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Dec 31, 2019
Arbutus Q4 2019 Earnings Report
Arbutus reported fourth quarter and year end financial results, confirmed 2020 corporate objectives, and provided a pipeline update.
Key Takeaways
Arbutus Biopharma Corporation reported its fourth quarter and year end 2019 financial results. The company ended the year with $90.8 million in cash, cash equivalents and short-term investments. A net loss of $164.9 million was reported for the year ended December 31, 2019.
Arbutus is focused on developing a portfolio of medicines with different mechanisms of action.
Key objectives for 2020 are to complete and report results from the Phase 1a/b clinical trial of AB-729.
Arbutus aims to rapidly advance its next-generation oral capsid inhibitor, AB-836, through IND-enabling studies by year end.
Preliminary safety and efficacy results from multiple single-dose cohorts in the Phase 1a/1b clinical trial for AB-729 are expected later this month.
Forward Guidance
Arbutus expects certain preliminary safety and efficacy data from the Phase 1a/1b clinical trial for AB-729 will be available in the first quarter of 2020 with additional preliminary data available in the second half of 2020. The company also expects to complete IND-enabling studies for AB-836 by the end of 2020 and to advance a next-generation oral HBV specific RNA-destabilizer into lead optimization. Arbutus believes its cash and cash equivalents are sufficient to extend into mid-2021 and expects to use approximately $54 to $58 million of cash and investments to fund operations in 2020.
Positive Outlook
- Preliminary safety and efficacy data from the Phase 1a/1b clinical trial for AB-729 expected in Q1 2020.
- Additional preliminary data from the Phase 1a/1b clinical trial for AB-729 expected in H2 2020.
- IND-enabling studies for AB-836 expected to be completed by the end of 2020.
- Advancement of a next-generation oral HBV specific RNA-destabilizer into lead optimization.
- Cash and cash equivalents sufficient to extend into mid-2021.
Challenges Ahead
- Pre-clinical studies and clinical trials may be more costly or take longer to complete than anticipated.
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