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Financial Performance - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $93.7 million, down from $122.6 million as of December 31, 2024[8]. - Total revenue for the third quarter of 2025 was $0.5 million, a decrease of $0.8 million compared to $1.3 million in the same period of 2024, primarily due to a decline in license royalty revenues[9]. - The company's net loss for Q3 2025 was $7.7 million, or a loss of $0.04 per share, compared to a net loss of $19.7 million, or a loss of $0.10 per share, in Q3 2024[12]. - The company reported a total operating expense of $9.2 million for Q3 2025, down from $22.8 million in Q3 2024[16]. Research and Development - Research and development expenses decreased to $5.8 million in Q3 2025 from $14.3 million in Q3 2024, reflecting cost-saving measures[10]. - The company is developing two product candidates: imdusiran (AB-729) and an oral PD-L1 inhibitor (AB-101) for cHBV treatment[24]. - Arbutus Biopharma is focused on developing treatments for chronic Hepatitis B virus (cHBV) infection, addressing a significant unmet medical need affecting over 250 million people globally[22]. - Approximately 1.1 million people die annually from complications related to cHBV infection, highlighting the urgency for effective therapies[23]. Clinical Trials and Outcomes - 46% of Phase 2a patients (48 out of 105) achieved functional cure or remained off nucleos(t)ide analogue therapy for at least 48 weeks after treatment with imdusiran[14]. - 94% of long-term follow-up patients from the imdusiran trials have remained off all treatment for over 58 weeks[14]. - 100% of HBV DNA positive patients in Phase 1b achieved HBV DNA levels below quantification after 18 weeks of treatment with imdusiran and nucleos(t)ide analogue therapy[5]. - The company showcased data from its hepatitis B virus programs at AASLD 2025, highlighting beneficial clinical outcomes across all evaluated HBV genotypes[4]. Legal Matters - The company is actively pursuing litigation against Moderna and Pfizer/BioNTech regarding its patented LNP technology, with a jury trial scheduled for March 2026[6]. - Arbutus is involved in ongoing patent litigation against Moderna and Pfizer/BioNTech regarding its patented LNP technology used in COVID-19 vaccines[24]. Risks and Uncertainties - The company has made numerous assumptions regarding the effectiveness and timeliness of clinical trials, which are subject to significant uncertainties[26]. - Known risk factors include potential delays and increased costs in clinical trials, which may affect the development of product candidates[26]. - Arbutus plans to reduce its net cash burn and workforce, which may impact its operating results and investor perceptions[26]. - The company emphasizes the importance of regulatory approvals for its product candidates in the clinical development process[26]. - Arbutus' forward-looking statements are subject to various risks and uncertainties, which could lead to materially different outcomes[27]. - The company disclaims any obligation to update forward-looking statements unless required by law[27].

Financial Performance - Total revenue for the three months ended September 30, 2025, was $529,000, a decrease of $810,000 (60.5%) compared to $1,339,000 in the same period of 2024[157]. - Total revenue for the nine months ended September 30, 2025, increased by $8.4 million (182.3%) to $13,032,000, primarily due to recognizing $9.6 million of previously deferred revenue from a partnership with Qilu[159]. - Operating expenses for the three months ended September 30, 2025, were $9,188,000, a decrease of $13,591,000 (59.7%) compared to $22,779,000 in the same period of 2024[160]. - Research and development expenses decreased by $8.5 million (59.7%) for the three months ended September 30, 2025, compared to the same period in 2024, due to a workforce reduction and cessation of discovery efforts[162]. - General and administrative expenses decreased by $1.5 million (33.0%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to lower employee compensation and litigation-related legal fees[164]. - The net loss for the three months ended September 30, 2025, was $7,742,000, compared to a net loss of $19,717,000 in the same period of 2024[157]. - For the nine months ended September 30, 2025, the net loss was $29.7 million, a decrease of $27.6 million compared to a net loss of $57.4 million for the same period in 2024[171]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $35.0 million, down from $54.5 million in 2024, reflecting a decrease of $19.6 million[172]. - Net cash provided by investing activities was $16.9 million for the nine months ended September 30, 2025, compared to $9.5 million in 2024, primarily due to maturities of investments in marketable securities[173]. - As of September 30, 2025, the company had cash, cash equivalents, and investments in marketable securities totaling $93.7 million, with no outstanding debt[175]. - Net cash provided by financing activities was $4.1 million for the nine months ended September 30, 2025, significantly lower than $50.6 million in 2024, which included $44.1 million from common share sales[174]. Restructuring and Cost Management - Arbutus Biopharma Corporation reported a one-time restructuring charge of $12.4 million in Q1 2025 due to workforce reductions and organizational changes[98]. - The company aims to significantly reduce its net cash burn in 2025 compared to 2024 through ongoing cost management efforts[98]. - The company incurred a one-time restructuring charge of $12.4 million in Q1 2025, related to a 57% workforce reduction and exiting its corporate headquarters[166]. - As of September 30, 2025, there was $0.5 million of accrued restructuring costs for severance payments and $0.3 million for lease-related operating expenses[167]. - The company expects to significantly reduce net cash burn in 2025 compared to 2024 due to organizational changes and ongoing cost management efforts[180]. Clinical Development and Trials - Over 250 patients with chronic hepatitis B (cHBV) infection have been dosed with imdusiran in Phase 1 and Phase 2a clinical trials, showing meaningful reductions in HBsAg, HBV DNA, and HBV RNA[106]. - 46% (48 out of 105) of all Phase 2a patients achieved functional cure or remained off nucleos(t)ide analog (NA) therapy after treatment with imdusiran[106]. - The company is currently developing AB-101, a proprietary oral PD-L1 inhibitor, which is in a Phase 1a/1b clinical trial[106]. - The company has streamlined its organization to focus on advancing the clinical development of imdusiran and AB-101, ceasing all discovery efforts and in-house scientific research[98]. - The newly formed Scientific Advisory Board (SAB) will advise on the strategic evaluation of the cHBV pipeline[99]. - The company’s strategy emphasizes maximizing opportunities for its cHBV development programs and its in-house developed lipid nanoparticle technology[101]. - In the IM-PROVE I trial, 50% (3/6) of patients with baseline HBsAg <1000 IU/mL achieved a functional cure, with an overall rate of 25% (3/12)[108]. - In the IM-PROVE II trial, 25% (2/8) of patients with low dose nivolumab and baseline HBsAg <1000 IU/mL achieved functional cure[122]. - Across all cohorts in the IM-PROVE II trial, 52% (32/62) of patients either achieved functional cure or remained off NA therapy for at least 48 weeks after treatment with imdusiran[123]. - In the IM-PROVE I trial, 37% (16/43) of patients either achieved functional cure or remained off NA therapy for at least 48 weeks after treatment with imdusiran[117]. - Imdusiran treatment was generally safe and well-tolerated, with no serious adverse events reported in the IM-PROVE I and II trials[118][123]. - The IM-PROVE I trial demonstrated that patients who achieved functional cure experienced HBsAg seroclearance associated with immune activation markers[116]. - The IM-PROVE II trial included a cohort with low dose nivolumab, which showed increased rates of HBsAg seroclearance[120]. - Imdusiran is designed to reduce HBV DNA, HBV RNA, and HBsAg, potentially allowing cHBV patients to become treatment-free[112]. - AB-101 clinical trial demonstrated 100% receptor occupancy in all five evaluable subjects at the 40mg dose level in Part 1[130]. - In Part 2, 100% receptor occupancy was achieved by six out of eight subjects at the 40mg daily dose over seven days[130]. - Part 3 of the trial showed that a single 10mg dose of AB-101 for 28 days in cHBV patients was well tolerated, with PD-L1 receptor occupancy similar to healthy subjects[131]. Legal Matters - The ongoing lawsuits against Moderna and Pfizer/BioNTech for patent infringement involve the use of Arbutus's lipid nanoparticle technology in their COVID-19 vaccines[97]. - A trial date for the Moderna lawsuit in the U.S. has been set for March 2026, with public oral hearings for related cases scheduled for May 2026[97]. - A lawsuit against Moderna for patent infringement related to lipid nanoparticle technology was filed, with a jury trial scheduled for March 2026[144]. - Five international lawsuits against Moderna were filed in March 2025, targeting alleged infringing activities in 30 countries[145]. - The company is currently preparing responses to multiple revocation actions against its patents filed by Moderna and Merck[150]. Strategic Partnerships - Qilu Pharmaceutical paid a one-time upfront cash payment of $40 million and agreed to pay up to $245 million upon achieving certain milestones related to imdusiran[133]. - Qilu is responsible for all costs related to the development and commercialization of imdusiran in Greater China and Taiwan[134]. - The strategic partnership with Qilu was mutually concluded in June 2025, allowing the company to regain global rights for imdusiran[136]. - The company is exploring strategic alliances to accelerate the development of its pipeline programs[111]. - The company has a royalty entitlement on ONPATTRO, with an aggregate of $26.3 million recorded as non-cash royalty revenue since the inception of the royalty sale through September 30, 2025[178]. - In June 2025, the company concluded its strategic partnership with Qilu, regaining global rights for imdusiran, which had previously been licensed for development in Greater China and Taiwan[179]. - The company may seek funding from various sources, including public or private equity or debt financing, to maintain and advance its business[181]. - The company does not have any off-balance sheet arrangements that could materially affect its financial condition or results of operations[183].

