$VIR

Vir Biotechnology, Inc.

CIK:0001706431|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 238,946	$ 1,214	$ 238,917	$ 4,246
Operating expenses:
Cost of revenue	0	11	0	11
Research and development	135,283	97,509	244,205	216,154
Selling, general and administrative	30,196	22,283	53,535	46,227
Restructuring, long-lived assets impairment and related charges, net	0	(172)	0	(182)
Total operating expenses	165,479	119,631	297,740	262,210
Income (loss) from operations	73,467	(118,417)	(58,823)	(257,964)
Other income:
Change in fair value of equity investments	(1,723)	(3,382)	(1,893)	3,000
Interest income	8,966	10,785	16,155	23,073
Other (expense) income, net	(451)	226	(705)	154
Total other income	6,792	7,629	13,557	26,227
Income (loss) before provision for income taxes	80,259	(110,788)	(45,266)	(231,737)
Provision for income taxes	(179)	(170)	(349)	(186)
Net income (loss)	$ 80,080	$ (110,958)	$ (45,615)	$ (231,923)
Net income (loss) per share, basic (in USD per share)	$ 0.48	$ (0.80)	$ (0.29)	$ (1.68)
Net income (loss) per share, diluted (in USD per share)	$ 0.47	$ (0.80)	$ (0.29)	$ (1.68)
Weighted-average shares outstanding, basic (in shares)	167,719,015	138,447,469	157,613,578	137,960,888
Weighted-average shares outstanding, diluted (in shares)	168,879,127	138,447,469	157,613,578	137,960,888
License and collaboration revenue
Revenues:
Total revenues	$ 238,935	$ (495)	$ 238,894	$ (565)
Grant revenue
Revenues:
Total revenues	11	183	23	1,421
Other revenue
Revenues:
Total revenues	$ 0	$ 1,526	$ 0	$ 3,390

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (45,615)	$ (231,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,613	5,784
Amortization of premiums on investments, net	716	6,610
Noncash lease expense	2,707	2,358
Change in fair value of equity investments	1,893	(3,000)
Change in estimated fair value of contingent consideration	240	11,010
Payment of contingent consideration in excess of acquisition date fair value	0	(17,140)
Stock-based compensation	24,478	26,510
Non-cash restructuring, long-lived assets impairment and related charges	0	399
Other non-cash items, net	123	59
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	6,059	5,937
Other assets	53	(1,132)
Accounts payable	8,083	7,444
Accrued liabilities and other liabilities	(8,831)	(7,998)
Operating lease liabilities	(4,579)	(3,253)
Net cash used in operating activities	(9,060)	(198,335)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment	0	326
Purchases of long-lived assets	(422)	(4,167)
Purchases of investments	(510,473)	(366,065)
Maturities and sales of investments	325,588	553,180
Net cash (used in) provided by investing activities	(185,307)	183,274
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	1,614	1,247
Proceeds from issuance of common stock under ESPP	1,356	1,757
Other financing activities	0	(360)
Net cash provided by financing activities	240,899	2,644
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	46,532	(12,417)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	241,070	318,695
Cash, cash equivalents and restricted cash and cash equivalents at end of period	287,602	306,278
NONCASH INVESTING AND FINANCING ACTIVITIES:
Obtaining a right-of-use asset in exchange for a lease liability	0	7,591
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS TO THE CONDENSED CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	278,729	211,104
Restricted cash and cash equivalents, current	1,929	88,218
Restricted cash and cash equivalents, noncurrent	6,944	6,956
Total cash, cash equivalents and restricted cash and cash equivalents	287,602	306,278
Public Offering
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	162,205	0
Astellas
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	$ 75,724	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 278,729	$ 232,185
Short-term investments	249,864	228,753
Restricted cash and cash equivalents, current	1,929	1,922
Equity investments	4,133	6,077
Prepaid expenses and other current assets	39,084	45,143
Total current assets	573,739	514,080
Intangible assets, net	7,702	7,850
Goodwill	16,937	16,937
Property and equipment, net	50,430	55,620
Operating right-of-use assets	59,391	62,099
Restricted cash and cash equivalents, noncurrent	6,944	6,963
Long-term investments	475,016	314,575
Other assets	24,647	24,699
TOTAL ASSETS	1,214,806	1,002,823
CURRENT LIABILITIES:
Accounts payable	17,754	9,803
Accrued and other liabilities	77,207	83,012
Total current liabilities	94,961	92,815
Operating lease liabilities, noncurrent	84,137	89,054
Contingent consideration obligation, noncurrent	34,340	34,100
Other long-term liabilities	18,875	21,578
TOTAL LIABILITIES	232,313	237,547
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 169,185,671 and 139,474,954 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	17	14
Additional paid-in capital	2,230,464	1,965,090
Accumulated other comprehensive loss	(4,602)	(2,057)
Accumulated deficit	(1,243,386)	(1,197,771)
TOTAL STOCKHOLDERS’ EQUITY	982,493	765,276
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,214,806	$ 1,002,823