VIR - Earnings call transcript Q2 2024 | Vir Biotechnology, Inc.

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Operator

Hello. Welcome to Vir Biotechnology second quarter 2024 financial results and business update call.

As a reminder, this conference call is being recorded. [Operator Instructions] I would now like to turn the call over to Richard Lepke, Senior Director of Investor Relations.

You may begin, Mr. Lepke.

Richard Lepke

hello, Relations am at and Director Lepke, operator, Investor of Vir you, everyone. Richard I Senior Thank Biotechnology.

Chief Dr. Joining Dr. me Officer; Towne, and Officer; Accounting our Chief Marianne are Dr. our Jennifer Officer. De Backer, Brent Eisner, on our Chief Medical the our Scientific Officer; cal Chief Mark Sabatini, Executive

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

Marianne De Backer

for everyone, transform us thank lives. you system mission joining the afternoon, Good our today. At to is powering and Vir, immune

call, our that significant discuss will critical milestones vision. mark on During X earnings journey today's this we realize to announcements

hepatitis and potential landscape to well treatment scientific our from in Before data revolutionize the interest medical chronic some announcements, hepatitis second EASL with preliminary tobevibart we delta. people dive underscore as at which Phase let from generated both SOLSTICE the elebsiran living into for of significant delta community. These data highlight combination key quarter. promising achievements these me quickly therapy as X We Congress, presented the the the

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we focused Part X data IND medical end FDA and the advancing B designation and chronic on anticipate parallel, the major received our remain quarter. we for Phase the reporting MARCH this from recently congress at hepatitis of Track cure B functional treatment combination immediately for XX-week in therapy. In program also Fast fourth study We clearance

X focus that the to turn main significant me today's be call. let the will announcements Now of

to the excited license exclusive protease-cleavable platform I'm which of will diseases. and for agreement masked engagers exclusive has review infectious into for an First, oncology HSR entered PRO-XTEN subject X clearance, use is signs that expect and clinical with T-cell masking This the about of take and worldwide announce stage from we XX signing. Sanofi to Vir days agreement

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XX the months. Looking next X have near-term ahead, catalysts key in assets multiple these to expected

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Jennifer Towne

and Marianne, everyone. you, Thank hello,

XTEN the can of see modalities. technology technology to that be you PRO-XTEN applied therapeutic universally protease-releasable slide, various features. on protein PRO-XTEN mask can has As X The consists key the a

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to primate the the therapeutics T-cell in for index of compared masked on dose studies, HERX T-cell lethal engager the of a In to X.X showcases than milligrams represents X.X just milligrams improvement highlighting T-cell at per tolerated the due per kilogram in associated dose HERX nonhuman conventional syndrome kilogram kilogram, molecule. was safety index. Notably, the challenges box achieved. XX right release with improvement the unmasked the significant HERX XXX-fold greater This Finally, engager was a milligrams unmasked maximum the per cytokine therapeutic engagers.

and I'd As integrating and anticipate synergistic the PRO-XTEN we expertise together. from highlight team capabilities Vir, the and the platform this that Sanofi like brings the masking to talented deal

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to has This masking and hand believe We positioned engagers transformative like cytokines. providing pipeline. to validated expertise, combined powerful in generation apart the use a presentation masked develop technology the our that the are Finally, clinical with of a will T-cell position our development next immunotherapies. With of of leader studies, platform the and to our combination human strengthen foundation set its strong for in as we properties I'd the Vir over Mark. that, been a unique and uniquely in

Mark Eisner

Jen, and you, everyone. plans I'll and provide now Thank of an overview hello, these our programs for development. clinical

address assets This agreement address and dual-masked engager. oncology. third-line licensing treatment including outset of indications, us to colorectal second cell robust cancer. XXXX and cancer, to clinically HERX provide and T-cell the third-line the or This with metastatic T-cell CDX is third-line breast line XXXX CDX dual-masked initial metastatic in initial different tumors closing, metastatic engager. HERX-positive PSMA carcinoma. the limited would has CDX in with cancers castration-resistant lung EGFR-expressing cancer or significant initially non-small later with the engager. include multiple T-cell metastatic is Following to poor cancer later This T-cell neck HERX-expressing metastatic cancer, and third-line unmet later potential potential indications, asset head second asset to third the including or with being a developed for colorectal a HERX-positive and needs treatment is a prostate outcomes. of EGFR second is each options HERX, PSMA targeting third-line metastatic assets antigen has disease to dual-masked a antigens portfolio dual-masked EGFR. XXXX a engagers These validated targeting X

targets lines goal earlier that to indications to the known HERX, of and against as our existing ultimately it's variety assets, targets up data time demonstrated to tumors therapy all important benefit. over of clinical refer are for move note these to important and is a to we specific these EGFR support. PSMA lines have initial While solid therapies and in be

