Vir Biotech at BofA Conference: Strategic Focus on Immune System

On Wednesday, 14 May 2025, Vir Biotechnology (NASDAQ:VIR) presented at the BofA Securities 2025 Healthcare Conference, outlining its strategic focus on leveraging the human immune system to combat infections and cancer. The company highlighted advancements in its hepatitis delta virus (HDV) program and the ProXtent platform for oncology. While the company’s progress is promising, challenges remain in the competitive biotech landscape.

Key Takeaways

• Vir Biotech is progressing with three registrational trials for HDV, with primary completion of ECLIPSE 1 expected by December 2026.
• The ProXtent platform shows encouraging early data, with significant tumor shrinkage in HER2-positive tumors.
• Vir plans to seek a partner for Delta ex-U.S. to leverage existing commercial infrastructure in Europe.
• The company maintains a strong cash position of $1 billion, providing financial runway into mid-2027.
• Vir is actively exploring partnerships for preclinical assets, focusing on biologically de-risked targets.

Financial Results

• Vir Biotech reported a cash balance of approximately $1 billion.
• This financial reserve is expected to sustain operations into mid-2027.
• The company plans to allocate this capital primarily to its clinical-stage programs, including HDV, HER2, PSMA, and EGFR.

Operational Updates

• Hepatitis Delta Virus (HDV) Program:

- ECLIPSE 1 trial: Enrollment expected to complete this year, with primary completion by December 2026.

- ECLIPSE 2 and 3 trials: Progressing as planned.

- Plans to partner for Delta ex-U.S. to utilize European commercial infrastructure.

• ProXtent Platform (Masked T Cell Engagers):

- HER2 program: Promising data with 50% tumor shrinkage; exploring PD-1 combinations.

- PSMA program: 58% of patients showed a PSA 50 response at doses above 120 mcg/kg.

- EGFR program: First patient to be dosed in Q1; planning combination therapy with pembrolizumab.

- Developing seven preclinical programs using the ProXtent mask.

Future Outlook

• Vir anticipates key data readouts for the ECLIPSE trials by mid-2027.
• Continued progression in HER2, PSMA, and EGFR programs, focusing on efficacy, safety, and dosing strategies.
• The company is prioritizing capital allocation to clinical-stage programs and exploring partnerships for preclinical assets.
• Strategic focus on leveraging the ProXtent platform for oncology and infectious diseases.

Q&A Highlights

• HDV Screening:

- Discussed the need for reflex testing guidelines in the US to increase diagnosis rates.

• HDV Pricing:

- Considers European pricing as an analog for HDV treatment pricing in the US.

• FDA Interactions:

- Smooth interactions due to breakthrough designation; no changes observed with recent FDA leadership changes.

• ProXtent Platform Differentiation:

- Emphasized as a plug-and-play system, using the same mask across all programs.

For more details, please refer to the full transcript below.

Full transcript - BofA Securities 2025 Healthcare Conference:

Alex Stranahan, Senior Biotech Analyst, Bank of America: And thanks for joining day two of the twenty twenty five Bank of America Healthcare Conference. My name is Alex Stranahan. I’m senior biotech analyst covering Veer at Bank of America, and I’m very pleased to be joined by Maryann DeBacker, chief executive officer of of Veer. Thanks for being here, Maryann.

Maryann DeBacker, Chief Executive Officer, Veer: Yeah. My pleasure.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Yeah. Looking forward to the conversation. So maybe we’ll just jump right in and and maybe at a high level, you know, you’ve got two strategic focuses for the company currently. Maybe you can walk us through what those are and sort of the path forward over the next, you know, six to twelve months for the company.

Maryann DeBacker, Chief Executive Officer, Veer: Sure, yes. Thank you, Alec, and thank you for hosting us at Vuobitechnology. We are really pleased to be here. So we are very excited about our clinical stage pipeline, which, as you said, is covering sort of two main areas. But what is really underpinning all the programs is really using the human immune system to fight disease.

And in one case it’s to fight an infection and in the other case it’s to fight cancer. So our most advanced program is rare, an orphan liver disease caused by a small virus called hepatitis delta. And that program is in registrational trials. We have dosed the first patient in the first quarter of this year. And that, again, it’s a disease where there’s a high unmet medical need, there’s no treatments available here in The United States.

