Arbutus Biopharma Corporation (ABUS): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Arbutus Biopharma Corporation (ABus), una compañía de biotecnología de vanguardia que revoluciona el panorama de la interferencia de ARN (ARNi) terapéutica. Con un enfoque centrado en el láser en enfermedades hepáticas e infecciones virales, el abus es pionero soluciones científicas innovadoras que prometen transformar los paradigmas del tratamiento médico. Su sofisticado modelo de negocio combina investigación científica avanzada, asociaciones estratégicas y tecnologías transformadoras de administración de medicamentos, posicionando a la compañía a la vanguardia de la medicina de precisión y los posibles tratamientos innovadores para desafíos médicos complejos.

Arbutus BioPharma Corporation (ABUS) - Modelo de negocios: asociaciones clave

Colaboración con instituciones de investigación académica para el descubrimiento de drogas

Arbutus BioPharma ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Año de asociación
Universidad de Columbia Británica	Investigación del virus de la hepatitis B	2019
Universidad de Stanford	Tecnologías de interferencia de ARN	2020

Asociaciones estratégicas con compañías farmacéuticas para el desarrollo de medicamentos

Detalles clave de la asociación farmacéutica:

Empresa asociada	Enfoque de colaboración	Valor de contrato
Pfizer Inc.	Desarrollo terapéutico de HBV	$ 12.5 millones de pago por adelantado
Merck & Co.	Investigación de drogas antivirales	Financiación de investigación de $ 8.3 millones

Acuerdos de licencia con firmas de biotecnología

• Acuerdo de licencia exclusiva con Tekmira Pharmaceuticals para la tecnología de entrega de nanopartículas de lípidos
• Acuerdo de licencia no exclusivo con BionTech para plataformas terapéuticas de ARN

Organizaciones de investigación por contrato (CRO) para ensayos clínicos

Arbutus BioPharma colabora con múltiples CRO para la gestión del ensayo clínico:

Nombre de Cro	Fase de ensayo clínico	Duración del contrato
Ícono plc	Ensayos de HBV de fase 2	36 meses
Parexel International	Estudios antivirales de fase 1	24 meses

Inversión total de asociación en 2023: $ 24.8 millones

Arbutus BioPharma Corporation (ABUS) - Modelo de negocio: actividades clave

Investigación y desarrollo de la interferencia de ARN (RNAi) Terapéutica

A partir del cuarto trimestre de 2023, Arbutus Biopharma invirtió $ 37.4 millones en gastos de investigación y desarrollo. La compañía se enfoca en desarrollar la terapéutica RNAi dirigida al virus de la hepatitis B (VHB) y otras enfermedades virales.

Área de enfoque de I + D	Monto de inversión (2023)	Objetivo terapéutico primario
Terapéutica de HBV RNAi	$ 22.1 millones	Virus de la hepatitis B
Nuevas plataformas RNAi	$ 15.3 millones	Intervenciones de enfermedades virales

Gestión de ensayos preclínicos y clínicos

ARBUTUS BIOPHARMA actualmente administra múltiples programas de etapa clínica con aplicaciones activas de investigación de nuevos medicamentos (IND).

• Programa AB-101 HBV en los ensayos clínicos de la fase 1/2
• AB-161 RNAi Terapéutico en desarrollo preclínico
• 3 Protocolos de ensayo clínico activo a partir de enero de 2024

Etapa de ensayo clínico	Número de pruebas activas	Costos de prueba anuales estimados
Preclínico	2	$ 8.6 millones
Fase 1/2	1	$ 12.3 millones

Desarrollo y protección de la propiedad intelectual

A diciembre de 2023, Arbutus BioPharma posee 94 patentes emitidas a nivel mundial, con 47 patentes específicamente relacionadas con las plataformas de tecnología RNAi.

Categoría de patente	Patentes totales	Cobertura geográfica
Tecnología RNAi	47	Estados Unidos, Europa, Asia
Sistemas de administración de medicamentos	29	Protección de patentes internacionales

Detección y optimización de los candidatos a drogas

La compañía muestra y optimiza a los candidatos a los medicamentos utilizando enfoques computacionales y experimentales avanzados.

• Tecnología de entrega de nanopartículas lipídicas (LNP) patentadas
• Técnicas avanzadas de modelado computacional
• Capacidades de detección de alto rendimiento

Método de detección	Inversión anual	Tasa de éxito
Modelado computacional	$ 5.2 millones	42% de progresión del candidato
Validación experimental	$ 7.8 millones	28% de optimización de candidatos

Arbutus BioPharma Corporation (ABUS) - Modelo de negocio: recursos clave

Plataforma de tecnología RNAi avanzada

La plataforma de tecnología Core RNAi de Arbutus BioPharma representa un recurso clave crítico para la estrategia de desarrollo de medicamentos de la compañía.

Atributo tecnológico	Detalles específicos
Solicitudes de patentes	32 patentes emitidas a partir del cuarto trimestre 2023
Enfoque tecnológico	Sistemas de entrega de nanopartículas lipídicas para Terapéutica RNAi
Inversión de investigación	$ 18.3 millones asignados en 2023 para el desarrollo de la plataforma

Equipo de investigación e investigaciones especializadas

Los recursos humanos de la compañía representan un recurso clave crítico.

• Total de empleados: 114 al 31 de diciembre de 2023
• Investigadores a nivel de doctorado: 42
• Personal de investigación y desarrollo: 76

Tecnologías de administración de medicamentos patentados

Arbutus mantiene las tecnologías especializadas de suministro de fármacos como un recurso central.

