Arbutus Reports Second Quarter 2025 Financial Results and Provides Corporate Update
Arbutus Biopharma (Nasdaq: ABUS) reported Q2 2025 financial results, posting a net income of $2.5 million ($0.01 per share) compared to a loss of $19.8 million in Q2 2024. Total revenue reached $10.7 million, up from $1.7 million year-over-year, primarily due to recognizing deferred revenue after reacquiring Greater China rights to imdusiran.
The company maintained a strong financial position with $98.1 million in cash and equivalents. Operating expenses decreased significantly, with R&D expenses falling to $5.5 million from $15.6 million, and G&A expenses dropping to $3.3 million from $7.5 million, reflecting the company's streamlining efforts.
Key corporate updates include Dr. Harry Janssen joining the Scientific Advisory Board, Dr. Roger Sawhney joining the Board of Directors, and ongoing LNP patent litigation against Moderna and Pfizer/BioNTech, with trials expected in 2026.
Arbutus Biopharma (Nasdaq: ABUS) ha comunicato i risultati finanziari del secondo trimestre 2025, registrando un utile netto di 2,5 milioni di dollari (0,01 dollari per azione) rispetto a una perdita di 19,8 milioni di dollari nel secondo trimestre 2024. Il fatturato totale ha raggiunto i 10,7 milioni di dollari, in aumento rispetto a 1,7 milioni di dollari anno su anno, principalmente grazie al riconoscimento dei ricavi differiti dopo la riacquisizione dei diritti per Greater China su imdusiran.
L’azienda ha mantenuto una solida posizione finanziaria con 98,1 milioni di dollari in liquidità e equivalenti. Le spese operative sono diminuite significativamente, con i costi di ricerca e sviluppo scesi a 5,5 milioni di dollari da 15,6 milioni, e le spese generali e amministrative ridotte a 3,3 milioni da 7,5 milioni, riflettendo gli sforzi di snellimento dell’azienda.
Tra gli aggiornamenti aziendali principali figurano l’ingresso del Dott. Harry Janssen nel Comitato Scientifico, del Dott. Roger Sawhney nel Consiglio di Amministrazione, e la controversia in corso sui brevetti LNP contro Moderna e Pfizer/BioNTech, con i processi previsti per il 2026.
Arbutus Biopharma (Nasdaq: ABUS) informó sus resultados financieros del segundo trimestre de 2025, registrando un ingreso neto de 2,5 millones de dólares (0,01 dólares por acción) en comparación con una pérdida de 19,8 millones en el segundo trimestre de 2024. Los ingresos totales alcanzaron 10,7 millones de dólares, frente a 1,7 millones año tras año, principalmente debido al reconocimiento de ingresos diferidos tras la readquisición de los derechos para Greater China de imdusiran.
La compañía mantuvo una sólida posición financiera con 98,1 millones de dólares en efectivo y equivalentes. Los gastos operativos disminuyeron significativamente, con gastos en I+D reducidos a 5,5 millones desde 15,6 millones, y gastos generales y administrativos bajando a 3,3 millones desde 7,5 millones, reflejando los esfuerzos de optimización de la empresa.
Las actualizaciones corporativas clave incluyen la incorporación del Dr. Harry Janssen al Consejo Asesor Científico, del Dr. Roger Sawhney al Consejo de Administración, y la litigación en curso sobre patentes LNP contra Moderna y Pfizer/BioNTech, con juicios previstos para 2026.
Arbutus Biopharma (나스닥: ABUS)는 2025년 2분기 재무 실적을 발표하며, 2024년 2분기 1,980만 달러 손실과 비교해 250만 달러(주당 0.01달러)의 순이익을 기록했습니다. 총 수익은 1,070만 달러로 전년 동기 170만 달러에서 크게 증가했으며, 이는 imdusiran의 중국 대륙 권리를 재취득한 후 이연 수익을 인식한 데 따른 것입니다.
