Arbutus Biopharma Corporation reported a net loss of $69.9 million for the fiscal year ending December 31, 2024, a slight improvement from the $72.8 million loss recorded in 2023. The loss per share was $0.38, compared to $0.44 in the previous year. Total revenue for 2024 was $6.2 million, a significant decrease from $18.1 million in 2023, primarily due to a reduction in license revenue from collaborations, particularly a $9.3 million decrease in revenue recognition from Qilu Pharmaceutical Co., Ltd. and a $2.7 million decline in royalties from Alnylam Pharmaceuticals, attributed to lower sales of ONPATTRO, which faced competition from Alnylam's next-generation product, AMVUTTRA.
In response to ongoing financial challenges, Arbutus undertook a major organizational restructuring in 2024, which included a 40% reduction in workforce and the discontinuation of its IM-PROVE III clinical trial. The company further reduced its workforce by an additional 57% in early 2025, resulting in a total of 19 employees remaining. These changes are expected to incur a one-time restructuring charge of approximately $11 million to $13 million in the first quarter of 2025. The company aims to streamline operations and focus on advancing the clinical development of its lead product candidates, imdusiran and AB-101.
Arbutus is currently engaged in multiple patent infringement lawsuits against Moderna and Pfizer/BioNTech regarding its lipid nanoparticle (LNP) delivery technology used in COVID-19 vaccines. A trial date for the Moderna case is set for September 24, 2025, while the Pfizer/BioNTech case is awaiting a ruling on claim construction. The outcomes of these lawsuits could significantly impact the company's financial position and market share, particularly as it seeks to protect its intellectual property rights.
As of December 31, 2024, Arbutus had cash, cash equivalents, and investments totaling $122.6 million, with no outstanding debt. The company anticipates a significant reduction in net cash burn in 2025 compared to 2024, as it continues to manage costs and streamline operations. However, substantial additional funding will be required to support ongoing development activities, particularly for its hepatitis B programs. The company is exploring various funding sources, including equity financing and potential collaborations, to ensure it can continue its operations and development efforts.
Looking ahead, Arbutus remains focused on its goal of developing a functional cure for chronic hepatitis B virus (cHBV) infection. The company is currently reviewing its pipeline and development plans, retaining experts in virology and antiviral treatments to assist in this process. The success of its product candidates, particularly imdusiran, will be critical for the company's future revenue generation and overall financial health.
About Arbutus Biopharma Corp
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