2023 Q2 Form 10-Q Financial Statement

#000144702823000025 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.651M $6.687M
YoY Change -67.34% -46.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.980M $5.552M
YoY Change 15.0% 13.49%
% of Gross Profit
Research & Development $17.69M $18.28M
YoY Change -22.88% -1.01%
% of Gross Profit
Depreciation & Amortization $342.0K $334.0K
YoY Change -10.7% -15.23%
% of Gross Profit
Operating Expenses $23.04M $24.10M
YoY Change -18.74% 2.31%
Operating Profit -$18.39M -$17.41M
YoY Change 30.31% 58.68%
Interest Expense $1.291M $198.0K
YoY Change 167.84% -60.87%
% of Operating Profit
Other Income/Expense, Net $1.291M $1.074M
YoY Change -1655.42% -409.51%
Pretax Income -$17.09M -$16.34M
YoY Change 20.45% 44.32%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.09M -$16.34M
YoY Change 20.45% 3.64%
Net Earnings / Revenue -367.53% -244.34%
Basic Earnings Per Share -$0.10 -$0.10
Diluted Earnings Per Share -$0.10 -$0.10
COMMON SHARES
Basic Shares Outstanding 166.1M shares 162.6M shares
Diluted Shares Outstanding 166.1M shares 161.6M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.5M $146.7M
YoY Change 1.52% -11.33%
Cash & Equivalents $27.20M $40.57M
Short-Term Investments $125.3M $106.2M
Other Short-Term Assets $3.702M $3.462M
YoY Change -34.15% -41.4%
Inventory
Prepaid Expenses
Receivables $2.614M $2.664M
Other Receivables $0.00 $0.00
Total Short-Term Assets $158.8M $152.9M
YoY Change 0.64% -11.49%
LONG-TERM ASSETS
Property, Plant & Equipment $6.955M $4.853M
YoY Change 26.62% -14.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.06M $0.00
YoY Change
Other Assets $11.00K $62.00K
YoY Change -93.89% -67.37%
Total Long-Term Assets $18.02M $38.37M
YoY Change -68.95% -40.21%
TOTAL ASSETS
Total Short-Term Assets $158.8M $152.9M
Total Long-Term Assets $18.02M $38.37M
Total Assets $176.8M $191.2M
YoY Change -18.08% -19.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.044M $2.455M
YoY Change 105.61%
Accrued Expenses $8.158M $7.644M
YoY Change -36.52% -3.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.53M $25.15M
YoY Change -17.75% -22.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.60M $22.16M
YoY Change -46.45% -42.64%
Total Long-Term Liabilities $17.60M $22.16M
YoY Change -46.45% -42.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.53M $25.15M
Total Long-Term Liabilities $17.60M $22.16M
Total Liabilities $42.13M $47.31M
YoY Change -32.8% -33.4%
SHAREHOLDERS EQUITY
Retained Earnings -$1.237B -$1.220B
YoY Change 6.26% 6.09%
Common Stock $1.344B $1.339B
YoY Change 3.53% 3.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $134.7M $143.9M
YoY Change
Total Liabilities & Shareholders Equity $176.8M $191.2M
YoY Change -18.08% -19.27%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$17.09M -$16.34M
YoY Change 20.45% 3.64%
Depreciation, Depletion And Amortization $342.0K $334.0K
YoY Change -10.7% -15.23%
Cash From Operating Activities -$19.56M -$27.30M
YoY Change -3.62% -232.41%
INVESTING ACTIVITIES
Capital Expenditures $859.0K $117.0K
YoY Change -505.19% 56.0%
Acquisitions
YoY Change
Other Investing Activities $2.300M $16.80M
YoY Change -116.89% -128.0%
Cash From Investing Activities $1.441M $16.68M
YoY Change -110.42% -127.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.742M $20.42M
YoY Change 4096.46% 77.77%
NET CHANGE
Cash From Operating Activities -19.56M -$27.30M
Cash From Investing Activities 1.441M $16.68M
Cash From Financing Activities 4.742M $20.42M
Net Change In Cash -13.38M $9.798M
YoY Change -60.67% -135.05%
FREE CASH FLOW
Cash From Operating Activities -$19.56M -$27.30M
Capital Expenditures $859.0K $117.0K
Free Cash Flow -$20.42M -$27.42M
YoY Change 1.68% -233.46%

