The company's capital structure is characterized by a near-total absence of physical assets, with property, plant, and equipment totaling only $22.0K as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Current Assets | 277.01M | 94.46M | 127.32M | 132.03M | 151.14M | 160.66M | 127.7M | 93.83M | 129.23M | 129.4M | 132.6M | 183.88M | 116.4M | 70.34M | 51.25M | 11.55M | 17.91M | 24.79M | 27.33M | 23.29M | 5.53M | 10.92M | 28.73M | 40.1M | 38.89M | 49.78M | 25.23M | 20.22M | 6.82M |
| Cash & Short-Term Investments | 95.23M | 91.47M | 122.62M | 126M | 146.91M | 155.32M | 123.27M | 90.83M | 124.62M | 126.4M | 130.5M | 181.3M | 112.2M | 68.72M | 47.03M | 9M | 12.34M | 23.3M | 26.25M | 21.13M | 4.87M | 10.48M | 24.99M | 39.21M | 38.17M | 47.56M | 23.97M | 19.61M | 6.46M |
| Cash Only | 23.71M | 18.01M | 36.33M | 26.29M | 30.78M | 109.28M | 52.25M | 31.8M | 36.94M | 54.3M | 23.4M | 166.78M | 72.2M | 68.72M | 47.03M | 9M | 12.34M | 23.3M | 21.54M | 21.13M | 4.87M | 10.48M | 24.99M | 35.56M | 20.5M | 25.63M | 2.05M | 10.91M | 797.59K |
| Short-Term Investments | 71.52M | 73.46M | 86.29M | 99.72M | 116.14M | 46.03M | 71.02M | 59.03M | 87.67M | 72.1M | 107.1M | 14.53M | 40M | 0 | 0 | 0 | 0 | 0 | 4.71M | 0 | 0 | 0 | 0 | 3.65M | 17.67M | 21.93M | 21.93M | 8.71M | 5.66M |
| Accounts Receivable | 1.31M | 1.75M | 2.41M | 1.78M | 1.35M | 899K | 1.31M | 1.2M | 1.43M | 870K | 694K | 1.38M | 2.53M | 329K | 3.46M | 1.19M | 3.75M | 1.27M | 839.93K | 1.84M | 604.55K | 259.96K | 1.8M | 390.25K | 520.38K | 2M | 801.06K | 532.01K | 212.38K |
| Days Sales Outstanding | 2.38 | 45.28 | 142.49 | 35.73 | 12.65 | 29.86 | 69.26 | 73.11 | 88.53 | 29.68 | 168.87 | 20.28 | 61.49 | 7.77 | 89.02 | 26.64 | 64.04 | 33.68 | 31.8 | 42.13 | 16.22 | 7.14 | 53.98 | 52.14 | 37.45 | 210.52 | 165.39 | 170.28 | 63.16 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.07M | 0 | 1.04M | -2.04M | 0 | 150.71K | 0 | 143.41K | 215.1K | 0 | 2 | 277.31K | 0 | 0 | 0 | 208.31K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | 7.57 | - | 17.77 | - | - | 2.49 | - | 3.95 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 180.47M | 1.24M | 2.28M | 4.25M | 2.87M | 0 | 0 | 0 | 0 | 340K | 293K | 0 | 86K | 213K | 431.41K | 771.9K | 1.14M | 0 | 81.3K | 110.22K | 65.25K | 180.09K | 1.66M | 500.87K | 0 | 0 | 0 | 0 | 148.23K |
| Total Non-Current Assets | 153K | 162K | 4.39M | 12.37M | 44.28M | 43.82M | 9.38M | 11.71M | 98.68M | 107.8M | 143.3M | 528.41M | 1.8M | 1.37M | 1.35M | 2.15M | 3.11M | 17.16M | 15.01M | 1.54M | 499.75K | 7.57M | 12.36M | 10.63M | 14.32M | 17.83M | 7.29M | 8.58M | 9.02M |
| Property, Plant & Equipment | 22K | 32K | 4.36M | 6.09M | 6.81M | 8.07M | 9.33M | 11.41M | 10.14M | 12.2M | 6.9M | 3.18M | 1.8M | 1.37M | 1.35M | 2.15M | 3.11M | 2.69M | 2.14M | 1.54M | 499.75K | 953.31K | 3.43M | 4.1M | 3.74M | 2.79M | 2.43M | 2.88M | 3.02M |
| Fixed Asset Turnover | 2258.94x | 440.09x | 1.42x | 2.98x | 5.73x | 1.36x | 0.74x | 0.53x | 0.58x | 0.88x | 0.22x | 7.81x | 8.33x | 11.26x | 10.49x | 7.58x | 6.86x | 5.13x | 4.49x | 10.34x | 27.22x | 13.94x | 3.55x | 0.67x | 1.35x | 1.24x | 0.73x | 0.40x | 0.41x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.47M | 24.4M | 24.4M | 162.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.84M | 58.6M | 99.4M | 352.64M | 0 | 0 | 0 | 0 | 0 | 14.47M | 12.87M | 0 | 0 | 259.96K | 1.8M | 390.25K | 520.38K | 2M | 801.06K | 532.01K | 212.38K |
