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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arbutus Biopharma Corporation | NASDAQ:ABUS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 1.12% | 2.71 | 2.65 | 2.75 | 2.85 | 2.70 | 2.71 | 683,613 | 21:00:10 |
British Columbia, Canada
|
|
98-0597776
|
(State or Other Jurisdiction of
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
Identification No.)
|
|
|
Page
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
26,630
|
|
|
$
|
166,779
|
|
Short-term investments (note 2)
|
123,052
|
|
|
14,525
|
|
||
Accounts receivable
|
395
|
|
|
1,008
|
|
||
Accrued revenue
|
128
|
|
|
128
|
|
||
Investment tax credits receivable
|
148
|
|
|
246
|
|
||
Prepaid expenses and other assets
|
1,459
|
|
|
1,196
|
|
||
Total current assets
|
151,812
|
|
|
183,882
|
|
||
Long-term investments (note 2)
|
—
|
|
|
10,070
|
|
||
Property and equipment
|
14,555
|
|
|
12,912
|
|
||
Less accumulated depreciation
|
(10,469
|
)
|
|
(9,729
|
)
|
||
Property and equipment, net of accumulated depreciation
|
4,086
|
|
|
3,183
|
|
||
Intangible assets (note 3)
|
196,318
|
|
|
352,642
|
|
||
Goodwill (note 3)
|
162,514
|
|
|
162,514
|
|
||
Total assets
|
$
|
514,730
|
|
|
$
|
712,291
|
|
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities (note 5)
|
$
|
7,132
|
|
|
$
|
8,827
|
|
Deferred revenue (note 4)
|
15
|
|
|
868
|
|
||
Liability-classified options (notes 2 and 6)
|
948
|
|
|
—
|
|
||
Warrants (note 2)
|
297
|
|
|
883
|
|
||
Total current liabilities
|
8,392
|
|
|
10,578
|
|
||
Deferred revenue, net of current portion (note 4)
|
—
|
|
|
213
|
|
||
Contingent consideration (note 8)
|
8,253
|
|
|
7,497
|
|
||
Deferred tax liability
|
81,460
|
|
|
146,324
|
|
||
Total liabilities
|
98,105
|
|
|
164,612
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common shares (note 6)
|
|
|
|
|
|
||
Authorized - unlimited number with no par value
|
|
|
|
|
|
||
Issued and outstanding: 54,841,494
(December 31, 2015 - 54,570,691)
|
864,375
|
|
|
834,240
|
|
||
Additional paid-in capital
|
34,486
|
|
|
30,206
|
|
||
Deficit
|
(432,454
|
)
|
|
(266,985
|
)
|
||
Accumulated other comprehensive loss
|
(49,782
|
)
|
|
(49,782
|
)
|
||
Total stockholders' equity
|
416,625
|
|
|
547,679
|
|
||
Total liabilities and stockholders' equity
|
$
|
514,730
|
|
|
$
|
712,291
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Revenue (note 4)
|
|
|
|
|
|
|
|
||||||||
Collaborations and contracts
|
$
|
87
|
|
|
$
|
3,035
|
|
|
$
|
226
|
|
|
$
|
8,865
|
|
Licensing fees, milestone and royalty payments
|
687
|
|
|
1,030
|
|
|
1,460
|
|
|
3,322
|
|
||||
Total revenue
|
774
|
|
|
4,065
|
|
|
1,686
|
|
|
12,187
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Expenses
|
|
|
|
|
|
|
|
||||||||
Research, development, collaborations and contracts
|
15,738
|
|
|
16,354
|
|
|
44,097
|
|
|
36,601
|
|
||||
General and administrative
|
3,720
|
|
|
7,706
|
|
|
34,705
|
|
|
18,084
|
|
||||
Depreciation of property and equipment
|
291
|
|
|
153
|
|
|
760
|
|
|
420
|
|
||||
Acquisition costs
|
—
|
|
|
—
|
|
|
—
|
|
|
9,656
|
|
||||
Impairment of intangible assets (note 3)
|
—
|
|
|
37,990
|
|
|
156,324
|
|
|
37,990
|
|
||||
Total expenses
|
19,749
|
|
|
62,203
|
|
|
235,886
|
|
|
102,751
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss from operations