Core Insights - Arbutus Biopharma Corporation reported a strong financial position with cash, cash equivalents, and marketable securities totaling $93.7 million as of September 30, 2025, down from $122.6 million at the end of 2024 [7][15] - The company is focused on the development of imdusiran (AB-729) for chronic hepatitis B virus (cHBV) infection, with promising clinical trial results indicating that 46% of Phase 2a patients were able to discontinue all treatment [2][13] - Ongoing litigation against Moderna and Pfizer/BioNTech regarding the use of Arbutus's patented LNP technology is a significant aspect of the company's corporate strategy, with a jury trial scheduled for March 2026 [6][21] Financial Results - Total revenue for Q3 2025 was $0.5 million, a decrease from $1.3 million in Q3 2024, primarily due to reduced license royalty revenues [8][14] - Research and development expenses decreased to $5.8 million in Q3 2025 from $14.3 million in Q3 2024, reflecting cost-saving measures [9][14] - The net loss for Q3 2025 was $7.7 million, or $0.04 per share, compared to a net loss of $19.7 million, or $0.10 per share, in Q3 2024 [11][14] Clinical Development - Imdusiran has shown sustained benefits in chronic hepatitis B patients, with 94% of long-term follow-up patients remaining off all treatment for over two years [2][5] - In Phase 1b trials, 100% of HBV DNA positive patients achieved HBV DNA levels below quantification after 18 weeks of treatment with imdusiran and nucleos(t)ide analogue therapy [5][13] - The company is dedicated to accelerating the development and potential approval of imdusiran, which targets all hepatitis B viral proteins and antigens [18][21] Corporate Updates - The company is actively consulting with Genevant Sciences to protect its intellectual property amid ongoing lawsuits [6][21] - A favorable claim construction ruling was issued in the Pfizer-BioNTech litigation in September 2025, which the company views positively [6] - Arbutus showcased data from its hepatitis B virus programs at AASLD 2025, highlighting beneficial clinical outcomes across all evaluated HBV genotypes [6]

Core Insights - Arbutus Biopharma Corporation has made significant progress in its clinical research for chronic hepatitis B virus (cHBV), with multiple abstracts accepted for presentation at the AASLD – The Liver Meeting 2025, indicating advancements towards a potential functional cure for cHBV [1] Group 1: Imdusiran Clinical Data - Imdusiran (AB-729) has shown to be safe and well-tolerated in chronic hepatitis B patients, with a study reporting positive results from Phase 1 and 2 clinical trials [2] - A study suggests that imdusiran may enhance the responsiveness of pegylated interferon alfa-2a treatment in patients with specific HBV genotypes, particularly genotypes B and C [3] - Increases in soluble immune biomarkers were observed in subjects who lost HBsAg after treatment with imdusiran, indicating a potential immune response [4] Group 2: AB-101 Clinical Data - AB-101, an oral PD-L1 inhibitor, was well tolerated in chronic hepatitis B patients, with preliminary data showing significant receptor occupancy at higher doses [5][6] - The ongoing clinical trial for AB-101 is expected to provide further insights into its safety and pharmacodynamics [6] Group 3: Conference Details - The accepted abstracts will be publicly available on the AASLD website and published in the October supplement of HEPATOLOGY, with poster presentations accessible during the conference [7][8] Group 4: Company Overview - Arbutus Biopharma is focused on developing innovative therapies for infectious diseases, particularly cHBV, and is involved in legal actions to protect its intellectual property related to its patented LNP technology [12]

Company Performance - Aquestive Therapeutics (AQST) has returned approximately 12.6% year-to-date, outperforming the Medical sector, which has returned an average of -4.9% [4] - The Zacks Consensus Estimate for AQST's full-year earnings has increased by 0.5% over the past 90 days, indicating improving analyst sentiment [3] Industry Ranking - Aquestive Therapeutics is part of the Medical - Drugs industry, which consists of 153 companies and currently ranks 84 in the Zacks Industry Rank [5] - The average return for the Medical - Drugs industry so far this year is 8.3%, suggesting that AQST is performing better than its industry peers [5] Sector Overview - The Medical sector includes 978 individual stocks and is currently ranked 8 in the Zacks Sector Rank, which evaluates 16 different sector groups [2] - Arbutus Biopharma (ABUS), another stock in the Medical sector, has returned 3.1% year-to-date and has a Zacks Rank of 2 (Buy) [4][5]

