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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 | 2.50 | 3.35 | 2.85 | 2.70 | 2.71 | 683,613 | 05:00:00 |
British Columbia, Canada
|
|
98-0597776
|
(State or Other Jurisdiction of
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
Identification No.)
|
Large accelerated filer [ ]
|
Accelerated filer [X]
|
Non-accelerated filer [ ]
|
Smaller reporting company [X]
|
Emerging growth company [ ]
|
|
|
Page
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents (note 2)
|
$
|
21,933
|
|
|
$
|
54,292
|
|
Short-term investments (note 2)
|
120,085
|
|
|
72,060
|
|
||
Accounts receivable
|
538
|
|
|
402
|
|
||
Accrued revenue
|
—
|
|
|
128
|
|
||
Investment tax credits receivable
|
342
|
|
|
340
|
|
||
Prepaid expenses and other assets
|
1,127
|
|
|
2,144
|
|
||
Total current assets
|
144,025
|
|
|
129,366
|
|
||
Restricted investment (note 2)
|
—
|
|
|
12,601
|
|
||
Investment in Genevant (note 3)
|
24,665
|
|
|
—
|
|
||
Property and equipment
|
16,813
|
|
|
24,854
|
|
||
Less accumulated depreciation
|
(6,392
|
)
|
|
(12,671
|
)
|
||
Property and equipment, net of accumulated depreciation
|
10,421
|
|
|
12,183
|
|
||
Intangible assets (note 4)
|
43,836
|
|
|
58,647
|
|
||
Goodwill (note 4)
|
22,471
|
|
|
24,364
|
|
||
Total assets
|
$
|
245,418
|
|
|
$
|
237,161
|
|
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities (note 7)
|
$
|
8,511
|
|
|
$
|
10,646
|
|
Deferred revenue (note 5)
|
649
|
|
|
2,742
|
|
||
Liability-classified options (note 2)
|
2,738
|
|
|
1,239
|
|
||
Site consolidation accrual (note 9)
|
770
|
|
|
—
|
|
||
Total current liabilities
|
12,668
|
|
|
14,627
|
|
||
Deferred lease incentives, net of current portion
|
656
|
|
|
693
|
|
||
Loan payable (note 8)
|
—
|
|
|
12,001
|
|
||
Contingent consideration (notes 2 and 10)
|
4,161
|
|
|
10,424
|
|
||
Deferred tax liability (note 4)
|
12,661
|
|
|
16,943
|
|
||
Total liabilities
|
30,146
|
|
|
54,688
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred shares (note 6)
|
|
|
|
||||
Authorized - 1,164,000 with no par value
|
|
|
|
||||
Issued and outstanding: 1,164,000 (December 31, 2017 - 500,000)
|
123,489
|
|
|
49,780
|
|
||
Common shares
|
|
|
|
|
|
||
Authorized - unlimited number with no par value
|
|
|
|
|
|
||
Issued and outstanding: 55,472,319
(December 31, 2017 - 55,060,662)
|
878,805
|
|
|
876,108
|
|
||
Additional paid-in capital
|
45,500
|
|
|
42,840
|
|
||
Deficit
|
(784,325
|
)
|
|
(738,070
|
)
|
||
Accumulated other comprehensive loss
|
(48,197
|
)
|
|
(48,185
|
)
|
||
Total stockholders' equity
|
215,272
|
|
|
182,473
|
|
||
Total liabilities and stockholders' equity
|
$
|
245,418
|
|
|
$
|
237,161
|
|
|
Three months ended
|
Nine months ended
|
||||||||||||
|
September 30,
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
2018
|
|
2017
|
||||||||
Revenue (note 5)
|
$
|
1,587
|
|
|
$
|
6,892
|
|
