VIRVir Biotechnology, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- $69M
- 7.6% YoY
- Operating margin
- -699.2%
- 12% YoY
- EBITDA
- −$468M
- 18% YoY
- Market cap
- $1.9B
- Employees
- 367
- $187K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 3.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes72% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentYes55% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$187K · 37th pctBottom quartile of its SIC industry
- Quiet on AINo3.3 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.6B | $86M | $74M | $69M | 7.6% |
| Operating income | $421M | $833M | −$684M | −$587M | −$479M | 18% |
| Net income | $529M | $516M | −$615M | −$522M | −$438M | 16% |
| Operating cash flow | −$48M | $1.7B | −$779M | −$446M | −$392M | 12% |
| Capex | $22M | $68M | $22M | $7M | $5M | 34% |
| Stock-based comp | $84M | $102M | $111M | $78M | $49M | 37% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 3, 2026 | ARCH Venture Fund IX, L.P. | SCHEDULE 13D/A | 8.1% | Passive |
| Sep 13, 2022 | ARCH Venture Fund IX, L.P. | SC 13D/A | 15.1% | Passive |
| May 10, 2022 | ARCH Venture Fund IX, L.P. | SC 13D/A | 14.5% | Passive |
| Jan 10, 2022 | ARCH Venture Fund IX, L.P. | SC 13D/A | 14.5% | Passive |
| Jul 12, 2021 | ARCH Venture Fund IX, L.P. | SC 13D/A | 16.7% | Passive |
| Apr 14, 2021 | ARCH Venture Fund IX, L.P. | SC 13D/A | 20.8% | Passive |
| Jul 29, 2020 | ARCH Venture Fund IX, L.P. | SC 13D/A | 23.0% | Passive |
| Nov 8, 2019 | ARCH Venture Fund IX, L.P. | SC 13D | 26.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $8M · 35
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $3M | 23 | 125 |
| FY2024 | — | — | 27 | 93 |
| FY2023 | — | — | 38 | 94 |
| FY2022 | — | — | 95 | 90 |
| FY2021 | — | — | 156 | 100 |