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Sep 30, 2023
Arbutus Q3 2023 Earnings Report
Reported third quarter financial results and provided a corporate update.
Key Takeaways
Arbutus Biopharma reported a revenue of $4.7 million and a net loss of $20.1 million for the third quarter of 2023. The company is reducing its workforce by 24% and expects its cash runway to extend into the first quarter of 2026.
Multiple data presentations upcoming at AASLD – The Liver Meeting®, including preliminary data from Phase 2a clinical trial combining imdusiran with VTP-300.
Dosing continues in two Phase 2a combination clinical trials with imdusiran and in a Phase 1a/1b clinical trial with AB-101.
Reducing workforce by 24% as a result of recent pipeline optimization.
Cash runway extended into first quarter 2026.
Forward Guidance
Arbutus expects its current cash, cash equivalents and investments will be sufficient to fund its operations into the first quarter of 2026. The company expects its 2023 net cash burn to range from between $90 to $95 million, excluding any proceeds received from its “at the market program”.
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