And we have shown really very compelling data in our phase two solstice data. So I’m sure we’ll talk about that more. Then the other part of our pipeline is a series of masked T cell engagers for metastatic solid tumors. So we have a HER2 program and a PSMA program. They’re both in phase one dose escalation.

And we shared again some early but quite compelling data in January of this year on both programs. For the HER2 program, you know, it’s a basket trial in a lot of different tumors, but very compelling data showing fifty percent tumor shrinkage across the board, and then thirty three percent confirmed partial responses in colorectal cancer. Very advanced, you know, sort of last resort patients. And in our PSMA trial we showed early data in January showing that, you know, all patients that were dosed above 120 showed a PSA response. You know, fifty eight percent showed a PSA 50 response.

And we also showed a PSA 90 response. So this was very early but quite compelling data with, you know, really great safety profiles. And what is coming next is we have just put on clinicaltrials.gov more information about our trial design for our third clinical stage program, which is targeting EGFR. And we are intending to dose the first patient in the first quarter. So a lot going on, you know, in our clinical stage portfolio.

And if you have time, we can talk a bit more also about our preclinical pipeline.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. Great. Yeah. Maybe we can run down the list one by one, maybe starting with hepatitis. HDV, the ECLIPSE programs saw that the first patient was dosed in those trials.

Maybe speak to, you know, enrollment today and sort of what we should expect from data.

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So maybe just to set the scene, so what we are trying to do in hepatitis delta is really come up with a chronic treatment. So it would be something that, you know, patients that are so unfortunate to be having an active viremic disease are treated with our regimen, which is a combination of an antibody and an siRNA. So we’re sort of attacking the virus in two different ways. And we’re also aiming to activate the immune system to clear the infection.

And so the data we showed in our Solstice trial, which was a phase two trial, was really compelling in the sense that we could show that sixty four percent of the patients were getting rid of the virus entirely. No delta virus detectable in the blood anymore after only thirty six weeks of treatment. So that was very compelling data, and was sort of the basis upon which we designed our ECLIPSE trial for registration. And our registrational program is really consisting of three trials, ECLIPSE one, two and three. ECLIPSE one is really there for patients that are really naive, have not been treated with anything.

Those would typically be patients, for example, here in The United States because there’s no treatment available for Delta here. And so it’s a trial design that basically gives patients either a regimen from the start, or there’s a twelve week deferred treatment. So it’s in essence a placebo controlled trial that is reading out after forty eight weeks, and then we’re looking at target not detected, so no longer delta virus available detectable in the blood combined with normalization of ALT. So that’s the first trial. The second one is ECLIPSE two, and ECLIPSE two is really there for patients that actually have access to the only drug that is currently available for Delta, and that’s belabertide.

And for patients that are not achieving, you know, good protection against the disease on belabertide, they are put on this trial and it’s basically a switch trial that allows them to then be put on our regimen. And of course we are going to show their head to head versus bleveratide switch. That endpoint is just target not detected. Just looks as, you know, are you getting rid of the virus? And the endpoint is also already after twenty four weeks.

So the combination of ECLIPSE one and ECLIPSE two is really what we believe is going to be sufficient for pursuing registration for both United States and Europe. And we are, you know, depending on how the data look in ECLIPSE one, going to see if even based on ECLIPSE one there would be this possibility. And then the third trial, ECLIPSE three, really only there to do a belabratite head to head trial and to really have the data showing superiority, very important for pricing and reimbursement in Europe. So for ECLIPSE one, as we mentioned, you know, the first patient was dosed in the first quarter. That was earlier than anticipated.

We have also now shared that we expect the primary completion date for ECLIPSE one to be December of twenty twenty six. And we also expect enrollment to be completed this year. So we are going as fast as we possibly can on Eclipse one. And, you know, everything is in progress for Eclipse two and three.

Alex Stranahan, Senior Biotech Analyst, Bank of America: I guess how does the different standard of care between The US and EU influence your expectations around pace of enrollment in ECLIPSE one versus versus ECLIPSE two? And then we can get into the, you know, maybe the endpoints.

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So, you know, as we said, in The United States there’s really no treatment available for patients. So and patients that have a coinfection of hepatitis B and delta and are viremic, they really progress to, you know, extensive liver disease very quickly. It’s a very severe disease. Half of the patients actually progress to mortality, you know, because of the infection with delta.

