Arbutus Biopharma (ABUS) 7 Nov 232023 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Arbutus Third Quarter Corporate and Financial Update Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Lisa Caperelli, please go ahead.

Thank you, Briana. Good morning, everyone, and thank you for joining Arbutus' Third Quarter 2023 Financial Results and Corporate Update Call.

Dr. the Executive team Financial Officer; McElhaugh, Operating from President Bill Officer; today Chief Chief and David Officer; me Arbutus are executive Collier, Michael Joining Hastings, Chief Mike Sofia, Officer; Chief and Scientific Dr. will Officer. Bill Hastings third Dave provide quarter Medical Chief financial will Sims, begin a followed who the corporate of review results. with a XXXX by update, company's Karen the our After for call prepared remarks, we Q&A. will open

which most like filed call the over today cause Form to that, from I'd differ quarterly begin, our time the in and will to subject statements, with statements are on I'll described in turn today during we that uncertainties of including annual remind materially, number report XX-Q, other our the Before some and XX-K, our a time on Bill? SEC. With call made documents the forward-looking and to of our be recent are to to you those report actual risks which results filed may Collier. Bill later that

Good for joining morning, us very much you today. and thank everyone,

that Arbutus, year. let's results speak saw, a to cure development at remain As of combined clinical quarter regimen. our the of third be also for this our of our I B be goal results. At by morning, treatment functional to we create the discuss advancing we committed that patients end the reporting likely a hepatitis in developing our to virus with announced chronic about curative retiring assets first, addition more that you shortly, earlier but will I'll can

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trial We the this portion next will clinical to on have report year. of more

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me my let moment at decision of a this about end year. spend retire as the talking CEO to Finally,

successes As lead functional many Arbutus that I've develop is much. This and then, team confident a provide had AB-XXX opportunity for challenging at and to lead the achieved Arbutus. rewarding We've activities look serve career. XXXX, for to and me so patient is group The drive future has at to since the plus as researchers, to you in ability was I been June and of confident make decision a my recent And My since true know, my possibly particularly milestones. these of completely tenure with to unrelated X the HBV. of X-year key imdusiran accomplished I've this community professionals Arbutus privilege chronic Arbutus. I to most in and the and we've and a remain patients had future to of a passionate retirement, to X the the cure talented with HBV privilege. of many in positions clinicians compounds I'm personally

X. Interim Now Mike CEO me effective will McElhaugh January succeed as

our resource a next Arbutus experience new Arbutus Arbutus confidence will leadership Bristol-Myers goal assets. With AB-XXX various years is many positioned Operating As a chapter. know, create I'm successful And to last HPV He in worked Imdusiran its our to Mike becomes Officer. very commercial role. In cure brief Farmasa, be Mike for me Mike's spanning and and he our within to with advance and driving to to I'll I he than Dave that, for over Mike leads the call Merck these confident the years, of a our and over be smooth operating the functional as of for also ability be utmost board well hand and for in are X-plus transactional that deliver acclimated Hastings to there continue value have transition. I'm leading as XX in has shareholders. HBV and Chief you a more and closely for financial update. co-founder roles on Mike's continue ViroPharma. The I of as closing, confident a company serves we value Squibb, strategic, to has into will scientific his of developing as and

good compared quarter of cash, $XXX XXXX. the XXXX cash and approximately investments third December everybody. with million $XXX to of equivalents ended and Bill, approximately Thanks, We XX, million morning, as of

$XX September months XXXX, shares million under were by received used X inflows million proceeds the from offering XX, offset ended cash $XX net of approximately we issuance cash in of During program. at-the-market These of our approximately common the operations. betas

by As we that today, Bill reduced XX%. we mentioned, our announced workforce

onetime a in discovery in million charge With have quarter the people clinical stage HBV that Importantly, the workforce, have believe continue capability we fourth XXXX. pipeline. be and in we recorded our to reduction approximately this of advance will will of necessary we to incur HBV maintained a $X.X research restructuring

burn $XX $XX to between We million proceeds at-the-market any expect our range net XXXX to program. million, from received offering our excluding cash

advance believe committed we HBV we strong closing, to functional HBV. With to have XXXX. position turn will a quarter into I to sufficient our and assets runway that, a Bill. Importantly, mission the cure for fund our remain call provide of In our now chronic be we our cash the first now financial to operations will to back developing

Dave. Thanks,

weeks. the in imdusiran, I reporting AASLD from study VTP-XXX meeting Conference Healthcare the and AB-XXXXXX we're the London. preliminary NUC medical Jefferies coming Phase to data be will Immediately following mentioned congress attending that combining earlier, looking forward at IIa in liver As therapy the

closing, you departing out for the the our to that and data. In many team to want contributions best to dedication meet company. I to and again, So to time if wish the thank review please them with to Lisa their employees reach schedule

now to the chronic developing any ready Q&A. open cure pursue our of HBV. Operator, we're functional for patients we continue a with for to goal call As

