Arbutus Biopharma Corporation (NASDAQ: ABUS) has reported its first quarter 2025 financial results and provided a corporate update. The company's cash, cash equivalents, and marketable securities stood at $112.7 million as of March 31, 2025, compared to $122.6 million as of December 31, 2024. The total revenue for the first quarter of 2025 was $1.8 million, a slight increase from $1.5 million for the same period in 2024, primarily due to increased revenue recognition of the upfront license fee received in 2022 from Qilu, the company’s collaboration partner in China, Hong Kong, Macau, and Taiwan.
Research and development expenses were $9.0 million for the first quarter of 2025, significantly down from $15.4 million for the same period in 2024. The decrease was primarily due to cost savings from the company’s decision in August 2024 to streamline the organization to focus its efforts on advancing the clinical development of imdusiran and ab-101, which included ceasing all discovery efforts, discontinuing its im-prove iii clinical trial, and reducing the company’s workforce. General and administrative expenses were $5.8 million for the first quarter of 2025, compared to $5.3 million for the same period in 2024.
The net loss for the quarter ended March 31, 2025, was $24.5 million, or a loss of $0.13 per basic and diluted common share, as compared to a net loss of $17.9 million, or a loss of $0.10 per basic and diluted common share, for the same period in 2024. As of March 31, 2025, the company had 191.5 million common shares issued and outstanding, as well as 15.2 million stock options and unvested restricted stock units outstanding. Roivant Sciences Ltd. owned approximately 20% of the company’s outstanding common shares as of March 31, 2025.
Regarding clinical development milestones, the company reported that to date, eight patients have reached functional cure following imdusiran combination therapy. Additionally, the company's oral PD-L1 inhibitor, AB-101, achieved 100% receptor occupancy in 11 of 13 evaluable healthy volunteers in the phase 1a/1b clinical trial at the 40 mg dose.
Arbutus also provided updates on its ongoing litigation related to its patented LNP technology, its corporate developments, and the addition of Andrew J. Sung as General Counsel. Sung brings over 20 years of legal experience representing and advising companies on corporate matters, intellectual property, compliance, contracting, litigation, and employment issues.
The market has reacted to these announcements by moving the company's shares -4.78% to a price of $3.19. For the full picture, make sure to review Arbutus Biopharma Corp's 8-K report.