|
(18,975
|
)
|
|
(58,138
|
)
|
|
(234,200
|
)
|
|
(90,564
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (losses)
|
|
|
|
|
|
|
|
||||||||
Interest income
|
425
|
|
|
183
|
|
|
1,104
|
|
|
466
|
|
||||
Foreign exchange gains (losses)
|
(795
|
)
|
|
11,801
|
|
|
2,180
|
|
|
16,268
|
|
||||
Gain on disposition of financial instrument (note 4)
|
—
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
||||
Decrease in fair value of warrant liability (note 2)
|
10
|
|
|
1,976
|
|
|
339
|
|
|
2,777
|
|
||||
Increase in fair value of contingent consideration (note 8)
|
(260
|
)
|
|
—
|
|
|
(756
|
)
|
|
—
|
|
||||
Total other income (losses)
|
(620
|
)
|
|
13,960
|
|
|
3,867
|
|
|
19,511
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes
|
(19,595
|
)
|
|
(44,178
|
)
|
|
(230,333
|
)
|
|
(71,053
|
)
|
||||
Income tax benefit
|
—
|
|
|
15,196
|
|
|
64,864
|
|
|
15,196
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(19,595
|
)
|
|
$
|
(28,982
|
)
|
|
$
|
(165,469
|
)
|
|
$
|
(55,857
|
)
|
Loss per common share
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
$
|
(0.37
|
)
|
|
$
|
(0.57
|
)
|
|
$
|
(3.15
|
)
|
|
$
|
(1.28
|
)
|
Weighted average number of common shares
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
53,652,007
|
|
|
50,756,484
|
|
|
52,588,505
|
|
|
43,580,555
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive loss
|
|
|
|
|
|
|
|
||||||||
Cumulative translation adjustment
|
—
|
|
|
(10,101
|
)
|
|
—
|
|
|
(19,275
|
)
|
||||
Comprehensive loss
|
$
|
(19,595
|
)
|
|
$
|
(39,083
|
)
|
|
$
|
(165,469
|
)
|
|
$
|
(75,132
|
)
|
|
Number
of shares |
|
Share
capital |
|
Additional paid-in
capital |
|
Deficit
|
|
Accumulated other comprehensive
loss |
|
Total
stockholders' equity |
|||||||||||
December 31, 2015
|
54,570,691
|
|
|
$
|
834,240
|
|
|
$
|
30,206
|
|
|
$
|
(266,985
|
)
|
|
$
|
(49,782
|
)
|
|
$
|
547,679
|
|
Stock-based compensation
|
—
|
|
|
28,968
|
|
|
4,570
|
|
|
—
|
|
|
—
|
|
|
33,538
|
|
|||||
Reclassification of equity to liability stock option awards (notes 2 and 6)
|
—
|
|
|
—
|
|
|
(3,243
|
)
|
|
—
|
|
|
—
|
|
|
(3,243
|
)
|
|||||
Certain fair value adjustments to liability stock option awards (notes 2 and 6)
|
—
|
|
|
|
|
|
3,170
|
|
|
—
|
|
|
—
|
|
|
3,170
|
|
|||||
Issuance of common shares
pursuant to exercise of options |
100,303
|
|
|
475
|
|
|
(217
|
)
|
|
—
|
|
|
—
|
|
|
258
|
|
|||||
Issuance of common shares
pursuant to exercise of warrants |
170,500
|
|
|
692
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
692
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(165,469
|
)
|
|
—
|
|
|
(165,469
|
)
|
|||||
Balance, September 30, 2016
|
54,841,494
|
|
|
$
|
864,375
|
|
|
$
|
34,486
|
|
|
$
|
(432,454
|
)
|
|
$
|
(49,782
|
)
|
|
$
|
416,625
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
||||||||
Net loss for the period
|
$
|
(19,595
|
)
|
|
$
|
(28,982
|
)
|
|
$
|
(165,469
|
)
|
|
$
|
(55,857
|
)
|
Items not involving cash:
|
|
|
|
|
|
|
|
||||||||
Deferred income taxes
|
—
|
|
|
(15,196
|
)
|
|
(64,864
|
)
|
|
(15,196
|
)
|
||||
Depreciation of property and equipment
|
291
|
|
|
153
|
|
|
760
|
|
|
420
|
|
||||
Stock-based compensation - research, development,
collaborations and contract expenses |
2,759
|
|
|
2,671
|
|
|
8,225
|
|
|
5,376
|