分组1 - Arbutus Biopharma reported quarterly earnings of $0.01 per share, exceeding the Zacks Consensus Estimate of a loss of $0.02 per share, and showing improvement from a loss of $0.11 per share a year ago, resulting in an earnings surprise of +150.00% [1] - The company posted revenues of $10.74 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 496.61%, compared to revenues of $1.73 million in the same quarter last year [2] - Over the last four quarters, Arbutus has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Arbutus shares have increased by approximately 4.3% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.02 on revenues of $1.8 million, and for the current fiscal year, it is -$0.23 on revenues of $5.85 million [7] 分组3 - The Zacks Industry Rank indicates that the Medical - Biomedical and Genetics sector is currently in the bottom 42% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

Financial Performance - Total revenue for the three months ended June 30, 2025, was $10,739,000, a significant increase of $9,013,000 (520%) compared to $1,726,000 in the same period of 2024[152]. - Revenue from Qilu Pharmaceutical Co., Ltd. accounted for 90% of total revenue in Q2 2025, up from 30% in Q2 2024[153]. - Operating expenses decreased to $9,251,000 for the three months ended June 30, 2025, down from $23,309,000 in the same period of 2024, representing a reduction of 60%[155]. - Research and development expenses decreased by $10.1 million (65%) for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to a workforce reduction[157]. - Net cash used in operating activities for the six months ended June 30, 2025, was $29,140,000, a decrease of $4,659,000 (14%) from $33,799,000 in the same period of 2024[167]. - Net cash provided by investing activities was $26,960,000 for the six months ended June 30, 2025, compared to $21,523,000 in the same period of 2024, an increase of $5,437,000 (25.3%)[168]. - As of June 30, 2025, the company had cash, cash equivalents, and investments in marketable securities totaling $98,100,000, with no outstanding debt[170]. - The company recorded a net loss of $22,003,000 for the six months ended June 30, 2025, compared to a net loss of $37,671,000 in the same period of 2024[166]. Restructuring and Cost Management - Arbutus Biopharma reported a one-time restructuring charge of $12.4 million in Q1 2025 due to workforce reductions and organizational changes[98]. - The company aims to significantly reduce its net cash burn in 2025 compared to 2024[98]. - The restructuring charge incurred in Q1 2025 amounted to $12.4 million, primarily related to workforce reduction and exiting the corporate headquarters[161]. - The company expects to significantly reduce its net cash burn in 2025 compared to 2024 due to organizational changes and ongoing cost management efforts[175]. Clinical Trials and Development - In the IM-PROVE I clinical trial, a functional cure rate of 50% (3 out of 6 patients) was achieved in HBeAg negative patients with baseline HBsAg levels less than 1000 IU/mL[107]. - In the IM-PROVE II clinical trial, 25% (2 out of 8 patients) achieved functional cure when treated with imdusiran, VTP-300, NA therapy, and low dose nivolumab[109]. - A total of eight patients with chronic hepatitis B (cHBV) have been functionally cured following treatment with imdusiran in combination with ongoing nucleos(t)ide analogue therapy[106]. - The company is focused on developing a functional cure for cHBV infection, with imdusiran as a potential cornerstone in combination therapy[104]. - Over 250 patients with cHBV infection have been dosed with imdusiran in Phase 1 and Phase 2a clinical trials, showing meaningful reductions in HBsAg and HBV DNA[108]. - The newly formed Scientific Advisory Board (SAB) will advise on the strategic evaluation of the cHBV pipeline[99]. - The company is developing an RNAi therapeutic, imdusiran, aimed at reducing HBsAg and HBV antigen expression in patients with chronic HBV infection[113]. - In the IM-PROVE I Phase 2a trial, 