Revenue performance remains highly erratic, with the 2026Q1 net margin of 94.7% driven by non-operating licensing gains rather than consistent operational growth.
| 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 |
|---|
| Sales/Revenue | 191.44M | 14.08M | 6.17M | 18.14M | 39.02M | 10.99M | 6.91M | 6.01M | 5.9M | 10.7M | 1.5M | 24.87M | 15M | 15.46M | 14.18M | 16.3M | 21.35M | 13.78M | 9.64M | 15.92M | 13.6M | 13.29M | 12.17M | 2.73M | 5.07M | 3.46M | 1.77M | 1.14M | 1.23M |
| Revenue Growth % | 2889.93% | 128.21% | -65.98% | -53.51% | 255.11% | 58.92% | 15.02% | 1.88% | -44.86% | 613.33% | -93.97% | 65.82% | -3% | 9.05% | -13.03% | -23.64% | 54.95% | 42.94% | -39.46% | 17.05% | 2.36% | 9.21% | 345.43% | -46.14% | 46.62% | 95.68% | 55.03% | -7.09% | - |
| Cost of Goods Sold | 33K | 363K | 0 | 0 | 0 | 0 | 47.48M | 57.6M | 57.9M | 62.7M | 61.3M | 51.51M | 38.7M | 21.46M | 18.13M | 19.49M | 22.13M | 16.97M | 13.25M | 0 | 6.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 2.58% | - | - | - | - | 686.74% | 958.26% | 981.36% | 585.98% | 4086.67% | 207.07% | 258% | 138.76% | 127.82% | 119.54% | 103.65% | 123.12% | 137.43% | - | 45.47% | - | - | - | - | - | - | - | - |
| Gross Profit | 191.41M | 13.72M | 6.17M | 18.14M | 39.02M | 10.99M | -40.57M | -51.59M | -52M | -52M | -59.8M | -26.63M | -23.7M | -5.99M | -3.94M | -3.19M | -779.12K | -3.19M | -3.61M | 15.92M | 7.42M | 13.29M | 12.17M | 2.73M | 5.07M | 3.46M | 1.77M | 1.14M | 1.23M |
| Gross Margin % | 99.98% | 97.42% | 100% | 100% | 100% | 100% | -586.74% | -858.26% | -881.36% | -485.98% | -3986.67% | -107.07% | -158% | -38.76% | -27.82% | -19.54% | -3.65% | -23.12% | -37.43% | 100% | 54.53% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 122.33% | -65.98% | -53.51% | 255.11% | 127.09% | 21.37% | 0.79% | 0% | 13.04% | -124.54% | -12.37% | -295.39% | -51.96% | -23.84% | -308.81% | 75.54% | 11.71% | -122.66% | 114.65% | -44.19% | 9.21% | 345.43% | -46.14% | 46.62% | 95.68% | 55.03% | -7.09% | - |
| Operating Expenses | 36.74M | 40.77M | 82.49M | 96.24M | 104.47M | 84.51M | 17.24M | 92.31M | 76.1M | 80.8M | 101.8M | 78.53M | 47.9M | 27.62M | -19.49M | 7.14M | 11.73M | 5.88M | 4.73M | 13.28M | 9.1M | 14.38M | 35.55M | 37.38M | 32.79M | 19.87M | 10.97M | 9.31M | 9.98M |
| OpEx % of Revenue | - | 289.51% | 1336.74% | 530.53% | 267.75% | 769.11% | 249.33% | 1535.7% | 1289.83% | 755.14% | 6786.67% | 315.73% | 319.33% | 178.59% | -137.44% | 43.78% | 54.96% | 42.67% | 49.1% | 83.43% | 66.89% | 108.18% | 292.13% | 1368.1% | 646.46% | 574.4% | 620.56% | 816.68% | 813.22% |
| Selling, General & Admin | 15.94M | 15.89M | 22.11M | 22.48M | 17.83M | 17.14M | 14.85M | 17.73M | 16M | 16.1M | 39.4M | 26.44M | 8.7M | 5.55M | 26.89M | 6.18M | 4.78M | 3.97M | 3.62M | 4.44M | 3.85M | 3.78M | 7.76M | 6.78M | 5.52M | 3.1M | 2.25M | 1.57M | 1.33M |
| SG&A % of Revenue | - | 112.85% | 358.26% | 123.89% | 45.71% | 155.95% | 214.71% | 294.91% | 271.19% | 150.47% | 2626.67% | 106.29% | 58% | 35.87% | 189.64% | 37.92% | 22.39% | 28.78% | 37.54% | 27.9% | 28.32% | 28.48% | 63.74% | 248.34% | 108.93% | 89.65% | 127.54% | 137.42% | 108.4% |
| Research & Development | 20.4M | 25.24M | 54.04M | 73.7M | 84.41M | 65.5M | 49.34M | 57.6M | 57.9M | 62.7M | 61.3M | 51.51M | 38.7M | 21.46M | 18.13M | 0 | 22.13T | 0 | 0 | 8.43M | 4.53M | 8.76M | 22.32M | 23.71M | 21.61M | 12.85M | 8.72M | 7.75M | 8.65M |
