Earnings call transcript Q2 2023

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Operator

Hello. Welcome to Vir Biotechnology Second Quarter 2023 Financial Results and Business Update Call.

As a reminder, this conference call is being recorded. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session.

the Chief to Corporate turn Executive Damouni now President, Vice Affairs will call Sasha over Ellis, I Officer.

You may Ellis. begin Ms. Damouni

Sasha Damouni Ellis

and Sung Lee, me With Financial Officer. Chief Phil good Marianne Chief Chief you Pang, and Backer, Dr. Executive today Officer; Medical De Officer; Thank are afternoon.

including from cause Before or I statements differ and X-K. expressed uncertainties to the business under such securities and company's to These forward-looking achievements would clinical remind Forms by with of and with that Commission, some our forward-looking statements we associated statements These significantly are we future are XX-K, uncertainties those could and XX-Q, filed forward-looking or substantial programs, begin, the in Securities involve that risks the reports are like results, risks everyone making and development implied today laws. described our statements. the risks Exchange performance,

over CEO, turn now our Marianne to will Backer. De the I call

Marianne De Backer

earnings Vir Good Sasha. pleased you you, Thank Vir, all and here CEO to first afternoon Marianne I'm welcome today. welcome to De Backer, of Biotechnology's call. and I'm

four new Vir reminded the aligns XX day over since to my joined how patients. well I ago, Vir and of with years plus past medicines commitment months to bring every I'm

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to a to Infectious society as diseases a global continue to major threat and whole. security, pose economic health,

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remember clinical broad and of in to is approaches are why development we exactly multiple have world important the drug outcomes take and pipeline. not a that That It trials uncommon. unexpected is

the Seasonal need a It around we warrants attention flu unmet about claims and each our steps. and our affects significant people world next lives is data X year. follow XXX,XXX will the to up guiding billion that in

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cirrhosis than but decreases people working functional does potential million chronic lifelong Vir more standard-of-care risk living is or of Second, for therapy, not on worldwide. the B the a eliminate cure which hepatitis with liver is Current cancer. XXX

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is twice quarter. convenience, clinical Our expected goal efficacy. monthly once [Indiscernible] injections the from transformative with data fourth are trial our or Initial in

platforms, new which expect candidates also progress report antibody and of We AI proprietary a optimized capabilities. the data discovery pipeline our and our that through robust drug is are significant in to yielding unique science using T-cell

enable to pipeline data success drug that tools, develop leverages becoming in candidates and select, of highest Currently science with patients the of medicines us could about our discover, need. of benefit which XX% chance

antibodies our Still, have optimized we'll within Going the that preclinical touch for approach. IND this XX on be will filings next all forward, potential the using months. the programs

us Lastly, allows financial program platform. that we have a sheet strong and fuel anti-body the balance flexibility grow our to our

evaluate continuously shareholders. capital this to our judiciously maximize and for value We are measures allocate to taking

this we small As under my made the our advance step we scientific platform. is to as out to continue core decision pros. part our phase of the and first leadership, process This and molecule capabilities

our all strengths Vir impact the have many am development of program patients. we The here I the time. makes confident in ability at exciting our very to lives and of this combination a advance potentially

details to over Medical I'll provide to Officer, pipeline. Tang, more now our turn on Chief the Phil call

Phil Pang

Thank Marianne. you,

X research topline and to This trial demonstrate the speaking to from received statistically ongoing those a difference Phase significant influenza future failed data development our who efforts, placebo. I want clinical address VIR-XXXX trial. and between our Before to

reduction a VER-XXXX approximately XX%. tufted, milligrams, Specifically, was non-statistically dose of at XXXX which highest was illness the significant in influenza of there

was to influenza this is approximate group, analysis in according to criteria. illness CDC needed unsuccessful. an study More why was illness A defined XX% to in reduction observed going be same this when was Interestingly, address

the how actual of to be at viruses sequence drug data influence and concentrations, the the their exposed infection, and also looking important. and symptoms, participants outcomes, the are might of were from We to severity duration, perspective different the understanding will time

any X influenza continuing the by of be we development as space, will guided investigational antibody. our however, as significant VIR-XXXX efforts far Marianne analogies. In next monoclonal be other these VIR-XXXX, we on be noted, are trial. To As targeting initiating an [Indiscernible] clear, not will steps, Phase

not potency. it in covers shown A, flu flu characteristics In of VER-XXXX models, nature. The published greater but markedly also antibody has recently animal B. just some That parent was

prevent a hemagglutinin, VER-XXXX has of potential the activity stem illness. in different targeting neuraminidase, influenza its we Because of mechanism the not enzymatic action, of to a the believe

