Vir Biotechnology Files Q3 2024 10-Q

TL;DR

Vir Bio's Q3 10-Q is in. Check financials for latest performance.

AI Summary

Vir Biotechnology, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Vir Biotechnology, crucial for understanding the company's trajectory and investment potential.

Risk Assessment

Risk Level: medium — As a biotechnology company, Vir faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• Vir Biotechnology, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-04 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ich registered Common stock, par value $0.0001 per share VIR Nasdaq Global Select Mark

Filing Documents

• vir-20240930.htm (10-Q) — 1362KB
• a20241104-q310qex101.htm (EX-10.1) — 794KB
• a20241104-q310qex102.htm (EX-10.2) — 118KB
• a20241104-q310qex103.htm (EX-10.3) — 56KB
• a20241104-q310qex104.htm (EX-10.4) — 81KB
• a20241104-q310qex311.htm (EX-31.1) — 11KB
• a20241104-q310qex312.htm (EX-31.2) — 10KB
• a20241104-q310qex321.htm (EX-32.1) — 8KB
• image_01.jpg (GRAPHIC) — 6KB
• image_0.jpg (GRAPHIC) — 6KB
• 0001628280-24-044995.txt ( ) — 7681KB
• vir-20240930.xsd (EX-101.SCH) — 46KB
• vir-20240930_cal.xml (EX-101.CAL) — 73KB
• vir-20240930_def.xml (EX-101.DEF) — 219KB
• vir-20240930_lab.xml (EX-101.LAB) — 586KB
• vir-20240930_pre.xml (EX-101.PRE) — 405KB
• vir-20240930_htm.xml (XML) — 764KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 74 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 75 Item 6. Exhibits 76

Signatures

Signatures 77 1 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, research and development, potential of, and expectations for, our pipeline and technology platforms, the timing, potential of and expectations for planned preclinical and clinical studies, the timing and likelihood of regulatory filings and approvals for our product candidates, our ability to commercialize our product candidates, the potential benefits of collaborations and in-licenses, projected costs, prospects, plans, objectives of management, expected market size and growth for our potential products, the timing of availability of clinical data, program updates and data disclosures, and our plans for our hepatitis B virus, hepatitis delta virus, influenza, COVID-19 and human immunodeficiency virus and masked T-cell engagers portfolios, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "might", "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking st

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. VIR BIOTECHNOLOGY, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 168,350 $ 241,576 Short-term investments 740,607 1,270,980 Restricted cash and cash equivalents, current 89,598 13,268 Equity investments 5,517 9,853 Prepaid expenses and other current assets 43,085 52,549 Total current assets 1,047,157 1,588,226 Intangible assets, net 19,258 22,565 Goodwill 16,938 16,937 Property and equipment, net 64,791 96,018 Operating lease right-of-use assets 60,779 71,182 Restricted cash and cash equivalents, noncurrent 6,382 6,448 Long-term investments 271,495 105,275 Other assets 11,556 12,409 TOTAL ASSETS $ 1,498,356 $ 1,919,060 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 7,305 $ 6,334 Accrued and other liabilities 94,658 104,220 Deferred revenue, current 15,198 64,853 Total current liabilities 117,161 175,407 Operating lease liabilities, noncurrent 93,405 111,673 Contingent consideration, noncurrent 33,170 25,960 Other long-term liabilities 13,893 15,784 TOTAL LIABILITIES 257,629 328,824 Commitments and contingencies (Note 8) STOCKHOLDERS' EQUITY: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value; 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 136,706,350 and 134,781,286 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 14 13 Additional paid-in capital 1,894,781 1,828,862 Accumulated other comprehensive gain (loss) 1,127 ( 815 ) Accumulated deficit ( 655,195 ) ( 237,824 ) TOTAL STOCKHOLDERS' EQUITY 1,240,727 1,590,236 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,498,356 $ 1,91

View Full Filing

View this 10-Q filing on SEC EDGAR