Arbutus Biopharma (ABUS) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Entity Registrant Name	Arbutus Biopharma Corp
Entity Central Index Key	1,447,028
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		55,404,298
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 10,193	$ 54,292
Short-term investments	144,676	72,060
Accounts receivable	1,322	402
Accrued revenue	0	128
Investment tax credits receivable	342	340
Prepaid expenses and other assets	1,236	2,144
Total current assets	157,769	129,366
Restricted cash	0	12,601
Investment in Genevant	27,446	0
Property and equipment	16,576	24,854
Less accumulated depreciation	(5,895)	(12,671)
Property and equipment, net of accumulated depreciation	10,681	12,183
Intangible assets	58,647	58,647
Goodwill	22,471	24,364
Total assets	277,014	237,161
Current liabilities:
Accounts payable and accrued liabilities	7,385	10,646
Deferred revenue	974	2,742
Liability-classified options	2,092	1,239
Site consolidation accrual	1,090	0
Total current liabilities	11,541	14,627
Deferred lease incentives, net of current portion	689	693
Loan payable	0	12,001
Contingent consideration	9,769	10,424
Deferred tax liability	16,943	16,943
Total liabilities	38,942	54,688
Stockholders’ equity:
Issued and outstanding: 1,164,000 (December 31, 2017 - 500,000)	120,922	49,780
Issued and outstanding: 55,325,250 (December 31, 2017 - 55,060,662)	878,191	876,108
Additional paid-in capital	44,429	42,840
Deficit	(757,285)	(738,070)
Accumulated other comprehensive loss	(48,185)	(48,185)
Total stockholders' equity	238,072	182,473
Total liabilities and stockholders' equity	$ 277,014	$ 237,161

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,164,000	1,164,000
Preferred stock, shares issued (in shares)	1,164,000	500,000
Preferred stock, shares outstanding (in shares)	1,164,000	500,000
Common shares, no par value (in USD per share)	$ 0	$ 0
Common shares, shares issued (in shares)	55,325,250	55,060,662
Common shares, shares outstanding (in shares)	55,325,250	55,060,662

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue
Total revenue	$ 1,244	$ 1,039	$ 2,680	$ 1,274
Expenses
Research, development, collaborations and contracts	16,356	15,445	30,305	29,317
General and administrative	3,775	4,599	7,444	8,927
Depreciation of property and equipment	578	480	1,180	814
Total site consolidation expense	2,581	0	4,202	0
Total expenses	23,290	20,524	43,131	39,058
Loss from operations	(22,046)	(19,485)	(40,451)	(37,784)
Other income (loss)
Interest income	805	390	1,563	758
Interest expense	0	(68)	(104)	(110)
Foreign exchange (loss) gain	(359)	798	(885)	1,225
Gain on equity investment	(24,884)	0	(24,884)	0
Decrease (increase) in fair value of warrant liability	0	0	0	(22)
Decrease (increase) in fair value of contingent consideration	(193)	110	655	(949)
Total other income (loss)	25,137	1,230	26,113	902
Net income (loss)	3,091	(18,255)	(14,338)	(36,882)
Accrual of coupon on convertible preferred shares	(2,541)	0	$ (4,877)	0
Net income (loss) attributable to common shares	$ 550	$ (18,255)		$ (36,882)
Net income (loss) attributable to common shareholders, per share
Basic (in dollars per share)	$ 0.01	$ (0.33)	$ (0.35)	$ (0.68)
Diluted (in dollars per share)	$ 0.01	$ (0.33)	$ (0.35)	$ (0.68)
Weighted average number of common shares
Weighted average number of common shares basic (in shares)	55,211,294	54,647,944	55,149,674	54,478,221
Weighted average number of common shares diluted (in shares)	56,487,220	54,647,944	55,149,674	54,478,221

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Shares	Common Shares	Additional paid-in capital	Deficit	Accumulated other comprehensive loss
Preferred stock, shares issued (in shares)	500,000
Beginning balance (in shares) at Dec. 31, 2017		500,000	55,060,662
Beginning balance at Dec. 31, 2017	$ 182,473	$ 49,780	$ 876,108	$ 42,840	$ (738,070)	$ (48,185)
Accrual of coupon on Preferred Shares		$ 4,877			(4,877)
Stock-based compensation	3,372			3,372
Certain fair value adjustments to liability stock option awards	(538)			(538)
Issuance of common shares pursuant to exercise of options (in shares)			264,588
Issuance of common shares pursuant to exercise of options	838		$ 2,083	(1,245)
Net loss	(14,338)				(14,338)
Ending balance (in shares) at Jun. 30, 2018		1,164,000	55,325,250
Ending balance at Jun. 30, 2018	238,072	$ 120,922	$ 878,191	$ 44,429	$ (757,285)	$ (48,185)
Stock issuance cost	$ 135
Preferred stock, shares issued (in shares)	1,164,000	664,000
Preferred Stock, Value, Issued	$ 66,265	$ 66,265

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income (loss) for the period	$ 3,091	$ (18,255)	$ (14,338)	$ (36,882)
Items not involving cash:
Depreciation of property and equipment	578	480	1,180	814
Unrealized foreign exchange (gains) losses	361	(824)	926	(1,250)
Change in fair value of warrant liability	0	0	0	22
Change in fair value of contingent consideration	193	(110)	(655)	949
Site consolidation non-cash portion	395	0	395	0
Gain on equity investment	(24,884)	0	(24,884)	0
Net change in non-cash operating items:
Accounts receivable	(603)	6,691	(920)	(914)
Accrued revenue	128	0	128	0
Investment tax credits receivable	0	294	(2)	279
Prepaid expenses and other assets	222	(9)	909	(273)
Accounts payable and accrued liabilities	921	2,205	(3,266)	(1,708)
Deferred revenue	(746)	(653)	(1,768)	6,739
Site consolidation accrual	61	0	1,090	0
Net cash used in operating activities	(17,622)	(5,078)	(37,589)	(22,617)
INVESTING ACTIVITIES
Disposition (acquisition) of short and long-term investments, net	15,403	1,731	(60,015)	28,349
Disposition of restricted investment	0	0	0	0
Proceeds from sale of property and equipment	2	0	2	0
Acquisition of property and equipment	(425)	(3,121)	(673)	(6,539)
Net cash provided by (used) in investing activities	14,980	(1,390)	(60,686)	21,810
FINANCING ACTIVITIES
Promissory note repayment	0	0	(12,001)	0
Proceeds from sale of Series A Preferred Shares, net of issuance costs	0	0	66,265	0
Issuance of common shares pursuant to exercise of options	735	4	838	5
Issuance of common shares pursuant to exercise of warrants	0	0	0	353
Net cash provided by financing activities	735	4	55,102	358
Effect of foreign exchange rate changes on cash and cash equivalents	(361)	825	(926)	1,248
(Decrease) Increase in cash and cash equivalents	(2,268)	(5,639)	(44,099)	799
Cash and cash equivalents, beginning of period	12,461	29,851	54,292	23,413
Cash and cash equivalents, end of period	10,193	24,212	10,193	24,212
Non-cash transactions:
Investment tax credit received	0	108	0	108
Acquired property and equipment in trade payables	0	72	0	72
Preferred shares dividends accrued	2,541	0	4,877	0
Research, development, collaborations and contracts expenses
Items not involving cash:
Stock-based compensation	1,867	3,055	2,650	5,678
General and administrative expenses
Items not involving cash:
Stock-based compensation	$ 794	$ 2,048	$ 966	$ 3,929

