Slide 1: Corporate Presentation
NASDAQ: ABUS ARBUTUSBIO.COM Corporate Presentation November 13, 2025 © 2 0 2 5 A R B U T U S B I O P H A R M A , I N C .
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements that are not historical facts are hereby identified as forward-looking statements for this pur
Slide 3: Arbutus Biopharma (ABUS) Overview
Arbutus Biopharma (ABUS) Overview Focused on Developing a Functional Cure for Patients with Chronic Hepatitis B (cHBV) Our team includes leaders with the deep scientific and development expertise needed to accelerate and strengthen our portfolio’s path to market cHBV Represents a Large Commercial Op
Slide 4: Pipeline Overview
Pipeline Overview PHASE 01 PHASE 02 PHASE 03 cHBV Program Imdusiran siRNA Therapeutic (Subcutaneous) IM-PROVE I Imdusiran + PEG-IFNα + NA Therapy IM-PROVE II Imdusiran + nivolumab + NA Therapy + VTP-300 Immunotherapy Program AB-101 PD-L1 Inhibitor (Oral) AB-101 in healthy volunteers AB-101-001 & cHB
Slide 5: cHBV is a Potentially Fatal Disease and Represents a Significant Worldwide Commercial Opportunity
cHBV is a Potentially Fatal Disease and Represents a Significant Worldwide Commercial Opportunity Approximately 254M People Living with cHBV Worldwide Worldwide, approximately 254 million people are living with cHBV, and each year 1.2 million new HBV infections occur globally Europe China & Western
Slide 6: Functional Cure Used as Primary Endpoint in Pivotal Trials of Novel HBV Therapies
Functional Cure Used as Primary Endpoint in Pivotal Trials of Novel HBV Therapies HBsAg Seroclearance is a Key Component of Functional Cure HBsAg Seroclearance and Functional Cure1-3 HBsAg Seroclearance Improves Clinical Outcomes • Functional cure is defined as sustained HBsAg Meta-Analysis of 50,35
Slide 7: HBsAg Seroclearance & Functional Cure Rates Remain Low with Existing Treatments
HBsAg Seroclearance & Functional Cure Rates Remain Low with Existing Treatments HBsAg Seroclearance and Functional Cure Rates Limited HBV Treatment Options with Current Treatment Options Only two classes of treatment: NA therapy and PEG-IFNα Pegasys alfa-2a Baraclude Viread Vemlidy (PEG-IFN) (ETV)
Slide 8: Imdusiran
Imdusiran RNAi Therapeutic © 2 0 2 5 A R B U T U S B I O P H A R M A , I N C . | 8
Slide 9: Imdusiran: siRNA Designed to Target HBV in the Liver
Imdusiran: siRNA Designed to Target HBV in the Liver Pharmacologic Profile Hepatocyte • GalNAc-conjugated siRNA agent administered subcutaneously • Efficient and specific ASGPR binding on liver cells • Inhibits viral replication by silencing all HBV transcripts: ▪ Lowers HBV DNA and HBV-derived anti
Slide 10: Imdusiran is Designed for Potential Best-In-Class Anti-HBV siRNA Properties
Imdusiran is Designed for Potential Best-In-Class Anti-HBV siRNA Properties Significant Structural Differences Compared to Other HBV Targeting siRNA Candidates • Proprietary tetranary GalNAc provides highly efficient liver- Imdusiran targeted uptake by ASGPR • Single trigger agent with unique potenc
Slide 11: Imdusiran Development Summary
Imdusiran Development Summary Evaluable Study Phase Population Arms Key Outcomes Patients SAD imdusiran at • Single dose imdusiran was safe and well-tolerated in healthy 1a 12 Healthy Volunteers 60, 180, and 360 mg volunteers • SAD and MAD imdusiran well-tolerated in cHBV patients AB-729-001 HBeAg p
Slide 12: Imdusiran Potentially Demonstrates Best-In-Class Safety and Patient Convenience
