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ABUS

Arbutus Biopharma Corporation

ABUS

Arbutus Biopharma Corporation • NASDAQ
$4.40 ▼ -0.23% (-0.01)
Market Cap $845.61 M
52w High $5.10
52w Low $2.71
Dividend Yield 0%
P/E -19.13
Volume 396.76K
Outstanding Shares 192.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $529K ▼ $8.811M ▼ $-7.742M ▼ -1.464K% ▼ $-0.04 ▼ $-7.708M ▼
Q2-2025 $10.739M ▲ $9.251M ▼ $2.523M ▲ 23.494% ▲ $0.013 ▲ $2.562M ▲
Q1-2025 $1.764M ▲ $27.463M ▲ $-24.526M ▼ -1.39K% ▼ $-0.13 ▼ $-24.165M ▼
Q4-2024 $1.574M ▲ $6.697M ▼ $-12.532M ▲ -796.188% ▲ $-0.068 ▲ $-15.335M ▲
Q3-2024 $1.339M $22.779M $-19.717M -1.473K% $-0.1 $-19.352M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.702M ▼ $97.71M ▼ $20.311M ▲ $77.399M ▼
Q2-2025 $98.088M ▼ $103.267M ▼ $20.291M ▼ $82.976M ▲
Q1-2025 $112.707M ▼ $117.01M ▼ $37.853M ▲ $79.157M ▼
Q4-2024 $122.623M ▼ $131.707M ▼ $34.341M ▲ $97.366M ▼
Q3-2024 $127.794M $140.441M $33.551M $106.89M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.742M ▼ $-5.817M ▲ $-10.019M ▼ $844K ▲ $-15.004M ▼ $-5.817M ▲
Q2-2025 $2.523M ▲ $-15.749M ▼ $15.611M ▲ $453K ▼ $336K ▼ $-15.749M ▼
Q1-2025 $-24.526M ▼ $-13.391M ▼ $11.349M ▼ $2.784M ▲ $746K ▼ $-13.391M ▼
Q4-2024 $-12.532M ▲ $-10.315M ▲ $13.411M ▲ $1.421M ▼ $4.484M ▲ $-10.401M ▲
Q3-2024 $-19.717M $-20.736M $-11.986M $1.775M $-30.942M $-20.736M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
NonCash Royalty
NonCash Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Other
Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Arbutus is still a classic clinical‑stage biotech: essentially no product revenue and recurring losses. Over the past several years, revenue has stayed very small and inconsistent, tied mainly to collaborations or one‑off items rather than a commercial product. Operating expenses, driven by R&D and overhead, clearly exceed revenue, leading to steady operating and net losses each year. The losses have not exploded, but they also have not gone away, reflecting an ongoing investment phase rather than a profit‑seeking phase. Per‑share losses have narrowed somewhat in recent years, but they remain meaningful, underscoring that the business is still firmly pre‑commercial and dependent on future milestones rather than current earnings.

Balance Sheet

Balance Sheet The balance sheet shows a company with a modest asset base, a meaningful but finite cash position, and very little financial debt. Cash levels peaked a few years ago and have since come down, which is typical for a biotech funding clinical trials out of its own resources. Equity remains positive, meaning assets still comfortably exceed liabilities, but shareholders’ equity has been slowly eroded by ongoing losses. The very low use of debt reduces financial risk but increases reliance on equity raises, partnerships, or eventual legal recoveries. Overall, the balance sheet is reasonable for a clinical‑stage company, but clearly not built for a long, unfunded development cycle without additional capital or inflows.

Cash Flow

Cash Flow Cash flow patterns are what you would expect from a development‑stage biotech: cash flowing out steadily from operations and little to no cash generated by the business itself. Operating cash outflows have been consistent over the years, reflecting the cost of running trials, maintaining the platform, and covering corporate overhead. Free cash flow is negative and closely tracks operating cash burn, as capital spending needs are very low. This means almost all the cash consumed goes directly into research, development, and running the company, not into large physical assets. The company’s future cash position will depend heavily on external funding sources, such as equity raises, partnerships, or any potential proceeds from its ongoing patent litigation.

Competitive Edge

Competitive Edge Arbutus has carved out a focused niche in the Hepatitis B space with a strategy built around combination therapy and RNA‑based approaches. Its key differentiation lies in three areas: its RNAi therapeutic imdusiran targeting HBV antigens, its oral PD‑L1 inhibitor aiming to re‑energize the immune system, and its lipid nanoparticle (LNP) delivery know‑how and patents. This focus on multi‑modal combinations (viral suppression plus immune restoration) is a clear attempt to move beyond incremental improvements toward a functional cure, which, if successful, would be highly differentiated. At the same time, Arbutus is competing against much larger and better funded players in HBV and RNA‑based therapies. The LNP intellectual property and related lawsuits against major vaccine makers form a potentially important, but uncertain, competitive and financial angle. In short, Arbutus has a distinctive scientific and IP position, but operates in a crowded field with powerful rivals and significant execution risk.

Innovation and R&D

Innovation and R&D Innovation is the core of Arbutus’s story. The company is highly concentrated on Hepatitis B, with a pipeline designed to attack the disease from multiple angles: reducing viral proteins with imdusiran, reawakening immune responses with AB‑101, and leveraging advanced delivery systems through its LNP technology. The combination of RNAi with an oral checkpoint inhibitor is a notable scientific bet, aiming to achieve deeper and more durable responses than single‑agent approaches. Early‑stage data have been encouraging enough to justify moving into more advanced trials, especially for imdusiran. On the platform side, Arbutus’s long experience in LNP delivery and its patent estate serve as both a scientific and potential economic asset. The company has also pruned non‑core programs, such as its COVID‑19 work, to concentrate resources on HBV, which sharpens the R&D focus but increases dependence on a relatively narrow set of programs. Overall, R&D is high‑risk but conceptually coherent and clearly aimed at a large unmet medical need.

Summary

Financially, Arbutus looks like a typical clinical‑stage biotech: minimal recurring revenue, ongoing losses, and steady cash burn, offset by a relatively clean balance sheet with little debt and a finite, gradually declining cash reserve. Its future financial profile depends far more on scientific and legal milestones than on current operations. Strategically and scientifically, the company is narrowly but deeply focused on curing chronic Hepatitis B through combination regimens built around its RNAi and immune‑modulating assets. The LNP patent portfolio and related litigation add a separate, potentially important source of optionality, though outcomes there are uncertain and distant in time. Overall, Arbutus represents a focused, high‑uncertainty development story: significant potential if its HBV program and IP strategy succeed, balanced against the usual risks of clinical trials, funding needs, and competition from larger players in the same therapeutic space.

NEWS

November 13, 2025 · 7:30 AM UTC

Arbutus Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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October 7, 2025 · 8:00 AM UTC

Arbutus Announces Four Abstracts Accepted for Presentation at AASLD - The Liver Meeting® 2025

Read more