"Chronic HBV remains a significant global health challenge, affecting more than 250 million people worldwide despite the availability of preventive options."
— Mike McElhaugh
03Detailed Report
ABUS
Arbutus Biopharma Corporation
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 20, 2026
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Executive Summary
In the third quarter of 2024, Arbutus Biopharma Corporation reported revenues of $1.34 million, a significant decline of 71.25% year-over-year and 22.42% quarter-over-quarter. The extended cash burn demonstrates the company's commitment to advancing its R&D, focusing heavily on its HBV product pipeline, including the RNAi therapeutic imdusiran, which is preparing for a Phase IIb clinical trial. Management emphasized the importance of achieving a functional cure for chronic HBV, which continues to be a major health challenge globally. With cash reserves sufficient to sustain operations into the fourth quarter of 2026, Arbutus is positioned to capitalize on its innovative clinical programs despite the current financial strain.
Key Performance Indicators
Revenue
Decreasing
1.34M
QoQ: -22.42% | YoY: -71.25%
Gross Profit
Decreasing
1.34M
1.00% margin
QoQ: -2.26% | YoY: -68.78%
Operating Income
Increasing
-21.44M
QoQ: -0.32% | YoY: 0.55%
Net Income
Increasing
-19.72M
QoQ: 0.40% | YoY: 1.92%
EPS
Increasing
-0.10
QoQ: 9.09% | YoY: 16.67%
Revenue Trend
Margin Analysis
Financial Highlights
### Financial Overview
- Revenue: $1.34 million (YoY: -71.25%, QoQ: -22.42%)
- Net Income: -$19.72 million (Negative net income ratio of -14.73%)
- Operating Income: -$21.44 million (Operating margin: -16.01%)
- Cash and Cash Equivalents: $31.84 million
- Current Ratio: 7.02
### Analysis
The notable drop in revenue is primarily due to the declining demand for its therapeutic offerings and increased R&D expenditures. However, the cash reserves highlight strategic financial planning to support ongoing studies that management believes will eventually lead to substantial gains in market share in the HBV treatment space.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.34M
-71.25%
-22.42%
Gross Profit
1.34M
-68.78%
-2.26%
Operating Income
-21.44M
0.55%
-0.32%
Net Income
-19.72M
1.92%
0.40%
EPS
-0.10
16.67%
9.09%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-16.01%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-14.73%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.14%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.18%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
7.02
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.01
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-9.23x
Negative earnings make P/E ratio not meaningful
Price to Book
High Premium
6.81x
Very high premium suggests asset-light business model or lofty expectations
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