Arbutus Biopharma Corporation ABUS

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 4.00 USD on Nov 2, 2026, −16.8% year to date

Quant rating

Quant rating C Rank 322 of 565 in Health Care

Growth B 124 of 565
Valuation B 175 of 565
Quality C 337 of 565
Revisions D 435 of 565
Momentum C 332 of 565

Wall Street consensus Strong Buy (1.00)Average target 5.50 USD +37.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 792M
Enterprise value: 703M
52-week range: 3.50 – 5.44
3-year range: 1.77 – 5.44
Dividend yield: –
Beta (5 years): 0.81
Shares outstanding: 198M
Next earnings: Nov 11, 2026

About the company

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on infectious disease. The Company is developing imdusiran (AB-729), its proprietary, conjugated GalNAc, subcutaneously delivered RNAi therapeutic, and AB-101, its proprietary oral PD-L1 inhibitor, for the treatment of chronic hepatitis B (cHBV). Its HBV product pipeline includes Imdusiran and AB-101. Its pipeline includes two product candidates that target various steps in the HBV viral lifecycle and consists of various programs: RNAi therapeutic (imdusiran, AB-729) and Oral PD-L1 Inhibitor (AB-101). RNAi therapeutics utilize a natural pathway within cells to silence genes by eliminating the disease-causing proteins that they code for. PD-L1 inhibitors complement its pipeline of agents and could potentially be a part of a combination therapy for the treatment of HBV by reawakening the immune system.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14.1	6.2	18.1	39.0	11.0	–
Revenue growth	128.2%	−66.0%	−53.5%	255.1%	58.9%	15.3%
EPS (basic, normalized)	−0.18	−0.38	−0.44	−0.46	−0.83	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	−237.9%	−1,133.0%	−401.6%	−178.0%	−804.4%	−551.0%
ROE	−38.5%	−68.8%	−60.0%	−45.4%	−56.2%	−53.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	92.6
Current ratio	81.42x
Long-term debt (mil)	3.1
Net debt (mil)	−89.5
Total equity (mil)	259
Net debt / equity	−0.35x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	14.1	+128.2%	49.9x	–	–	–	−0.18	+52.6%	−22.2x
2026	182	+1,193.8%	3.9x	–	–	–	0.74	+511.1%	5.4x
2027	4.1	−97.7%	171.4x	–	–	–	−0.08	−110.8%	−50.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	182	0.0%	+0.6%	+6,907.7%	0.74	0.0%	−1.5%	+743.5%
2027	4.1	0.0%	+50.5%	–	−0.08	0.0%	+11.1%	–
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1.5	1.7	1.3	1.6	1.8	10.7	0.5	1.1	179	1.0
Sales mean (mil)	2.7	1.8	1.9	1.6	1.8	1.6	1.3	0.7	0.8	0.7
Surprise	−43.6%	−1.7%	−28.0%	+0.7%	−0.8%	+575.4%	−58.2%	+50.1%	+23,783.5%	+44.9%
EPS reported	−0.10	−0.11	−0.09	−0.07	−0.13	0.01	−0.04	−0.02	−0.05	−0.03
EPS mean	−0.11	−0.10	−0.09	−0.08	−0.10	−0.05	−0.03	−0.04	−0.03	−0.02
Surprise	+9.1%	−13.6%	+4.9%	+12.5%	−25.7%	−121.1%	−29.0%	+42.9%	−66.7%	−50.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ABUS Arbutus Biopharma Corporation	792M	–	−237.9%	3.06x	5.4x	−50.0x	–	–
ANIK Anika Therapeutics Inc	260M	−7.19x	−8.8%	1.89x	554.6x	64.7x	11.0x	9.8x
Mean		−7.19x	−123.4%	2.47x	280.0x	7.4x	11.0x	9.8x
Median		−7.19x	−123.4%	2.47x	280.0x	7.4x	11.0x	9.8x

