Arbutus Biopharma reported its fourth quarter and full year 2024 financial results, alongside a corporate update detailing significant operational changes. For the full year 2024, the company recorded a net loss of $69.9 million, or $0.38 per basic and diluted common share, compared to a net loss of $72.8 million in 2023.
Total revenue for 2024 was $6.2 million, a decrease of $11.9 million from $18.1 million in 2023, primarily due to reduced revenue recognition from the Qilu collaboration and lower ONPATTRO sales. Research and development expenses decreased by $19.7 million to $54.0 million, reflecting prior program discontinuations and a 40% workforce reduction in Q3 2024, which incurred a $3.7 million restructuring charge.
The company announced an additional 57% workforce reduction implemented in Q1 2025 and the termination of its "at-the-market" (ATM) offering program, signaling a continued focus on cost efficiency. Tuan Nguyen was appointed as the new Chief Financial Officer, and the claim construction hearing for the Pfizer/BioNTech litigation occurred in December 2024, with an outcome pending.
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