$ABUS
Arbutus Biopharma Corp

2024 Q3 Form 10-Q Financial Statement

#000144702824000072 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.339M $1.726M
YoY Change -71.25% -62.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.537M $7.547M
YoY Change -22.31% 26.2%
% of Gross Profit
Research & Development $14.27M $15.55M
YoY Change -29.23% -12.1%
% of Gross Profit
Depreciation & Amortization $336.0K $356.0K
YoY Change -9.19% 4.09%
% of Gross Profit
Operating Expenses $22.78M $23.31M
YoY Change -13.11% 1.19%
Operating Profit -$21.44M -$21.58M
YoY Change -0.55% 17.39%
Interest Expense $1.723M $34.00K
YoY Change 3645.65% -97.37%
% of Operating Profit
Other Income/Expense, Net $1.723M $1.787M
YoY Change 18.5% 38.42%
Pretax Income -$19.72M -$19.80M
YoY Change -1.92% 15.81%
Income Tax
% Of Pretax Income
Net Earnings -$19.72M -$19.80M
YoY Change -1.92% 15.81%
Net Earnings / Revenue -1472.52% -1146.93%
Basic Earnings Per Share -$0.10 -$0.11
Diluted Earnings Per Share -$0.10 -$0.11
COMMON SHARES
Basic Shares Outstanding 188.8M shares 188.7M shares
Diluted Shares Outstanding 189.0M shares 188.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.8M $142.0M
YoY Change -4.76% -6.88%
Cash & Equivalents $31.85M $62.79M
Short-Term Investments $95.95M $79.20M
Other Short-Term Assets $3.375M $4.467M
YoY Change -36.32% 20.66%
Inventory
Prepaid Expenses
Receivables $1.608M $1.767M
Other Receivables $0.00 $0.00
Total Short-Term Assets $132.8M $148.2M
YoY Change -6.24% -6.66%
LONG-TERM ASSETS
Property, Plant & Equipment $3.556M $4.059M
YoY Change -29.35% -41.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets
YoY Change
Total Long-Term Assets $7.664M $11.82M
YoY Change -55.01% -34.4%
TOTAL ASSETS
Total Short-Term Assets $132.8M $148.2M
Total Long-Term Assets $7.664M $11.82M
Total Assets $140.4M $160.0M
YoY Change -11.47% -9.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.880M $2.652M
YoY Change 25.22% 154.02%
Accrued Expenses $5.132M $8.909M
YoY Change -35.85% 9.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.92M $22.60M
YoY Change -15.23% -7.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.63M $14.99M
YoY Change -13.95% -14.81%
Total Long-Term Liabilities $14.63M $14.99M
YoY Change -13.95% -14.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.92M $22.60M
Total Long-Term Liabilities $14.63M $14.99M
Total Liabilities $33.55M $37.59M
YoY Change -14.64% -10.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.334B -$1.314B
YoY Change 6.1% 6.23%
Common Stock $1.408B $1.403B
YoY Change 4.57% 4.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.9M $122.5M
YoY Change
Total Liabilities & Shareholders Equity $140.4M $160.0M
YoY Change -11.47% -9.49%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$19.72M -$19.80M
YoY Change -1.92% 15.81%
Depreciation, Depletion And Amortization $336.0K $356.0K
YoY Change -9.19% 4.09%
Cash From Operating Activities -$20.74M -$14.50M
YoY Change -4.79% -25.84%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.000K
YoY Change -100.0% -99.88%
Acquisitions
YoY Change
Other Investing Activities -$11.99M $9.830M
YoY Change -214.59% 327.39%
Cash From Investing Activities -$11.99M $9.829M
YoY Change -214.92% 582.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.775M 24.37M
YoY Change 5.65% 413.92%
NET CHANGE
Cash From Operating Activities -20.74M -14.50M
Cash From Investing Activities -11.99M 9.829M
Cash From Financing Activities 1.775M 24.37M
Net Change In Cash -30.95M 19.69M
YoY Change 220.03% -247.24%
FREE CASH FLOW
Cash From Operating Activities -$20.74M -$14.50M
Capital Expenditures $0.00 $1.000K
Free Cash Flow -$20.74M -$14.50M
YoY Change -4.92% -28.96%