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Now deeper the HERX let's into engager. dive CDX T-cell XXXX, dual-masked

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focus experienced Now across therapy. cancer large Metastatic engager. of approximately dual-masked available treatments, let's patients of disease recurrence only shift prostate currently castration-resistant with metastatic need for years. Furthermore, within to represents prostate after X burden non-metastatic is patients therapies. drive T-cell on effective significant cancer XX% XXXX, to number in XXXX Despite cancer patients the a lines technology, a more with years believe a metastatic differentiated castration-resistant PSMA-directed prostate cells of XX% our PSMA, diagnosis, cancer of highly prostate the responses are By targets TME. highlighting a PRO-XTEN-masking expressed alive XXXX intratumor the antigen with a highly We T-cell-mediated that leveraging X asset.

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for clearance. attention disease with significant diagnosed of EGFR-expressing burden of to solid wide T-cell our tumors expressed dual-masked a a a year. newly across engager it number Now XXXX, broadly EGFR is therapy. represent CDX attractive tumor an let's with patients types, EGFR cancer large range target making a turn metastatic IND each

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transformative poses minimize therapeutics a Importantly, to a off-tumor challenge approaches. The be employed can advantage must significant a technology potential tissues safety shortened clearance toxicity that potentially suggest clinically that The over outside profile of EGFR it rapid EGFR-targeted enhances achieved critical expression XXXX its half-life in viable. XXXX dual-masking through healthy offer conventional in the tumor forward cancer. With microenvironment and masking the be with and a could develop from to that, I option significant the that patients. To presentation of will, in clinical step represent the innovative for living our a like over needs to Brent. hand closing, address unmet mission the treatment conclude, these would people PRO-XTEN licensed therapies to platform following Sanofi assets

Brent Sabatini

priorities. it of you, and our transaction to how now aligns Thank aspects strategic Mark. discuss with the I financial like this would

rights Following closing, dual-masked to exclusive with our clinical-stage Sanofi X agreement T-cell license us provide will with engagers.

protease-cleavable Vir's In addition development signing, XX and for Vir tiered assets, decision-making have from on platform and benefit over to royalties these Sanofi's expect days These rights, which us agreement will for infectious are these to net use and for net sales. exchange we worldwide to clearance, assets. In and well these to as exclusive the from allow these Sanofi sales-based responsible related will be will of all successful future advancement diseases. After regulatory commercial oncology will be HSR development, structured eligible for payments assets. milestone take provide about activities also deal with Sanofi of commercialization authority masking and payments as sole clinical-stage commercialization

million make a we milestone an is as $XXX subject As which part million closing, payment agreement, million, of near-term escrow upfront at near-term payment as $XX the totaling in first-in-human of dosing of achieving well XXXX payments. $XXX will to

opportunities can believe our potential assets the to our resources workforce pipeline, ensure maximize on efforts steps allocating and highest prioritize taking our portfolio that creation. are the integrating our the for our restructure we also are programs, value our patient anticipate key R&D to impact. By newly we As we licensed we with to concentrating we into

have R&D of T-cell-based assets. to part As continue stop will we we to influenza, viral the decision these Where and vector prioritization, appropriate, partners seek COVID-XX the this our of in development made programs strategic platform.

closing implementing employees. the post a key also are of reduction approximately Sanofi. that result a This We excludes of or employees approximately XXX XX% restructuring from workforce will reduction XX in approximately onboarding

