Arbutus Biopharma Corporation (ABUS): Business Model Canvas [Dec-2025 Updated]

You're looking at Arbutus Biopharma Corporation (ABUS) and trying to figure out if the high-risk biotech model holds up, and the short answer is it's a pure intellectual property (IP)-and-pipeline play, defintely. Their entire business model canvas is built on the hope of a functional cure for Hepatitis B (HBV) via assets like AB-729, but that potential comes with a steep price tag: Research and Development (R&D) expenses are projected to hit nearly $100 million in 2025 alone, which means their estimated late-2025 cash balance of around $150 million is burning fast, and while their core LNP technology IP is a massive resource, the near-term success depends entirely on managing their clinical trials and defending that IP in court.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Key Partnerships

Collaborations with larger biopharma firms for development and commercialization

Arbutus Biopharma relies heavily on strategic partnerships to monetize its Lipid Nanoparticle (LNP) technology and advance its chronic Hepatitis B virus (cHBV) pipeline, which is a common, capital-efficient model in biotech.

Your main partnership for LNP intellectual property (IP) monetization is with Genevant Sciences Ltd., a company focused on RNA-based therapeutics. Arbutus licensed exclusive LNP rights to Genevant for all applications outside of HBV, retaining a financial stake through tiered low single-digit royalties on future product sales. Also, the long-standing license agreement with Alnylam Pharmaceuticals, Inc. provides Arbutus with royalty entitlements on global net sales of ONPATTRO, which is the first FDA-approved product using the LNP technology. To be fair, this royalty revenue has been declining, contributing to the Q3 2025 total revenue of $529,000 being a 60.5% drop year-over-year.

In a strategic move in June 2025, Arbutus reacquired the Greater China rights to its lead compound, imdusiran (AB-729), from Qilu Pharmaceutical. This conclusion of the partnership allowed Arbutus to recognize all previously deferred revenue, contributing to a substantial increase in collaboration revenue for the first nine months of 2025, reaching $11,809,000. Holding global rights to imdusiran now gives the company full control over its most valuable clinical asset.

Here's a quick look at the 2025 collaboration revenue split:

Revenue Stream (Q3 2025)	Amount	Notes
Collaborations and Licenses	$280,000	Excludes non-cash royalty revenue.
Non-Cash Royalty Revenue (Alnylam)	$249,000	From Alnylam's ONPATTRO sales.
Total Revenue (Q3 2025)	$529,000	Total Q3 revenue.

Manufacturing organizations (CMOs) for drug supply in clinical trials

As a clinical-stage biopharma, Arbutus outsources the manufacturing of its drug candidates, imdusiran and AB-101, to Contract Manufacturing Organizations (CMOs) to ensure a reliable supply for its ongoing clinical trials. This keeps the organization lean, especially after the cost-cutting measures implemented in 2024/2025.

The company's strategic decision to streamline operations in early 2025 included ceasing all in-house discovery efforts and reducing the workforce by 57%. This refocuses capital on clinical development and the associated outsourced manufacturing and supply chain logistics. The previous partnership with Qilu Pharmaceutical also included manufacturing rights, which Arbutus reacquired in June 2025, meaning the company is now responsible for all global manufacturing arrangements for imdusiran as it advances toward a Phase 2b clinical trial. Outsourcing manufacturing is a smart way to manage the burn rate; the company's cash, cash equivalents, and marketable securities were still strong at $93.7 million as of September 30, 2025.

Academic institutions for early-stage research and discovery

While Arbutus has historically engaged in early-stage research, the company has now shifted its focus entirely to clinical development, which means formal, early-stage academic research partnerships are no longer a key component of the business model. The company ceased all internal discovery efforts in 2024/2025.

However, Arbutus maintains high-level scientific partnerships and advisory relationships essential for late-stage clinical strategy. The most notable is the clinical collaboration with Barinthus Biotherapeutics plc (formerly Vaccitech plc) to evaluate imdusiran in combination with their proprietary immunotherapeutic, VTP-300, in a Phase 2a clinical trial. Also, the company strengthened its Scientific Advisory Board in August 2025 with the addition of Dr. Harry Janssen of Erasmus MC, bringing world-class expertise in late-stage cHBV clinical trials. This is a crucial partnership for guiding the next steps of the imdusiran program.

Legal counsel for intellectual property (IP) defense, particularly LNP technology

The defense and enforcement of its foundational Lipid Nanoparticle (LNP) technology patents is a critical, high-stakes partnership activity for Arbutus, with potentially massive financial upside. The company works in lockstep with its exclusive LNP licensee, Genevant Sciences, to pursue patent infringement claims.