| R&D % of Revenue | - | 179.23% | 875.66% | 406.26% | 216.33% | 596.12% | 713.6% | 958.26% | 981.36% | 585.98% | 4086.67% | 207.07% | 258% | 138.76% | 127.82% | - | 99999900% | - | - | 52.94% | 33.27% | 65.93% | 183.38% | 867.68% | 426.03% | 371.42% | 493.01% | 679.27% | 704.82% |
| Other Operating Expenses | 403K | -363K | 6.34M | 69K | 2.23M | 1.87M | -46.94M | 16.98M | 7.3M | 2.2M | 2.5M | -770K | -5.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 154.67M | -27.05M | -76.32M | -78.1M | -65.46M | -73.52M | -57.81M | -143.9M | -89.8M | -110.9M | -491.6M | -102.32M | -33M | -12.15M | -12.99M | -10.32M | -12.51M | -9.07M | -10.95M | 2.64M | -1.68M | -5.96M | -27.63M | -34.65M | -27.72M | -16.41M | -9.2M | -8.17M | -8.75M |
| Operating Margin % | 80.79% | -192.08% | -1236.74% | -430.53% | -167.75% | -669.11% | -836.07% | -2393.96% | -1522.03% | -1036.45% | -32773.33% | -411.38% | -220% | -78.59% | -91.62% | -63.32% | -58.61% | -65.79% | -113.58% | 16.57% | -12.36% | -44.83% | -227.08% | -1268.1% | -546.46% | -474.4% | -520.56% | -716.68% | -713.22% |
| Operating Income Growth % | - | 64.56% | 2.28% | -19.32% | 10.97% | -27.19% | 59.83% | -60.25% | 19.03% | 77.44% | -380.44% | -210.07% | -171.53% | 6.46% | -25.85% | 17.5% | -38.03% | 17.2% | -514.88% | 256.97% | 71.78% | 78.44% | 20.24% | -25% | -68.89% | -78.33% | -12.6% | 6.64% | - |
| EBITDA | 154.71M | -26.69M | -74.94M | -76.7M | -64.03M | -71.77M | -55.83M | -141.87M | -87.62M | -108.87M | -490.51M | -101.73M | -32.5M | -11.54M | -12.12M | -9.37M | -11.47M | -7.15M | -9.83M | 3.05M | -1.08M | -3.56M | -26.43M | -27.84M | -22.13M | -12.56M | -7.95M | -6.87M | -7.76M |
| EBITDA Margin % | 80.81% | -189.51% | -1214.37% | -422.79% | -164.1% | -653.16% | -807.46% | -2360.22% | -1485.07% | -1017.5% | -32700.53% | -409.01% | -216.67% | -74.63% | -85.48% | -57.46% | -53.74% | -51.9% | -102.02% | 19.16% | -7.95% | -26.79% | -217.22% | -1019.15% | -436.34% | -363.08% | -449.45% | -602.29% | -632.58% |
| EBITDA Growth % | 271.41% | 64.39% | 2.29% | -19.79% | 10.78% | -28.55% | 60.65% | -61.92% | 19.52% | 77.8% | -382.15% | -213.02% | -181.62% | 4.8% | -29.41% | 18.36% | -60.45% | 27.28% | -422.35% | 382.1% | 69.63% | 86.53% | 5.06% | -25.81% | -76.2% | -58.08% | -15.68% | 11.54% | - |
| D&A (Non-Cash Add-back) | 44K | 363K | 1.38M | 1.4M | 1.43M | 1.75M | 1.98M | 2.03M | 2.18M | 2.03M | 1.09M | 589K | 500K | 612.84K | 869.54K | 955.45K | 1.04M | 1.91M | 1.11M | 411.65K | 599.77K | 2.4M | 1.2M | 6.8M | 5.59M | 3.85M | 1.26M | 1.3M | 989.78K |
| EBIT | 156.31M | -27.05M | -69.78M | -72.39M | -63.29M | -73.39M | -59.73M | -164.27M | -61.12M | -108.47M | -489.17M | -78.9M | -32.97M | -12.15M | 33.32M | -10.04M | -6.6M | -8.1M | -8.34M | 2.64M | 20.23M | -1.09M | -23.38M | -34.65M | -23.95M | -16.49M | -10.74M | -8.17M | -8.75M |
| Net Interest Income | 3.6M | 3.97M | 6.45M | 5.23M | 466K | -2.73M | -3.27M | 3K | 2.82M | 1.28M | 1.39M | 674K | 853K | 540K | 91K | 45.38K | 106.94K | 156.33K | 738.37K | 1.02M | -1.29M | 439.39K | 750.85K | 1.14M | 1.02M | 1.03M | 0 | 0 | 0 |
| Interest Income | 3.69M | 4.07M | 6.58M | 5.69M | 2.19M | 127K | 741K | 2.11M | 3M | 1.54M | 1.39M | 674K | 853K | 540K | 138.95K | 122.28K | 106.94K | 156.33K | 738.37K | 1.02M | 316.81K | 439.39K | 750.85K | 1.14M | 1.02M | 1.03M | 0 | 0 | 0 |
| Interest Expense | 86K | 97K | 137K | 459K | 1.73M | 2.86M | 4.01M | 2.11M | 200K | 261K | 0 | 0 | 0 | 0 | 47K | 76.91K | 0 | 0 | 0 | 0 | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.05M | -6.45M | 6.4M | 5.25M | 444K | -2.73M | -5.94M | -22.48M | 28.44M | 2.2M | 2.47M | 25.02M | -5.4M | -1.91M | 42.56M | 574.19K | -5.65M | -466.28K | -769.07K | -5.22M | 19.76M | -6.49M | -4.03M | 0 | 0 | 455.26K | 0 | 0 | 0 |
