How much did Whitefort Capital pay for its Arbutus (ABUS) share position?

Whitefort Capital Master Fund paid approximately $41,324,734 in aggregate for its 15,794,261 Arbutus shares. This amount, which includes brokerage commissions, came from the fund’s working capital, which may include margin loans made in the ordinary course of business.

Whitefort lifts Arbutus (ABUS) economic stake to 9.8%

Q: What additional economic exposure to Arbutus (ABUS) does Whitefort hold via swaps?

Whitefort Master Fund entered a cash-settled total return swap with Nomura referencing 3,500,000 notional Arbutus shares, about 1.8% of outstanding shares . The swap provides economic results similar to ownership but no voting or dispositive power over those reference shares.

Q: Do Whitefort Capital’s principals personally control all Arbutus (ABUS) shares reported?

The filing states that entities and principals, including David Salanic and Joseph Kaplan , may be deemed beneficial owners through control roles. However, each reporting person specifically disclaims beneficial ownership of any Arbutus securities not directly owned.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D/A

Rhea-AI Filing Summary

Whitefort Capital and related parties filed Amendment No. 4 to their Schedule 13D on Arbutus Biopharma Corp, reporting a significant ownership position. Whitefort Capital Master Fund directly owns 15,794,261 common shares, which is about 8.0% of Arbutus’s 196,939,679 shares outstanding as of March 30, 2026. The filing notes that these shares were acquired for an aggregate purchase price of approximately $41,324,734, funded from the fund’s working capital.

Various Whitefort entities and principals David Salanic and Joseph Kaplan may be deemed to share beneficial ownership of the same 15,794,261 shares through their roles as general partners and investment managers, though they expressly disclaim ownership of securities they do not directly hold. The filing also discloses a cash-settled total return swap between Whitefort Master Fund and Nomura Global Financial Products Inc. referencing 3,500,000 notional shares, or about 1.8% of outstanding shares, with a reference price of $4.2800 and maturity on October 29, 2029. Including these subject shares on an economic basis, Whitefort Master Fund’s total economic exposure is 19,294,261 shares, or roughly 9.8% of Arbutus’s outstanding stock, while they disclaim beneficial ownership and voting or dispositive power over the swap reference shares.

Key Figures

Shares beneficially owned: 15,794,261 shares Ownership percentage: 8.0% of class Shares outstanding: 196,939,679 shares +5 more

8 metrics

Shares beneficially owned 15,794,261 shares Whitefort Master Fund direct ownership as of Amendment No. 4

Ownership percentage 8.0% of class Based on 196,939,679 shares outstanding as of March 30, 2026

Shares outstanding 196,939,679 shares Arbutus shares outstanding as reported March 30, 2026

Aggregate purchase price $41,324,734 Cost of 15,794,261 shares, including brokerage commissions

Swap notional shares 3,500,000 notional shares Cash-settled total return swap with Nomura

Swap ownership percentage 1.8% of outstanding shares Economic exposure via swap to Arbutus shares

Swap reference price $4.2800 per share Reference price under total return swap

Total economic exposure 19,294,261 shares (9.8%) Owned shares plus swap-reference shares on an economic basis

Key Terms

beneficially owns, Schedule 13D, cash-settled total return swap, notional Shares, +2 more

6 terms

beneficially owns financial

"As of the date hereof, Whitefort Master Fund beneficially owns 15,794,261 Shares, constituting approximately 8.0% of the Shares outstanding."

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

Schedule 13D regulatory

"The filing of this shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d)..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

cash-settled total return swap financial

"Whitefort Master Fund has entered into a certain cash-settled total return swap agreement with Nomura as the counterparty (the "Swap Agreement")."

notional Shares financial

"constitutes economic exposure to an aggregate of 3,500,000 notional Shares, representing approximately 1.8% of the outstanding Shares"

economic exposure financial

"Taking into account the Subject Shares, Whitefort Master Fund has economic exposure to an aggregate of 19,294,261 Shares, representing approximately 9.8% of the outstanding Shares."

Economic exposure is the degree to which a company’s future cash flows and overall value can change because of shifts in broad economic forces—most commonly currency rates, interest rates, or inflation. Think of a business as a sailboat whose speed and direction can be pushed off course by changing winds; investors care because greater exposure means more uncertainty in earnings and valuation, influencing risk assessment and hedging choices.

Subject Shares financial

"such shares, the "Subject Shares". Taking into account the Subject Shares, Whitefort Master Fund has economic exposure..."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/28/2026 - 05:54 PM

FAQ

What stake in Arbutus Biopharma (ABUS) does Whitefort Capital report?

Whitefort Capital Master Fund reports beneficial ownership of 15,794,261 Arbutus common shares, about 8.0% of shares outstanding. This percentage is based on 196,939,679 shares outstanding as of March 30, 2026, per Arbutus’s definitive proxy statement.

What additional economic exposure to Arbutus (ABUS) does Whitefort hold via swaps?

Whitefort Master Fund entered a cash-settled total return swap with Nomura referencing 3,500,000 notional Arbutus shares, about 1.8% of outstanding shares. The swap provides economic results similar to ownership but no voting or dispositive power over those reference shares.

What is Whitefort Capital’s total economic exposure to Arbutus (ABUS) shares?

Including both owned shares and the swap, Whitefort Master Fund has economic exposure to 19,294,261 Arbutus shares, representing about 9.8% of outstanding shares. The reporting persons, however, disclaim beneficial ownership of the swap reference shares.

When does Whitefort’s Arbutus (ABUS) total return swap mature and at what price?