50% (3/6) of patients with baseline HBsAg <1000 IU/mL achieved a functional cure after treatment with imdusiran and IFN[119]. - The IM-PROVE II trial showed a 25% (2/8) functional cure rate in patients receiving imdusiran, VTP-300, ongoing NA therapy, and low dose nivolumab[119]. - The IM-PROVE I trial demonstrated that imdusiran was generally safe and well-tolerated, with no serious adverse events related to the treatment[117]. - In the IM-PROVE II trial, the addition of low dose nivolumab increased HBsAg loss rates to 23% (3/13) by week 48[122]. - AB-101, an oral PD-L1 inhibitor, is designed to enhance HBV-specific T-cell function while minimizing systemic safety issues[125]. - The Phase 1a/1b trial of AB-101 showed high receptor occupancy, with 100% receptor occupancy observed in the 40mg cohort[127]. Legal Matters and Patent Issues - Arbutus is involved in ongoing patent infringement lawsuits against Moderna and Pfizer/BioNTech regarding the use of its lipid nanoparticle delivery technology[97]. - The company and Genevant filed a lawsuit against Moderna for patent infringement related to its COVID-19 vaccine, with a jury trial scheduled for March 2026[141]. - Five international lawsuits have been filed against Moderna in 30 countries to enforce patents protecting lipid nanoparticle technology[142]. - A lawsuit against Pfizer and BioNTech for patent infringement related to COVID-19 mRNA-LNP vaccines was filed on April 4, 2023, with ongoing fact discovery[145]. - The company is involved in ongoing patent opposition proceedings with Moderna and Merck regarding its European patent EP 2279254, with oral proceedings scheduled for January 2026[146]. - Moderna filed a revocation action on EPO patent EP 4 241 767, with the company preparing its response[147]. Strategic Partnerships and Agreements - The Qilu License Agreement included a one-time upfront cash payment of $40 million and potential milestone payments up to $245 million[130]. - The company recognized all previously deferred revenue in Q2 2025 after mutually terminating the Qilu License Agreement, regaining global rights for imdusiran[133]. - In December 2021, the company entered into a technology transfer and exclusive licensing agreement with Qilu, receiving a one-time upfront cash payment of $40 million and an equity investment of $15 million[174]. - The agreement includes potential milestone payments of up to $245 million, net of withholding taxes, based on the achievement of specific development and commercialization milestones[174]. - Qilu will pay double-digit royalties in the low twenties percent based on annual net sales of imdusiran in Greater China and Taiwan[174]. - The company is exploring pipeline opportunities through potential strategic alliances to enhance its product offerings[112]. Royalty Interests - Alnylam Pharmaceuticals has a tiered royalty entitlement on global net sales of ONPATTRO, ranging from 1.00% to 2.33%, with the highest tier applicable to annual net sales above $500 million[134]. - The royalty interest sold to OMERS for $20 million will revert to the company after OMERS collects $30 million in royalties, with $25.9 million earned by OMERS as of June 30, 2025[134]. - The company retains a second royalty interest from Acuitas, ranging from 0.75% to 1.125% on global net sales of ONPATTRO, with 0.75% applicable to sales greater than $500 million[135]. - The company is entitled to receive 20% of certain revenues from Genevant's sublicensed products, or tiered low single-digit royalties on net sales[137]. - The royalty entitlement from ONPATTRO has the potential to provide an active royalty stream if it reverts to the company after OMERS collects $30 million in royalties[173]. Future Funding and Financial Strategy - Future funding needs may vary based on factors such as patent enforcement costs, revenue from collaborative partnerships, and the development of new product candidates[175]. - The company may seek funding from various sources, including public or private equity, debt financing, and collaborative arrangements with pharmaceutical companies[176]. - If adequate funding is not available, the company may need to delay or reduce development programs or relinquish rights to product candidates[177]. - The company does not have any off-balance sheet arrangements that materially affect its financial condition or operations[178].