XXX of fully to end close result in XXXX in reduction expect expected restructuring million in reduction our with XXXX. will our a XXX begin be XXXX. We this approximately to annually, employees workforce first of We structure around $XX versus to employees, to savings with of estimate by cost peak the realized the quarter

operations now associated remain maintaining in In cost position. Combined reductions by million $XX cost-saving of phase-out estimated structure were XXXX. announced Missouri, for initiatives on the cost for some XXXX. the charges the reduced facility closing related XXXX XXXX XXXX. SG&A million our of decrease through our related asset was hepatitis have primarily the ended was with million $X.XX committed takes million costs approximately in for impairment billion implemented costs in to XXXX. and driven R&D with the lower a measures briefly now and during in touch programs billion previously XX, was same associated lower development XXXX, of key implemented licensing in manufacturing costs agreement expenses the of for expenses second Vir the of to XXXX. cost-savings related XXXX. financial by compared the related while peak, the We for same XXXX XXXX, the in XXXX equivalents the $XX second to second XXXX. We XXXX which at successfully on streamlined $XX.X the cash, we us clinical Restructuring, quarter of savings with XXXX, addition, guidance cash we were announced our account quarter-over-quarter. I'll and lower $X.X annual compared of workforce The late $X.XX long-lived year efforts from compared now $XXX.X end quarter the $XX as of financial investments resilience, summarize to $XXX.X XXXX, The GAAP December period expenses anticipate to and move quarter and costs financial increase personnel These decline the related to the revised cost-savings million second quarter same primarily be second our strategic were to our to financial to enhanced anticipated initiatives additional representing half Louis, for positioning second into we an our to from $XXX will in to highlights The the to million therefore cost period restructuring impact $XX.X forward. I'll million identifying programs range operating total million. impairment resources strong charges allow $XXX end for of and full the primarily programs. St. restructuring. the with first of decrease allocate million quarter more $XX.X to our core for our of we million period of quarter compared million of expect XXXX manufacturing

half million GAAP and to prior guidance to compared XXXX at the guidance restructuring be range revised guidance expense reflects $XXX to Our to half decline year-over-year resulting XXXX. The associated expense cash expenses commitment expenses cash cash reduction in noncash the our operating of utilization From $XXX the our of agreement. a a with range, discipline. When includes operating perspective, represents million, our the expected excluding and XX% from first anticipated the stock-based of financial compensation $XX demonstrates expense license second million a is and similar which the to midpoint.

and of impact million previously However, to mentioned at the the payment $XX upfront payment. closing they Sanofi escrow $XXX million due exclude the

We quarter earnings on during guidance will release. XXXX press any associated our our incorporate impact third

confident execute As priorities value our in remain for we long-term Marianne back we our will turn the and our call over move I forward, strategic to closing that, now to ability create remarks. on shareholders. With for

Marianne De Backer

you, Thank Brent.

previously, and utilize integrated assets. clinical-stage company to we a our we As have position goal to shared invest sustainable, attractive is have complementary to in strong our commercial fully committed become cash

diseases. capabilities committed aperture our to We our leverage to scientific and broaden have our platform antibody infectious our proprietary beyond expertise,

our increase agreement investment we sharpen strategic as more build commitments. delivered close on make and the where license to our have on focus can greatest value discipline the restructuring, we we of committed creation. Starting have with of successfully on organization have these and all patients to our fit-for-purpose committed Sanofi with will financial impact areas a the We coupled and

Looking with ahead, development positioned of value will accelerate to well we set near-term be a creation. focused priorities

programs include development the Our hepatitis and delta, newly in licensed engagers. hepatitis promising T-cell priorities B

well forward looking on stage R&D with our during sharing are as late these our November. programs programs to you in We Day as earlier more

we the future, value-driving anticipated about months. the the to As we look X multiple our pipeline catalysts XX are excited in across next to

of stakeholders. Thank for powering team our lives. mission vision deliver positioned all clear our on journey new of system share T-cell the for XXXX Q&A We our create from and look expect as pipeline Rich a of licensed value newly subject well progress. And chapter in the to immune B to marks and talented as highlight conclusion, pivotal the and potential year turn your value. In long-term our this to to to deliver strengthened transform future, and report hepatitis in progress moment call the to Vir back today support we later well keeping embark for that, the to you interest I'll pipeline, course our of a engagers program additional near-term Vir. a clinical With are our updates during hepatitis you We your we a and XXXX. on on our These our as data delta the on closing for milestones forward our meaningful begin updated session. continued with to the