회사는 9,810만 달러의 현금 및 현금성 자산을 보유하며 견고한 재무 상태를 유지했습니다. 운영비용은 크게 감소했으며, 연구개발비는 1,560만 달러에서 550만 달러로, 일반관리비는 750만 달러에서 330만 달러로 줄어들어 회사의 효율화 노력을 반영했습니다.
주요 기업 소식으로는 Harry Janssen 박사가 과학 자문 위원회에 합류하고, Roger Sawhney 박사가 이사회에 합류했으며, Moderna 및 Pfizer/BioNTech를 상대로 한 LNP 특허 소송이 진행 중이며, 재판은 2026년에 예정되어 있습니다.
Arbutus Biopharma (Nasdaq : ABUS) a publié ses résultats financiers du deuxième trimestre 2025, affichant un bénéfice net de 2,5 millions de dollars (0,01 dollar par action) contre une perte de 19,8 millions au deuxième trimestre 2024. Le chiffre d'affaires total a atteint 10,7 millions de dollars, en hausse par rapport à 1,7 million d'une année sur l'autre, principalement grâce à la reconnaissance des revenus différés après la réacquisition des droits pour la Grande Chine sur imdusiran.
L'entreprise a maintenu une position financière solide avec 98,1 millions de dollars en liquidités et équivalents. Les dépenses opérationnelles ont fortement diminué, les dépenses en R&D étant passées de 15,6 millions à 5,5 millions, et les frais généraux et administratifs de 7,5 millions à 3,3 millions, reflétant les efforts de rationalisation de la société.
Les principales actualités corporatives incluent l'arrivée du Dr Harry Janssen au comité consultatif scientifique, du Dr Roger Sawhney au conseil d'administration, ainsi que des litiges en cours sur les brevets LNP contre Moderna et Pfizer/BioNTech, avec des procès prévus en 2026.
Arbutus Biopharma (Nasdaq: ABUS) meldete die Finanzergebnisse für das zweite Quartal 2025 und erzielte einen Nettogewinn von 2,5 Millionen US-Dollar (0,01 US-Dollar pro Aktie) im Vergleich zu einem Verlust von 19,8 Millionen US-Dollar im zweiten Quartal 2024. Der Gesamtumsatz stieg auf 10,7 Millionen US-Dollar von 1,7 Millionen US-Dollar im Jahresvergleich, hauptsächlich bedingt durch die Anerkennung von aufgeschobenen Einnahmen nach der Rückerwerbung der Greater-China-Rechte an imdusiran.
Das Unternehmen hielt eine starke Finanzlage mit 98,1 Millionen US-Dollar an liquiden Mitteln und Äquivalenten. Die Betriebskosten sanken deutlich, wobei die F&E-Ausgaben von 15,6 Millionen auf 5,5 Millionen US-Dollar und die Verwaltungs- und Gemeinkosten von 7,5 Millionen auf 3,3 Millionen US-Dollar zurückgingen, was die Straffungsmaßnahmen des Unternehmens widerspiegelt.
Wichtige Unternehmensneuigkeiten umfassen die Ernennung von Dr. Harry Janssen in den Wissenschaftlichen Beirat, Dr. Roger Sawhney in den Vorstand sowie laufende LNP-Patentstreitigkeiten gegen Moderna und Pfizer/BioNTech, mit Prozessen, die für 2026 erwartet werden.
- Net income of $2.5M in Q2 2025, compared to $19.8M loss in Q2 2024
- Strong cash position of $98.1M as of June 30, 2025
- Significant reduction in operating expenses through successful restructuring
- Reacquisition of global rights for lead compound imdusiran
- Eight patients achieved functional cure with imdusiran treatment to date
- Cash position decreased from $122.6M in December 2024 to $98.1M in June 2025
- Decline in license royalty revenues due to decreased ONPATTRO sales
- Used $29.1M in operating activities during first half of 2025
- Ongoing restructuring costs and workforce reductions
Insights
Arbutus reports Q2 profit after reacquiring Greater China rights to imdusiran, maintains strong $98.1M cash position despite restructuring efforts.