So we estimate that there’s actually going to be a high number of patients that really have no other options. And so, you know, we in the startup of our ECLIPSE one trial have seen that certainly there’s a high engagement from KOLs and PIs to be involved in trial. But similarly, I mean, if you think about ECLIPSE two trial, which is really gated towards areas where belabertide is available such as Europe, For patients that are not achieving good viral suppression on belabertide, again, those patients are typically already, you know, quite advanced in their disease. They are cirrhotic. So there’s a high urgency also there to really find a solution.

And we have shown in our Solstice II trial that we actually see really good results both in non cirrhotic and cirrhotic patients, CPTA. So also there, you know, we think there’s going to be a high likelihood for physicians to want to see their patients treated. But it’s not just from a physician perspective. I mean if you’re a patient, of course here in The U. S.

There’s just nothing else. And if you’re a patient in Europe, the only other option that is available to you is bulevretide. It’s a dailies injection. It’s a chronic treatment. You have to reconstitute the drug.

And the target not detected that has been reported to be achieved after forty eight weeks is only twelve percent. So again, I think there’s a high likelihood both from the perspective of physicians, but also you know, from the perspective of patients that they would want to be on our regimen. Because ours is a monthly dosing, two injections, again, with target not detected rates that are quite superior, at least in our phase two trial.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. And I think you’ve also adopted that sort of forty eight week time point in ECLIPSE one. I believe it’s twenty four weeks in ECLIPSE two, I guess. Maybe talk about is that more just ethical since there is an approved other option?

Maryann DeBacker, Chief Executive Officer, Veer: Yeah, I mean so the patients on ECLIPSE two have already been on belabertide, right? So they have been on belabertide for a while. Again, they have not been adequately controlled on belabertide. So there’s really no need, you know, to progress the endpoint beyond twenty four weeks. And of course, that was a discussion with the regulators.

And this is actually coming together very nicely, because ECLIPSE one, again, readout after forty eight weeks. ECLIPSE two after twenty four weeks. ECLIPSE two is starting a little later. But it, you know, has the potential to come together very nicely from a timing perspective. Again, we estimate, you know, primary completion date for ECLIPSE one at the end of next year.

Alex Stranahan, Senior Biotech Analyst, Bank of America: And I know screening’s been a concern within HDV for a while. As as you’re thinking about, you know, a potential commercial launch, any work you’re doing to maybe help increase awareness of the disease or thinking about this in the context of accelerating enrollment in your clinical studies?

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So for sure, the diagnosis rate in The US is really low. And there’s a lot that we can learn here in The U. S. Actually from what has been happening in Europe.

So in Europe because a treatment became available, even you know one that might not be so great from an efficacy and convenience perspective, it has triggered quite a lot of discussion around diagnosis of delta. And in some countries reflex testing is now in the guidelines. So patients that are tested positive for hepatitis B, the same blood sample is being used to test them for hepatitis delta antibodies. And again, that’s the starting point for them getting to be tested for delta RNA and really finding those patients that have active systemic disease. And what has been seen, for example, in countries like Spain is that once they amended the guidelines to reflex testing, that they were identifying many more patients than what physicians would have otherwise done based on just, you know, identifying risk factors.

So what we really need to get to here also in The U. S. Is, you know, reflex testing in the guidelines. It’s of course very difficult in a market like The United States. Even if you diagnose patients today, there’s nothing to treat them with.

So we really think there’s going to be a bit of this flywheel effect that once you really demonstrate there’s this great regimen coming with very high target not detected rates in a chronic treatment that there’s going to be an impetus to really test. And so we are working a lot with, you know, KOLs, with patient advocacy groups to see that, I mean, there’s an update to the guidelines that, you know, there’s going to be increased awareness. I think the hepatitis B foundation has recently actually I think two weeks ago put out a study where they surveyed a lot of different stakeholders in the hepatitis B space to see who knows about Delta. And there’s clearly a lot of awareness, you know, building to be done. And so we are fully aware of that.

The really good news is that, again, we have tried to identify where are the patients, the Delta patients in The United States, which is the market we want to focus on. And patients seem to be really concentrated in metropolitan areas. So that makes it, you know, a palatable disease for us to go after. And from a commercial perspective, the resources you put to it, etcetera, is really manageable. At the same time, we have announced last week during our earnings, Alec, that we are going seek a partner for Delta ex U.