Nature of Business and Future O

Nature of Business and Future Operations	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business and future operations	Nature of business and future operations Arbutus Biopharma Corporation (the “Company” or “Arbutus”) is a biopharmaceutical business dedicated to discovering, developing, and commercializing a cure for patients suffering from chronic hepatitis B infection, a disease of the liver caused by the hepatitis B virus (“HBV”). To pursue its strategy of developing a curative combination regimen, the Company has assembled a pipeline of multiple drug candidates with differing and complementary mechanisms of action targeting HBV. The success of the Company is dependent on obtaining the necessary regulatory approvals to bring its products to market and achieve profitable operations. The continuation of the research and development activities and the commercialization of its products are dependent on the Company’s ability to successfully complete these activities and to obtain adequate financing through a combination of financing activities and operations. It is not possible to predict either the outcome of future research and development programs or the Company’s ability to continue to fund these programs in the future.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant accounting policies	Significant accounting policies Basis of presentation These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“U.S. GAAP”) for interim financial statements and accordingly, do not include all disclosures required for annual financial statements. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2017 and included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments and reclassifications necessary to present fairly the financial position, results of operations and cash flows at June 30, 2018 and for all periods presented. The results of operations for the three and six months ended June 30, 2018 and June 30, 2017 , respectively, are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2017 , except as described below. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its two wholly-owned subsidiaries, Arbutus Biopharma Inc. ("Arbutus Inc.") and Protiva Biotherapeutics Inc. ("Protiva"). On January 1, 2018, Protiva was amalgamated with Arbutus Biopharma Corporation. All intercompany transactions and balances have been eliminated on consolidation. Income or loss per share The Company follows the two-class method when computing net loss attributable to common shareholders per share as the Company has issued Preferred Shares (note 6) that meet the definition of participating securities. The Preferred Shares entitle the holders to participate in dividends but do not require the holders to participate in losses of the Company. Accordingly, if the Company reports a net loss attributable to common shareholders net losses are not allocated to Preferred Shareholders. Income or loss per share is calculated based on the weighted average number of common shares outstanding. Diluted loss per share does not differ from basic loss per share since the effect of the Company’s stock options, liability-classified stock option awards, and warrants are anti-dilutive. During the six months ended June 30, 2018 , potential common shares of 23,934,679 , (six months ended June 30, 2017 – 5,848,138 ) consisting of the as-if converted number of Class A Preferred shares and stock options, were excluded from the calculation of loss per common share because their inclusion would be anti-dilutive. During the three months ended June 30, 2018 , dilutive, in-the-money stock options, calculated using the treasury stock method, were included in the diluted income per share calculation but potential common shares of 17,136,957 (three months ended June 30, 2017 – nil ) consisting of the as-if converted number of Class A Preferred shares were excluded from the calculation because their inclusion would be anti-dilutive. The following table sets out the computation of basic and diluted net income (loss) attributable to shareholders per share: For the three months ended June 30, For the six months ended June 30, 2018 2018 Numerator: Common Shares Preferred Shares Common Shares Preferred Shares Allocation of distributable earnings $ — $ 2,541 $ — $ 4,877 Allocation of undistributed income (loss) 550 — (19,215 ) — Allocation of income (loss) attributed to shareholders $ 550 $ 2,541 $ (19,215 ) $ 4,877 Denominator: Weighted average number of shares - basic 55,211,294 1,164,000 55,149,674 1,119,978 Weighted average number of shares - diluted 56,487,220 1,164,000 55,149,674 1,119,978 Basic net income (loss) attributable to shareholders per share $ 0.01 $ 2.18 $ (0.35 ) $ 4.35 Diluted net income (loss) attributable to shareholders per share $ 0.01 $ 2.18 $ (0.35 ) $ 4.35 Fair value of financial instruments The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 inputs are quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assumptions about market assumptions that would be used to price the asset or liability. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used to determine such fair value: Level 1 Level 2 Level 3 June 30, 2018 Assets Cash and cash equivalents $ 10,193 — — $ 10,193 Short-term investments 144,676 — — 144,676 Total $ 154,869 $ — $ — $ 154,869 Liabilities Liability-classified options — — $ 2,092 $ 2,092 Contingent consideration — — 9,769 9,769 Total $ — $ — $ 11,861 $ 11,861 Level 1 Level 2 Level 3 December 31, 2017 Assets Cash and cash equivalents $ 54,292 — — $ 54,292 Short-term investments 72,060 — — 72,060 Restricted cash 12,601 — — 12,601 Total $ 138,953 $ — $ — $ 138,953 Liabilities Liability-classified options — — $ 1,239 $ 1,239 Contingent consideration — — 10,424 10,424 Total $ — $ — $ 11,663 $ 11,663 The following table presents the changes in fair value of the Company’s liability-classified stock option awards: Liability at beginning of the period Increase in fair value of liability Liability at end of the period Six months ended June 30, 2017 $ 553 $ 430 $ 983 Six months ended June 30, 2018 $ 1,239 $ 853 $ 2,092 The following table presents the changes in fair value of the Company’s contingent consideration: Liability at beginning of the period Increase in fair value of Contingent Consideration Liability at end of the period Six months ended June 30, 2017 $ 9,065 $ 949 $ 10,014 Six months ended June 30, 2018 $ 10,424 $ (655 ) $ 9,769 Equity method investment We account for our investment in associated companies in accordance with ASC 323, Investments - Equity Method and Joint Ventures . In accordance with ASC 323, associated companies are accounted for as equity method investments. Results of associated companies are presented on a one-line basis. Investments in, and advances to, associated companies are presented on a one-line basis in the caption “Investment in Genevant” in our Consolidated Balance Sheet, net of allowance for losses, which represents our best estimate of probable losses inherent in such assets. The Company's proportionate share of the associated company's net income or loss is presented on a one-line basis in the caption "Gain (loss) on Investment in our Consolidated Statement of Operations and Comprehensive Loss. Transactions between the Company and the associated company are eliminated on a basis proportional to the Company's ownership interest. Financial results of Genevant are recorded on a one-quarter lag basis. Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. The new revenue standard (Accounting Standards Codification “ASC" 606) became effective for the Company on January 1, 2018, and was adopted using the modified retrospective method under which previously presented financial statements are not restated and the cumulative effect of adopting the new revenue standard on contracts in process is recognized by an adjustment to retained earnings at the effective date. The adoption of the new revenue standard did not change the Company’s recognized revenue under its ongoing significant collaborative research and license agreements and no cumulative effect adjustment was required. The new guidance in ASC 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers under a five-step model: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as a performance obligation is satisfied. The Company generates revenue primarily through collaboration agreements. Such agreements may require the Company to deliver various rights and/or services, including intellectual property rights or licenses and research and development services. Under such collaboration agreements, the Company is generally eligible to receive non-refundable upfront payments, funding for research and development services, milestone payments, and royalties. In contracts where the Company has more than one performance obligation to provide its customer with goods or services, each performance obligation is evaluated to determine whether it is distinct based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the contract is then allocated between the distinct performance obligations based on their respective relative stand-alone selling prices. The estimated stand-alone selling price of each deliverable reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold on a stand-alone basis and is determined by reference to market rates for the good or service when sold to others or by using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control is transferred to the customer for the related goods or services. Consideration associated with at-risk substantive performance milestones, including sales-based milestones, is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. Sales-based royalties received in connection with licenses of intellectual property are subject to a specific exception in the revenue standards, whereby the consideration is not included in the transaction price and recognized in revenue until the customer’s subsequent sales or usages occur. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): Recognition and Measurement of Financial Assets and Financial Liabilities. The update supersedes Topic 840, Leases and requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 retains a distinction between finance leases and operating leases, with cash payments from operating leases classified within operating activities in the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2018 for public business entities, which for the Company means January 1, 2019. The Company does not plan to early adopt this update. The extent of the impact of this adoption has not yet been determined. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new standard clarifies certain aspects of the statement of cash flows, and aims to reduce diversity in practice regarding how certain transactions are classified in the statement of cash flows. This standard was effective January 1, 2018. The Company adopted ASU No. 2016-15 in the first quarter of 2018. The adoption of this guidance did not have a material impact on the Company's financial position and results of operations. In October 2016 the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory. This new standard eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory. As a result, the income tax consequences from the intra-entity transfer of an asset other than inventory and associated changes to deferred taxes will be recognized when the transfer occurs. The Company adopted ASU No. 2016-16 in the first quarter of 2018. The adoption of this guidance did not have a material impact on the Company's financial position and results of operations. In November 2016, the FASB issued a new standard that clarifies how entities should present restricted cash in the statement of cash flows. Under the new standard, changes in total cash, inclusive of restricted cash, should be reflected in the statement of cash flows. As a result, transfers between cash and restricted cash will no longer be reflected as activity within the statement of cash flows. The Company adopted the new standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated statements of cash flows. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this Update provide guidance about aligning nonemployee and employee share-based payment accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company early adopted the new standard as of January 1, 2018. The adoption of this standard did not have a material impact on the Company's financial position and results of operations.

