Arbutus Biopharma Corporation reported a significant increase in revenue for the fiscal year ended December 31, 2025, totaling $14.1 million, compared to $6.2 million in 2024. This growth was primarily driven by a $10.4 million increase in revenue recognized from a license agreement with Qilu Pharmaceutical Co., which concluded in June 2025, allowing the company to recognize previously deferred revenue. However, the company also experienced a decline in royalty revenue from Alnylam Pharmaceuticals, attributed to decreased sales of ONPATTRO due to competition from Alnylam's next-generation product, AMVUTTRA. The net loss for the year was $33.5 million, a notable improvement from the $69.9 million loss reported in the previous year.
In terms of operational changes, Arbutus underwent a significant restructuring in 2025, reducing its workforce by 57% and exiting its corporate headquarters in Warminster, Pennsylvania. These measures were part of a strategic shift to focus on the clinical development of its lead product candidates, imdusiran and AB-101. The company incurred restructuring charges of $12.9 million during the year, which contributed to a reduction in overall operating expenses to $52.2 million from $82.5 million in 2024. The company also established a new Scientific Advisory Board to guide its hepatitis B virus (HBV) pipeline.
Arbutus is currently involved in ongoing litigation related to its intellectual property, including a settlement agreement with Moderna that could yield up to $2.25 billion in payments, contingent on favorable outcomes in ongoing appeals. The company is set to receive a noncontingent payment of $950 million by July 2026, with an additional contingent payment of $1.3 billion dependent on the outcome of a legal appeal. As of December 31, 2025, Arbutus had cash, cash equivalents, and marketable securities totaling $91.5 million, with no outstanding debt, providing a solid liquidity position to support its operations.
Looking ahead, Arbutus aims to continue advancing its clinical programs for chronic hepatitis B treatment, with a focus on imdusiran, which has shown promising results in early trials. The company is also evaluating potential returns of capital to shareholders following the anticipated settlement payments. However, it acknowledges the inherent risks associated with drug development, including the need for substantial additional capital and the uncertainties surrounding regulatory approvals and market acceptance of its product candidates.
About Arbutus Biopharma Corp
Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on developing treatments for chronic hepatitis B (cHBV) infection. Its core pipeline includes imdusiran, an RNAi therapeutic targeting HBV antigens, and AB-101, an oral PD-L1 inhibitor aimed at reactivating immune response. Arbutus also develops proprietary lipid nanoparticle (LNP) delivery technology, licensed to third parties, and generates revenue through royalties and licensing agreements. The company serves global markets with a focus on innovative antiviral therapies.
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