S. Because we think it’s probably going to be very beneficial to have a party that is, you know, already with boots on the ground in Europe, you know, has ideally experience in liver disease, or rare liver disease, and can take this on without us having to spend a lot of resources on building that commercial infrastructure.

Alex Stranahan, Senior Biotech Analyst, Bank of America: That makes sense. And I guess the last question I have on HTV, and I want to leave enough time to talk about your TC platform as well. Have you had any initial conversations with payers in The US or in The EU around sort of, you know, what kind of cost benefit analysis could be done? Or are there any kind of pricing analogs that that you’re maybe considering?

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So I mean, the first obvious pricing analog you can think of, at least in Europe, is belabertide, right? I mean, pricing of belabertide varies in Europe somewhere between list prices 80,000 and 150,000. Again, we have orphan drug designation for our delta regimen. It’s recognized as a rare disease, you know, rare liver disease caused by a virus.

So the prices are sort of commensurate with that determination. And you can imagine that prices in The United States, you know, are typically higher. We have also worked with an external agency looking at analogues. And so we have looked at analogues of, you know, diseases that are similarly having a higher medical need. There’s no other treatments available at this moment in time, etcetera.

And, you know, the analogues that we have found, and I think we are going to share a little bit more information about that in the future, clearly demonstrate that, you know, this could be a very significant opportunity even for The U. S. Alone. Okay.

Alex Stranahan, Senior Biotech Analyst, Bank of America: I guess maybe last, last question on HGB is more of a and, obviously, this is a moving target and things are are changing, but you mentioned, you know, it is a rare disease. We’ve heard some positive comments around around rare disease and, you know, sort of sort of this kind of approach from from Makary. Any change in your FDA interactions since the changing of the guards or and I guess any change to your approach in terms of clinical development?

Maryann DeBacker, Chief Executive Officer, Veer: No, not really. I mean, what is really incredibly beneficial is that we have breakthrough designation. So our interactions with the agency, with the FDA is very, very smooth. And we have seen absolutely no change, actually. So, you know, thus far, it’s all going really all as planned.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. Okay. That’s that’s encouraging. Maybe flipping over to to the TC platform. Saw some pretty encouraging early data last year or earlier this year, I should say.

You know, maybe at a high level, any comments on the the data that we’ve seen to date and, you know, any sort of points of differentiation just just at a high level for the platform, and then we can get into individual assets.

Maryann DeBacker, Chief Executive Officer, Veer: Sure, yes. So maybe just to start indeed with the platform. So the ProXtent platform, the masking platform that we have is really unique in the sense that it’s a true plug and play platform. So we use the same masks across all of our programs. So we have three clinical stage programs.

They have exactly the same mask. And we also shared last week that we have started working on seven preclinical programs. Again, the same ProExtend mask can be deployed on all of these programs. So that is very unique. I mean it’s obviously it’s very efficient to be able to not having to design your mask every time from scratch, but to be able to take something that is really working.

And you also really learn from every program. I mean the first program that the team started on with HER2, they started at a very low dose, one microgram per kilogram. You know, dose escalated very slowly. There was a lot to learn. But now both, you know, the regulators and the PIs have seen how the mask behaves.

They have a lot of confidence in it. The other thing is that the mask, I mean it’s a hydrophilic mask. And if you look at an alpha fold depiction of it, you have your T cell engager that is binding tumor associated antigen on the one hand, and your T cell on the other hand. And it’s really like, you know, this globe around it that is protecting it from obviously binding to the target and to T cells. And it’s also protecting, you know, because it’s hydrophilic and amorphic, it’s protecting you from potential ADAs.

So and the fact that the same X stem mask has been used in a marketed drug, Altuvio, gives us a lot of confidence that, you know, this is very safe. This has been in a lot of patients. And obviously, you know, it’s Altuvionai is almost a blockbuster drug by Sanofi. So what we have seen with the platform thus far is that we can achieve a very good therapeutic index. So we can achieve efficacy but with much better safety.