|
||||
Stock-based compensation - general and administrative
expenses |
1,695
|
|
|
4,832
|
|
|
26,253
|
|
|
9,357
|
|
||||
Unrealized foreign exchange (gains) losses
|
826
|
|
|
(11,790
|
)
|
|
(2,130
|
)
|
|
(16,208
|
)
|
||||
Change in fair value of warrant liability
|
(10
|
)
|
|
(1,976
|
)
|
|
(339
|
)
|
|
(2,777
|
)
|
||||
Change in fair value of contingent consideration
|
260
|
|
|
—
|
|
|
756
|
|
|
—
|
|
||||
Impairment of intangible assets (note 3)
|
—
|
|
|
37,990
|
|
|
156,324
|
|
|
37,990
|
|
||||
Net change in non-cash operating items:
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
61
|
|
|
4,047
|
|
|
613
|
|
|
(577
|
)
|
||||
Accrued revenue
|
—
|
|
|
(164
|
)
|
|
—
|
|
|
14
|
|
||||
Investment tax credits receivable
|
—
|
|
|
—
|
|
|
98
|
|
|
—
|
|
||||
Prepaid expenses and other assets
|
584
|
|
|
469
|
|
|
(263
|
)
|
|
171
|
|
||||
Accounts payable and accrued liabilities
|
(887
|
)
|
|
2,408
|
|
|
(1,961
|
)
|
|
(2,935
|
)
|
||||
Deferred revenue
|
(696
|
)
|
|
3,011
|
|
|
(1,066
|
)
|
|
2,054
|
|
||||
Net cash used in operating activities
|
(14,712
|
)
|
|
(2,527
|
)
|
|
(43,063
|
)
|
|
(38,168
|
)
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
||||||||
Disposition (acquisition) of short and long-term investments, net
|
(712
|
)
|
|
(17,144
|
)
|
|
(98,457
|
)
|
|
10,275
|
|
||||
Cash acquired through acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
324
|
|
||||
Acquisition of property and equipment
|
(168
|
)
|
|
(589
|
)
|
|
(1,397
|
)
|
|
(1,113
|
)
|
||||
Net cash provided by (used) in investing activities
|
(880
|
)
|
|
(17,733
|
)
|
|
(99,854
|
)
|
|
9,486
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
||||||||
Proceeds from issuance of common shares, net of issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
142,177
|
|
||||
Issuance of common shares pursuant to exercise of options
|
76
|
|
|
116
|
|
|
192
|
|
|
1,675
|
|
||||
Issuance of common shares pursuant to exercise of warrants
|
—
|
|
|
—
|
|
|
445
|
|
|
43
|
|
||||
Net cash provided by financing activities
|
76
|
|
|
116
|
|
|
637
|
|
|
143,895
|
|
||||
Effect of foreign exchange rate changes on cash and
cash equivalents |
(824
|
)
|
|
(5,972
|
)
|
|
2,131
|
|
|
(6,311
|
)
|
||||
(Decrease) Increase in cash and cash equivalents
|
(16,340
|
)
|
|
(26,116
|
)
|
|
(140,149
|
)
|
|
108,902
|
|
||||
Cash and cash equivalents, beginning of period
|
42,970
|
|
|
207,205
|
|
|
166,779
|
|
|
72,187
|
|
||||
Cash and cash equivalents, end of period
|
$
|
26,630
|
|
|
$
|
181,089
|
|
|
$
|
26,630
|
|
|
$
|
181,089
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
|
||||||||
Non-cash transactions:
|
|
|
|
|
|
|
|
||||||||
Investment tax credit received
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
24
|
|
||
Acquisition of Arbutus Inc. excluding cash acquired
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
381,618
|
|
||
Acquired property and equipment in trade payables
|
(266
|
)
|
|
—
|
|
|
$
|
(266
|
)
|
|
—
|
|
•
|
Level 1 inputs are quoted market prices for identical instruments available in active markets.
|
•
|
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets.
|
•
|
Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assumptions about market assumptions that would be used to price the asset or liability.
