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what it is
Arbutus builds hepatitis B drugs and monetizes patent fights around vaccine delivery.
how it gets paid
FY2024 total revenue was $6.2M vs. $18.1M in 2023—mostly collaboration/license revenue (~$3.9M) and non‑cash royalty revenue (~$2.3M), per the 2024 10‑K tables.
what just happened
FY2024 net loss was $69.9M ($(0.38) basic and diluted EPS). Revenue is inherently lumpy because collaboration milestones and royalty recognition move quarter to quarter.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
$(0.38) FY2024 diluted EPS (GAAP)
$6.2M FY2024 revenue (10‑K)
negative GAAP operating margin
xvary composite: 58/100 — below average
What they do
Arbutus builds hepatitis B drugs and monetizes patent fights around vaccine delivery.
Imdusiran and AB-101 give you 2 shots on goal. cHBV → chronic hepatitis B → so what: one success can matter when revenue is only ~$6M. The other edge is legal. LNP → lipid nanoparticle delivery → so what: the March 2026 Moderna settlement is a global deal of up to $2.25B with $950M upfront targeted for Q3 2026, plus contingent payments. After the March 2025 restructuring, Arbutus disclosed a core team of 19 employees—you are not buying scale, you are buying pipeline optionality plus LNP economics.
How they make money
$6.2M
FY2024 revenue · down vs. $18.1M in 2023
Collaborations and licenses
$3.9M
FY2024
Non‑cash royalty revenue
$2.3M
FY2024
FY2024 lines tie to Arbutus 2024 Form 10‑K and the Mar 27, 2025 earnings release.
The products that matter
lead hepatitis B candidate
Imdusiran
phase 2b data expected in 2026
This is the lead asset; clinical readouts matter more than the current ~$6M annual revenue base.
lead program
oral PD-L1 inhibitor
AB-101
preclinical pipeline option
AB-101 gives you a second scientific shot, but it is still preclinical and does not change the one-program feel of the 2026 thesis.
longer-shot option
patent estate and settlement economics
Moderna settlement
$950M due july 2026
Not a drug—a liquidity event: $950M upfront (targeted Q3 2026) inside a global settlement of up to $2.25B with Moderna, with additional contingent payments tied to appellate outcomes.
cash runway
Key numbers
$(0.38)
FY2024 diluted EPS
$6.2M
FY2024 revenue
n/a
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $4M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ABUS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $13M, but EPS still came in at -$0.16.
Revenue rose 2364% vs. prior year. That is what a tiny base looks like when a legal or milestone payment lands.
$13M
revenue
-$0.16
eps
2364%
revenue growth
revenue jump
The $13M quarter mattered because it was 2364% above last year, but the company still lost $0.16 a share.
source: company earnings report, 2026
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What could go wrong
The #1 risk is imdusiran failing to justify the pipeline. ABUS is still a science-and-cash story, not a diversified product business.
med
clinical readout disappointment
Imdusiran is the center of gravity. If the 2026 Phase 2b data disappoints, the stock loses the main reason investors tolerate a $6M revenue base.
Impact: the business would still have a current operating margin of -214.67% and no commercial revenue engine to fall back on.
med
settlement timing or collection risk
The $950M Moderna payment due in July 2026 is doing real work in the thesis. If timing slips, the market loses the balance-sheet bridge it is underwriting today.
Impact: a company with a $30.3M annual net loss would suddenly look much less patient-capital friendly.
med
patent and legal volatility
The stock already fell 19% after a European patent revocation in January 2026. That is your reminder that legal headlines still change the narrative fast.
Impact: this is not background noise. IP outcomes are part of the economic model here.
med
leadership execution risk
A new CEO arrived in March 2026 right before a high-stakes operating period. Fresh leadership can help, but transitions are harder when one program carries the story.
Impact: strategy, capital allocation, and communication all matter more when investors are waiting for one major readout.
A failed readout or delayed settlement would leave you with a company producing $6M of annual revenue and running at a -214.67% operating margin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical
imdusiran phase 2b data
Expected in 2026. This is the event that can turn ABUS from legal-story biotech into actual pipeline story — or not.
cash event
$950M Moderna payment
July 2026. Watch whether the cash arrives on schedule, because that is the funding bridge for everything else.
earnings
q1 2026 report
Expected April 30, 2026. Consensus in the current snapshot is -$0.04 EPS on about $1.23M revenue, but the real value is any pipeline commentary.
legal
patent litigation updates
The January 2026 patent setback cut the stock 19%. That makes future IP rulings market-moving until the clinical story gets bigger.
Analyst rankings
earnings predictability
75 / 100
For a clinical-stage biotech, the reported numbers have been relatively consistent. In human-speak, analysts think the near-term income statement is noisy but not chaotic.
risk rank
3
That places ABUS around the middle of the pack on broad stock risk, but the stock-specific risk is still concentrated in one lead program and one legal cash event.
source: institutional data
Institutional activity
institutional ownership data for ABUS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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