| Long-Term Investments | 0 | 0 | 0 | 6.28M | 37.36M | 35.69M | 0 | 0 | 22.22M | 12.6M | 12.6M | 10.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 575.15K | 1.54M | 2.13M | 2.2M | 166.72K | 172.61K | 162.47K |
| Other Non-Current Assets | 131K | 130K | 34K | 0 | 103K | 61K | 44K | 293K | 22.22M | 12.6M | 12.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.16M | 228.51K | 0 | 15.04M | 4.86M | 5.7M | 6M |
| Total Assets | 277.16M | 94.62M | 131.71M | 144.4M | 195.42M | 204.49M | 137.08M | 105.53M | 227.91M | 237.2M | 275.9M | 712.29M | 118.2M | 71.72M | 52.6M | 13.7M | 21.02M | 41.95M | 42.34M | 24.83M | 6.03M | 18.5M | 41.1M | 50.73M | 53.22M | 67.6M | 32.52M | 28.8M | 15.83M |
| Asset Turnover | 1.34x | 0.15x | 0.05x | 0.13x | 0.20x | 0.05x | 0.05x | 0.06x | 0.03x | 0.05x | 0.01x | 0.03x | 0.13x | 0.22x | 0.27x | 1.19x | 1.02x | 0.33x | 0.23x | 0.64x | 2.25x | 0.72x | 0.30x | 0.05x | 0.10x | 0.05x | 0.05x | 0.04x | 0.08x |
| Asset Growth % | 42.81% | -28.16% | -8.79% | -26.11% | -4.43% | 49.17% | 29.89% | -53.69% | -3.92% | -14.03% | -61.27% | 502.62% | 64.82% | 36.34% | 283.84% | -34.8% | -49.89% | -0.93% | 70.5% | 311.53% | -67.37% | -55% | -18.99% | -4.67% | -21.28% | 107.86% | 12.94% | 81.88% | - |
| Total Current Liabilities | 5.11M | 6.01M | 15.62M | 22.49M | 32.86M | 11.22M | 9.54M | 7.83M | 11.24M | 11.9M | 10.6M | 10.58M | 14.4M | 12.52M | 10.96M | 6.84M | 8.13M | 6.51M | 4.05M | 6.46M | 5.81M | 2.21M | 10.88M | 4.53M | 4.8M | 2.58M | 1.91M | 1.32M | 830.41K |
| Accounts Payable | 1.46M | 1.17M | 2.32M | 3.22M | 3.52M | 3.17M | 2.99M | 2.4M | 3.19M | 1.99M | 3.21M | 2.61M | 2.04M | 1.22M | 805.79K | 1.26M | 0 | 2M | 509.38K | 313.56K | 314.59K | 1.29M | 933.44K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 13.73K | 1.18K | - | - | - | - | 23.02 | 15.2 | 20.12 | 11.57 | 19.14 | 18.5 | 19.28 | 20.7 | 16.23 | 23.57 | - | 42.96 | 14.03 | - | 18.56 | - | - | - | - | - | - | - | - |
| Short-Term Debt | 631K | 547K | 0 | 0 | 372K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.43K | 0 | 0 | 686.63K | 282.17K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 7.57M | 11.79M | 16.46M | 0 | 0 | 0 | 0 | 2.74M | 15K | 868K | 5.78M | 3.46M | 3.14M | 2.75M | 1.98M | 1.11M | 377.23K | 4.65M | 0 | 373.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.01M | 4.29M | 0 | 3.7M | 8.78M | 0 | 0 | 253K | 5.71M | 7M | 5.18M | 4.77M | 9.51M | 8.86M | 4.06M | 211.36K | 6.15M | 2 | 232.81K | -76.43K | 1.31M | 121.18K | 9.18M | 4.12M | 4.66M | 2.47M | 1.85M | 1.29M | 830.41K |
| Current Ratio | 54.26x | 15.73x | 8.15x | 5.87x | 4.60x | 14.32x | 13.38x | 11.99x | 11.50x | 10.87x | 12.51x | 17.38x | 8.08x | 5.62x | 4.68x | 1.69x | 2.20x | 3.81x | 6.74x | 3.60x | 0.95x | 4.94x | 2.64x | 8.84x | 8.11x | 19.27x | 13.24x | 15.28x | 8.21x |
| Quick Ratio | 54.26x | 15.73x | 8.15x | 5.87x | 4.60x | 14.32x | 13.38x | 11.99x | 11.50x | 10.87x | 12.51x | 17.28x | 8.08x | 5.53x | 4.86x | 1.69x | 2.18x | 3.81x | 6.71x | 3.57x | 0.95x | 4.94x | 2.61x | 8.84x | 8.11x | 19.27x | 13.13x | 15.28x | 8.21x |
| Cash Conversion Cycle | -13.73K | - | - | - | - | - | - | - | - | - | - | 9.35 | - | 4.83 | - | - | - | - | 21.72 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 11.88M | 12.04M | 18.72M | 15.9M | 25.71M | 23.82M | 25.57M | 24.96M | 16.43M | 42.8M | 62.3M | 154.03M | 15.8M | 0 | 722.51K | 1.66M | 2.16M | 0 | 0 | 0 | 64.97K | 34.78M | 40.71M | 2.81M | 3.07M | 3.53M | 589.69K | 597.25K | 574.53K |
