ABUS

MKT CAP:$812M

Arbutus Biopharma Corporation

Market Cap

$812M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$4.25-$0.52 (-10.90%)

Apr 23, 2026

Company Details

Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection, SARS-CoV-2, and other coronaviruses in the United States. Its HBV product pipeline consists of AB-729, a ...

CEO

Lindsay Androski

IPO Date

Jul 26, 2007

Website

www.arbutusbio.com

Key Metrics TTM

Revenue

$14M

+128.2% YoY

Net Income

-$34M

EPS (Diluted)

-$0.18

Free Cash Flow

-$40M

Revenue / Share

$0.07

Gross Margin

36.2%

Operating Margin

-348.7%

Net Margin

-237.9%

FCF Margin

-281.5%

P/S

57.7x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 23, 2026

$14M+128.2%EPS -$0.17

Q4 2025

Mar 23, 2026

$1M-33.2%EPS -$0.02

Q3 2025

Nov 13, 2025

$529.0K-60.5%EPS -$0.04

Q2 2025

Aug 6, 2025

$11M+522.2%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$13M	$13M	-$11M
Q2 22	$14M	$14M	-$14M
Q3 22	$6M	$6M	-$18M
Q4 22	$6M	-$17M	-$23M
Q1 23	$7M	$7M	-$17M
Q2 23	$5M	$5M	-$18M
Q3 23	$5M	$5M	-$22M
Q4 23	$2M	-$15M	-$21M
Q1 24	$2M	$2M	-$19M
Q2 24	$2M	$2M	-$22M
Q3 24	$1M	$1M	-$21M
Q4 24	$2M	-$7M	-$14M
Q1 25	$2M	-$7M	-$35M
Q2 25	$11M	$11M	$1M
Q3 25	$529.0K	$518.0K	-$8M
Q4 25	$1M	$1M	-$8M

Valuation

Quarter	P/S	P/E
Q1 22	19.2x	—
Q2 22	11.9x	—
Q3 22	8.3x	—
Q4 22	11.1x	—
Q1 23	15.3x	—
Q2 23	16.2x	—
Q3 23	14.5x	—
Q4 23	23.7x	—
Q1 24	34.6x	—
Q2 24	54.5x	—
Q3 24	107.4x	—
Q4 24	98.0x	—
Q1 25	101.2x	—
Q2 25	38.2x	—
Q3 25	58.5x	—
Q4 25	64.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$21M	$21M
Q2 22	-$20M	-$21M
Q3 22	-$19M	-$19M
Q4 22	-$17M	-$17M
Q1 23	-$27M	-$27M
Q2 23	-$20M	-$20M
Q3 23	-$22M	-$22M
Q4 23	-$17M	-$17M
Q1 24	-$19M	-$19M
Q2 24	-$15M	-$15M
Q3 24	-$21M	-$21M
Q4 24	-$10M	-$10M
Q1 25	-$13M	-$13M
Q2 25	-$16M	-$16M
Q3 25	-$6M	-$6M
Q4 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$75.0K
Q2 22	$212.0K
Q3 22	$91.0K
Q4 22	$134.0K
Q1 23	$117.0K
Q2 23	$859.0K
Q3 23	$32.0K
Q4 23	$0
Q1 24	$95.0K
Q2 24	$1.0K
Q3 24	$0
Q4 24	$86.0K
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$4

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+495.4%	+32.4%
Q2 22	+511.5%	+35.2%
Q3 22	+78.2%	+9.3%
Q4 22	+94.8%	+20.0%
Q1 23	-46.8%	+2.3%
Q2 23	-67.3%	-18.7%
Q3 23	-21.7%	+10.3%
Q4 23	-65.7%	-20.5%
Q1 24	-77.1%	-13.3%
Q2 24	-62.9%	+1.2%
Q3 24	-71.3%	-13.1%
Q4 24	-26.6%	-32.3%
Q1 25	+15.1%	+74.3%
Q2 25	+522.2%	-60.3%
Q3 25	-60.5%	-61.3%
Q4 25	-33.2%	-43.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	13.8%
Q2 22	$2M	14.5%
Q3 22	$2M	28.8%
Q4 22	$2M	26.7%
Q1 23	$2M	31.9%
Q2 23	$3M	63.7%
Q3 23	$2M	53.3%
Q4 23	$2M	80.3%
Q1 24	$2M	131.5%
Q2 24	$3M	184.2%
Q3 24	$2M	161.3%
Q4 24	$2M	103.7%
Q1 25	$4M	202.0%
Q2 25	$864.0K	8.0%
Q3 25	$1M	238.8%
Q4 25	$15M	1422.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$18M	$5M
Q2 22	$23M	$5M
Q3 22	$20M	$3M
Q4 22	$23M	$4M
Q1 23	$18M	$6M
Q2 23	$18M	$6M
Q3 23	$20M	$6M
Q4 23	$18M	$5M
Q1 24	$15M	$5M
Q2 24	$16M	$8M
Q3 24	$14M	$5M
Q4 24	$9M	$8M
Q1 25	$9M	$6M
Q2 25	$5M	$3M
Q3 25	$6M	$3M
Q4 25	$5M	$4M

Revenue Segments

Quarter	Collaboration And Contracts	Non-Cash Royalty	License	Service, Other
Q4 22	$4M	$2M	—	—
Q2 25	—	$526.0K	$10M	$500.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$81M	$84M	$165M
Q2 22	$47M	$103M	$150M
Q3 22	$24M	$111M	$135M
Q4 22	$31M	$116M	$147M
Q1 23	$41M	$106M	$147M
Q2 23	$27M	$125M	$152M
Q3 23	$18M	$117M	$134M
Q4 23	$26M	$100M	$126M
Q1 24	$43M	$86M	$129M
Q2 24	$63M	$79M	$142M
Q3 24	$32M	$96M	$128M
Q4 24	$36M	$86M	$123M
Q1 25	$37M	$76M	$113M
Q2 25	$37M	$61M	$98M
Q3 25	$22M	$71M	$94M
Q4 25	$18M	$73M	$91M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	148M	+46.5%	+58.9%
Q2 22	149M	+0.2%	+53.6%
Q3 22	151M	+1.5%	+49.1%
Q4 22	154M	+2.3%	+52.5%
Q1 23	162M	+4.7%	+8.9%
Q2 23	166M	+2.7%	+11.6%
Q3 23	168M	+0.9%	+10.9%
Q4 23	168M	+0.6%	+9.1%
Q1 24	176M	+4.3%	+8.6%
Q2 24	188M	+7.1%	+13.2%
Q3 24	189M	+0.5%	+12.8%
Q4 24	190M	+0.5%	+12.8%
Q1 25	191M	+0.4%	+8.6%
Q2 25	192M	+0.9%	+2.3%
Q3 25	192M	-0.3%	+1.5%
Q4 25	192M	-0.1%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$144.6K	87
Q2 22	$163.7K	87
Q3 22	$68.4K	87
Q4 22	$63.7K	98
Q1 23	$68.2K	98
Q2 23	$47.5K	98
Q3 23	$47.5K	98
Q4 23	$29.4K	73
Q1 24	$21.0K	73
Q2 24	$23.6K	73
Q3 24	$18.3K	73
Q4 24	$35.8K	44
Q1 25	$40.1K	44
Q2 25	$244.1K	44
Q3 25	$12.0K	44
Q4 25	$55.3K	19

Revenue / Employee