Arbutus Biopharm SEC Filings

Arbutus Biopharma (ABUS) filed its Q3 2025 report. Total revenue was $529,000, driven by $280,000 from collaborations and $249,000 of non-cash royalty revenue. Operating expenses were $9.2 million, reflecting lower R&D and G&A after earlier cost actions, and the company reported a net loss of $7.7 million, or $0.04 per share.

Year-to-date, revenue reached $13.0 million, primarily from recognizing $10.4 million of previously deferred revenue after terminating the Qilu license; net loss narrowed to $29.7 million. Cash, cash equivalents and marketable securities totaled $93.7 million as of September 30, 2025, with no debt, and management believes resources fund operations for at least the next 12 months. The company recorded $12.6 million of restructuring costs year-to-date tied to a 57% workforce reduction, exiting its headquarters, and discontinuing in-house research. As of November 11, 2025, 192,324,017 common shares were outstanding. Arbutus continues patent actions related to its LNP technology, with a U.S. trial against Moderna set for March 2026 and a September 2025 claim construction ruling in the Pfizer/BioNTech case that it considers favorable.

Two Seas Capital and affiliated reporting persons disclosed beneficial ownership of 10,443,317 common shares of Arbutus Biopharma (symbol: ABUS), representing 5.4% of the outstanding class as of June 30, 2025. The stake is held in two funds — 7,472,841 shares in the Two Seas Global (Master) Fund and 2,970,476 shares in the Two Seas LNP Opportunities (Master) Fund — and the reporting persons state they have sole voting and sole dispositive power over all reported shares. The filing includes a certification that the securities are held in the ordinary course of business and were not acquired with the purpose of changing or influencing control of the issuer. The disclosure references a total share count of 191,641,511 common shares used to calculate the percentage.

ABUS Q2-25 showed a sharp swing to profitability as one-time license revenue and deep cost cuts outweighed lower investment income. Total revenue rose to $10.7 m from $1.7 m a year earlier, driven mainly by recognition of $9.6 m in deferred revenue after the June termination of the Qilu partnership, which also returns worldwide rights to imdusiran. Non-cash royalty revenue from Alnylam’s ONPATTRO contributed $0.5 m.

Operating expenses fell 60% YoY to $9.3 m following a 57% workforce reduction, facility exit and R&D scale-back; Q1 restructuring charges totaled $12.4 m. As a result, operating income reached $1.5 m versus a $21.6 m loss last year, and net income reached $2.5 m ($0.01/share) versus a $19.8 m loss. For the six months, the company still posted a $22.0 m loss, but cash burn declined (operating cash outflow $29.1 m vs $33.8 m).

Cash, cash equivalents and short-term securities were $98.1 m at 30-Jun-25 (down from $122.6 m at year-end) with no debt; management expects runway of ≥12 months. Total assets fell to $103.3 m, liabilities to $20.3 m and equity to $83.0 m. Contingent consideration stands at $10.8 m and the liability from royalty-sale to OMERS declined to $3.9 m.

Key catalysts include Phase 2 data from imdusiran combinations, ongoing Phase 1a/1b dosing of oral PD-L1 inhibitor AB-101, and patent litigation milestones against Moderna and Pfizer/BioNTech (trial in Mar-26). Cost-control measures and regained global rights position Arbutus for partnering, but termination of Qilu removes future milestone streams.

Arbutus Biopharma (NASDAQ:ABUS) announced the termination of its technology transfer and license agreement with Qilu Pharmaceutical Co., Ltd. The agreement, originally established in December 2021, granted Qilu exclusive rights to develop, manufacture, and commercialize imdusiran in Greater China and Taiwan.

The mutual termination, effective June 20, 2025, involves no financial payments and results in all rights for imdusiran in Greater China and Taiwan reverting to Arbutus. This decision aligns with Qilu's pipeline reprioritization and Arbutus's strategic focus on efficient pipeline advancement.