$
|
4,267
|
|
|
$
|
8,166
|
|
|
|
|
|
|
|
|
||||||||
Expenses
|
|
|
|
|
|
|
||||||||
Research, development, collaborations and contracts
|
16,566
|
|
|
15,537
|
|
46,871
|
|
|
44,854
|
|
||||
General and administrative
|
2,631
|
|
|
3,659
|
|
10,075
|
|
|
12,586
|
|
||||
Depreciation of property and equipment
|
497
|
|
|
593
|
|
1,677
|
|
|
1,407
|
|
||||
Site consolidation (note 9)
|
(492
|
)
|
|
—
|
|
3,710
|
|
|
—
|
|
||||
Impairment of intangible assets (note 4)
|
14,811
|
|
|
—
|
|
14,811
|
|
|
—
|
|
||||
Total expenses
|
34,013
|
|
|
19,789
|
|
77,144
|
|
|
58,847
|
|
||||
|
|
|
|
|
|
|
||||||||
Loss from operations
|
(32,426
|
)
|
|
(12,897
|
)
|
(72,877
|
)
|
|
(50,681
|
)
|
||||
|
|
|
|
|
|
|
||||||||
Other income (loss)
|
|
|
|
|
|
|
||||||||
Interest income
|
756
|
|
|
337
|
|
2,319
|
|
|
1,095
|
|
||||
Interest expense
|
—
|
|
|
(76
|
)
|
(104
|
)
|
|
(186
|
)
|
||||
Foreign exchange (loss) gain
|
145
|
|
|
1,233
|
|
(740
|
)
|
|
2,458
|
|
||||
Gain on investment (note 3)
|
—
|
|
|
—
|
|
24,884
|
|
|
—
|
|
||||
Equity investment loss (note 3)
|
(2,838
|
)
|
|
—
|
|
(2,838
|
)
|
|
—
|
|
||||
Increase in fair value of warrant liability
|
—
|
|
|
—
|
|
—
|
|
|
(22
|
)
|
||||
Decrease (increase) in fair value of contingent consideration (notes 2 and 10)
|
5,608
|
|
|
(197
|
)
|
6,263
|
|
|
(1,146
|
)
|
||||
Total other income
|
3,671
|
|
|
1,297
|
|
29,784
|
|
|
2,199
|
|
||||
|
|
|
|
|
|
|
||||||||
Net (loss) before income taxes
|
$
|
(28,755
|
)
|
|
$
|
(11,600
|
)
|
$
|
(43,093
|
)
|
|
$
|
(48,482
|
)
|
|
|
|
|
|
|
|
||||||||
Income tax benefit (note 4)
|
4,282
|
|
|
—
|
|
4,282
|
|
|
—
|
|
||||
Net (loss)
|
$
|
(24,473
|
)
|
|
$
|
(11,600
|
)
|
$
|
(38,811
|
)
|
|
$
|
(48,482
|
)
|
Items applicable to preferred shares:
|
|
|
|
|
|
|
||||||||
Accrual of coupon on convertible preferred shares
|
(2,567
|
)
|
|
—
|
|
(7,444
|
)
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
||||||||
Net (loss) attributable to common shares
|
$
|
(27,040
|
)
|
|
$
|
(11,600
|
)
|
$
|
(46,255
|
)
|
|
$
|
(48,482
|
)
|
|
|
|
|
|
|
|
||||||||
Net (loss) attributable to common shareholders, per share (note 2)
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
$
|
(0.49
|
)
|
|
$
|
(0.21
|
)
|
$
|
(0.84
|
)
|
|
$
|
(0.89
|
)
|
Weighted average number of common shares
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
55,421,504
|
|
|
54,877,103
|
|
55,241,284
|
|
|
54,612,081
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
$
|
(24,473
|
)
|
|
$
|
(11,600
|
)
|
|
$
|
(38,811
|
)
|
|
$
|
(48,482
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Share of other comprehensive loss of equity method investment (note 3)
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
||||
Comprehensive loss
|
$
|
(24,485
|
)
|
|
$
|
(11,600
|
)
|
|
$
|
(38,823
|
)
|
|
$
|
(48,482
|
)
|
|
|
|
|
|
|
|
|
|
Convertible Preferred Shares
|
Common Shares
|
|
|
|
|