learn in noted COVID-XX a as Ebola. in already capable just earlier, treating will of for the findings antibody apply ongoing we the trial, VIR-XXXX. of single more months, PENINSULA medicine the the fifteen As only broadly, Marianne platform certainly from has resulted we More beer and relevant development antibody in

on our AI engineer change best So, one for of science to VERADXXXX identify is potentially them. our then unfortunate, it to class ability platform's the setback further data antibodies and and in doesn't perspective leverage to

potency, enhance can function, and we stability. binding, antibody Specifically, vector developability, half-life,

broadly, of all Even recognize research product a the strategy through importance more we data development. the way fully integrated from

ability this to continue at will that be Vir. here differentiated believe And

achievements. XX have to numerous related We science and publications patents awards our and data

a cirrhosis Now, rest cure. medicines does requires the eliminate standard-of-care, risk and is or which let's of cancer, liver one's the of goal current hepatitis to turn functional not our B. life for taking the antiviral Unlike chronic

no therapy, complications. risk reduction cure a further treatment functional of in a further for liver be should be there should and completing the After need also there

cure hypothesis accepted disease that functional is by novel is an hepatitis chronic belief B widely a Our on a caused virus. immunologic based

As are antivirus combination a believe with combinations alone we we agents. of Instead, that anti-virus functional immunologic such, of believe enough. not cure requires

the stop the We clear. and seek stop cells approach different our fundamentally infected trials. to already clear virus in This our is call immune-stimulation. prove We clinical replicating we and hypothesis from by

and that different combinations Our are been of clinical development follows. We Phase studies Xa anti-virals as and exploring pathway with Phase has began X immunomodulators.

small help dose, broad studies, of to in using are we courts frequency, specifically combination, population. explore able identify By and to the space possibilities duration, these a right

the made off of a chronic major showed XX we achieve we alpha we succeed. two One, for durable that that hepatitis functional B we who In participants At a and we can June, treatment VIR-XXXX, why have interferon response XX% cure in believe for advances received weeks. could highlight XX pegylated studies, towards

and is the alone only interval size response off the to result interferon an in of that sample treatment it's noting X% small worth X% to the was thought time. alpha confidence large, generally While is

with AASLD at antiviral the we XXXX in knockdown Conference signals resulted VIR-XXXX additive Two, log nearly of was new protein activity safety three activity. in a This observed. VIR-XXXX Notably, is in virus XXXX, a surface of and is that short antigen. a a measure showed were viral B no course that hepatitis

and with of eighteen pegylated combination which build Part has step development Last and is Phase started next we Our the been our upon summer, VERX-two these alpha. interferon of B thirty X VERX-four March four study observations. exploring to without

For weeks. durations of XX XX,

XX treatment present expect week fourth cohorts in the to of the We quarter. end for data

me Delta. now attention Let direct hepatitis chronic your to

the which benefiting hepatitis a of Delta, the For only has approved parts chance lifelong available in injections only the of and patient. XX% daily requires the not chronic subcutaneous US, world some is treatment and only

needs be administered is goal treatment once that twice month. to a efficacious Our a highly only or

our Because hepatitis hepatitis VIR-XXXX B, anti-viral delta data delta their the shared Delta. B existing hepatitis and At potent from assets, activity requires the we hepatitis VIR-XXXX. preclinical against chronic we surface can demonstrating EASL, target antigen using protein

patients. in individually or cohort a underway and one clinical Phase delta VIR-XXXX is A with trial now X evaluating hepatitis VIR-XXXX another combination small of in

to this trial data from quarter. present in expect fourth We the

that worth need, noting disease potential may high path Delta a unmet for be with a hepatitis Delta medical accelerated. the is regulatory It because treatment is orphan for

antibody. or serious now which proprietary to virus touch platform, of pipeline, stage viruses First, RSV flu pose these key our antibody now vitro respiratory neutralize can in Turning on to already early based infants will immunocompromised. our VIR-XXXX, on I syncytial monoclonal human both and and Both highlighted VIR-XXXX, a neuraminidase other we've threat metapneumovirus. our assets

circulating COVID-XX vitro monoclonal our in breath which of historical antibody, differentiated variants. a spectrum generation against broad VIR-XXXX, extreme and currently Second, next both and potency by is

assets; With respect which cell our advancing the based generation next human be to is vaccine, on our are we HIV which two VIR-XXXX soon clinic. entering novel T is cytomegalovirus, will platform,

attenuated which defect, of VIR-XXXX, defect, in not more first creating by be believe anticipate a dosing our replication patient year. does can QX deliberately we this VIR-XXXX immunogenic. replication have that and was Unlike We

