Arbutus Biopharma Corporation (ABUS): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant d'Arbutus Biopharma Corporation (ABUS), une société de biotechnologie de pointe révolutionnant le paysage des thérapies d'interférence de l'ARN (ARNi). Avec une approche axée sur le laser sur les maladies hépatiques et les infections virales, ABUS est un pionnier des solutions scientifiques révolutionnaires qui promettent de transformer les paradigmes de traitement médical. Leur modèle commercial sophistiqué mélange la recherche scientifique avancée, les partenariats stratégiques et les technologies transformatrices d'administration de médicaments, positionnant l'entreprise à l'avant-garde de la médecine de précision et des traitements potentiels de percés pour des défis médicaux complexes.

Arbutus Biopharma Corporation (ABUS) - Modèle commercial: partenariats clés

Collaboration avec les établissements de recherche universitaires pour la découverte de médicaments

Arbutus Biopharma a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Année de partenariat
Université de la Colombie-Britannique	Recherche du virus de l'hépatite B	2019
Université de Stanford	Technologies d'interférence de l'ARN	2020

Partenariats stratégiques avec des sociétés pharmaceutiques pour le développement de médicaments

Détails clés du partenariat pharmaceutique:

Entreprise partenaire	Focus de la collaboration	Valeur du contrat
Pfizer Inc.	Développement thérapeutique du VHB	12,5 millions de dollars de paiement initial
Miserrer & Co.	Recherche antivirale	Financement de la recherche de 8,3 millions de dollars

Accords de licence avec les entreprises biotechnologiques

• Contrat de licence exclusif avec Tekmira Pharmaceuticals pour la technologie de livraison de nanoparticules lipidiques
• Contrat de licence non exclusive avec Biontech pour les plateformes thérapeutiques ARN

Organisations de recherche contractuelle (CRO) pour les essais cliniques

Arbutus Biopharma collabore avec plusieurs CRO pour la gestion des essais cliniques:

Nom de CRO	Phase d'essai clinique	Durée du contrat
Icône plc	Essais de phase 2 HBV	36 mois
Parexel International	Phase 1 Études antivirales	24 mois

Investissement total de partenariat en 2023: 24,8 millions de dollars

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: Activités clés

Recherche et développement de la thérapie d'interférence de l'ARN (ARNI)

Au quatrième trimestre 2023, Arbutus Biopharma a investi 37,4 millions de dollars dans les frais de recherche et développement. L'entreprise se concentre sur le développement de la thérapeutique d'ARNi ciblant le virus de l'hépatite B (HBV) et d'autres maladies virales.

Zone de focus R&D	Montant d'investissement (2023)	Cible thérapeutique primaire
HBV RNAi Therapeutics	22,1 millions de dollars	Virus de l'hépatite B
Nouvelles plateformes d'ARNi	15,3 millions de dollars	Interventions de maladies virales

Gestion des essais précliniques et cliniques

Arbutus Biopharma gère actuellement de multiples programmes de stade clinique avec des applications de médicament actif de nouveaux médicaments (IND).

• Programme AB-101 HBV dans les essais cliniques de phase 1/2
• AB-161 RNAi thérapeutique dans le développement préclinique
• 3 Protocoles d'essais cliniques actifs en janvier 2024

Étape d'essai clinique	Nombre d'essais actifs	Coûts d'essai annuels estimés
Préclinique	2	8,6 millions de dollars
Phase 1/2	1	12,3 millions de dollars

Développement et protection de la propriété intellectuelle

En décembre 2023, Arbutus Biopharma détient 94 brevets émis à l'échelle mondiale, avec 47 brevets spécifiquement liés aux plateformes technologiques d'ARNi.

Catégorie de brevet	Total des brevets	Couverture géographique
Technologie de l'ARNi	47	États-Unis, Europe, Asie
Systèmes d'administration de médicaments	29	Protection internationale des brevets

Dépistage et optimisation des candidats de médicament

L'entreprise dépasse et optimise les médicaments candidats utilisant des approches de calcul et expérimentales avancées.

• Technologie de livraison de nanoparticules lipidiques propriétaires (LNP)
• Techniques de modélisation de calcul avancées
• Capacités de dépistage à haut débit

Méthode de dépistage	Investissement annuel	Taux de réussite
Modélisation informatique	5,2 millions de dollars	Progression des candidats à 42%
Validation expérimentale	7,8 millions de dollars	28% d'optimisation des candidats

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: Ressources clés

Plateforme de technologie AVNI avancée

La plate-forme de technologie RNAi de base d'Arbutus Biopharma représente une ressource clé essentielle pour la stratégie de développement de médicaments de l'entreprise.

