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Arbutus Reports Fourth Quarter and Year End 2024 Financial Results and Provides Corporate Update

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Arbutus Biopharma (NASDAQ: ABUS) reported its Q4 and full-year 2024 results, announcing significant organizational changes and updates on its hepatitis B virus (HBV) programs. The company implemented a 57% workforce reduction in Q1 2025, retaining 19 employees, and appointed Tuan Nguyen as CFO.

Key financial metrics include cash and investments of $122.6 million as of December 31, 2024, compared to $132.3 million in 2023. Revenue decreased to $6.2 million in 2024 from $18.1 million in 2023. Net loss was $69.9 million ($0.38 per share) compared to $72.8 million ($0.44 per share) in 2023.

Clinical highlights include promising results from the IM-PROVE I trial, where imdusiran combination therapy achieved a 50% functional cure rate in specific HBeAg-negative patients. The company is currently reviewing development plans for imdusiran's Phase 2b trial. Additionally, patent litigation continues with Moderna (trial scheduled for September 2025) and Pfizer/BioNTech regarding LNP technology.

Arbutus Biopharma (NASDAQ: ABUS) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, annunciando significative modifiche organizzative e aggiornamenti sui suoi programmi contro il virus dell'epatite B (HBV). L'azienda ha implementato una riduzione del personale del 57% nel primo trimestre del 2025, mantenendo 19 dipendenti, e ha nominato Tuan Nguyen come CFO.

I principali indicatori finanziari includono liquidità e investimenti di 122,6 milioni di dollari al 31 dicembre 2024, rispetto ai 132,3 milioni di dollari del 2023. I ricavi sono diminuiti a 6,2 milioni di dollari nel 2024, rispetto ai 18,1 milioni di dollari del 2023. La perdita netta è stata di 69,9 milioni di dollari (0,38 dollari per azione) rispetto ai 72,8 milioni di dollari (0,44 dollari per azione) del 2023.

I punti salienti clinici includono risultati promettenti dal trial IM-PROVE I, dove la terapia combinata con imdusiran ha raggiunto un tasso di cura funzionale del 50% in specifici pazienti HBeAg-negativi. L'azienda sta attualmente rivedendo i piani di sviluppo per il trial di Fase 2b di imdusiran. Inoltre, continua il contenzioso sui brevetti con Moderna (processo previsto per settembre 2025) e Pfizer/BioNTech riguardo alla tecnologia LNP.

Arbutus Biopharma (NASDAQ: ABUS) informó sobre sus resultados del cuarto trimestre y del año completo 2024, anunciando cambios organizativos significativos y actualizaciones sobre sus programas contra el virus de la hepatitis B (HBV). La compañía implementó una reducción del 57% en su fuerza laboral en el primer trimestre de 2025, manteniendo a 19 empleados, y nombró a Tuan Nguyen como CFO.

Los principales indicadores financieros incluyen efectivo e inversiones de 122,6 millones de dólares al 31 de diciembre de 2024, en comparación con 132,3 millones de dólares en 2023. Los ingresos disminuyeron a 6,2 millones de dólares en 2024 desde 18,1 millones de dólares en 2023. La pérdida neta fue de 69,9 millones de dólares (0,38 dólares por acción) en comparación con 72,8 millones de dólares (0,44 dólares por acción) en 2023.

Los aspectos destacados clínicos incluyen resultados prometedores del ensayo IM-PROVE I, donde la terapia combinada con imdusiran logró una tasa de cura funcional del 50% en pacientes específicos negativos para HBeAg. La compañía está revisando actualmente los planes de desarrollo para el ensayo de Fase 2b de imdusiran. Además, continúa el litigio por patentes con Moderna (juicio programado para septiembre de 2025) y Pfizer/BioNTech sobre la tecnología LNP.

Arbutus Biopharma (NASDAQ: ABUS)는 2024년 4분기 및 연간 실적을 보고하며, 조직의 중대한 변화와 B형 간염 바이러스(HBV) 프로그램에 대한 업데이트를 발표했습니다. 회사는 2025년 1분기에 57%의 인력 감축을 시행하며 19명의 직원만을 유지하고, Tuan Nguyen을 CFO로 임명했습니다.

