$ABUS
Arbutus Biopharma Corp

2023 Q3 Form 10-Q Financial Statement

#000144702823000082 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $4.658M $4.651M
YoY Change -21.74% -67.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.840M $5.980M
YoY Change 67.19% 15.0%
% of Gross Profit
Research & Development $20.17M $17.69M
YoY Change 0.57% -22.88%
% of Gross Profit
Depreciation & Amortization $370.0K $342.0K
YoY Change 7.87% -10.7%
% of Gross Profit
Operating Expenses $26.22M $23.04M
YoY Change 10.32% -18.74%
Operating Profit -$21.56M -$18.39M
YoY Change 21.04% 30.31%
Interest Expense $46.00K $1.291M
YoY Change -89.28% 167.84%
% of Operating Profit
Other Income/Expense, Net $1.454M $1.291M
YoY Change 495.9% -1655.42%
Pretax Income -$20.10M -$17.09M
YoY Change 14.44% 20.45%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.10M -$17.09M
YoY Change 14.44% 20.45%
Net Earnings / Revenue -431.6% -367.53%
Basic Earnings Per Share -$0.12 -$0.10
Diluted Earnings Per Share -$0.12 -$0.10
COMMON SHARES
Basic Shares Outstanding 167.6M shares 166.1M shares
Diluted Shares Outstanding 167.5M shares 166.1M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.2M $152.5M
YoY Change -0.4% 1.52%
Cash & Equivalents $17.53M $27.20M
Short-Term Investments $116.6M $125.3M
Other Short-Term Assets $5.300M $3.702M
YoY Change 15.64% -34.15%
Inventory
Prepaid Expenses
Receivables $2.171M $2.614M
Other Receivables $0.00 $0.00
Total Short-Term Assets $141.6M $158.8M
YoY Change 0.33% 0.64%
LONG-TERM ASSETS
Property, Plant & Equipment $5.033M $6.955M
YoY Change -3.97% 26.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $11.06M
YoY Change
Other Assets $3.000K $11.00K
YoY Change -98.2% -93.89%
Total Long-Term Assets $17.03M $18.02M
YoY Change -72.82% -68.95%
TOTAL ASSETS
Total Short-Term Assets $141.6M $158.8M
Total Long-Term Assets $17.03M $18.02M
Total Assets $158.6M $176.8M
YoY Change -22.16% -18.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $1.044M
YoY Change 163.76%
Accrued Expenses $8.000M $8.158M
YoY Change -31.95% -36.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.32M $24.53M
YoY Change -18.84% -17.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.00M $17.60M
YoY Change -44.77% -46.45%
Total Long-Term Liabilities $17.00M $17.60M
YoY Change -44.77% -46.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.32M $24.53M
Total Long-Term Liabilities $17.00M $17.60M
Total Liabilities $39.30M $42.13M
YoY Change -32.56% -32.8%
SHAREHOLDERS EQUITY
Retained Earnings -$1.257B -$1.237B
YoY Change 6.39% 6.26%
Common Stock $1.346B $1.344B
YoY Change 2.93% 3.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.3M $134.7M
YoY Change
Total Liabilities & Shareholders Equity $158.6M $176.8M
YoY Change -22.16% -18.08%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$20.10M -$17.09M
YoY Change 14.44% 20.45%
Depreciation, Depletion And Amortization $370.0K $342.0K
YoY Change 7.87% -10.7%
Cash From Operating Activities -$21.78M -$19.56M
YoY Change 16.52% -3.62%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $859.0K
YoY Change -132.97% -505.19%
Acquisitions
YoY Change
Other Investing Activities $10.46M $2.300M
YoY Change -176.65% -116.89%
Cash From Investing Activities $10.43M $1.441M
YoY Change -175.92% -110.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.680M 4.742M
YoY Change -81.6% 4096.46%
NET CHANGE
Cash From Operating Activities -21.78M -19.56M
Cash From Investing Activities 10.43M 1.441M
Cash From Financing Activities 1.680M 4.742M
Net Change In Cash -9.670M -13.38M
YoY Change -58.49% -60.67%
FREE CASH FLOW
Cash From Operating Activities -$21.78M -$19.56M
Capital Expenditures $30.00K $859.0K
Free Cash Flow -$21.81M -$20.42M
YoY Change 17.25% 1.68%

Facts In Submission

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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:120%">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, imdusiran (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, imdusiran, is the only RNAi therapeutic with evidence of immune re-awakening. Imdusiran 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 June 30, 2023, the Company had an aggregate of $163.5 million in cash, cash equivalents and investments in marketable securities. The Company had no outstanding debt as of June 30, 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>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.90
CY2022Q2 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
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2964000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2065000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5095000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3800000 usd

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