Shareholders’ equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Authorized share capital

The Company’s authorized share capital consists of an unlimited number of common shares and preferred shares, without par value, and 1,164,000 Series A participating convertible preferred shares, without par value.

Open Market Sale Agreement

Effective March 26, 2025, the Company terminated its Open Market Sale Agreement with Jefferies LLC (Jefferies) dated December 20, 2018, as amended (the Sale Agreement), under which the Company could offer and sell common shares, from time to time.

Prior to the termination of the Sale Agreement, the Company did not issue any common shares pursuant to the Sale Agreement during the nine months ended September 30, 2025. The Company did not issue any common shares pursuant to the Sale Agreement during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company issued 16,499,999 common shares pursuant to the Sale Agreement, resulting in net proceeds of $44.1 million.

Stock-based compensation

The table below summarizes information about the Company’s stock-based compensation for the three and nine months ended September 30, 2025 and 2024 and the expense recognized in the condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands, except share and per share data)
Stock options
Options granted during period	557,600		—		5,263,722		4,163,000
Weighted average exercise price	$	3.39	$	—	$	3.33	$	2.49
Restricted stock units (RSUs)
Restricted stock units granted during period	1,066,609		—		1,968,509		1,316,200
Grant date fair value	$	3.82	$	—	$	3.58	$	2.40
Stock compensation expense
Research and development	$	566	$	847	$	1,495	$	3,007
General and administrative	636		1,313		1,764		4,347
Total stock compensation expense	$	1,202	$	2,160	$	3,259	$	7,354

- Definition

The entire disclosure for equity.

+ References

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+ Details

Arbutus Biopharma Corp 10-Q