| Pretax Income | 160.72M | -33.5M | -69.92M | -72.85M | -65.01M | -76.25M | -63.74M | -166.38M | -61.4M | -108.7M | -489.1M | -77.31M | -38.7M | -14.06M | 29.95M | -9.85M | -12.52M | -9.48M | -11.72M | -2.58M | 18.08M | -7.67M | -29.8M | 0 | 0 | -15.96M | 0 | 0 | 0 |
| Pretax Margin % | 83.95% | -237.88% | -1133.04% | -401.57% | -166.62% | -693.91% | -921.97% | -2767.91% | -1040.68% | -1015.89% | -32606.67% | -310.8% | -258% | -90.95% | 211.19% | -60.44% | -58.64% | -68.81% | -121.56% | -16.22% | 132.89% | -57.72% | -244.89% | - | - | -461.24% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 4.44M | 0 | 0 | -12.66M | -4.3M | -24.3M | -105M | -16.18M | 100K | 1.91M | 3.72M | -590.69K | -99.82K | 259.76K | 0 | 0 | -2.31K | 388.32K | 8.95M | -483.8K | -852.14K | -2.33M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -6.84% | 0% | 0% | 7.61% | 7% | 22.36% | 21.47% | 20.94% | -0.26% | -13.59% | 12.43% | 5.99% | 0.8% | -2.74% | 0% | 0% | -0.01% | -5.06% | -30.02% | - | - | 14.58% | - | - | - |
| Net Income | 160.72M | -33.5M | -69.92M | -72.85M | -69.46M | -76.25M | -63.74M | -153.72M | -57.1M | -84.4M | -384.1M | -61.12M | -38.8M | -14.06M | 29.95M | -9.73M | -12.41M | -9.33M | -11.72M | -2.58M | 18.08M | -8.06M | -28.05M | -34.08M | -26.79M | -14.02M | -9.2M | -8.17M | -8.75M |
| Net Margin % | 83.95% | -237.88% | -1133.04% | -401.57% | -178.01% | -693.91% | -921.97% | -2557.36% | -967.8% | -788.79% | -25606.67% | -245.73% | -258.67% | -90.95% | 211.19% | -59.69% | -58.14% | -67.68% | -121.56% | -16.22% | 132.9% | -60.64% | -230.49% | -1247.26% | -528.27% | -405.13% | -520.56% | -716.68% | -713.22% |
| Net Income Growth % | 309.9% | 52.09% | 4.02% | -4.89% | 8.91% | -19.61% | 58.53% | -169.22% | 32.35% | 78.03% | -528.43% | -57.53% | -175.88% | -146.96% | 407.71% | 21.6% | -33.11% | 20.42% | -353.74% | -114.28% | 324.34% | 71.27% | 17.69% | -27.18% | -91.18% | -52.29% | -12.6% | 6.64% | - |
| Net Income (Continuing) | 160.72M | -33.5M | -69.92M | -72.85M | -69.46M | -76.25M | -63.74M | -153.72M | -57.06M | -84.41M | -384.16M | -62.72M | -38.84M | -14.06M | 29.61M | -10.08M | -12.41M | -8.56M | -11.72M | -2.58M | 18.08M | -8.06M | -28.05M | -30.61M | -30.87M | -14.22M | -9.2M | -8.17M | -8.75M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 0.82 | -0.17 | -0.38 | -0.44 | -0.46 | -0.73 | -0.86 | -2.69 | -1.03 | -1.54 | -7.24 | -1.34 | -1.73 | -0.92 | 2.07 | -0.86 | -1.20 | -0.90 | -1.44 | -0.54 | 4.68 | -1.04 | -3.64 | -4.78 | -4.08 | -2.76 | -1.87 | -2.90 | -4.05 |
| EPS Growth % | 302.11% | 55.26% | 13.64% | 4.35% | 36.99% | 15.12% | 68.03% | -161.16% | 33.12% | 78.73% | -440.3% | 22.54% | -88.04% | -144.44% | 340.7% | 28.33% | -33.33% | 37.5% | -166.67% | -111.54% | 550% | 71.43% | 23.85% | -17.16% | -47.83% | -47.59% | 35.52% | 28.4% | - |
| EPS (Basic) | - | -0.17 | -0.38 | -0.44 | -0.46 | -0.73 | -0.86 | -2.69 | -1.03 | -1.54 | -7.24 | -1.34 | -1.80 | -0.92 | 2.16 | -0.86 | -1.20 | -0.90 | -1.44 | -0.54 | 4.68 | -1.04 | -3.64 | -4.78 | -4.08 | -2.76 | -1.87 | -2.90 | -4.05 |
| Diluted Shares Outstanding | 195.21M | 191.6M | 185.61M | 165.96M | 150.94M | 106.24M | 75.84M | 57.09M | 55.3M | 54.72M | 53.05M | 45.46M | 22.44M | 15.3M | 14.32M | 11.32M | 10.33M | 10.33M | 8.12M | 4.77M | 3.86M | 7.71M | 7.7M | 7.13M | 6.57M | 5.07M | 4.93M | 2.82M | 2.16M |