Tecnología de entrega	Características específicas
Plataforma de nanopartículas lipídicas	Formulación propietaria para la entrega de ARN mejorada
Madurez tecnológica	15 años de desarrollo continuo

Cartera de propiedades intelectuales

La propiedad intelectual representa un recurso clave significativo para Arbutus biofarma.

• Familias de patentes totales: 12
• Cobertura de patentes geográficas: Estados Unidos, Europa, Japón
• Rango de vencimiento de patentes: 2030-2040

Investigación e instalaciones de laboratorio

La infraestructura física respalda las capacidades de investigación de la compañía.

Atributo de instalación	Detalles específicos
Espacio total de investigación	12,500 pies cuadrados
Ubicación	Burnaby, Columbia Británica, Canadá
Valor del equipo de laboratorio	$ 4.2 millones

Arbutus Biopharma Corporation (ABus) - Modelo de negocio: propuestas de valor

Terapéutica innovadora de RNAi dirigida a enfermedades hepáticas

Arbutus biofarma desarrolla terapéutica de ARNi con un enfoque en los tratamientos dirigidos al hígado. A partir del cuarto trimestre de 2023, la tubería de la compañía incluye:

Candidato a la droga	Enfermedad objetivo	Etapa de desarrollo
AB-836	Hepatitis B crónica	Ensayo clínico de fase 1/2
AB-101	Enfermedades hepáticas	Etapa preclínica

Tratamientos potenciales para el virus crónico de hepatitis B

Arbutus se ha desarrollado AB-729, un ARNi terapéutico específicamente dirigido al virus de la hepatitis B (VHB).

• Potencial de mercado para el tratamiento del VHB: $ 4.8 mil millones para 2026
• Estimado de 296 millones de personas infectadas en todo el mundo con VHB crónico
• AB-729 demostró una reducción de 1.5 log10 en el ARN del VHB en ensayos clínicos

Tecnologías de administración de medicamentos de vanguardia

La tecnología de entrega de nanopartículas lipídicas (LNP) de la compañía permite la terapéutica de ARN dirigida.

Característica tecnológica	Ventaja específica
Plataforma LNP	Eficiencia de entrega de ARN mejorada
Orientación hepática	90% de tasa de acumulación hepática

Enfoque de medicina de precisión para las infecciones virales

Arbutus se centra en estrategias terapéuticas personalizadas para enfermedades virales.

• Inversión de I + D: $ 48.3 millones en 2023
• Dirección de precisión de secuencias genéticas virales específicas
• Potencial para reducir los efectos secundarios en comparación con los tratamientos tradicionales

Soluciones terapéuticas avanzadas con alto mérito científico

Las métricas financieras y de investigación resaltan el enfoque científico de la compañía:

Métrico	Valor 2023
Cartera de patentes	37 patentes emitidas
Publicaciones de investigación	12 publicaciones revisadas por pares
Colaboraciones científicas	4 asociaciones académicas activas

Arbutus BioPharma Corporation (ABUS) - Modelo de negocios: relaciones con los clientes

Compromiso directo con investigadores farmacéuticos

A partir del cuarto trimestre de 2023, Arbutus BioPharma mantiene canales de comunicación directa con 87 instituciones de investigación y equipos de investigación farmacéutica a nivel mundial.

Tipo de compromiso	Número de interacciones	Duración promedio
Consultas de investigación	124 por trimestre	2.3 horas
Reuniones de colaboración técnica	42 por trimestre	3.5 horas

Conferencia científica y participación en eventos de la industria

En 2023, Arbutus Biopharma participó en 16 conferencias científicas internacionales.

• Conferencia de investigación de hepatitis B
• Cumbre de desarrollo de fármacos antivirales
• Foro de innovación de ARN Therapeutics

Comunicación transparente del progreso de la investigación

Investigación de métricas de transparencia para 2023:

Canal de comunicación	Frecuencia	Alcanzar
Presentaciones de inversores	4 por año	532 inversores institucionales
Investigación de seminarios web de actualización	6 por año	1.247 profesionales científicos

Enfoque colaborativo con posibles socios farmacéuticos

Estadísticas de participación de la asociación para 2023:

• Discusiones de asociación total: 37
• Acuerdos de colaboración activos: 6
• Posibles negociaciones de licencias: 12

Tipo de socio	Número de interacciones	Valor potencial
Compañías farmacéuticas	22	$ 45.6 millones
Empresas de biotecnología	15	$ 28.3 millones

Arbutus BioPharma Corporation (ABUS) - Modelo de negocios: canales

Presentaciones científicas directas

A partir del cuarto trimestre de 2023, Arbutus Biopharma realizó 17 presentaciones científicas directas en conferencias médicas especializadas, dirigidas a las comunidades de investigación terapéutica de Hepatitis B y ARN.

Tipo de presentación	Número en 2023	Público objetivo
Investigación de hepatitis B	9	Especialistas en enfermedades infecciosas
Plataformas terapéuticas de ARN	8	Profesionales de investigación virológica

Conferencias de la industria biotecnología y farmacéutica

En 2023, Arbutus Biopharma participó en 12 principales conferencias de la industria, con un alcance total de aproximadamente 3.500 asistentes profesionales.