Equity method investment

Equity method investment	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity method investment	Equity method investment On April 11, 2018, the Company entered into an agreement with Roivant Sciences ("Roivant") to launch Genevant Sciences ("Genevant"), a jointly-owned company focused on the discovery, development, and commercialization of a broad range of RNA-based therapeutics enabled by Arbutus' proprietary lipid nanoparticle ("LNP") and ligand conjugate delivery technologies. Under the terms of the agreement, the Company has contributed a license to the delivery technologies, and fixed assets with a carrying value of $600,000 . The contributed license provides Genevant with exclusive rights to the LNP and ligand conjugate delivery platforms for RNA-based applications outside of HBV. Roivant contributed $ 37,500,000 in transaction-related seed capital for Genevant, consisting of an initial capital contribution of $22,500,000 and a subsequent investment of $15,000,000 at a pre-determined, stepped-up valuation. The Company retains all rights to the LNP and conjugate delivery platforms for HBV, and is entitled to a tiered low single-digit royalty from Genevant on future sales of products enabled by those delivery platforms. The Company also retains the entirety of its royalty entitlement on the commercialization of Alnylam's patisiran. The Company determined that since the agreement stipulates that significant decisions relating to the management of Genevant must be shared between the Principal Shareholders (being the Company and Roivant), the Company does not control Genevant but does exercise significant influence over it and, will therefore, account for its investment in Genevant using the equity method. On April 11, 2018, the Company and Roivant each received a 50% ownership interest in Genevant. As a result of the subsequent investment in Genevant completed in June 2018 by Roivant and other parties, the Company owned 41% of the common equity of Genevant as at June 30, 2018. The Company allocated $1,893,000 of goodwill to Genevant based upon the relative fair value of Genevant to the Company as at April 11, 2018. As a result of the contribution of assets and goodwill to Genevant in exchange for its equity interest , the Company recorded a gain of $24,884,000 in the Consolidated Statement of Operations and Comprehensive Loss. The fair value of equity in Genevant received by the Company was based on a valuation performed by external valuation experts. The following table illustrates the changes in the Equity investment balance and the Gain on investment recorded in the Consolidated Statement of Operations and Comprehensive Income (Loss) for the three months ended June 30, 2018 in thousands: Three months ended June 30, 2018 Equity investment Gain on investment Investment in Genevant $ 27,377 $ 27,377 Net book value of fixed assets transferred to Genevant — (600 ) Goodwill allocated to Genevant — (1,893 ) Stock based compensation expense 69 — As at June 30, 2018 $ 27,446 $ 24,884

