Arbutus Biopharma Corp
ABUSHealthcare|Biotechnology|USA
$4.79
-0.34 (-6.52%)
Tangible Book
$1.32
Graham Number
$4.93
Financials
Financial Snapshot
Market Cap
$946.2M
Enterprise Value
$94.6M
Revenue (TTM)
$191.4M
Net Income (TTM)
$160.7M
Cash & Equivalents
—
Net Cash/Share
$0.40
Free Cash Flow (TTM)
$-34.4M
Operating CF (TTM)
$-34.4M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$8.6M
Monthly Burn
$2.9M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $130.6M | $126.4M | $124.6M | $90.8M | $123.3M | $155.3M | $146.9M | $126.0M | $122.6M | $91.5M | $95.2M | |
| Operating Cash Flow | $-57.9M | $-48.6M | $-67.9M | $-71.0M | $-51.4M | $-67.5M | $-35.4M | $-85.9M | $-64.8M | $-39.6M | $-34.4M | |
| Free Cash Flow | $-61.9M | $-55.9M | $-69.0M | $-71.6M | $-51.7M | $-68.3M | $-35.9M | $-86.9M | $-65.0M | $-39.6M | $-34.4M | |
| Capital Expenditure | $-4.0M | $-7.3M | $-1.1M | $-589.0K | $-229.0K | $-809.0K | $-512.0K | $-1.0M | $-182.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $12.6M | $49.3M | $55.6M | $37.5M | $86.7M | $137.2M | $31.8M | $30.6M | $52.0M | $5.7M | $14.6M |
R&D Spending
R&D (TTM)
$20.4M
R&D Intensity
10.7%
R&D Growth YoY
-19.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $10.7M | $5.9M | $6.0M | $6.9M | $11.0M | $39.0M | $18.1M | $6.2M | $14.1M | $191.4M | |
| R&D Expense | $61.3M | $62.7M | $57.9M | $57.6M | $49.3M | $65.5M | $84.4M | $73.7M | $54.0M | $25.2M | $20.4M | |
| R&D % of Revenue | 4108.2% | 585.8% | 974.5% | 958.3% | 713.6% | 596.1% | 216.3% | 406.3% | 875.7% | 179.2% | 10.7% | |
| SG&A | $39.4M | $16.1M | $16.0M | $17.7M | $14.8M | $17.1M | $17.8M | $22.5M | $22.1M | $15.9M | $15.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $10.7M | $5.9M | $6.0M | $6.9M | $11.0M | $39.0M | $18.1M | $6.2M | $14.1M | $191.4M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $1.5M | $10.7M | $5.9M | $6.0M | $6.9M | $11.0M | $39.0M | $18.1M | $6.2M | $14.1M | $191.4M | |
| R&D | $61.3M | $62.7M | $57.9M | $57.6M | $49.3M | $65.5M | $84.4M | $73.7M | $54.0M | $25.2M | $20.4M | |
| SG&A | $39.4M | $16.1M | $16.0M | $17.7M | $14.8M | $17.1M | $17.8M | $22.5M | $22.1M | $15.9M | $15.9M | |
| Operating Income | $-100.3M | $-70.1M | $-70.2M | $-71.3M | $-57.3M | $-71.7M | $-63.2M | $-78.0M | $-70.0M | $-27.1M | $155.1M | |
| Interest Expense | $0.00 | $-261.0K | $-226.0K | $-2.1M | $-4.0M | $-2.9M | $-1.7M | $-459.0K | $-137.0K | $-97.0K | $-86.0K | |
| Pretax Income | $-489.2M | $-108.7M | $-61.3M | $-166.4M | $-63.7M | $-76.2M | $-65.0M | $-72.8M | $-69.9M | $-33.5M | $160.7M | |
| Net Income | $-384.2M | $-84.4M | $-57.1M | $-153.7M | $-63.7M | $-76.2M | $-69.5M | $-72.8M | $-69.9M | $-33.5M | $160.7M | |
| EPS (Diluted) | -7.24 | -1.56 | -1.21 | -2.89 | -1.00 | -0.83 | -0.46 | -0.44 | -0.38 | -0.17 | 0.83 | |
| EBITDA | $-488.1M | $-106.4M | $-58.9M | $-162.2M | $-57.8M | $-71.6M | $-61.9M | $-71.0M | $-68.4M | $-33.0M | $160.8M | |
| Shares Out. (M) | 53.07 | 54.72 | 55.30 | 57.09 | 75.83 | 106.24 | 150.94 | 165.96 | 185.61 | 191.60 | 195.21 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.4M | $54.3M | $36.9M | $31.8M | $52.3M | $109.3M | $30.8M | $26.3M | $36.3M | $18.0M | $23.7M | |
| Marketable Securities | $107.1M | $72.1M | $87.7M | $59.0M | $71.0M | $46.0M | $116.1M | $99.7M | $86.3M | $73.5M | $71.5M | |
| Total Current Assets | $132.6M | $129.4M | $129.2M | $93.8M | $127.7M | $160.7M | $151.1M | $132.0M | $127.3M | $94.5M | $277.0M | |
| Total Assets | $275.9M | $237.2M | $227.9M | $105.5M | $137.1M | $204.5M | $195.4M | $144.4M | $131.7M | $94.6M | $277.2M | |
| Total Current Liabilities | $10.6M | $14.6M | $11.2M | $7.8M | $9.5M | $11.2M | $32.9M | $22.5M | $15.6M | $6.0M | $5.1M | |
| Long-Term Debt | $12.0M | $12.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $72.9M | $54.7M | $27.7M | $32.8M | $35.1M | $35.0M | $58.6M | $38.4M | $34.3M | $18.0M | $17.0M | |
| Stockholders' Equity | $203.0M | $182.5M | $200.2M | $72.7M | $102.0M | $169.4M | $136.9M | $106.0M | $97.4M | $76.6M | $260.2M | |