주요 재무 지표로는 2024년 12월 31일 기준 현금 및 투자액이 1억 2천2백60만 달러로, 2023년의 1억 3천2백30만 달러와 비교됩니다. 수익은 2023년의 1천8백10만 달러에서 2024년에는 620만 달러로 감소했습니다. 순손실은 6천9백90만 달러(주당 0.38 달러)로, 2023년의 7천2백80만 달러(주당 0.44 달러)와 비교됩니다.

임상 하이라이트로는 IM-PROVE I 시험에서 imdusiran 조합 요법이 특정 HBeAg 음성 환자에서 50%의 기능적 치료율을 달성한 유망한 결과가 포함됩니다. 회사는 현재 imdusiran의 2b상 시험 개발 계획을 검토 중입니다. 또한, Moderna(2025년 9월로 예정된 재판) 및 Pfizer/BioNTech와의 LNP 기술에 대한 특허 소송이 계속되고 있습니다.

Arbutus Biopharma (NASDAQ: ABUS) a annoncé ses résultats du quatrième trimestre et de l'année 2024, en annonçant des changements organisationnels significatifs et des mises à jour sur ses programmes contre le virus de l'hépatite B (HBV). L'entreprise a mis en œuvre une réduction de 57% de son effectif au premier trimestre 2025, ne conservant que 19 employés, et a nommé Tuan Nguyen au poste de CFO.

Les principaux indicateurs financiers incluent des liquidités et des investissements de 122,6 millions de dollars au 31 décembre 2024, contre 132,3 millions de dollars en 2023. Les revenus ont chuté à 6,2 millions de dollars en 2024 contre 18,1 millions de dollars en 2023. La perte nette s'est élevée à 69,9 millions de dollars (0,38 dollar par action) par rapport à 72,8 millions de dollars (0,44 dollar par action) en 2023.

Les points forts cliniques incluent des résultats prometteurs de l'essai IM-PROVE I, où la thérapie combinée avec imdusiran a atteint un taux de guérison fonctionnelle de 50% chez des patients spécifiques négatifs pour HBeAg. L'entreprise examine actuellement les plans de développement pour l'essai de Phase 2b d'imdusiran. De plus, le litige en matière de brevets se poursuit avec Moderna (procès prévu pour septembre 2025) et Pfizer/BioNTech concernant la technologie LNP.

Arbutus Biopharma (NASDAQ: ABUS) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und bedeutende organisatorische Veränderungen sowie Updates zu seinen Programmen gegen das Hepatitis-B-Virus (HBV) angekündigt. Das Unternehmen hat im ersten Quartal 2025 eine Reduzierung der Belegschaft um 57% umgesetzt und 19 Mitarbeiter behalten, während Tuan Nguyen zum CFO ernannt wurde.

Wichtige finanzielle Kennzahlen umfassen Barmittel und Investitionen in Höhe von 122,6 Millionen US-Dollar zum 31. Dezember 2024, verglichen mit 132,3 Millionen US-Dollar im Jahr 2023. Die Einnahmen sanken 2024 auf 6,2 Millionen US-Dollar von 18,1 Millionen US-Dollar im Jahr 2023. Der Nettoverlust betrug 69,9 Millionen US-Dollar (0,38 US-Dollar pro Aktie) im Vergleich zu 72,8 Millionen US-Dollar (0,44 US-Dollar pro Aktie) im Jahr 2023.

Zu den klinischen Höhepunkten gehören vielversprechende Ergebnisse aus der IM-PROVE I-Studie, bei der die Kombinationstherapie mit imdusiran eine funktionale Heilungsrate von 50% bei bestimmten HBeAg-negativen Patienten erreichte. Das Unternehmen überprüft derzeit die Entwicklungspläne für die Phase-2b-Studie von imdusiran. Darüber hinaus läuft der Patentstreit mit Moderna (Prozess für September 2025 angesetzt) und Pfizer/BioNTech bezüglich der LNP-Technologie weiter.

