Estados financieros detallados de Arbutus Biopharma Corp (ABUS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Arbutus Biopharma Corp registró ingresos de $14.1M en el último ejercicio fiscal, con un CAGR de 5 años del 15.3%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo 81.0%, margen neto 84.2%.
Al precio actual de $5.05, ABUS cotiza a un P/E de 6.35 y un ROE del 90.98%. La capitalización bursátil es de $998M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.5M | $10.7M | $5.9M | $6.0M | $6.9M | $11.0M | $39.0M | $18.1M | $6.2M | $14.1M |
| Coste de Ventas | $61.3M | $62.7M | $57.9M | $57.6M | $47.5M | 0 | 0 | 0 | 0 | $363000 |
| Beneficio Bruto | -$59.8M | -$52.0M | -$52.0M | -$51.6M | -$40.6M | $11.0M | $39.0M | $18.1M | $6.2M | $13.7M |
| I+D | $61.3M | $62.7M | $57.9M | $57.6M | $49.3M | $65.5M | $84.4M | $73.7M | $54.0M | $25.2M |
| Generales y Administrativos | $39.4M | $16.1M | $16.0M | $17.7M | $14.8M | $17.1M | $17.8M | $22.5M | $22.1M | $15.9M |
| Gastos Operativos | $101.8M | $80.8M | $76.1M | $92.3M | $17.2M | $84.5M | $104.5M | $96.2M | $82.5M | $40.8M |
| Beneficio Operativo | -$491.6M | -$110.9M | -$89.8M | -$143.9M | -$57.8M | -$73.5M | -$65.5M | -$78.1M | -$76.3M | -$27.1M |
| EBITDA | -$488.1M | -$106.4M | -$59.0M | -$162.2M | -$57.8M | -$71.6M | -$61.9M | -$71.0M | -$68.4M | -$33.0M |
| Gastos por Intereses | 0 | $261000 | $200000 | $2.1M | $4.0M | $2.9M | $1.7M | $459000 | $137000 | $97000 |
| Beneficio Antes de Impuestos | -$489.1M | -$108.7M | -$61.4M | -$166.4M | -$63.7M | -$76.2M | -$65.0M | -$72.8M | -$69.9M | -$33.5M |
| Impuestos | -$105.0M | -$24.3M | -$4.3M | -$12.7M | 0 | 0 | $4.4M | 0 | 0 | 0 |
| Beneficio Neto | -$384.1M | -$84.4M | -$57.1M | -$153.7M | -$63.7M | -$76.2M | -$69.5M | -$72.8M | -$69.9M | -$33.5M |
| BPA | $-7.24 | $-1.54 | $-1.03 | $-2.69 | $-0.86 | $-0.73 | $-0.46 | $-0.44 | $-0.38 | $-0.17 |
| BPA Diluido | $-7.24 | $-1.54 | $-1.03 | $-2.69 | $-0.86 | $-0.73 | $-0.46 | $-0.44 | $-0.38 | $-0.17 |
| Acciones en Circulación (Diluidas) | $53.1M | $54.7M | $55.3M | $57.1M | $75.8M | $106.2M | $150.9M | $166.0M | $185.6M | $191.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $529000 | $1.1M | $179.1M | $1.0M |
| Beneficio Bruto | $518000 | $1.0M | $179.1M | $1.0M |
| Beneficio Operativo | -$8.3M | -$7.6M | $169.1M | -$6.0M |
| EBITDA | -$7.7M | -$3.7M | $169.7M | -$5.1M |
| Beneficio Neto | -$7.7M | -$3.8M | $169.7M | -$5.1M |
| BPA | $-0.04 | $-0.02 | $0.88 | $-0.03 |
| BPA Diluido | $-0.04 | $-0.02 | $0.87 | $-0.03 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $23.4M | $54.3M | $36.9M | $31.8M | $52.3M | $109.3M | $30.8M | $26.3M | $36.3M | $18.0M |
| Inversiones a Corto | $107.1M | $72.1M | $87.7M | $59.0M | $71.0M | $46.0M | $116.1M | $99.7M | $86.3M | $73.5M |
