Arbutus Biopharma (ABUS) Jefferies London Healthcare Conference 2024 summary

Key clinical data and program updates

• IM-PROVE I study showed a 25% functional cure rate for hepatitis B, rising to 50% in patients with baseline surface antigen <1,000, the highest reported in the field to date.

• Functional cure defined as undetectable HBV DNA and surface antigen loss off all therapy.

• Phase II-B trial design is under discussion, with focus likely on low baseline surface antigen patients; updates expected early 2025.

• Current cash position of $131 million provides runway into Q4 2026, expected to fund most of phase II-B.

• IM-PROVE II study (imdusiran, VTP-300, low dose nivolumab) showed 23% surface antigen loss at 48 weeks; further follow-up for functional cure ongoing.

Industry context and competitive landscape

• Standard of care for hepatitis B yields functional cure rates of only 3-5%, highlighting the significance of recent results.

• Hepatitis B is a more complex virus than hepatitis C, but early HCV cure rates were similar before major advances.

• Growing functional cure rates are expected to drive renewed pharma and investor interest in hepatitis B.

• Competitor data from AASLD suggest imdusiran may be the leading siRNA, with unique dosing and molecular design advantages.

Pipeline and future directions

• Oral PD-L1 small molecule program (AB-101) is in phase I-A/I-B, showing >70% receptor occupancy in multi-dose studies; patient data expected in 1H 2025.

• The oral PD-L1 is intended for combination regimens, with initial focus on safety and target engagement.

• Ongoing strategy is to combine antigen suppression, DNA suppression, and immune boosting for functional cure.