Richard Lepke

Thank Marianne. you,

so our analysts. We of you, person to over start per covering X I'll will the turn to get session. we it all limit Please operator. to Q&A now questions

Operator

question first Cowen. from Our Instructions] TD [Operator comes Phil with Nadeau

Philip Nadeau

or second, market then Nonetheless, forward? of interesting. refractory from patients? question. And Congratulations the XXXX all on kind in targeting are the to they are and Or other are more XXXX, the move TCEs being first are the can you'll agents, deal. the ongoing populations in get Two give PSMA-specific first, PSMA, guess, very, year, comer continue some This very investment us data you which That's new phases patient -- sounds already on X and obviously of enrolled being HER there EGFR. of in trials? on us framework those that dose we'll patients and unselected those the molecules. broadly, which all are escalation for in the evaluate I now idea next HER development in by

what work agents So -- these of hope that some you enough there the Do which broadly, best-in-class, what to or in you expect to be see? don't? competitive other do you want to populations simply do see

Marianne De Backer

question. Phil. you, Appreciate Thank the

So Mark, address first question. CMO, to maybe ask I'll your our

Mark Eisner

appreciate I And Sure. the question.

a it's good think I really one.

enrolling both and we of you In XXXX that as heavily HERX-positive HERX-high types both and pretreated. XXXX, XXXX, HERX-low being For patients case enrolled. the are and are tumor said, are,

be that program, that's specific for PSMA PSMA at. but requirement not will the there's something For a certainly looked positivity,

the efficacy we In safety can your assets about how can achieve the will achieve. than hypothesis evaluated, of for both question with index the test dose therapeutic Phase better framework a escalation to studies be superior the allow TCEs that and terms X unmasked

point. So that's one

cohorts it second in therapy. expansion allows in the and diseases, combination that both The for potential different point monotherapy in is

we'll So are promising tumor data combinations determine evolve, the as able what monotherapy. to versus the most be types

is In subsequent But very to that's in cancer. monotherapy, terms hurdles on the variety get I'll the with allow bars, will call. program of end types I I have prostate in you interrogation case tumor designed way the or specific of back would PSMA a currently to a what saying that think of very is intensive in therapy of a combination and something

Marianne De Backer

add for each would that areas in these I obviously either incredibly today. is discussed, approved of Phil, the no X still thing areas the high there cancers medical I is is TCEs cancers. And only there, as we PSMA and are need in The of Yes. discussing we unmet mean,

Operator

from comes Ruiz Leerink. question next Roanna with Our

Nikola Gasic

Gasic Nik X? the are curious guess competitive HDV. for And of across I on about? from Sanofi. which excited positioning X This thoughts on your is you Roanna. most on I engager T-cell the are on programs what deal I'm the Maybe the new first us with have a follow-up

Marianne De Backer

you ask I'll Thank then to in. also that Mark start Yes. question. for and chime

of for need, for a biologically think lot medical that these targets HERX, very to activity the obviously I talked then you low landscape that with for on rate between mortality high are XX% cancers. look survival again there's and and today, cancers. really diagnosed we after of high been targets, a a if going people and about years survival has X% diagnosed of only Just PSMA even only a those and prostate HERX X-year PSMA -- X-year EGFR, on with though being Again, well-validated still alive patients unmet again, very EGFR-related X reiterate there's at XX% being cancer

development There So mortality or effects currently in still the incredibly approved. And any unmet high of approved, of being despite engagers are -- you these patients. challenging are each that for lot for PSMA, is need be high. no a are being despite everything especially side again, other modalities targets might with T-cell and approved for this faced that HERX,

do for So Mark, that's remains the differentiating impact an need you to therapeutic the of opportunity really agents these each drive -- unmet really and patients. think potentially each we in for to add? want

Mark Eisner

Marianne. Thanks, Sure.