Positive
  • Strong cash position of $122.6M as of December 2024
  • Promising IM-PROVE I trial results with 50% functional cure rate in specific patient group
  • Significant cost reduction through 57% workforce reduction and operational streamlining
Negative
  • Revenue declined 66% to $6.2M in 2024 from $18.1M in 2023
  • Net loss of $69.9M in 2024
  • Expected restructuring charge of $11-13M in Q1 2025
  • Discontinuation of in-house scientific research operations

Insights

Arbutus Biopharma's latest financial results reveal a significant corporate restructuring amid challenging financials. Revenue dropped precipitously to $6.2 million for 2024, down from $18.1 million in 2023 - a 66% decline primarily due to decreased license fee recognition and reduced royalties from Alnylam's ONPATTRO sales.

The 57% workforce reduction announced for Q1 2025, headquarters exit, and termination of in-house research suggest management is implementing dramatic cost-saving measures. These actions will trigger a one-time restructuring charge of $11-13 million but should substantially reduce the $64.9 million cash burn seen in 2024.

While the company maintains a healthy cash position of $122.6 million, the termination of their ATM program removes a key financing tool and signals management's focus on capital preservation. The departure of multiple executives including the CFO, General Counsel, and CMO represents a wholesale leadership transformation that introduces execution risk during this pivotal period.

The litigation against Pfizer/BioNTech and Moderna regarding LNP patent infringement represents a material binary event with potential for significant upside if successful. With the Moderna jury trial scheduled for September 2025, this litigation represents a critical potential catalyst that could transform the company's financial outlook.

Arbutus's clinical data demonstrates meaningful progress for imdusiran (AB-729) despite the broader corporate restructuring. Their Phase 2a IM-PROVE I trial showed a 50% functional cure rate in HBeAg-negative patients with baseline HBsAg levels below 1000 IU/mL when combining imdusiran with pegylated interferon and nucleos(t)ide analogue therapy. This represents a clinically significant outcome in the difficult-to-treat chronic HBV space.

The company's strategic review of its HBV pipeline suggests a potential narrowing of focus to accelerate imdusiran development. The retention of external virology and hepatitis B experts signals management's commitment to optimizing the development path despite the broader restructuring.

Their PD-L1 inhibitor AB-101 has progressed to Part 3 of the Phase 1a/1b trial, evaluating repeated dosing in cHBV patients for 28 days. This oral checkpoint inhibitor represents an innovative approach to addressing T-cell exhaustion in chronic HBV infection.

The complete discontinuation of in-house scientific research raises concerns about future pipeline development beyond current clinical assets. This shift toward becoming a development-focused organization with outsourced research capabilities marks a fundamental business model change. The 57% workforce reduction will inevitably impact institutional knowledge and potentially slow development timelines, despite management's stated goal of acceleration.

Claim construction hearing for Pfizer/BioNTech mRNA-LNP vaccine litigation occurred in December 2024; outcome pending

Jury trial in Moderna U.S. mRNA-LNP vaccine litigation scheduled for September 2025

Reviewing pipeline and development plans for HBV programs

Continued focus on efficient deployment of financial resources and personnel – terminated ATM program and implemented reduction of workforce by 57% in Q1 2025

Board has approved further changes to executive leadership team; including the appointment of Tuan Nguyen as Chief Financial Officer

Strong financial position with cash, cash equivalents and investments in marketable securities of $123M

WARMINSTER, Pa., March 27, 2025 (GLOBE NEWSWIRE) -- Arbutus Biopharma Corporation (Nasdaq: ABUS) (“Arbutus” or the “Company”), a clinical-stage biopharmaceutical company focused on infectious disease, today reported fourth quarter and year end 2024 financial results and provided a corporate update.

“With my recent appointment as CEO of Arbutus, I am excited to lead the company into its next chapter,” said Lindsay Androski, President and CEO of Arbutus. “Along with Arbutus’ new directors, my focus is on evaluating strategies to accelerate the development and potential approval of imdusiran, alongside several subject matter experts being retained to assist with this evaluation. As part of this review, we have implemented a reduction in our workforce of 57%, retaining a core team well-positioned to advance imdusiran into a Phase 2b trial, and have taken additional related steps to improve our financial and operational efficiency. We will provide an update on our pipeline and development timeline upon completion of our review of our chronic hepatitis B virus (cHBV) programs.”