Financial Performance - Total revenue for Q2 2025 was $10.7 million, a significant increase from $1.7 million in Q2 2024, primarily due to the recognition of previously-deferred revenue following the conclusion of the partnership with Qilu Pharmaceutical[8]. - The company reported a net income of $2.5 million for Q2 2025, compared to a net loss of $19.8 million in Q2 2024, marking a substantial turnaround in financial performance[11]. - Cash, cash equivalents, and marketable securities totaled $98.1 million as of June 30, 2025, down from $122.6 million at the end of 2024, with $29.1 million used in operating activities during the first half of 2025[7]. - The total operating expenses for Q2 2025 were $9.3 million, significantly lower than $23.3 million in Q2 2024, indicating improved operational efficiency[15]. Cost Management - Research and development expenses decreased to $5.5 million in Q2 2025 from $15.6 million in Q2 2024, reflecting cost-saving measures implemented by the company[9]. - General and administrative expenses were reduced to $3.3 million in Q2 2025 from $7.5 million in Q2 2024, driven by cost-cutting efforts[10]. - Arbutus is implementing workforce reductions and plans to decrease net cash burn to extend its cash runway[23]. Strategic Developments - The company has resumed global rights for imdusiran after concluding its strategic partnership with Qilu Pharmaceutical in Greater China[5]. - Dr. Harry Janssen joined the Scientific Advisory Board, enhancing the company's expertise in chronic hepatitis B virus (cHBV) treatment[2]. - The company is actively pursuing legal action against Moderna and Pfizer/BioNTech regarding the use of its patented LNP technology, with a jury trial scheduled for March 2026[5]. Clinical Development and Risks - Arbutus is focused on developing a functional cure for HBV and has ongoing clinical trials for its product candidates[22]. - The company acknowledges significant uncertainties and risks that could impact the success of its clinical trials and product development[23]. - Arbutus is evaluating its strategy regarding product candidates and clinical development activities, which may lead to changes in focus[23]. - The company is facing potential challenges in obtaining necessary regulatory approvals for its product candidates[23]. - Economic and market conditions may worsen, impacting Arbutus' strategic focus and operational results[23]. Investor Relations - The company emphasizes the importance of its cash resources for foreseeable and unforeseeable operating expenses and capital expenditures[23]. - A complete discussion of risks and uncertainties is available in Arbutus' Annual Report on Form 10-K and Quarterly Reports on Form 10-Q[24]. - Arbutus disclaims any obligation to revise or update forward-looking statements unless required by law[24]. - The company can be contacted for investor relations inquiries at ir@arbutusbio.com[25].

Core Insights - Arbutus Biopharma Corporation reported a strong second quarter in 2025, with total revenue of $10.7 million, significantly up from $1.7 million in the same period in 2024, primarily due to the recognition of previously-deferred revenue following the conclusion of its partnership with Qilu Pharmaceutical [8][11] - The company has strengthened its leadership team by appointing Dr. Roger Sawhney to the Board of Directors and Dr. Harry Janssen to the Scientific Advisory Board, enhancing its expertise in chronic hepatitis B virus (cHBV) programs [2][6] - Arbutus maintains a solid financial position with cash, cash equivalents, and marketable securities totaling $98.1 million as of June 30, 2025, although this is a decrease from $122.6 million at the end of 2024 [7][15] Financial Performance - Total revenue for Q2 2025 was $10.7 million, a $9.0 million increase compared to Q2 2024, attributed to the conclusion of the partnership with Qilu and the recognition of deferred revenue [8][11] - Research and development expenses decreased to $5.5 million in Q2 2025 from $15.6 million in Q2 2024, reflecting cost-saving measures implemented by the company [9] - General and administrative expenses also saw a reduction, falling to $3.3 million in Q2 2025 from $7.5 million in Q2 2024, due to cost-cutting efforts [10] Corporate Developments - The company concluded its strategic partnership with Qilu Pharmaceutical for the development and commercialization of imdusiran in Greater China, regaining global rights for the compound [5][6] - Dr. Harry Janssen's appointment to the Scientific Advisory Board is expected to enhance the company's clinical development efforts in cHBV [2][6] - Anuj Hasija resigned from the Board of Directors to focus on a new role at Vertex Pharmaceuticals, and Dr. Roger Sawhney has been appointed to fill the vacancy [2][6] Legal and Intellectual Property - Arbutus is actively involved in litigation to protect its intellectual property related to its patented LNP technology, with ongoing lawsuits against Moderna and Pfizer/BioNTech [5] - The summary judgment phase of the litigation against Moderna began in July 2025, with a jury trial scheduled for March 2026 [5]