As of December 31, 2025, Arbutus held $91.5 million in cash, cash equivalents and marketable securities, down from $122.6 million a year earlier. The company used $39.6 million in operating activities, recognized $14.1 million in revenue and narrowed its net loss to $33.5 million ($0.17 per share).

On March 3, 2026, Arbutus and Genevant agreed a $2.25 billion global patent infringement settlement with Moderna, receiving $950 million upfront in July 2026 and up to $1.3 billion contingent on an appellate ruling. Arbutus is entitled to 20% of the noncontingent payment after litigation costs and holds roughly 16% equity in Genevant.

Two additional patients in Phase 2a imdusiran trials achieved functional cure in chronic hepatitis B, bringing the total to ten patients with functional cure during trials and follow-up. Two of these patients seroreverted during long-term follow-up but remain virally suppressed and off nucleos(t)ide analogue therapy.

In December 2025, Arbutus received a $0.5 million milestone payment under its Alnylam LNP license for an HCC product candidate, with payment received in January 2026. The company continues to pursue litigation against Pfizer/BioNTech over its LNP patents and is considering a return of capital in Q3 2026 following its portion of the Moderna payment.