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets and goodwill	Intangible assets and goodwill All in-process research and development ("IPR&D") acquired is currently classified as indefinite-lived and is not currently being amortized. IPR&D becomes definite-lived upon the completion or abandonment of the associated research and development efforts, and will be amortized from that time over an estimated useful life based on respective patent terms. The Company evaluates the recoverable amount of intangible assets on an annual basis and performs an annual evaluation of goodwill as of December 31 each year, unless there is an event or change in the business that could indicate impairment, in which case earlier testing is performed. The following table summarizes the carrying values of the intangible assets as at June 30, 2018 : June 30, 2018 December 31, 2017 IPR&D – Immune Modulators $ — $ — IPR&D – Antigen Inhibitors 14,811 14,811 IPR&D – cccDNA Sterilizers 43,836 43,836 Total Intangible Assets $ 58,647 $ 58,647 Impairment evaluation At June 30, 2018 , the Company did not identify any indicators of impairment. No impairment charge on intangible assets or goodwill was recorded for the period ended June 30, 2018 (three and six months ended June 30, 2017 - nil ) . In the three months ended June 30, 2018, the Company allocated $1,893,000 of goodwill to its investment in Genevant based upon the relative fair value of Genevant to the Company as at April 11, 2018 (see note 3 above), as a result of which the carrying value of goodwill decreased by this same amount.

Collaborations, Contracts and L

Collaborations, Contracts and Licensing Agreements	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Collaborations, contracts and licensing agreements	Collaborations, contracts and licensing agreements The following table set forth revenue recognized under collaborations, contracts and licensing agreements, in thousands: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Alexion (a) $ — $ 318 $ — $ 336 Gritstone (b) 937 — 2,087 — Department of Defense ("DoD") (c) 263 — 263 — Other milestone and royalty payments 44 721 330 938 Total revenue $ 1,244 $ 1,039 $ 2,680 $ 1,274 The following table sets forth deferred collaborations and contracts revenue: June 30, 2018 December 31, 2017 Gritstone (b) $ 974 $ 2,727 Department of Defense ("DoD") (c) — 15 Deferred revenue, current portion 974 2,742 Total deferred revenue $ 974 $ 2,742 (a) License Agreement with Alexion Pharmaceuticals, Inc. ("Alexion") On March 16, 2017, the Company signed a license agreement with Alexion that entitles Alexion to research, develop, manufacture, and commercialize products with the Company's lipid nanoparticle ("LNP") technology in their single orphan disease target. In consideration for the rights granted under the agreement, the Company received a $7,500,000 non-refundable upfront cash payment, as well as payments for services provided. This upfront payment was amortized over the period of expected benefit. On July 27, 2017, the Company received notice of termination from Alexion for the Company's LNP license agreement. The termination was driven by a strategic review of Alexion's business and research and development portfolio, which included a decision to discontinue development of mRNA therapeutics. The $7,500,000 upfront payment received in March 2017 is non-refundable, and the Company recorded the remaining deferred revenue balance, as well as any revenue and costs related to closeout procedures in the statement of operations and comprehensive loss for the period ended September 30, 2017. (b) License agreement with Gritstone On October 16, 2017, the Company entered into a license agreement with Gritstone that entitles Gritstone to research, develop, manufacture and commercialize products with the Company’s LNP technology. The Company received an upfront payment in November 2017, and is eligible to receive future potential payments including research services, development and commercial milestone payments and royalty payments on future product sales. As a result of the Company's agreement with Genevant (see note 3 for details), from April 11, 2018 going forward Genevant is entitled to 50% of the revenues earned by the Company from Gritstone. The Company determined the promised goods and services under the Agreements included the rights and license granted, involvement in the joint steering committee, and other services provided, as determined under the research plan. The license and involvement in the joint steering committee have been determined by the Company to be distinct. Therefore, these promised goods and services are treated as one performance obligation and recognized as revenue over the performance period as the Company transfers the technical "know-how" for the customized formulations. The Company has determined that other materials and services provided have standalone value. The relative fair values are estimated upon the execution of each activity and charged at rates comparable to market with embedded margins on each service activity. (c) Department of Defense ("DoD") On July 14, 2010, the Company signed a contract with the DoD to advance TKM-Ebola, an RNAi therapeutic utilizing the Company’s lipid nanoparticle technology to treat Ebola virus infection. The contract work completed in 2015. Contract close out procedures were finalized in the three months ended June 30, 2018 and resulted in additional revenue of $263,000 being recognized.

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Share capital	Share capital Series A participating convertible preferred shares ("Preferred Shares") On October 2, 2017, the Company announced that it entered into a subscription agreement with Roivant for the sale of Preferred Shares to Roivant for gross proceeds of $116,400,000 . The Preferred Shares are non-voting and are convertible into common shares at a conversion price of $7.13 per share. The purchase price for the Preferred Shares plus an amount equal to 8.75% per annum, compounded annually, will be subject to mandatory conversion into 22,589,601 common shares on October 16, 2021 (subject to limited exceptions in the event of certain fundamental corporate transactions relating to Arbutus’ capital structure or assets, which would permit earlier conversion at Roivant’s option). After conversion of the Preferred Shares into common shares, based on the number of common shares outstanding on October 2, 2017, Roivant would hold 49.90% of the Company's common shares. Roivant has agreed to a four year lock-up period for this investment and its existing holdings in Arbutus. Roivant has also agreed to a four year standstill whereby Roivant will not acquire greater than 49.99% of the Company's common shares or securities convertible into common shares. The initial investment of $50,000,000 closed on October 16, 2017, and the remaining amount of $66,400,000 closed on January 12, 2018 following regulatory and shareholder approvals. The Company records the Preferred Shares wholly as equity under ASC 480, with no bifurcation of conversion feature from the host contract, given that the Preferred Shares cannot be cash settled and the redemption features are within the Company's control, which include a fixed conversion ratio with predetermined timing and proceeds. The Company accrues for the 8.75% per annum compounding coupon at each reporting period end date as an increase to preferred share capital, and an increase to deficit (see Condensed Consolidated Statement of Stockholders' Equity).