Imdusiran Potentially Demonstrates Best-In-Class Safety and Patient Convenience Generally Safe and Well-Tolerated in Over 250 Patients Who Have Received Imdusiran in Clinical Trials For patients receiving repeat doses of imdusiran in our clinical trials: • There were no related SAEs reported and no
Slide 13: AB-729-001: A Phase 1a/1b Open-Label, Multi-Center Clinical Trial
AB-729-001: A Phase 1a/1b Open-Label, Multi-Center Clinical Trial Part 1: SAD Healthy Volunteers Part 2: SAD in cHBV Patients Part 3: MAD in cHBV Patients Part 1: Part 2: Part 3: (n=6/cohort, 2:1 Placebo:Active) (n=7-8/cohort, open-label) (n=7-8/cohort, open-label) Cohort A: 180 mg Cohort E1: 60 mg
Slide 14: AB-729-001/Phase 1b: Robust HBsAg Decreases with Imdusiran
AB-729-001/Phase 1b: Robust HBsAg Decreases with Imdusiran HBsAg Seroclearance Achieved 44 Patients Achieved HBsAg <100 IU/mL Key Outcomes Across SAD and MAD cHBV Cohorts • Imdusiran was well-tolerated with no drug-related SAEs or discontinuations due to related AEs at all dose levels and duration
Slide 15: AB-729-001/Phase 1b: Multiple Ascending Dose Arms See Robust HBsAg Decreases
AB-729-001/Phase 1b: Multiple Ascending Dose Arms See Robust HBsAg Decreases Across All HBsAg Baseline Levels, HBeAg +/- Status and HBV DNA +/- Status Phase 1b Part 3 MAD – Repeat Dosing in cHBV Patients Key Outcomes From Phase 1b Part 3 MAD Mean (±Standard Error) Log10 HBsAg Decrease • Across all c
Slide 16: Imdusiran Mediates Dose Dependent HBeAg Decline in HBeAg+ Patients
Imdusiran Mediates Dose Dependent HBeAg Decline in HBeAg+ Patients, Who Typically Have Very Active Disease and Poor Clinical Outcomes Key Outcomes HBeAg (Log10 Change from Baseline) 0.0 30 HBeAg+ patients received imdusiran in Phase 1a/1b and IM-PROVE II clinical trials: -0.5 • HBeAg decreased in al
Slide 17: Imdusiran Demonstrates Steep and Durable Declines in HBV DNA
Imdusiran Demonstrates Steep and Durable Declines in HBV DNA With NA Therapy, Achieves Full HBV DNA Suppression Significantly Faster Than NA Therapy Alone 200,000 90 mg Single Dose w/o NA (N=5) Key Outcomes 90 mg Q8W w/ NA (N=7) 150,000 In Phase 1b HBV DNA+ patients not on NA therapy (baseline HBV D
Slide 18: IM-PROVE I: A Phase 2a Open-Label, Multi-Center Clinical Trial of Imdusiran and PEG-IFNα
IM-PROVE I: A Phase 2a Open-Label, Multi-Center Clinical Trial of Imdusiran and PEG-IFNα A1: Imdusiran x2 doses + PEG-IFNα x24 weeks (n=12) NA only Off Therapy Follow-up Follow-up A2: PEG-IFNα x24 weeks 24 weeks 24-48 weeks (n=13) Randomize Imdusiran 4 doses 60 mg Q8W Imdusiran in (n=43) HBeAg- B1:
Slide 19: IM-PROVE I: 37% of Patients Either Achieved Functional Cure or Were Able to Discontinue NA Therapy
IM-PROVE I1: 37% of Patients Either Achieved Functional Cure or Were Able to Discontinue NA Therapy With Imdusiran at 60 mg Treatment regimen* Total Functional Cure and NA Therapy Discontinuation Imdusiran (60 mg) x6 doses Cohort A1 + PEG-IFNα x24 weeks Imdusiran (60 mg) x4 doses Cohort A2 + PEG-IFN
Slide 20: IM-PROVE I: Imdusiran Achieves Functional Cure with Only Half the Approved Duration of PEG-IFNα
IM-PROVE I: Imdusiran (60mg) Achieves Functional Cure with Only Half the Approved Duration of PEG-IFNα Therapy (24 vs. 48 Weeks) Imdusiran + PEG-IFN x 24 weeks Elebsiran + Tobevibart + PEG-IFNα x 48 weeks (Phase 2a IM-PROVE I1) (MARCH Study2) 50% Imdusiran plus 24 weeks of PEG- IFNα was generally s
Slide 21: IM-PROVE II: A Phase 2a Multi-Center Clinical Trial of Imdusiran Plus Immunotherapeutics
IM-PROVE II: A Phase 2a Multi-Center Clinical Trial of Imdusiran Plus Immunotherapeutics Group A: VTP-300 Randomize Imdusiran x 4 doses (n=20) Off Therapy 60mg Q8W Follow-up (n=40) Group B: VTP-300 placebo x24-48 weeks (n=20) All: Ongoing NA therapy Imdusiran in combination Weeks 1 24 48 with ongoin
