Arbutus Biopharma

ABUS

Biotechnology · Healthcare

Price

$4.56

-0.18 (-3.80%)

Market Cap

$900.8M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+80.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.2M (2021) → 191.6M (2025)

Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection, SARS-CoV-2, and other coronaviruses in the United States. Its HBV product pipeline consists of AB-729, a proprietary subcutaneously delivered RNA interference product candidate, which in Phase Ia/Ib clinical trial targeted to hepatocytes that inhibits viral replication and reduces various HBV antigens using novel covalently conjugated N-acetylgalactosamine (GalNA

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+776.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$25M/ year

↓ Declining (-53% vs prior year)

179.2% of revenue

10.0x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

20.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~9 months

$24M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Arbutus Biopharma grew revenue 10055% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

94.4%

Excellent — 94.4% operating margin

ROCE

64.8%

Exceptional — 64.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+2889.9%

Fast-growing sales (2889.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-21%

Weak — only -21% of profit becomes cash

FCF Margin

-17.9%

Burning cash (-17.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

1798.47x

Comfortably covers interest (1798.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

5.5x

Attractive valuation — P/E 5.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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