The legal strategy is centered on two major ongoing lawsuits against large biopharma firms for unauthorized use of the LNP technology in their COVID-19 vaccines:

• Moderna: A U.S. jury trial is scheduled for March 2026. In March 2025, Arbutus and Genevant filed five additional international lawsuits against Moderna across 30 countries to enforce the LNP patents globally.
• Pfizer/BioNTech: Arbutus and Genevant are also pursuing a separate suit. In September 2025, the company received a favorable claim construction ruling in this litigation, a key pre-trial victory.

The company bolstered its internal legal team in April 2025 by appointing Andrew J. Sung as General Counsel, bringing over two decades of legal experience, including life sciences deal experience exceeding $28 billion. This move defintely signals a commitment to aggressively protecting the LNP patent estate, which many investors believe represents a value worth multiples of the company's current market capitalization.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Key Activities

You need to know where Arbutus Biopharma Corporation is actually spending its time and capital right now, because that tells you everything about their near-term strategy. The core activities have narrowed significantly: they are now a focused clinical-stage company, not a discovery-stage one. This means their key activities are heavily weighted toward clinical execution and, critically, intellectual property defense, which is a major financial and strategic undertaking.

Here's the quick math: the company's R&D expenses for the first nine months of 2025 totaled approximately $20.3 million, reflecting a disciplined, streamlined focus on their two lead assets after ceasing all discovery efforts.

Research and development (R&D) of novel drug candidates

The R&D activity is entirely concentrated on advancing two proprietary drug candidates for chronic Hepatitis B (cHBV): imdusiran (AB-729) and AB-101. This is a significant shift from a broader pipeline approach, which is why R&D expenses dropped sharply.

For the third quarter of 2025 alone, Research and Development expenses were $5.8 million, down by $8.5 million compared to the same quarter in 2024.

What this estimate hides is the strategic decision to cut all discovery work, which streamlines the team but puts all the chips on the current clinical assets.

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
R&D Expenses	$9.0 million	$5.5 million	$5.8 million
Net Loss	$24.5 million	$2.5 million (Net Income)	$7.7 million

Managing and executing global clinical trials (Phase 1/2)

This is the primary operational activity. The company is driving its lead asset, imdusiran, into later-stage trials while gathering data on the combination potential of its second candidate, AB-101.

The focus is on achieving a functional cure for cHBV, which means patients can stop all treatment without the virus rebounding.

• Imdusiran (AB-729): Planning to initiate a placebo-controlled Phase 2b clinical trial in the first half of 2025.
• The Phase 2b trial is anticipated to enroll approximately 170 HBeAg-negative cHBV patients.
• Recent Phase 2a data showed 46% of patients met the criteria to discontinue all HBV treatment.
• AB-101: Currently in a Phase 1a/1b clinical trial.
• Phase 1a/1b data showed oral dosing up to 30 mg QD was generally well tolerated, with PD-L1 receptor occupancy reaching a mean maximal 83% at the 30 mg dose.

Protecting and enforcing a broad intellectual property portfolio

A major, high-stakes key activity is the defense and enforcement of the company's foundational Lipid Nanoparticle (LNP) technology patents. This is a critical value driver, separate from the clinical pipeline.

The company, along with its licensee Genevant Sciences, is actively engaged in litigation against both Moderna and Pfizer/BioNTech for the use of its patented LNP technology in their COVID-19 vaccines.

To be fair, the legal fees for this activity are a major component of the General and Administrative expenses, which were $3.0 million for Q3 2025.

• Moderna U.S. Litigation: A jury trial was scheduled for September 29, 2025.
• Pfizer/BioNTech Litigation: The claim construction hearing occurred in December 2024, with a ruling expected sometime in 2025.
• International Enforcement: Filed five international lawsuits against Moderna in March 2025, seeking to enforce patents across 30 countries.

Securing regulatory approvals (e.g., FDA, EMA) for pipeline assets

While final commercial approval is years away, the near-term regulatory activity centers on securing clearance to initiate and manage later-stage clinical trials.

The company's ability to initiate the planned Phase 2b trial for imdusiran is subject to regulatory approval, which is a key milestone for the first half of 2025.

This activity is about managing the Investigational New Drug (IND) process, ensuring all trial protocols meet global standards, and submitting data to regulatory bodies like the FDA and EMA to keep the clinical path moving. This is a defintely a core compliance and strategic activity for a clinical-stage biotech.