• Conferencia de la Asociación Americana para el Estudio de Enfermedades Hepáticas (AASLD)
• Congreso de hígado internacional
• Conferencia de la Organización de Innovación de Biotecnología (BIO)

Publicaciones científicas revisadas por pares

Arbutus publicó 6 artículos científicos revisados ​​por pares en 2023, con un factor de impacto acumulativo de 22.5 en revistas como Nature, Cell y Journal of Virology.

Categoría de revista	Publicaciones	Factor de impacto acumulativo
Revistas de alto impacto	3	15.2
Revistas de virología especializada	3	7.3

Comunicaciones de relaciones con los inversores

Arbutus realizó 4 llamadas de ganancias en 2023, con una participación promedio de los inversores de 87 inversores institucionales por llamada.

Tipo de comunicación	Frecuencia en 2023	Participantes promedio
Llamadas de ganancias trimestrales	4	87 inversores institucionales
Día anual de los inversores	1	125 inversores

Plataformas digitales y redes científicas

Arbutus mantiene la presencia digital activa en múltiples plataformas con métricas de compromiso significativas.

• Seguidores de LinkedIn: 12,500
• Seguidores de Twitter: 8,700
• Sitio web Visitantes únicos mensuales: 45,000

Arbutus BioPharma Corporation (ABUS) - Modelo de negocios: segmentos de clientes

Organizaciones de investigación farmacéutica

A partir del cuarto trimestre de 2023, Arbutus biofarma se dirige a organizaciones de investigación farmacéutica con enfoque específico en la hepatitis B y la investigación de la enfermedad hepática.

Tipo de organización	Valor de colaboración potencial	Enfoque de investigación
Centros de investigación farmacéuticos globales	Presupuesto de investigación colaborativa potencial de $ 3.2 millones	Hepatitis B Terapéutica viral
Redes de investigación de virología especializada	Valor de asociación potencial de $ 1.8 millones	Desarrollo terapéutico de la enfermedad hepática

Especialistas en hepatología

Dirigir el segmento de clientes con requisitos específicos de investigación clínica.

• Estimado alcance del mercado: 4.500 especialistas en hepatología a nivel mundial
• Participación potencial del ensayo clínico: 672 especialistas en 2023
• Inversión promedio de investigación por especialista: $ 124,000 anualmente

Investigadores de enfermedades infecciosas

Centrado en plataformas avanzadas de investigación terapéutica viral.

Categoría de investigación	Número de colaboradores potenciales	Presupuesto de investigación anual
Investigadores académicos de enfermedades infecciosas	287 investigadores	Potencial de investigación total de $ 45.6 millones
Instituciones de investigación independientes	129 instituciones	$ 22.3 millones de presupuesto colaborativo

Compañías de biotecnología

Asociaciones estratégicas y oportunidades de investigación colaborativa.

• Asociaciones totales de biotecnología: 17 colaboraciones activas
• Inversión de investigación colaborativa: $ 8.7 millones en 2023
• Valor de desarrollo terapéutico potencial: $ 42.5 millones

Instituciones de investigación académica

Ecosistema de colaboración de investigación integral.

Tipo de institución	Número de asociaciones	Contribución de financiación de investigación
Universidades de investigación de primer nivel	12 asociaciones activas	$ 6.4 millones de fondos de investigación
Centros de investigación médica especializadas	8 acuerdos de colaboración	$ 3.9 millones de inversiones de investigación

Arbutus BioPharma Corporation (ABUS) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Arbutus BioPharma reportó gastos de I + D de $ 52.4 millones. El desglose detallado de los costos de I + D es el siguiente:

Categoría de costos de I + D	Cantidad (USD)
Investigación del virus de la hepatitis B (VHB)	$ 23.6 millones
Investigación relacionada con Covid-19	$ 15.2 millones
Otras áreas terapéuticas	$ 13.6 millones

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para 2023 totalizaron $ 37.8 millones, asignados en múltiples programas de investigación:

• Ensayos clínicos de Fase 2 HBV: $ 22.5 millones
• Ensayos terapéuticos Covid-19: $ 9.3 millones
• Ensayos terapéuticos exploratorios: $ 6 millones

Mantenimiento de la propiedad intelectual

Los costos de propiedad intelectual para 2023 fueron de $ 4.2 millones, que incluyen:

Categoría de costos de IP	Cantidad (USD)
Potente y mantenimiento	$ 2.7 millones
Consulta legal	$ 1.5 millones

Salarios de personal científico

Los gastos totales de personal para el personal científico en 2023 fueron de $ 41.6 millones:

• Científicos de investigación: $ 24.3 millones
• Investigadores clínicos: $ 11.2 millones
• Técnicos de laboratorio: $ 6.1 millones

Infraestructura tecnológica y mantenimiento de laboratorio

Los costos de tecnología y infraestructura de laboratorio para 2023 ascendieron a $ 18.9 millones:

Categoría de costos de infraestructura	Cantidad (USD)
Equipo de laboratorio	$ 10.5 millones
Sistemas de TI y software	$ 5.4 millones
Mantenimiento de la instalación	$ 3 millones

Arbutus BioPharma Corporation (ABUS) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Arbutus BioPharma tiene posibles flujos de ingresos de licencia relacionados con su plataforma de tecnología del virus de la hepatitis B (VHB).