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities Accounts payable and accrued liabilities are comprised of the following, in thousands: June 30, 2018 December 31, 2017 Trade accounts payable $ 3,208 $ 1,987 Research and development accruals 3,369 4,937 Professional fee accruals 393 429 Deferred lease inducements 13 42 Payroll accruals 342 2,893 Other accrued liabilities 60 358 $ 7,385 $ 10,646

Loan Payable

Loan Payable	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Loan payable	Loan payable On December 27, 2016, the Company obtained a three -year loan of $12,001,000 from Wells Fargo in the form of a promissory note for the purpose of financing its operations, including the expansion of laboratory facilities for its U.S. operations. The loan accrued interest daily. The variable component is the one-month London Interbank Offered Rate (LIBOR), and a margin of 1.25% per annum. The carrying value of the loan is recorded at the principal plus any accrued interest not yet paid. The loan was due on December 27, 2019. The loan was secured by the Company's cash of $12,601,000 , that is restricted from use until the loan has been settled in full. The Company invested the restricted cash in a two -year fixed certificate of deposit with Wells Fargo (see note 2). In March 2018, the Company repaid the loan and accrued interest in full, resulting in the release of $12,601,000 from restricted cash to short-term investments on the Company's balance sheet.

Site Consolidation

Site Consolidation	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Site consolidation	Site consolidation On February 8, 2018, the Company announced a site consolidation and organizational restructuring to align its HBV business in Warminster, PA, by reducing its global workforce by approximately 35% and by closing its Burnaby facility. In March 2018, the Company began executing its site consolidation plan and began to incur related costs. The Company estimates that the total expenses to complete the site consolidation will be approximately $5,000,000 . Included in the site consolidation plan is the payment of one-time employee termination benefits, employee relocation costs, and site closure costs, which were primarily paid in cash in the second quarter of 2018. In addition, as of June 30, 2018 the Company has ceased to use its Burnaby facility. The Company has entered into a sublease with its equity investee, Genevant (refer to note 3) for a portion of its facility and will attempt to further sublease the remaining space. The Company does not expect the subleasing income to completely cover the costs under the head lease, to which the Company remains the primary obligor. Therefore, the Company has recognized the remaining committed cost, less sublease income currently under contract, in site consolidation expenses in the income statement during the three months ended June 30, 2018. The Company accounts for site consolidation expense in accordance with ASC 420, Exit or Disposal Cost Obligations . ASC 420 specifies that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred, except for a liability where employees are required to render service until they are terminated in order to receive termination benefits and will be retained to render service beyond the minimum retention period. A liability for such one-time termination benefits shall be measured initially at the communication date based on the fair value of the liability as of the termination date and recognized rateably over the future service period. The following table shows expenses recorded in the three and six months ended June 30, 2018 and the liability as at June 30, 2018, in thousands: Description of expense Jan 1, 2018 - March 31, 2018 April 1, 2018 - June 30, 2018 Jan 1, 2018 - June 30, 2018 Employee severance $ 1,381 $ 1,285 $ 2,666 Employee relocation 240 295 535 Lease and facility — 1,001 1,001 Total site consolidation expense 1,621 2,581 4,202 Amounts paid during the period 592 2,520 3,112 Accrued at period end $ 1,029 $ 61 $ 1,090