||||||||||||||||
|
Number
of shares
|
Share
capital
|
Number
of shares |
Share
capital |
Additional paid-in
capital |
Deficit
|
Accumulated other comprehen-
sive loss |
Total
stockholders' equity |
||||||||||||||
December 31, 2017
|
500,000
|
|
$
|
49,780
|
|
55,060,662
|
|
$
|
876,108
|
|
$
|
42,840
|
|
$
|
(738,070
|
)
|
$
|
(48,185
|
)
|
$
|
182,473
|
|
Issuance of Preferred Shares, net of issuance cost of $135
|
664,000
|
|
66,265
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
66,265
|
|
||||||
Accretion of coupon on Preferred Shares
|
|
|
2,336
|
|
—
|
|
—
|
|
—
|
|
(2,336
|
)
|
—
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
1,510
|
|
—
|
|
—
|
|
1,510
|
|
||||||
Certain fair value adjustments to liability stock option awards
|
—
|
|
—
|
|
—
|
|
—
|
|
(504
|
)
|
—
|
|
—
|
|
(504
|
)
|
||||||
Issuance of common shares pursuant to exercise of options
|
—
|
|
—
|
|
26,541
|
|
180
|
|
(77
|
)
|
—
|
|
—
|
|
103
|
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(17,429
|
)
|
—
|
|
(17,429
|
)
|
||||||
Balance, March 31, 2018
|
1,164,000
|
|
$
|
118,381
|
|
55,087,203
|
|
$
|
876,288
|
|
$
|
43,769
|
|
$
|
(757,835
|
)
|
$
|
(48,185
|
)
|
$
|
232,418
|
|
Accretion of coupon on Preferred Shares
|
—
|
|
2,541
|
|
—
|
|
—
|
|
—
|
|
(2,541
|
)
|
—
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
1,862
|
|
—
|
|
—
|
|
1,862
|
|
||||||
Certain fair value adjustments to liability stock option awards
|
—
|
|
—
|
|
—
|
|
—
|
|
(34
|
)
|
—
|
|
—
|
|
(34
|
)
|
||||||
Issuance of common shares pursuant to exercise of options
|
—
|
|
—
|
|
238,059
|
|
1,903
|
|
(1,168
|
)
|
—
|
|
—
|
|
735
|
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,091
|
|
—
|
|
3,091
|
|
||||||
Balance, June 30, 2018
|
1,164,000
|
|
$
|
120,922
|
|
55,325,250
|
|
$
|
878,191
|
|
$
|
44,429
|
|
$
|
(757,285
|
)
|
$
|
(48,185
|
)
|
$
|
238,072
|
|
Accretion of coupon on Preferred Shares
|
—
|
|
2,567
|
|
—
|
|
—
|
|
—
|
|
(2,567
|
)
|
—
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
1,658
|
|
—
|
|
—
|
|
1,658
|
|
||||||
Certain fair value adjustments to liability stock option awards
|
—
|
|
—
|
|
—
|
|
—
|
|
(407
|
)
|
—
|
|
—
|
|
(407
|
)
|
||||||
Issuance of common shares pursuant to exercise of options
|
—
|
|
—
|
|
147,069
|
|
614
|
|
(180
|
)
|
—
|
|
—
|
|
434
|
|
||||||
Other comprehensive income (loss) - currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12
|
)
|
(12
|
)
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24,473
|
)
|
—
|
|
(24,473
|
)
|
||||||
Balance, September 30, 2018
|
1,164,000
|
|
$
|
123,489
|
|
55,472,319
|
|
$
|
878,805
|
|
$
|
45,500
|
|
$
|
(784,325
|
)
|
$
|
(48,197
|
)
|
$
|
215,272
|
|
|
Three months ended
|
Nine months ended
|
||||||||||||
|
September 30,
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
2018
|
|
2017
|
||||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||||
Net (loss) for the period
