Alec Stranahan
BofA Securities, Research Division

Thanks for joining the session with Vir Biotechnology. My name is Alec Stranahan. I cover SMID-cap biotech at Bank of America, and I'm the covering analyst for Vir. And it's my pleasure to introduce Marianne De Backer, Chief Executive Officer of Vir. Marianne, thanks for being here.

Marianne De Backer
President, CEO & Director

Yes, my pleasure. Thank you.

Alec Stranahan
BofA Securities, Research Division

Looking forward to the discussion. I guess just jumping right into it, you've effectively built a 2-engine value story for Vir. You've got the near-term potential from HDV, which we can talk about and the longer-term oncology platform using the PRO-XTEN technology. I guess when you look at how the market is valuing the company today, where do you see the biggest opportunity for re-rating? Is it on HDV approval and launch? Is it on the VIR-5500 progress to registrational studies? Or is it maybe the broader platform as the TCE data matures?

Marianne De Backer
President, CEO & Director

Sure. Yes. Thank you. And thank you, Alec, for hosting us and Bank of America for hosting Vir Biotechnology. So we are very fortunate that at Vir Biotechnology, we have multiple pathways to value creation, as you point out. Obviously, our most advanced program is our delta program, already in registrational trial, initial data are going to read out starting fourth quarter of this year. So obviously, that's an important route to value creation near term.

And then as you mentioned, we have a portfolio of 3 clinical assets, 3 clinical