Arbutus Biopharma

Arbutus’ moat rests on intangible assets: a long‑standing LNP patent estate and know‑how, validated by the $2.25 billion Moderna settlement and an ongoing Pfizer/BioNTech case after a favorable 2025 claim‑construction ruling.

However, the Moderna license is non‑exclusive and restricted to infectious‑disease vaccines with SM‑102, and core LNP patents listed as “primary” for current programs expire in 2029, limiting duration.

The HBV clinical franchise does not yet benefit from switching costs or network effects; potential cost advantages are unproven pending larger trials. Overall, valuable but time‑bound IP plus an early HBV platform yields a moderate moat that is more legal than operational.