| Basic Shares Outstanding | 193.77M | 191.6M | 185.61M | 165.96M | 150.94M | 106.24M | 75.84M | 57.09M | 55.3M | 54.69M | 53.05M | 45.45M | 21.58M | 15.29M | 13.73M | 11.32M | 10.33M | 10.33M | 8.12M | 4.77M | 3.86M | 7.71M | 7.7M | 7.13M | 6.57M | 5.07M | 4.93M | 2.82M | 2.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical and litigation outcomes
As reported in recent financial filings, Arbutus Biopharma's revenue trajectory remains highly erratic, characterized by a massive 100.5% growth spike in 2026Q1 that contrasts sharply with the significant contraction observed in prior quarters, underscoring the non-recurring nature of its current licensing and milestone-based business model.
The revenue profile is entirely dependent on sporadic milestone payments rather than consistent operational scaling. Investors should interpret the recent surge as a singular event rather than a sustainable trend, as the underlying business lacks a recurring commercial product base.
Based on the company's historical income statements, R&D remains the primary cost driver, consistently consuming the majority of operating resources and preventing the firm from achieving a sustainable path to profitability despite the high gross margins inherent in its intellectual property-focused licensing revenue structure.
The company's cost structure is heavily weighted toward clinical trial advancement, which remains inflexible regardless of revenue fluctuations. This high fixed-cost burden suggests that the firm will continue to face significant operating losses until a proprietary therapeutic reaches commercialization.
According to the provided quarterly data, the reported net income of $169.7M in 2026Q1 appears heavily influenced by non-operating licensing gains, which masks the underlying cash burn and operational losses that have characterized the company's performance throughout the majority of the observed ten-quarter period.
The volatility in EPS, swinging from deep losses to significant gains, indicates that reported net income is not a reliable proxy for core operational health. Analysts should focus on the underlying cash burn rate rather than these headline figures to assess the company's true financial viability.
As indicated by the decline in cash and equivalents to approximately $18M, the company faces a precarious liquidity position that warrants further investigation, as the current burn rate suggests that existing capital may be insufficient to sustain operations through the next phase of clinical development.
The reliance on sporadic licensing income to fund ongoing R&D creates a structural vulnerability that could necessitate dilutive financing. Market participants should monitor the cash runway closely, as the current financial trajectory appears to prioritize clinical milestones over the preservation of shareholder equity.
Quick answers to the most common questions about buying ABUS stock.
For fiscal year 2025, Arbutus Biopharma Corporation (ABUS) reported total revenue of $14.1M. This represents a 1047.4% increase compared to $1.2M in 1998.
Arbutus Biopharma Corporation (ABUS) reported a net loss of $33.5M for the fiscal year ending 2025.
Arbutus Biopharma Corporation (ABUS) reported an operating income of $-27.1M, resulting in an operating profit margin of -192.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Arbutus Biopharma Corporation (ABUS) generated $13.7M in gross profit for the year, representing a gross profit margin of 97.4%. This demonstrates the company's core pricing power and production efficiency.