2024 Q4 Form 10-Q Financial Statement

#000144702824000087 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $1.339M
YoY Change -71.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.537M
YoY Change -22.31%
% of Gross Profit
Research & Development $14.27M
YoY Change -29.23%
% of Gross Profit
Depreciation & Amortization $336.0K
YoY Change -9.19%
% of Gross Profit
Operating Expenses $22.78M
YoY Change -13.11%
Operating Profit -$21.44M
YoY Change -0.55%
Interest Expense $1.723M
YoY Change 3645.65%
% of Operating Profit
Other Income/Expense, Net $1.723M
YoY Change 18.5%
Pretax Income -$19.72M
YoY Change -1.92%
Income Tax
% Of Pretax Income
Net Earnings -$19.72M
YoY Change -1.92%
Net Earnings / Revenue -1472.52%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.10
COMMON SHARES
Basic Shares Outstanding 189.5M shares 188.8M shares
Diluted Shares Outstanding 189.0M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.8M
YoY Change -4.76%
Cash & Equivalents $31.85M
Short-Term Investments $95.95M
Other Short-Term Assets $3.375M
YoY Change -36.32%
Inventory
Prepaid Expenses
Receivables $1.608M
Other Receivables $0.00
Total Short-Term Assets $132.8M
YoY Change -6.24%
LONG-TERM ASSETS
Property, Plant & Equipment $3.556M
YoY Change -29.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.664M
YoY Change -55.01%
TOTAL ASSETS
Total Short-Term Assets $132.8M
Total Long-Term Assets $7.664M
Total Assets $140.4M
YoY Change -11.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.880M
YoY Change 25.22%
Accrued Expenses $5.132M
YoY Change -35.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.92M
YoY Change -15.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $14.63M
YoY Change -13.95%
Total Long-Term Liabilities $14.63M
YoY Change -13.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.92M
Total Long-Term Liabilities $14.63M
Total Liabilities $33.55M
YoY Change -14.64%
SHAREHOLDERS EQUITY
Retained Earnings -$1.334B
YoY Change 6.1%
Common Stock $1.408B
YoY Change 4.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.9M
YoY Change
Total Liabilities & Shareholders Equity $140.4M
YoY Change -11.47%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$19.72M
YoY Change -1.92%
Depreciation, Depletion And Amortization $336.0K
YoY Change -9.19%
Cash From Operating Activities -$20.74M
YoY Change -4.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$11.99M
YoY Change -214.59%
Cash From Investing Activities -$11.99M
YoY Change -214.92%
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
YoY Change 5.65%
NET CHANGE
Cash From Operating Activities -20.74M
Cash From Investing Activities -11.99M
Cash From Financing Activities 1.775M
Net Change In Cash -30.95M
YoY Change 220.03%
FREE CASH FLOW
Cash From Operating Activities -$20.74M
Capital Expenditures $0.00
Free Cash Flow -$20.74M
YoY Change -4.92%

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 Therapeutics, Inc. (Moderna) and Pfizer Inc. and BioNTech SE (collectively, 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 with the court that requested an amended case schedule to accommodate certain outstanding discovery from Moderna and third parties. The court approved the amended case schedule and the start of the trial was moved from April 21, 2025 to September 24, 2025, subject to the court’s availability. The lawsuit against Pfizer/BioNTech is ongoing and a date for a claim construction hearing has been scheduled for December 18, 2024.</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 September 30, 2024, the Company had an aggregate of $130.8 million in cash, cash equivalents and investments in marketable securities. The Company had no outstanding debt as of September 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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