Arbutus Biopharma Corp. Files 2023 Annual Report on Form 10-K

Ticker: ABUS · Form: 10-K · Filed: Mar 5, 2024 · CIK: 1447028

Arbutus Biopharma Corp 10-K Filing Summary
FieldDetail
CompanyArbutus Biopharma Corp (ABUS)
Form Type10-K
Filed DateMar 5, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$2.30, $63.0 million, $67.0 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Arbutus Biopharma, Annual Report, Financials, Pharmaceuticals

TL;DR

<b>Arbutus Biopharma Corp. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Arbutus Biopharma Corp (ABUS) filed a Annual Report (10-K) with the SEC on March 5, 2024. Arbutus Biopharma Corp. filed its 2023 Form 10-K on March 5, 2024. The company's fiscal year ends on December 31st. Arbutus Biopharma Corp. was formerly known as TEKMIRA PHARMACEUTICALS Corp. The company's business address is 701 VETERANS CIRCLE, WARMINSTER, PA 18974. The filing includes financial data for the fiscal year ended December 31, 2023.

Why It Matters

For investors and stakeholders tracking Arbutus Biopharma Corp, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operational status for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — Arbutus Biopharma Corp shows moderate risk based on this filing. The company's financial statements and risk factors require careful review due to the nature of the pharmaceutical industry and potential litigation or regulatory challenges.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to understand Arbutus Biopharma's current financial position and future outlook.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed Period of Report)
  • 2024-03-05 — Filing Date (Filed as of Date)
  • 001-34949 — SEC File Number (SEC File Number)

Key Players & Entities

  • Arbutus Biopharma Corp. (company) — Filer name
  • TEKMIRA PHARMACEUTICALS Corp (company) — Former company name
  • 0001447028 (company) — Central Index Key
  • 2834 (company) — Standard Industrial Classification (Pharmaceutical Preparations)
  • 701 VETERANS CIRCLE, WARMINSTER, PA 18974 (company) — Business Address
  • 604-419-3200 (company) — Business Phone
  • Genevant Sciences Corporation (company) — Subsidiary

FAQ

When did Arbutus Biopharma Corp file this 10-K?

Arbutus Biopharma Corp filed this Annual Report (10-K) with the SEC on March 5, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Arbutus Biopharma Corp (ABUS).

Where can I read the original 10-K filing from Arbutus Biopharma Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Arbutus Biopharma Corp.

What are the key takeaways from Arbutus Biopharma Corp's 10-K?

Arbutus Biopharma Corp filed this 10-K on March 5, 2024. Key takeaways: Arbutus Biopharma Corp. filed its 2023 Form 10-K on March 5, 2024.. The company's fiscal year ends on December 31st.. Arbutus Biopharma Corp. was formerly known as TEKMIRA PHARMACEUTICALS Corp..

Is Arbutus Biopharma Corp a risky investment based on this filing?

Based on this 10-K, Arbutus Biopharma Corp presents a moderate-risk profile. The company's financial statements and risk factors require careful review due to the nature of the pharmaceutical industry and potential litigation or regulatory challenges.

What should investors do after reading Arbutus Biopharma Corp's 10-K?

Review the detailed financial statements and risk factor disclosures in the 10-K to understand Arbutus Biopharma's current financial position and future outlook. The overall sentiment from this filing is neutral.

How does Arbutus Biopharma Corp compare to its industry peers?

Arbutus Biopharma Corp. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of treatments for liver disease.

Are there regulatory concerns for Arbutus Biopharma Corp?

The company is subject to regulations by the Securities and Exchange Commission (SEC) for its public filings, including the annual 10-K report.

Industry Context

Arbutus Biopharma Corp. operates within the pharmaceutical preparations industry, focusing on the development and commercialization of treatments for liver disease.

Regulatory Implications

The company is subject to regulations by the Securities and Exchange Commission (SEC) for its public filings, including the annual 10-K report.

What Investors Should Do

  1. Analyze the financial statements for revenue, expenses, and net income.
  2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into business performance.
  3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
  • 2024-03-05: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full 'vs last filing' analysis.

