Arbutus Biopharma Corp

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on infectious disease. The company is developing imdusiran (AB-729), a proprietary, GalNAc-conjugated, subcutaneously-delivered ribonucleic acid interference (RNAi) therapeutic, and AB-101, a proprietary oral PD-L1 inhibitor, both for the treatment of chronic hepatitis B (cHBV). Arbutus is involved in ongoing litigation against Pfizer Inc. and BioNTech SE for their use of its patented lipid nanoparticle (LNP) technology in their COVID-19 messenger ribonucleic acid interference (mRNA)-LNP vaccines. A claim construction ruling was issued in September 2025. On March 3, 2026, Arbutus, along with Genevant Sciences GmbH and its parent, entered into a settlement agreement with Moderna, Inc. and its affiliates to resolve all patent infringement litigation and patent revocation proceedings. Under this agreement, Moderna will make an aggregate $950.0 million noncontingent lump sum payment to Arbutus and Genevant on or before July 8, 2026. Moderna is also obligated to pay an additional aggregate contingent lump sum payment of $1.3 billion upon a ruling favorable to Arbutus and Genevant in a limited appeal related to 28 U.S.C. §1498. Arbutus is entitled to receive 20% of the noncontingent settlement payment, after deduction of litigation costs, under its license with Genevant. As of the date of this annual report, Arbutus owns approximately 16% of the outstanding common equity of Genevant. The company is evaluating a return of capital to shareholders in the third quarter of calendar year 2026, following receipt of its portion of the noncontingent settlement payment.