Arbutus Biopharma

Arbutus is pre‑commercial with minimal recurring revenue, negative free cash flow, and a development‑stage HBV program subject to clinical, regulatory, and competitive risk. The LNP settlement introduces a one‑time cash inflow in Q3 2026 and a larger contingent component, but these are non‑recurring.

Royalty streams from Alnylam’s ONPATTRO are small and declining and were partly monetized; Qilu license revenue ended in 2025 upon termination. Overall growth and cash generation are not yet predictable.