Filing Stats: 4,419 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-03-05 16:48:49

Key Financial Figures

  • $2.30 — ,128,811 (based on the closing price of $2.30 per share as reported on the Nasdaq Glo
  • $63.0 million — expectation of a net cash burn between $63.0 million and $67.0 million in 2024, excluding an
  • $67.0 million — net cash burn between $63.0 million and $67.0 million in 2024, excluding any proceeds from ou

Filing Documents

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 34 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2.

Properties

Properties 57 Item 3.

Legal Proceedings

Legal Proceedings 57 Item 4. Mine Safety Disclosures 60 PART II 61 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61 Item 6. Reserved 61 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 62 Item 7 .

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 72 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102 Item 9A.

Controls and Procedures

Controls and Procedures 102 Item 9B. Other Information 103 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III 104 Item 10. Directors, Executive Officers and Corporate Governance 104 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions, and Director Independence 104 Item 14. Principal Accountant Fees and Services 104 PART IV 105 Item 15. Exhibits and Financial Statement Schedules 105 Item 16. Form 10-K Summary 108 3 Cautionary Note Regarding Forward-looking Statements This Annual Report on Form 10-K (Form 10-K) contains "forward-looking statements" or "forward-looking information" within the meaning of applicable United States and Canadian securities laws (we collectively refer to these items as "forward-looking statements"). Forward-looking statements are generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets," "could," "estimates," "expects," "forecasts," "projects" and similar expressions that are not based on historical fact or that are predictions of or indicate future events and trends, and the negative of such expressions. Forward-looking statements in this Form 10-K, including the documents incorporated by reference, include statements about, among other things: our strategy, future operations, preclinical research, preclinical studies, clinical trials, prospects and the plans of management; the potential for our product candidates to achieve their desired or anticipated outcomes; the expected cost, timing and results of our clinical development plans and clinical trials, including our clinical collaborations with third parties; the discovery, development and commercialization of a curative combination regimen for chronic hepatitis B infection, a disease of the liver caused by the hepatitis B virus; the potential of our product candidates to improve upon the standard of care and contribute to a functional curative combination treatment regimen; obtaining necessary regulatory approvals; obtaining adequate financing through a combination of financi

Business

Item 1. Business Overview Arbutus Biopharma Corporation ("Arbutus", the "Company", "we", "us", and "our") is a clinical-stage biopharmaceutical company leveraging its extensive virology expertise to identify and develop novel therapeutics with distinct mechanisms of action, which can potentially be combined to provide a functional cure for patients with chronic hepatitis B virus (cHBV) infection. We believe the key to success in developing a functional cure involves suppressing hepatitis B virus deoxyribonucleic acid (HBV DNA), reducing hepatitis B surface antigen (HBsAg) and boosting HBV-specific immune responses. Our pipeline of internally developed, proprietary compounds includes an RNAi therapeutic, imdusiran (AB-729), and an oral PD-L1 inhibitor, AB-101. Imdusiran has generated meaningful clinical data demonstrating an impact on both surface antigen reduction and reawakening of the HBV-specific immune response. Imdusiran is currently in two Phase 2a combination clinical trials. AB-101 is currently being evaluated in a Phase 1a/1b clinical trial. Strategy The two core elements of our strategy are: 1) developing a portfolio of compounds that target HBV; and 2) combining therapeutic product candidates with complementary mechanisms of action to develop a functional cure for people with cHBV infection. We believe that a combination of compounds that can suppress HBV DNA replication and HBsAg expression as well as boost patients' HBV-specific immune response could address the most important elements to achieving a functional cure. Functional cure is defined as undetectable HBV DNA and HBsAg levels six months after discontinuation of all treatment. We are developing imdusiran as a cornerstone in a combination therapy that also includes antivirals and immunologics. We believe that a combination therapy delivered over a finite treatment period that results in a significant increase in the functional cure rate (i.e. a cure rate of at least 20%) would be a meani

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