Arbutus Biopharma's Q2 2025 results reflect a significant turnaround with $2.5M net income ($0.01 per share) compared to a $19.8M loss in Q2 2024. This improvement stems primarily from $10.7M in revenue, including previously deferred revenue recognized after concluding their partnership with Qilu Pharmaceutical for Greater China rights to imdusiran.
The company has successfully slashed operating expenses by over 60%, with R&D expenses down to $5.5M from $15.6M and G&A expenses reduced to $3.3M from $7.5M year-over-year. These reductions follow strategic restructuring announced in August 2024 to focus on clinical development of imdusiran and AB-101 while discontinuing discovery efforts and the IM-PROVE III trial.
With $98.1M in cash and marketable securities as of June 30, 2025 (down from $122.6M at end of 2024), Arbutus has maintained a relatively strong financial position despite using $29.1M in operating activities during H1 2025. The burn rate appears to be improving following restructuring.
Two notable legal developments deserve attention: Arbutus continues pursuing litigation against Moderna and Pfizer/BioNTech regarding their use of Arbutus's patented LNP technology in COVID-19 vaccines. The Moderna U.S. case has completed fact discovery with a jury trial scheduled for March 2026, while additional international lawsuits were filed in March 2025. The Pfizer/BioNTech case had a claim construction hearing in December 2024 with a ruling potentially coming in 2025.
The regaining of global rights to lead compound imdusiran represents a strategic pivot that could potentially create more long-term value, though it eliminates partnership milestone revenues in the near term. The addition of Dr. Harry Janssen, an expert in late-stage clinical trials for cHBV, to their Scientific Advisory Board signals continued commitment to advancing their hepatitis B pipeline.
Q2 total revenue of
Dr. Roger Sawhney joins the Arbutus Board of Directors following resignation of Anuj Hasija
Dr. Harry Janssen joins the Arbutus Scientific Advisory Board
Strong financial position with cash, cash equivalents and marketable securities of
WARMINSTER, Pa., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Arbutus Biopharma Corporation (Nasdaq: ABUS) (“Arbutus” or the “Company”), a clinical-stage biopharmaceutical company focused on infectious disease, today reported second quarter 2025 financial results and provided a corporate update.
“We delivered a strong quarter, marked by positive quarterly earnings resulting from the conclusion of our Greater China partnership with Qilu,” said Lindsay Androski, President and CEO of Arbutus. “Once again holding global rights for imdusiran, and launching a late-stage clinically focused Scientific Advisory Board, were two important steps taken this quarter in our quest to drive long-term value through our chronic hepatitis B virus (cHBV) programs.”
“I am excited to announce that Dr. Harry Janssen of Erasmus MC in Rotterdam has joined our Scientific Advisory Board, bringing his unparalleled knowledge and experience in late-stage clinical trials in cHBV,” Ms. Androski continued. “Today, the Company also congratulates Anuj Hasija on his appointment as Vice President, Global Commercial Strategy for Type 1 Diabetes at Vertex. Anuj has stepped down from the Arbutus Board in order to focus exclusively on this new role, and on behalf of the Company and the entire Board, I thank Anuj for his service. We are also excited to welcome Dr. Roger Sawhney as the newest member of our Board. Dr. Sawhney has enjoyed a distinguished career spanning senior executive roles in biotech, pharma and investing, and also brings extensive public company board experience.”
LNP Litigation
- Arbutus continues 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.
- In the Moderna U.S. litigation, fact discovery has been completed, and expert discovery is concluding. The summary judgment phase of the case began in July 2025 and a jury trial is scheduled to be held in March 2026. Additionally, in July 2025, the case was reassigned to a different judge in the same court. In March 2025, the Company, alongside Genevant Sciences, filed five international lawsuits against Moderna and its affiliates seeking to enforce patents protecting the Company’s patented LNP technology across 30 countries. The first major hearings in the international lawsuits are expected in the first half of calendar year 2026.
