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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.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Shares, without par value
|
ABUS
|
The Nasdaq Stock Market LLC
|
Large accelerated filer [ ]
|
Accelerated filer [X]
|
Non-accelerated filer [ ]
|
Smaller reporting company [X]
|
Emerging growth company [ ]
|
|
|
Page
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents (note 3)
|
$
|
78,872
|
|
|
$
|
36,942
|
|
Short-term investments (note 3)
|
16,410
|
|
|
87,675
|
|
||
Accounts receivable
|
1,531
|
|
|
1,431
|
|
||
Prepaid expenses and other current assets
|
2,770
|
|
|
3,181
|
|
||
Total current assets
|
99,583
|
|
|
129,229
|
|
||
Investment in Genevant (note 4)
|
14,377
|
|
|
22,224
|
|
||
Property and equipment, net of accumulated depreciation $8,105 (2018-$7,090)
|
9,402
|
|
|
10,145
|
|
||
Right of use asset (note 8)
|
2,901
|
|
|
—
|
|
||
Intangible assets (note 5)
|
43,836
|
|
|
43,836
|
|
||
Goodwill (note 5)
|
22,471
|
|
|
22,471
|
|
||
Total assets
|
$
|
192,570
|
|
|
$
|
227,905
|
|
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities (note 6)
|
$
|
7,940
|
|
|
$
|
9,429
|
|
Site consolidation accrual (note 7)
|
342
|
|
|
1,331
|
|
||
Liability-classified options (note 3)
|
141
|
|
|
479
|
|
||
Lease liability, current (note 8)
|
376
|
|
|
—
|
|
||
Total current liabilities
|
8,799
|
|
|
11,239
|
|
||
Deferred rent and inducements, non-current
|
—
|
|
|
645
|
|
||
Contingent consideration (notes 3 and 11)
|
3,381
|
|
|
3,126
|
|
||
Lease liability, non-current (note 8)
|
3,263
|
|
|
—
|
|
||
Deferred tax liability
|
12,661
|
|
|
12,661
|
|
||
Total liabilities
|
28,104
|
|
|
27,671
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred shares (note 9)
|
|
|
|
||||
Authorized - 1,164,000 without par value
|
|
|
|
||||
Issued and outstanding: 1,164,000 (December 31, 2018 - 1,164,000)
|
131,613
|
|
|
126,136
|
|
||
Common shares
|
|
|
|
|
|
||
Authorized - unlimited number without par value
|
|
|
|
|
|
||
Issued and outstanding: 56,850,172 (December 31, 2018 - 55,518,800)
|
884,623
|
|
|
879,405
|
|
||
Additional paid-in capital
|
53,738
|
|
|
48,084
|
|
||
Deficit
|
(857,264
|
)
|
|
(805,221
|
)
|
||
Accumulated other comprehensive loss
|
(48,244
|
)
|
|
(48,170
|
)
|
||
Total stockholders' equity
|
164,466
|
|
|
200,234
|
|
||
Total liabilities and stockholders' equity
|
$
|
192,570
|
|
|
$
|
227,905
|
|
|
Three months ended
|
Six months ended
|
||||||||||||
|
June 30,
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Revenue (note 10)
|
$
|
653
|
|
|
$
|
1,244
|
|
$
|
1,332
|
|
|
$
|
2,680
|
|
|
|
|
|
|
|
|
||||||||
Expenses
|
|
|
|
|
|
|
||||||||
Research, development, collaborations and contracts
|
12,740
|
|
|
16,356
|
|
27,452
|
|
|
30,305
|
|
||||
General and administrative
|
8,189
|
|
|
3,775
|
|
12,601
|
|
|
7,444
|
|
||||
Depreciation
|
505
|
|
|
578
|
|
1,014
|
|
|
1,180
|
|
||||
Site consolidation (note 7)
|
(266
|
)
|
|
2,581
|
|
(149
|
)
|
|
4,202
|
|
||||
Total expenses
|
21,168
|
|
|
23,290
|
|
40,918
|
|
|
43,131
|
|
||||
|
|
|
|
|
|
|
||||||||
Loss from operations
|
(20,515
|
)
|
|
(22,046
|
)
|
(39,586
|
)
|
|
(40,451
|
)
|
||||
|
|
|
|
|
|
|
||||||||
Other (loss) income
|
|
|
|
|
|
|
||||||||
Interest income
|
606
|
|
|
805
|
|
1,206
|
|
|
1,563
|
|
||||
Interest expense
|
(2
|
)
|
|
—
|
|
(14
|
)
|
|
(104
|
)
|
||||
Foreign exchange gain (loss)
|
60
|
|
|
(359
|
)
|
68
|
|
|
(885
|
)
|
||||
Gain on investment (note 4)
|
—
|
|
|
24,884
|
|
—
|
