Arbutus Biopharma (ABUS) Q2 2024 earnings summary

Executive summary

• Achieved positive Phase IIa data for imdusiran combinations, supporting advancement to Phase IIb trials and prioritizing clinical development of imdusiran and AB-101.

• Streamlined operations by discontinuing all HBV discovery efforts and the IMPROVE-3/IM-PROVE III trial, resulting in a 40% workforce reduction to extend cash runway into Q4 2026.

• Ongoing patent litigation with Moderna and Pfizer/BioNTech over LNP technology, with trial dates extended and discovery ongoing.

Financial highlights

• Ended Q2 2024 with $148.5M in cash, cash equivalents, and marketable securities, up from $132M at year-end 2023, with no outstanding debt.

• Raised $44.1M from at-the-market share offerings in H1 2024; operational cash use was $33.8M.

• Q2 2024 revenue was $1.7M, down from $4.7M in Q2 2023; net loss for Q2 2024 was $19.8M ($0.11 per share).

• Research and development expenses decreased to $15.6M in Q2 2024 from $17.7M in Q2 2023.

• 2024 cash burn projected at $63M-$67M; one-time restructuring charge of $3M-$4M expected in Q3 2024.

Outlook and guidance

• Cash runway projected into Q4 2026, with focus on advancing imdusiran and AB-101 clinical programs.

• Preliminary data from ongoing clinical trials, including IMPROVE-2 and AB-101 multiple ascending dose, expected in H2 2024.

• Phase IIb trial design and timing under evaluation, with sufficient cash to substantially fund the trial.