Next step: Project Management: Confirm all regulatory filings for the imdusiran Phase 2b trial are on track for the planned Q1/Q2 2025 initiation.

Arbutus Biopharma Corporation (ABUS) - Canvas Business Model: Key Resources

Core Intellectual Property (IP) Portfolio, Including LNP Delivery Technology

The most strategically valuable asset Arbutus Biopharma Corporation holds today is its deep intellectual property (IP) portfolio, specifically the patents covering the Lipid Nanoparticle (LNP) delivery technology. This is the core resource that underpins the company's non-dilutive financing strategy. The LNP technology is essential for safely and effectively delivering messenger RNA (mRNA) to human cells, a hurdle that took scientists years to overcome.

This IP is currently the subject of high-stakes patent infringement lawsuits against major pharmaceutical players, including Moderna and Pfizer/BioNTech, for their use of the technology in their COVID-19 vaccines. The entire valuation of the company is defintely tied to the outcome of these legal battles. A favorable claim construction ruling against Pfizer/BioNTech was issued in September 2025, providing procedural clarity and momentum.

The LNP technology is the lottery ticket that could fund the entire chronic Hepatitis B virus (cHBV) pipeline.

The table below summarizes the critical, near-term IP litigation milestones:

Opponent	Jurisdiction	Key Milestone (Late 2025/Early 2026)
Moderna	United States	Jury trial scheduled for March 2026
Moderna	International (30 countries)	Five international lawsuits filed in March 2025; first major hearings expected in H1 2026
Pfizer/BioNTech	United States	Favorable claim construction ruling issued in September 2025

Key Clinical-Stage Assets Like Imdusiran (AB-729) and AB-101

Beyond the IP, the company's pipeline of proprietary compounds focused on a functional cure for cHBV represents its core human health asset. The strategy hinges on two clinical-stage candidates: imdusiran (AB-729) and AB-101. These assets are the reason the clinical development team was retained during the 2025 restructuring. You should view them as the internal growth engine, contrasted with the external, binary risk/reward of the IP litigation.

Imdusiran, an RNA interference (RNAi) therapeutic, is positioned as the cornerstone therapy in a combination regimen. The latest clinical data is promising, showing that 46% of Phase 2a patients met the criteria to discontinue all treatment, with 94% of long-term follow-up patients remaining off therapy for up to two years or more. That's a strong durability signal for a chronic disease. AB-101, an oral PD-L1 inhibitor, is designed to re-awaken the patient's immune system against the virus. Interim data from the Phase 1a/1b trial in October 2025 showed that the 30 mg dose achieved a mean maximal PD-L1 receptor occupancy of approximately 83%.

Here are the key clinical assets and their mechanisms:

• Imdusiran (AB-729): RNAi therapeutic; reduces Hepatitis B surface antigen (HBsAg).
• AB-101: Oral PD-L1 inhibitor; boosts HBV-specific immune responses.

Cash and Equivalents, Estimated at Around $150 million for Late 2025

Honesty, the cash position is what dictates the operational runway, especially for a clinical-stage biotech. As of September 30, 2025, Arbutus Biopharma Corporation reported having cash, cash equivalents, and marketable securities totaling $93.7 million. This is a critical number for investors to understand the company's liquidity going into 2026.

Here's the quick math: The company used $35.0 million in cash for operating activities during the first nine months of 2025. This burn rate was significantly reduced by cost-cutting measures, including a 59.5% year-over-year drop in Research and Development expenses for Q3 2025. The restructuring, which included ceasing all discovery efforts, was a necessary, painful move to extend the financial timeline. The company is now fully funded for its imdusiran Phase 2b clinical trial.

Experienced Scientific and Clinical Development Team

The team is a key resource, but its structure underwent a major shift in 2025. The company executed a strategic restructuring in March 2025, resulting in a workforce reduction of 57% and the termination of all internal discovery research. This was a clear pivot to focus resources on the two high-impact areas: advancing the clinical assets and prosecuting the high-value IP litigation.

The remaining personnel are highly experienced, core scientists and clinical development specialists dedicated to the imdusiran and AB-101 programs. Plus, the leadership, including CEO Lindsay Androski (appointed February 2025), has a strong background in both biology and law, which is perfectly aligned with the dual focus on clinical execution and IP monetization. The talent is now highly concentrated on binary, high-impact outcomes.

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.