| Long-Term Debt | 0 | 3.44M | 0 | 6.95M | 10.37M | 16.3M | 19.55M | 0 | 0 | 12M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 869.45K | 602.34K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.17M | 199K | 806K | 1.34M | 1.81M | 2.23M | 2.59M | 3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.97K | 85.5K | 130.08K | 204.28K | 167.57K | 237.51K | 73.93K | 63.44K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.66M | 16.9M | 41.2M | 146.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.88M | 8.39M | 15.05M | 7.6M | 7.53M | 5.3M | 3.43M | 2.95M | 3.77M | 28.06M | 50.33M | 7.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.69M | 32.27M | 2.01M | 2.58M | 2.65M | 515.75K | 533.82K | 574.53K |
| Total Liabilities | 16.99M | 18.04M | 34.34M | 38.38M | 58.57M | 35.05M | 35.11M | 32.79M | 27.67M | 54.7M | 72.9M | 164.61M | 30.2M | 12.52M | 11.68M | 8.5M | 10.29M | 6.51M | 4.05M | 6.46M | 5.88M | 36.99M | 51.6M | 7.35M | 7.87M | 6.12M | 2.49M | 1.92M | 1.4M |
| Total Debt | 631K | 4.19M | 1.29M | 8.72M | 12.55M | 18.91M | 22.54M | 3.36M | 0 | 12M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.43K | 148.06K | 135.09K | 1.78M | 1.22M | 302.81K | 355.46K | 128.53K | 97.77K | 0 |
| Net Debt | -23.07M | -13.82M | -35.04M | -17.56M | -18.22M | -90.37M | -29.71M | -28.44M | -36.94M | -42.3M | -11.4M | -166.78M | -72.2M | -68.72M | -47.03M | -9M | -12.34M | -23.3M | -21.54M | -21.05M | -4.72M | -10.35M | -23.22M | -34.33M | -20.2M | -25.28M | -1.92M | -10.81M | -797.59K |
| Debt / Equity | 0.00x | 0.05x | 0.01x | 0.08x | 0.09x | 0.11x | 0.22x | 0.05x | - | 0.07x | 0.06x | - | - | - | - | - | - | - | - | 0.00x | 0.95x | - | - | 0.03x | 0.01x | 0.01x | 0.00x | 0.00x | - |
| Debt / EBITDA | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.03x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.15x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -6.90x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 1817.50x | -278.88x | -509.36x | -157.71x | -36.67x | -25.69x | -14.89x | -77.93x | -305.58x | -415.60x | - | - | - | - | 708.87x | -130.59x | - | - | - | - | 12.59x | - | - | - | - | - | - | - | - |
| Total Equity | 260.18M | 76.58M | 97.37M | 106.02M | 136.85M | 169.44M | 101.97M | 72.74M | 200.23M | 182.5M | 203M | 547.68M | 88M | 59.19M | 40.92M | 5.21M | 10.73M | 35.44M | 38.29M | 18.37M | 155.53K | -18.49M | -10.5M | 43.38M | 45.35M | 61.49M | 30.03M | 26.88M | 14.43M |
| Equity Growth % | 147.5% | -21.35% | -8.16% | -22.53% | -19.23% | 66.17% | 40.17% | -63.67% | 9.72% | -10.1% | -62.93% | 522.36% | 48.67% | 44.65% | 686.08% | -51.49% | -69.72% | -7.45% | 108.43% | 11711.62% | 100.84% | -76.18% | -124.2% | -4.34% | -26.25% | 104.76% | 11.72% | 86.28% | - |
| Book Value per Share | 1.33 | 0.40 | 0.52 | 0.64 | 0.91 | 1.59 | 1.34 | 1.27 | 3.62 | 3.33 | 3.83 | 12.05 | 3.92 | 3.87 | 2.86 | 0.46 | 1.04 | 3.43 | 4.72 | 3.85 | 0.04 | -2.40 | -1.36 | 6.09 | 6.90 | 12.13 | 6.09 | 9.54 | 6.67 |
| Total Shareholders' Equity | 260.18M | 76.58M | 97.37M | 106.02M | 136.85M | 169.44M | 101.97M | 72.74M | 200.23M | 182.5M | 203M | 547.68M | 88M | 59.19M | 40.92M | 5.21M | 10.73M | 35.44M | 38.29M | 18.37M | 155.53K | -18.49M | -10.5M | 43.38M | 45.35M | 61.49M | 30.03M | 26.88M | 14.43M |
| Common Stock | 1.44B | 1.42B | 1.41B | 1.35B | 1.32B | 1.29B | 985.94M | 898.53M | 879.4M | 876.11M | 867.39M | 834.24M | 290M | 216.7M | 239.48M | 10.33B | 10.33B | 0 | 0 | 197.23M | 154.63M | 155.19M | 149.93M | 138.11M | 96.08M | 94.76M | 68.21M | 56.88M | 34.98M |
