10-Q · May 13, 2026
Arbutus Biopharma Corporation (ABUS) reported a remarkable turnaround in Q1 2026 with total revenue reaching $179.1 million, significantly up from just $1.8 million in the prior year, largely due to a settlement…
Earnings analysis · 10-Q
ABUS earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Q2 2026 operating performance deteriorated sharply: revenue was $1.014 million, down from $10.739 million year over year and $179 million in Q1 2026, and diluted EPS declined to $(0.03) from $0.01 in Q2 2025 and $0.87…
Read full summary
Q2 2026 operating performance deteriorated sharply: revenue was $1.014 million, down from $10.739 million year over year and $179 million in Q1 2026, and diluted EPS declined to $(0.03) from $0.01 in Q2 2025 and $0.87 in Q1 2026. The principal offset was receipt of $178.4 million from the Moderna settlement, with a further aggregate $1.3 billion contingent payment possible but subject to appellate conditions and repayment provisions. The filing disclosed no material changes to the risk factors from the 2025 10-K, while ongoing Pfizer/BioNTech litigation and patent proceedings remain significant uncertainties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.03
- Gross margin
- 100%
What stood out
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$178.4M Moderna Settlement Received
Arbutus received $178.4 million on July 8, 2026 as its share of Moderna’s aggregate $950.0 million noncontingent settlement payment, including reimbursement of litigation costs.
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Potential $1.3B Contingent Payment
The Moderna settlement provides for an additional aggregate contingent payment of $1.3 billion to Arbutus and Genevant if specified appellate or settlement conditions are met.
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Expanded Pfizer/BioNTech Patent Actions
The company and Genevant filed three international lawsuits in July 2026 against Pfizer/BioNTech involving LNP patents, seeking monetary relief and injunctions across Canada and the Unified Patent Court.
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, and reported no material changes in internal control during the quarter.
What to watch
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Sharp Revenue and Earnings Reversal
Revenue fell to $1.014 million from $10.739 million in the prior-year quarter and from $179 million in Q1 2026, while the company reported a $5.143 million net loss versus diluted EPS of $0.01 in Q2 2025 and $0.87 in Q1 2026.
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Contingent Settlement Is Uncertain
The potential additional $1.3 billion Moderna contingent settlement payment depends on specified appellate outcomes or dismissal; under certain circumstances, any payment received would have to be returned with interest if the favorable outcome is later overturned.
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Patent and Litigation Uncertainty
The EPO Board of Appeal revoked the ’254 Patent on January 15, 2026, and the company is awaiting the written decision while planning a petition for review; separately, three international Pfizer/BioNTech lawsuits filed in July 2026 add litigation cost and outcome uncertainty.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q. Management maintained its plan to return up to approximately $230 million to shareholders through repurchases beginning in Q3 2026; timing and form remain subject to board approval.
Earlier filings 4
10-K · March 23, 2026
Arbutus’ 2025 Form 10‑K re‑frames the company as a clinical‑stage HBV developer with a potentially transformational IP settlement with Moderna (aggregate $950.0 million noncontingent payment plus a $1.3 billion…
10-Q · August 6, 2025
Arbutus reported a large revenue inflection in Q2 2025 as total revenue rose to $10,739,000 (Q2 2024: $1,726,000), delivering net income of $2,523,000 or $0.01 per share for the quarter (Q2 2024 net loss $(19,796,000),…
10-Q · May 14, 2025
Arbutus reported Q1 2025 revenue of $1,764,000, up $232,000 (15.2%) versus Q1 2024, while net loss widened to $(24,526,000) (GAAP) or $(0.13) per share from $(17,875,000) or $(0.10). The quarter included a one-time…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.