Arbutus Biopharma Q3 2024 Financial Results – $130.8M Cash, $1.3M Revenue, $63-67M Cash Burn Est.

By Bobby Samwell • Wednesday, November 06 10:31 • Permanent Link

Arbutus Biopharma Corporation (NASDAQ: ABUS) has reported its financial results for the third quarter of 2024. The company's cash, cash equivalents, and investments in marketable securities as of September 30, 2024, totaled $130.8 million, compared to $132.3 million at the end of 2023. During the nine months ended September 30, 2024, the company used $54.5 million in operating activities, offset by $44.1 million in net proceeds from the issuance of common shares under its "at-the-market" offering program and $6.1 million from the exercise of stock options.

The company expects its 2024 cash burn to range from $63 million to $67 million and believes its cash, cash equivalents, and investments will be sufficient to fund its operations into the fourth quarter of 2026.

In terms of revenue, the total revenue for the third quarter of 2024 was $1.3 million, a decrease from $4.7 million for the same period in 2023. This decrease was primarily attributed to a decrease in license revenue and license royalty revenue.

Research and development expenses for the third quarter of 2024 were $14.3 million, down from $20.2 million for the same period in 2023, mainly due to the discontinuation of the company's coronavirus and ab-161 programs in September 2023, along with related headcount reductions. General and administrative expenses decreased to $4.5 million from $5.8 million for the same period in 2023, primarily due to decreased employee compensation and non-cash stock-based compensation expenses resulting from headcount reductions.

The company's net loss for the third quarter of 2024 was $19.7 million, slightly lower than the $20.1 million for the same period in 2023.

As of September 30, 2024, the company had approximately 189.4 million common shares issued and outstanding, with approximately 18.7 million stock options and unvested restricted stock units outstanding. Roivant Sciences Ltd. owned approximately 21% of the company's outstanding common shares as of September 30, 2024.

As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $3.92. For more information, read the company's full 8-K submission here.

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