| Cuentas por Cobrar | $694000 | $870000 | $1.4M | $1.2M | $1.3M | $899000 | $1.4M | $1.8M | $2.4M | $1.7M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $132.6M | $129.4M | $129.2M | $93.8M | $127.7M | $160.7M | $151.1M | $132.0M | $127.3M | $94.5M |
| Inmovilizado Material | $6.9M | $12.2M | $10.1M | $11.4M | $9.3M | $8.1M | $6.8M | $6.1M | $4.4M | $32000 |
| Fondo de Comercio | $24.4M | $24.4M | $22.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $99.4M | $58.6M | $43.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $275.9M | $237.2M | $227.9M | $105.5M | $137.1M | $204.5M | $195.4M | $144.4M | $131.7M | $94.6M |
| Cuentas por Pagar | $3.2M | $2.0M | $3.2M | $2.4M | $3.0M | $3.2M | $3.5M | $3.2M | $2.3M | $1.2M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | $383000 | $372000 | 0 | $483000 | $547000 |
| Pasivos Corrientes | $10.6M | $11.9M | $11.2M | $7.8M | $9.5M | $11.2M | $32.9M | $22.5M | $15.6M | $6.0M |
| Deuda a Largo | $12.0M | $12.0M | 0 | 0 | $19.6M | $16.3M | $10.4M | $7.0M | $4.8M | $3.4M |
| Pasivos Totales | $72.9M | $54.7M | $27.7M | $32.8M | $35.1M | $35.0M | $58.6M | $38.4M | $34.3M | $18.0M |
| Reservas | -$651.1M | -$738.1M | -$805.2M | -$970.1M | -$1.05B | -$1.13B | -$1.20B | -$1.28B | -$1.35B | -$1.38B |
| Patrimonio Neto | $203.0M | $182.5M | $200.2M | $72.7M | $102.0M | $169.4M | $136.9M | $106.0M | $97.4M | $76.6M |
| Deuda Total | $12.0M | $12.0M | 0 | $3.4M | $22.5M | $18.9M | $12.6M | $8.7M | $6.1M | $4.2M |
| Deuda Neta | -$118.5M | -$114.4M | -$124.6M | -$87.5M | -$100.7M | -$136.4M | -$134.4M | -$117.3M | -$116.5M | -$87.3M |
| Capital Circulante | $122.0M | $117.5M | $118.0M | $86.0M | $118.2M | $149.4M | $118.3M | $109.5M | $111.7M | $88.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $22.4M | $18.0M | $23.7M | $19.2M |
| Activos Totales | $97.7M | $94.6M | $277.2M | $274.0M |
| Pasivos Totales | $20.3M | $18.0M | $17.0M | $15.3M |
| Patrimonio Neto | $77.4M | $76.6M | $260.2M | $258.7M |
| Deuda Total | $4.6M | $4.2M | $3.9M | $3.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$384.2M | -$84.4M | -$57.1M | -$153.7M | -$63.7M | -$76.2M | -$69.5M | -$72.8M | -$69.9M | -$33.5M |
| Amortizaciones | $1.1M | $2.0M | $2.2M | $2.0M | $2.0M | $1.8M | $1.4M | $1.4M | $1.4M | $363000 |
| Compensación en Acciones | $39.2M | $15.1M | $6.2M | $6.8M | $6.2M | $6.4M | $7.2M | $9.3M | $9.0M | $7.0M |
| Cambio en Capital Circulante | -$467000 | $3.1M | -$4.3M | -$2.2M | $431000 | $930000 | $29.2M | -$18.2M | -$2.8M | -$10.0M |
| Flujo de Caja Operativo | -$57.9M | -$48.6M | -$67.9M | -$71.0M | -$51.4M | -$67.5M | -$35.4M | -$85.9M | -$64.8M | -$39.6M |
| Inversiones (CapEx) | -$4.0M | -$7.3M | -$1.1M | -$589000 | -$229000 | -$809000 | -$512000 | -$1.0M | -$182000 | 0 |
