Arbutus Pharma | 10-Q: FY2026 Q1 Revenue: USD 179.13 M

Revenue: As of FY2026 Q1, the actual value is USD 179.13 M.

EPS: As of FY2026 Q1, the actual value is USD 0.87.

EBIT: As of FY2026 Q1, the actual value is USD 168.11 M.

Arbutus Biopharma Corporation operates as a single reportable segment, with all financial metrics reflecting the company’s overall performance for the three months ended March 31, 2026, compared to the same period in 2025 .

Revenue

• Total Revenue: Increased to $179.1 million in 2026 from $1.8 million in 2025 .
  • Collaborations and Licenses: Revenue from Acuitas Therapeutics, Inc. was $0.2 million in 2026, down from $0.5 million in 2025 . Revenue from Qilu Pharmaceutical Co., Ltd. was $0 in 2026, down from $0.8 million in 2025 .
  • License Revenue from Genevant: Recognized $178.7 million in 2026, compared to $0 in 2025 .
  • Non-cash Royalty Revenue (Alnylam Pharmaceuticals, Inc.): Decreased to $0.2 million in 2026 from $0.4 million in 2025 .

Operating Expenses

• Total Operating Expenses: Decreased to $10.2 million in 2026 from $27.5 million in 2025 .
  • Research and Development: Decreased to $4.1 million in 2026 from $9.0 million in 2025 .
  • General and Administrative: Increased to $5.9 million in 2026 from $5.8 million in 2025 .
  • Change in Fair Value of Contingent Consideration: Increased to $0.2 million in 2026 from $0.3 million in 2025 .
  • Restructuring Costs: $0 in 2026, a significant decrease from $12.4 million in 2025 .

Income (Loss) from Operations

• Income (Loss) from Operations: Improved to $168.9 million income in 2026 from a -$25.7 million loss in 2025 .

Other Income (Loss)

• Total Other Income: Decreased to $0.8 million in 2026 from $1.2 million in 2025 .
  • Interest Income: Decreased to $0.8 million in 2026 from $1.2 million in 2025 .
  • Interest Expense: Decreased to -$0.02 million in 2026 from -$0.03 million in 2025 .
  • Foreign Exchange (Loss) Gain: -$0.01 million loss in 2026 compared to a $0.004 million gain in 2025 .

Net Income (Loss)

• Net Income (Loss): Reported a net income of $169.7 million in 2026, a significant improvement from a net loss of -$24.5 million in 2025 .

Cash Flow

• Net Cash Used in Operating Activities: Decreased to -$8.1 million in 2026 from -$13.4 million in 2025 .
• Net Cash Provided by Investing Activities: Decreased to $2.2 million in 2026 from $11.3 million in 2025 .
• Net Cash Provided by Financing Activities: Increased to $11.6 million in 2026 from $2.8 million in 2025 .
• Cash and Cash Equivalents, End of Period: $23.7 million as of March 31, 2026, compared to $37.1 million as of March 31, 2025 .

Balance Sheet Highlights (as of March 31, 2026 vs. December 31, 2025)

• Cash and Cash Equivalents: $23.7 million as of March 31, 2026, up from $18.0 million as of December 31, 2025 .
• Investments in Marketable Securities, Current: $71.5 million as of March 31, 2026, down from $73.5 million as of December 31, 2025 .
• License Receivable from Genevant: $178.7 million as of March 31, 2026, up from $0 as of December 31, 2025 .
• Total Current Assets: $277.0 million as of March 31, 2026, up from $94.5 million as of December 31, 2025 .
• Total Stockholders’ Equity: $260.2 million as of March 31, 2026, up from $76.6 million as of December 31, 2025 .
• Contingent Consideration Liability: $8.6 million as of March 31, 2026, up from $8.4 million as of December 31, 2025 .
• Liability Related to Sale of Future Royalties: $3.3 million as of March 31, 2026, down from $3.4 million as of December 31, 2025 .

Unique Metrics

• Moderna Settlement Agreement: Arbutus Biopharma Corporation expects to receive an estimated $178.7 million noncontingent lump sum payment from Moderna on or before July 8, 2026, with a potential additional contingent payment of $1.3 billion upon a favorable ruling in a limited appeal .
• OMERS Royalty Entitlement: As of March 31, 2026, $26.7 million in royalties had been earned by OMERS out of a total of $30 million from the sale of future ONPATTRO royalties .
• Genevant Ownership: Arbutus Biopharma Corporation owned approximately 16% of Genevant’s outstanding common equity as of March 31, 2026 .
• Restructuring: The company implemented a 57% workforce reduction and discontinued in-house scientific research in March 2025, resulting in 18 employees as of March 31, 2026 .

Future Outlook and Strategy

Arbutus Biopharma Corporation anticipates having sufficient cash resources to fund operations for at least the next 12 months and is evaluating a return of capital to shareholders in Q3 2026 following the Moderna settlement payment . The company’s strategy prioritizes maximizing opportunities for its chronic hepatitis B development programs (imdusiran and AB-101) and defending its LNP technology intellectual property . Arbutus Biopharma Corporation expects to maintain its reduced net cash burn in 2026 due to organizational changes and ongoing cost management efforts .