Arbutus Biopharma Corporation has recently released its 10-K report, providing detailed insights into its financial performance and business operations. The company, headquartered in Warminster, Pennsylvania, is a clinical-stage biopharmaceutical company focused on developing novel therapeutics for chronic Hepatitis B virus (HBV) infection, SARS-CoV-2, and other coronaviruses. Arbutus Biopharma's HBV product pipeline includes AB-729, an RNAi therapeutic product candidate that suppresses all HBV antigens, and AB-101, an oral PD-L1 inhibitor to reawaken patients' HBV-specific immune system. The company also has licensing agreements with several prominent organizations, including Gritstone Oncology, Inc., Alnylam Pharmaceuticals, Inc., and Acuitas Therapeutics, Inc.
In the 10-K report, Arbutus Biopharma emphasized its focus on developing a functional cure for chronic HBV infection by suppressing HBV DNA, reducing hepatitis B surface antigen (HBsAg), and boosting HBV-specific immune responses. The company's proprietary pipeline includes AB-729, an RNAi therapeutic product candidate, and AB-101, an oral PD-L1 inhibitor. The report also highlighted the progress of imdusiran in Phase 2a combination clinical trials and the potential of AB-101 to reawaken patients' HBV-specific immune response.
Additionally, the 10-K report detailed Arbutus Biopharma's collaborations and royalty entitlements. The company entered into a technology transfer and license agreement with Qilu Pharmaceutical Co., Ltd., receiving a one-time upfront cash payment of $40 million and milestone payments totaling up to $245 million. Arbutus Biopharma also has a royalty entitlement on ONPATTRO®, a drug developed by Alnylam Pharmaceuticals, Inc., and holds approximately 16% of the common equity of Genevant Sciences Ltd.
The report also provided insights into the company's critical accounting policies and estimates, particularly focusing on contingent consideration and revenue from collaborations and licenses. It emphasized the significance of these estimates in understanding and evaluating Arbutus Biopharma's financial results.
In terms of financial performance, the report revealed that Arbutus Biopharma generated revenue of $18.1 million in 2023, compared to $39.0 million in 2022. The company reported a net loss of $72.8 million for the fiscal year ended December 31, 2023, with a loss of $0.44 per basic and diluted common share, compared to a net loss of $69.5 million, or a loss of $0.46 per basic and diluted common share, for the year ended December 31, 2022.
As a result of these announcements, the company's shares have moved 0.2% on the market, and are now trading at a price of $2.67. If you want to know more, read the company's complete 10-K report here.
