Company: ABUS
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001447028-25-000115
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Company: Arbutus Biopharma Corp
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
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 or to be otherwise monetized again in full or in part. From the inception of the royalty sale through June 30, 2025, an aggregate of $25.9 million of royalties have been earned by OMERS. The Company also is receiving a second royalty interest of 0.75% to 1.125% on global net sales of ONPATTRO, with 0.75% applying to sales greater than $500 million, originating from a settlement agreement and subsequent license agreement with Acuitas.  This royalty entitlement from Acuitas has been retained by the Company and was not part of the royalty entitlement sale to OMERS. Revenues are summarized in the following table:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)(in thousands)Revenue from collaborations and licensesAcuitas Therapeutics, Inc.$591 $642 $1,095 $1,337 Qilu Pharmaceutical Co., Ltd.9,622 513 10,434 757 Non-cash royalty revenueAlnylam Pharmaceuticals, Inc.526 571 974 1,164 Total revenue$10,739 $1,726 $12,503 $3,258 

10.    Shareholders’ equity

Authorized share capitalThe Company’s authorized share capital consists of an unlimited number of common shares and preferred shares, without par value, and 1,164,000 Series A participating convertible preferred shares, without par value.Open Market Sale AgreementEffective March 26, 2025, the Company terminated its Open Market Sale Agreement with Jefferies LLC (Jefferies) dated December 20, 2018, as amended (the Sale Agreement), under which the Company could offer and sell common shares, from time to time. Prior to the termination of the Sale Agreement, the Company did not issue any common shares pursuant to the Sale Agreement during the six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Company issued 7,833,922 and 16,499,999 common shares pursuant to the Sale Agreement, respectively, resulting in net proceeds of $22.4 million and $44.1 million, respectively. 

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Stock-based compensationThe table below summarizes information about the Company’s stock-based compensation for the three and six months ended June 30, 2025 and 2024 and the expense recognized