Corporate Presentation

NASDAQ: ABUS

www.arbutusbio.com

April 15, 2024

© 2024 Arbutus Biopharma, Inc.

Forward-LookingStatements

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-lookingstatements for this purpose and include, among others, statements relating to: the potential market opportunity for HBV; Arbutus' ability to meet a significant unmet medical need; the sufficiency of Arbutus' cash and cash equivalents for the anticipated durations; the expected cost, timing and results of Arbutus' clinical development plans and clinical trials, including its clinical collaborations with third parties; the potential for Arbutus' product candidates to achieve their desired or anticipated outcomes; Arbutus' expectations regarding the timing and clinical development of Arbutus' product candidates, including its articulated clinical objectives; the timeline to a combination cure for HBV;

Arbutus' expectations regarding its technology licensed to third parties; the expected timing and payments associated with strategic and/or licensing agreements; the patent infringement

lawsuits; and other statements relating to Arbutus' future operations, future financial performance, future financial condition, prospects or other future events.

With respect to the forward-looking statements contained in this presentation, Arbutus has made numerous assumptions regarding, among other things: the timely receipt of expected payments; the effectiveness and timeliness of pre-clinical studies and clinical trials, and the usefulness of the data; the timeliness of regulatory approvals; the continued demand for Arbutus' assets; and the stability of economic and market conditions. While Arbutus considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties, and contingencies including uncertainties and contingencies related to patent litigation matters. Forward-looking statements herein involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed

or implied by such forward-looking statements. Such factors include, among others: anticipated pre-clinical and clinical trials may be more costly or take longer to complete than anticipated, and

may never be initiated or completed, or may not generate results that warrant future development of the tested drug candidate; changes in Arbutus' strategy regarding its product candidates and clinical development activities; Arbutus may not receive the necessary regulatory approvals for the clinical development of Arbutus' products; economic and market conditions may worsen; uncertainties associated with litigation generally and patent litigation specifically; market shifts may require a change in strategic focus; and the parties may never realize the expected benefits of the collaborations. A more complete discussion of the risks and uncertainties facing Arbutus appears in Arbutus' Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Arbutus' periodic disclosure filings, which are available at www.sec.gov and at www.sedar.com. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and Arbutus disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

© 2024 Arbutus Biopharma, Inc.

2

Our Strategy for Value Creation

Leverage the proven track record of success established with our team's expertise in understanding and treating viral infections by discovering and developing a differentiated pipeline of therapies targeting chronic HBV.

Develop a combination therapy that includes antivirals and immunologics to provide a finite duration treatment for people with cHBV that results ≥20% functional cure rate.

HBV: Hepatitis B Virus | cHBV: chronic HBV

© 2024 Arbutus Biopharma, Inc.

3

Investment Highlights

Indications with

Team

Portfolio

significant unmet

with virology

of internally

medical need & large

expertise and proven

discovered assets with

market opportunities

track record

distinct MOAs

Focused on

Discovered,

RNAi therapeutic

developing a functional

developed &

PD-L1 inhibitor

cure for HBV

commercialized

multiple drugs

Lead HBV compound -

imdusiran (AB-729) RNAi therapeutic in multiple Phase 2a combination clinical trials

Data shows imdusiran is

generally safe

and well-tolerated and has shown meaningful suppression

of HBsAg while on- or off- treatment

Strong

Patented

financial position

LNP

technology

Receiving licensing royalties

Cash runway

arising from Alnylam's

Onpattro® and seeking

into Q1 2026

damages from patent

litigation suits filed

against Moderna &

Pfizer/BioNTech for COVID-

19 vaccine sales

MOA: Mechanism of Action | PD-L1: Programmed death-ligand 1 | HBsAg: Hepatitis B surface antigen

© 2024 Arbutus Biopharma, Inc.