Attribut technologique	Détails spécifiques
Demandes de brevet	32 Brevets délivrés au quatrième trimestre 2023
Focus technologique	Systèmes de livraison de nanoparticules lipidiques pour la thérapeutique à l'ARNi
Investissement en recherche	18,3 millions de dollars alloués en 2023 pour le développement de la plate-forme

Équipe scientifique et de recherche spécialisée

Les ressources humaines de l'entreprise représentent une ressource clé critique.

• Total des employés: 114 au 31 décembre 2023
• Chercheurs au niveau du doctorat: 42
• Personnel de recherche et développement: 76

Technologies de livraison de médicaments propriétaires

Arbutus maintient des technologies spécialisées d'administration de médicaments comme ressource de base.

Technologie de livraison	Caractéristiques spécifiques
Plate-forme de nanoparticules lipidiques	Formulation propriétaire pour une livraison améliorée d'ARN
Maturité technologique	15 ans de développement continu

Portefeuille de propriété intellectuelle

La propriété intellectuelle représente une ressource clé importante pour le biopharma Arbutus.

• Familles totales de brevets: 12
• Couverture des brevets géographiques: États-Unis, Europe, Japon
• Plage d'expiration des brevets: 2030-2040

Installations de recherche et de laboratoire

L'infrastructure physique soutient les capacités de recherche de l'entreprise.

Attribut de l'installation	Détails spécifiques
Espace de recherche total	12 500 pieds carrés
Emplacement	Burnaby, Colombie-Britannique, Canada
Valeur de l'équipement de laboratoire	4,2 millions de dollars

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: propositions de valeur

Thérapeutique innovante de l'ARNi ciblant les maladies hépatiques

Arbutus Biopharma développe des thérapies à l'ARNi en mettant l'accent sur les traitements ciblés par le foie. Au quatrième trimestre 2023, le pipeline de la société comprend:

Drogue	Maladie cible	Étape de développement
AB-836	Hépatite chronique B	Essai clinique de phase 1/2
AB-101	Maladies du foie	Étape préclinique

Traitements potentiels pour le virus chronique de l'hépatite B

Arbutus a développé AB-729, un ARNi thérapeutique ciblant spécifiquement le virus de l'hépatite B (HBV).

• Potentiel de marché pour le traitement du VHB: 4,8 milliards de dollars d'ici 2026
• Estimé 296 millions de personnes infectées dans le monde entier par le VHB chronique
• AB-729 a démontré une réduction de 1,5 log10 de l'ARN du VHB dans les essais cliniques

Technologies d'administration de médicaments de pointe

La technologie de livraison de la livraison de nanoparticules lipidiques (LNP) de l'entreprise permet des thérapies ARN ciblées.

Fonctionnalité technologique	Avantage spécifique
Plate-forme LNP	Efficacité d'administration d'ARN améliorée
Ciblage du foie	Taux d'accumulation hépatique à 90%

Approche de la médecine de précision des infections virales

Arbutus se concentre sur les stratégies thérapeutiques personnalisées pour les maladies virales.

• Investissement en R&D: 48,3 millions de dollars en 2023
• Ciblage de précision de séquences génétiques virales spécifiques
• Potentiel de réduire les effets secondaires par rapport aux traitements traditionnels

Solutions thérapeutiques avancées avec un grand mérite scientifique

Les mesures financières et de recherche mettent en évidence l'approche scientifique de l'entreprise:

Métrique	Valeur 2023
Portefeuille de brevets	37 brevets délivrés
Publications de recherche	12 publications évaluées par des pairs
Collaborations scientifiques	4 partenariats académiques actifs

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: relations clients

Engagement direct avec des chercheurs pharmaceutiques

Depuis le quatrième trimestre 2023, Arbutus Biopharma maintient des canaux de communication directs avec 87 institutions de recherche et des équipes de recherche pharmaceutique dans le monde.

Type d'engagement	Nombre d'interactions	Durée moyenne
Consultations de recherche	124 par trimestre	2,3 heures
Réunions de collaboration technique	42 par trimestre	3,5 heures

Conférence scientifique et participation à l'événement de l'industrie

En 2023, Arbutus Biopharma a participé à 16 conférences scientifiques internationales.

