Arbutus Biopharma is a clinical-stage biopharmaceutical company focused on two activities: developing treatments for chronic hepatitis B (cHBV), and monetizing patented lipid nanoparticle (LNP) drug delivery technology through licensing and litigation. On the drug development side, Arbutus is advancing two cHBV candidates — imdusiran, an RNAi therapeutic in Phase 2a trials that suppresses HBV antigens, and AB-101, an oral PD-L1 inhibitor in Phase 1 trials designed to reactivate the immune system's response to HBV. Arbutus's goal is a functional cure for cHBV, a condition affecting over 250 million people globally where current treatments require lifelong use and rarely cure. On the LNP side, Arbutus developed foundational delivery technology that enables mRNA and RNAi therapeutics to reach target cells. Arbutus licensed these LNP rights to Genevant Sciences, a company in which Arbutus holds ~16% equity, and Genevant sublicenses to third parties including the developers of COVID-19 mRNA vaccines. Arbutus sued Moderna and Pfizer/BioNTech for infringing its LNP patents, resulting in a March 2026 settlement with Moderna for a $950M noncontingent payment, of which Arbutus receives 20% after litigation costs. The Pfizer/BioNTech suit remains ongoing. Arbutus has no approved products and runs lean, with just 19 employees, outsourced manufacturing, and a focus on preserving cash while its pipeline and IP monetization mature.