Arbutus Reports Fourth Quarter and Year End 2024 Financial Results and Provides Corporate Update

Core Insights - Arbutus Biopharma Corporation is undergoing significant changes in leadership and operational strategy to enhance the development of its pipeline, particularly focusing on imdusiran for chronic hepatitis B virus (cHBV) treatment [2][3][24] - The company reported a substantial decrease in total revenue for 2024, amounting to $6.2 million, down from$18.1 million in 2023, primarily due to reduced collaboration efforts and license royalties [11][12] - A workforce reduction of 57% has been implemented, resulting in a streamlined team aimed at improving financial and operational efficiency [2][10][3] Financial Results - As of December 31, 2024, the company had cash, cash equivalents, and investments totaling $122.6 million, a decrease from$132.3 million in 2023 [8][18] - The net loss for the year ended December 31, 2024, was $69.9 million, or a loss of$0.38 per share, compared to a net loss of $72.8 million, or a loss of$0.44 per share, in 2023 [14][17] - Operating expenses decreased to $82.5 million in 2024 from$96.2 million in 2023, driven by reduced research and development costs [12][16] Clinical Development - Imdusiran (AB-729) has shown promising results in clinical trials, achieving a functional cure rate of 50% in specific patient groups during a Phase 2a trial [3][21] - The company is evaluating plans for a Phase 2b clinical trial of imdusiran, with a focus on accelerating the development timeline [3][4] - AB-101, an oral PD-L1 inhibitor, is currently in a Phase 1a/1b clinical trial, with data indicating it is well-tolerated and shows potential for treating cHBV [9][22] Legal and Corporate Updates - The company is actively involved in litigation to protect its intellectual property, including lawsuits against Moderna and Pfizer/BioNTech for patent infringement related to its lipid nanoparticle technology [3][4][6] - Tuan Nguyen has been appointed as the new Chief Financial Officer, bringing extensive experience in biopharma finance [2][10][24] - The company has terminated its at-the-market (ATM) offering program as part of its strategy to reduce cash burn and refocus operations [10][12]