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- **Hepatitis Delta Milestone:** ECLIPSE 1 enrollment completed 2 months early, positioning for Q1 2027 top-line data.
- **Oncology Catalyst:** VIR-5500 data update in Q1 2026 to include late-line mCRPC efficacy and safety, with unique dual-masking platform.
- **Financial Strength:** $810.7 million cash, runway to mid-2027, with cost-saving initiatives reducing R&D expenses 22% YoY.
- **Strategic Differentiation:** Combination HDV regimen targets >60% viral suppression, vs bulevirtide's limited efficacy; Gilead's launch expected to boost disease awareness.

**【CEO Summary Section】**
- Completed enrollment in ECLIPSE 1 Phase III study for hepatitis delta, 2 months ahead of schedule, with 120 participants randomized 2:1.
- Guided for comprehensive data update on VIR-5500 (PSMA-targeted T-cell engager) in Q1 2026, including safety and efficacy across weekly and every 3-week dosing schedules.
- Dosed first patient in first-line metastatic castration-resistant prostate cancer (mCRPC) combination study with ARPIs.
- Ended Q3 with $810.7 million in cash, projecting cash runway into mid-2027.

**【CFO Financial Commentary】**
- Q3 2025 R&D expenses: $151.5 million (down 22% YoY), driven by $75 million milestone payment for VIR-5525 dosing and cost savings from restructuring.
- SG&A expenses: $22.2 million (down 10% YoY) due to operational efficiency.
- Net loss: $163.1 million (narrowed 24% YoY).
- Cash outflow: $81.4 million, including $75 million restricted cash disbursement for Amunix milestone.

**【CMO Clinical Update】**
- **Hepatitis Delta:**
  - ECLIPSE 1 primary completion expected Q4 2026, with top-line data for all 3 ECLIPSE studies in Q1 2027.
  - ECLIPSE 2 enrolling 150 patients in Europe, targeting inadequate bulevirtide responders.
  - ECLIPSE 3 Phase IIb head-to-head vs bulevirtide progressing ahead of schedule.
  - SOLSTICE 48-week data to be presented at AASLD, showing 64% HDV RNA target not detected at week 36.
- **Oncology Pipeline:**
  - VIR-5500: Dual-masking PRO-XTEN platform enables favorable therapeutic index; dose escalation ongoing in late-line mCRPC.
  - VIR-5818 (HER2 T-cell engager): Active enrollment in combination with pembrolizumab.
  - VIR-5525 (EGFR T-cell engager): Phase I study progressing as expected.

**【Q&A Highlights】**
- **VIR-5500 Differentiation:** Dual-masking approach (CD3 and PSMA) provides superior therapeutic index vs competitors; Q1 2026 update will include PSA response durability and tumor kinetics.
- **HDV Clinical Bar:** Combination of tobevibart/elebsiran designed to achieve >60% HDV RNA target not detected, with HBsAg suppression >3 logs, vs bulevirtide's limited efficacy.
- **Gilead's Bulevirtide Impact:** Vir expects Gilead's U.S. launch to drive HDV awareness and testing, creating tailwind for Vir's combination regimen.
- **T-cell Engager Strategy:** Prioritize VIR-5500 (PSMA) and VIR-5818 (HER2) while exploring partnerships for preclinical candidates targeting other tumor antigens.

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