Arbutus Biopharma (ABUS) Q2 2026 earnings summary

Executive summary

• Achieved $178.4 million in revenue from a noncontingent settlement payment with Moderna, driving a significant swing to profitability for the six months ended June 30, 2026, compared to a net loss in the prior year period.

• Cash, cash equivalents, and marketable securities totaled $92.6 million as of June 30, 2026, with a significant $178 million payment received from a Moderna settlement and plans to return up to $230 million to shareholders in capital.

• Clinical pipeline focused on imdusiran (AB-729) and AB-101 for chronic hepatitis B, with Fast Track designation granted by the FDA and alignment reached on Phase 2b trial design.

• Ongoing patent litigation against Pfizer/BioNTech and new international lawsuits filed in July 2026 to enforce LNP technology patents.

• Imdusiran clinical data showed functional cure in 10 patients to date.

Financial highlights

• Six-month revenue rose to $180.1 million from $12.5 million year-over-year, primarily due to the Moderna settlement.

• Net income for the six months ended June 30, 2026, was $164.6 million, compared to a net loss of $22.0 million in the prior year period.

• Operating expenses decreased to $17.2 million from $36.7 million year-over-year, reflecting cost reductions from restructuring.

• Cash, cash equivalents, and marketable securities totaled $92.6 million as of June 30, 2026, with no outstanding debt.

• Q2 2026 revenue was $1.0 million, down from $10.7 million in Q2 2025, with a net loss of $5.1 million for the quarter.

Outlook and guidance

• Sufficient cash resources to fund operations for at least the next 12 months, bolstered by the Moderna settlement proceeds.

• Plans to return up to $230 million to shareholders through share repurchases, subject to board approval and market conditions.

• Anticipates a material dividend from Genevant in Q3 2026 following the Moderna settlement.

• Focus remains on advancing imdusiran and AB-101 clinical programs and defending intellectual property.

• Intends to incorporate FDA feedback into the final Phase 2b protocol for imdusiran.