Arbutus Biopharma Corporation reported a total revenue of $1.76 million for the first quarter of 2025, reflecting a 15% increase from $1.53 million in the same period of 2024. The revenue growth was primarily driven by an increase in collaboration and license revenue, particularly from the technology transfer and licensing agreement with Qilu Pharmaceutical Co., Ltd. However, this was partially offset by a decline in royalty revenue from Alnylam Pharmaceuticals and Acuitas Therapeutics due to lower sales of ONPATTRO. The company recorded a net loss of $24.53 million, compared to a loss of $17.88 million in the prior year, with a loss per share of $0.13, up from $0.10.
Operating expenses surged to $27.46 million in Q1 2025, up from $20.90 million in Q1 2024. This increase was largely attributed to a one-time restructuring charge of $12.37 million related to a significant workforce reduction of 57% and the decision to exit its corporate headquarters. Research and development expenses decreased to $8.96 million from $15.40 million, reflecting the company's strategic shift to focus on advancing its clinical programs for imdusiran and AB-101 while ceasing discovery efforts.
In terms of operational developments, Arbutus has streamlined its workforce to 19 employees and exited its corporate headquarters in Warminster, Pennsylvania. The company is currently engaged in ongoing litigation against Moderna and Pfizer/BioNTech regarding its patented lipid nanoparticle technology, with a trial date set for September 29, 2025. Additionally, Arbutus continues to develop its product candidates, including imdusiran, which has shown promise in clinical trials for chronic hepatitis B.
As of March 31, 2025, Arbutus reported cash, cash equivalents, and investments in marketable securities totaling $112.7 million, with no outstanding debt. The company anticipates that its restructuring efforts will significantly reduce its net cash burn in 2025 compared to 2024. Looking ahead, Arbutus plans to focus on maximizing opportunities for its chronic hepatitis B development programs and its proprietary LNP delivery technology, while also managing costs effectively to support its ongoing operations and clinical trials.
About Arbutus Biopharma Corp
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