|
|
24,884
|
|
||||
Equity investment loss (note 4)
|
(3,334
|
)
|
|
—
|
|
(7,985
|
)
|
|
—
|
|
||||
Decrease (increase) in fair value of contingent consideration (notes 3 and 10)
|
(130
|
)
|
|
(193
|
)
|
(255
|
)
|
|
655
|
|
||||
Total other (loss) income
|
(2,800
|
)
|
|
25,137
|
|
(6,980
|
)
|
|
26,113
|
|
||||
|
|
|
|
|
|
|
||||||||
Net (loss) income before income taxes
|
$
|
(23,315
|
)
|
|
$
|
3,091
|
|
$
|
(46,566
|
)
|
|
$
|
(14,338
|
)
|
|
|
|
|
|
|
|
||||||||
Items applicable to preferred shares:
|
|
|
|
|
|
|
||||||||
Accrual of coupon on convertible preferred shares
|
(2,762
|
)
|
|
(2,541
|
)
|
(5,477
|
)
|
|
$
|
(4,877
|
)
|
|||
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shares
|
$
|
(26,077
|
)
|
|
$
|
550
|
|
$
|
(52,043
|
)
|
|
$
|
(19,215
|
)
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shareholders, per share (note 2)
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.46
|
)
|
|
$
|
0.01
|
|
$
|
(0.92
|
)
|
|
$
|
(0.35
|
)
|
Diluted
|
$
|
(0.46
|
)
|
|
$
|
0.01
|
|
$
|
(0.92
|
)
|
|
$
|
(0.35
|
)
|
Weighted average number of common shares
|
|
|
|
|
|
|
||||||||
Basic
|
56,805,583
|
|
|
55,211,294
|
|
56,275,795
|
|
|
55,149,674
|
|
||||
Diluted
|
56,805,583
|
|
|
56,487,220
|
|
56,275,795
|
|
|
55,149,674
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
(23,315
|
)
|
|
$
|
3,091
|
|
|
$
|
(46,566
|
)
|
|
$
|
(14,338
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Share of other comprehensive loss of equity method investment (note 4)
|
(52
|
)
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
||||
Comprehensive income (loss)
|
$
|
(23,367
|
)
|
|
$
|
3,091
|
|
|
$
|
(46,640
|
)
|
|
$
|
(14,338
|
)
|
|
|
|
|
|
|
|
|
|
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 |
||||||||||||||
Balance at December 31, 2018
|
1,164,000
|
|
$
|
126,136
|
|
55,518,800
|
|
$
|
879,405
|
|
$
|
48,084
|
|
$
|
(805,221
|
)
|
$
|
(48,170
|
)
|
$
|
200,234
|
|
Accretion of coupon on Preferred Shares
|
—
|
|
2,715
|
|
—
|
|
—
|
|
—
|
|
(2,715
|
)
|
—
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
1,665
|
|
—
|
|
—
|
|
1,665
|
|
||||||
Certain fair value adjustments to liability stock option awards
|
—
|
|
—
|
|
—
|
|
—
|
|
47
|
|
—
|
|
—
|
|
47
|
|
||||||
Issuance of common shares pursuant to the Open Market Sale Agreement
|
—
|
|
—
|
|
614,401
|
|
2,248
|
|
—
|
|
—
|
|
—
|
|
2,248
|
|
||||||
Issuance of common shares pursuant to exercise of options
|
—
|
|
—
|
|
122,603
|
|
490
|
|
(202
|
)
|
—
|
|
—
|
|
288
|
|
||||||
Other comprehensive loss - currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(22
|
)
|
(22
|
)
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(23,251
|
)
|
—
|
|
(23,251
|
)
|
||||||
Balance, March 31, 2019
|
1,164,000
|
|
$
|
128,851
|
|
56,255,804
|
|
$
|
882,143
|
|
$
|
49,594
|
|
$
|
(831,187
|
)
|
$
|
(48,192
|
)
|
$
|
181,209
|
|
Accretion of coupon on Preferred Shares
|
—
|
|
2,762
|
|
—
|
|
—
|
|
—
|
|
(2,762
|
)
|
—
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
—
|
|
3,915
|
|
—
|
|
—
|
|
3,915
|
|
||||||
Certain fair value adjustments to liability stock option awards
|
—
|
|
—
|
|
—
|
|
—
|
|
230
|
|
—
|
|
—
|
|
230
|
|
||||||
Issuance of common shares pursuant to the Open Market Sale Agreement
|
—
|
|
—
|
|
593,689
|
|
2,477
|
|
—
|
|
—
|
|
—
|
|
2,477
|
|
||||||
Issuance of common shares pursuant to exercise of options
|
—
|
|
—
|
|
679
|
|
3
|
|
(1
|
)
|
—
|
|
—
|
|
2
|
|
||||||
Other comprehensive loss - currency translation adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(52