|
$
|
(24,473
|
)
|
|
$
|
(11,600
|
)
|
$
|
(38,811
|
)
|
|
$
|
(48,482
|
)
|
Items not involving cash:
|
|
|
|
|
|
|
||||||||
Deferred income tax benefit
|
(4,282
|
)
|
|
—
|
|
(4,282
|
)
|
|
—
|
|
||||
Depreciation of property and equipment
|
497
|
|
|
593
|
|
1,677
|
|
|
1,407
|
|
||||
Gain on sale of property and equipment
|
(26
|
)
|
|
—
|
|
(26
|
)
|
|
—
|
|
||||
Stock-based compensation - research, development, collaborations and contract expenses
|
1,301
|
|
|
2,468
|
|
3,952
|
|
|
8,145
|
|
||||
Stock-based compensation - general and administrative
expenses |
527
|
|
|
1,511
|
|
1,493
|
|
|
5,440
|
|
||||
Unrealized foreign exchange (gains) losses
|
(131
|
)
|
|
(1,328
|
)
|
795
|
|
|
(2,578
|
)
|
||||
Change in fair value of warrant liability
|
—
|
|
|
—
|
|
—
|
|
|
22
|
|
||||
Change in fair value of contingent consideration
|
(5,608
|
)
|
|
197
|
|
(6,263
|
)
|
|
1,146
|
|
||||
Impairment of intangible assets
|
14,811
|
|
|
—
|
|
14,811
|
|
|
—
|
|
||||
Site consolidation non-cash portion
|
—
|
|
|
—
|
|
396
|
|
|
—
|
|
||||
Gain on equity investment
|
—
|
|
|
—
|
|
(24,884
|
)
|
|
—
|
|
||||
Equity investment loss
|
2,838
|
|
|
—
|
|
2,838
|
|
|
—
|
|
||||
Net change in non-cash operating items:
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
784
|
|
|
196
|
|
(136
|
)
|
|
(573
|
)
|
||||
Accrued revenue
|
—
|
|
|
—
|
|
128
|
|
|
—
|
|
||||
Deferred lease incentives
|
—
|
|
|
744
|
|
—
|
|
|
744
|
|
||||
Investment tax credits receivable
|
—
|
|
|
—
|
|
(2
|
)
|
|
133
|
|
||||
Prepaid expenses and other assets
|
109
|
|
|
83
|
|
1,017
|
|
|
(189
|
)
|
||||
Accounts payable and accrued liabilities
|
1,094
|
|
|
(1,805
|
)
|
(2,171
|
)
|
|
(3,513
|
)
|
||||
Deferred revenue
|
(325
|
)
|
|
(6,739
|
)
|
(2,093
|
)
|
|
—
|
|
||||
Site consolidation accrual
|
(320
|
)
|
|
—
|
|
770
|
|
|
—
|
|
||||
Net cash used in operating activities
|
(13,204
|
)
|
|
(15,680
|
)
|
(50,791
|
)
|
|
(38,298
|
)
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||||
Disposition (acquisition) of short and long-term investments, net
|
24,590
|
|
|
5,843
|
|
(48,025
|
)
|
|
34,192
|
|
||||
Proceeds from sale of property and equipment
|
25
|
|
|
—
|
|
25
|
|
|
—
|
|
||||
Acquisition of property and equipment
|
(237
|
)
|
|
(538
|
)
|
(911
|
)
|
|
(7,076
|
)
|
||||
Net cash provided by (used) in investing activities
|
24,378
|
|
|
5,305
|
|
(48,911
|
)
|
|
27,116
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||||
Promissory note repayment (note 8)
|
—
|
|
|
—
|
|
(12,001
|
)
|
|
—
|
|
||||
Proceeds from sale of Series A Preferred Shares, net of
issuance costs
|
—
|
|
|
—
|
|
66,265
|
|
|
—
|
|
||||
Issuance of common shares pursuant to exercise of options
|
435
|
|
|
61
|
|
1,273
|
|
|
66
|
|
||||
Issuance of common shares pursuant to exercise of warrants
|
—
|
|
|
—
|
|
—
|
|
|
353
|
|
||||
Net cash provided by financing activities
|
435
|