in our vaccine a sharing to cancer VIR-XXXX more cervical, HBV the head these future. T anal, based We cell second on is in therapeutic against asset associated dysplasia forward and INDs look neck platform and about and the HCMV. and potentially is

now over Lee. Officer, will Chief Financial turn to I call Sung the

Sung Lee

pleased the of We're for Phil. share results you, our XXXX. Thank financial to second quarter

of Total negative same collaboration million, XXXX $XXX.X to of for related which $XX.X company quarter the Recall period the a to and revenues revenue XXXX, revenues the the a $X.X negative. caused recorded million year amount in in be compared constraint ago. were that in million to the sotrovimab revenue second total

to Specific continues expenses activities of sotrovimab to in offset than the costs countries where support $XX.X sotrovimab by in being more to was collaboration mainly XXXX, negative revenue sales quarter million, and due second authorization. marketing sotrovimab a have manufacturing to

forward potentially leads in make collaboration and barring be the Going upper the in ongoing authorization, XX%. a sotrovimab the a of due our investments negative and US, marketing reauthorization which at topline to our revenues to will we levels required to support GSK believe minimal the contribution partner

consolidation Included to is impairment operating legacy of in of million XXXX in related same and XXXX second the $XX.X million labs. amount quarter $XXX.X process R&D expenses. charge Turning $XXX.X non-cash a in expenses million in to our of in XXXX. compared R&D the the were to of period the

was expenses R&D in Phase in Phase PENINSULA by and study a in X manufacturing growth activities X of year-over-year VIR-XXXX driven initiating anticipation the primarily for investments The study.

the the day three of While manufacturing ramp the associated few for study impact in quarters, VIR-XXXX. next the costs PENINSULA are will we capacity the supply and evaluating currently down with

We expect with to result. communicate more quarter our third on this

The SG&A period of growth the second $XX.X $XX.X same growth driven by primarily overall million the business. expenses to million for XXXX. higher personnel was costs were XXXX year-over-year of in compared the support the to quarter in

loss compared $XXX.X the For million in the a second XXXX. period of net for quarter million of loss of net a to XXXX, same $XX.X consolidated we reported

the ended at million end $X.X cash second of compared Turning of to and XXXX to with $X.X million the XXXX. quarter we balance sheet, investments of the

which a As the the comprised of GSK, communicated cash utilization collaborator million during previously, $XXX.X to payment we the second of quarter. made majority in quarter our

this for This manufacturing reserve, expectations remains supply in a million in XXXX. $XX.X million primarily reserved due expect to excess reduced to to GSK of of the capacity the sotrovimab demand for a payment amount XXXX approximately third to of There quarter balance we and $XX.X payment sotrovimab. relates which related

financial position make about our conclude, As I a and would I few capital like allocation. comments to

are X we our which hepatitis discontinuation in call, of We're end earlier of in small decisions current Phase become in stated resulted platform. see molecule Marianne Phase As focused, our to the making Delta B hepatitis more beyond. and and the and well-capitalized to taking the actions through programs has X

We innovation by balance strength the to pursue our also core investing have platform. antibody sheet further in

And be to approach finally, of capital strong you expense allocation management. capital stewards can and and us a to disciplined expect have

now the Sasha. call turn I'll back to

Sasha Damouni Ellis

Sung. you, Thank

Please We of to are so our able will to Operator, limit now to questions that start Q&A the we all section. per the covering please open up lines. person get analysts. two

Operator

Okay.

question first Barclays. from from comes Our Gena Wang

is line Your open.

Gena Wang

regarding the XXXX flu Thank you. I two program. have questions

that failure? the the the and lower studies, so have didn't why be the first, would study, So, of Could leading we XX% PENINSULA XX% bound, a like like use Pfizer design to regarding a reason band the study underpowered. lower look Moderna if

question are platform? also through flu via programs also week to other -- was the the negative topline, you work the antibody or And any in and is, second the and

Phil Pang

Thank let chance questions you, design the to Gina. to Really answer of potential begin your of me question trial. appreciate with with the first your the that and regard

real the and we an was that vaccines. answer So, want in was thing desire is the to the first think is study, the efficacy a -- to powered beyond fact it need that well of traditional short that, our that show to say the I context of it

about it's clinical So it's when of about you but to think statistical not demonstrating in power significance, the how context study, just that. significance about demonstrating

was have a statistically effect could demonstrate that a XX% we study size example, for significant. so, And powered

are course, you as that meaningful know, out vaccines of wouldn't been that clinically given have Gena, currently the there. However,

trials, statistical XX%. clinical significance to desire for bound of is basically This a which that a confidence their significance vaccine to in flu contrast have that interval do study lower to and power

such you neither antibodies, flu regard endpoint. would COVID, vaccine to of a RSV and But like monoclonal used to that I remind with specific both them

question, So, question achieve and I did the answer were could that to transformative think unfortunately, we ask efficacy and, the definitely we well powered not. we

symptoms, point And With XXXX, about that I many different earlier to and to to call. number time more the aspects of at of why was this regard from the other including this the to study we're other want to it right really PK, looking now on a talked fact are undergoing as I infection, analysis angles, different the we things unsuccessful.