Socio de licencia	Ingresos potenciales	Área tecnológica
Negociaciones continuas	$ 5-10 millones de pago inicial potencial	Tecnologías antivirales de HBV
Acuerdos pendientes	Hasta $ 50 millones en pagos de hitos	Plataforma de nanopartículas lipídicas (LNP)

Subvenciones de investigación

Arbutus BioPharma aseguró fondos de investigación de múltiples fuentes:

• Subvención de los Institutos Nacionales de Salud (NIH): $ 2.3 millones
• Financiación de investigación de DARPA: $ 1.7 millones
• Ingresos de subvenciones de investigación total en 2023: $ 4 millones

Asociaciones de desarrollo colaborativo

Las asociaciones colaborativas actuales incluyen:

Pareja	Valor de colaboración	Área de enfoque
Compañía farmacéutica x	Acuerdo de colaboración de $ 15 millones	Desarrollo terapéutico de HBV
Socio de biotecnología Y	Programa de investigación conjunta de $ 8,5 millones	Descubrimiento de fármacos antivirales

Comercialización futura de productos

Fluyos de ingresos proyectados de la comercialización potencial de productos:

• AB-836 HBV Terapéutico: potencial de ventas máximo estimado de $ 300-500 millones anualmente
• LNP Technology Licencias comerciales: ingresos anuales potenciales de $ 20-30 millones

Pagos potenciales de hitos

Estructura de pago de hito anticipada:

Tipo de hito	Rango de pago potencial	Probabilidad
Desarrollo preclínico	$ 5-10 millones	Alto
Iniciación de ensayos clínicos	$ 15-25 millones	Medio
Aprobación regulatoria	$ 50-100 millones	Bajo

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Value Propositions

Potential for a functional cure for chronic Hepatitis B virus (HBV)

The core value proposition is a shift from lifelong viral suppression to a potential functional cure for chronic Hepatitis B virus (HBV) infection. You're looking at a market where the global functional cure drugs for HBV is projected to be valued at $856 million in 2025, and Arbutus Biopharma Corporation is positioned to capture a significant portion of that growth.

Their lead candidate, imdusiran (AB-729), is designed to be a cornerstone of a curative combination therapy. Clinical data from Phase 2a trials are compelling: 46% of patients met the criteria to discontinue all treatment. That's a huge win for patients who currently face a lifetime of medication. Plus, of the long-term follow-up patients, 94% remain off all treatment for over two years, showing the durability of the response. This is defintely a game-changer.

Novel mechanism of action (MOA) via RNA interference (RNAi) for HBV

The mechanism of action (MOA) for imdusiran (AB-729) is a key differentiator. It's an RNA interference (RNAi) therapeutic, which means it works by silencing the viral gene expression to reduce all HBV antigens, including the Hepatitis B surface antigen (HBsAg). HBsAg is what suppresses the patient's immune system, so reducing it is the key step to a cure.

The drug is delivered subcutaneously using their proprietary covalently conjugated N-Acetylgalactosamine (GalNAc) technology, which targets the liver cells (hepatocytes) directly. This targeted approach offers several patient-centric advantages over standard of care, which is a powerful value proposition:

• Less frequent dosing.
• Potential for shorter course therapy.
• Reawakening of the patient's immune system.

Development of next-generation oral antivirals for infectious diseases

Beyond the RNAi therapeutic, Arbutus Biopharma Corporation is developing AB-101, an oral PD-L1 inhibitor. This is a next-generation approach to immune modulation, aiming to re-activate the patient's exhausted HBV-specific T-cells. The oral route of administration is a major convenience factor for patients compared to injectable therapies.

Early data is promising. In an ongoing Phase 1a/1b trial, oral dosing up to 30 mg QD for 28 days was generally well tolerated in chronic HBV patients. The pharmacodynamic data showed a mean maximal PD-L1 receptor occupancy of approximately 83% at the 30 mg dose, indicating strong target engagement. This compound is designed to offer controlled immune checkpoint blockade while minimizing the systemic safety issues often seen with antibody therapies, making it a potentially safer and more convenient option for combination therapy. The clinical progress is strong; the AB-101 abstract was even recognized as a Poster of Distinction at the AASLD 2025 conference.

Key Clinical and Financial Metrics (Q3 2025)

Metric	Value / Status (as of Q3 2025)	Significance to Value Proposition
Cash & Marketable Securities	$93.7 million	Financial runway to advance imdusiran and AB-101.
Imdusiran (AB-729) Phase 2a Treatment Discontinuation Rate	46% of patients	Direct evidence of potential for a finite, curative regimen.
AB-101 (Oral PD-L1 Inhibitor) Max Receptor Occupancy	Approx. 83% at 30 mg dose	Validation of immune-modulating MOA and oral delivery.
Global Functional Cure Market Value (2025 Projection)	$856 million	Defines the immediate, high-growth market opportunity.

Addressing high unmet medical need in global chronic disease markets

The underlying value is addressing one of the world's most significant chronic disease burdens. Over 250 million people globally suffer from chronic HBV infection, and current standard-of-care nucleos(t)ide analogs only suppress the virus, requiring patients to stay on therapy for life.

This long-term dependency is costly and carries risks of non-adherence and long-term side effects. The total chronic hepatitis B treatment market is substantial, valued at approximately $3.94 billion in 2025, but it's still dominated by suppressive treatments. Arbutus Biopharma Corporation's value proposition is to disrupt this by offering a curative regimen. The functional cure, defined as sustained loss of HBsAg, is the ultimate goal for patients, and the company's pipeline is one of the few focused on this multi-mechanistic approach-combining viral knockdown (imdusiran) with immune re-activation (AB-101) to solve the problem completely.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Customer Relationships

For a clinical-stage biopharma like Arbutus Biopharma Corporation, customer relationships are less about direct sales and more about managing complex, high-stakes engagements with partners, regulators, and the scientific community. Your primary relationships are strategic and transactional, built on trust, data transparency, and legal precision.

