Arbutus Biopharma Corporation 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 company used $13.4 million in operating activities during the quarter, partially offset by $2.7 million from the exercise of employee stock options.
Total revenue for the quarter ended March 31, 2025, was $1.8 million, compared to $1.5 million for the same period in 2024. The increase was primarily due to higher revenue recognition from an 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, down from $15.4 million for the same period in 2024. General and administrative expenses were $5.8 million for the quarter, 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, compared to a net loss of $17.9 million, or a loss of $0.10 per basic and diluted common share, for the quarter ended March 31, 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.
Arbutus also provided updates on its clinical development milestones. The company reported that to date, eight patients have reached a functional cure following imdusiran combination therapy. Moreover, 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.
In addition to these updates, Arbutus also highlighted the ongoing litigation related to its intellectual property, provided details about its new general counsel, and shared information about its corporate updates.
As a result of these announcements, the company's shares have moved -4.78% on the market, and are now trading at a price of $3.19. If you want to know more, read the company's complete 8-K report here.