Ms. Androski continued, “I am also excited to welcome Tuan Nguyen to our leadership team as Chief Financial Officer. Tuan’s appointment reinforces our renewed focus on advancing our pipeline efficiently and delivering value to patients and our stakeholders. In addition, the Company announced today the departure of David Hastings, Karen Sims and Christopher Naftzger, and I would like to thank them for their valuable contributions over the past years.

We will continue to consult closely with and support our exclusive licensee Genevant Sciences to protect and defend our intellectual property, including through recently filed international lawsuits against Moderna for patent infringement in the development of its COVID-19 and RSV vaccines. We expect 2025 to be a transformative year for Arbutus.”

2024 Clinical Development Milestones

Imdusiran (AB-729)

  • At the American Association for the Study of Liver Diseases (AASLD) – The Liver Meeting® in November 2024, the Company presented new data from its IM-PROVE I Phase 2a clinical trial showing that six doses of imdusiran and 24 weeks of pegylated interferon alfa-2α (IFN), a standard-of-care immunomodulator, added to ongoing nucleos(t)ide analogue (NA) therapy led to a functional cure rate of 50% (3/6) in HBeAg-negative patients with baseline HBsAg levels less than 1000 IU/mL, and an overall functional cure rate of 25% (3/12). Those patients that achieved a functional cure also seroconverted with high anti-HBs antibody levels. The data from this trial indicated that the combination of imdusiran, IFN and NA therapy was generally safe and well-tolerated.
  • The Company also presented data from its IM-PROVE II Phase 2a clinical trial at AASLD showing that the addition of low dose nivolumab increased rates of HBsAg loss in cHBV patients that were first treated with imdusiran, ongoing NA therapy and Barinthus Biotherapeutics’ VTP-300, an HBV antigen-specific immunotherapy. In this clinical trial, 23% (3/13) of patients that received imdusiran, VTP-300, NA therapy and nivolumab achieved HBsAg loss by week 48. The Company is evaluating functional cure in these patients.
  • The Company is reviewing development plans for a Phase 2b clinical trial of imdusiran, including potential ways to accelerate the development timeline. To assist with its review, the Company is currently retaining experts in virology, hepatitis B, and in the clinical development and approval of antiviral treatments. The Company will provide a further update once its review is complete.

AB-101 (oral PD-L1 inhibitor)

  • AB-101-001 is a Phase 1a/1b double-blind, randomized, placebo-controlled clinical trial designed to investigate the safety, tolerability, pharmacokinetics, and pharmacodynamics of single- and multiple-ascending doses of AB-101, the Company’s oral PD-L1 inhibitor, in healthy subjects and patients with cHBV.
  • Based on data from Part 2 of this clinical trial reported in November 2024 showing that AB-101 was generally well-tolerated with evidence of dose-dependent receptor occupancy in healthy subjects, Arbutus has moved into Part 3 which evaluates repeat doses of AB-101 for 28 days in patients with cHBV. Next steps for AB-101 will be determined upon completion of the Company’s review of its cHBV programs.

LNP Litigation

  • Arbutus will continue to consult closely with and support our exclusive licensee Genevant Sciences to protect and defend Arbutus’s intellectual property, which is the subject of on-going lawsuits against Moderna and Pfizer/BioNTech. The Company, together with Genevant, is seeking fair compensation for Moderna’s and Pfizer/BioNTech’s use of Arbutus’s patented LNP technology that was developed with great effort and at a great expense, and without which Moderna’s and Pfizer/BioNTech’s COVID-19 vaccines would not have been successful.
  • The claim construction hearing for the lawsuit against Pfizer/BioNTech occurred in December 2024. The court is expected to provide its ruling on the claim construction and issue a further scheduling order in 2025.
  • The jury trial in the Moderna U.S. litigation is currently scheduled for September 2025. Expert discovery continues in this lawsuit. On March 3, 2025, the Company announced that alongside Genevant Sciences, it filed five international lawsuits seeking to enforce patents protecting their innovative LNP technology across 30 countries.