So the mask is really staying on in circulation in the blood. Nothing is happening. But when the masked T cell engager enters the tumor microenvironment, then the protease cleavable linkers that are on it, and that have been designed to be really cleaved by proteases that have high activity in the tumor are being cleaved. The T cell engager is then becoming active and can exert its effect in tumor cell killing. What is also very unique about the platform is that the X10 masks themselves extend the half life.

I mean that’s where the name comes from, X10. So we have a half life of our HER2 program of about five to six days. We have a half life of our PSMA program of eight to ten days. And what this allows us also to do is to think about the different dosing schedule. So and in both of our programs where we have already shared data on, we are exploring not just weekly dosing, but also every three week dosing, which would be, of course, very relevant as you want to move into early lines of therapy.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Right, right. And you are considering PD-one combinations with your HER2. That would be a great fit with p d ones, which are also every three week dosing.

Maryann DeBacker, Chief Executive Officer, Veer: Correct. Exactly.

Alex Stranahan, Senior Biotech Analyst, Bank of America: You know, I I guess, how does this maybe how does this form a moat around this program? Obviously, you need to see what the data looks like and how the combos react in patients. But, you know, how does that unique ability to dose every three weeks sort of set you up for success down the road? And are there any overlapping AEs based on the data that we’ve seen to date?

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So we have not really disclosed our Q3 week data yet. The only thing that we have shared is that there’s one patient in our HER2 data set that we shared in January that has shown excellent safety and efficacy, and was a patient that had been dosed every three weeks. Again, there’s a number of benefits from every three week dosing. Obviously, you know, as you go to earlier lines of therapy, convenience for patients is very important.

To your point, when you dose with other regimens, you know, if you can be in sync with that, you know, that’s very beneficial. So we think that’s going to be potentially very impactful. And we explore that across all of our programs. So do you want to talk maybe about each program more specifically?

Alex Stranahan, Senior Biotech Analyst, Bank of America: Yeah, yeah. Maybe we could unpack the HER2 data a little bit more. You know, HER2, I think most people think about breast cancer, but it’s also expressed in other tumor types like CRC. What’s sort of the opportunity in your view for this asset or when could we sort of get more refined guidance around, you know, which tumor types you’d be planning to explore?

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So the HER2 program is really designed as basket trial. And so basically, you know, any HER2 positive solid patient with solid tumor, you know, third line plus was, you know, eligible to get into the trial. And so what you saw in our data in general is a high heterogeneity of tumor types. To your point, breast, but, you know, a whole variety of GI cancers.

So a very broad variety there. However, we had very early on in the trial a colorectal cancer patient that had a quite dramatic response. It was a patient that was dosed at sixty micrograms per kilogram, and that showed, you know, very significant response, and then was intra patient dose escalated to six hundred micrograms. And that patient had been on therapy for over eighteen months as we shared with you in January. So what that triggered is that, you know, some of the PIs seeing that example put relatively a little bit more metastatic colorectal cancer patients on the regimen.

So because of that reason we have been able to show in January that above four hundred micrograms per kilogram actually we could see in a subset of metastatic colorectal cancer patients thirty three percent confirmed partial response. So you know, very relevant. Also because these are MSS patients typically don’t respond to immunotherapy. So you know, very compelling data. And just to remind you that, you know, both for our HER2 program, but also our PSMA program, these are patients that have seen, you know, a lot of lines of therapy.

This one patient that I was referring to had seen seven prior lines of therapy. Very last resort patients that, you know, really are quite desperate to get on the therapy that.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. And may maybe flipping to to PSMA, saw some pretty, you know, robust responses, you know, across the the dose escalation. You know, obviously, you’re still dosing up. But I guess what can you say about maybe the criteria for choosing the go forward dose? Is this solely based on the PSA reduction?

Is it durability, survival? What’s your thought process around that?

Maryann DeBacker, Chief Executive Officer, Veer: Sure, yes. So what we showed in our PSMA program is it was a small subset, you know, 12 patients. But in those 12 patients above one hundred and twenty micrograms per kg, we showed that everyone was having a PSA response. As I mentioned, fifty eight percent PSA 50, and then we had one patient that showed a PSA 90 response. And we could see at whole body MRI in a patient that you were really liquefying the tumor.

So you know, very, very early compelling data, and very low grade one, grade two CRS at dose levels of efficacy. So in the meantime, have of course dose escalated, you know, above one thousand micrograms per kilogram that we reported on in January. The termination of sort of our dose will be based on a couple of factors. Obviously, you know, efficacy, you know, PSA and other measures. We’re also looking at PSMA PET.