|
|
61
|
|
55,537
|
|
|
419
|
|
||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
131
|
|
|
1,327
|
|
(795
|
)
|
|
2,575
|
|
||||
Increase (Decrease) in cash, cash equivalents, and restricted investment
|
11,740
|
|
|
(8,987
|
)
|
(44,960
|
)
|
|
(8,188
|
)
|
||||
Cash, cash equivalents, and restricted investment, beginning of period
|
10,193
|
|
|
24,212
|
|
66,893
|
|
|
23,413
|
|
||||
Cash, cash equivalents, and restricted investment, end of period
|
$
|
21,933
|
|
|
$
|
15,225
|
|
$
|
21,933
|
|
|
$
|
15,225
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
||||||||
Non-cash transactions:
|
|
|
|
|
|
|
||||||||
Investment tax credit received
|
$
|
—
|
|
|
$
|
108
|
|
$
|
—
|
|
|
$
|
108
|
|
Acquired property and equipment in trade payables
|
$
|
—
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
6
|
|
Preferred shares dividends accrued (note 6)
|
$
|
2,567
|
|
|
$
|
—
|
|
$
|
7,444
|
|
|
$
|
—
|
|
Investment in Genevant (note 3)
|
$
|
—
|
|
|
$
|
—
|
|
$
|
24,665
|
|
|
$
|
—
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||
|
2018
|
|
2018
|
||||||||||
Numerator:
|
Common Shares
|
Preferred Shares
|
|
Common Shares
|
Preferred Shares
|
||||||||
Allocation of distributable earnings
|
$
|
—
|
|
$
|
2,567
|
|
|
$
|
—
|
|
$
|
7,444
|
|
Allocation of undistributed loss
|
(27,040
|
)
|
—
|
|
|
(46,255
|
)
|
—
|
|
||||
Allocation of income (loss) attributed to shareholders
|
$
|
(27,040
|
)
|
$
|
2,567
|
|
|
$
|
(46,255
|
)
|
$
|
7,444
|
|
Denominator:
|
|
|
|
|
|
|
|||||||
Weighted average number of shares - basic and diluted
|
55,421,504
|
|
1,164,000
|
|
|
55,241,284
|
|
1,134,813
|
|
||||
Basic and diluted net income (loss) attributable to shareholders per share
|
$
|
(0.49
|
)
|
$
|
2.21
|
|
|
$
|
(0.84
|
)
|
$
|
6.56
|
|
•
|
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, 2018
|
|
||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
21,933
|
|
|
—
|
|
|
—
|
|
|
$
|
21,933
|
|
||
Short-term investments
|
120,085
|
|
|
—
|
|
|
—
|
|
|
120,085
|
|
||||
Total
|
$
|
142,018
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
142,018
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Liability-classified options
|
—
|
|
|
—
|
|
|
$
|
2,738
|
|
|
$
|
2,738
|
|
||
Contingent consideration
|
—
|
|
|
—
|
|
|
4,161
|
|
|
4,161
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,899
|
|
|
$
|
6,899
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
December 31, 2017
|
|
||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
54,292
|
|
|
—
|
|
|
—
|
|
|
$
|
54,292
|
|
||
Short-term investments
|
72,060
|
|
|
—
|
|
|
—
|
|
|
72,060
|
|
||||
Restricted cash
|
12,601
|
|
|
—
|
|
|
—
|
|
|
12,601
|
|
||||
Total
|
$
|
138,953
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
138,953
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Liability-classified options
|
—
|
|
|
—
|
|
|
$
|
1,239
|
|
|
$
|
1,239
|
|
||