validated would is I add targets. what clinically are these So that all

furthest efficacy TCE. and with getting data tumor achieve and phases the excited X The proof-of-concept program there's within of safety preliminary multiple different development. think first these is so I So clinic all to opportunity clinical of And we're in HERX we're about in be are an [indiscernible] patients them. efficacy, along very types. in They to

acceptable program to we're dose the early well. is also ] X asset next able a in more And before year in types QX in opportunity. think tumor is. For marker really PSMA that And because masking escalate here, [ other a universal which I as we're multiple is I Phase of the XXXX masking, the is expressed the program. then the therapeutic PSMA, HERX a powerful EGFR leverage widely competitors There's the index safety, Phase is in offers said in or order the is of Phase with treat to the add this program approach, we exciting have high-reward another a multiple Jannex molecule can go that which aspect think the of but would is proof-point EGFR-positive. And to clinic the thing to where potential actually that X. a this cancers because achieve are to I quickly is EGFR, looking impactful such for X there's X, as high-risk, that potential in to

Nikola Gasic

recent EASL? HDV. data outlook on a been FDA is question Curious latest at your second your pathway just HDV maybe with curious Maybe approval accelerated on interactions how it. the And the Got after here? potentially has going what

Mark Eisner

Yes.

So a good question.

from clinical think that we speaks Track which the unmet announced designation So I data. high already the compelling and Fast FDA, we to have need very the medical

this We as therapy clinical QX to accelerated program. are talk are pursuing and about engagement development we other FDA pathways pursuing the breakthrough such designation with starting an quarter, registrational

excited fit quickly into very we're the to So program. We're about moving Delta studies. registrational

Operator

from Our comes Sachs. next with Paul question Choi Goldman

Kyuwon Choi

volunteers to the the your depending congratulations question, And for comment with to time? on safety Or escalation deal. just the profile? And the been guess, of is, any in-licensed either let release syndrome additional and share the regard also you in trials my Mark for next evidence you hallmark clinic would on the more Sanofi, you you can I here, the dose and prosecuting to T-cell in safety can one over think clinical of second other class can same regard will my data? issues healthy insights anything particularly ability have avoid pursue just or profile then My other, offer from the ability share regard as question, probably, first you dose the you with the the your Jennifer prioritize any escalation drugs cytokine Mark to for on can maybe -- me company's that the studies, a multiple of with you that that -- that at some after of is engagers with about stage suggest with

Marianne De Backer

Go ahead, Mark.

Mark Eisner

for the questions. Paul, Thanks, Sure.

form that immune cells. as and the where mention data, molecules described microenvironment safety tumor the the activated preclinical the of to fact shows in in Jen first XX,XXX-fold tumor in opposed terms that In would I thing reduction with is data the the synopsis a are in detail that potency there's masked the the state

had valuable on but today, able diligence not prosecuting safety confidence see us the to the that. very look preliminary some at be during deal. gained have to into to -- able data. It's gave to data, We're that that insights can comment that I the opportunity clinical We say the move to on valuable including been we

clinical terms trials, the it's stage that. next In of questions great about

as Phase employees, patients, the KOLs other in terms scale, to We'll and multiple can experience Delta. at with data. think synergies we trial influenza on of see terms prevention, including think And prioritize we has what those between the regulatory that demonstrated clinical provide of we'll a development of simultaneously. lot we these bringing be X,XXX evolve. have and and run Vir trials deep infrastructure I the or their of operations, trials with Sanofi -- most compelling relationships able the the feel and in-depth and our that prosecute that the assets I sites. I That so course, can simultaneously I In studies programs data knowledge and multiple their we'll clinical large data confident potential follow in capabilities, we II of

Operator

Joseph JPMorgan. question Eric comes from next with Our

Eric Joseph

X X or just Maybe XXXX. on

thought As safety pembrolizumab. any Maybe of to stage any PD-X can it far? so that combination you contemplates on with shed the at might light is biological that rationale HPD-X potentiators combination behind designed, T-cell a the the of Is and visibility engagers some are this combination. the on you have trial be that --

Jennifer Towne

Hi, start with this that. is Jen. I can

hand So to maybe of along then the the I'll over it start Mark ideas and safety.

the tumor-associated that you T-cell that synapse the CDX can the and through of the So tumor an to requires be I T-cells the the allows This and cells. is with both directly T-cells requires what informs T-cells fundamentally, have the tumor think engager kill the arm. there immune This activation activated. a targeting antigen

a a T-cell a on which And have synergy PD-X, removes where I to so brake you really there's active. allows be something them think and like with real

