Vir Biotechnology is strategically sharpening its focus on infectious diseases and oncology while reporting encouraging clinical data from its hepatitis programs and advancing its solid tumor pipeline. The company's third-quarter financial results, released October 31, 2024, coincided with a corporate update outlining key pipeline developments and a strategic realignment.
Hepatitis Programs Show Promise
Data from the Phase 2 SOLSTICE study in chronic hepatitis delta (CHD) is particularly noteworthy. Preliminary results presented at the European Study of the Liver (EASL) Meeting in June 2024 demonstrated the potential for transformative treatment using tobevibart (VIR-3434) as a monotherapy and in combination with elebsiran (VIR-2218). The combination achieved high rates of virologic response and ALT normalization after 12 and 24 weeks of treatment, with no treatment-related serious adverse events observed.
The U.S. FDA has granted Fast Track Designation to the combination of tobevibart and elebsiran. "Given the robust rates of virologic suppression observed with the combination, the Company is diligently working to advance this regimen into a pivotal development program as quickly as possible to address the urgent needs of these patients," the company stated in its release.
Further data from the Phase 2 SOLSTICE trial, including 24-week clinical data for both study cohorts (approximately 60 patients) and extended data beyond 24 weeks, will be presented at the American Association for the Study of Liver Diseases (AASLD) "The Liver Meeting" in November 2024. One cohort is assessing the combination of tobevibart and elebsiran administered every four weeks, while a second cohort evaluates tobevibart monotherapy administered every two weeks.
In chronic hepatitis B (CHB), Vir plans to share end-of-treatment data from the Phase 2 MARCH Part B trial as a Late Breaking presentation at the AASLD meeting in November 2024. The MARCH-B trial is evaluating the safety, tolerability, and antiviral activity of tobevibart and elebsiran plus peginterferon alfa-2a in approximately 30 participants, and approximately 50 participants treated with the doublet combination of tobevibart and elebsiran. Further data assessing a potential functional cure is planned for the second quarter of 2025.
Expanding into Solid Tumors with T-Cell Engagers
Vir is also making strides in oncology. Following the closing of an exclusive worldwide licensing agreement with Sanofi for three clinical-stage dual-masked T-cell engagers, the company is poised to share initial clinical data in the first quarter of 2025.
VIR-5818, a dual-masked HER2-targeted T-cell engager, is in a Phase 1 basket study as a monotherapy and in combination with pembrolizumab across multiple tumor types, including metastatic breast cancer and metastatic colorectal cancer. VIR-5500, a dual-masked PSMA-directed T-cell engager, is in a Phase 1 dose escalation study for metastatic castration-resistant prostate cancer. VIR-5525, a dual-masked EGFR-targeted T-cell engager, has a cleared Investigational New Drug Application (IND) and is slated for a Phase 1 basket study in early 2025 across solid tumor indications, potentially including metastatic head and neck squamous cell carcinoma, metastatic adenocarcinoma, squamous non-small cell lung cancer, and metastatic colorectal cancer.
Strategic Realignment and Financial Update
Vir Biotechnology is undergoing a strategic shift, phasing out clinical programs in influenza, COVID-19, and its T-cell based viral vector platform. The company is seeking partners to advance these programs. A workforce reduction of approximately 25% has also been announced.
As of September 30, 2024, Vir had approximately $1.19 billion in cash, cash equivalents, and investments. Third-quarter R&D expenses were $195.2 million, including $8.9 million of non-cash stock-based compensation expense. The increase was primarily driven by $102.8 million of the Sanofi upfront payment being recognized as in-process research and development expense.
Looking ahead, Vir will host a virtual investor event in November 2024 to provide detailed updates on its hepatitis programs, followed by another event in the first quarter of 2025 to share initial clinical data for its masked T-cell engager programs.
