Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arbutus Biopharma Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.49
10.7
5.95
6.01
6.91
11
39
18.1
6.17
14.1
Research and development
61.3
62.7
57.9
57.6
49.3
65.5
84.4
73.7
54
25.2
General and administrative
39.4
16.1
16
17.7
14.8
17.1
17.8
22.5
22.1
15.9
Operating expenses
493
122
95.7
150
64.7
84.5
104
96.2
82.5
52.2
Operating income
-492
-111
-89.8
-144
-57.8
-73.5
-65.5
-78.1
-76.3
-38.2
Interest expense
0
0.26
0.23
2.11
4.01
2.86
1.73
0.46
0.14
0.1
Interest income
1.39
1.54
3.05
2.11
0.74
0.13
2.19
5.69
6.59
4.07
Other non-operating income
2.47
2.2
28.4
-22.5
-5.94
-2.73
0.44
5.25
6.4
4.66
Pre-tax income
-489
-109
-61.3
-166
-63.7
-7.7
-28.7
-14.8
-1.67
12
Income tax
-105
-24.3
-4.28
-12.7
0
0
4.44
0
0
0
Net income
-384
-84.4
-57.1
-154
-63.7
-76.2
-69.5
-72.8
-69.9
-33.5
EBITDA
-491
-109
-87.6
-142
-55.8
-71.8
-64
-76.7
-74.9
-37.8
EPS, basic
-7.24
-1.56
-1.21
-2.89
-1.00
-0.83
-0.46
-0.44
-0.38
-0.17
EPS, diluted
-7.24
-1.56
-1.21
-2.89
-1.00
-0.83
-0.46
-0.44
-0.38
-0.17
Shares, basic (weighted)
53.1
54.7
55.3
57.1
75.8
106
151
166
186
192
Shares, diluted (weighted)
53.1
54.7
55.3
57.1
75.8
106
151
166
186
192
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
23.4
54.3
36.9
31.8
52.3
109
30.8
26.3
36.3
18
Short-term investments
107
72.1
87.7
59
71
46
116
99.7
86.3
73.5
Receivables
0.27
0.4
1.43
1.2
1.31
0.9
1.35
1.78
2.41
1.45
Other current assets
1.31
2.14
3.18
1.79
3.12
4.45
2.87
4.25
2.28
1.54
Total current assets
133
129
129
93.8
128
161
151
132
127
94.5
Property, plant and equipment
6.95
12.2
10.1
8.68
6.93
5.98
5.07
4.67
3.31
0.03
Lease right-of-use assets
0
2.74
2.41
2.09
1.74
1.42
1.05
0
Goodwill
24.4
24.4
22.5
0
Intangible assets
99.4
58.6
43.8
0
Long-term investments
0
0
0
0
35.7
37.4
6.28
0
0
Other non-current assets
0
0.29
0.04
0.06
0.1
0
0.03
0.13
Total assets
276
237
228
106
137
204
195
144
132
94.6
Accounts payable
3.22
1.99
3.19
2.4
2.99
3.17
3.52
3.22
2.32
1.17
Deferred revenue
0.02
2.74
0
0
16.5
11.8
7.57
0
Total current liabilities
10.6
14.6
11.2
7.83
9.54
11.2
32.9
22.5
15.6
6.01
Lease liabilities
0
3.02
2.59
2.23
1.82
1.34
0.81
0.2
Total liabilities
72.9
54.7
27.7
32.8
35.1
35
58.6
38.4
34.3
18
Total debt
0
0
0
0
0
Paid-in capital
36.5
42.8
48.1
55.2
60.8
65.5
72.4
81.3
82
83.3
Retained earnings
-653
-738
-805
-970
-1,046
-1,134
-1,204
-1,277
-1,347
-1,380
Other comprehensive income
-48.2
-48.2
-48.2
-48.2
-48.2
-48.3
-50.5
-48.4
-48.1
-48.1
Shareholders' equity
203
182
200
72.7
102
169
137
106
97.4
76.6
Total equity
203
182
200
72.7
102
169
137
106
97.4
76.6
Total liabilities and equity
276
237
228
106
137
204
195
144
132
94.6
Shares outstanding
54.8
55.1
55.5
64.8
89.7
145
157
170
190
193
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-384
-84.4
-57.1
-154
-63.7
-76.2
-69.5
-72.8
-69.9
-33.5
Depreciation and amortization
1.09
2.03
2.18
2.03
1.98
1.75
1.43
1.4
1.38
0.36
Stock-based compensation
39.2
15.1
6.24
6.8
6.16
6.42
7.18
9.3
8.99
6.95
Deferred income tax
-105
-24.3
-4.28
-12.7
0
Change in receivables
0.74
-0.13
-1.03
0.23
-0.11
0.41
-0.45
-0.42
-0.63
1.38
Change in payables
0.03
0.74
-1.27
-3.31
1.67
1.91
5.22
-5.76
-2.71
-2.11
Cash from operations
-57.9
-48.6
-67.9
-71
-51.4
-67.5
-35.4
-85.9
-64.9
-39.6