Contingent consideration
|
—
|
|
|
—
|
|
|
10,424
|
|
|
10,424
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,663
|
|
|
$
|
11,663
|
|
|
Liability at beginning of the period
|
|
Fair value of liability-classified options exercised in the period
|
|
Increase in fair
value of liability
|
|
Liability at end
of the period
|
||||||||
Nine months ended September 30, 2017
|
$
|
553
|
|
|
$
|
(103
|
)
|
|
$
|
1,367
|
|
|
$
|
1,817
|
|
Nine months ended September 30, 2018
|
$
|
1,239
|
|
|
$
|
—
|
|
|
$
|
1,499
|
|
|
$
|
2,738
|
|
|
Liability at beginning of the period
|
|
Increase (decrease) in fair value of Contingent Consideration
|
|
Liability at end of the period
|
||||||
Nine months ended September 30, 2017
|
$
|
9,065
|
|
|
$
|
1,146
|
|
|
$
|
10,211
|
|
Nine months ended September 30, 2018
|
$
|
10,424
|
|
|
$
|
(6,263
|
)
|
|
$
|
4,161
|
|
|
Three months ended September 30, 2018
|
Nine months ended September 30, 2018
|
||||
Beginning balance
|
$
|
27,446
|
|
$
|
—
|
|
Investment in Genevant
|
—
|
|
27,377
|
|
||
Stock based compensation expense
|
69
|
|
138
|
|
||
Share of loss
|
(2,838
|
)
|
(2,838
|
)
|
||
Share of comprehensive loss - currency translation adjustment
|
(12
|
)
|
(12
|
)
|
||
Ending balance
|
$
|
24,665
|
|
$
|
24,665
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
||
IPR&D – Immune Modulators
|
$
|
—
|
|
$
|
—
|
|
IPR&D – Antigen Inhibitors
|
—
|
|
14,811
|
|
||
IPR&D – cccDNA Sterilizers
|
43,836
|
|
43,836
|
|
||
Total Intangible Assets
|
$
|
43,836
|
|
$
|
58,647
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Alexion (a)
|
$
|
—
|
|
|
$
|
6,859
|
|
|
$
|
—
|
|
|
$
|
7,956
|
|
Gritstone (b)
|
313
|
|
|
—
|
|
|
2,400
|
|
|
—
|
|
||||
Gritstone milestone (c)
|
1,250
|
|
|
—
|
|
|
1,250
|
|
|
—
|
|
||||
Other milestone and royalty payments
|
24
|
|
|
33
|
|
|
617
|
|
|
210
|
|
||||
Total revenue
|
$
|
1,587
|
|
|
$
|
6,892
|
|
|
$
|
4,267
|
|
|
$
|
8,166
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
Gritstone (b)
|
$
|
649
|
|
|
$
|
2,727
|
|
Other deferred revenue
|
—
|
|
|
15
|
|
||
Total deferred revenue
|
$
|
649
|
|
|
$
|
2,742
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||
Trade accounts payable
|
$
|
3,075
|
|
|
$
|
1,987
|
|
Research and development accruals
|
4,178
|
|
|
4,937
|
|
||
Professional fee accruals
|
722
|
|
|
429
|
|
||
Deferred lease inducements
|
18
|
|
|
42
|
|
||
Payroll accruals
|
514
|
|
|
2,893
|
|
||
Other accrued liabilities
|
4
|
|
|
358
|
|
||
|
$
|
8,511
|
|
|
$
|
10,646
|
|
Description of expense
|
Jan 1, 2018 - March 31, 2018
|
April 1, 2018 - June 30, 2018
|
July 1, 2018 - Sept 30, 2018
|
Nine months ended September 30, 2018
|
||||||||
Employee severance
|
$
|
1,381
|
|
$
|
1,285
|
|
$
|
50
|
|
$
|
2,716
|
|
Employee relocation
|
240
|
|
295
|
|
148
|
|
683
|
|
||||
Lease and facility
|
—
|
|
1,001
|
|
(690
|
)
|
311
|
|
||||
Total site consolidation expense
|
1,621