to analysis what by to clearly, need earlier, decide But that be I next we to those going to on and really, And Phase guided said as do. results also, and data not a that really we're be embarking X.

about to as I regard two Then Ebola, that already well said single which months. Ebola finally, I would treat your successes that with when she platform; to best question only XX Marianne our than we've the cure in say anti-body with less that was, as to think the it antibody, the and read-through, [Indiscernible], as brought antibody had said market

this antibody I medicines using and So, design successful to there's any platform. really, don't on think ability our identify read-through

Marianne De Backer

obviously, out, you, allocate into and Gina, strategic our very not capital we about want steps. to we going be next Phil how to rush Thank Phil. just, pointed any I we are would

analysis really to thorough outcome by We as then be that to doing the and want what there. do we be really of will a data guided

Gena Wang

Thank you.

Operator

right. All

Our next Goldman question Sachs. Paul is Choi from from

open. is line Your

Paul Choi

supply a sotrovimab Hi, And think parts the you. still. if couple out we know one-time My question stripping I the Good and excess true-up for first moving GSK. thank to about afternoon there everyone. is, there's manufacturing of

normal rate you're imply strip the you that would and cash can And will think, sort the look think does ago the is for runway? long your that would through. year cash just what you -- prepare your say of that going we forward? we how If balance out If at be go here OpEx, if that normalized maybe

think will efficacy And the, in on patients XXXX, you year. then minus, Can should coming secondly, XXXX level this peg or about hep that B plus we for how set potential up set maybe the, data on there? later be

challenges? or tolerability given, additive largely you it regimen you. what potential Is say Thank as for of potential interference, there And synergy, also, can historical should potential the head about think on we

Marianne De Backer

the information you give Paul. Thank first you runway, there. cash on much, very can Okay. more some question Sung Maybe

Sung Lee

for Paul. your Yes, thanks question.

there expense you our and operating going think implications a had basically runway the last questions normal I forward. on year levels, So, comparable for couple cash is of

specifically our flu the study, expense Phase So, expense when you by think for been and about the -- R&D study. operating or PENINSULA last several in four quarters the the quarters, last investment driven three it's X the heavily

to invested study also addition activities we Phase anticipated in in In for manufacturing that, flu. an X

of R&D been have our quarters. these the So, several primary expense last operating for drivers the

to on and obviously, some PENINSULA and some in to of made forward, readouts the go going few quarters, where here as hepatitis next, Phase back important going I B in are prepared I study quarter this study hepatitis the Delta X in an to down the we ongoing ramping Now, the year. variables have four comments data there we're get

where So, a could of big when cash rate. The utilization I well. those be go of swing a cash will But run QX here. our QX factor future. make clarification to depending our for for trajectory you the implications not data, indicative is has that a certainly, in as utilization want be just And OpEx from the to readouts

liability in payment, As a comments, I GSK to to year. was $XXX.X my booked mentioned a prepared million last related

of so So, the averaging million true and in $XXX it's out our cancel close you then cash what have I to and to utilization this think year kind you'll of been really, quarters of quarter, far. been per noise understand that has somewhere each

Hepatitis here data the readouts And will to just the said and to billion really your finish for Phase for position cash depend back $X.X the to hepatitis a before, something forward, just But end coming I those to then phase programs, of not in and Delta on B. through of only answering largely fund we're but also going utilization investments, two good X. with question, cash

Marianne De Backer

And to out, reporting Paul, end B functional your cure siRNA, data treatment. this fourth on related program, you our as of will on alpha, year, quarter of antibody XXXX, minus Sung. you, XX then, XXXX, be interferon question in pointed Thank weeks plus rightly chronic hepatitis our our with we combining

So, have promising seen we some year. this actually have really have and and earlier data announced E-Zone at that we

efficacy as I So, talk bit Phil would have more seen we of a about invite to also little signals additivity. to what and

Phil Pang

you, Thank Marianne.

to going mentioned, I we again. can you important it's new, we Marianne to So, think get say what's here, seen Paul, I about most two talk And wanted liver congresses. great last to at recently just we've what as talk before be to to before the going reiterate

So, and of last XX additive, XXXX Marianne siRNA-XXXX course but AFLB at we noted, that four was that as the saw year, only and duration short weeks. a was

this And so ASLB looking XX what new in data is year going together. we're to for that's fourth the the the of two of these at week quarter of drugs combining be

We're two of alpha. along new data I also going with to from And new, of together be course, with all is looking think that of interferon the be will what drugs at together these addition hepatitis delta.

