Arbutus Biopharma

Management streamlined operations in 2024–2025, discontinued non‑core programs, right‑sized headcount, and focused spend on imdusiran and AB‑101. The board terminated its ATM program in March 2025 and is evaluating a return of capital after the Moderna noncontingent payment.

These moves suggest discipline, but the portfolio is now concentrated in two HBV assets while external competition accelerates. Demonstrating rigorous go/no‑go gating into Phase 2b and defining the use of settlement cash between trials and shareholder returns will be pivotal.