|
)
|
(52
|
)
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(23,315
|
)
|
—
|
|
(23,315
|
)
|
||||||
Balance, June 30, 2019
|
1,164,000
|
|
$
|
131,613
|
|
56,850,172
|
|
$
|
884,623
|
|
$
|
53,738
|
|
$
|
(857,264
|
)
|
$
|
(48,244
|
)
|
$
|
164,466
|
|
|
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
|
||||||||||||||
Balance at December 31, 2017
|
500,000
|
|
$
|
49,780
|
|
55,060,650
|
|
$
|
876,108
|
|
$
|
42,840
|
|
$
|
(738,070
|
)
|
$
|
(48,185
|
)
|
$
|
182,473
|
|
Issuance of Preferred Shares, net of issuance costs 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
|
|
55,087,191
|
|
$
|
876,288
|
|
$
|
43,769
|
|
$
|
(757,835
|
)
|
$
|
(48,185
|
)
|
$
|
232,418
|
|
Issuance of Preferred Shares, net of issuance costs of $135
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
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 income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
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
|
|
|
Three months ended
|
Six months ended
|
||||||||||||
|
June 30,
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||||
Net (loss)/income for the period
|
$
|
(23,315
|
)
|
|
$
|
3,091
|
|
$
|
(46,566
|
)
|
|
$
|
(14,338
|
)
|
Items not involving cash:
|
|
|
|
|
|
|
||||||||
Depreciation of property and equipment
|
505
|
|
|
578
|
|
1,014
|
|
|
1,180
|
|
||||
Gain on sale of property and equipment
|
(2
|
)
|
|
—
|
|
(11
|
)
|
|
—
|
|
||||
Stock-based compensation expense
|
3,784
|
|
|
2,661
|
|
5,306
|
|
|
3,616
|
|
||||
Unrealized foreign exchange (gains) losses
|
(57
|
)
|
|
361
|
|
(95
|
)
|
|
926
|
|
||||
Change in fair value of contingent consideration
|
130
|
|
|
193
|
|
255
|
|
|
(655
|
)
|
||||
Site consolidation non-cash portion
|
—
|
|
|
395
|
|
—
|
|
|
395
|
|
||||
Gain on equity investment
|
—
|
|
|
(24,884
|
)
|
—
|
|
|
(24,884
|
)
|
||||
Equity investment loss
|
3,334
|
|
|
—
|
|
7,985
|
|
|
—
|
|
||||
Net change in non-cash operating items:
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
(608
|
)
|
|
(603
|
)
|
(100
|
)
|
|
(920
|
)
|
||||
Prepaid expenses and other current assets
|
(1,616
|
)
|
|
222
|
|
759
|
|
|
907
|
|
||||
Accrued revenue
|
—
|
|
|
128
|
|
—
|
|
|
128
|
|
||||
Accounts payable and accrued liabilities
|
888
|
|
|
921
|
|
(1,858
|
)
|
|
(3,266
|
)
|
||||
Deferred revenue
|
—
|
|
|
(746
|
)
|
—
|
|
|
(1,768
|
)
|
||||
Site consolidation accrual
|
(640
|
)
|
|
61
|
|
(779
|
)
|
|
1,090
|
|
||||
Other non-current liabilities
|
(8
|
)
|
|
—
|
|
(95
|
)
|
|
—
|
|
||||
Net cash used in operating activities
|
(17,605
|
)
|
|
(17,622
|
)
|
(34,185
|
)
|
|
(37,589
|
)
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||||
Acquisition of short-term investments
|
—
|
|
|
—
|
|
—
|
|
|
(60,015
|
)
|
||||
Disposition of short-term investments
|
10,210
|
|
|
15,403
|
|
71,265
|
|
|
—
|
|
||||
Proceeds from sale of property and equipment
|
2
|
|
|
2
|
|
11
|
|
|
2
|
|
||||
Acquisition of property and equipment
|
(240
|
)
|
|
(425
|
)
|
(271
|
)
|
|
(673
|
)
|
||||
Net cash provided by (used) in investing activities
|
9,972
|
|
|
14,980
|
|
71,005
|
|
|
(60,686
|
)
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||||
Promissory note repayment
|
—
|
|
|
—
|
|
—
|
|
|
(12,001
|
)
|
||||
Proceeds from sale of Series A Preferred Shares, net of issuance costs
|
—
|
|
|
—
|
|
—
|
|
|
66,265
|
|
||||
Issuance of common shares pursuant to the Open Market Sale
Agreement
|
2,477
|
|
|
—
|
|
4,725
|
|
|
—
|
|
||||