Corporate Updates

  • In March 2025, the Company’s Board took action to reduce the Company’s workforce by 57% resulting in a total workforce after reductions of 19 employees. The Board also decided to exit the Company’s corporate headquarters in Warminster, PA, and to discontinue in-house scientific research. In connection with these actions, the Company expects to incur a one-time restructuring charge in the first quarter of 2025 of approximately $11 million to $13 million
  • Also in March 2025, the Board appointed Tuan Nguyen as Chief Financial Officer effective March 28, succeeding David C. Hastings. Additionally, the Company announced the departure of J. Christopher Naftzger as General Counsel and Chief Compliance Officer and Dr. Karen Sims as Chief Medical Officer.
  • Tuan Nguyen has almost two decades of experience in biopharma working on small molecules and AAV gene therapies. Most recently, he served as Chief Financial Officer of Kinevant Sciences, a subsidiary of Roivant Sciences, dedicated to treating rare inflammatory and autoimmune diseases with significant unmet need. Prior to that he held various senior finance leadership roles at Adverum, Intarcia Therapeutics, Fibrogen, and UCB. He has helped raise over $2 billion in dilutive and non-dilutive capital. Mr. Nguyen earned his MBA with dual concentrations in Finance and Entrepreneurship, Innovation, & Change from Emory University. Mr. Nguyen will report directly to Lindsay Androski, President and CEO.

Financial Results

Cash, Cash Equivalents and Investments 

As of December 31, 2024, the Company had cash, cash equivalents and investments in marketable securities of $122.6 million compared to $132.3 million as of December 31, 2023. During the year ended December 31, 2024, the Company used $64.9 million in operating activities, which was partially offset by $44.1 million of net proceeds from the issuance of common shares under its “at-the-market” (ATM) offering program and $7.5 million of proceeds from the exercise of employee stock options. The Company expects to significantly reduce its net cash burn in 2025 when compared to 2024. Given the Company’s review of its pipeline and development plans for its cHBV programs and refocused operations, the Company has terminated its ATM offering program.

Revenue 

Total revenue was $6.2 million for the year ended December 31, 2024, compared to $18.1 million for the same period in 2023. The decrease of $11.9 million was due primarily to a $9.3 million decrease in revenue recognition of the upfront license fee received in 2022 from Qilu, the Company’s collaboration partner in China, Hong Kong, Macau and Taiwan, as less effort was required from the Company in 2024 compared to 2023 to support Qilu’s progress towards achieving its own imdusiran manufacturing capability. Additionally, license royalty revenues decreased $2.6 million in 2024 compared to 2023 due to a decrease in Alnylam’s sales of ONPATTRO.

Operating Expenses 

Research and development expenses were $54.0 million for the year ended December 31, 2024 compared to $73.7 million for the same period in 2023. The decrease of $19.7 million was due primarily to: i) a decrease in clinical expenses related to the discontinuation of the Company’s coronavirus and AB-161 programs during the fourth quarter of 2023; ii) a decrease in research activities and preclinical study costs for AB-101 which is now in a Phase 1a/1b clinical trial; and iii) cost savings from the Company’s decision in August 2024 to streamline the organization to focus its efforts on advancing the clinical development of imdusiran and AB-101, which included ceasing all discovery efforts, discontinuing its IM-PROVE III clinical trial and reducing its workforce by 40%. These actions in August 2024 resulted in the Company incurring a one-time restructuring charge of $3.7 million in the third quarter of 2024.

General and administrative expenses were $22.1 million for the year ended December 31, 2024, compared to $22.5 million for the same period in 2023. This decrease was due primarily to decreases in employee compensation-related expenses, partially offset by an increase in litigation-related legal fees.

Net Loss 

For the year ended December 31, 2024, our net loss was $69.9 million, or a loss of $0.38 per basic and diluted common share, as compared to a net loss of $72.8 million, or a loss of $0.44 per basic and diluted common share, for the year ended December 31, 2023. 

Outstanding Shares 

As of December 31, 2024, the Company had 190.0 million common shares issued and outstanding, as well as 16.9 million stock options and unvested restricted stock units outstanding. Roivant Sciences Ltd. owned approximately 20% of the Company’s outstanding common shares as of December 31, 2024. 


