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Jun 30, 2024
Arbutus Q2 2024 Earnings Report
Arbutus reported second quarter 2024 financial results and provided a corporate update.
Key Takeaways
Arbutus Biopharma reported a net loss of $19.8 million for the second quarter of 2024. The company is prioritizing the Phase 2b clinical development of imdusiran and has reduced its workforce by 40%, extending its expected cash runway into the fourth quarter of 2026. As of June 30, 2024, the company's cash, cash equivalents, and investments totaled $148.5 million.
Reported undetectable HBsAg in 33% of patients in the IM-PROVE I clinical trial who were treated with imdusiran and IFN.
Observed undetectable HBsAg in 67% of patients with baseline HBsAg less than 1000 IU/mL in the IM-PROVE I clinical trial.
Prioritizing imdusiran Phase 2b clinical development.
Eliminating HBV discovery efforts, resulting in a 40% workforce reduction and extending the cash runway into Q4 2026.
Forward Guidance
Arbutus expects its 2024 cash burn to range from $63 million to $67 million and believes its cash, cash equivalents and investments in marketable securities will be sufficient to fund its operations into the fourth quarter of 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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