Issuance of common shares pursuant to exercise of options
|
2
|
|
|
735
|
|
290
|
|
|
838
|
|
||||
Net cash provided by financing activities
|
2,479
|
|
|
735
|
|
5,015
|
|
|
55,102
|
|
||||
Effect of foreign exchange rate changes on cash and cash equivalents
|
57
|
|
|
(361
|
)
|
95
|
|
|
(926
|
)
|
||||
Increase (Decrease) in cash, cash equivalents, and restricted investment
|
(5,097
|
)
|
|
(2,268
|
)
|
41,930
|
|
|
(44,099
|
)
|
||||
Cash, cash equivalents, and restricted investment, beginning of period
|
83,969
|
|
|
12,461
|
|
36,942
|
|
|
54,292
|
|
||||
Cash, cash equivalents, and restricted investment, end of period
|
$
|
78,872
|
|
|
$
|
10,193
|
|
$
|
78,872
|
|
|
$
|
10,193
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
||||||||
Non-cash transactions:
|
|
|
|
|
|
|
||||||||
Preferred shares dividends accrued (note 9)
|
$
|
2,762
|
|
|
$
|
2,541
|
|
$
|
5,477
|
|
|
$
|
4,877
|
|
|
Three months ended
|
|
Six months ended
|
||||
|
June 30, 2019
|
|
June 30, 2019
|
||||
Numerator:
|
|
|
|
||||
Allocation of distributable earnings
|
$
|
—
|
|
|
$
|
—
|
|
Allocation of undistributed loss
|
(26,077
|
)
|
|
(52,043
|
)
|
||
Allocation of income (loss) attributed to shareholders
|
$
|
(26,077
|
)
|
|
$
|
(52,043
|
)
|
Denominator:
|
|
|
|
||||
Weighted average number of shares - basic and diluted
|
56,805,583
|
|
|
56,275,795
|
|
||
Weighted average number of shares - diluted
|
56,805,583
|
|
|
56,275,795
|
|
||
Basic and diluted net income (loss) attributable to shareholders per share
|
$
|
(0.46
|
)
|
|
$
|
(0.92
|
)
|
•
|
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
|
|
June 30, 2019
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
78,872
|
|
|
—
|
|
|
—
|
|
|
$
|
78,872
|
|
||
Short-term investments
|
16,410
|
|
|
—
|
|
|
—
|
|
|
16,410
|
|
||||
Total
|
$
|
95,282
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
95,282
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Liability-classified options
|
—
|
|
|
—
|
|
|
$
|
141
|
|
|
$
|
141
|
|
||
Contingent consideration
|
—
|
|
|
—
|
|
|
3,381
|
|
|
3,381
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,522
|
|
|
$
|
3,522
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
December 31, 2018
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
36,942
|
|
|
—
|
|
|
—
|
|
|
$
|
36,942
|
|
||
Short-term investments
|
87,675
|
|
|
—
|
|
|
—
|
|
|
87,675
|
|
||||
Total
|
$
|
124,617
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
124,617
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Liability-classified options
|
—
|
|
|
—
|
|
|
$
|
479
|
|
|
$
|
479
|
|
||
Contingent consideration
|
—
|
|
|
—
|
|
|
3,126
|
|
|
3,126
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,605
|
|
|
$
|
3,605
|
|
|
Liability at beginning of the period
|
|
Fair value of liability-classified options exercised in the period
|
|
Increase (decrease) in fair
value of liability
|
|
Liability at end
of the period
|
||||||||
Six months ended June 30, 2018
|
$
|
1,239
|
|
|
$
|
—
|
|
|
$
|
853
|
|
|
$
|
2,092
|
|
Six months ended June 30, 2019
|
$
|
479
|
|
|
$
|
—
|
|
|
$
|
(338
|
)
|
|
$
|
141
|
|
|
Liability at beginning of the period
|
|
Increase (decrease) in fair value of Contingent Consideration
|
|
Liability at end of the period
|
||||||
Six months ended June 30, 2018
|
$
|
10,424
|
|
|
$
|
(655
|
)
|
|
$
|
9,769
|
|
Six months ended June 30, 2019
|
$
|
3,126
|
|
|
$
|
255
|
|
|
$
|
3,381
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Trade accounts payable
|
$
|
685
|
|
|
$
|
3,192
|