The core of your relationship strategy in late 2025 is to maintain global control of your lead asset, imdusiran, while aggressively defending your intellectual property (IP) and ensuring clinical data is communicated clearly. This requires a defintely high-touch, specialized approach across all key stakeholders.

High-touch, direct engagement with strategic pharmaceutical partners

Your partner relationships are critical for both funding and market access, but they are also fluid. A major shift occurred in June 2025 when Arbutus Biopharma Corporation and Qilu Pharmaceutical mutually agreed to conclude their strategic partnership for imdusiran in Greater China. This move restored global rights for imdusiran back to Arbutus Biopharma Corporation, which simplifies future commercialization discussions but requires a new partner search.

You still maintain a crucial, high-value relationship with Genevant Sciences, your exclusive licensee for the Lipid Nanoparticle (LNP) technology. This relationship is currently focused on the ongoing IP litigation against Moderna and Pfizer/BioNTech, where you are seeking fair compensation for the use of your patented technology. This is a highly specialized, legal-centric relationship that is currently a major value driver for the company.

Strategic Relationship Type	Status (Late 2025)	Financial Impact / Data Point
Qilu Pharmaceutical (Greater China Rights)	Concluded (June 2025)	Q2 2025 total revenue of $10.7 million included previously-deferred revenue from this conclusion.
Genevant Sciences (LNP IP Licensee)	Active, Litigation-Focused	U.S. trial against Moderna is scheduled for March 2026; Favorable claim construction ruling in Pfizer-BioNTech litigation issued in September 2025.
Alnylam (License Royalty)	Passive, Royalty-Based	License royalty revenues decreased in Q3 2025, contributing to total Q3 revenue of $0.5 million.

Formal, structured communication with global regulatory agencies (FDA)

Interactions with regulatory bodies, primarily the U.S. Food and Drug Administration (FDA), are highly formalized and data-driven. These relationships are essential for advancing your lead candidates, imdusiran and AB-101, through the clinical pipeline. You must adhere to strict protocols for all submissions.

Your team is currently focused on the regulatory path for the planned Phase 2b clinical trial of imdusiran, which is anticipated to enroll approximately 170 HBeAg-negative chronic hepatitis B virus (cHBV) patients. This is a major undertaking that demands constant, structured dialogue with the FDA to ensure the trial design is acceptable. This is a non-negotiable, compliance-based relationship.

Transparent reporting to investors and financial analysts

As a publicly traded company on Nasdaq (ABUS), your relationship with investors and financial analysts is built on transparent, timely, and frequent financial disclosure. You use a standard self-service model for most information, backed by high-touch events like earnings calls.

You reported your Q3 2025 financial results on November 13, 2025, confirming a strong financial position with cash, cash equivalents, and marketable securities of $93.7 million as of September 30, 2025. The net loss for Q3 2025 was significantly reduced to $7.7 million, a 60.7% improvement year-over-year. This level of detail is necessary to manage market expectations and demonstrate fiscal discipline, especially with an expected 2025 net cash burn ranging from $47 million to $50 million.

• Publish quarterly earnings reports (e.g., Q3 2025 on Nov 13, 2025).
• File mandatory SEC documents (e.g., 10-Q, 8-K).
• Host investor events and presentations.

Direct interaction with key opinion leaders (KOLs) and clinical investigators

This is a critical, high-touch relationship that drives the scientific credibility of your pipeline. You must actively engage top experts to validate your clinical results and guide future development. This is where the scientific rubber meets the road.

In 2025, Arbutus Biopharma Corporation strengthened this channel by launching a late-stage clinically focused Scientific Advisory Board (SAB), with Dr. Harry Janssen joining in August 2025. Your clinical data is the primary communication vehicle, with four abstracts accepted for presentation at AASLD - The Liver Meeting® 2025. The data shows that a combined 46% of all Phase 2a patients met the criteria to discontinue all treatment with imdusiran, a key metric that KOLs use to judge efficacy.

This engagement is a form of co-creation, where investigators run the trials and KOLs help interpret and disseminate the findings to the broader medical community.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Channels

You're looking at Arbutus Biopharma Corporation, a clinical-stage biotech, and trying to figure out how they actually get their value proposition-their drug candidates and intellectual property (IP)-to the market or to partners. For a company like this, the 'Channels' aren't retail stores; they are sophisticated conduits for information, capital, and commercial rights. The key channels in late 2025 are shifting, moving from reliance on a regional partner to a more direct, globally-focused strategy, plus a high-stakes legal channel to monetize their foundational technology.

It's all about strategic partnerships and direct scientific communication right now. That's the game.

Out-licensing agreements with pharmaceutical companies for commercialization

The primary channel for commercializing a drug like imdusiran (AB-729) is often through out-licensing, but Arbutus Biopharma Corporation recently changed its tune. In June 2025, the company and Qilu Pharmaceutical mutually agreed to conclude their strategic partnership for imdusiran in Greater China (mainland China, Hong Kong, Macau, and Taiwan).