Capital expenditures
-4
-7.26
-1.14
-0.59
-0.23
-0.81
-0.51
-1.01
-0.18
0
Purchases of investments
-122
-58.8
-85.6
-82.2
-130
-80.5
-142
-140
Sales and maturities of investments
119
87.7
73.4
70.4
56
132
165
155
Cash from investing
-99.1
27.8
-4.13
28.3
-14.9
-12.7
-74.9
50.8
22.9
15.6
Debt issued
12
0
Stock issued
0
0
0
18.6
86.3
135
0.12
0.26
7.48
5.54
Cash from financing
12.6
49.3
55.6
37.5
86.7
137
31.8
30.6
52
5.72
Exchange rate effect
1
2.37
-1
0.07
0.06
0.01
-0.02
0.03
-0.05
0.01
Net change in cash
-143
30.9
-17.4
-5.14
20.5
57
-78.5
-4.49
10
-18.3
Free cash flow
-61.9
-55.9
-69
-71.6
-51.7
-68.3
-35.9
-86.9
-65
-39.6
Interest paid
0.1
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.85 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
82.0%
Operating income / revenue.
Net margin
84.2%
Net income / revenue.
Operating cash flow margin
-13.6%
Cash from operations / revenue.
Return on equity (ROE)
59.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
55.9%
Net income / average total assets.
Return on invested capital (ROIC)
49.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
9.8%
Research and development expense / revenue.
Stock-based pay / revenue
3.0%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
128.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-28.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
15.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-21.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-17.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-5.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-28.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-21.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-7.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
8.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
20.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
81.4x
Current assets / current liabilities.
Quick ratio
27.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
27.5x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.0%
Total debt / total assets.
Liabilities / assets
5.6%
Total liabilities / total assets.
Net debt
-$92.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.92
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.12
Cash from operations / diluted weighted shares.
Book value per share
$1.31
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
6.27x
Market cap / net income. Only when net income is positive.
P/S
5.28x
Market cap / revenue.
P/B
3.71x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.71x
Market cap / tangible book value, when positive.
EV/Sales
4.77x
Enterprise value / revenue.
EV/EBIT
5.82x
Enterprise value / operating income, when both are positive.
Earnings yield
16.0%
Net income / market cap (the inverse of P/E).
What was Arbutus Biopharma Corp's revenue in fiscal 2025?
Arbutus Biopharma Corp reported revenue of $14.1M for fiscal 2025, 128.2% higher than the year before.
Was Arbutus Biopharma Corp profitable in fiscal 2025?
No. It reported a net loss of $33.5M.
How much free cash flow did Arbutus Biopharma Corp generate in fiscal 2025?
Cash from operations of $39.6M minus capital expenditures of $0.0 left free cash flow of -$39.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.