Arbutus Biopharma (ABUS) investor relations material

Executive summary

• Focused on developing imdusiran (AB-729) and AB-101 for chronic hepatitis B, with a streamlined organization and reduced workforce to prioritize clinical development and cost management.

• Ended strategic partnership with Qilu, regaining global rights to imdusiran and recognizing all previously deferred revenue.

• Imdusiran (AB-729) clinical data showed 46% of Phase 2a patients met criteria to discontinue all treatment, with 94% of long-term follow-up patients remaining off all treatment for up to 2+ years.

• Ongoing patent litigation against Moderna and Pfizer/BioNTech for use of LNP technology, with favorable claim construction rulings and trial dates set for 2026 and 2027.

• Launched a new Scientific Advisory Board to guide clinical strategy.

Financial highlights

• Total revenue for Q3 2025 was $0.5M, down from $1.3M in Q3 2024; nine-month revenue rose to $13.0M from $4.6M year-over-year, mainly due to $9.6M deferred revenue recognized after Qilu agreement termination.

• Net loss for Q3 2025 was $7.7M ($0.04 per share), improved from $19.7M ($0.10 per share) in Q3 2024; nine-month net loss was $29.7M, down from $57.4M year-over-year.

• Operating expenses for Q3 2025 were $9.2M, down from $22.8M in Q3 2024; nine-month operating expenses were $45.9M, down from $67.0M year-over-year.

• Research and development expenses decreased to $5.8M from $14.3M year-over-year, and general and administrative expenses fell to $3.0M from $4.5M.

• Cash, cash equivalents, and marketable securities totaled $93.7M as of September 30, 2025, with no outstanding debt.

Outlook and guidance

• Expects significantly reduced net cash burn in 2025 compared to 2024 due to organizational changes and cost management.

• All remaining restructuring-related payments are expected to be completed by Q1 2026.

• Believes current cash resources are sufficient to fund operations for at least the next 12 months.

• The company remains dedicated to accelerating the development and potential approval of imdusiran.