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
September 30, 2016
|
|
|||
Assets
|
|
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
26,630
|
|
|
—
|
|
|
—
|
|
|
$
|
26,630
|
|
|
Short-term investments
|
123,052
|
|
|
—
|
|
|
—
|
|
|
123,052
|
|
|||
Total
|
$
|
149,682
|
|
|
—
|
|
|
—
|
|
|
$
|
149,682
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|||||||
Liability-classified options
|
—
|
|
|
—
|
|
|
$
|
948
|
|
|
$
|
948
|
|
|
Warrants
|
—
|
|
|
—
|
|
|
297
|
|
|
297
|
|
|||
Contingent consideration
|
—
|
|
|
—
|
|
|
8,253
|
|
|
8,253
|
|
|||
Total
|
—
|
|
|
—
|
|
|
$
|
9,498
|
|
|
$
|
9,498
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
December 31, 2015
|
|
|||
Assets
|
|
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
166,779
|
|
|
—
|
|
|
—
|
|
|
$
|
166,779
|
|
|
Short-term investments
|
14,525
|
|
|
—
|
|
|
—
|
|
|
14,525
|
|
|||
Term deposit
|
10,070
|
|
|
—
|
|
|
—
|
|
|
10,070
|
|
|||
Total
|
$
|
191,374
|
|
|
—
|
|
|
—
|
|
|
$
|
191,374
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|||||||
Warrants
|
—
|
|
|
—
|
|
|
$
|
883
|
|
|
$
|
883
|
|
|
Contingent consideration
|
—
|
|
|
—
|
|
|
7,497
|
|
|
7,497
|
|
|||
Total
|
—
|
|
|
—
|
|
|
$
|
8,380
|
|
|
$
|
8,380
|
|
|
Liability at beginning of the period
|
|
Fair value of warrants exercised in the period
|
|
Increase (decrease) in fair value of warrants
|
|
Foreign exchange (gain) loss
|
|
Liability at end of the period
|
||||||||||
Nine months ended September 30, 2015
|
$
|
5,099
|
|
|
$
|
(334
|
)
|
|
$
|
(2,777
|
)
|
|
$
|
(493
|
)
|
|
$
|
1,495
|
|
Nine months ended September 30, 2016
|
$
|
883
|
|
|
$
|
(247
|
)
|
|
$
|
(339
|
)
|
|
$
|
—
|
|
|
$
|
297
|
|
|
September 30, 2016
|
|
|
December 31, 2015
|
|
||
Dividend yield
|
—
|
%
|
|
—
|
%
|
||
Expected volatility
|
49.69
|
%
|
|
49.07
|
%
|
||
Risk-free interest rate
|
0.51
|
%
|
|
0.48
|
%
|
||
Expected average term
|
0.4 years
|
|
|
0.6 years
|
|
||
Fair value of warrants outstanding
|
$
|
1.48
|
|
|
$
|
2.33
|
|
Aggregate fair value of warrants outstanding
|
$
|
297
|
|
|
$
|
883
|
|
Number of warrants outstanding
|
201,000
|
|
|
379,500
|
|
|
Liability at beginning of the period
1
|
|
Increase in fair value of Contingent Consideration
|
|
Liability at end of the period
|
||||||
Nine months ended September 30, 2015
|
$
|
4,736
|
|
|
$
|
1,929
|
|
|
$
|
6,665
|
|
Nine months ended September 30, 2016
|
$
|
7,497
|
|
|
$
|
756
|
|
|
$
|
8,253
|
|
1.
|
Contingent consideration was assumed by the Company as part of its acquisition of Arbutus Inc. As such, the beginning balance for the nine-months ended September 30, 2015 was the fair value as at the acquisition date of March 4, 2015. The beginning balance for the nine-months ended September 30, 2016 was the fair value as at December 31, 2015.
|
|
September 30, 2016
|
|
December 31, 2015
|
|
||
IPR&D – Immune Modulators
|
73,243
|
|
183,103
|
|
||
IPR&D – Antigen Inhibitors
|
36,437
|
|
36,437
|
|
||
IPR&D – cccDNA Sterilizers
|
86,638
|
|
133,102
|
|
||
Total IPR&D
|
$
|
196,318
|
|
$
|
352,642
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
||||
Collaborations and contracts
|
|
|
|
|
|
|
|
||||||||
DoD (a)
|
$
|
—
|
|
|
$
|
2,002
|
|
|
—
|
|
|
$
|
6,909
|
|
|
Monsanto (b)
|
—
|
|
|
309
|
|
|
—
|
|
|
826
|
|
||||
Dicerna (c)
|
87
|
|
|
724
|
|
|
226
|
|
|
1,130
|
|
||||
Total research and development collaborations and contracts
