01:02 PM EDT, 08/01/2024 (MT Newswires) -- Arbutus Biopharma ( ABUS ) said Thursday that it is cutting its workforce by 40% to focus its resources on imdusiran, which is intended to reduce all hepatitis B viral antigens.

"We intend to focus our existing resources on conducting a phase 2b clinical trial with imdusiran, assuming continued positive data," the company said.

Due to the layoffs, Arbutus will incur a one-time restructuring charge in Q3 of approximately $3 million to $4 million. The company said that as a result of the cost-saving moves it will have enough funds to continue operations into Q4 of 2026.

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