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Jun 30, 2020
Arbutus Q2 2020 Earnings Report
Reported second quarter financial results and provided a corporate update.
Key Takeaways
Arbutus Biopharma Corporation reported its second quarter 2020 financial results. The company had cash, cash equivalents and investments totaling $84.0 million as of June 30, 2020. Net loss attributable to common shares for the three months ended June 30, 2020 was $17.1 million ($0.25 basic and diluted loss per common share).
Phase 1a/1b clinical trial for AB-729 remains on track with results from additional cohorts expected in the second half of 2020.
AB-836 remains on track for completion of IND enabling studies by the end of 2020.
Actively screening multiple new molecular entities in recently initiated COVID-19 research program.
Cash runway guidance extended into mid-2022.
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Arbutus Revenue by Segment
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Non-Cash Royalty Rev Revenue
CapyFin.com Forward Guidance
Arbutus believes its ending second quarter cash, cash equivalents and investments of $84.0 million plus the additional $36.5 million of proceeds received under the ATM program during July 2020 are sufficient to fund the Company’s operations into mid-2022.
Positive Outlook
- Results from the multi-dose 60 mg cohorts and single-dose 90 mg cohorts in HBV DNA negative and positive subjects will be available in the second half of 2020.
- IND-enabling studies for AB-836 will be complete by the end of 2020.
- AB-836 has the potential to have increased potency and an enhanced resistance profile compared to AB-506.
- Dosing two 90 mg multi-dose cohorts in the second half of this year.
- Sufficient funds to support operations into mid-2022.
Challenges Ahead
- Pre-clinical studies and clinical trials may be more costly or take longer to complete than anticipated, and may never be initiated or completed, or may not generate results that warrant future development of the tested drug candidate.
- Changes in Arbutus’ strategy regarding its product candidates and clinical development activities.
- Arbutus may not receive the necessary regulatory approvals for the clinical development of Arbutus’ products.
- Economic and market conditions may worsen.
- The ongoing COVID-19 pandemic could significantly disrupt our clinical development programs.