Arbutus Biopharma Corp (ABUS) 10-Q Quarterly Report May 2020

Arbutus Reports First Quarter 2020 Financial Results, Provides Pipeline Update and Announces New Research Initiative to Identify Novel Antiviral Therapies for the Treatment of Coronavirus Infections

Arbutus remains on track to achieve its key 2020 objectives despite COVID-19 challenges

Conference Call and Webcast Scheduled Today at 8:00 AM ET

Warminster, PA - May 11, 2020 - Arbutus Biopharma Corporation (Nasdaq: ABUS), a clinical-stage biopharmaceutical company focused on developing a cure for people with chronic hepatitis B virus (HBV) infection, today reports its first quarter 2020 financial results, provides a pipeline update and announces the establishment of a new research initiative focused on the identification of novel therapies to combat COVID-19.

William Collier, President and Chief Executive Officer of Arbutus, stated, “As we announced in March, preliminary results from an ongoing Phase 1a/1b clinical trial for our lead compound, AB-729, demonstrate that it is a potent RNAi agent capable of reducing HBsAg plasma levels. We are on track to have additional results from the week 12 portion of the 60 mg single-dose cohort in the second quarter of 2020.”

Mr. Collier added, “Despite the challenges of COVID-19, we have not had to alter our objectives for 2020. However, future disruptions related to the COVID-19 pandemic could negatively impact our plans and timelines, including enrolling and monitoring subjects in the trial. We remain focused on developing a portfolio of products, with different mechanisms of action, that when used in combination could result in a functional cure for HBV.”

The Arbutus 2020 objectives include:


•	advancing the Phase 1a/1b clinical trial of AB-729, a proprietary GalNAc delivered RNAi compound;


•	progressing our next-generation capsid inhibitor AB-836 through IND-enabling studies; and,


•	continuing our preclinical research to develop an oral HBV RNA-destabilizer and an oral anti-PD-L1 inhibitor.

Also, during the first quarter, and under the direction of Arbutus’ Chief Scientific Officer, Dr. Michael Sofia, the Company has initiated an internal research program to identify new small molecule antiviral medicines to treat COVID-19 and future coronavirus outbreaks. Dr. Sofia, who was awarded the Lasker-DeBakey Award for his discovery of sofosbuvir, brings extensive antiviral drug discovery experience to this new program. Arbutus has also joined forces with the COVID R&D consortium to further support and expedite efforts to address the COVID-19 pandemic.

The establishment of the COVID-19 effort does not impact Arbutus’ current cash burn guidance for 2020 of $54 to $58 million.

Pipeline Update

AB-729

•

AB-729 is an RNA interference (RNAi) therapeutic targeted to hepatocytes using Arbutus’ novel covalently conjugated N-acetylgalactosamine (GalNAc) delivery technology that enables subcutaneous delivery. AB-729 inhibits viral replication and reduces all HBV antigens, including hepatitis B surface antigen (HBsAg), in preclinical models. Reducing HBsAg is thought to be essential to enable the reawakening of a patient’s immune system so that it can respond to the virus.

The following information was filed by Arbutus Biopharma Corp (ABUS) on Monday, May 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Arbutus Biopharma Corp's 10-Q Quarterly Report:

Financial - Expense Highlight
Further, the continued spread of COVID-19 has also led to severe disruption and volatility in the global capital markets, which could increase our cost of capital and adversely affect our ability to access the capital markets in the future.

Financial - Expense Highlight
Site consolidation As of March 31, 2020, we have recognized substantially all of the expense related to our site consolidation.
Financial - Income Highlight
22 Other income (loss) is summarized in the following table: Interest income The $0.3 million decrease in interest income for the three months ended March 31, 2020, compared to the same period in 2019 was due primarily to lower average cash and investment balances.
Other - Other Highlight
Forward-looking statements are generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets," "could," "estimates," "expects," "forecasts," "projects" and similar expressions that are not based on historical fact or that are predictions of or indicate future events and trends, and the negative of such expressions.
Revenue - Geography Highlight
Foreign exchange gains (losses) In connection with our site consolidation to Warminster, PA, our Canadian dollar denominated expenses and cash balances have decreased significantly now that a majority of our business transactions are based in the United States.
Other - Other
However, future disruptions related to...Read more
Financial - Expense
Research and development expenses decreased...Read more
Legal - Other
While we may update certain...Read more
Financial - Expense
In the future, we expect...Read more
Other - Other
In July 2019, we sold...Read more
Other - Other
In Part 2, non-cirrhotic, HBeAg...Read more
Other - Other
In Part 3, chronic hepatitis...Read more
Revenue - Product
Revenue increased $0.8 million for...Read more
Other - Other
More effective therapies for patients...Read more
Other - Other
Factors that could cause or...Read more
Financial - Expense
We continue to incur expenses...Read more
Other - Other
Approximately 900,000 people die every...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Arbutus Biopharma Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ABUS
CIK: 1447028
Form Type: 10-Q Quarterly Report
Accession Number: 0001447028-20-000049
Submitted to the SEC: Mon May 11 2020 4:07:07 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Pharmaceutical Preparations

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Arbutus Biopharma Corp (ABUS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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