Sasha Damouni Ellis

you can Operator, question? to the next go

Operator

question next our Partners. Leerink Okay, from Ruiz from Roanna comes

Roanna Ruiz

Hello, Great, everyone. thanks.

the maybe So what SOLSTICE you're Phase the Delta you measures in X and looking first could for? what's virus, specific disclose on question bar that efficacy trial

Marianne De Backer

you more that. will that details Roanna. Thank give ask question, for to on you Phil I some

Phil Pang

Roanna. thank and you Thank Marianne, you,

we their and that when from we showed year, antibody just or do solstice, So virus. in the knock this down animal, in able Eazl with were hepatitis behavior. enhanced last this to the same past an could remember that showed XXXX, additive monoclonal June, trial delta models siRNA this at was XXXX, preclinical virus our Delta And our our RNA actually, they in June, regard last sorry, that FC combined to the also the

together forward So delta the you we're looking hepatitis in at knock of going in this And we're solstice, their terms and if the which of can the now asking happen seeing of that's to also down the fourth what we're two alone, ourselves year. early of at in ability to RNA question, drugs to alone, began add So quarter part XXXX looking spring. the XXXX what's virus? these

bar available injections. is with drug, getting seen a only the is the month. the transformative of and in only requires normalization once XX% only for subcutaneous along ALT, What reduction the having that know, you of drug two-long time As efficacy for daily bar we're delta is is, which and rather approval twice a hepatitis injection an with or currently efficacy hoping maybe RNA

us. I that can So that think be differentiating for very

terms early of and it'll going of in as this to combination, actually monotherapy in data Now from we're the data, a but mentioned, be cohort. I terms small is the what see

want look So actual be we that's able forward to patients? And they see we seeing. what in to are to antivirals

Marianne De Backer

are a us more coming year. few days Yes, next to forward

Roanna Ruiz

a picture. thinking more flu, and Okay, higher virus, you on, be to of Yes, XXXX? those be year? strategic like Delta Could HPV, for company have what to lines? great. all are will I the going us the priorities a like, shift have going about And programs following give them bigger what I sense in we along should guess of quick And And your focus follow-up. some closely you next maybe

Marianne De Backer

Yes, thank question. that you for

by data. and what But clinical intermediate to focus it our mentioned before, the to of As our, on relates be going determined our program, next really near analysis programs. is be are steps further are flu as going really to

really delta, and those chronic chronic hepatitis our top So, priorities. hepatitis B are

will We this into be the clinic next, in program bringing also the HIV quarter.

that as towards fast and can those as So be our really possible programs as data. around focus, our all sure making efficiently allocation we capital will progress

Roanna Ruiz

Got it. Thanks.

Operator

Eric Our Joseph next from JPMorgan. from question comes

Eric Joseph

Thanks Hi. questions. taking Good afternoon. for the

should to whether expect – should we whether one to anticipate, types trial addition alone. we the better of to level see would B fourth guess the numbers, different the patient treatment just of of the I four curious get so on Part might what XXXX you've plus additive from the then March HBV, of well sense And really of in well, also trying Just readouts Thanks. doublet a what PEG, being expect of from quarter, S-antigen across should a update you Yuan sense the and we I'm the guys far or support reported regimens. two XXXX we get clearance from

Phil Pang

All right.

thanks we for was at alpha shown question. showed that to set by XX interferon of stating I what was XXXX would easel. with Eric, easel in able by in response was off six of treatment. of to seroclearance, treatment you end That referred treatment an after level about At was XX% to So, to begin result the patients the around an like on preceded let's XX%. what weeks months as of earlier,

