Arbutus BioPharma rockets toward functional cure milestone amid $2.25B Moderna settlement

Arbutus Biopharma (NASDAQ:ABUS) today reported a landmark set of financial and clinical results for the fourth quarter and full year ended December 31, 2025.

The company is entering 2026 as a significantly de-risked and highly capitalized entity following a massive $2.25 billion global settlement with Moderna, resolving long-standing patent litigation over lipid nanoparticle (LNP) technology used in mRNA vaccines.

The settlement structure provides Arbutus with a $950 million non-contingent payment and an additional $1.3 billion in contingent payments tied to future milestones and royalties.

This influx of capital fundamentally alters the company's trajectory; while 2025 revenue stood at $14.1 million with a net loss of $33.5 million, the impending settlement proceeds have prompted the Board of Directors to evaluate a return of capital to shareholders in Q3 2026.

On the clinical front, Arbutus continues to lead the race for a functional cure for chronic Hepatitis B (cHBV).

The company reported that two additional patients in its imdusiran (AB-729) combination trials have achieved functional cure (defined as sustained HBsAg loss and undetectable HBV DNA after stopping all therapy), bringing the total to 10 patients to date.

This consistent "cure" signal across multiple cohorts reinforces imdusiran's position as a cornerstone of future HBV combination regimens.

With $91.5 million in cash already on hand prior to the settlement receipt, Arbutus has an exceptionally strong bridge to its next set of catalysts.