How did ABUS's collaborations impact its Q4 2024 revenue?

Arbutus Biopharma's (ABUS) collaborations had a significant impact on its Q4 2024 revenue, though the specifics are nuanced and require an understanding of the company's clinical trial activities and financial dynamics.

1. **Clinical Trial Activities and Costs**:
- ABUS's collaborations, such as with Antios Therapeutics and Vaccitech, involve co-development of therapeutic combinations for chronic hepatitis B virus (HBV) infection. These collaborations involve significant clinical trial costs, which are shared between the parties.
- The addition of new cohorts to ongoing clinical trials, as part of these collaborations, increases the financial burden on Antios Therapeutics, which is responsible for the costs of these additional cohorts. This does not directly impact ABUS's revenue but reflects the substantial investment in clinical development.
2. **Revenue Shortfall and Adjustments**:
- ABUS reported a quarterly adjusted loss of $0.07 per share for Q4 2024, with a reported quarterly loss of $12.53 million. This loss was higher than the same quarter last year, indicating that the company is facing financial challenges.
- The revenue fell by 26.6% to $1.57 million compared to the same quarter last year, missing analysts' expectations. This shortfall suggests that ABUS's revenue is being impacted by the costs associated with its collaborative clinical trials and the overall financial scale of the company.
3. **Cash Position and Future Prospects**:
- Despite the revenue shortfall, ABUS had cash, cash equivalents, and investments in marketable securities of $130.8 million as of September 30, 2024. This indicates that the company has a strong cash position, which could be a result of previous funding rounds or strategic financial planning.
- The company expects its 2024 cash burn to range from $63 million to $67 million, with a belief that its cash will suffice for operations into the fourth quarter of 2026. This suggests that while the company is currently unprofitable and experiencing revenue declines, it has a sustainable cash base that could support its ongoing operations and future development plans.

In conclusion, ABUS's collaborations are impacting its Q4 2024 revenue by increasing the company's clinical trial costs, which in turn affect its financial statements. While these collaborations are crucial for advancing ABUS's therapeutic candidates, they also pose significant financial challenges that the company must navigate. The impact on revenue is thus both a result of and contributing factor to ABUS's current financial position.