WARMINSTER, PA — Arbutus Biopharma Corporation (Nasdaq: ABUS) has released its third-quarter 2024 financial results, showcasing significant progress in its clinical trials and a stable financial position. The company is set to present promising data from its imdusiran trials at the upcoming AASLD – The Liver Meeting 2024.
The Phase 2a clinical trials, IM-PROVE I and II, are evaluating imdusiran, an innovative RNAi therapeutic for chronic hepatitis B virus (cHBV). Interim CEO Michael J. McElhaugh expressed optimism, stating, “We are making significant progress in advancing the development of imdusiran to bring hope to millions of cHBV patients globally.” The trials have shown potential for a functional cure, with some patients maintaining HBsAg loss post-treatment.
Arbutus is also progressing its proprietary oral PD-L1 inhibitor, AB-101, which has advanced to dosing cHBV patients in the Phase 1a/1b trial. The company anticipates sharing further updates as the trial continues.
Financially, Arbutus reported a net loss of $19.7 million for Q3 2024, consistent with the same period last year. Total revenue stood at $1.3 million, a decrease attributed to reduced license revenues. The company maintains a robust cash runway, with assets sufficient to fund operations into the fourth quarter of 2026, supported by strategic restructuring and an “at-the-market” offering program.
In legal developments, Arbutus is engaged in ongoing litigation with Moderna and Pfizer/BioNTech over its patented lipid nanoparticle (LNP) technology. The company is pursuing fair compensation, emphasizing the pivotal role of its technology in the success of COVID-19 vaccines.
With its strategic focus on advancing clinical trials and protecting intellectual property, Arbutus is well-positioned to drive innovation in the treatment of chronic hepatitis B and other critical areas.
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