Arbutus Biopharma reported a net loss of $24.5 million, or $0.13 per basic and diluted common share, for the first quarter of 2025, compared to a net loss of $17.9 million in Q1 2024. Total revenue for the quarter increased to $1.8 million from $1.5 million in the prior year, driven by increased license revenue from Qilu Pharmaceutical.
The company incurred $12.4 million in restructuring costs during Q1 2025, which included $6.0 million in cash severance and benefits, $2.3 million in non-cash stock-based compensation, and $3.8 million in non-cash impairment charges related to exiting its corporate headquarters. These actions are part of a broader organizational streamlining effort.
Research and development expenses decreased significantly to $9.0 million from $15.4 million in Q1 2024, a reduction of $6.4 million, due to cost savings from ceasing discovery efforts and discontinuing the IM-PROVE III clinical trial. General and administrative expenses increased to $5.8 million, primarily due to higher litigation-related legal fees.
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