[Operator Our for first comes JMP. question Buchanan Roy from Instructions]

Great.

details some Phase with just if over are results number will Bill as maybe just complete SAD And I retirement to sounds going the And regularly promotion. XXX. like you for give you to I? So results? are congrats patient activities there next underway FDA -- for going to with Are the congrats remind things studies with then share to what it the maybe not, can. preclinical getting to And AB-XXX, then complete guess in the of other and the data you have us just year. whole like wait the if are maybe exciting to the going the us start you are half but Mike first just

Karen study. Thank well structure the your to is best to Maybe just it do could of Roy. describe the I'll a moment. turn Phase Ia the we answer you wishes. to XXX question Okay, your over for in thing

when earlier study. double-blind on I said think I I randomized was a misspoke it

it's that? could you clarify perhaps question. I Karen, And So know a Roy's

Absolutely.

is Bill, we're It a actually, correct. trial. So double-line

it we a, trials. So is what umbrella call

see just trial. [indiscernible]I portion in trial the of of portion the patient subject healthy are there So

So we healthy begin the in dosing single B patients. the and subjects subjects multiple then hepatitis decent healthy in ascending chronic

trial each way the trials need the the data of you these part run, part from to the trial. next to advance So obviously of

So as really It a timely do depends the the manner. said, right continue now, in data our in things have trial. portion single ascending of year. dose the [indiscernible] Bill expect subjects If to of trial. We next on cadence the we're recruit

is we the data healthy of preliminary single-dose should TK So of the first trial have portion half the data year so procodynamic the in some data for safety in subjects. on

again it a the meaningful and to report. disclose we data trial, data package once of that, have the really recruitment on depends will the just we Beyond cadence

or are other studies you Great. that's Okay. doing underway anything some with just then activities preclinical And XXX? what maybe

you want take do one? that Mark, to

to Well, data in animal which safety that supports models. established package forward novel, We with move studies solid is continue the the supports data, we've of I mechanism, XXX. pretty think efficacy standard preclinical -- nonclinical a which

are really, So the activities and further idalPK only support peak progression the nonclinical was agent. targeting liver required the profile, this is assessments drug. which that toxicology right But of now, -- obviously, to for all

Okay. more question. Great. And X detailed

S-antigen hepatitis you in seroconversion considered you delta. imdusiran the and crystal question, guys do ball on for speculative Just how then really check study, frequently never or of the

Just Have same you B competitors your delta. that of potential indication? hepatitis are that? what using around considered are for and your thoughts the Some agents hepatitis

to you And part? So the want take Karen, Mike, do then, the first second.

Absolutely.

The are So depends clinical for of set subjects. were frequently in these how surface checking we seroconversion. trials all our really and up clinic loss for on timing antigen visits

a clinic typically, monitoring. for we do So those there's for a parameters visit whenever just collect subject,

the anywhere clinical vary every X the they're to can in in every the in subject where it month follow-up on depending whether phase. So phase dosing is weeks, from trial, the

frequent. do month. we much parameters So pretty more and those say, visit every collect I at study not ballpark if would every

Roy. Yes,

targets exist. liver of that. generated potentially siRNA to load initially idea the Delta of antigen Deltas therefore, associated at to a we've somebody accumulation that and an of potentially Recent the seems could has The required yes, AB-XXX for safety question, significant and supportive or looked as certainly X to knock Delta On it's them. There else in issues use with lot antigens that's of clinical was Delta-related data look, down clearly X data not the the be some ALT elevation. cell, was

So B is Delta. for siRNA developed for probably hepatitis an our that assessment is not option

also, So the had believe in our that significant hepatitis still on with reduced to as efforts Bill we and that needs our overcome, strategy. challenge be count our to mentioned we a focus, think B, that's head

our where that's So we're focusing efforts.

Jefferies. Our next Dennis question Ding comes from of

mean licensing that questions the for heading also could construction on in and the Dennis. joint hep on litigation comment into siRNA and LNP Anthea for are should discussions B expect you Arbutus GSK what Was then with second, is space? Two the and brief thoughts from your we does What J&J December? what the in in us. This GSK on

Yes.

let then maybe business about take Mc So first, our efforts. and the can Mike development me part second talk

as new news front, there's press I to announce. put the litigation on in -- we the So no think release,

the continue February for Moderna remain about We right. In scheduled defending X, passionate to construction claims there a patents. is our meeting case,

point next for So yet case, of kind construction. in data the claims a date Moderna trial, the in there that's not is the Pfizer set

can think this I we at about all stage. that's say

development want question? So to Mike, do the you take

any the B everybody. of consolidation good people So are to want see And for success I field hepatitis field, the for GSK that is we space way space generally. look hepatitis licenses we cure. in at the in any think That's news happen that with B the the getting in opportunity functional to the course,

certainly that particular know, you any it's everyone to to can't support can competitors. and fair very continue a it's appropriate. on field, company, With market very, those as closely conversations stay we that, with obviously. conversations in touch say and comment think regards So multiple large I with But the in whenever we we

