Arbutus Biopharma (ABUS) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on developing novel therapeutics for chronic hepatitis B virus (cHBV) infection, leveraging virology expertise and a pipeline including RNAi therapeutic imdusiran (AB-729) and oral PD-L1 inhibitor AB-101, both in clinical trials.

• Aims to achieve a functional cure for cHBV by combining mechanisms to suppress viral DNA, reduce surface antigen, and boost immune response.

• Incorporated in British Columbia, Canada, with principal operations in Pennsylvania, and operates as a smaller reporting company under SEC rules.

Financial performance and metrics

• As of September 30, 2024, had 189,438,135 common shares outstanding, with options and restricted stock units potentially increasing share count.

• Net tangible book value as of September 30, 2024, was $106.9 million ($0.56 per share); after a $100 million offering, as-adjusted net tangible book value would be $203.7 million ($0.95 per share).

• Expects a net cash burn between $63 million and $67 million in 2024 and believes cash resources are sufficient to fund operations into Q4 2026.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used for working capital and general corporate purposes, including capital expenditures, R&D, clinical trials, acquisitions, and investments.

• Management has broad discretion over allocation and timing of proceeds, with temporary investment in interest-bearing instruments pending use.