Arbutus Biopharma Corporation (ABUS)

[DewDiligence]

ABUS 2Q23 results—COVID phase-1 trial delayed:

https://www.globenewswire.com/news-release/2023/08/03/2717892/14025/en/Arbutus-Reports-Second-Quarter-2023-Financial-Results-and-Corporate-Update.html

As of June 30, 2023, we had cash, cash equivalents and investments in marketable securities of $163.5 million compared to $184.3 million as of December 31, 2022. During the six months ended June 30, 2023, we used $46.9 million in operating activities, which was partially offset by $24.6 million of net proceeds from the issuance of common shares under our “at-the-market” offering program. We expect our 2023 net cash burn to range from between $90 to $95 million, excluding any proceeds received from our “at the market program”.

The start of a phase-1 trial for AB-343, a SARS-CoV-2 protease inhibitor, has been delayed. Previously, ABUS said phase-1 would start in 3Q23; now, ABUS says IND-enabling studies will be completed in 2H23 (which generally means 4Q23), which probably means the phase-1 start is slated for early 2024.