| Retained Earnings | $-652.7M | $-738.1M | $-805.2M | $-970.1M | $-1.05B | $-1.13B | $-1.20B | $-1.28B | $-1.35B | $-1.38B | $-1.21B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-57.9M | $-48.6M | $-67.9M | $-71.0M | $-51.4M | $-67.5M | $-35.4M | $-85.9M | $-64.8M | $-39.6M | $-34.4M | |
| Capital Expenditure | $-4.0M | $-7.3M | $-1.1M | $-589.0K | $-229.0K | $-809.0K | $-512.0K | $-1.0M | $-182.0K | $0.00 | $0.00 | |
| Free Cash Flow | $-61.9M | $-55.9M | $-69.0M | $-71.6M | $-51.7M | $-68.3M | $-35.9M | $-86.9M | $-65.0M | $-39.6M | $-34.4M | |
| Investing Cash Flow | $-99.1M | $27.8M | $-4.1M | $28.3M | $-14.9M | $-12.7M | $-74.9M | $50.8M | $22.9M | $15.6M | $6.4M | |
| Financing Cash Flow | $12.6M | $49.3M | $55.6M | $37.5M | $86.7M | $137.2M | $31.8M | $30.6M | $52.0M | $5.7M | $14.6M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $18.6M | $86.3M | $134.7M | $20.3M | $29.9M | $44.1M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $12.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-12.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $39.2M | $15.1M | $6.2M | $6.8M | $6.2M | $6.4M | $7.2M | $9.3M | $9.0M | $7.0M | $4.7M | |
| Net Change in Cash | $-143.4M | $30.9M | $-17.4M | $-5.1M | $20.5M | $57.0M | $-78.5M | $-4.5M | $10.0M | $-18.3M | $-13.4M |
Dilution Tracker
Shares outstanding grew 83.7% over 5 years — significant dilution
Shares Outstanding
195M
5-Year Share Growth
+83.7%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 53.07 | 54.72 | 55.30 | 57.09 | 75.83 | 106.24 | 150.94 | 165.96 | 185.61 | 191.60 | 195.21 | |
| YoY Change % | — | 3.1% | 1.1% | 3.2% | 32.8% | 40.1% | 42.1% | 10.0% | 11.8% | 3.2% | 1.9% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $18.6M | $86.3M | $134.7M | $20.3M | $29.9M | $44.1M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $39.2M | $15.1M | $6.2M | $6.8M | $6.2M | $6.4M | $7.2M | $9.3M | $9.0M | $7.0M | $4.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -6726.5% | -655.4% | -1180.4% | -1186.9% | -828.3% | -652.1% | -162.0% | -430.2% | -1133.9% | -192.1% | 81.0% | |
| Net Margin % | -25765.5% | -788.9% | -959.8% | -2557.4% | -922.0% | -693.9% | -178.0% | -401.6% | -1133.0% | -237.9% | 84.0% | |
| EBITDA Margin % | -32734.7% | -994.8% | -991.3% | -2699.1% | -835.3% | -652.0% | -158.5% | -391.3% | -1108.5% | -234.6% | 84.0% | |
| FCF Margin % | -4150.3% | -522.5% | -1160.7% | -1191.1% | -747.3% | -622.0% | -91.9% | -479.3% | -1053.8% | -281.5% | -17.9% | |
| ROE % | -102.3% | -43.8% | -29.8% | -112.6% | -73.0% | -56.2% | -45.4% | -60.0% | -68.8% | -38.5% | 139.4% | |
| ROA % | -77.8% | -32.9% | -24.5% | -92.2% | -52.5% | -44.6% | -34.7% | -42.9% | -50.6% | -29.6% | 116.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)5.77
Historical5.00 / 5.24 / 5.87
Industry Med.27.51
P/S4.88
Historical4.23 / 31.03 / 198.48
Industry Med.9.49
P/B3.63
Historical0.32 / 2.87 / 11.98
Industry Med.2.93
EV/EBITDA5.29
Historical-25.02 / -3.51 / 5.32
Industry Med.13.02
EV/Revenue4.45
Historical-1.43 / 32.03 / 144.06
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$1.32
Net Current Assets
$1.320
Graham Number
$4.93
Median P/S Value
$29.20
Net-Net Working Capital
$0.40
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 5.77 | |
| PS Ratio | 87.50 | 25.77 | 35.79 | 26.48 | 39.01 | 37.77 | 9.00 | 22.94 | 99.09 | 65.00 | 4.88 | |
| PB Ratio | 0.66 | 2.10 | 2.93 | 0.00 | 0.00 | 3.33 | 2.68 | 4.01 | 6.37 | 12.09 | 3.63 | |
| EV/EBITDA | -0.03 | -2.01 | -3.71 | -1.42 | -6.09 | -5.74 | -3.59 | -4.23 | -7.31 | -25.28 | 5.29 | |
| EV/Revenue | 10.60 | 19.95 | 36.77 | 38.25 | 50.86 | 37.43 | 5.69 | 16.56 | 81.00 | 59.32 | 4.45 |
Analyst Estimates & Quality
Altman Z-Score
31.09
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
31.08
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $91.1M | $2.7M | $56.0M |
| Net Income | $156.1M | $-18.1M | $-29.7M |
| EPS | 0.30 | -0.09 | -0.14 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single segment | $14.1M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $14.1M |