|
|
2,581
|
|
(492
|
)
|
3,710
|
|
||||
Amounts paid during the period
|
592
|
|
2,520
|
|
(172
|
)
|
2,940
|
|
||||
Adjustment to accrual
|
$
|
1,029
|
|
$
|
61
|
|
$
|
(320
|
)
|
$
|
770
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||
|
September 30,
|
|
September 30,
|
|||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||
Total revenue
|
$
|
1,587
|
|
|
$
|
6,892
|
|
|
$
|
4,267
|
|
|
8,166
|
|
Operating expenses
|
34,013
|
|
|
19,789
|
|
|
77,144
|
|
|
58,847
|
|
|||
Loss from operations
|
(32,426
|
)
|
|
(12,897
|
)
|
|
(72,877
|
)
|
|
(50,681
|
)
|
|||
Net income (loss)
|
$
|
(28,755
|
)
|
|
$
|
(11,600
|
)
|
|
$
|
(43,093
|
)
|
|
(48,482
|
)
|
Net income (loss) attributable to common shares
|
(27,040
|
)
|
|
(11,600
|
)
|
|
(46,255
|
)
|
|
(48,482
|
)
|
|||
Basic and diluted loss per common share
|
(0.49
|
)
|
|
(0.21
|
)
|
|
(0.84
|
)
|
|
(0.89
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||
|
2018
|
|
% of Total
|
|
2017
|
|
% of Total
|
|
2018
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||||||||
Alexion
|
$
|
—
|
|
|
—
|
%
|
|
$
|
6,859
|
|
|
100
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
7,956
|
|
|
97
|
%
|
Gritstone
|
313
|
|
|
20
|
%
|
|
—
|
|
|
—
|
%
|
|
2,400
|
|
|
56
|
%
|
|
—
|
|
|
—
|
%
|
||||
Gritstone Milestone
|
1,250
|
|
|
79
|
%
|
|
—
|
|
|
—
|
%
|
|
1,250
|
|
|
29
|
%
|
|
—
|
|
|
—
|
%
|
||||
Other milestone and royalty payments
|
24
|
|
|
1
|
%
|
|
33
|
|
|
—
|
%
|
|
617
|
|
|
15
|
%
|
|
210
|
|
|
3
|
%
|
||||
Total revenue
|
$
|
1,587
|
|
|
|
|
$
|
6,892
|
|
|
|
|
$
|
4,267
|
|
|
|
|
$
|
8,166
|
|
|
|
|
Three months ended September 30,
|
||||||||||||
|
2018
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||
Research, development, collaborations and contracts
|
$
|
16,566
|
|
|
49
|
%
|
|
$
|
15,537
|
|
|
79
|
%
|
General and administrative
|
2,631
|
|
|
8
|
%
|
|
3,659
|
|
|
18
|
%
|
||
Depreciation
|
497
|
|
|
1
|
%
|
|
593
|
|
|
3
|
%
|
||
Site consolidation
|
(492
|
)
|
|
(1
|
)%
|
|
—
|
|
|
—
|
%
|
||
Impairment of intangible assets
|
14,811
|
|
|
43
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
Total operating expenses
|
$
|
34,013
|
|
|
|
|
$
|
19,789
|
|
|
|
|
Nine months ended September 30,
|
||||||||||||
|
2018
|
|
% of Total
|
|
2017
|
|
% of Total
|
||||||
Research, development, collaborations and contracts
|
$
|
46,871
|
|
|
61
|
%
|
|
$
|
44,854
|
|
|
76
|
%
|
General and administrative
|
10,075
|
|
|
13
|
%
|
|
12,586
|
|
|
22
|
%
|
||
Depreciation
|
1,677
|
|
|
2
|
%
|
|
1,407
|
|
|
2
|
%
|
||
Site consolidation
|
3,710
|
|
|
5
|
%
|
|
—
|
|
|
—
|
%
|
||
Impairment of intangible assets
|
14,811
|
|
|
19
|
%
|
|
—
|
|
|
—
|
|
||
Total operating expenses
|
$
|
77,144
|
|
|
|
|
$
|
58,847
|
|
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
2018
|
|
2017
|
||||||||
Interest income
|
$
|
756
|
|
|
$
|
337
|
|
$
|
2,319
|
|
|
$
|
1,095
|
|
Interest expense