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share and per share data)
 
 Year Ended December 31,
 2024 2023
Revenue     
Collaborations and licenses$3,919  $14,274 
Non-cash royalty revenue 2,252   3,867 
Total revenue 6,171   18,141 
Operating expenses     
Research and development 54,037   73,700 
General and administrative 22,108   22,475 
Change in fair value of contingent consideration 2,625   69 
Restructuring costs 3,720    
Total operating expenses 82,490   96,244 
Loss from operations (76,319)  (78,103)
Other income (loss)     
Interest income 6,585   5,688 
Interest expense (137)  (459)
Foreign exchange gain (49)  25 
Total other income 6,399   5,254 
Net loss$(69,920) $(72,849)
Net loss per common share     
Basic and diluted$(0.38) $(0.44)
Weighted average number of common shares     
Basic and diluted 185,608,874   165,960,379 


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
  December 31, 2024 December 31, 2023
Cash, cash equivalents and marketable securities, current $122,623 $126,003
Accounts receivable and other current assets  4,693  6,024
Total current assets  127,316  132,027
Property and equipment, net of accumulated depreciation  3,309  4,674
Investments in marketable securities, non-current    6,284
Right of use asset  1,048  1,416
Other non-current assets  34  
Total assets $131,707 $144,401
       
Accounts payable and accrued liabilities $7,564 $10,271
Deferred license revenue, current  7,571  11,791
Lease liability, current  483  425
Total current liabilities  15,618  22,487
Liability related to sale of future royalties  4,829  6,953
Deferred license revenue, non-current  2,863  
Contingent consideration  10,225  7,600
Lease liability, non-current  806  1,343
Total stockholders’ equity  97,366  106,018
Total liabilities and stockholders’ equity $131,707 $144,401


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Twelve Months Ended December 31,
  2024
 2023
Net loss $(69,920) $(72,849)
Non-cash items  7,899   5,146 
Change in deferred license revenue  (1,357)  (10,664)
Other changes in working capital  (1,472)  (7,569)
Net cash used in operating activities  (64,850)  (85,936)
Net cash provided by investing activities  22,948   50,773 
Issuance of common shares pursuant to the Open Market Sale Agreement  44,123   29,852 
Cash provided by other financing activities  7,873   795 
Net cash provided by financing activities  51,996   30,647 
Effect of foreign exchange rate changes on cash and cash equivalents  (49)  25 
Increase/(decrease) in cash and cash equivalents  10,045   (4,491)
Cash and cash equivalents, beginning of period  26,285   30,776 
Cash and cash equivalents, end of period  36,330   26,285 
Investments in marketable securities  86,293   106,002 
Cash, cash equivalents and marketable securities, end of period $122,623  $132,287 
         

About Imdusiran (AB-729)

Imdusiran is an RNAi therapeutic specifically designed to reduce all HBV viral proteins and antigens including hepatitis B surface antigen, which is thought to be a key prerequisite to enable reawakening of a patient’s immune system to respond to the virus. Imdusiran targets hepatocytes using Arbutus’ novel covalently conjugated N-Acetylgalactosamine (GalNAc) delivery technology enabling subcutaneous delivery. In a Phase 2a clinical trial, imdusiran achieved meaningful functional cure rates in patients with cHBV when combined with pegylated interferon (IFN) alfa-2α and nucleos(t)ide analogue (NA) therapy. Clinical data generated thus far has shown imdusiran to be generally safe and well-tolerated, while also providing meaningful reductions in hepatitis B surface antigen and hepatitis B DNA. The Company is currently reevaluating plans for a Phase 2b clinical trial of imdusiran combined with IFN and NA therapy.

About AB-101

AB-101 is an oral PD-L1 inhibitor candidate that is designed to allow for controlled checkpoint blockade while minimizing the systemic safety issues typically seen with checkpoint antibody therapies. Immune checkpoints such as PD-1/PD-L1 play an important role in the induction and maintenance of immune tolerance and in T-cell activation. Preclinical data generated thus far indicates that AB-101 mediates re-activation of exhausted HBV-specific T-cells from cHBV patients. AB-101 is currently being evaluated in a Phase 1a/1b clinical trial.

