Arbutus Biopharma Corporation (NASDAQ: ABUS) shares were in minus territory Wednesday, as the clinical-stage biopharmaceutical company reported third quarter 2024 financial results and provides a corporate update.
Total revenue was $1.3 million for the three months ended September 30, 2024 compared to $4.7 million for the same period in 2023. The Company’s net loss was $19.7 million for the three months ended September 30, 2024 and $20.1 million for the same period in 2023, with a loss per basic shares of $0.10 and $0.12 for diluted common share.
“We are making significant progress in advancing the development of imdusiran to bring hope to millions of cHBV patients globally,” said Interim CEO Michael J. McElhaugh.
“In June, we shared promising data from our IM-PROVE I Phase 2a clinical trial, showing that some patients treated with imdusiran and interferon were trending towards a functional cure. We look forward to presenting follow-up data from this trial, as well as end-of-treatment data from patients that received nivolumab in addition to imdusiran and VTP-300 in our IM-PROVE II Phase 2a trial, at the upcoming AASLD meeting. Assuming continued positive data, and with a projected cash runway extending into the fourth quarter of 2026, we are well-positioned to advance imdusiran into a Phase 2b clinical trial as a cornerstone in a treatment regimen aimed at functionally curing cHBV.”
ABUS shares lost 11 cents, or 2.9%, to $3.84.