Facts In Submission

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of business and future operations</span><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 with distinct mechanisms of action, which can potentially be combined to provide a functional cure for patients with chronic hepatitis B virus (cHBV) infection. The Company believes the key to success in developing a functional cure involves suppressing hepatitis B virus deoxyribonucleic acid, reducing hepatitis B surface antigen and boosting HBV-specific immune responses. The Company’s pipeline of internally developed, proprietary compounds includes an RNAi therapeutic, imdusiran (AB-729), and an oral PD-L1 inhibitor, AB-101. Imdusiran has generated meaningful clinical data demonstrating an impact on both surface antigen reduction and reawakening of the HBV-specific immune response. Imdusiran is currently in two Phase 2a combination clinical trials. AB-101 is currently being evaluated in a Phase 1a/1b clinical trial. </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 Company continues to protect and defend its intellectual property, which is the subject of the Company’s ongoing lawsuits against Moderna and Pfizer/BioNTech for their use of the Company’s patented lipid nanoparticle (LNP) technology in their COVID-19 vaccines. With respect to the Moderna lawsuit, the claim construction hearing occurred on February 8, 2024. On April 3, 2024, the court provided its claim construction ruling in which it construed the disputed claim terms and agreed with the Company’s position on most of the disputed claim terms. On August 5, 2024, the Company and Genevant Sciences Ltd. (Genevant), along with Moderna, filed a Stipulation to Extend Time (the Stipulation) with the court requesting an amended case schedule to accommodate certain outstanding discovery from Moderna and third parties, as specified in the Stipulation, which would move the start of the trial from April 21, 2025 to September 24, 2025, subject to the court’s availability. The Stipulation, and the new deadlines set forth therein, are subject to the approval of the court. A conference to discuss the Stipulation has been scheduled by the court for August 15, 2024. The lawsuit against Pfizer/BioNTech is ongoing and a date for a claim construction hearing has not been set.  </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, 2024, the Company had an aggregate of $148.5 million in cash, cash equivalents and investments in marketable securities. The Company had no outstanding debt as of June 30, 2024. 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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CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
7168000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
28 numberofsegments
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
37 numberofsegments
CY2023Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
300000 usd
CY2024Q2 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
300000 usd
CY2024Q2 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
100000 usd
us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
100000 usd
us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
0 usd
CY2023Q2 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
0 usd
CY2024Q2 us-gaap Equity Method Investments
EquityMethodInvestments
0 usd
CY2024Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2652000 usd
CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
3223000 usd
CY2024Q2 abus Accrued Research And Development
AccruedResearchAndDevelopment
4008000 usd
CY2023Q4 abus Accrued Research And Development
AccruedResearchAndDevelopment
2884000 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1970000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
815000 usd
CY2024Q2 abus Accrued Payroll Current
AccruedPayrollCurrent
2478000 usd
CY2023Q4 abus Accrued Payroll Current
AccruedPayrollCurrent
3349000 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
11108000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
10271000 usd
CY2023Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
6953000 usd
CY2022Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
10365000 usd
abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
1164000 usd
abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
1944000 usd
abus Liability From Sale Of Future Royalties Non Cash Interest Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashInterestExpense
70000 usd
abus Liability From Sale Of Future Royalties Non Cash Interest Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashInterestExpense
366000 usd
CY2024Q2 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
5859000 usd
CY2023Q2 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
8787000 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11034000 usd
CY2024Q2 abus Royalty Entitlements
RoyaltyEntitlements
2 product
CY2024Q2 us-gaap Revenues
Revenues
1726000 usd
CY2023Q2 us-gaap Revenues
Revenues
4651000 usd
us-gaap Revenues
Revenues
3258000 usd
us-gaap Revenues
Revenues
11338000 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1164000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.27
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.75
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.49
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.88
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1316200 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1344550 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.40
CY2023Q2 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
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3180000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2964000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5194000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5095000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001447028-24-000072.txt Edgar Link pending
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abus-20240630_htm.xml Edgar Link completed
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