About HBV

Hepatitis B is a potentially life-threatening liver infection caused by the hepatitis B virus (HBV). HBV can cause chronic infection which leads to a higher risk of death from cirrhosis and liver cancer. Chronic HBV infection represents a significant unmet medical need. The World Health Organization estimates that over 250 million people worldwide suffer from chronic HBV infection, while other estimates indicate that approximately 2 million people in the United States suffer from chronic HBV infection. Approximately 1.1 million people die every year from complications related to chronic HBV infection despite the availability of effective vaccines and current treatment options.

About Arbutus

Arbutus Biopharma Corporation (Nasdaq: ABUS) is a clinical-stage biopharmaceutical company focused on infectious disease. The company is currently developing imdusiran (AB-729) for the treatment of chronic HBV infection. Through its ownership stake in and license to Genevant Sciences, Arbutus is also focused on maximizing opportunities for its in-house developed Lipid Nanoparticle (LNP) delivery technology. For more information, visit www.arbutusbio.com.

Forward-Looking Statements and Information

This press release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of Canadian securities laws (collectively, forward-looking statements). Forward-looking statements in this press release include statements about: the potential to lead to a functional cure for HBV; the result of Arbutus’ review of its pipeline and development plans for its cHBV programs; the potential for Arbutus’ product candidates to achieve success in clinical trials; Arbutus’ plans with respect to the ongoing patent litigation matters, and the expected timing thereof; the potential that the management changes will renew focus on advancing the Company’s pipeline efficiently and delivering value to patients and Arbutus’ stakeholders; the expectation that 2025 will be a transformative year for Arbutus; and Arbutus’ expected financial condition.

With respect to the forward-looking statements contained in this press release, Arbutus has made numerous assumptions regarding, among other things: the effectiveness and timeliness of clinical trials, and the usefulness of the data; the timeliness of regulatory approvals; the continued demand for Arbutus’ assets; and the stability of economic and market conditions. While Arbutus considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Arbutus’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained herein. Known risk factors include, among others: ongoing and anticipated clinical trials may be more costly or take longer to complete than anticipated, and may never be initiated or completed, or may not generate results that warrant future development of the tested product candidate; Arbutus may elect to change its strategy regarding its product candidates and clinical development activities; Arbutus may not receive the necessary regulatory approvals for the clinical development of Arbutus’ products; uncertainties associated with litigation generally and patent litigation specifically; economic and market conditions may worsen; market shifts may require a change in strategic focus; Arbutus and its collaborators may never realize the expected benefits of the collaborations; Arbutus’ workforce reduction and plans to reduce its net cash burn may not materially extend the cash runway and may create a distraction or uncertainty that may adversely affect its operating results, business, or investor perceptions; and risks related to the sufficiency of Arbutus’ cash resources for its foreseeable and unforeseeable operating expenses and capital expenditures.

A more complete discussion of the risks and uncertainties facing Arbutus appears in Arbutus’ Annual Report on Form 10-K, Arbutus’ Quarterly Reports on Form 10-Q and Arbutus’ continuous and periodic disclosure filings, which are available at www.sedar.com and at www.sec.gov. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and Arbutus disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.



 Arbutus Biopharma Corporation / ir@arbutusbio.com

FAQ

What were the key financial results for Arbutus (ABUS) in Q4 2024?

Arbutus ended 2024 with $122.6M in cash and investments, reported revenue of $6.2M (down from $18.1M in 2023), and a net loss of $69.9M ($0.38 per share).

What is the status of Arbutus's (ABUS) imdusiran clinical trials?

IM-PROVE I trial showed 50% functional cure rate in specific HBeAg-negative patients. The company is reviewing plans for Phase 2b trial development.

What restructuring changes did Arbutus (ABUS) implement in 2025?

Arbutus reduced workforce by 57% to 19 employees, plans to exit Warminster HQ, discontinued in-house research, and expects $11-13M restructuring charge in Q1 2025.

What is the timeline for Arbutus's (ABUS) patent litigation cases?

Moderna trial is scheduled for September 2025, while Pfizer/BioNTech claim construction hearing occurred in December 2024 with ruling expected in 2025.
Arbutus Biopharm

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Biotechnology
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