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payments to counterparty						341,400,000
Research and development						23,400,000	31,400,000	77,300,000
Preliminary Collaboration Agreement | 2021 GSK
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of separate programs | Program		3
2021 GSK Collaboration
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development						2,200,000	2,300,000	500,000
Percentage of share development costs		50%
Percentage of profits and loss		50%
Deferred revenue, current						51,700,000
2021 GSK Collaboration | Contract revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenues							$ 39,800,000
Brii Agreement | Development Programs Exercised by Brii | VIR-3434
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fee received			$ 20,000,000
Brii Agreement | Brii Bio Parent
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum number of development program granted from Vir to Brii | program | Program				4
Maximum number of development program granted from Brii to Vir | program | Program				4
Brii Agreement | Brii Bio Parent | VIR-3434
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price			22,300,000
Deferred revenue			$ 2,300,000
Alnylam Agreement | Alnylam Pharmaceuticals Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty payment obligation expiration period after first commercial sales							10 years
Written notice period for termination of licensed program					90 days
Written notice period to terminate licensed program for uncured material breach					60 days
Written notice period to terminate licensed program for payment breach					30 days
Written notice period to terminate licensed program if under challenge					30 days
Expenses incurred under agreement						1,700,000	$ 1,400,000	11,200,000
Alnylam Agreement | Alnylam Pharmaceuticals Inc | First siRNA Product HBV
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum milestone payment for achievement of specified milestones					$ 190,000,000
Maximum aggregate sales milestone payment					$ 250,000,000
2020 Xencor Agreement | Xencor
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cost of revenue						$ 2,200,000	$ 114,500,000	$ 52,700,000
2019 and 2020 Xencor Agreement member | Xencor
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Written notice period for termination of licensed program						60 days
Written notice period for uncured material breach						60 days
Written notice period to terminate licensed program for failure to make payment						30 days
Written notice period to terminate licensed program if under challenges						30 days
Amendment Number Three | 2020 GSK | Antibody Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of development costs	72.50%

Collaboration and License Agr_4

Collaboration and License Agreements - Collaboration Collaboration revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit-sharing amount
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues from contract with customers	$ 1,536	$ 1,875,147	$ 917,194
Profit-sharing amount constrained
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues from contract with customers	0	(369,678)	0
Profit-sharing amount previously constrained, released
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues from contract with customers	35,730	0	0
Total collaboration revenue, net
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues from contract with customers	$ 37,266	$ 1,505,469	$ 917,194

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 129,914	$ 126,352
Less: accumulated depreciation and amortization	(33,896)	(20,743)
Total property and equipment, net	96,018	105,609
Laboratory equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	43,728	36,533
Computer equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,783	2,545
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,887	2,852
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	80,290	84,422
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 226	$ 0

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expenses	$ 18,920	$ 6,251	$ 5,278

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Payroll and related expenses	$ 41,322	$ 28,286
Research and development expenses	33,129	48,880
Operating lease liabilities, current	12,867	4,137
Excess funds payable under grant agreements	9,202	7,652
Other professional and consulting expenses	3,418	3,987
Accrued royalties	816	10,447
Accrued income taxes	149	15,228
Net profit-sharing	0	357,762
Other accrued expenses	3,317	12,711
Total accrued and other liabilities	$ 104,220	$ 489,090

Restructuring and Related Act_2

Restructuring and Related Activities (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) position	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Positions eliminated | position	75
Percentage of positions eliminated	12%
Severance and employee related expense		$ 5.9
Accrued restructuring costs	$ 4.5	4.5
Impairment charges		7.7
Minimum
Restructuring Cost and Reserve [Line Items]
Expected costs to be incurred	25	25
Maximum
Restructuring Cost and Reserve [Line Items]
Expected costs to be incurred	$ 35	35
Research and development
Restructuring Cost and Reserve [Line Items]
Severance and employee related expense		4
Impairment charges		5.6
Selling, General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Severance and employee related expense		1.9
Impairment charges		$ 2.1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Dec. 31, 2023
Loss Contingencies [Line Items]
Lessee, operating lease, renewal term	5 years

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Costs and Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 13,934	$ 15,910	$ 11,921
Variable lease cost	10,996	10,176	4,517
Total lease cost	$ 24,930	$ 26,086	$ 16,438
Other Information
Weighted average remaining lease term (in years)	8 years 10 months 24 days	10 years	10 years 4 months 24 days
Weighted average incremental borrowing rate (%)	5.10%	5.20%	5.20%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 19,584	$ 12,716	$ 6,250
ROU assets obtained in exchange for new operating lease liabilities	$ 957	$ 4,046	$ 77,187

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 18,798
2025	16,490
2026	16,935
2027	17,114
2028	17,388
Thereafter	69,688
Total lease payments	156,413
Less: imputed interest	(31,873)
Operating lease liabilities	$ 124,540	$ 127,974