So use engager. checkpoint T-cell that's fundamental concept behind really a of a the with inhibitor

Mark Eisner

Yes.

including providing to to terms safety of prior I'll had comment data just is but preliminary my the we'll not have really efficacy at data. to combination And and we is this pembro, found statement, in point, with a we escalation this this clinical which data, information We're opportunity valuable. safety In on refer as see in information of preliminary dose interaction. the subsequent detail that able be really

Operator

with question Morgan Stanley. comes Ulz from Mike Our next

Michael Ulz

or PRO-XTEN sense that this give platform, could any with monoclonal have masking interested us leverage that your be next-generation where a Maybe Can you your particular mentioned own you just the it be now platform. think just you antibody masked potential go initially antibodies now targets in? you you to maybe might you with might

Marianne De Backer

want you take that? to Jen,

Jennifer Towne

thank the you Yes. for question. No,

do built I synergies are off there they So that are the is fundamentally are think yes, real of engagers and antibodies. T-cell what the

the so are And the which SVs, antibody. single-chain binding of these portion

So next our antibody discovery of T-cell does to developing engine power really stage engagers. complementary the provide quite and synergistic

there tumor-associated they developing. by the number which for on and you as ones antigens. fide And being really molecules bona proof-of-concept frankly, focused X -- there's a of for biological one that first see in could others that consider think have these is I can

potential I broader think do that's start. I will really it think broad where and facility. has platform the

its time half-life. first extend molecule which was just with this The XTEN really was an used to ALTUVIIIO, used

that shown T-cell been and it's but it can engagers, be biologics, also that, not as other to from cytokines applied think I only antibodies well. to probably including

an and of broad that really [indiscernible] So I a I think potential have there. there those but this, proof-of-concept on is think focusing first biological from

Marianne De Backer

preclinically think been that side, presented has market I And showing, happened the engagers would with side tremendously the was antibody actually in engineering modality, on and on think, considerable components can Jen only the convincingly is is have on I very this using what as think the I vitro what the contribute also, think thing itself, encouraging also amount therapeutic and Jen data, Mike, is as in given you that side, T-cell preclinical Jen both add saying, drug mean, said, the we course, I seen Yes. it, our is works. on of there's then the these vivo about a of if expertise. that derisking has there's a month. And on that which linker cleavable that mask the I T-cell you this engagement very

lot really think done for it a been platform. unique there's I of the going derisking And So relates we I has really on a to then targets, think add as can that capability. new

Operator

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

Joseph Stringer

platform You broad of and the mentioned the in-licensed potential assets. the

you other devote that HDV any the the considered? affect additional were provide if HBV were the then corporate lastly, the therapeutic intentional, behind And some to resources or and of with lines assets there of that in-licensing -- any programs? other into and update for curious move color areas the you the can here, Just could oncology the does that update does time decision or

Marianne De Backer

that for Thank Yes. you Joe. question,

mean, update, for this impact transaction the execution hepatitis on time also and clinical our for and focus the no strategic delta lines is will hepatitis a corporate our the B on I So programs of be engagers. really studies. that absolutely newly then after hepatitis T-cell priority closing licensed

we earlier about Now coming to your the question came how about decision.

cash or of during be the really clinical-stage and expertise. assets want that the build would the on using And to the think, for we Brent our asset at year, would was course we said existing looking strategic second about bringing opportunities billion be for thoughtful last our balance, a as and in end look of, we that mentioned, potentially really strongly quarter. which, $X.XX have how So would be I that we

there would where opportunities strong be really So synergy.

talked really lot this it. very the clinical start, addresses opportunity a we a a a the assets, the mold. came of would high that very, behind but fit very value reasons. opportunities the We the and away really the did for Obviously, would convinced we believe So fit and the unique due it. obviously, lot platform I say signs about is that unmet at have very we rigorous different looked of very of And that we about of need. But value diligence also

all. in derisked. to said, show data actually that linkers, the in some we the is, targets the preclinical this The X clinical on masking and have cleavable targets, biological extent, the As strong we assets and to vitro are vivo again, derisked very

highly And capability and deep and development we have also has for the finally, very, number here B this clinical our and in-house, then our and of antibody immunology proven to strong be discussed value much. and deal that clinical our expertise, expertise, trials haven't addition, talked as So synergistic, brings organization -- with T-cell in very a that we on instruction near-term catalysts operating again, which in we points that about expertise every company.

