Company: ABUS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001447028-25-000083
Chunk: 98

Company: Arbutus Biopharma Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 98
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 31, 2024 compared to the year ended December 31, 2023:

Year Ended December 31, 20242023(in thousands)Revenue$6,171 $18,141 Operating expenses82,490 96,244 Loss from operations(76,319)(78,103)Other income6,399 5,254 Loss before income taxes(69,920)(72,849)Income tax expense— — Net loss$(69,920)$(72,849)

For the fiscal year ended December 31, 2024, our net loss attributable to common shares was $69.9 million, or a loss of $0.38 per basic and diluted common share, as compared to a net loss of $72.8 million, or a loss of $0.44 per basic and diluted common share, for the year ended December 31, 2023.

Revenue  

Revenue for the years ended December 31, 2024 and 2023 is summarized in the following table:

Year ended December 31,20242023(in thousands, except percentages)Revenue from collaborations and licensesRoyalties from sales of Onpattro$2,562 41 %$3,608 20 %Qilu Pharmaceutical Co., Ltd. 1,357 22 %10,666 59 %Non-cash royalty revenueRoyalties from sales of Onpattro2,252 36 %3,867 21 %Total revenue$6,171 100 %$18,141 100 %

Revenue consists mainly of license revenue and royalties received from other companies for sales of products that utilize our licensed technologies. 

Total revenue decreased $12.0 million for the year ended December 31, 2024 compared to 2023, due primarily to: i) a $9.3 million decrease in revenue recognition of the upfront license fee we received from Qilu in 2022 as less effort was required from us in 2024 compared to 2023 to support Qilu’s progress towards achieving their own imdusiran manufacturing capability; and ii) a $2.7 million decrease in license royalty revenue from Alnylam and Acuitas due to lower sales of Alnylam’s ONPATTRO in 2024 compared to 2023 primarily due to Alnylam’s next generation RNAi product AMVUTTRA (vutrisiran) cannibalizing sales of ONP