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Operating Lease Amounts Recorded in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Prepaid expenses and other current assets	$ 0	$ 17,616
Operating ROU assets	$ 71,182	$ 82,557
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Accrued and other liabilities	$ 12,867	$ 4,137
Operating lease liabilities, noncurrent	111,673	123,837
Total operating lease liabilities	$ 124,540	$ 127,974

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jun. 30, 2021	Sep. 30, 2019	Sep. 30, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of options exercised				$ 5.9	$ 12.1	$ 65.1
Weighted average grant date fair value of options granted (in USD per share)				$ 19.13	$ 22.69	$ 47.62
Unamortized stock-based compensation expense related to stock option				$ 98.4
Estimated weighted average period				2 years 6 months
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted average period				2 years 9 months 18 days
Unrecognized compensation cost related to unvested restricted stock				$ 102.1
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plan (in shares)				322,923	147,459	65,021
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option price as a percentage of estimated fair value on the date of grant			100%
Options vesting period			4 years
2016 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of awards from issuance date			10 years
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option price as a percentage of estimated fair value on the date of grant		100%
Options vesting period		4 years
Shares available for grant (in shares)				15,467,779
2019 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of awards from issuance date		10 years
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Offering period	6 months	27 months
Issuance of common stock under employee stock purchase plan (in shares)				322,923
Weighted average grant date fair value of options granted (in USD per share)				$ 4.93	$ 9.09	$ 19.85
2019 Employee Stock Purchase Plan | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option price as a percentage of estimated fair value on the date of grant		85%
Shares authorized to issue under purchase rights granted (in shares)		1,280,000
Percentage of employee payroll deduction on earnings, maximum		15%

Stock-Based Awards - Summary of

Stock-Based Awards - Summary of Stock Option Plans Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	10,604,367
Granted (in shares)	3,296,741
Exercised (in shares)	(487,014)
Forfeited (in shares)	(2,061,875)
Ending balance (in shares)	11,352,219	10,604,367
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 31.70
Granted (in USD per share)	23.70
Exercised (in USD per share)	7.15
Forfeited (in USD per share)	31.47
Ending balance (in USD per share)	$ 30.47	$ 31.70
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vested and expected to vest (in shares)	11,352,219
Vested and exercisable (in shares)	6,582,670
Vested and expected to vest (in USD per share)	$ 30.47
Vested and exercisable (in USD per share)	$ 31.26
Weighted average remaining contractual term	7 years 1 month 6 days	7 years 7 months 6 days
Weighted average remaining contractual term, vested and expected to vest	7 years 1 month 6 days
Weighted average remaining contractual term, vested and exercisable	6 years 2 months 12 days
Outstanding at December 31, 2023	$ 8,141
Vested and expected to vest at December 31, 2023	8,141
Vested and exercisable at December 31, 2023	$ 8,098

Stock-Based Awards - Summary _2

Stock-Based Awards - Summary of Assumptions Used for Estimating the Fair Value of Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected stock price volatility, minimum	99%	101.40%	103.10%
Expected stock price volatility, maximum	101.50%	111.20%	112.10%
Risk-free interest rate, minimum	3.40%	1.60%	0.60%
Risk-free interest rate, maximum	4.90%	4.30%	1.30%
Expected dividend yield	0%	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of options (in years)	5 years 6 months	5 years 3 months 18 days	5 years 3 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of options (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Awards -Summary of

Stock-Based Awards -Summary of Employees Stock Purchase Plan (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected stock price volatility, minimum	99%	101.40%	103.10%
Expected stock price volatility, maximum	101.50%	111.20%	112.10%
Risk-free interest rate, minimum	3.40%	1.60%	0.60%
Risk-free interest rate, maximum	4.90%	4.30%	1.30%
Expected dividend yield	0%	0%	0%
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of ESPP (in years)	6 months	6 months	6 months
Expected stock price volatility, minimum	41.20%	59%	76.10%
Expected stock price volatility, maximum	95.10%	86%	144.10%
Risk-free interest rate, minimum	4.50%	0.10%	0.04%
Risk-free interest rate, maximum	5.20%	4.50%	0.10%
Expected dividend yield	0%	0%	0%

Stock-Based Awards - Summary _3

Stock-Based Awards - Summary of Restricted Stock Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Beginning balance (in shares) | shares	2,667,828
Granted (in shares) | shares	3,534,242
Vested (in shares) | shares	(734,662)
Forfeited (in shares) | shares	(662,441)
Ending balance (in shares) | shares	4,804,967
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in USD per share) | $ / shares	$ 37.46
Granted (in USD per share) | $ / shares	24.91
Vested (in USD per share) | $ / shares	38.91
Forfeited (in USD per share) | $ / shares	33.45
Ending balance (in USD per share) | $ / shares	$ 28.56