|
87
|
|
|
3,035
|
|
|
226
|
|
|
8,865
|
|
||||
Licensing fees, milestone and royalty payments
|
|
|
|
|
|
|
|
||||||||
Monsanto licensing fees and milestone payments (b)
|
—
|
|
|
727
|
|
|
—
|
|
|
2,374
|
|
||||
Dicerna licensing fee (c)
|
640
|
|
|
263
|
|
|
1,066
|
|
|
789
|
|
||||
Other milestone and royalty payments (d)
|
47
|
|
|
40
|
|
|
394
|
|
|
159
|
|
||||
Total licensing fees, milestone and royalty payments
|
687
|
|
|
1,030
|
|
|
1,460
|
|
|
3,322
|
|
||||
Total revenue
|
$
|
774
|
|
|
$
|
4,065
|
|
|
$
|
1,686
|
|
|
$
|
12,187
|
|
|
September 30, 2016
|
|
|
December 31, 2015
|
|
||
DoD (a)
|
$
|
15
|
|
|
$
|
15
|
|
Dicerna current portion (c)
|
—
|
|
|
853
|
|
||
Deferred revenue, current portion
|
15
|
|
|
868
|
|
||
Dicerna long-term portion (c)
|
—
|
|
|
213
|
|
||
Total deferred revenue
|
$
|
15
|
|
|
$
|
1,081
|
|
|
September 30, 2016
|
|
|
December 31, 2015
|
|
||
Trade accounts payable
|
$
|
2,071
|
|
|
$
|
2,610
|
|
Research and development accruals
|
2,568
|
|
|
2,358
|
|
||
Professional fee accruals
|
264
|
|
|
640
|
|
||
Deferred lease inducements
|
244
|
|
|
297
|
|
||
Payroll accruals
|
1,252
|
|
|
2,331
|
|
||
Other accrued liabilities
|
733
|
|
|
591
|
|
||
|
$
|
7,132
|
|
|
$
|
8,827
|
|
|
September 30,
|
|
January 1,
|
||||
|
2016
|
|
2016
|
||||
Dividend yield
|
—
|
%
|
|
—
|
%
|
||
Expected volatility
|
70.56
|
%
|
|
97.78
|
%
|
||
Risk-free interest rate
|
0.66
|
%
|
|
0.86
|
%
|
||
Expected average term (years)
|
3.9
|
|
|
5.3
|
|
||
Fair value of options outstanding
|
$
|
1.52
|
|
|
$
|
3.33
|
|
Aggregate fair value of options outstanding (in thousands)
|
$
|
948
|
|
|
$
|
1,909
|
|
Number of options outstanding
|
639,500
|
|
|
718,333
|
|
|
Number of
optioned
common shares
|
|
|
Weighted
average exercise
price (C$)
|
|
|
Weighted
average exercise
price (US$)
|
|
|
Aggregate
intrinsic
value (US$)
|
|
|||
Balance, January 1, 2016
|
718,333
|
|
|
$
|
7.24
|
|
|
$
|
5.23
|
|
|
$
|
604
|
|
Options exercised
|
(30,000
|
)
|
|
3.00
|
|
|
2.29
|
|
|
35
|
|
|||
Options forfeited, canceled or expired
|
(48,833
|
)
|
|
8.19
|
|
|
6.24
|
|
|
—
|
|
|||
Balance, September 30, 2016
|
639,500
|
|
|
$
|
7.36
|
|
|
$
|
5.61
|
|
|
$
|
251
|
|
|
|
Options outstanding September 30, 2016
|
|
Options exercisable September 30, 2016
|
||||||||||||||||
Range of
Exercise prices (US$)
|
|
Number
of options
outstanding
|
|
|
Weighted
average
remaining
contractual
life (years)
|
|
Weighted
average
exercise
price (US$)
|
|
|
Number
of options
exercisable
|
|
|
Weighted
average
exercise
price (US$)
|
|
||||||
$1.30
|
|
to
|
|
$1.83
|
|
120,000
|
|
|
4.3
|
|
$
|
1.52
|
|
|
120,000
|
|
|
$
|
1.52
|
|
$2.94
|
|
to
|
|
$3.93
|
|
120,000
|
|
|
4.2
|
|
3.50
|
|
|
120,000
|
|
|
3.50
|
|
||
$4.06
|
|
to
|
|
$4.38
|
|
74,000
|
|
|
5.9
|
|
4.32
|
|
|
74,000
|
|
|
4.32
|
|
||
$4.96
|
|
to
|
|
$6.33
|
|
76,250
|
|
|
5.6
|
|
5.97
|
|
|
76,250
|
|
|
5.97
|
|
||
$6.95
|
|
to
|
|
$6.95
|
|
150,000
|
|
|
7.0
|
|
6.95
|
|
|
112,500
|
|
|
6.95
|
|
||
$9.55
|
|
to
|
|
$12.50
|
|
99,250
|
|
|
7.4
|
|
11.79
|
|
|
83,500
|
|
|
11.71
|
|
||
$1.30
|
|
to
|
|
$12.50
|
|
639,500
|
|
|
5.8
|
|
$
|
5.61
|
|
|
586,250
|
|
|
$
|
5.35
|
|
|
Number of
optioned
common shares
|
|
|
Weighted
average
fair value (US$)
|
|
|
Non-vested at January 1, 2016
|
134,000
|
|
|
$
|
3.61
|
|
Options vested
|
(55,750
|
)
|
|
0.72
|
|
|
Non-vested options forfeited
|
(25,000
|