| Retained Earnings | -1.21B | -1.38B | -1.35B | -1.28B | -1.2B | -1.13B | -1.05B | -970.09M | -805.22M | -738.07M | -651.15M | -266.99M | -205.86M | -167.03M | -230.25M | -253.52M | -248.87M | -211.87M | -174.27M | -199.76M | -167.53M | -191.4M | -177.12M | -142.48M | -79.61M | -50.58M | -38.18M | -30M | -20.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -48.2M | -48.1M | -48.13M | -48.42M | -50.49M | -48.33M | -48.17M | -48.23M | -48.17M | -48.19M | -49.78M | -49.78M | -22.31M | -15.83M | -13M | -16.15M | -15.55M | -11.93M | -11.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
According to reported financial statements, Arbutus Biopharma's total assets fluctuated significantly from $144.4M in 2023Q4 to a peak of $277.2M in 2026Q1, a trend that appears driven by non-recurring licensing milestones rather than a consistent accumulation of productive capital or long-term operational growth.
The erratic movement in total assets suggests that the balance sheet is highly sensitive to episodic accounting events rather than organic business expansion. Investors should monitor whether this volatility indicates a lack of structural stability in the company's underlying asset base.
Based on the most recent quarterly data, Arbutus Biopharma's cash position dropped to $18.0M by 2025Q4, a level that appears insufficient to support the company's ongoing R&D-heavy clinical trial requirements without necessitating further dilutive financing or additional non-recurring licensing inflows to maintain operations.
While the current ratio appears high due to accounting adjustments, the absolute cash balance remains the most critical constraint on the firm's survival. This liquidity profile suggests that the company is perpetually one clinical setback away from a significant funding crisis.
As reported in historical filings, the company's retained earnings have remained deeply negative at approximately -$1.2B to -$1.4B throughout the observed period, indicating that years of intensive research and development have yet to translate into a self-sustaining equity base for shareholders.
The persistent negative retained earnings highlight the high cost of the company's clinical-stage business model. This structure implies that equity value is almost entirely dependent on future binary outcomes rather than the current accumulation of tangible book value.
Based on the provided balance sheet data, the near-total absence of meaningful property, plant, and equipment, which stood at only $22.0K in 2026Q1, confirms that the company's value is almost exclusively tied to intangible intellectual property rather than physical operational assets.
This asset-light profile makes the company's valuation exceptionally sensitive to patent litigation outcomes and regulatory shifts. Investors should recognize that the lack of physical collateral limits the firm's ability to secure traditional debt financing during periods of operational stress.
Quick answers to the most common questions about buying ABUS stock.
As of 2025, Arbutus Biopharma Corporation (ABUS) had total assets of $94.6M including $94.5M in current assets.
Arbutus Biopharma Corporation (ABUS) carries total debt of $4.2M, offset by $91.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Arbutus Biopharma Corporation (ABUS) has total shareholders' equity (book value) of $76.6M ($0.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Arbutus Biopharma Corporation (ABUS) reported a current ratio of 15.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.