|
—
|
|
|
(76
|
)
|
(104
|
)
|
|
(186
|
)
|
||||
Foreign exchange gains (losses)
|
145
|
|
|
1,233
|
|
(740
|
)
|
|
2,458
|
|
||||
Gain on investment
|
—
|
|
|
—
|
|
24,884
|
|
|
—
|
|
||||
(Increase) in fair value of warrant liability
|
—
|
|
|
—
|
|
—
|
|
|
(22
|
)
|
||||
Equity investment income (loss)
|
(2,838
|
)
|
|
—
|
|
(2,838
|
)
|
|
—
|
|
||||
Decrease (increase) in fair value of contingent consideration
|
5,608
|
|
|
(197
|
)
|
6,263
|
|
|
(1,146
|
)
|
||||
Total other income (losses)
|
$
|
3,671
|
|
|
$
|
1,297
|
|
$
|
29,784
|
|
|
$
|
2,199
|
|
|
Three Months Ended
|
|
Nine months ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income loss for the period
|
$
|
(24,473
|
)
|
|
$
|
(11,600
|
)
|
|
$
|
(38,811
|
)
|
|
$
|
(48,482
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities
|
9,927
|
|
|
3,441
|
|
|
(9,493
|
)
|
|
13,582
|
|
||||
Changes in operating assets and liabilities
|
1,342
|
|
|
(7,521
|
)
|
|
(2,487
|
)
|
|
(3,398
|
)
|
||||
Net cash used in operating activities
|
(13,204
|
)
|
|
(15,680
|
)
|
|
(50,791
|
)
|
|
(38,298
|
)
|
||||
Net cash provided by (used in) investing activities
|
24,378
|
|
|
5,305
|
|
|
(48,911
|
)
|
|
27,116
|
|
||||
Net cash provided by financing activities
|
435
|
|
|
61
|
|
|
55,537
|
|
|
419
|
|
||||
Effect of foreign exchange rate changes on cash & cash equivalents
|
131
|
|
|
1,327
|
|
|
(795
|
)
|
|
2,575
|
|
||||
Net (decrease) increase in cash, cash equivalents, and restricted cash
|
11,740
|
|
|
(8,987
|
)
|
|
(44,960
|
)
|
|
(8,188
|
)
|
||||
Cash, cash equivalents, and restricted cash, beginning of period
|
10,193
|
|
|
24,212
|
|
|
66,893
|
|
|
23,413
|
|
||||
Cash, cash equivalents, and restricted cash, end of period
|
$
|
21,933
|
|
|
$
|
15,225
|
|
|
$
|
21,933
|
|
|
15,225
|
|
•
|
revenue earned from our legacy collaborative partnerships and licensing agreements, including potential royalty payments from Alnylam's Onpattro;
|
•
|
revenue earned from ongoing collaborative partnerships, including milestone and royalty payments;
|
•
|
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;
|
•
|
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; and
|
•
|
costs associated with our site consolidation plans.
|
Number
|
Description
|
|
|
3.1
|
|
|
|
10.1*
|
|
|
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1*
|
|
|
|
32.2*
|
|
|
|
101
|
The following materials from Arbutus Biopharma Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Comprehensive Loss; (iv) Condensed Consolidated Statements of Stockholders' Equity; (v) Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Condensed Consolidated Financial Statements
|
|
ARBUTUS BIOPHARMA CORPORATION
|
|
|
|
|
|
By:
|
/s/ Mark Murray
|
|
|
Mark Murray
|
|
|
President and Chief Executive Officer
|
1 Year Arbutus Biopharma Chart |
1 Month Arbutus Biopharma Chart |
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