Company: ABUS
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001447028-25-000099
Chunk: 81

Company: Arbutus Biopharma Corp
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 81
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2024.

RECENT ACCOUNTING PRONOUNCEMENTS

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

Please refer to Note 2 to our condensed consolidated financial statements included in “Part I, Item 1-Financial Statements (Unaudited)” of this Form 10-Q for a description of recent accounting pronouncements applicable to our business.

RESULTS OF OPERATIONS

The following summarizes the results of our operations for the periods shown:

 Three Months Ended March 31, 20252024(in thousands)Total revenue$1,764 $1,532 Operating expenses27,463 20,895 Loss from operations(25,699)(19,363)Other income1,173 1,488 Net loss$(24,526)$(17,875)

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Revenue 

Revenues are summarized in the following tables: 

Three Months Ended March 31,2025% of Total2024% of Total(in thousands, except percentages)Revenue from collaborations and licensesRoyalties from sales of ONPATTRO$504 29 %$695 45 %Qilu Pharmaceutical Co., Ltd.812 46 %244 16 %Non-cash royalty revenueRoyalties from sales of ONPATTRO448 25 %593 39 %Total revenue$1,764 100 %$1,532 100 %

Total revenue increased $0.2 million for the three months ended March 31, 2025 compared to the same period in 2024, due primarily to an increase in license revenue recognized related to our progress towards the satisfaction of our performance obligations with respect to the technology transfer and licensing agreement with Qilu, partially offset by a decrease in license royalty revenue from Alnylam and Acuitas due to lower sales of ONPATTRO in the 2025 period compared to the 2024 period. 

Operating expenses 

Operating expenses are summarized in the following tables:

Three Months Ended March 31,2025% of Total2024% of Total(in thousands, except percentages)Research and development$8,959 33 %$15,403 74 %General and administrative5,832 21 %5