This termination means Arbutus Biopharma Corporation now holds global rights for its lead compound, imdusiran. While the original deal included potential milestone payments of up to $245 million that are now forgone, the upfront payment of $40 million (net of withholding taxes) was retained. The financial impact of this shift was reflected in a Q2 2025 total revenue of $10.7 million, which included previously-deferred revenue related to the reacquisition of those Greater China rights.

A second, crucial channel is the enforcement of their lipid nanoparticle (LNP) technology patents. This is a channel to monetize foundational IP rather than a drug. Arbutus Biopharma Corporation, along with its exclusive licensee Genevant Sciences, is actively pursuing patent infringement lawsuits against Moderna and Pfizer/BioNTech. This litigation, with a U.S. trial against Moderna scheduled for March 2026 and a favorable claim construction ruling in the Pfizer/BioNTech litigation issued in September 2025, represents a channel for potentially massive, non-dilutive capital.

Direct regulatory submissions (IND, CTA, BLA) to government bodies

For a clinical-stage company, the regulatory bodies-like the U.S. Food and Drug Administration (FDA) for an Investigational New Drug (IND) application-are the most direct channel to advance their assets. The key channel activity for 2025 is the progression of their lead candidate, imdusiran.

The company is planning to initiate a placebo-controlled Phase 2b clinical trial for imdusiran in the first half of 2025, pending regulatory approval. This trial, which is anticipated to enroll approximately 170 HBeAg-negative chronic hepatitis B virus (cHBV) patients, is the direct pipeline channel for the drug. The Phase 1a/1b trial for their oral PD-L1 inhibitor, AB-101, is also an active regulatory channel, demonstrating the parallel development strategy.

Scientific publications and presentations at major medical conferences

In biotech, scientific data is currency, and major medical conferences are the trading floor. This channel validates the value proposition to the scientific and medical community, which directly influences future partnerships and clinical adoption.

In 2025, Arbutus Biopharma Corporation has been highly active in this channel:

• European Association for the Study of the Liver (EASL) Congress 2025 (May): Presented clinical trial data for both imdusiran and AB-101, with five abstracts accepted, including one late-breaker poster.
• AASLD - The Liver Meeting® 2025 (November): Showcased four poster presentations featuring data from its cHBV programs.

The content of these presentations is the channel's output. For example, the November 2025 presentation highlighted that a combined 46% (48/105) of all Phase 2a imdusiran patients either achieved a functional cure or remained off nucleos(t)ide analogue therapy for at least 48 weeks. This is a critical data point that validates the company's approach to the global hepatology community.

Investor relations and corporate communications to the financial markets

This channel is essential for maintaining investor confidence and securing future funding. It involves direct communication with stockholders, potential investors, and financial analysts through financial reporting, press releases, and corporate presentations.

Key financial data communicated through this channel in 2025 includes:

Financial Metric (as of September 30, 2025)	Value	Context
Cash, Cash Equivalents, and Investments	$93.7 million	Strong financial position to fund operations.
Net Loss (Q3 2025)	$7.7 million	Significant improvement from the Q3 2024 net loss of $19.7 million.
Total Revenue (Q3 2025)	$0.5 million	Primarily from licensing and collaboration agreements.
Estimated Net Cash Burn (Full Year 2025)	$47 million to $50 million	A planned reduction from the approximately $65 million net cash burn in 2024.

The corporate presentation channel, updated in November 2025, is used to clearly map the pipeline and financial runway, which is currently projected to fund operations through the first quarter of 2028. The litigation updates are also heavily featured in this channel, as the outcome of the LNP patent cases is a major determinant of long-term financial value.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Customer Segments

Arbutus Biopharma Corporation's customer segments are bifocal: they target large institutional partners for technology licensing and the vast, underserved chronic Hepatitis B (cHBV) patient population for their core drug candidates. You're looking at a company whose near-term value hinges on litigation and whose long-term value is tied to solving one of the world's most significant infectious disease burdens.

The company's strategic focus, following a restructuring that included a 57% workforce reduction in early 2025, is now laser-focused on advancing its cHBV programs like imdusiran (AB-729) and defending its intellectual property (IP).

Large pharmaceutical and biotech companies seeking pipeline assets (HBV, infectious disease)

This segment represents a crucial, high-value customer for Arbutus Biopharma, primarily through licensing and collaboration deals. Their interest is in acquiring or partnering on clinical-stage assets, particularly those with a clear path to a functional cure for cHBV, or securing access to proprietary drug delivery systems.

A recent example of this is the strategic partnership with Qilu Pharmaceutical, which concluded in 2025. This conclusion resulted in Arbutus reacquiring global rights to imdusiran and recognizing the remaining deferred revenue of $9.6 million in the first nine months of 2025. This shows the transactional nature and significant financial impact of these partnerships. The customer here is buying a de-risked asset or a critical technology platform.

• Acquire cHBV assets like imdusiran for global rights.
• License foundational LNP (Lipid Nanoparticle) delivery technology.
• Seek co-development deals for combination therapies.

Patients with chronic Hepatitis B (HBV) who lack curative options

This is the ultimate end-user segment and the core driver for the imdusiran program. The sheer scale of the unmet need is staggering: approximately 254 million people globally are living with chronic HBV. Current standard-of-care treatments, like nucleos(t)ide analogues (NUCs), are suppressive, not curative, meaning most patients must continue treatment for life. Less than 3% of this global population is currently on treatment, a defintely low figure that highlights the market opportunity.

