Company: ABUS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001447028-25-000126
Chunk: 99

Company: Arbutus Biopharma Corp
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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 royalty revenue from Alnylam and Acuitas due to lower sales of ONPATTRO in the 2025 period compared to the 2024 period. 

Total revenue increased $8.4 million for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to recognizing the remaining $9.6 million of previously deferred revenue upon the conclusion of our strategic partnership with Qilu in June 2025, 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. 

31

Operating expenses 

Operating expenses are summarized in the following tables:

Three Months Ended September 30,2025% of Total2024% of Total(in thousands, except percentages)Research and development$5,778 63 %$14,273 63 %General and administrative3,044 33 %4,537 20 %Change in fair value of contingent consideration268 3 %344 2 %Restructuring costs98 1 %3,625 16 %Total operating expenses$9,188 100 %$22,779 100 %

Nine Months Ended September 30,2025% of Total2024% of Total(in thousands, except percentages)Research and development$20,235 44 %$45,227 68 %General and administrative12,204 27 %17,396 26 %Change in fair value of contingent consideration827 2 %735 1 %Restructuring costs12,636 28 %3,625 16 %Total operating expenses$45,902 100 %$66,983 111 %

Research and development 

Research and development expenses consist primarily of personnel expenses, fees paid to clinical research organizations and contract manufacturers, consumables and materials, consulting, and other third-party expenses to support our clinical and preclinical activities, as well as a portion of stock-based compensation and general overhead costs. 

Research and development expenses decreased $8.5 million and $25.0 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The decrease was due primarily to our decision in the third quarter of 2024 to cease all discovery efforts, halt preparations for a potential IM-PROVE III clinical