4

Pipeline

TherapeuticRNAi

Imdusiran (AB-729)

cHBV

Inhibitor

AB-101

cHBV

PD-L1

Pre-Clinical

Phase 1

Phase 2

AB-729-001single-ascending/multiple-ascending dose

AB-729-201 Combo trial (imdusiran + Peg-IFNα-2a + NA)

AB-729-202 Combo trial (imdusiran + vaccine + NA +/- checkpoint inhibitor)

AB-101-001 single/ multiple- ascending dose

Phase 3

Marketed

NA: Nucleoside Analogue

© 2024 Arbutus Biopharma, Inc.

5

HBV Overview

Cause & Symptoms

Diagnosis

Life-threatening liver infection

HBsAg detection

caused by hepatitis B virus (HBV)

Additional biomarkers necessary

Transmitted through body fluids and

to determine stage of disease

from mother to child

Long-term chronic infection (cHBV) leads to higher risk of cirrhosis and/or liver cancer

Treatments

NA therapy - lifelong daily therapy, aimed at reducing HBV DNA and risk of cirrhosis and/or

HCC

Peg-IFNα - administered weekly; poorly tolerated

<5% of patients achieve functional cure

Rationale

Need for finite and more efficacious HBV treatments that further improve long-term outcomes and increase functional cure rate

Combination therapy with different MOAs will be required to reduce HBsAg, suppress HBV DNA, and boost immune system

Sources for all data on slide:

  1. Hepatitis B Fact Sheet, WHOhttps://www.who.int/news-room/fact-sheets/detail/hepatitis-b; Hep B Foundation link https://www.hepb.org/what-is-hepatitis-b/what-is-hepb/facts-and-figures/; Kowdley et al. Hepatology (2012) Prevalence of Chronic Hepatitis B Among Foreign-Born Persons Living in the US by Country of Origin
  2. Pegasys, PEG-Intron, Baraclude and Viread Package Inserts

HBsAg: HBV Surface Antigen | HCC: Hepatocellular carcinoma

© 2024 Arbutus Biopharma, Inc.

6

HBV Presents a Significant Unmet Medical Need

>290M

people are chronically infected with HBV, globally.

Americas

7M

2M

USA

~820k

people die every year as a consequence despite the availability of effective vaccines

and antivirals.

SOC: Standard of Care

>290M Chronic

HBV

15M

EU

Europe

10.5%

Diagnosed

30M

15M

E Mediterranean

W Pacific

SE Asia

115M

21M

2.3%

39M

6.6M

90M

Treated

Africa

Low due to sub-optimal

60M

China

SOC cure rate and

asymptomatic nature of disease.

Sources:https://www.who.int/news-room/fact-sheets/detail/hepatitis-b

https://www.hepb.org/what-is-hepatitis-b/what-is-hepb/facts-and-figures/

© 2024 Arbutus Biopharma, Inc.

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3-Pronged Approach to

Therapeutic Success

Suppress HBV DNA

Reduce viral antigens

Boost host immune response

Therapeutic success will

require a combination of agents with

complementary MOAs.

Suppress

Reduce

Viral DNA and

Viral Antigen - HBsAg

cccDNA Pool

NA

RNAi

RNAi

Leading to an HBV Cure

Boost

Host Immune System

RNAi

PD-L1 Inhibitor

Interferon

Therapeutic Vaccines

© 2024 Arbutus Biopharma, Inc.

8

RNAi Therapeutic

© 2024 Arbutus Biopharma, Inc.

9

Imdusiran

RNAi

Therapeutic

Proprietary GalNAc-conjugate delivery technology provides

liver targeting and enables subcutaneous

dosing

GalNAc

Linker

n

Single trigger RNAi agent targeting all HBV transcripts

Inhibits HBV replication and lowers all HBV antigens

Pan-genotypic activity across HBV genotypes

Demonstrated complementarity with other agents

Actively targets the liver

Active against cccDNA derived and integrated HBsAg transcripts Clean profile in long term preclinical safety studies

HBx

sAg

sAg

Polymerase, Core Ag, eAg, pgRNA

© 2024 Arbutus Biopharma, Inc. 10

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Arbutus Biopharma Corp. published this content on 15 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2024 21:06:02 UTC.