Arbutus Down to Core Team After Laying Off More Than Half of Staff

Arbutus Biopharma has implemented significant workforce reductions and operational changes:

Layoffs and Restructuring

The company cut 57% of its staff, reducing its total workforce to just 19 employees3 4.
This is Arbutus' second major layoff in 8 months, following a 40% workforce reduction in August 20243 15.
The company will exit its corporate headquarters in Warminster, Pennsylvania3 4.
Arbutus will discontinue all in-house scientific research as part of the restructuring3 4.

Leadership Changes

Lindsay Androski was appointed as the new CEO, replacing interim CEO Michael McElhaugh10.
Tuan Nguyen was named the new Chief Financial Officer4 11.
Several executives are departing, including the Chief Medical Officer, General Counsel, and Chief Compliance Officer4 11.

Strategic Focus

The company will now focus on advancing its lead hepatitis B drug candidate imdusiran (AB-729) into Phase 2b trials3.
Arbutus is reviewing development plans and timelines for its chronic hepatitis B virus programs3 4.
The restructuring aims to improve financial efficiency and extend the company's cash runway3 4.

Financial Impact

Arbutus expects to incur a one-time restructuring charge of $11-13 million in Q1 20254 11.
The company reported $122.6 million in cash and investments at the end of 20244.

These major changes reflect Arbutus' efforts to streamline operations and concentrate resources on its most promising hepatitis B programs while reducing costs. The significant workforce reduction leaves the company with a small core team to advance its lead candidate.