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies and commitments	Contingencies and commitments Product development partnership with the Canadian Government The Company entered into a Technology Partnerships Canada ("TPC") agreement with the Canadian Federal Government on November 12, 1999. Under this agreement, TPC agreed to fund 27% of the costs incurred by the Company, prior to March 31, 2004, in the development of certain oligonucleotide product candidates up to a maximum contribution from TPC of $7,179,000 ( C$9,256,000 ). As at June 30, 2018 , a cumulative contribution of $2,871,000 ( C$3,702,000 ) had been received and the Company does not expect any further funding under this agreement. In return for the funding provided by TPC, the Company agreed to pay royalties on the share of future licensing and product revenue, if any, that are received by the Company on certain non-siRNA oligonucleotide product candidates covered by the funding under the agreement. These royalties are payable until a certain cumulative payment amount is achieved or until a pre-specified date. In addition, until a cumulative amount equal to the funding actually received under the agreement has been paid to TPC, the Company agreed to pay 2.5% royalties on any royalties the Company receives for Marqibo. For the three months ended June 30, 2018 , the Company earned royalties on Marqibo sales in the amount of $41,000 ( June 30, 2017 – $65,000 ) (see note 5(d)), resulting in $1,000 being recorded by the Company as royalty payable to TPC ( June 30, 2017 - $3,000 ). The cumulative amount paid or accrued up to June 30, 2018 was $24,000 , therefore the remaining contingent amount due to TPC is $2,782,000 ( C$3,702,000 ). Arbitration with the University of British Columbia (“UBC”) Certain early work on lipid nanoparticle delivery systems and related inventions was undertaken at the Company and assigned to the University of British Columbia (UBC). These inventions are licensed to the Company by UBC under a license agreement, initially entered in 1998 as amended in 2001, 2006 and 2007. The Company has granted sublicenses under the UBC license to Alnylam. Alnylam has in turn sublicensed back to the Company under the licensed UBC patents for discovery, development and commercialization of siRNA products. Certain sublicenses to other parties were also granted. On November 10, 2014, UBC filed a notice of arbitration against the Company and on January 16, 2015, filed a Statement of Claim, which alleges entitlement to $3,500,000 in allegedly unpaid royalties based on publicly available information, and an unspecified amount based on non-public information. UBC also seeks interest and costs, including legal fees. The Company filed its Statement of Defense to UBC's Statement of Claims, as well as filed a Counterclaim involving a patent application that Arbutus alleges UBC wrongly licensed to a third party rather than to Arbutus. The proceedings have been divided into three phases, with a first hearing that took place in June 2017. The arbitrator determined in the first phase which agreements are sublicense agreements within UBC's claim, and which are not. No finding was made as to whether any licensing fees are due to UBC under these agreements; this will be the subject of the second phase of arbitration. A schedule for the remaining phases has not yet been set. Arbitration and related matters are costly and may divert the attention of the Company’s management and other resources that would otherwise be engaged in other activities. The Company continues to dispute UBC's allegations, and seeks license payments for said application, and an exclusive worldwide license to said application. However, the Company notes that arbitration is subject to inherent uncertainty and an arbitrator could rule against the Company. The Company has not recorded an estimate of the possible loss associated with this arbitration, due to the uncertainties related to both the likelihood and amount of any possible loss or range of loss. Costs related to the arbitration are recorded by the Company as incurred. Contingent consideration from Arbutus Inc. acquisition of Enantigen and License Agreements between Enantigen and the Baruch S. Blumberg Institute (“Blumberg”) and Drexel University (“Drexel”) In October 2014, Arbutus Inc. acquired all of the outstanding shares of Enantigen pursuant to a stock purchase agreement. Through this transaction, Arbutus Inc. acquired a HBV surface antigen secretion inhibitor program and a capsid assembly inhibitor program, each of which are now assets of the Company, following the Company’s merger with Arbutus Inc. Under the stock purchase agreement, Arbutus Inc. agreed to pay up to a total of $21,000,000 to Enantigen’s selling stockholders upon the achievement of certain triggering events related to Enantigen’s two programs in pre-clinical development related to HBV therapies. The first triggering event, which would trigger a $3,000,000 milestone, is the enrollment of the first patient in a Phase 1b clinical trial in HBV patients. The regulatory, development and sales milestone payments had an initial estimated fair value of approximately $6,727,000 as at the date of acquisition of Arbutus Inc., and have been treated as contingent consideration payable in the purchase price allocation, based on information available at the date of acquisition, using a probability weighted assessment of the likelihood the milestones would be met and the estimated timing of such payments, and then the potential contingent payments were discounted to their present value using a probability adjusted discount rate that reflects the early stage nature of the development program, time to complete the program development, and market comparative data. Contingent consideration is recorded as a financial liability, and measured at its fair value at each reporting date, based on an updated consideration of the probability-weighted assessment of expected milestone timing, with any changes in fair value from the previous reporting date recorded in the statement of operations and comprehensive loss (see note 2). Blumberg and Drexel In February 2014, Arbutus Inc. entered into a license agreement with Blumberg and Drexel that granted Arbutus Inc. an exclusive, worldwide, sub-licensable license to three different compound series: cccDNA inhibitors, capsid assembly inhibitors and HCC inhibitors. In partial consideration for this license, Arbutus Inc. paid a license initiation fee of $150,000 and issued warrants to Blumberg and Drexel. The warrants were exercised in 2014. Under this license agreement, Arbutus Inc. also agreed to pay up to $3,500,000 in development and regulatory milestones per licensed compound series, up to $92,500,000 in sales performance milestones per licensed product, and royalties in the mid-single digits based upon the proportionate net sales of licensed products in any commercialized combination. The Company is obligated to pay Blumberg and Drexel a double digit percentage of all amounts received from the sub-licensees, subject to customary exclusions. In November 2014, Arbutus Inc. entered into an additional license agreement with Blumberg and Drexel pursuant to which it received an exclusive, worldwide, sub-licensable license under specified patents and know-how controlled by Blumberg and Drexel covering epigenetic modifiers of cccDNA and STING agonists. In consideration for these exclusive licenses, Arbutus Inc. made an upfront payment of $50,000 . Under this agreement, the Company is required to pay up to $1,200,000 for each licensed product upon the achievement of a specified regulatory milestone and a low single digit royalty, based upon the proportionate net sales of compounds covered by this intellectual property in any commercialized combination. The Company is also obligated to pay Blumberg and Drexel a double digit percentage of all amounts received from its sub-licensees, subject to exclusions. Research Collaboration and Funding Agreement with Blumberg In October 2014, Arbutus Inc. entered into a research collaboration and funding agreement with Blumberg under which the Company will provide $1,000,000 per year of research funding for three years, renewable at the Company’s option for an additional three years, for Blumberg to conduct research projects in HBV and liver cancer pursuant to a research plan to be agreed upon by the parties. Blumberg has exclusivity obligations to Arbutus with respect to HBV research funded under the agreement. In addition, the Company has the right to match any third party offer to fund HBV research that falls outside the scope of the research being funded under the agreement. Blumberg has granted the Company the right to obtain an exclusive, royalty bearing, worldwide license to any intellectual property generated by any funded research project. If the Company elects to exercise its right to obtain such a license, the Company will have a specified period of time to negotiate and enter into a mutually agreeable license agreement with Blumberg. This license agreement will include the following pre-negotiated upfront, milestone and royalty payments: an upfront payment in the amount of $100,000 ; up to $8,100,000 upon the achievement of specified development and regulatory milestones; up to $92,500,000 upon the achievement of specified commercialization milestones; and royalties at a low single to mid-single digit rates based upon the proportionate net sales of licensed products from any commercialized combination. On June 5, 2016, the Company and Blumberg entered into an amended and restated research collaboration and funding agreement, primarily to: (i) increase the annual funding amount to Blumberg from $1,000,000 to $1,100,000 ; (ii) extend the initial term through to October 29, 2018; (iii) provide an option for the Company to extend the term past October 29, 2018 for two additional one year terms; and (iv) expand our exclusive license under the Agreement to include the sole and exclusive right to obtain and exclusive, royalty-bearing, worldwide and all-fields license under Blumberg's rights in certain other inventions described in the agreement.

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Concentrations of credit risk	Concentrations of credit risk Credit risk is defined by the Company as an unexpected loss in cash and earnings if a collaborative partner is unable to pay its obligations on a timely basis. The Company’s main source of credit risk is related to its accounts receivable balance which principally represents temporary financing provided to collaborative partners in the normal course of operations. The Company does not currently maintain a provision for bad debts as the majority of accounts receivable are from collaborative partners or government agencies and are considered low risk. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at June 30, 2018 was the accounts receivable balance of $1,322,000 ( December 31, 2017 - $402,000 ). All accounts receivable balances were current at June 30, 2018 and at December 31, 2017 .