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CY2023Q1 abus Proceeds From Issuance Of Common Stock Open Market Sale Agreement
ProceedsFromIssuanceOfCommonStockOpenMarketSaleAgreement
19862000 usd
CY2022Q1 abus Proceeds From Issuance Of Common Stock Open Market Sale Agreement
ProceedsFromIssuanceOfCommonStockOpenMarketSaleAgreement
268000 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
259000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8000 usd
CY2023Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
296000 usd
CY2022Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
236000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20417000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11485000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9798000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-27952000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30776000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109282000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40574000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81330000 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
Nature of business and future operations<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Description of the Business</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Arbutus Biopharma Corporation (“Arbutus” or the “Company”) is a clinical-stage biopharmaceutical company leveraging its extensive virology expertise to develop novel therapeutics that target specific viral diseases. The Company’s current focus areas include hepatitis B virus (“HBV”), SARS-CoV-2 and other coronaviruses. To address HBV, the Company is developing an RNA interference (“RNAi”) therapeutic, AB-729, an oral PD-L1 inhibitor, AB-101, and an oral RNA destabilizer, AB-161, to potentially identify a combination regimen with the aim of providing a functional cure for patients with chronic HBV infection (“cHBV”) by suppressing viral replication, reducing surface antigen and reawakening the immune system. The Company believes its lead compound, AB-729, is the only RNAi therapeutic with evidence of immune re-awakening. AB-729 is currently being evaluated in multiple phase 2 clinical trials. In addition, a Phase 1 clinical trial with AB-161 was recently initiated. The Company also has an ongoing drug discovery and development program directed to identifying novel, orally active agents for treating coronaviruses, including SARS-CoV-2, where the Company has nominated a compound and has begun IND-enabling preclinical studies. In addition, the Company is also exploring oncology applications for its internal PD-L1 portfolio.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Liquidity</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2023, the Company had an aggregate of $178.5 million in cash, cash equivalents and investments in marketable securities. The Company had no outstanding debt as of March 31, 2023. The Company believes it has sufficient cash resources to fund its operations for at least the next 12 months. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The success of the Company is dependent on obtaining the necessary regulatory approvals to bring its products to market and achieve profitable operations. The Company’s research and development activities and the commercialization of its products are dependent on its ability to successfully complete these activities and to obtain adequate financing through a combination of financing activities and operations. It is not possible to predict either the outcome of the Company’s existing or future research and development programs or the Company’s ability to continue to fund these programs in the future.</span></div>
CY2023Q1 us-gaap Investments And Cash
InvestmentsAndCash
178500000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
0 usd
CY2023Q1 abus Wholly Owned Subsidiaries Includedin Financial Statements
WhollyOwnedSubsidiariesIncludedinFinancialStatements
1 subsidiary
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15700000 shares
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
7800000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
300000 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
7531000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
273000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
7804000 usd
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3426000 usd
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
201000 usd
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3627000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
47 numberofsegments
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
53 numberofsegments
CY2023Q1 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
600000 usd
CY2022Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
600000 usd
CY2023Q1 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
0 usd
CY2022Q1 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
100000 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1164000 shares
CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
0 usd
CY2023Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2455000 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
3520000 usd
CY2023Q1 abus Accrued Research And Development
AccruedResearchAndDevelopment
5134000 usd
CY2022Q4 abus Accrued Research And Development
AccruedResearchAndDevelopment
8261000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
580000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
512000 usd
CY2023Q1 abus Accrued Payroll Current
AccruedPayrollCurrent
1478000 usd
CY2022Q4 abus Accrued Payroll Current
AccruedPayrollCurrent
3730000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6000 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
9653000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
16029000 usd
CY2022Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
10365000 usd
CY2021Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
16296000 usd
CY2023Q1 abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
1178000 usd
CY2022Q1 abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
1363000 usd
CY2023Q1 abus Liability From Sale Of Future Royalties Non Cash Interest Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashInterestExpense
197000 usd
CY2022Q1 abus Liability From Sale Of Future Royalties Non Cash Interest Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashInterestExpense
506000 usd
CY2023Q1 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
9384000 usd
CY2022Q1 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
15439000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
4100000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18351000 usd
CY2023Q1 abus Royalty Entitlements
RoyaltyEntitlements
2 product
CY2023Q1 us-gaap Revenues
Revenues
6687000 usd
CY2022Q1 us-gaap Revenues
Revenues
12581000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.90
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.81
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1344550 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.90
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2131000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1736000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1344550 shares

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