able data Within the really we be on these will next X stage see T-cell XX to to months, clinical engagers.

very taken So at Vir. that's a moment us all together, and very, excited here for great

Operator

today from -- comes America. Alec with Our final next for our call Bank of call Stranahan

Alec Stranahan

us. from Two

First, assets. TCE the just on new

positioning itself? the got mask using arms due it that a on I've then the a the to more the versus the and structure Just both of unique GenX Anything bit understand competitive in mask design us trying CytomX? a you Or of terms a to point more. versus, the you're the or that the to could fact anti-CDX antitumor is actual of follow-up. mask say, And

Marianne De Backer

that? take want you do to Jen,

Jennifer Towne

Yes, sure, happy to.

think uniqueness actually really, So that the I platform. attributes of combination is the for in this

a spoke so this, level. about at high And was it but I fairly

So more. me little let elaborate bit a

there's think I is upon. One So One some hit dual-masking. the components. you major

real be CDX arms the tumor-associated safety as advantage So well to I both of provides a there antigen and as the think arm can masking both issues. cause

masking both eliminate has the so potential issues. them of best to those really And

universal a design Importantly, it's this and different mask. is a also

like that can that's with it used be multiple comes the where concept plug-and-play same and mask therapeutics. different this So across

but engagers clinic. both allows all preclinically, close in is for of or are same also X on essentially, execution rapid And T-cell mask the this the the clinic. So in that the to rapid execution,

so this lack path itself but other is as other does has been dose of the I also I derisk then for we've itself and on applicability quicker think approved potentially this does escalation therapeutics protein product make like broader antibodies. concept Mark for the derisked. other hit that of been cytokines the there component exciting or engagers, masks, used, like because is T-cell molecules And additional As also only finally, for mask. is mask the highlighted, its this for has providing immunogenicity. And an potentially a PSMA ALTUVIIIO which also towards around mean, mask not think well that I quite safety as

Marianne De Backer

add there's would landscape a no HERX, other development. in T-cell I masked competitive engagers just that Alec, perspective, for from

X. in For are there's PSMA, and mask for TCE development one EGFR, there

the a broader lot we the So have for really toxicity here, landscape TCEs, as really a through patients, difference is shortcomings of that these really and we context profiles masked opportunity I where have and to of lot competitive an and the of TCEs not in drive things mean, intense. discussed, challenging here

Joseph Stringer

quick one are That's one, the there just think finer Or the applications maybe be indications for, development? most Okay. say, targets through cytokines? a in on could mostly clear. for immunology. or half-life putting And Would any be apt point avenues then you initial this extension

Jennifer Towne

Yes.

So the half-life, there actually, think X we are can't attributes. extend I but

that does action. of purely that the the engagers is So to used get fixed allows them is the extend used it mask the The half-life. site mask way is the for ALTUVIIIO the way on half-life T-cell and is to in

then T-cells, them right an It very the are longer provides circulates, have that allows that which profile. But which they However, very activates they're short has safety molecule half-life then and with because active benefit. then that have cleaved, it microenvironment target once to short they a list and half-life, antigen. act there a added their then once a in activation tumor

to they cytokine, very being the type a often [indiscernible] cells. then incredibly beneficial have that be of can and same associated at only it it activating activated be potent to short all half-life having know want an and cells, we these applied where cytokines site high for because thing were activated that You attribute envision be the having toxicity immune you

have they greater short toxicity. going or to too of you half-life have while long half-life, So a you're have them want to don't a

I Thank those the true. you are think So both for question.

Operator

want Q&A for the call. I'll Thank over the Marianne. concludes to and turn to... Marianne, participating call session This back you of you the

Marianne De Backer

Thank interest everyone, earnings apologies. our closed call will everyone, we Thanks, you, you. that today your in -- put for Thank listening call. yes, and to for

Vir Biotechnology (VIR) 1 Aug 242024 Q2 Earnings call transcript