|
Research and development accruals
|
2,528
|
|
|
2,716
|
|
||
Professional fee accruals
|
566
|
|
|
871
|
|
||
Payroll accruals
|
4,159
|
|
|
2,341
|
|
||
Other accrued liabilities
|
2
|
|
|
309
|
|
||
Total accounts payable and accrued liabilities
|
$
|
7,940
|
|
|
$
|
9,429
|
|
7.
|
Site consolidation
|
|
|
Six months ended
June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Employee severance and relocation
|
|
$
|
197
|
|
|
$
|
3,201
|
|
Facility and other expenses
|
|
(346
|
)
|
|
1,001
|
|
||
Total site consolidation expenses
|
|
$
|
(149
|
)
|
|
$
|
4,202
|
|
|
|
Employee severance and relocation
|
|
Facility and other expenses
|
|
Total
|
||||||
Site consolidation accrual as of December 31, 2018
|
|
$
|
697
|
|
|
$
|
634
|
|
|
$
|
1,331
|
|
Additional accruals and other adjustments
|
|
197
|
|
|
(346
|
)
|
|
(149
|
)
|
|||
Payments
|
|
(733
|
)
|
|
(107
|
)
|
|
(840
|
)
|
|||
Site consolidation accrual as of June 30, 2019
|
|
$
|
161
|
|
|
$
|
181
|
|
|
$
|
342
|
|
8.
|
Leases
|
|
|
As of
|
|
|
June 30, 2019
|
Weighted average remaining lease term
|
|
7.2
|
Weighted average discount rate
|
|
8.7%
|
|
|
Six months ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
|
$
|
623
|
|
|
$
|
—
|
|
|
|
As of June 30, 2019
|
||
July through December 2019
|
|
$
|
433
|
|
2020
|
|
657
|
|
|
2021
|
|
677
|
|
|
2022
|
|
581
|
|
|
2023
|
|
598
|
|
|
Thereafter
|
|
2,038
|
|
|
Total Lease Payments
|
|
$
|
4,984
|
|
Less: interest
|
|
(1,345
|
)
|
|
Present value of lease payments
|
|
$
|
3,639
|
|
•
|
our strategy, future operations, pre-clinical research, pre-clinical studies, clinical trials, prospects and the plans of management;
|
•
|
the discovery, development and commercialization of a cure for chronic hepatitis B infection, a disease of the liver caused by the hepatitis B virus ("HBV");
|
•
|
our beliefs and development path and strategy to achieve a cure for HBV;
|
•
|
obtaining necessary regulatory approvals;
|
•
|
obtaining adequate financing through a combination of financing activities and operations;
|
•
|
using the results from our HBV studies to adaptively design additional clinical trials to test the efficacy of the combination therapy and the duration of the result in patients;
|
•
|
the payment of one-time employee termination benefits, employee relocation costs, and site closure costs, totaling approximately $4.9 million related to the site consolidation and organizational restructuring to align our HBV business in Warminster, PA;
|
•
|
the expected timing of and amount for payments related to Enantigen Therapeutics, Inc.'s (“Enantigen”) transaction and its programs;
|
•
|
the potential of our drug candidates to improve upon the standard of care and contribute to a curative combination treatment regimen;
|
•
|
the potential benefits of the royalty monetization transaction for our ONPATTRO™ (Patisiran) royalty interest;
|
•
|
developing a suite of products that intervene at different points in the viral life cycle, with the potential to reactivate the host immune system;
|
•
|
using pre-clinical results to adaptively design clinical trials for additional cohorts of patients, testing the combination and the duration of therapy;
|
•
|
selecting combination therapy regimens and treatment durations to conduct Phase 3 clinical trials intended to ultimately support regulatory filings for marketing approval;
|
•
|
expanding our HBV drug candidate pipeline through internal development, acquisitions and in-licenses;
|
•
|