Our next Baird. of question comes from Skorney Brian

This is Brian. on for Charlie

just the as you extended development with with kind better on One just reduction runway of could your what that based on means of little just us So this mentioned bit and on and force, is get cash clinical for question cash that this the compared ideal a hoping to you and could XXXX. I the you kind do, efforts was your development deal in following as comparing research, through your And the they just you a with grasp to about contextualize possibly well time asset runway line in-licensed of contrasting, imdusiran? scenarios for up the other recent GSK

Okay.

next to of runway So It I continue progress the AB-XXX IIb us to we've or III of the the that we'll inform clear mean get we to further Phase us think IIa XXXX. through allows will either we're that I a phase now activity. data to I It's pleased continue also Phase extended Phase going work. good, years' then X worth allow progress and and further readouts, into studies, its as funding readouts, Phase

is So that, all I of encouraging. quite think,

the couple of On a GSK question, comments.

think, the it's way B. another one, fact therapy to hepatitis of I in combination go recognition is is that the

they've with imdusiran comparing as far the that in. licensed with asset As

differences. key are a I couple of think there

XXX X system. mentioned every surface of I functional and of X every has HBV only data are dosage monthly, that's on, As weeks, immune on in showing is the either the for And reducing earlier believe DNA, cure, my XX RNAi reawakening weeks. antigen necessary shown XX intervals activity comments we the reducing all generated components

dosage want differences. you flexibility in some of and might built to single trigger Mike, the comment have forward. And preclinical just then moving upon we aspect the So any the

Yes.

that trigger So host integrated androgen siRNA, right, agent, the comes not transcript integrated preclinically, at single transcripts can indusiran, off got as look with that you X of off all if it's viral which transcript including a genome. comes

J&J be siRNAs able accomplish it the one. to of is the with what asset accomplish requires with X we're that One to challenges able to

in are you dose at as of assets. big a So difference when different look I feasibility a those well. We're cost focalization goods and think lower X of they of there's than

I profile siRNA. is, a imdusiran there think, So J&J the for versus differentiating

Thomas question H.C. of next from comes Our Yip Wainright.

X from from the QX cohort this first first the low in also and data we provide time then year can of the [indiscernible]. you telemetry expect frame Perhaps expect the of data -- we question, study, expanded treatment with set? something the Should for preliminary the Perhaps how from this can weeks many specific time more readout? half

well you that original wishes. we've in a arm that very Yes, for thank the started appreciate we the this announced so study much included Thomas, we I includes additional study your Obviously, that right. design. XXX good after All that. time nivo.

a So it time is on track. later running

announced, that we in arm. we've As have started dosing

So we're that with most when normally and get yet early release disclosed we January, specific be I mean, fact do to a that that that arm our might from another is years, a underway. expectations We've the would likely not point to to question of time I arm. data in you ask kind press

then Got seg rate. what perhaps discuss successful preliminary be you to a your pertaining a you consider point trend. would will be to it. this Can that And

Karen?

Sure absolutely.

speed, goal certainly, to subjects we look to is as there'll discussed, be steps readouts functional will and for certainly our get cures. So before we've be to cure functional hepatitis taken have that interim

which either of the be prior or So immunotherapeutic industry antigen on placebo. for remeasure at leading treatment looking decline and set to this period, VTP-XXX weeks is contains the reduced particular surface based data XX

certainly, has and of that then decline, terms anything that and previously impacts enduser for increasing to its management So additional immunomodulatory antigen during lead-in impact decline in certainly what own. VTP-XXX to maintaining antigen addition served related lower that looking to Indura in we have service surface any on with contribution period this certainly surface to

readout for few up So those days at of are so in ASLD can't unfortunately, as be conference next be But disclosed to still any of share embargo, in data looking I coming details the I think the begins. that. this that's what we'll under the

Okay. Perhaps as positive each XXX with enrollment And the how data at imdusiran can especially third about far have expansion of for for quarter data the the seen just X the AB-XXX and you for cohort? X if those more to question patients parts? possibility us we from in any long combination talk in

Yes.

we some initial is that year. think the in next so have data study half that I said far we'll in what first of

I also into think rates is those arms. earlier on mentioned somewhat upon each recruitment Karen of still dependent

You're we've right But XXX and for that that. time the our combine ultimate aim not be any with would to yet provided side. nuclear XXXX lines

And this management now remarks. concludes it closing . the I turn question-and-answer to like for would session. back to

Well, questions. of for joining we as updates coming Okay. you support much this We morning. months. continued over much, your very your and We Arbutus interest everyone, the you thank progress assets our us stage providing clinical to forward look HBV of and very look, in appreciate development

that concludes operator, our this morning. call So for

you participation in the conclude program. does This conference. Thank your for today's

may now You disconnect.