Slide 22: IM-PROVE II: A Combination of Imdusiran and a PD-1 Inhibitor Achieved Functional Cures
IM-PROVE II: A Combination of Imdusiran (60mg) and a PD-1 Inhibitor Achieved Functional Cures An imdusiran-based combination can achieve functional cure without PEG-IFNα • Imdusiran again demonstrated rapid and deep HBsAg declines in patients on background NA therapy • 3/13 patients (23%) achieved H
Slide 23: IM-PROVE II: 52% of Patients Either Achieved Functional Cure or Were Able to Discontinue NA Therapy
IM-PROVE II: 52% of Patients Either Achieved Functional Cure or Were Able to Discontinue NA Therapy With Imdusiran at 60 mg Treatment regimen* Total Functional Cure and NA Therapy Discontinuation (48 weeks) Imdusiran (60mg) x4 doses Group A + VTP-300 Imdusiran (60mg) x4 doses Group B + Placebo Imdus
Slide 24: Imdusiran Demonstrates Remarkable Durability of Clinical Benefits in Long-Term Follow-Up
Imdusiran Demonstrates Remarkable Durability of Clinical Benefits in Long-Term Follow-Up Imdusiran Durability • 17/18 (94%) patients who stopped NA therapy in IM-PROVE I & II remain off NA therapy through up Functional Cure to 109 weeks of follow-up (>2 years) Off NA Therapy ▪ 7/8 (88%) patients mai
Slide 25: Imdusiran has the Potential to Set a New Benchmark in cHBV Treatment
Imdusiran has the Potential to Set a New Benchmark in cHBV Treatment • Well-tolerated in over 250 patients who have received imdusiran across clinical trials. For patients receiving repeat doses of Imdusiran: ▪ No related SAEs reported and no safety-related discontinuations ▪ Low incidence of ALT (6
Slide 26: AB-101 Oral PD-L1 Checkpoint Inhibitor
AB-101 Oral PD-L1 Checkpoint Inhibitor © 2 0 2 5 A R B U T U S B I O P H A R M A , I N C . | 26
Slide 27: AB-101: A Differentiated Oral PD-L1 Inhibitor Designed for Safety
AB-101: A Differentiated Oral PD-L1 Inhibitor Designed for Safety Differentiated Approach with Validated Mechanism of Action De-risked Human Proof-of- Potentially Superior Safety Profile* and Potent Activity Concept Oral small molecule advantage: Potent target engagement: Confirmed target engagement
Slide 28: Mechanism of Action for AB-101
Mechanism of Action for AB-101 Created in https://BioRender.com | 28 © 2 0 2 5 A R B U T U S B I O P H A R M A , I N C .
Slide 29: AB-101: A First-in-Human Phase 1a/1b Clinical Trial
AB-101: A First-in-Human Phase 1a/1b Clinical Trial Parts 1 & 2: Healthy Volunteers Part 3: cHBV Patients Part 3: cHBV Patients Part 1: SAD Part 2: MAD (n=12/cohort – 10:2) (n=8/cohort – 6:2) (n=10/cohort – 8:2) Virally suppressed 1A: 2A: 3A: 10 mg QD x 28d 1 mg 10 mg QD x 7d 1B: 2B: Cohort 3B: Ongo
Slide 30: Over 80% of Patients Reached Full PD-L1 Occupancy with AB-101 at 40mg
Over 80% of Patients Reached Full PD-L1 Occupancy with AB-101 at 40mg Key Results Dose-Dependent Target Engagement From 10mg to 40mg Doses • Receptor occupancy increased in a dose-dependent manner • Across SAD and MAD cohorts, 11 of 13 (84.6%) evaluable healthy subjects receiving single or multiple
Slide 31: Oral AB-101 is Well-Absorbed with Pharmacokinetics Supporting Once Daily Dosing
Oral AB-101 is Well-Absorbed with Pharmacokinetics (PK) Supporting Once Daily Dosing Attractive PK Profile in Healthy AB-101 PK in Healthy Volunteers Volunteers Administered Oral AB-101 Oral Once Daily Dosing for 7 Days • AB-101 appeared rapidly in plasma following oral dosing ▪ Maximum AB-101 conce
Slide 32: NASDAQ: ABUS ARBUTUSBIO.COM
NASDAQ: ABUS ARBUTUSBIO.COM © 2 0 2 5 A R B U T U S B I O P H A R M A , I N C .