Related Party Transaction

Related Party Transaction	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	Related Party Transactions During 2018, the Company purchased certain research and development services from Roivant, which are billed at agreed hourly rates and reflective of market rates for such services. The total cost of these services was $0.6 million for the three and six months ended June 30, 2018. During 2018, the Company purchased certain research and development services from Genevant. These services are billed at agreed hourly rates and reflective of market rates for such services. The total cost of these services was $0.1 million for the three and six months ended June 30, 2018. Conversely, Genevant purchased certain administrative and transitional services from the Company and has a sublease for 17,900 square feet in the Company's Burnaby facility. The total income for these services was $0.2 million for the six months ended June 30, 2018.

Significant Accounting Polici19

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“U.S. GAAP”) for interim financial statements and accordingly, do not include all disclosures required for annual financial statements. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2017 and included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments and reclassifications necessary to present fairly the financial position, results of operations and cash flows at June 30, 2018 and for all periods presented. The results of operations for the three and six months ended June 30, 2018 and June 30, 2017 , respectively, are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2017 , except as described below.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its two wholly-owned subsidiaries, Arbutus Biopharma Inc. ("Arbutus Inc.") and Protiva Biotherapeutics Inc. ("Protiva"). On January 1, 2018, Protiva was amalgamated with Arbutus Biopharma Corporation. All intercompany transactions and balances have been eliminated on consolidation.
Income or loss per share	Income or loss per share The Company follows the two-class method when computing net loss attributable to common shareholders per share as the Company has issued Preferred Shares (note 6) that meet the definition of participating securities. The Preferred Shares entitle the holders to participate in dividends but do not require the holders to participate in losses of the Company. Accordingly, if the Company reports a net loss attributable to common shareholders net losses are not allocated to Preferred Shareholders. Income or loss per share is calculated based on the weighted average number of common shares outstanding. Diluted loss per share does not differ from basic loss per share since the effect of the Company’s stock options, liability-classified stock option awards, and warrants are anti-dilutive. During the six months ended June 30, 2018 , potential common shares of 23,934,679 , (six months ended June 30, 2017 – 5,848,138 ) consisting of the as-if converted number of Class A Preferred shares and stock options, were excluded from the calculation of loss per common share because their inclusion would be anti-dilutive
Fair value of financial instruments	Fair value of financial instruments The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 inputs are quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assumptions about market assumptions that would be used to price the asset or liability.
Equity method investment	Equity method investment We account for our investment in associated companies in accordance with ASC 323, Investments - Equity Method and Joint Ventures . In accordance with ASC 323, associated companies are accounted for as equity method investments. Results of associated companies are presented on a one-line basis. Investments in, and advances to, associated companies are presented on a one-line basis in the caption “Investment in Genevant” in our Consolidated Balance Sheet, net of allowance for losses, which represents our best estimate of probable losses inherent in such assets. The Company's proportionate share of the associated company's net income or loss is presented on a one-line basis in the caption "Gain (loss) on Investment in our Consolidated Statement of Operations and Comprehensive Loss. Transactions between the Company and the associated company are eliminated on a basis proportional to the Company's ownership interest. Financial results of Genevant are recorded on a one-quarter lag basis.
Recent accounting pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. The new revenue standard (Accounting Standards Codification “ASC" 606) became effective for the Company on January 1, 2018, and was adopted using the modified retrospective method under which previously presented financial statements are not restated and the cumulative effect of adopting the new revenue standard on contracts in process is recognized by an adjustment to retained earnings at the effective date. The adoption of the new revenue standard did not change the Company’s recognized revenue under its ongoing significant collaborative research and license agreements and no cumulative effect adjustment was required. The new guidance in ASC 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers under a five-step model: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as a performance obligation is satisfied. The Company generates revenue primarily through collaboration agreements. Such agreements may require the Company to deliver various rights and/or services, including intellectual property rights or licenses and research and development services. Under such collaboration agreements, the Company is generally eligible to receive non-refundable upfront payments, funding for research and development services, milestone payments, and royalties. In contracts where the Company has more than one performance obligation to provide its customer with goods or services, each performance obligation is evaluated to determine whether it is distinct based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the contract is then allocated between the distinct performance obligations based on their respective relative stand-alone selling prices. The estimated stand-alone selling price of each deliverable reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold on a stand-alone basis and is determined by reference to market rates for the good or service when sold to others or by using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control is transferred to the customer for the related goods or services. Consideration associated with at-risk substantive performance milestones, including sales-based milestones, is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. Sales-based royalties received in connection with licenses of intellectual property are subject to a specific exception in the revenue standards, whereby the consideration is not included in the transaction price and recognized in revenue until the customer’s subsequent sales or usages occur. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): Recognition and Measurement of Financial Assets and Financial Liabilities. The update supersedes Topic 840, Leases and requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 retains a distinction between finance leases and operating leases, with cash payments from operating leases classified within operating activities in the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2018 for public business entities, which for the Company means January 1, 2019. The Company does not plan to early adopt this update. The extent of the impact of this adoption has not yet been determined. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new standard clarifies certain aspects of the statement of cash flows, and aims to reduce diversity in practice regarding how certain transactions are classified in the statement of cash flows. This standard was effective January 1, 2018. The Company adopted ASU No. 2016-15 in the first quarter of 2018. The adoption of this guidance did not have a material impact on the Company's financial position and results of operations. In October 2016 the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory. This new standard eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory. As a result, the income tax consequences from the intra-entity transfer of an asset other than inventory and associated changes to deferred taxes will be recognized when the transfer occurs. The Company adopted ASU No. 2016-16 in the first quarter of 2018. The adoption of this guidance did not have a material impact on the Company's financial position and results of operations. In November 2016, the FASB issued a new standard that clarifies how entities should present restricted cash in the statement of cash flows. Under the new standard, changes in total cash, inclusive of restricted cash, should be reflected in the statement of cash flows. As a result, transfers between cash and restricted cash will no longer be reflected as activity within the statement of cash flows. The Company adopted the new standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated statements of cash flows. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this Update provide guidance about aligning nonemployee and employee share-based payment accounting. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company early adopted the new standard as of January 1, 2018. The adoption of this standard did not have a material impact on the Company's financial position and results of operations.

