Key Highlights

  • Vir Biotechnology (NASDAQ:VIR) was trading down 14.85% at USD 10.32 in pre-market on Friday, November 13, 2026, which implies a prior close of about USD 12.12 (calculated from the screener move).
  • ECLIPSE 1 met its primary endpoint: 44% of patients on elebsiran plus tobevibart had undetectable HDV RNA and normal ALT at week 48, against 0% in the delayed-treatment arm.
  • Published reports put the share gain after the November 8, 2026 data at between about 11.75% and 22% on Monday, November 9, so Friday's drop partly reverses a sharp rally.
  • Third-quarter net loss narrowed to USD 96.3 million from USD 163.1 million, and management said cash funds operations into the second half of 2028.

A Rally on Phase 3 Data, Then a Pre-Market Reversal

No company announcement dated November 12 or November 13, 2026 explaining the drop was found. The move follows a strong run: Vir Biotechnology (NASDAQ:VIR) presented topline Phase 3 ECLIPSE 1 results in a late-breaking session at The Liver Meeting in Denver, and published reports said the shares jumped on Monday, November 9. Reports differ on the size of that gain, from about 11.75% to 22%, so the figure is given as a range. A decline of 14.85% in pre-market therefore looks like profit-taking after a catalyst, but that is an interpretation, not a stated reason. Pre-market Volume is thin and the screener's prior close can differ from the official close, so the move is the figure of record for pre-market only.

What ECLIPSE 1 Showed in Chronic Hepatitis Delta

The trial randomized 124 adults, 2 to 1, to monthly subcutaneous elebsiran 200 mg plus tobevibart 300 mg or to delayed treatment, across 39 sites in 10 countries. At week 48, 44% of treated patients met the primary endpoint of undetectable HDV RNA with normal ALT, while 79% had undetectable HDV RNA and 100% had a virologic response. About 55% of patients had compensated cirrhosis, and undetectable HDV RNA was 85% with cirrhosis and 73% without. One grade 3 event, a lower neutrophil count, resolved within 15 days, and no patient stopped treatment.

Open-Label Design, Cash Runway and ECLIPSE 2 and 3

The risks are specific. The study was open label, the control group was untreated, and the primary comparison set 48 weeks of treatment against 12 weeks without it, so cross-trial comparisons need care. The figures are sponsor-reported topline data rather than a peer-reviewed paper. Vir Biotechnology (NASDAQ:VIR) reported third-quarter results on November 4, 2026: R&D expense fell to USD 80.0 million from USD 151.5 million, mainly because a USD 75.0 million milestone expense in the prior year did not repeat. Revenue was slightly negative, at about minus USD 0.2 million, in a published summary of the quarter. ECLIPSE 2 and 3 readouts are expected in the first quarter of 2027.

Where Things Stand

The 14.85% pre-market decline appears to be a pullback after the Phase 3 rally, but no new company news explaining it was found. Vir Biotechnology (NASDAQ:VIR) still holds a positive primary-endpoint result, a narrower loss and a runway into the second half of 2028. Against that, the data come from an open-label trial with an untreated control arm, and regulatory review lies ahead. The next markers are ECLIPSE 2 and 3 data in the first quarter of 2027 and any filing plan the company outlines.