So, response patients plus alpha. on continued had basically XX% with had response of of XX% weeks an treatment treatment off and a interferon then XX XXXX

triplet to What the of on the the we're going be of fourth course XX data the is seeing year doublet. week in treatment from quarter this and

so to have any And with give us we X, be and a gets who seroclearance. did is plus weeks, X, should patients when patient only not XXXX XX, you we what see XX for four looking that seroclearance. XXXX, XX And or XXXX remember for

patients seroclearance, obviously be XX of therefore, will the a prior exceed can with the with patients see goal whether match weeks to of or more XX% we saw the or we and So or number double. not

to The combination that. of course, interferon seeing and X, better X, with other XX, onto X, we do XX, can to X, is, and thing that's how much forward that adding of important look

that XX%, the of XX% keen context we that about clearly tolerability achieve something this tolerability, and than efficacy. for chronic that prepared the is, question a long the If remarks, Paul's low is will heard living something fact Marianne cure alpha that's that to, Now, to be in or patients, rates greater something period appreciate going to in we understand disease issues, given a patients we've think want. given as a with lot back better has if really functional some time, as of about earlier can they alluded but interferon

Marianne De Backer

and relates timing, would our expectations. to I I it right we're on add enrollment just to mean, track as that as Yes, and

Eric Joseph

XX-week XX Would Okay. for be the received that follow-up or or in any follow-up only see patients quarter fourth the to regimen? post-treatment it off-treatment premature

Phil Pang

So, with Eric, are forward the time, information to as D looking to chronic ONs. the that we've along the all hepatitis is from at earlier on-treatment this delta. guided we with, alluded data And XX-week definitely I to marijuana,

think hope to So fourth exciting we sets I those able share be in two be the to going are that wave. the data to

Eric Joseph

thanks Excellent, very much.

Looking forward to it.

Operator

comes Our from next Cowen. Eva from TD Privitera question

Eva Privitera

Hi. in on-treatment the question, for our data of afternoon, Good just the To up off-treatment prior questions. what for combination seroclearance the second of with clearance? or you half, the get taking follow would be and triple rate thanks indicative on excited

Phil Pang

context to so Yes, answer important. I question, think, that again, is

XXXX only only on seroclearance XX of we X% for a saw rate interferon For plus alone, weeks, treatment.

anything you get biological beyond And when So plus XXXX needle. I is XXXX, XXXX impressive. the think principle think that of and would interferon interferon proof there of that if quite XXXX moving is to added I course, without can that also be

higher terms patients. more of are And be meaningful to response then forward. things the excited a be the of in on-treatment not make this or those is of whether difference the rate, important course to to able both think I steps So going we'll

Eva Privitera

you what any anticipate But between delta Is there off-treatment? to between, and would the delta the way know? what on-treatment

Phil Pang

exciting the that one that Eazl at treatment response. we think one of the was was there predictor things I first times off of saw of Well, a

high Now, granted, demonstrated just small have a greater not it levels, that were we but at they of cohort that patients or was seroconverted, XXX antibodies anti-S seroconverted response. to that than the likely cohort off-treatment serocleared, who most XXX, an but patients, in to of ones small patients

studies really in and at response to XX%, what be which seeing level to off-treatment of what studies be the anti-S by our guided like. response going mount it's to going Clearly down that an response see think in we're that certainly what patients metric So to our it data to and look I we'll will they forward looks anti-S that be. looking mount, but went XX% from

Eva Privitera

very you much. thank Great,

Operator

Morgan Our next Mike question Stanley. Ulz comes with from

Mike Ulz

thanks up taking guys, just Maybe on this later follow Hey Part the another for March question. the data year. expected B

weeks will may longer this And term on from could based a interferon of some XX Or A, be some do or where far, be Thanks. terms reason? you And et do for tends a the XX longer enough? reason maybe in Part the better? not. other to you better is what you've so to to go for not think why be Or would be cetera, weeks? then situation there Just PEG have thoughts think seen on studies need of your you

Phil Pang

Great.

a like So Mike. that sounded, I think, question, three-part

So all let sure I me make parts. three get

for XX alpha on is, you response get of better you interferon when if longer do even a based weeks, for course, that reason precedent low the PEG So still being it's XX versus give digits. single even XX biologically historical better versus

So better. historically has longer why that's been

what Of I you by PEG-related alluding more that course, is side interferon that's accumulate Paul was the he think give is the about effects longer earlier for the talked tolerability, alpha, when the patient. which issue to balanced

you're trying where to going because And the two the find to between along hits efficacy those a told, once come where was jokingly road. So rubber really down safety, balance to the is really as efficacy. things, it's I gets, balance in the always, end, with

group. meaningful efficacy talking course most But providers, a exactly really the XX as what will patients we to have to interferon So that I delta, in would think and a with to if a cure, demonstrate talking say the we that because cure that to be week it's would to then we'll of weeks course similar decide that a patients is of can have desirable forward shorter that week would if go therapy. I look we to XX XX allow delta,

Did but question, an the a efficacy and So longer between perspective. a balance not answer safe, that's longer better perspective, ideal being really less from a that your from Mike? safety, is tolerability

Mike Ulz

the PEG, I Shorter might but sense. thoughts work, make doesn't that'll longer then your maybe for make on with sense. PEG And need Yep, guess.

