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Arbutus Biopharma Corporation (ABUS) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in total revenue to $6.17 million from $18.14 million in the previous year. The decrease is primarily due to a reduction in revenue recognition from the upfront license fee received from Qilu Pharmaceutical Co., Ltd., and lower royalty revenue from Alnylam Pharmaceuticals, Inc.
Research and development expenses decreased to $54.04 million from $73.70 million in the previous year, attributed to the discontinuation of certain programs and a reduction in workforce.
General and administrative expenses were $22.11 million, slightly down from $22.48 million in the previous year, with decreases in employee compensation-related expenses offset by increased litigation-related legal fees.
The company reported a net loss of $69.92 million for the year, compared to a net loss of $72.85 million in the previous year.
Arbutus continues to focus on its clinical-stage programs, particularly the development of its RNAi therapeutic imdusiran and its PD-L1 inhibitor AB-101 for chronic hepatitis B.
The company is engaged in ongoing patent litigation against Moderna and Pfizer/BioNTech regarding the use of its lipid nanoparticle technology in COVID-19 vaccines.
Arbutus has announced organizational changes, including a reduction in workforce and the decision to exit its corporate headquarters in Warminster, PA, as part of a strategic restructuring to focus on core clinical development activities.
The company ended the year with $122.6 million in cash, cash equivalents, and investments in marketable securities, and no outstanding debt.
Arbutus anticipates a significant reduction in net cash burn in 2025 due to organizational changes and ongoing cost management efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Arbutus Biopharma Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.