the potential of our assets, including our ownership stake in Genevant Sciences Ltd. (Genevant”) and the royalty entitlement on ONPATTRO, to provide significant non-dilutive capital;
|
•
|
our expectation to submit safety and efficacy data of the initial Phase 1a/1b cohort results of AB-506, including a complete characterization of the ALT flare cases and results from the new 28 day study in healthy subjects, for a scientific meeting later this year;
|
•
|
our expectation to make a decision regarding AB-452 clinical development in early 2020;
|
•
|
our expectation to dose additional cohorts for the AB-506 Phase 1a/1b clinical trial, our expectation to have final results available in the first half of 2020, and our ability to utilize the final results to inform next steps toward the combination proof-of-concept Phase 2 clinical trial in subjects with chronic hepatitis B;
|
•
|
our expectation for AB-729 for preliminary safety and efficacy data from both healthy subjects and several single dose cohorts of subjects with CHB to be available in the first quarter of 2020.
|
•
|
our expectation to initiate combination clinical trials with AB-506 and AB-729 in the second half of 2020;
|
•
|
payments from the Gritstone Oncology, Inc. ("Gritstone") licensing agreement;
|
•
|
the belief that current legal proceedings will not have a material adverse effect on our consolidated results of operations, cash flows, or financial condition;
|
•
|
the expected return from strategic alliances, licensing agreements, and research collaborations;
|
•
|
statements with respect to revenue and expense fluctuation and guidance;
|
•
|
the sufficiency of our cash and cash equivalents to extend into the second half of 2020;
|
•
|
obtaining funding to maintain and advance our business from a variety of sources including public or private equity or debt financing, collaborative arrangements with pharmaceutical companies and government grants and contracts;
|
•
|
on-going arbitration and litigation proceedings; and
|
•
|
the amount and timing of potential funding,
|
•
|
developing a pipeline of proprietary therapeutic agents that target multiple elements of the HBV viral lifecycle, the most important of which we believe are HBV replication and hepatitis B surface antigen ("HBsAg") expression, and the host immune system; and
|
•
|
identifying an effective combination of complementary proprietary therapeutic agents administered for a finite treatment duration.
|
•
|
progress our clinical and pre-clinical product candidates through Phase 1 and Phase 2 clinical trials;
|
•
|
identify a safe and effective combination regimen to support a robust Phase 3 clinical registration program;
|
•
|
obtain regulatory approval for such combination regimen; and
|
•
|
commercialize such combination regimen.
|
|
Three months ended
|
|
Six Months Ended
|
|||||||||||
|
June 30,
|
|
June 30,
|
|||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||
Total revenue
|
$
|
653
|
|
|
$
|
1,244
|
|
|
$
|
1,332
|
|
|
2,680
|
|
Operating expenses
|
21,168
|
|
|
23,290
|
|
|
40,918
|
|
|
43,131
|
|
|||
Loss from operations
|
(20,515
|
)
|
|
(22,046
|
)
|
|
(39,586
|
)
|
|
(40,451
|
)
|
|||
Net income (loss)
|
$
|
(23,315
|
)
|
|
$
|
3,091
|
|
|
$
|
(46,566
|
)
|
|
(14,338
|
)
|
Net income (loss) attributable to common shares
|
(26,077
|
)
|
|
550
|
|
|
(52,043
|
)
|
|
(19,215
|
)
|
|||
Basic and diluted income (loss) per common share
|
(0.46
|
)
|
|
0.01
|
|
|
(0.92
|
)
|
|
(0.35
|
)
|
|
Three months ended June 30,
|
||||||||||||