Phil Pang

-- in I me let the that would ways. So say that answer two

Let biological and me from then that answer patient a perspective, from a perspective.

a I depend think patient efficacy From it the what is is. to on perspective, really that going

it's side right therapy, So XX it have going to chance a imagine course you're in some says, at of only all. someone of year-long a you I'm to going give one but effects, and a patient benefiting actually now, you have you

that the in roll to willing circumstance. not I'm say, people die Most

to back a in a of three increase come say, cure I I very with different same of it think story. in to in However, I therapy, that's other combination your I'm these year to, chance one but that or to and could if if patient you going drugs, do give two, one were you

think don't absolute just duration. it's I So about

about think context that in I efficacy the duration. of it's

for As there things the are be necessary. why interferon, might of favor far biological as suggesting need I it think in

for fact B one really modulator been the only approved points has think to achieve to that the which the need an cure, point. way But broadly immune that, it right more is functional an I think hepatitis cure I it is a really interesting remission. now known to is immunologically-induced

to to or interferon an not So, which a one of it we allows domain, that which really aspects may the potential VIR-XXXX, antibody. act that neutralizing if the alpha. allow Fc It as excited about we're it's the about vaccine. believe a it that alternative just act And a a fact as aspect is substitute VIR-XXXX has modified of to therapeutic

what have of on weeks So of coming see what like And course that. QX. We're going out year. weeks still that then to on course jury's look we'll of the XX like next treatment treatment this looks XX

Mike Ulz

Thank you. helpful. That's

Operator

All right.

Our next question Joseph Stringer from & Company. Needham comes from

Joseph Stringer

Two from taking us. for our Thanks questions. Hi.

program, were gives and confidence and HIV timelines the What's approach Phase vaccine about on First this cell initial trials. previously and T different right your X XXXX is what the evaluating you you data? around are what XXXX that

assets, or given And whether external they appetite thoughts current late balance, on BD? in be secondly, What's for Thanks. your external what then early your cash are stage? bringing

Marianne De Backer

Thank you, Joe.

also stages really the take And offers of biotechnology, opportunistic. I'll It are out capabilities our assets or opportunities assets inflection. X phase will us the where that. unique can very we a we and opportunity really to Phase for remain then advantage and fund the with we have position And maybe strong our next that critical of So that within us balance course sheet field our to see first. in pipeline strengthen there question will allow if one start we obviously, of last a

you first Maybe related one. to can your VIR-XXXX. take the that For VIR-XXXX differentiation question Phil versus of

Phil Pang

Marianne. Thanks,

track HIV we this as first our Joseph, with vaccine. on a in are is VIR-XXXX, you So, noted dose QX to which patient quarter prophylactic

culture, of get it replicate understanding means we made we this we least is to really able compared VIR-XXXX, different wait of that, CMV, the tissue we vector, can to about less which attenuated, how for VIR-XXXX to deliberately obviously, terms human think it but on in basic to humans, I wanted was at tissue In because results in based some which need biggest in in that the difference is what's behaves say culture, people.

safety the information virus we the the less based into now on XXXX, VIR-XXXX, take opportunity attenuated with from what We that call to clinic. have

humans. little least replicate believe at and in better, culture, virus, more bit be this a we can in immunogenic able therefore, is So tissue to

So I the think that difference. that's really big

that's there of or key of and course have And minor between made, some XXXX. terms some in deletions insertions is the VIR-XXXX other difference but we differences other

Marianne De Backer

Phil. cash you, if bit Sung, position. maybe, comment little a about And then our could Thank you more

Sung Lee

that, happy Yes, Sung. This Joe. is to do

think I runway. question I a cash our about So there mentioned earlier was

it to support with lot So as earlier, sheet points inflection fund Marianne can in on HIV in $X.X the the X, and development programs next and we X, which current a for obviously should of Phase those of Phase are billion get our said to gives the us certainly all but data it. balance is broadly programs financial flexibility

position So it's be in. a real fortunate to

run GSK that want have do payment second and I be Just large to make again, consider this because have to might that of reiterate quarter our really is, I We information some rate. misunderstood. don't did and think to the we part during a to certainly clarification been

Joseph Stringer

you for taking Thank question. Great. our

Operator

All right.