Stock-Based Awards - Summary _4

Stock-Based Awards - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 111,316	$ 102,082	$ 83,784
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	62,745	53,153	42,554
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 48,571	$ 48,929	$ 41,230

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Schedule of Basic and Diluted Net Income (loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (loss) income attributable to Vir	$ (615,061)	$ 515,837	$ 528,584
Weighted-average shares outstanding, basic (in shares)	134,130,924	132,606,767	129,884,967
Weighted-average effect of dilutive securities:
Options to purchase common stock (in shares)	0	2,130,212	3,513,438
Restricted shares subject to future vesting (in shares)	0	73,851	35,488
Shares to purchase under Employee Stock Purchase Plan (in shares)	0	78	0
Contingently issuable shares (in shares)	0	0	3,233
Weighted-average shares outstanding, diluted (in shares)	134,130,924	134,810,908	133,437,126
Net income (loss) attributable to Vir per share, basic (in USD per share)	$ (4.59)	$ 3.89	$ 4.07
Net income (loss) attributable to Vir per share, diluted (in USD per share)	$ (4.59)	$ 3.83	$ 3.96

Net (Loss) Income Per Share -_2

Net (Loss) Income Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total (in shares)	16,384,410	11,500,482	6,852,612
Options issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total (in shares)	11,124,181	8,853,734	5,764,308
Restricted shares subject to future vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total (in shares)	5,260,229	2,646,748	1,088,304

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined contribution plan, contribution expenses	$ 4.6	$ 4	$ 2.7

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income (Loss) Before Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (608,134)	$ 692,445	$ 535,989
Foreign	(20,060)	61,835	13,813
(Loss) income before benefit from (provision for) income taxes	$ (628,194)	$ 754,280	$ 549,802

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 12,774	$ (238,550)	$ (3,526)
State	(685)	(2,432)	(105)
Foreign	(75)	(12,647)	(2,401)
Current income tax expense (benefit)	12,014	(253,629)	(6,032)
Deferred:
Federal	406	15,186	(15,186)
State	598	0	0
Foreign	59	0	0
Deferred income tax expense (benefit)	1,063	15,186	(15,186)
Benefit from (provision for) income taxes	$ 13,077	$ (238,443)	$ (21,218)

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between Expected Income Tax Provision at Federal Statutory Rate and Reported Income Tax Benefit (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%	21%	21%
Foreign tax at less than federal statutory rate	0%	(0.30%)	(0.20%)
State taxes, net of federal benefit	5.30%	0.10%	0.70%
Research and development tax credit	2.40%	(2.00%)	(1.60%)
Permanent items	(1.60%)	(7.40%)	1.80%
Changes in valuation allowance	(24.20%)	21.10%	(17.90%)
Other	(0.80%)	(0.90%)	0.10%
Effective income tax rate	2.10%	31.60%	3.90%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 138,257	$ 14,793
Research and development tax credit carryforward	17,917	12,123
Equity compensations	34,875	24,250
Reserves and accruals	21,745	85,977
Capitalized research and development	136,962	75,680
Lease liabilities	29,047	18,553
Intangible assets	19,060	18,348
Valuation allowance	(356,833)	(204,601)
Deferred tax assets	41,030	45,123
Deferred tax liabilities:
ROU assets	(16,536)	(20,834)
Property and equipment	(19,610)	(13,151)
Unrealized gain on investments	(1,190)	(5,880)
IPR&D	(5,884)	(8,511)
Deferred tax liabilities	(43,220)	(48,376)
Net deferred tax liabilities	$ (2,190)	$ (3,253)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Increase in valuation allowance	$ 152,200,000
Unrecognized tax benefit	$ 13,583,000	$ 10,638,000	$ 7,422,000	$ 4,877,000
Unrecognized tax benefits, if recognized, would reduce effective tax rate	1.20%
Interest and penalties expense related to uncertain tax positions	$ 500,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	$ 487,000,000
Net operating loss carryforwards expiration beginning year	2036
Tax credit carryforwards	$ 400,000
Federal | Research Tax Credit Carryforward
Income Taxes [Line Items]
Net operating loss carryforwards expiration beginning year	2036
State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 415,400,000
Net operating loss carryforwards expiration beginning year	2031
Tax credit carryforwards	$ 21,400,000
Foreign | Swiss Federal Tax Administration (FTA)
Income Taxes [Line Items]
Net operating loss carryforwards	10,700,000
Foreign | Australian Taxation Office
Income Taxes [Line Items]
Net operating loss carryforwards	$ 19,400,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Uncertain Tax Positions [Roll Forward]
Gross unrecognized tax benefits at January 1	$ 10,638	$ 7,422	$ 4,877
Addition for tax positions taken in the prior years	29	0	0
Reduction for tax positions taken in the prior years	0	(12)	(62)
Addition for tax positions taken in current year	2,916	3,228	2,607
Gross unrecognized tax benefits at December 31	$ 13,583	$ 10,638	$ 7,422