We are looking obviously at the safety profile. The determination will really be based on the therapeutic index, right? We want to achieve the best possible efficacy with the best possible safety profile, and to your point show durability down the road. The other thing that we are exploring, as I mentioned also in this program, is every three week dosing, which could be very relevant. And also as we think about potential combinations going forward with our regimen, we want to make sure this is as convenient as possible for patients.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, makes sense. And you you mentioned your EGFR program as well entering the clinic. Anything to look out for here? I mean, this has been a a challenging target for for others in the space, masked and unmasked. You know, how is your approach may may be different here?

And, you know, what should we be thinking about in terms of cadence of this study?

Maryann DeBacker, Chief Executive Officer, Veer: Yes. So given that EGFR is obviously not just expressed in tumors but also in a lot of normal tissues, this is sort of the test for a lot of the masking technologies. We believe, again, that our platform is very powerful and has the potential to really make a dent here. So what we are going to do is we’re going to in a selection of EGFR positive patients, head and neck, lung cancer, and a couple of others, colorectal, we are going to do monotherapy dosing. We’re to get to see what the dose escalation looks like, and then go into potential expansions there.

And then we also have a combination with pembro plant. So if you look at, you know, again, posted our trial design on clinicaltrials.gov. It’s a combination of monotherapy pembro and then potential escalation cohorts depending on the data we see.

Alex Stranahan, Senior Biotech Analyst, Bank of America: That’s in another basket study similar to the program.

Maryann DeBacker, Chief Executive Officer, Veer: Yeah. Even though it’s a basket, it’s enriched. Right. It’s really enriched to, as I said, head and neck lung colorectal. So it’s going to be more concentrated.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. So indications where PD ones are already approved and widely.

Maryann DeBacker, Chief Executive Officer, Veer: Correct. Yeah. That makes a

Alex Stranahan, Senior Biotech Analyst, Bank of America: Yeah. Yeah. I think so. Well, maybe in the the last couple minutes that we have, you know, you’ve got over a billion dollars in cash. I think you said runway in into mid twenty seven.

Maybe you could just touch on how you’re prioritizing capital allocation, and maybe a good point to end on would just be sort of wrapping up what this runway covers in terms of the next data updates.

Maryann DeBacker, Chief Executive Officer, Veer: Sure. Yes, you’re absolutely right. We have a cash balance of about 1,000,000,000, and that takes us into mid-twenty twenty seven. So if you think about what it is we would have by mid-twenty twenty seven, obviously we would have we would expect to have data on our ECLIPSE trials, so the delta readout. We would of course have progressed in our HER2 PSMA EGFR program.

You know, we haven’t shared sort of when we are going to put out new data on our HER2 and PSMA programs, but what we’re really trying to do is get to a point where we continue to dose escalate, we generate that data, both efficacy, safety, dose response, looking at the dosing schedule, looking at durability, and come out with a meaningful data set on those programs that is then going to guide us as to the next steps. So of course, all that data will be available either this year or next year. Our EGFR program, as I mentioned, is going to be first patient dose this quarter. So that data will also develop and become much clearer. So there’s a lot of data catalysts to come between now and ’27.

Alex Stranahan, Senior Biotech Analyst, Bank of America: And then you’ve got the preclinical side, which we didn’t have time to talk about. And I know you have some interesting discovery efforts as well. So I’m assuming you’ll be working on those in the background, and those should come in add to the narrative.

Maryann DeBacker, Chief Executive Officer, Veer: Yeah, our capital allocation priorities are really on the clinical stage programs, right? But we have a platform now that is incredibly powerful, and we have the global rights in the field of oncology and infectious disease. And there’s a lot of interest in the platform. So we’re looking at partnering on preclinical programs on a number of targets that are biologically de risked, where you know that a T cell engager could actually be working, but, you know, that toxicity is really holding it back and where, you know, our masking could be a real solution.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. Okay, great. Well, I think with that, we’re at time. So please join me in thanking Mary Anne for the really engaging discussion, and thanks for joining the conference this year. Really

Maryann DeBacker, Chief Executive Officer, Veer: appreciate it. Alex. Appreciate it.

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