)
|
|
0.16
|
|
|
Non-vested at September 30, 2016
|
53,250
|
|
|
$
|
1.77
|
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
||||||||||||||||
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Collaborations and contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
DoD
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
2.0
|
|
|
$
|
1.9
|
|
|
$
|
3.0
|
|
|
$
|
2.8
|
|
Monsanto
|
—
|
|
|
—
|
|
|
—
|
|
|
3.9
|
|
|
0.3
|
|
|
0.3
|
|
|
0.2
|
|
|
0.3
|
|
||||||||
Dicerna
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.7
|
|
|
0.7
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
||||||||
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
4.5
|
|
|
3.0
|
|
|
2.4
|
|
|
3.4
|
|
|
3.4
|
|
||||||||
Monsanto licensing fees and milestone payments
|
—
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
|
0.7
|
|
|
0.8
|
|
|
0.8
|
|
|
0.9
|
|
||||||||
Dicerna licensing fee
|
0.6
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.1
|
|
||||||||
Other milestone and royalty payments
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
||||||||
Total revenue
|
0.7
|
|
|
0.3
|
|
|
0.6
|
|
|
12.7
|
|
|
4.1
|
|
|
3.6
|
|
|
4.6
|
|
|
4.4
|
|
||||||||
Expenses
|
(19.7
|
)
|
|
(195.6
|
)
|
|
(20.6
|
)
|
|
(24.4
|
)
|
|
(62.2
|
)
|
|
(17.9
|
)
|
|
(22.7
|
)
|
|
(15.6
|
)
|
||||||||
Other income (losses)
|
(0.6
|
)
|
|
0.4
|
|
|
4.1
|
|
|
5.5
|
|
|
14.0
|
|
|
(0.5
|
)
|
|
6.0
|
|
|
5.0
|
|
||||||||
Loss before income taxes
|
(19.6
|
)
|
|
(194.9
|
)
|
|
(15.9
|
)
|
|
(6.2
|
)
|
|
(44.2
|
)
|
|
(14.8
|
)
|
|
(12.1
|
)
|
|
(6.2
|
)
|
||||||||
Income tax benefit
|
—
|
|
|
64.9
|
|
|
—
|
|
|
1.0
|
|
|
15.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net loss
|
(19.6
|
)
|
|
(130.0
|
)
|
|
(15.9
|
)
|
|
(5.2
|
)
|
|
(29.0
|
)
|
|
(14.8
|
)
|
|
(12.1
|
)
|
|
(6.2
|
)
|
||||||||
Basic and diluted net loss
per share
|
$
|
(0.37
|
)
|
|
$
|
(2.47
|
)
|
|
$
|
(0.31
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.57
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(0.27
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Total revenue
|
$
|
774
|
|
|
$
|
4,065
|
|
|
$
|
1,686
|
|
|
$
|
12,187
|
|
Operating expenses
|
19,749
|
|
|
62,203
|
|
|
235,886
|
|
|
102,751
|
|
||||
Loss from operations
|
(18,975
|
)
|
|
(58,138
|
)
|
|
(234,200
|
)
|
|
(90,564
|
)
|
||||
Net loss
|
$
|
(19,595
|
)
|
|
$
|
(28,982
|
)
|
|
$
|
(165,469
|
)
|
|
$
|
(55,857
|
)
|
Basic and diluted loss per share
|
(0.37
|
)
|
|
(0.57
|
)
|
|
(3.15
|
)
|
|
(1.28
|
)
|
|
Three months ended September 30,
|
||||||||||||
|
2016
|
|
% of Total
|
|
2015
|
|
% of Total
|
||||||
DoD
|
$
|
—
|
|
|
—
|
%
|
|
$
|
2,002
|
|
|
49
|
%
|
Monsanto
|
—
|
|
|
—
|
%
|
|
309
|
|
|
8
|
%
|
||
Dicerna
|
87
|
|
|
11
|
%
|
|
724
|
|
|
18
|
%
|
||
Total collaborations and contracts revenue
|
87
|
|
|
11
|
%
|
|
3,035
|
|
|
75
|
%
|
||
Monsanto licensing fee and milestone payments
|
—
|
|
|
—
|
%
|
|
727
|
|
|
18
|
%
|
||
Dicerna licensing fee
|
640
|
|
|
83
|
%
|
|
263
|
|
|
6
|
%
|
||
Other milestone and royalty payments
|
47
|
|
|
6
|
%
|
|
40
|
|
|
1
|
%
|
||
Total revenue
|
$
|
774
|
|
|
|
|
$
|
4,065
|
|
|
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
% of Total
|
|
2015
|
|
% of Total
|
||||||
DoD
|
$
|
—
|
|
|
—
|
%
|
|
$
|
6,909
|
|
|
57
|
%
|
Monsanto
|
—
|
|
|
—
|
%
|
|
826
|
|
|
7
|
%
|
||
Dicerna
|
226
|
|
|
13
|
%
|
|
1,130
|
|
|
9
|
%
|
||