- The claim construction hearing for the lawsuit against Pfizer/BioNTech occurred in December 2024. The court has not provided guidance for the timing of its ruling in the claim construction hearing, which could potentially come in 2025.
Corporate Updates
- In June 2025, the Company and Qilu Pharmaceutical mutually agreed to conclude the strategic partnership for the development, manufacturing, and commercialization of imdusiran in Greater China. The Company now once again holds global rights for its lead compound, imdusiran.
- Dr. Harry L.A. Janssen, MD, PhD, joined the Company’s Scientific Advisory Board effective August 1, 2025, increasing the membership to six global experts in cHBV treatment. Dr. Janssen is a Professor of Hepatology and the Chair of the Department of Gastroenterology and Hepatology at Erasmus MC, Rotterdam, The Netherlands.
- Effective August 4, 2025, Anuj Hasija resigned from the Company’s Board of Directors due to his transition to a full-time executive role that precludes his participation on the Arbutus and other boards of directors.
- Filling the vacancy on our Board of Directors, Dr. Roger Sawhney, MD, joined the Board effective August 4, 2025. Dr. Sawhney is a seasoned executive and board member with extensive experience across biotechnology, pharmaceuticals, healthcare technology, and investment sectors. He holds an MD from Harvard Medical School and a BA in Economics from Stanford University.
Financial Results
Cash, Cash Equivalents and Investments
As of June 30, 2025, the Company had cash, cash equivalents and investments in marketable securities of
Revenue
Total revenue was
Operating Expenses
Research and development expenses were
General and administrative expenses were
Restructuring costs in the quarter ended June 30, 2025 were
Net Income/Loss
For the quarter ended June 30, 2025, the Company’s net income was
Outstanding Shares
As of June 30, 2025, the Company had 191.6 million common shares issued and outstanding, as well as 15.2 million stock options and unvested restricted stock units outstanding.
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND LOSS (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Collaborations and licenses | $ | 10,213 | $ | 1,155 | $ | 11,529 | $ | 2,094 | |||||||
| Non-cash royalty revenue | 526 | 571 | 974 | 1,164 | |||||||||||
| Total Revenue | 10,739 | 1,726 | 12,503 | 3,258 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development | 5,498 | 15,551 | 14,457 | 30,954 | |||||||||||
| General and administrative | 3,328 | 7,547 | 9,160 | 12,859 | |||||||||||
| Change in fair value of contingent consideration | 260 | 211 | 559 | 391 | |||||||||||
| Restructuring costs | 165 | — | 12,538 | — | |||||||||||
| Total operating expenses | 9,251 | 23,309 | 36,714 | 44,204 | |||||||||||
| Gain (loss) from operations | 1,488 | (21,583 | ) | (24,211 | ) | (40,946 | ) | ||||||||
| Other income | |||||||||||||||
| Interest income | 1,042 | 1,829 | 2,239 | 3,374 | |||||||||||
| Interest expense | (28 | ) | (34 | ) | (56 | ) | (78 | ) | |||||||
| Foreign exchange gain (loss) | 21 | (8 | ) | 25 | (21 | ) | |||||||||
| Total other income | 1,035 | 1,787 | 2,208 | 3,275 | |||||||||||
| Income tax expense | — | — | — | — | |||||||||||
| Net income (loss) | $ | 2,523 | $ | (19,796 | ) | $ | (22,003 | ) | $ | (37,671 | ) | ||||
| Net income (loss) per common share | |||||||||||||||
| Basic | $ | 0.01 | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.21 | ) | ||||
| Diluted | $ | 0.01 | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.21 | ) | ||||
| Weighted average number of common shares | |||||||||||||||
| Basic | 191,551,282 | 188,041,489 | 191,130,631 | 181,842,519 | |||||||||||
| Diluted | 192,399,733 | 188,041,489 | 191,130,631 | 181,842,519 | |||||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Cash, cash equivalents and marketable securities, current | $ | 98,088 | $ | 122,623 | ||||
| Accounts receivable and other current assets | 5,031 | 4,693 | ||||||
| Total current assets | 103,119 | 127,316 | ||||||
| Property and equipment, net of accumulated depreciation and impairment | 148 | 3,309 | ||||||
