Arbutus Biopharma Corp ABUS
Arbutus Biopharma Corporation ("Arbutus", the "Company", "we", "us", and "our") is a clinical-stage biopharmaceutical company focused on infectious disease. We are currently developing imdusiran (AB-729), our proprietary, GalNAc-conjugated, subcutaneously-delivered ribonucleic acid interference (RNAi) therapeutic, and AB-101, our proprietary oral PD-L1 inhibitor, for the treatment of chronic hepatitis B (cHBV).
We continue to protect and defend our intellectual property, which is the subject of our ongoing lawsuit against Pfizer Inc. and BioNTech SE (collectively, Pfizer/BioNTech) for their use of our patented lipid nanoparticle (LNP) technology in their COVID-19 messenger ribonucleic acid interference (mRNA)-LNP vaccines. The court issued a claim construction ruling in September 2025, which construed the disputed claim terms in a manner we generally consider to be favorable. The parties are awaiting further scheduling in the litigation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.1M | $6.2M | $18.1M | $39.0M | $11.0M | $6.9M | $6.0M | $5.9M | $10.7M | $1.5M |
| R&D | $25.2M | $54.0M | $73.7M | $84.4M | $65.5M | $49.3M | $57.6M | $57.9M | $62.7M | $61.3M |
| SG&A | $15.9M | $22.1M | $22.5M | $17.8M | $17.1M | $14.8M | $17.7M | $16.0M | $16.1M | $39.4M |
| Total operating expenses | $52.2M | $82.5M | $96.2M | $104.5M | $84.5M | $64.7M | $149.9M | $95.7M | $121.6M | $493.1M |
| Operating income | -$38.2M | -$76.3M | -$78.1M | -$65.5M | -$73.5M | -$57.8M | -$143.9M | -$89.8M | -$110.9M | -$491.6M |
| Interest expense | $97.0K | $137.0K | $459.0K | $1.7M | $2.9M | $4.0M | $2.1M | $226.0K | $261.0K | $0 |
| Pre-tax income | -$33.5M | -$69.9M | -$72.8M | -$65.0M | -$76.2M | -$63.7M | -$166.4M | -$61.3M | -$108.7M | -$489.2M |
| Income tax | $0 | $0 | $0 | $4.4M | $0 | $0 | $12.7M | $4.3M | $24.3M | $105.0M |
| Net income | -$33.5M | -$69.9M | -$72.8M | -$69.5M | -$76.2M | -$63.7M | -$153.7M | -$57.1M | -$84.4M | -$384.2M |
| EPS, basic | -0.17 | -0.38 | -0.44 | -0.46 | -0.83 | -1.00 | — | -1.21 | -1.56 | -7.24 |
| EPS, diluted | -0.17 | -0.38 | -0.44 | -0.46 | -0.83 | -1.00 | -2.89 | -1.21 | -1.56 | -7.24 |
| Shares, diluted (wtd. avg.) | $191.6M | $185.6M | $166.0M | $150.9M | $106.2M | $75.8M | — | $55.3M | $54.7M | $53.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.0M | $36.3M | $26.3M | $30.8M | $109.3M | $52.3M | $31.8M | $36.9M | $54.3M | $23.4M |
| Short-term investments | $73.5M | $86.3M | $99.7M | $116.1M | $46.0M | $71.0M | $59.0M | $87.7M | $72.1M | $107.1M |
| Receivables | $1.4M | $2.4M | $1.8M | $1.4M | $899.0K | $1.3M | $1.2M | $1.4M | $402.0K | $273.0K |
| Total current assets | $94.5M | $127.3M | $132.0M | $151.1M | $160.7M | $127.7M | $93.8M | $129.2M | $129.4M | $132.6M |
| Property, plant and equipment | $32.0K | $3.3M | $4.7M | $5.1M | $6.0M | $6.9M | $8.7M | $10.1M | $12.2M | $6.9M |
| Goodwill | — | — | — | — | — | — | $0 | $22.5M | $24.4M | $24.4M |
| Other intangibles | — | — | — | — | — | — | $0 | $43.8M | $58.6M | $99.4M |
| Total assets | $94.6M | $131.7M | $144.4M | $195.4M | $204.5M | $137.1M | $105.5M | $227.9M | $237.2M | $275.9M |
| Accounts payable | $5.5M | $7.6M | $10.3M | $16.0M | $10.8M | $9.2M | $7.2M | $9.4M | $10.6M | $9.9M |
| Total current liabilities | $6.0M | $15.6M | $22.5M | $32.9M | $11.2M | $9.5M | $7.8M | $11.2M | $14.6M | $10.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — |
| Total liabilities | $18.0M | $34.3M | $38.4M | $58.6M | $35.0M | $35.1M | $32.8M | $27.7M | $54.7M | $72.9M |
| Retained earnings | -$1.38B | -$1.35B | -$1.28B | -$1.20B | -$1.13B | -$1.05B | -$970.1M | -$805.2M | -$738.1M | -$652.7M |
| Total equity | $76.6M | $97.4M | $106.0M | $136.9M | $169.4M | $102.0M | $72.7M | $200.2M | $182.5M | $203.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$39.6M | -$64.8M | -$85.9M | -$35.4M | -$67.5M | -$51.4M | -$71.0M | -$67.9M | -$48.6M | -$57.9M |
| Depreciation and amortisation | $363.0K | $1.4M | $1.4M | $1.4M | $1.8M | $2.0M | $2.0M | $2.2M | $2.0M | $1.1M |
| Stock-based compensation | $7.0M | $9.0M | $9.3M | $7.2M | $6.4M | $6.2M | $6.8M | $6.2M | $15.1M | — |
| Capital expenditure | $0 | $182.0K | $1.0M | $512.0K | $809.0K | $229.0K | $589.0K | $1.1M | $7.3M | $4.0M |
| Investing cash flow | $15.6M | $22.9M | $50.8M | -$74.9M | -$12.7M | -$14.9M | $28.3M | -$4.1M | $27.8M | -$99.1M |
| Financing cash flow | $5.7M | $52.0M | $30.6M | $31.8M | $137.2M | $86.7M | $37.5M | $55.6M | $49.3M | $12.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014623.
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