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Jun 30, 2022
Arbutus Q2 2022 Earnings Report
Reported second quarter 2022 financial results and provided corporate updates.
Key Takeaways
Arbutus Biopharma reported a revenue increase of $11.9 million compared to the same period in 2021, primarily due to revenue recognition from a license agreement with Qilu. The company's net loss attributable to common shares was $14.2 million, an improvement from the $22.7 million loss in the same quarter of the previous year. The company's cash runway is projected into the second quarter of 2024.
Presented data at EASL ILC highlighting advancements in RNAi therapeutic AB-729, capsid inhibitor AB-836, and PD-L1 inhibitor AB-101.
Observed virologic control in five cHBV patients after discontinuing treatment with AB-729 and nucleos(t)ide analog (NA)-therapy.
Plan to initiate a Phase 1 study with AB-836 in healthy volunteers to characterize ALT increases.
Advancing development efforts with nsp5 main protease (Mpro) and nsp12 viral polymerase programs for SARS-CoV-2 and future coronavirus outbreaks.
Forward Guidance
The Company expects a net cash burn between $90 to $95 million in 2022, not including the $55 million of proceeds received from Qilu, and believes its cash runway will be sufficient to fund operations into the second quarter of 2024.
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