| Right of use asset | — | 1,048 | ||||||
| Other non-current assets | — | 34 | ||||||
| Total assets | $ | 103,267 | $ | 131,707 | ||||
| Accounts payable and accrued liabilities | $ | 4,508 | $ | 7,564 | ||||
| Deferred license revenue, current | — | 7,571 | ||||||
| Lease liability, current | 514 | 483 | ||||||
| Total current liabilities | 5,022 | 15,618 | ||||||
| Liability related to sale of future royalties | 3,910 | 4,829 | ||||||
| Deferred license revenue, non-current | — | 2,863 | ||||||
| Contingent consideration | 10,784 | 10,225 | ||||||
| Lease liability, non-current | 575 | 806 | ||||||
| Total stockholders’ equity | 82,976 | 97,366 | ||||||
| Total liabilities and stockholders’ equity | $ | 103,267 | $ | 131,707 | ||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Net loss | $ | (22,003 | ) | $ | (37,671 | ) | |
| Non-cash items | 5,834 | 3,973 | |||||
| Change in deferred license revenue | (10,434 | ) | (757 | ) | |||
| Other changes in working capital | (2,537 | ) | 656 | ||||
| Net cash used in operating activities | (29,140 | ) | (33,799 | ) | |||
| Net cash provided by investing activities | 26,960 | 21,523 | |||||
| Issuance of common shares pursuant to the Open Market Sale Agreement | — | 44,124 | |||||
| Cash provided by other financing activities | 3,237 | 4,676 | |||||
| Net cash provided by financing activities | 3,237 | 48,800 | |||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 25 | (21 | ) | ||||
| Increase in cash and cash equivalents | 1,082 | 36,503 | |||||
| Cash and cash equivalents, beginning of period | 36,330 | 26,285 | |||||
| Cash and cash equivalents, end of period | 37,412 | 62,788 | |||||
| Investments in marketable securities | 60,676 | 85,725 | |||||
| Cash, cash equivalents and marketable securities, end of period | $ | 98,088 | $ | 148,513 | |||
About Imdusiran (AB-729)
Imdusiran is an RNAi therapeutic specifically designed to reduce all hepatitis B viral proteins and antigens including HBsAg, which is thought to be a key prerequisite to enable reawakening of a patient’s immune system to control the virus. Imdusiran targets hepatocytes using Arbutus’ novel covalently conjugated N-Acetylgalactosamine (GalNAc) delivery technology enabling subcutaneous delivery. To date, Arbutus has reported a total of eight patients with cHBV who have achieved a functional cure following treatment with imdusiran and NA therapy in combination with either IFN or low dose nivolumab plus an immunotherapeutic. Clinical data generated thus far has shown imdusiran to be generally safe and well-tolerated, while also providing meaningful reductions in HBsAg and hepatitis B virus DNA.
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. cHBV infection represents a significant unmet medical need. The World Health Organization estimates that over 250 million people worldwide suffer from cHBV infection, while other estimates indicate that approximately 2 million people in the United States suffer from cHBV infection. Approximately 1.1 million people die every year from complications related to cHBV 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) and an oral PD-L1 inhibitor (AB-101) for the treatment of cHBV infection. The Company is also consulting closely with and supporting its exclusive licensee, Genevant Sciences, to protect and defend its intellectual property, which is the subject of on-going lawsuits against Moderna and Pfizer/BioNTech for use of Arbutus’s patented LNP technology in their COVID-19 vaccines. 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 potential for Arbutus’ product candidates to achieve success in clinical trials; Arbutus’ pipeline and development plans for its cHBV programs; and Arbutus’ plans with respect to the ongoing patent litigation matters, and the expected timing thereof.
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 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’ product candidates; 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’ 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
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