Arbutus Biopharma(US:ABUS)2024-02-29 18:05Financial Data and Key Metrics Changes - The company ended 2023 with approximately $132 million in cash, cash equivalents, and investments, down from approximately $184 million as of December 31, 2022 [18] - The net cash burn for 2023 was $85.9 million, with expectations for a significant reduction in 2024 to a range of $63 million to $67 million [18][19] Business Line Data and Key Metrics Changes - The company is focusing its pipeline on HBV, with ongoing clinical trials for imdusiran and AB-101 [5][12] - Two Phase 2a clinical trials with imdusiran are currently underway, with data expected throughout 2024 [8][12] Market Data and Key Metrics Changes - The company anticipates reporting data from its clinical trials, including the potential for patients to achieve undetectable surface antigen levels, which is crucial for functional cure [8][12] Company Strategy and Development Direction - The company aims to develop a treatment for chronic HBV patients that achieves at least a 20% functional cure rate, addressing a significant unmet medical need [6][7] - A three-pronged approach is being executed to functionally cure HBV, focusing on combination therapies [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of imdusiran and AB-101 to deliver a functional cure for hepatitis B, with a strong financial position to support ongoing development [19] - The company is committed to advancing its proprietary clinical assets and expects to initiate a third Phase 2a clinical trial in 2024 [20] Other Important Information - The company is involved in ongoing intellectual property litigation against Moderna and Pfizer-BioNTech, with significant developments expected in the coming months [9][10] Q&A Session Summary Question: Can you help frame expectations for the upcoming claim construction order? - Management indicated they are cautious about public comments on the litigation but are looking forward to the judge's ruling expected within 60 days of February 8 [21][24] Question: Is there an opportunity for a summary judgment before going to trial? - Management confirmed that there is a potential for a summary judgment in late summer, but timelines are subject to change [25][26] Question: Can you elaborate on the PD-L1 antibody study designs? - Management discussed the rationale for targeting PD-L1 over PD-1, emphasizing the upregulation of PD-L1 in hepatocytes and the strategic choice of small molecule agents [27][29] Question: When do you plan to re-engage with the FDA on AB-101? - Management stated they intend to re-engage with the FDA once sufficient data is available to support their case [33][34] Question: What do you need to see from the results to move forward with VTP-300? - Management indicated that they will evaluate the data as it comes in and may need to see nivo data before proceeding with VTP-300 [35][36] Question: Can you discuss the design of the new 203 Phase 2a study with durvalumab? - Management noted that details will be shared once the first subject is enrolled, with the study aimed at informing future studies with imdusiran [38][39]