Morgan Stanley discloses 13.5% Arbutus Biopharma (ABUS) stake in 13G/A

Rhea-AI Filing Summary

Morgan Stanley and Morgan Stanley Investment Management Inc. report significant ownership of Arbutus Biopharma Corp common shares. As of the event date of 12/31/2025, Morgan Stanley is deemed to beneficially own 25,910,337 shares, representing 13.5% of the outstanding common shares.

The filing shows no sole voting or dispositive power, with voting and dispositive authority largely shared across related entities. The firms certify the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Arbutus Biopharma.

Insights

Institutional Ownership Analyst

Morgan Stanley discloses a passive 13.5% stake in Arbutus Biopharma.

Morgan Stanley and its affiliate report beneficial ownership of 25,910,337 Arbutus Biopharma common shares, or 13.5% of the class as of 12/31/2025. Voting and dispositive powers are reported as shared rather than sole, consistent with institutional portfolio management structures.

The certification states the position is held in the ordinary course of business and not to change or influence control, aligning this with a passive investment under Schedule 13G rules. Future ownership levels and any shift to an active stance, if disclosed in later filings, would determine whether this stake becomes more strategically significant.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Arbutus Biopharma Corp

(Name of Issuer)

Common Shares

(Title of Class of Securities)

03879J100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 03879J100

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,899,506.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,897,689.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,910,337.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 03879J100

1

Names of Reporting Persons

Morgan Stanley Investment Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,647,127.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,647,127.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,647,127.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.3 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Arbutus Biopharma Corp
(b)	Address of issuer's principal executive offices: 701 VETERANS CIRCLE, WARMINSTER, PA, 18974
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Investment Management Inc.
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 03879J100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 13.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/11/2026

Morgan Stanley Investment Management Inc.

Signature:	Deidre A. Downes
Name/Title:	Authorized Signatory, Morgan Stanley Investment Management Inc.
Date:	02/11/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What did Morgan Stanley disclose in its Schedule 13G/A for Arbutus Biopharma (ABUS)?

Morgan Stanley disclosed beneficial ownership of Arbutus Biopharma common shares. The filing reports a sizable institutional position and clarifies that the shares are held in the ordinary course of business, without an intent to change or influence control of the company.

How many Arbutus Biopharma (ABUS) shares does Morgan Stanley report owning and what percentage is this?

Morgan Stanley reports beneficial ownership of 25,910,337 Arbutus Biopharma common shares, representing 13.5% of the outstanding class. This makes Morgan Stanley a major institutional holder, with its affiliated investment adviser reporting a closely similar 13.3% interest.

Is Morgan Stanley’s Arbutus Biopharma (ABUS) stake described as passive or active?

The stake is described as passive under Schedule 13G. Morgan Stanley certifies the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Arbutus Biopharma or participating in control-related transactions.

What voting and dispositive powers does Morgan Stanley report over Arbutus Biopharma (ABUS) shares?

Morgan Stanley reports no sole voting or dispositive power over Arbutus Biopharma shares. The filing shows shared voting power and shared dispositive power over most of the reported shares, reflecting that authority resides across related operating units within the Morgan Stanley organization.

Who are the reporting persons in this Arbutus Biopharma (ABUS) Schedule 13G/A filing?

The reporting persons are Morgan Stanley and Morgan Stanley Investment Management Inc., both organized in Delaware. They provide a joint filing with cover pages detailing beneficial ownership, voting and dispositive powers, and include a joint filing agreement and subsidiary identification exhibit.

What is the event date for Morgan Stanley’s ownership report in Arbutus Biopharma (ABUS)?

The event date for the reported ownership position is 12/31/2025. As of that date, Morgan Stanley and its investment management affiliate calculated their beneficial ownership and corresponding percentage of Arbutus Biopharma’s common shares disclosed in this amended Schedule 13G filing.