0001447028-26-000017
SEC filingArbutus Biopharma Corporation reported FY 2025 revenue of $14.1 million, up significantly from $6.2 million in 2024, driven by $12.6 million in collaborations and licenses, including $10.4 million from Qilu termination, and $1.5 million non-cash royalty revenue. Total operating expenses decreased to $52.2 million from $82.5 million YoY, due to reduced R&D ($25.2 million vs. $54.0 million) from ceasing discovery efforts and workforce reductions, lower G&A ($15.9 million vs. $22.1 million), and restructuring costs of $12.9 million. This resulted in a loss from operations of -$38.2 million, improved from -$76.3 million, and net loss of -$33.5 million versus -$69.9 million in 2024. EPS was -$0.17 basic and diluted, compared to -$0.38 prior year. Cash used in operations was -$39.6 million, with net cash decrease of -$18.3 million, leaving cash and equivalents at $18.0 million and total liquidity (cash + current investments) at $91.5 million. Balance sheet shows total assets $94.6 million, equity $76.6 million. Forward-looking, company focuses on imdusiran and AB-101 clinical development, expects reduced cash burn in 2026, and anticipates Noncontingent Settlement Payment of $950 million by July 2026 from Moderna, with potential return of capital to shareholders.
Arbutus Biopharma reported FY 2025 revenue of $14.1 million, a 129% increase from $6.2 million in 2024, primarily from collaborations and licenses ($12.6 million vs. $3.9 million) boosted by Qilu agreement termination recognizing $10.4 million deferred revenue, plus non-cash royalty revenue of $1.5 million (down from $2.3 million). Operating expenses declined 37% to $52.2 million from $82.5 million, with R&D down 53% to $25.2 million due to halting discovery and IM-PROVE III preparations, G&A down 28% to $15.9 million, offset by $12.9 million restructuring. Loss from operations improved to -$38.2 million from -$76.3 million. Other income of $4.7 million (interest $4.1 million, gain on equipment sale $674K) led to net loss of -$33.5 million, 52% better than -$69.9 million prior year. EPS -$0.17 vs. -$0.38. Shares outstanding averaged 191.6 million.
Revenue totaled $14.1 million: collaborations/licenses $12.6 million (Qilu $10.4 million, ONPATTRO royalties $1.7 million, other $0.5 million), non-cash royalty $1.5 million from OMERS ONPATTRO entitlement. No geographic breakdown disclosed. Growth driven by Qilu partnership termination regaining global imdusiran rights and recognizing deferred revenue; prior year lower at $6.2 million. Company has one reportable segment focused on infectious disease biopharma.
No gross profit or margins reported, as revenue primarily non-product (licenses, royalties). Operating margin not applicable in traditional sense; loss from operations -$38.2 million on $14.1 million revenue. Cost reductions in R&D and G&A improved profitability, with change in contingent consideration gain of $1.8 million. Stock-based compensation $7.0 million. Restructuring $12.9 million included severance $6.3 million, impairments $3.8 million, stock mod $2.5 million.
Net cash used in operations -$39.6 million (vs. -$64.9 million 2024), due to lower losses and changes in working capital (deferred revenue -$10.4 million). Investing provided $15.6 million (securities dispositions $155.3 million net of purchases). Financing $5.7 million from stock options/ESPP. Cash decreased $18.3 million to $18.0 million; total liquidity $91.5 million. Total assets $94.6 million (down from $131.7 million), current assets $94.5 million. Liabilities $18.0 million (contingent consideration $8.4 million, royalty liability $3.4 million). Equity $76.6 million. No debt.
Management expects reduced net cash burn in 2026 post-restructuring (workforce to 19 employees, exit HQ). Focus on imdusiran and AB-101 clinical advancement. Evaluating shareholder return in Q3 2026 post-$950 million Noncontingent Settlement Payment (20% share post-costs, plus 16% Genevant equity). Risks include litigation outcomes (Pfizer/BioNTech, Moderna §1498 Appeal up to $1.3 billion contingent), funding needs, clinical delays. Sufficient liquidity for 12+ months.