The disclosed cash-settled total return swap tied to Arbutus shares has a maturity date of October 29, 2029 and a reference price of $4.2800 per share. It is structured to deliver economic results without transferring voting or dispositive rights.

Do Whitefort Capital’s principals personally control all Arbutus (ABUS) shares reported?

The filing states that entities and principals, including David Salanic and Joseph Kaplan, may be deemed beneficial owners through control roles. However, each reporting person specifically disclaims beneficial ownership of any Arbutus securities not directly owned.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Arbutus Biopharma Corp

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

03879J100

(CUSIP Number)

DAVID SALANIC
WHITEFORT CAPITAL MANAGEMENT, LP, 12 East 49th Street, 40th Floor
New York, NY, 10017
212-259-4370

JOSEPH KAPLAN
WHITEFORT CAPITAL MANAGEMENT, LP, 12 East 49th Street, 40th Floor
New York, NY, 10017
212-259-4370

RYAN NEBEL
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

PATRICIA OLASKER
DAVIES WARD PHILLIPS & VINEBERG LLP, 155 Wellington Street West
Toronto, A6, M5V 3J7
416-863-0900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/24/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Shares, without par value

(b)

Name of Issuer:

Arbutus Biopharma Corp

(c)

Address of Issuer's Principal Executive Offices:

701 VETERANS CIRCLE, WARMINSTER, PENNSYLVANIA , 18974.

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 is hereby amended and restated to read as follows: The securities of the Issuer purchased by Whitefort Master Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 15,794,261 Shares owned directly by Whitefort Master Fund is approximately $41,324,734, including brokerage commissions.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 196,939,679 Shares outstanding as of March 30, 2026, which is the total number of Shares outstanding as reported in the Issuer's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 14, 2026. As of the date hereof, Whitefort Master Fund beneficially owns 15,794,261 Shares, constituting approximately 8.0% of the Shares outstanding. Whitefort Master GP, as the general partner of Whitefort Master Fund, may be deemed to beneficially own the 15,794,261 Shares owned by Whitefort Master Fund, constituting approximately 8.0% of the Shares outstanding. Whitefort Management, as the investment manager of Whitefort Master Fund, may be deemed to beneficially own the 15,794,261 Shares owned by Whitefort Master Fund, constituting approximately 8.0% of the Shares outstanding. Whitefort GP, as the general partner of Whitefort Management, may be deemed to beneficially own the 15,794,261 Shares owned by Whitefort Master Fund, constituting approximately 8.0% of the Shares outstanding. Each of Messrs. Salanic and Kaplan, as a Co-Managing Partner of Whitefort Management and a Co-Managing Member of each of Whitefort Master GP and Whitefort GP, may be deemed to beneficially own the 15,794,261 Shares owned by Whitefort Master Fund, constituting approximately 8.0% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

(c)

Item 5(c) is hereby amended and restated to read as follows: The transactions in securities of the Issuer by the Reporting Persons since the filing of Amendment No. 3 by the Reporting Persons are set forth in Exhibit 1 and are incorporated herein by reference. Except for the swap transaction on April 27, 2026, the counterparty of which was Nomura Global Financial Products Inc. ("Nomura"), and the sale of Shares on the same date, all of such transactions were effected in the open market.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6 is hereby amended to add the following: Whitefort Master Fund has entered into a certain cash-settled total return swap agreement with Nomura as the counterparty (the "Swap Agreement"). Whitefort Master Fund's swap with Nomura constitutes economic exposure to an aggregate of 3,500,000 notional Shares, representing approximately 1.8% of the outstanding Shares, and has a maturity date of October 29, 2029 and a reference price of $4.2800. The Swap Agreement provides Whitefort Master Fund with economic results that are comparable to the economic results of ownership but does not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Swap Agreement (such shares, the "Subject Shares"). Taking into account the Subject Shares, Whitefort Master Fund has economic exposure to an aggregate of 19,294,261 Shares, representing approximately 9.8% of the outstanding Shares. The Reporting Persons disclaim beneficial ownership of the Subject Shares.

Item 7.

Material to be Filed as Exhibits.

Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Whitefort Capital Master Fund, LP

Signature:	/s/ David Salanic
Name/Title:	David Salanic, Co-Managing Member of Whitefort Capital GP, LLC, its General Partner
Date:	04/28/2026

Signature:	/s/ Joseph Kaplan
Name/Title:	Joseph Kaplan, Co-Managing Member of Whitefort Capital GP, LLC, its General Partner
Date:	04/28/2026

Whitefort Capital GP, LLC

Signature:	/s/ David Salanic
Name/Title:	David Salanic, Co-Managing Member
Date:	04/28/2026

Signature:	/s/ Joseph Kaplan
Name/Title:	Joseph Kaplan, Co-Managing Member
Date:	04/28/2026

Whitefort Capital Management, LP

Signature:	/s/ David Salanic
Name/Title:	David Salanic, Co-Managing Partner
Date:	04/28/2026

Signature:	/s/ Joseph Kaplan
Name/Title:	Joseph Kaplan, Co-Managing Partner
Date:	04/28/2026

Whitefort Capital Management GP, LLC

Signature:	/s/ David Salanic
Name/Title:	David Salanic, Co-Managing Member
Date:	04/28/2026

Signature:	/s/ Joseph Kaplan
Name/Title:	Joseph Kaplan, Co-Managing Member
Date:	04/28/2026

David Salanic

Signature:	/s/ David Salanic
Name/Title:	David Salanic
Date:	04/28/2026

Joseph Kaplan

Signature:	/s/ Joseph Kaplan
Name/Title:	Joseph Kaplan
Date:	04/28/2026

Source: View Original Filing on SEC EDGAR