Arbutus Biopharma (ABUS) Q4 2025 earnings summary

Executive summary

• Ended 2025 with $91.5M in cash, cash equivalents, and marketable securities, supporting a strong financial position.

• Achieved a $2.25B global settlement with Moderna for LNP technology patent infringement, with $950M upfront and $1.3B contingent on appellate ruling.

• Two additional patients in Phase 2a imdusiran trials achieved functional cure for chronic hepatitis B, totaling 10 functional cures to date.

• Received milestone payment from Alnylam for LNP technology use in HCC candidate.

Financial highlights

• Cash, cash equivalents, and investments decreased to $91.5M as of Dec 31, 2025, from $122.6M a year earlier.

• Total revenue for 2025 was $14.1M, up from $6.2M in 2024, driven by recognition of deferred revenue from Qilu partnership conclusion.

• Net loss for 2025 was $33.5M ($0.17/share), improved from $69.9M ($0.38/share) in 2024.

• Research and development expenses fell to $25.2M from $54.0M year-over-year due to organizational streamlining and program focus.

• General and administrative expenses dropped to $15.9M from $22.1M year-over-year due to cost-cutting.

Outlook and guidance

• Evaluating a potential return of capital to shareholders in Q3 2026 after receiving the Moderna settlement payment.

• Ongoing focus on advancing imdusiran and AB-101 clinical programs for chronic hepatitis B.