‘We believe our cash runway is sufficient to fund our operations through the second quarter of 2026.’
— David Hastings
03Detailed Report
ABUS
Arbutus Biopharma Corporation
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 20, 2026
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Executive Summary
Arbutus Biopharma Corporation (ABUS) faced significant challenges in Q1 2024, as evidenced by a net income of -$17.875 million, reflecting a structural issue in revenue generation that saw a drastic YoY decline in sales by 77.09%. Despite this, the company is strategically advancing its clinical trials for HBV treatments with two major candidates: imdusiran and AB-101, which are pivotal in their approach to achieving a functional cure for Hepatitis B. Management's commentary indicates confidence in their pipeline and a commitment to navigate these financial challenges through careful investment in R&D and clinical trials.
Key Performance Indicators
Revenue
Decreasing
1.53M
QoQ: -28.58% | YoY: -77.09%
Gross Profit
Decreasing
1.18M
76.83% margin
QoQ: -34.10% | YoY: -81.47%
Operating Income
Decreasing
-19.18M
QoQ: 6.52% | YoY: -10.16%
Net Income
Decreasing
-17.88M
QoQ: 7.44% | YoY: -15.60%
EPS
Decreasing
-0.10
QoQ: 9.09% | YoY: -4.49%
Revenue Trend
Margin Analysis
Financial Highlights
### Financial Performance Highlights
- Revenue: $1.532 million, with a significant decline of 77.09% year-over-year and a 28.58% decrease quarter-over-quarter. This decline is mainly attributed to reduced commercial activity and ongoing clinical trials.
- Gross Profit: $1.177 million, resulting in a gross profit margin of approximately 76.83%. This suggests strong efficiency in their cost of revenue despite the drop in top-line figures.
- Operating Income: -$19.183 million, showing a continued trend of losses, although the operating loss is slightly better compared to previous quarters.
- Net Income: -$17.875 million, with an EPS of -$0.10, indicating a growing concern over profitability.
- Cash Position: Ended the quarter with $43.1 million in cash and equivalents, down from $26.3 million at the beginning of the period, yet improved compared to $41.3 million at the end of the previous quarter, reflecting a stable cash runway well into 2026.
- Research and Development Spending: Total of $15.403 million, accounting for 28 times more than the revenue generated, highlighting aggressive investments in ongoing clinical studies.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.53M
-77.09%
-28.58%
Gross Profit
1.18M
-81.47%
-34.10%
Operating Income
-19.18M
-10.16%
6.52%
Net Income
-17.88M
-15.60%
7.44%
EPS
-0.10
-4.49%
9.09%
Key Financial Ratios
Gross Profit Margin
Excellent
76.80%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-12.52%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-11.67%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.12%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.16%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.69
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.07
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-6.29x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
3.92x
Trading at premium to book value, reflects strong intangibles or growth
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