Arbutus Biopharma Corp (NASDAQ: ABUS) is a clinical-stage biopharmaceutical company focused on developing treatments for hepatitis B virus (HBV) infection. Revenue comes primarily from collaboration agreements, license agreements, and royalty entitlements tied to its lipid nanoparticle (LNP) delivery technology. The lead product candidate is imdusiran, currently advancing through clinical trials. Arbutus also holds a royalty interest on ONPATTRO (patisiran), an Alnylam Pharmaceuticals product that uses Arbutus's LNP technology under a 2012 license agreement, though a portion of that royalty was sold to OMERS in July 2019 for $20 million in gross proceeds. A second, lower royalty interest on ONPATTRO global net sales originates from a settlement and subsequent license with Acuitas Therapeutics and was retained by Arbutus. The company reported a net loss of $33.5 million for FY2025 and held $18.0 million in cash and cash equivalents as of December 31, 2025. Arbutus is incorporated in Canada and operates with no product revenue from approved drugs of its own as of the 10-K filed March 23, 2026.

Revenue model

Collaboration and license agreement revenue, milestone payments, and royalty entitlements on partnered products using Arbutus's LNP technology. A royalty on ONPATTRO sales (from Alnylam) was partially sold to OMERS in 2019; a second royalty stream from Acuitas Therapeutics was retained. Additional contingent payments may arise from a Moderna settlement agreement, including a potential $1.3 billion contingent payment tied to Federal Circuit appellate outcomes.

Products and services

Imdusiran: lead HBV product candidate in clinical trials. LNP (lipid nanoparticle) delivery technology portfolio, licensed to third parties including Alnylam Pharmaceuticals (ONPATTRO/patisiran). RNAi drug platform. Patent portfolio covering RNAi drugs, LNP compositions, mRNA and RNAi delivery, and LNP-based pharmaceutical formulation and manufacture.

Customers and end markets

Pharmaceutical and biopharmaceutical licensees including Alnylam Pharmaceuticals (ONPATTRO royalty, 2012 license) and Acuitas Therapeutics (settlement-derived royalty). Roivant is noted as the largest shareholder and a collaboration partner via Genevant Sciences. End market is HBV treatment. No approved product revenue as of the 10-K filed March 23, 2026.

Value-chain role

IP licensor and clinical-stage drug developer. Arbutus originates and patents LNP delivery technology and RNAi therapeutics, licenses that IP to commercializing partners, and independently advances its own HBV pipeline through clinical trials. It does not manufacture or commercialize approved drugs as of the filing date.

Geographic exposure

Incorporated in Canada. Royalty and license agreements with U.S.-based counterparties (Alnylam, Acuitas, Moderna). Subject to Canadian Competition Act and Investment Canada Act provisions. GDPR and EU/UK data protection obligations noted for clinical operations. No specific geographic revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-23

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