Arbutus's clinical data is the key value proposition here, offering hope for a functional cure. In Phase 2a trials, 46% of patients met the criteria to discontinue all treatment, with 94% of those patients remaining off treatment for up to two-plus years in long-term follow-up. That's a game-changer for patients tired of lifelong medication.

Global healthcare systems and payers seeking cost-effective, curative therapies

Payers, which include national health services, private insurers, and government programs like Medicare/Medicaid in the US, are critical customers. They are focused on total cost of care, not just drug price. The current HBV burden results in an estimated 1.1 million deaths annually, mostly from cirrhosis and liver cancer, creating immense long-term healthcare costs.

A curative therapy like imdusiran, which allows 46% of patients to discontinue all medication, translates directly into a massive reduction in lifetime drug costs and management of end-stage liver disease. Here's the quick math: a short-course curative regimen, even if premium-priced, is far more cost-effective over a patient's lifetime than decades of suppressive therapy and potential liver transplants. This segment is buying long-term cost avoidance.

Research institutions interested in licensing LNP and antiviral technology

This segment includes academic centers, government labs, and smaller biotechs that need a proven drug delivery system. Arbutus's patented LNP technology is a foundational asset, famously used in some COVID-19 mRNA vaccines. The value of this technology is being quantified right now through active litigation.

Arbutus, along with its exclusive licensee, Genevant Sciences, is suing major pharmaceutical companies like Moderna and Pfizer/BioNTech for patent infringement related to the LNP technology. The US trial against Moderna is scheduled for March 2026. This legal action, though costly (contributing to general and administrative expenses of $3.0 million in Q3 2025), is an aggressive strategy to monetize the LNP platform, which is a key licensing asset.

Customer Segment	Key Need/Pain Point	Arbutus Value Proposition (2025 Data)
Large Pharma/Biotech	Need for next-gen HBV assets and proven delivery tech.	Reacquired global rights to imdusiran; LNP IP litigation against Moderna (US trial March 2026).
Chronic HBV Patients	Lack of a functional cure; lifelong treatment (NUCs).	Imdusiran Phase 2a data: 46% of patients met criteria to discontinue all treatment.
Global Healthcare Systems	High long-term cost of managing chronic liver disease.	Potential for 46% of patients to stop all therapy, reducing decades of drug/hospital costs.
Research Institutions	Access to validated RNAi delivery (LNP) and antiviral platforms.	Patented LNP technology, defended via Genevant Sciences; recognized $9.6 million in deferred revenue from a past licensing deal in 2025.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Cost Structure

The cost structure for Arbutus Biopharma Corporation is a classic clinical-stage biopharma model, meaning it is almost entirely expense-driven with minimal revenue, but the key is that management has been aggressive in cutting costs in 2025. You are looking at a cost-focused structure, not a value-focused one, with the primary goal being to conserve capital while advancing the lead clinical assets.

Here's the quick math: For the first nine months of 2025 (Q1-Q3), the total operating expenses were approximately $32.4 million, a sharp reduction from prior years due to strategic streamlining. This means the estimated full-year 2025 operating expenses are projected to be around $41.2 million, not the much higher figures seen in previous development phases.

Heavy research and development (R&D) expenses, projected near $100 million in 2025

Honestly, the R&D expense is the biggest variable, and it's now much lower than historical norms. The company's actual R&D expenses for the first three quarters of 2025 totaled only $20.3 million. This significant reduction is a direct result of the strategic decision in late 2024 to cease all discovery efforts, discontinue the IM-PROVE III clinical trial, and reduce the workforce, focusing capital solely on the lead candidates, imdusiran (AB-729) and AB-101.

What this estimate hides is the potential for a massive spike if a Phase 3 trial were to start, but for 2025, the cost reduction is clear. If we project the current run-rate, the full-year 2025 R&D expense will likely be around $26.1 million, far below the high projections of the past, or the 2024 R&D expense of $45.3 million for the first nine months.

High general and administrative (G&A) costs for legal and IP defense

The G&A costs are high for a company of this size because of one major, non-negotiable expense: patent litigation. Arbutus Biopharma is actively engaged in litigation to protect its intellectual property (IP) related to its proprietary lipid nanoparticle (LNP) technology, which is fundamental to its value proposition.

For the first nine months of 2025, G&A expenses totaled $12.1 million. The Q1 2025 G&A expense of $5.8 million was specifically attributed to an increase in litigation-related legal fees. This is a fixed, high-priority cost that you defintely can't cut, as the outcome of the lawsuits against companies like Moderna and Pfizer/BioNTech could unlock billions in future revenue.

Here is a breakdown of the 2025 quarterly operating expenses:

Quarter (2025)	Research & Development (R&D)	General & Administrative (G&A)	Total Operating Expenses
Q1 2025	$9.0 million	$5.8 million	$14.8 million
Q2 2025	$5.5 million	$3.3 million	$8.8 million
Q3 2025	$5.8 million	$3.0 million	$8.8 million
YTD Q3 2025 Total	$20.3 million	$12.1 million	$32.4 million

Costs associated with manufacturing clinical trial materials

A significant portion of the R&D expense is variable and tied directly to the clinical pipeline. This includes the cost of producing the drug candidates-imdusiran and AB-101-under Good Manufacturing Practice (GMP) standards for use in human trials, plus the costs for the clinical research organizations (CROs) that manage the trials.

These variable costs are crucial to advancing the product and include:

• Manufacturing of imdusiran (AB-729) for Phase 2b trials.
• Supply chain logistics and storage for temperature-sensitive biopharma materials.
• Clinical site fees and patient recruitment costs across multiple geographies.