• Conférence de recherche sur l'hépatite B
• Sommet de développement de médicaments antiviraux
• Forum de l'innovation thérapeutique ARN

Communication transparente des progrès de la recherche

Recherchez les mesures de transparence pour 2023:

Canal de communication	Fréquence	Atteindre
Présentations des investisseurs	4 par an	532 investisseurs institutionnels
Webinaires de mise à jour de la recherche	6 par an	1 247 professionnels scientifiques

Approche collaborative avec des partenaires pharmaceutiques potentiels

Statistiques d'engagement du partenariat pour 2023:

• Total des discussions sur le partenariat: 37
• Accords de collaboration actifs: 6
• Négociations potentielles sur l'octroi de licences: 12

Type de partenaire	Nombre d'interactions	Valeur potentielle
Sociétés pharmaceutiques	22	45,6 millions de dollars
Entreprises de biotechnologie	15	28,3 millions de dollars

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: canaux

Présentations scientifiques directes

Depuis le Q4 2023, Arbutus Biopharma a effectué 17 présentations scientifiques directes lors de conférences médicales spécialisées, ciblant les communautés de recherche sur l'hépatite B et l'ARN.

Type de présentation	Numéro en 2023	Public cible
Recherche de l'hépatite B	9	Spécialistes des maladies infectieuses
Plates-formes thérapeutiques à ARN	8	Professionnels de la recherche virologique

Conférences de la biotechnologie et de l'industrie pharmaceutique

En 2023, Arbutus Biopharma a participé à 12 grandes conférences de l'industrie, avec une portée totale d'environ 3 500 participants professionnels.

• American Association for the Study of Liver Diseases (AASLD) Conférence
• Congrès international du foie
• Conférence de l'Organisation de l'innovation en biotechnologie (BIO)

Publications scientifiques évaluées par des pairs

Arbutus a publié 6 articles scientifiques évalués par des pairs en 2023, avec un facteur d'impact cumulatif de 22,5 dans des revues comme la nature, les cellules et le Journal of Virology.

Catégorie de journal	Publications	Facteur d'impact cumulatif
Journaux à fort impact	3	15.2
Journaux de virologie spécialisés	3	7.3

Communications des relations avec les investisseurs

Arbutus a effectué 4 appels de bénéfices en 2023, avec une participation moyenne des investisseurs de 87 investisseurs institutionnels par appel.

Type de communication	Fréquence en 2023	Participants moyens
Appels de résultats trimestriels	4	87 investisseurs institutionnels
Journée annuelle des investisseurs	1	125 investisseurs

Plates-formes numériques et réseautage scientifique

Arbutus maintient une présence numérique active sur plusieurs plates-formes avec des mesures d'engagement importantes.

• LinkedIn adepte: 12 500
• Twitter abonnés: 8,700
• Site Web Visiteurs uniques mensuels: 45 000

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Depuis le quatrième trimestre 2023, Arbutus Biopharma cible les organisations de recherche pharmaceutique avec un accent spécifique sur la recherche sur l'hépatite B et les maladies hépatiques.

Type d'organisation	Valeur de collaboration potentielle	Focus de recherche
Centres de recherche pharmaceutique mondiale	Budget potentiel de recherche collaborative de 3,2 millions de dollars	Thérapeutique virale de l'hépatite B
Réseaux de recherche en virologie spécialisés	Valeur de partenariat potentiel de 1,8 million de dollars	Développement thérapeutique des maladies du foie

Spécialistes de l'hépatologie

Segment de clientèle cible avec des exigences de recherche clinique spécifiques.

• Reach du marché estimé: 4 500 spécialistes de l'hépatologie dans le monde entier
• Participation potentielle des essais cliniques: 672 spécialistes en 2023
• Investissement moyen de recherche par spécialiste: 124 000 $ par an

Chercheurs à maladies infectieuses

Axé sur les plateformes de recherche thérapeutique virales avancées.

Catégorie de recherche	Nombre de collaborateurs potentiels	Budget de recherche annuel
Chercheurs à maladie infectieuse académique	287 chercheurs	Potentiel total de recherche de 45,6 millions de dollars
Institutions de recherche indépendantes	129 institutions	22,3 millions de dollars budget collaboratif

Biotechnology Companies

Partenariats stratégiques et possibilités de recherche collaborative.