Total collaborations and contracts revenue
|
226
|
|
|
13
|
%
|
|
8,865
|
|
|
73
|
%
|
||
Monsanto licensing fee and milestone payments
|
—
|
|
|
—
|
%
|
|
2,374
|
|
|
19
|
%
|
||
Dicerna licensing fee
|
1,066
|
|
|
63
|
%
|
|
789
|
|
|
6
|
%
|
||
Other milestone and royalty payments
|
394
|
|
|
23
|
%
|
|
159
|
|
|
1
|
%
|
||
Total revenue
|
$
|
1,686
|
|
|
|
|
$
|
12,187
|
|
|
|
|
Three months ended September 30,
|
||||||||||||
|
2016
|
|
% of Total
|
|
2015
|
|
% of Total
|
||||||
Research, development, collaborations and contracts
|
$
|
15,738
|
|
|
80
|
%
|
|
$
|
16,354
|
|
|
26
|
%
|
General and administrative
|
3,720
|
|
|
19
|
%
|
|
7,706
|
|
|
12
|
%
|
||
Depreciation
|
291
|
|
|
1
|
%
|
|
153
|
|
|
—
|
%
|
||
Acquisition costs
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
||
Impairment of intangible assets
|
—
|
|
|
—
|
%
|
|
$
|
37,990
|
|
|
61
|
%
|
|
Total operating expenses
|
$
|
19,749
|
|
|
|
|
$
|
62,203
|
|
|
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
% of Total
|
|
2015
|
|
% of Total
|
||||||
Research, development, collaborations and contracts
|
$
|
44,097
|
|
|
19
|
%
|
|
$
|
36,601
|
|
|
36
|
%
|
General and administrative
|
34,705
|
|
|
15
|
%
|
|
18,084
|
|
|
18
|
%
|
||
Depreciation
|
760
|
|
|
—
|
%
|
|
420
|
|
|
—
|
%
|
||
Acquisition costs
|
—
|
|
|
—
|
%
|
|
9,656
|
|
|
9
|
%
|
||
Impairment of intangible assets
|
156,324
|
|
|
66
|
%
|
|
37,990
|
|
|
37
|
%
|
||
Total operating expenses
|
$
|
235,886
|
|
|
|
|
$
|
102,751
|
|
|
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
||||||||||||||
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
||||||||||||||
Research and development
|
$
|
1.5
|
|
|
$
|
1.5
|
|
|
$
|
1.5
|
|
|
$
|
1.5
|
|
|
$
|
1.4
|
|
|
$
|
1.0
|
|
|
$
|
0.3
|
|
General and administrative
|
1.5
|
|
|
18.5
|
|
|
4.5
|
|
|
4.5
|
|
|
4.3
|
|
|
3.1
|
|
|
0.9
|
|
|||||||
Total non-cash compensation for repurchase rights expiration
|
$
|
3.0
|
|
|
$
|
20.0
|
|
|
$
|
6.0
|
|
|
$
|
6.0
|
|
|
$
|
5.7
|
|
|
$
|
4.1
|
|
|
$
|
1.2
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Interest income
|
$
|
425
|
|
|
$
|
183
|
|
|
$
|
1,104
|
|
|
$
|
466
|
|
Foreign exchange gains (losses)
|
(795
|
)
|
|
11,801
|
|
|
2,180
|
|
|
16,268
|
|
||||
Gain on disposition of financial instrument
|
—
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
||||
Decrease in fair value of warrant liability
|
10
|
|
|
1,976
|
|
|
339
|
|
|
2,777
|
|
||||
Increase in fair value of contingent consideration
|
(260
|
)
|
|
—
|
|
|
(756
|
)
|
|
—
|
|
||||
Total other income (losses)
|
$
|
(620
|
)
|
|
$
|
13,960
|
|
|
$
|
3,867
|
|
|
$
|
19,511
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net loss for the period
|
$
|
(19,595
|
)
|
|
$
|
(28,982
|
)
|
|
$
|
(165,469
|
)
|
|
$
|
(55,857
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities
|
5,821
|
|
|
16,684
|
|
|
124,985
|
|
|
18,962
|
|
||||
Changes in operating assets and liabilities
|
(938
|
)
|
|
9,771
|
|
|
(2,579
|
)
|
|
(1,273
|
)
|
||||
Net cash used in operating activities
|
(14,712
|
)
|
|
(2,527
|
)
|
|
(43,063
|
)
|
|
(38,168
|
)
|
||||
Net cash provided by (used in) investing activities
|
(880
|
)
|
|
(17,733
|
)
|
|
(99,854
|
)
|
|
9,486
|
|
||||
Net cash provided by financing activities
|
76
|
|
|
116
|
|
|
637
|
|
|
143,895
|
|
||||
Effect of foreign exchange rate changes on cash & cash equivalents
|
(824
|
)
|
|
(5,972
|
)
|
|
2,131
|
