Company: ABUS
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001447028-25-000099
Chunk: 53

Company: Arbutus Biopharma Corp
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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526)$(17,875)

29

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 %5,312 25 %Change in fair value of contingent consideration299 1 %180 1 %Restructuring12,373 45 %— — %Total operating expenses$27,463 100 %$20,895 100 %

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 $6.4 million for the three months ended March 31, 2025, compared to the same period in 2024. The decrease was due primarily to our decision in the third quarter of 2024 to cease all discovery efforts, discontinue our IM-PROVE III clinical trial and implement a 40% reduction in our workforce to streamline the organization to focus our efforts on advancing the clinical development of imdusiran and AB