Arbutus Biopharma Corp

arbutusbio.com

What Do They Do?

Licenses lipid nanoparticle technology to third parties and develops drug candidates for chronic hepatitis B.

How Do They Make Money?

Collaborators and licensees may pay upfront, fund research and development, and make milestone or royalty payments. Arbutus receives payment for rights or services as it delivers them, while milestone amounts depend on contract conditions.

revenue

Segment	Share	Revenue	How money arrives
Collaborations and licenses Mix	89% FY2022: 80%		Mix
Non-cash royalty revenue Licensed	11% FY2022: 20%		Licensed

Who Are Their Customers?

Third-party licensees use Arbutus and Genevant's LNP technology; collaboration partners may also fund research and development services or receive intellectual-property rights.

Do Revenues Turn Into Profits?

No. It lost $33.5M in FY2025.

Operating income, FY2025

−271% of revenue

▼ −50% (Loss) vs FY2024 (−$76.3M, −1237%)

Net income, FY2025

−238% of revenue

▼ −52% (Loss) vs FY2024 (−$69.9M, −1133%)

Free cash flow, FY2025

−281% of revenue

▼ −39% (Loss) vs FY2024 (−$65M, −1054%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −91%; vs $10.7M in Q2 FY2025
Net income: ▼ Now a loss; vs $2.5M in Q2 FY2025

Collaborations and licenses share of revenue vs 95.1% in Q2 FY2025

Growing. Revenue grew 28% in 4 years, from $11M in FY2021 to $14.1M in FY2025, about 6% a year.

Revenue over time

Collaborations and licenses Non-cash royalty revenue

$50M$25M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with GSK, Gilead Sciences, Assembly Biosciences, Aligos Therapeutics, AusperBio Therapeutics, Brii Biosciences, Mirum Pharmaceuticals, and Precision Biosciences

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