|
2019
|
|
% of Total
|
|
2018
|
|
% of Total
|
||||||
Research and development
|
$
|
12,740
|
|
|
60
|
%
|
|
$
|
16,356
|
|
|
70
|
%
|
General and administrative
|
8,189
|
|
|
39
|
%
|
|
3,775
|
|
|
16
|
%
|
||
Depreciation and amortization
|
505
|
|
|
2
|
%
|
|
578
|
|
|
2
|
%
|
||
Site consolidation
|
(266
|
)
|
|
(1
|
)%
|
|
2,581
|
|
|
11
|
%
|
||
Total operating expenses
|
$
|
21,168
|
|
|
|
|
$
|
23,290
|
|
|
|
|
Six months ended June 30,
|
||||||||||||
|
2019
|
|
% of Total
|
|
2018
|
|
% of Total
|
||||||
Research and development
|
$
|
27,452
|
|
|
67
|
%
|
|
$
|
30,305
|
|
|
70
|
%
|
General and administrative
|
12,601
|
|
|
31
|
%
|
|
7,444
|
|
|
17
|
%
|
||
Depreciation and amortization
|
1,014
|
|
|
2
|
%
|
|
1,180
|
|
|
3
|
%
|
||
Site consolidation
|
(149
|
)
|
|
—
|
%
|
|
4,202
|
|
|
10
|
%
|
||
Total operating expenses
|
$
|
40,918
|
|
|
|
|
$
|
43,131
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
|
||||||||||||
|
June 30,
|
June 30,
|
|
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
|
||||||||
Interest income
|
$
|
606
|
|
|
$
|
805
|
|
$
|
1,206
|
|
|
$
|
1,563
|
|
|
Interest expense
|
(2
|
)
|
|
—
|
|
(14
|
)
|
|
(104
|
)
|
|
||||
Foreign exchange gain (loss)
|
60
|
|
|
(359
|
)
|
68
|
|
|
(885
|
)
|
|
||||
Gain on investment
|
—
|
|
|
24,884
|
|
—
|
|
|
24,884
|
|
|
||||
Equity investment losses
|
(3,334
|
)
|
|
—
|
|
(7,985
|
)
|
|
—
|
|
|
||||
Decrease (increase) in fair value of contingent consideration
|
(130
|
)
|
|
(193
|
)
|
(255
|
)
|
|
655
|
|
|
||||
Total other income (loss)
|
$
|
(2,800
|
)
|
|
$
|
25,137
|
|
$
|
(6,980
|
)
|
|
$
|
26,113
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income loss for the period
|
$
|
(23,315
|
)
|
|
$
|
3,091
|
|
|
$
|
(46,566
|
)
|
|
$
|
(14,338
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities
|
7,694
|
|
|
(20,696
|
)
|
|
14,454
|
|
|
(19,422
|
)
|
||||
Changes in operating assets and liabilities
|
(1,984
|
)
|
|
(17
|
)
|
|
(2,073
|
)
|
|
(3,829
|
)
|
||||
Net cash used in operating activities
|
(17,605
|
)
|
|
(17,622
|
)
|
|
(34,185
|
)
|
|
(37,589
|
)
|
||||
Net cash provided by (used in) investing activities
|
9,972
|
|
|
14,980
|
|
|
71,005
|
|
|
(60,686
|
)
|
||||
Net cash provided by financing activities
|
2,479
|
|
|
735
|
|
|
5,015
|
|
|
55,102
|
|
||||
Effect of foreign exchange rate changes on cash & cash equivalents
|
57
|
|
|
(361
|
)
|
|
95
|
|
|
(926
|
)
|
||||
Net (decrease) increase in cash, cash equivalents, and restricted cash
|
(5,097
|
)
|
|
(2,268
|
)
|
|
41,930
|
|
|
(44,099
|
)
|
||||
Cash, cash equivalents, and restricted cash, beginning of period
|
83,969
|
|
|
12,461
|
|
|
36,942
|
|
|
54,292
|
|
||||
Cash, cash equivalents, and restricted cash, end of period
|
$
|
78,872
|
|
|
$
|
10,193
|
|
|
$
|
78,872
|
|
|
10,193
|
|
•
|
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;
|
•
|
delays in the development of our products due to pre-clinical and clinical findings;
|
•
|
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.
|
Number
|
Description
|
3.1
|
|
|
|
3.2
|
|
|
|
4.1
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5*
|
|
|
|
10.6*†
|
|
|
|
10.7*
|
|
|
|
10.8*
|
|
|
|
10.9*
|
|
|
|
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 June 30, 2019, 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/ William H Collier
|
|
|
William H Collier
|
|
|
President and Chief Executive Officer
|
1 Year Arbutus Biopharma Chart |
1 Month Arbutus Biopharma Chart |
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