|
|
(6,311
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(16,340
|
)
|
|
(26,116
|
)
|
|
(140,149
|
)
|
|
108,902
|
|
||||
Cash and cash equivalents, beginning of period
|
42,970
|
|
|
207,205
|
|
|
166,779
|
|
|
72,187
|
|
||||
Cash and cash equivalents, end of period
|
26,630
|
|
|
181,089
|
|
|
26,630
|
|
|
181,089
|
|
•
|
revenues earned from our legacy collaborative partnerships and licensing agreements, including milestone payments from Alnylam and royalties from sales of Marqibo from Spectrum;
|
•
|
the extent to which we continue the development of our product candidates, add new product candidates to our pipeline, or form collaborative relationships to advance our products;
|
•
|
our decisions to in-license or acquire additional products or technology for development, in particular for our HBV therapeutics programs;
|
•
|
our ability to attract and retain corporate partners, and their effectiveness in carrying out the development and ultimate commercialization of our product candidates;
|
•
|
whether batches of drugs that we manufacture fail to meet specifications resulting in delays and investigational and remanufacturing costs;
|
•
|
the decisions, and the timing of decisions, made by health regulatory agencies regarding our technology and products;
|
•
|
competing technological and market developments; and
|
•
|
costs associated with prosecuting and enforcing our patent claims and other intellectual property rights, including litigation and arbitration arising in the course of our business activities.
|
(in millions)
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
Less
than 1 year
|
|
1 – 3
years
|
|
3 – 5
years
|
|
More than
5 years
|
||||||||||
Contractual Obligations
|
|
|
|
|
|
|
|
|
|
||||||||||
Facility lease
|
$
|
9.5
|
|
|
$
|
1.3
|
|
|
$
|
3.6
|
|
|
$
|
1.4
|
|
|
$
|
3.3
|
|
|
TEKMIRA PHARMACEUTICALS CORPORATION
|
|
|
|
|
|
By:
|
/s/ Mark Murray
|
|
|
Mark Murray
|
|
|
President and Chief Executive Officer
|
Number
|
Description
|
|
|
10.1*†
|
Lease Agreement between Arbutus Biopharma, Inc. and ARE-PA Region No. 7, LLC dated August 9, 2016
|
|
|
10.2*†
|
First Amendment to Lease Agreement between Arbutus Biopharma, Inc. and ARE-PA Region No. 7, LLC dated October 7, 2016
|
|
|
10.3*
|
Acknowledgment of Commencement Date in connection with Lease Agreement between Arbutus Biopharma, Inc. and ARE-PA Region No. 7, LLC dated August 9, 2016 and as amended on October, 7, 2016
|
|
|
10.4*±
|
Termination and Severance Agreement between Arbutus Biopharma Corporation and Mark Kowalski, dated September 30, 2016
|
|
|
10.5*±
|
Termination and Severance Agreement between Arbutus Biopharma Corporation and Michael Abrams, dated September 30, 2016
|
|
|
31.1*
|
Certification of Chief Executive Officer pursuant to Rule 13a14 or 15d14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the SarbanesOxley Act of 2002
|
|
|
31.2*
|
Certification of Chief Financial Officer pursuant to Rule 13a14 or 15d14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the SarbanesOxley Act of 2002
|
|
|
32.1*
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the SarbanesOxley Act of 2002
|
|
|
32.2*
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the SarbanesOxley Act of 2002
|
|
|
101
|
Interactive Data Files
|
1 Year Arbutus Biopharma Chart |
1 Month Arbutus Biopharma Chart |
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