Technical analysis

1M−10.1%
3M−7.8%
1Y−15.4%
3Y+121.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Arbutus Biopharma Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	14.1	6.2	18.1	39.0	11.0	6.9
Cost of revenue	–	–	–	–	–	–
Gross profit	14.1	6.2	18.1	39.0	11.0	6.9
Selling, general & administrative expenses	15.9	22.1	22.5	17.8	17.1	14.7
Research & development	25.2	54.0	73.7	84.4	65.5	47.5
Depreciation/amortization	–	–	–	–	–	2.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	12.9	3.7	–	–	0	0.1
Other operating expenses	−1.8	2.6	0.1	2.2	1.9	0.5
Operating income	−38.2	−76.3	−78.1	−65.5	−73.5	−57.8
Net interest income (expense)	4.0	6.4	5.3	0.4	−2.7	−5.9
Gain (loss) on sale of assets	0.7	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−33.5	−69.9	−72.8	−65.0	−76.2	−63.7
Provision for taxes	–	0	0	4.4	–	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−33.5	−69.9	−72.8	−69.5	−76.2	−63.7
Extraordinary items	–	–	–	–	–	–
Net income	−33.5	−69.9	−72.8	−69.5	−76.2	−63.7
EBIT, normalized	−25.2	−72.6	−78.1	−65.5	−73.5	−57.7
EBITDA, normalized	−24.8	−71.2	−76.7	−64.0	−71.7	−55.8
Basic EPS, normalized	−0.18	−0.38	−0.44	−0.46	−0.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Arbutus Biopharma Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	91.5	123	126	147	155	123
Receivables	1.4	2.4	1.8	1.4	0.9	1.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	1.5	2.3	4.2	2.9	4.4	3.1
Other current assets	0	0	0	0	0	0
Total current assets	94.5	127	132	151	161	128
Property, plant & equipment	0	4.4	6.1	6.8	8.1	9.3
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	0	0	6.3	37.4	35.7	–
Note receivable	–	–	–	–	–	–
Other long-term assets	0.1	0	0	0.1	0.1	0
Total assets	94.6	132	144	195	204	137
Liabilities
Accounts payable	1.2	2.3	3.2	3.5	3.2	3.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4.2	5.7	7.5	12.9	8.0	6.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	0.6	7.6	11.8	16.5	0	0.2
Total current liabilities	6.0	15.6	22.5	32.9	11.2	9.5
Long-term debt	3.4	4.8	7.0	10.4	16.3	19.6
Minority interest	–	–	–	–	–	–
Other liabilities	8.6	13.9	8.9	15.3	7.5	6.0
Total liabilities	18.0	34.3	38.4	58.6	35.0	35.1
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,421	1,410	1,350	1,319	1,287	986
Additional paid-in capital	83.3	82.0	81.3	72.4	65.5	60.8
Retained earnings (accumulated deficit)	−1,380	−1,347	−1,277	−1,204	−1,134	−1,046
Treasury stock	–	–	–	–	–	–
Other equity	−48.1	−48.1	−48.4	−50.5	−48.3	101
Total equity	76.6	97.4	106	137	169	102
Total liabilities & shareholders' equity	94.6	132	144	195	204	137

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Arbutus Biopharma Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−33.5	−69.9	−72.8	−69.5	−76.2	−63.7
Depreciation, depletion & amortization	0.4	1.4	1.4	1.4	1.8	2.0
Deferred taxes	–	–	–	–	–	0
Non-cash items	3.5	6.5	3.7	3.4	6.0	9.9
Changes in working capital	−10.0	−2.8	−18.2	29.2	0.9	0.4
Cash from operations	−39.6	−64.8	−85.9	−35.4	−67.5	−51.4
Investing activities
Capital expenditures	0	−0.2	−1.0	−0.5	−0.8	−0.2
Other investing cash flows	15.6	23.1	51.8	−74.4	−11.9	−14.7
Cash from investing	15.6	22.9	50.8	−74.9	−12.7	−14.9
Financing activities
Financing cash flow items	–	–	–	–	–	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5.7	52.0	30.6	31.8	137	86.7
Cash from financing	5.7	52.0	30.6	31.8	137	86.7
Foreign exchange effects	0	0	0	0	0	0.1
Net change in cash	−18.3	10.0	−4.5	−78.5	57.0	20.5
Free cash flow	−39.6	−65.0	−86.9	−35.9	−68.3	−51.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.