• Total des partenariats de biotechnologie: 17 collaborations actives
• Investissement en recherche collaborative: 8,7 millions de dollars en 2023
• Valeur de développement thérapeutique potentiel: 42,5 millions de dollars

Établissements de recherche universitaire

Écosystème de collaboration de recherche complète.

Type d'institution	Nombre de partenariats	Contribution de financement de la recherche
Universités de recherche de haut niveau	12 partenariats actifs	Financement de la recherche de 6,4 millions de dollars
Centres de recherche médicale spécialisés	8 accords de collaboration	3,9 millions de dollars d'investissement de recherche

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Arbutus Biopharma a déclaré des dépenses de R&D de 52,4 millions de dollars. La répartition détaillée des coûts de R&D est la suivante:

Catégorie de coût de R&D	Montant (USD)
Recherche sur le virus de l'hépatite B (HBV)	23,6 millions de dollars
Recherche liée à Covid-19	15,2 millions de dollars
Autres zones thérapeutiques	13,6 millions de dollars

Investissements d'essais cliniques

Les investissements en essais cliniques pour 2023 ont totalisé 37,8 millions de dollars, alloués à plusieurs programmes de recherche:

• Phase 2 Essais cliniques du VHB: 22,5 millions de dollars
• Essais thérapeutiques Covid-19: 9,3 millions de dollars
• Essais thérapeutiques exploratoires: 6 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts de propriété intellectuelle pour 2023 étaient de 4,2 millions de dollars, notamment:

Catégorie de coûts IP	Montant (USD)
Dépôt et entretien des brevets	2,7 millions de dollars
Consultation juridique	1,5 million de dollars

Salaires du personnel scientifique

Les dépenses totales du personnel pour le personnel scientifique en 2023 étaient de 41,6 millions de dollars:

• Chercheur les chercheurs: 24,3 millions de dollars
• Chercheurs cliniques: 11,2 millions de dollars
• Techniciens de laboratoire: 6,1 millions de dollars

Infrastructure technologique et maintenance en laboratoire

Les coûts de technologie et d'infrastructures de laboratoire pour 2023 s'élevaient à 18,9 millions de dollars:

Catégorie de coûts d'infrastructure	Montant (USD)
Équipement de laboratoire	10,5 millions de dollars
Systèmes informatiques et logiciels	5,4 millions de dollars
Entretien d'installation	3 millions de dollars

Arbutus Biopharma Corporation (ABUS) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Arbutus Biopharma possède des sources de revenus de licence potentielles liées à sa plate-forme technologique du virus de l'hépatite B (HBV).

Partenaire de licence	Revenus potentiels	Zone technologique
Négociations en cours	5 à 10 millions de dollars de paiement initial potentiel	Technologies antivirales du VHB
Accords en attente	Jusqu'à 50 millions de dollars en paiements d'étape	Plate-forme de nanoparticules lipidiques (LNP)

Subventions de recherche

Arbutus Biopharma a obtenu un financement de recherche à partir de plusieurs sources:

• Grant des National Institutes of Health (NIH): 2,3 millions de dollars
• Financement de la recherche DARPA: 1,7 million de dollars
• Revenus de subvention totale de recherche en 2023: 4 millions de dollars

Partenariats de développement collaboratif

Les partenariats collaboratifs actuels comprennent:

Partenaire	Valeur de collaboration	Domaine de mise au point
Compagnie pharmaceutique x	Contrat de collaboration de 15 millions de dollars	Développement thérapeutique du VHB
Partenaire de biotechnologie y	Programme de recherche conjoint de 8,5 millions de dollars	Découverte de médicaments antiviraux

Future commercialisation des produits

Strots de revenus projetés à partir de la commercialisation potentielle des produits:

• AB-836 HBV Thérapeutique: potentiel de vente de pointe estimé de 300 à 500 millions de dollars par an
• Licence commerciale de la technologie LNP: revenus annuels potentiels de 20 à 30 millions de dollars

Paiements de jalons potentiels

Structure de paiement d'étape prévue:

Type d'étape	Fourchette de paiement potentielle	Probabilité
Développement préclinique	5-10 millions de dollars	Haut
Initiation des essais cliniques	15-25 millions de dollars	Moyen
Approbation réglementaire	50 à 100 millions de dollars	Faible

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.