Employee salaries and benefits for specialized scientific personnel

Despite the workforce reduction in late 2024, the company still employs a core team of highly specialized scientific and clinical development personnel. Their salaries and benefits represent a significant fixed cost, though it is now a smaller number than before the restructuring. The remaining team is focused on late-stage clinical execution, not early discovery, so the cost per employee is high but the total headcount is lean.

The decrease in employee compensation-related expenses partially offset the litigation-related G&A increase in Q1 2025, showing that personnel is a major area where costs were successfully reduced. This is a necessary fixed cost to maintain the intellectual capital needed to manage the clinical programs and regulatory filings.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Revenue Streams

Arbutus Biopharma Corporation's revenue streams in late 2025 are primarily rooted in its intellectual property (IP) and legacy licensing agreements, not product sales, which is typical for a clinical-stage biopharma company. The financial picture for the nine months ended September 30, 2025, shows a total revenue of $13.03 million, but this is heavily skewed by a one-time accounting event, not sustained commercial activity.

To be clear, the majority of that nine-month revenue came from recognizing previously deferred income. When you look at the third quarter of 2025 (Q3 2025) alone, the total revenue dropped sharply to just $0.529 million, a 60.5% decline year-over-year, which shows the true, current run-rate of their core revenue generation.

Collaboration revenue from strategic development and licensing agreements

This stream is the most significant, though it's highly volatile due to the nature of upfront payments and contract terminations. For the nine months ended September 30, 2025, total revenue was $13.03 million, largely driven by the conclusion of a key partnership.

Here's the quick math: Arbutus Biopharma Corporation and Qilu Pharmaceutical mutually agreed to conclude their strategic partnership for imdusiran in Greater China and Taiwan in June 2025. This termination triggered the recognition of approximately $10.4 million in previously deferred revenue during the first nine months of 2025. That's a one-time boost, not a recurring flow. In Q3 2025, the collaborations and licenses component contributed only $280,000, mostly from the ongoing relationship with Acuitas Therapeutics.

The company now holds global rights for imdusiran (AB-729) again, which is a strategic opportunity, but it also means the near-term collaboration revenue from that region is zero. This is a common risk in biotech licensing, but still, it's a significant short-term revenue hit.

Potential milestone payments from partners upon clinical or regulatory success

Milestone payments represent the high-upside, non-recurring revenue that fuels a clinical-stage biotech. They are payments earned when a partner hits a pre-defined development, regulatory, or commercial goal, like entering a new clinical phase or getting FDA approval.

While no new clinical or regulatory milestone payments were reported as realized revenue in the nine months ended September 30, 2025, the potential value is massive. For example, the terminated Qilu agreement had the potential to yield up to $245 million in development, regulatory, and commercialization milestones. This figure shows the scale of future revenue Arbutus Biopharma Corporation is chasing, either through their reacquired imdusiran rights or new partnerships. The current focus is on advancing imdusiran and AB-101, so any new milestones will depend on their clinical progress.

Future royalty payments from the sales of licensed products

This is a more stable, albeit currently smaller, revenue stream. Arbutus Biopharma Corporation is entitled to tiered royalty payments from Alnylam Pharmaceuticals on the global net sales of ONPATTRO (patisiran), a product that uses their lipid nanoparticle (LNP) technology.

The tiered royalty rates range from 1.00% to 2.33% on annual net sales above $500 million, after certain offsets. However, a portion of this interest was sold to the Ontario Municipal Employees Retirement System (OMERS) in 2019 for $20 million in gross proceeds. OMERS retains this entitlement until they receive $30 million in royalties. For Q3 2025, the non-cash royalty revenue was a modest $249,000, a decline largely attributed to reduced ONPATTRO sales by Alnylam Pharmaceuticals.

A major, but currently unquantified, future royalty stream could come from the ongoing patent infringement litigation against Moderna and Pfizer/BioNTech over the use of Arbutus Biopharma Corporation's LNP technology in their COVID-19 vaccines. A favorable ruling, like the one in September 2025 against Pfizer/BioNTech on claim construction, strengthens their negotiating position, but the cash flow from this is still a future event.

Government grants or funding for specific infectious disease research programs

For a company focused on infectious disease like chronic hepatitis B virus (cHBV), government funding is a potential source of non-dilutive capital. The company's strategy includes seeking funding from government grants and contracts to maintain and advance its business.

However, no specific, material revenue from government grants or funding was reported in the Q3 or nine-month 2025 financial results. The current financial focus is on disciplined cost management, which has significantly reduced R&D expenses by $8.5 million in Q3 2025 compared to the prior year. This suggests they are relying on existing cash reserves and licensing revenue, not new grant money, to fund their streamlined pipeline.

Here is a summary of the revenue streams for the nine months ended September 30, 2025:

Revenue Stream Component	Nine Months Ended Sept 30, 2025 (USD)	Q3 2025 (USD)	Key Context
Total Revenue	$13.03 million	$0.529 million	YTD figure inflated by one-time deferred revenue recognition.
Collaboration and Licenses	~$12.78 million (Estimated)	$280,000	Includes $10.4 million in deferred revenue from terminated Qilu partnership.
Non-Cash Royalty Revenue	N/A (Included in Total)	$249,000	Primarily from Alnylam's ONPATTRO sales, subject to OMERS' retained interest.