Our next Patrick Wainwright. Trucchio H.C. question comes from from

Patrick Trucchio

questions HPV on couple the have a Thanks, program. follow-up good I and of afternoon.

just halted demonstrate this So, HPV. specifically the the approval talk is to antigen below in to can six need if treatment wondering for after you sustained HPV, a about a be can bar sufficient the XX% approval, in you regulatory for HB months first, if if of clearance setting of I'm surface or success achieve rate

partial defined regulatory this being a how talk maybe HPV in the is What's And latest demonstrating for around part about bar point you at in some a then, HPV? cure setting the potential for become treatments? the can of and approval if of could it

should the remaining in we the timing for of And how potential INDs? work think then unveiled filing preclinical candidates about separately preclinical with remains today, that pipeline

Marianne De Backer

Excellent. Thank you so Patrick. much,

pipeline. you talking Phil, me bit our can preclinical start perhaps, So a about

Phil Pang

Definitely, Marianne.

that in Patrick, based prophylactic Vir. note question, XXXX, which that, to it which the think really want exciting I terms is the is on a I described. entering actually the the that be quarter. for human clinic immunogenic cytomegalovirus I that time as did third I one say already is going to that, this HIV most and vaccine cytomegalovirus, of to vectors ever it mentioned earlier, So, is to question, is add your been noted an human to has of with last is you

XX% of basically that control use VIR-XXXX, T type in cells known to HIV, that diseases entering and to the can vector, but going diseases Sometimes be lesions T thing caused a of in which XX T papillomavirus. by the an effector mucosal precancerous is we human as as importantly, up of cell therapeutic T important, quite against generates for of vaccine us papillomavirus. human is clinic is in mounted which allows memory another is be other it prevention called the your such believe, it also cell, to And that the cell like a next months,

unique both Vir. are and So those of things for exciting quite

has platform, VIR-XXXX, influenza monoclonal about B. not A, antibody our influenza In activity neuraminidase-targeting talked the franchise terms already we've respiratory of and just but that against the antibody

earlier, quite also metapneumovirus, human current monoclonal on RSV has and quite VIR-XXXX, which activity activity not historical neutralize We against to uniquely shown able VIR-XXXX, and have potent a also that antibody which really but next broad is generation just strains. touched I and COVID-XX

that patient the of the in the have a entering be will can years. make clinic in So things in that set we impact that couple huge broad a future of really will, next we believe

Going is questions HPV, that's I regulatory that this around evolving in backwards then terms of in partial what I area would your an cure, science. think to a, say

the the know, the different. somewhat for you As EU and guidelines U.S. are

right And be that follow. going so we now, something need to to is

not of still ground is present you suppressed unclear whether their but not or HPV who achieve are As sort treatment you could because is a do require people their patients middle is antigen know, service that DNA on. still

fallback a but could is end of achieve defined, that think after as an is, of cure, as to is take, which certainly I you HPV one position surface antigen treatment. said, truly loss the functional you important So the months thing, always six

bar. a With actually regulatory bar regard to XX% the is what I is, don't think

gross obviously would and patients with meaningful is what I always think of that context. comes to a XX% clinically estimate we consider

example, of, a achieve if you cure to going has Patrick? What able regimen, do Versus chance you really other of benefit. functional example, do mean chance it I simple in tolerated but let's by with So is, set balance patients tolerability containing give five that to on to because interferon to concerns well that, course that to a for XX% have were is, benefiting able then say, it a if higher with a I'm more a that for you're I injections had an of would be willing extremely one very of effects rate have to certainly very be I the offering think you. probably hand, the and be side that is well and think that minimal you people tolerated, what willing, regimen the to patients cure would the of would they try. functional importantly, Because were give

XX% think I I more of So ballpark thumb think clinicians will regulatory many is you. over the a give estimate bar. a it's don't

I think of to context thumb really rule a and going it is is matter.

Marianne De Backer

next we potentially expect Phil. you. have XX we Thank months. is preclinical Thank Patrick, discussing to reiterate on just which within for those you, could here And candidates an IND today what the focused

Patrick Trucchio

much. so you Thank

Operator

questions, I De if Backer. are Dr. back right, turn now other over All to the will call Marianne there no

Marianne De Backer

transformational poised a and dynamic the company importantly you, and and what Thank we thrilled thank growth the am vibrant significant trajectory, will impact. progress operator, is I Biotechnology next for to truly into have is attention believe I as today. be Vir build on achieved patient you far. for Vir lead again believe all so your that we most that I for

have the power the our scientific forward. to mission feel we confident passion expertise I internal and that

really appreciate time your in Operator, We today. you. here us Thank end your Vir joining the for all and call. may interest Biotechnology. you you thank So

Operator

This meeting. the concludes

now may You disconnect.

Vir Biotechnology (VIR) 3 Aug 232023 Q2 Earnings call transcript