Arbutus Biopharma

Year‑end 2025 cash, cash equivalents, and marketable securities were $91.5 million, with no debt, and 2025 operating cash outflow was reduced to $39.6 million after restructuring.

The company expects to receive a noncontingent payment from Moderna in July 2026, of which Arbutus is entitled to 20% after litigation costs, and is evaluating a capital return in Q3 2026. This pending inflow could extend runway substantially, but timing and net amount after costs remain to be finalized, and the $1.3 billion contingent payment depends on appellate outcomes.