| Adquisiciones | $25000 | $3000 | $25000 | 0 | -$2.5M | $1.8M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | -$10.1M | 0 | 0 | -$12.1M | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$61.9M | -$55.9M | -$69.0M | -$71.6M | -$51.7M | -$68.3M | -$35.9M | -$86.9M | -$65.0M | -$39.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$5.8M | -$4.7M | -$8.1M | -$6.0M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$5.8M | -$4.7M | -$8.1M | -$6.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.3M | $1.3M | $1.4M | $1.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +613.3% | -44.9% | +1.9% | +15.0% | +58.9% | +255.1% | -53.5% | -66.0% | +128.2% |
| Crecimiento Beneficio Neto (anual) | | +78.0% | +32.3% | -169.2% | +58.5% | -19.6% | +8.9% | -4.9% | +4.0% | +52.1% |
| Crecimiento BPA (anual) | | +78.7% | +33.1% | -161.2% | +68.0% | +15.1% | +37.0% | +4.3% | +13.6% | +55.3% |
| Cambio en Acciones (anual) | | +3.1% | +1.1% | +3.2% | +32.8% | +40.1% | +42.1% | +10.0% | +11.8% | +3.2% |
| Crecimiento FCF (anual) | | +9.7% | -23.6% | -3.7% | +27.8% | -32.3% | +47.5% | -142.4% | +25.2% | +39.1% |
| Margen Bruto | -3986.7% | -486.0% | -881.4% | -858.3% | -586.7% | 100.0% | 100.0% | 100.0% | 100.0% | 97.4% |
| Margen Operativo | -32773.3% | -1036.4% | -1522.0% | -2394.0% | -836.1% | -669.1% | -167.8% | -430.5% | -1236.7% | -192.1% |
| Margen EBITDA | -32538.3% | -994.8% | -999.2% | -2699.1% | -835.3% | -652.0% | -158.5% | -391.3% | -1108.5% | -234.6% |
| Margen Neto | -25606.7% | -788.8% | -967.8% | -2557.4% | -922.0% | -693.9% | -178.0% | -401.6% | -1133.0% | -237.9% |
| Margen FCF | -4125.4% | -522.1% | -1170.1% | -1191.1% | -747.3% | -622.0% | -91.9% | -479.3% | -1053.8% | -281.5% |
| Tasa Impositiva Efectiva | 21.5% | 22.4% | 7.0% | 7.6% | -0.0% | -0.0% | -6.8% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.17 | $-1.02 | $-1.25 | $-1.25 | $-0.68 | $-0.64 | $-0.24 | $-0.52 | $-0.35 | $-0.21 |
| Dividendo por Acción | $0.00 | $0.00 | $0.18 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $53.1M | $54.7M | $55.3M | $57.1M | $75.8M | $106.2M | $150.9M | $166.0M | $185.6M | $191.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 90.98% |
| Rentabilidad sobre capital invertido | 54.29% |
| Rentabilidad sobre activos | 55.85% |
| Margen bruto | 99.98% |
| Margen operativo | 81.01% |
| Margen neto | 84.23% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 81.42 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 10.56 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.34 | -3.28 | -3.72 | -1.03 | -4.13 | -5.33 | -5.07 | -5.68 | -8.61 | -28.29 |
| P/VC | 0.64 | 1.51 | 1.06 | 2.18 | 2.64 | 2.44 | 2.57 | 3.91 | 6.23 | 12.04 |
| P/V | 86.65 | 25.81 | 35.90 | 26.40 | 38.94 | 37.61 | 9.01 | 22.87 | 98.35 | 65.44 |
| Margen Bruto | -3986.7% | -486.0% | -881.4% | -858.3% | -586.7% | 100.0% | 100.0% | 100.0% | 100.0% | 97.4% |
| Margen Operativo | -32773.3% | -1036.4% | -1522.0% | -2394.0% | -836.1% | -669.1% | -167.8% | -430.5% | -1236.7% | -192.1% |
| Margen Neto | -25606.7% | -788.8% | -967.8% | -2557.4% | -922.0% | -693.9% | -178.0% | -401.6% | -1133.0% | -237.9% |