Q2 2024 Arbutus Biopharma Corp Earnings Call Transcript
Key Points
- Presented positive data from two Phase 2a clinical trials for imdusiran, showing promising results in hepatitis B treatment.
- Achieved undetectable hepatitis B surface antigen in 33% of patients in one trial, with a higher success rate of 67% in patients with baseline surface antigen less than 1,000 IU/ml.
- Extended projected cash runway into the fourth quarter of 2026, ensuring financial stability for ongoing and future projects.
- Reported that AB-101, a liver-centric oral small molecule PD-L1 checkpoint inhibitor, showed promising preclinical results and is advancing through clinical trials.
- Received $44.1 million in net proceeds from the issuance of common shares, bolstering financial resources.
- Decision to eliminate HBV discovery efforts, resulting in a 40% reduction in workforce, affecting discovery, research, and G&A functions.
- Discontinued the improved three clinical trial (AB-729-203) due to resource prioritization, potentially delaying some research progress.
- Incurred a one-time restructuring charge of approximately $3 million to $4 million due to workforce reduction.
- Ongoing litigation with Moderna and Pfizer/BioNTech regarding LNP intellectual property, with trial dates set for 2025, creating legal uncertainties.
- Uncertainty around the design and timing of the Phase 2b clinical trial for imdusiran, with no specific details provided yet.
Good day, and thank you for standing by. Welcome to the Arbutus Biopharma 2024 second quarter financial results and corporate update. (operator instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Lisa Caperelli, Vice President of Investor Relations. Please go ahead.
Thank you, Jill. Good morning, everyone, and thank you for joining Arbutus second quarter 2024 financial results and corporate update call. Joining me today from the Arbutus Executive Team are Michael McElhaugh, Interim President and Chief Executive Officer; Dr. Karen Sims, Chief Medical Officer; David Hastings, Chief Financial Officer; and Dr. Mike Sofia, Chief Scientific Officer.
Mike McElhaugh will begin with a corporate update, followed by Karen, who will review our ongoing clinical programs. Dave will then provide a review of the company's second quarter 2024 financial results. After our prepared remarks
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