WARMINSTER, PA — Arbutus Biopharma Corporation (Nasdaq: ABUS) has announced its financial results for the fourth quarter and fiscal year 2024, alongside significant corporate updates. The biotechnology company reaffirmed its commitment to advancing its pipeline for chronic hepatitis B (cHBV) while implementing multiple strategic measures to improve financial and operational efficiency.
Arbutus ended 2024 with $122.6 million in combined cash, cash equivalents, and marketable securities, down from $132.3 million the previous year. Its net loss for 2024 totaled $69.9 million ($0.38 per share), compared to $72.8 million in 2023. Research and development expenses decreased to $54.0 million as Arbutus streamlined its operations, reducing discovery efforts and discontinuing lower-priority programs. The company anticipates a marked reduction in its 2025 cash burn due to these measures.
Notably, Arbutus implemented a 57% workforce reduction in the first quarter of 2025, retaining a lean team of 19 employees. The restructuring also included exiting its corporate headquarters in Warminster, PA, and discontinuing in-house scientific research. The reduction is expected to result in a one-time restructuring charge of approximately $11 to $13 million.
“With my recent appointment as CEO of Arbutus, I am excited to lead the company into its next chapter,” said Lindsay Androski, President and CEO of Arbutus. “Along with Arbutus’ new directors, my focus is on evaluating strategies to accelerate the development and potential approval of imdusiran, alongside several subject matter experts being retained to assist with this evaluation.”
2024 saw significant clinical advancements for Arbutus’ cHBV programs. Imdusiran (AB-729), a therapeutic designed to combat chronic hepatitis B, demonstrated promising results at the AASLD Liver Meeting, where its combination with standard and emerging therapies showed up to a 50% functional cure rate in specific patient groups. Arbutus is now reviewing plans for a Phase 2b clinical trial and seeking to accelerate the timeline with added expert support.
The company also advanced AB-101, its oral PD-L1 inhibitor, into Part 3 of a Phase 1a/1b trial in cHBV patients after generating supportive data from earlier stages. Further steps for this program will be determined after completing a comprehensive review of its cHBV pipeline.
Arbutus continues its legal efforts to protect its lipid nanoparticle (LNP) technology, which is foundational to mRNA vaccines. Ongoing lawsuits against Moderna and Pfizer/BioNTech allege unauthorized use of Arbutus’ patented LNP technology in their COVID-19 vaccines. A claim construction hearing for the Pfizer/BioNTech case took place in December 2024, with further developments expected in 2025. A jury trial for the Moderna case is scheduled for September 2025, with international lawsuits spanning 30 countries recently filed.
The company also announced leadership changes, including the appointment of Tuan Nguyen as Chief Financial Officer, effective March 28, 2025. Nguyen, a seasoned leader in biopharma finance, joins Arbutus after senior roles at Kinevant Sciences and Fibrogen. “Tuan’s appointment reinforces our renewed focus on advancing our pipeline efficiently and delivering value to patients and our stakeholders,” said Ms. Androski.
Arbutus is confident that 2025 will be a transformative year marked by operational focus, pipeline advancements, and progress in its litigation efforts. By realigning its priorities and resources, the company aims to build momentum toward addressing unmet needs in the treatment of chronic hepatitis B and leveraging its LNP technology.
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