Significant Accounting Polici20

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of basic and diluted net income (loss) per common share	The following table sets out the computation of basic and diluted net income (loss) attributable to shareholders per share: For the three months ended June 30, For the six months ended June 30, 2018 2018 Numerator: Common Shares Preferred Shares Common Shares Preferred Shares Allocation of distributable earnings $ — $ 2,541 $ — $ 4,877 Allocation of undistributed income (loss) 550 — (19,215 ) — Allocation of income (loss) attributed to shareholders $ 550 $ 2,541 $ (19,215 ) $ 4,877 Denominator: Weighted average number of shares - basic 55,211,294 1,164,000 55,149,674 1,119,978 Weighted average number of shares - diluted 56,487,220 1,164,000 55,149,674 1,119,978 Basic net income (loss) attributable to shareholders per share $ 0.01 $ 2.18 $ (0.35 ) $ 4.35 Diluted net income (loss) attributable to shareholders per share $ 0.01 $ 2.18 $ (0.35 ) $ 4.35
Assets and liabilities measured at fair value on a recurring basis	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used to determine such fair value: Level 1 Level 2 Level 3 June 30, 2018 Assets Cash and cash equivalents $ 10,193 — — $ 10,193 Short-term investments 144,676 — — 144,676 Total $ 154,869 $ — $ — $ 154,869 Liabilities Liability-classified options — — $ 2,092 $ 2,092 Contingent consideration — — 9,769 9,769 Total $ — $ — $ 11,861 $ 11,861 Level 1 Level 2 Level 3 December 31, 2017 Assets Cash and cash equivalents $ 54,292 — — $ 54,292 Short-term investments 72,060 — — 72,060 Restricted cash 12,601 — — 12,601 Total $ 138,953 $ — $ — $ 138,953 Liabilities Liability-classified options — — $ 1,239 $ 1,239 Contingent consideration — — 10,424 10,424 Total $ — $ — $ 11,663 $ 11,663
Changes in fair value of liability option	The following table presents the changes in fair value of the Company’s liability-classified stock option awards: Liability at beginning of the period Increase in fair value of liability Liability at end of the period Six months ended June 30, 2017 $ 553 $ 430 $ 983 Six months ended June 30, 2018 $ 1,239 $ 853 $ 2,092
Schedule of changes in fair value of contingent consideration	The following table presents the changes in fair value of the Company’s contingent consideration: Liability at beginning of the period Increase in fair value of Contingent Consideration Liability at end of the period Six months ended June 30, 2017 $ 9,065 $ 949 $ 10,014 Six months ended June 30, 2018 $ 10,424 $ (655 ) $ 9,769

Equity method investment (Table

Equity method investment (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method balance	The following table illustrates the changes in the Equity investment balance and the Gain on investment recorded in the Consolidated Statement of Operations and Comprehensive Income (Loss) for the three months ended June 30, 2018 in thousands: Three months ended June 30, 2018 Equity investment Gain on investment Investment in Genevant $ 27,377 $ 27,377 Net book value of fixed assets transferred to Genevant — (600 ) Goodwill allocated to Genevant — (1,893 ) Stock based compensation expense 69 — As at June 30, 2018 $ 27,446 $ 24,884

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of carrying values, net of impairment of the intangible assets	The following table summarizes the carrying values of the intangible assets as at June 30, 2018 : June 30, 2018 December 31, 2017 IPR&D – Immune Modulators $ — $ — IPR&D – Antigen Inhibitors 14,811 14,811 IPR&D – cccDNA Sterilizers 43,836 43,836 Total Intangible Assets $ 58,647 $ 58,647

Collaborations, Contracts and23

Collaborations, Contracts and Licensing Agreements (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Schedule of revenue recognized under collaborations, contracts and licensing agreements	The following table set forth revenue recognized under collaborations, contracts and licensing agreements, in thousands: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Alexion (a) $ — $ 318 $ — $ 336 Gritstone (b) 937 — 2,087 — Department of Defense ("DoD") (c) 263 — 263 — Other milestone and royalty payments 44 721 330 938 Total revenue $ 1,244 $ 1,039 $ 2,680 $ 1,274
Schedule of deferred collaborations and contracts revenue	The following table sets forth deferred collaborations and contracts revenue: June 30, 2018 December 31, 2017 Gritstone (b) $ 974 $ 2,727 Department of Defense ("DoD") (c) — 15 Deferred revenue, current portion 974 2,742 Total deferred revenue $ 974 $ 2,742

Accounts Payable and Accrued 24

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued liabilities	Accounts payable and accrued liabilities are comprised of the following, in thousands: June 30, 2018 December 31, 2017 Trade accounts payable $ 3,208 $ 1,987 Research and development accruals 3,369 4,937 Professional fee accruals 393 429 Deferred lease inducements 13 42 Payroll accruals 342 2,893 Other accrued liabilities 60 358 $ 7,385 $ 10,646

Site Consolidation (Tables)

Site Consolidation (Tables)	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Schedule of expenses recorded for site consolidation	The following table shows expenses recorded in the three and six months ended June 30, 2018 and the liability as at June 30, 2018, in thousands: Description of expense Jan 1, 2018 - March 31, 2018 April 1, 2018 - June 30, 2018 Jan 1, 2018 - June 30, 2018 Employee severance $ 1,381 $ 1,285 $ 2,666 Employee relocation 240 295 535 Lease and facility — 1,001 1,001 Total site consolidation expense 1,621 2,581 4,202 Amounts paid during the period 592 2,520 3,112 Accrued at period end $ 1,029 $ 61 $ 1,090

Significant Accounting Polici26

Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018subsidiaryshares	Jun. 30, 2017shares	Jun. 30, 2018subsidiaryshares	Jun. 30, 2017shares
Accounting Policies [Abstract]
Wholly-owed subsidiaries | subsidiary	2		2
Anti-dilutive common shares excluded from calculation of loss per common share (in shares) | shares	17,136,957	0	23,934,679	5,848,138

Significant Accounting Polici27

Significant Accounting Policies - Schedule of Computation of Basic and Diluted Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Allocation of distributable earnings	$ 2,541	$ 0	$ 4,877	$ 0
Allocation of income (loss) attributed to shareholders	$ 550	$ (18,255)		$ (36,882)
Weighted average number of shares - basic (in shares)	55,211,294	54,647,944	55,149,674	54,478,221
Weighted average number of shares - diluted (in shares)	56,487,220	54,647,944	55,149,674	54,478,221
Basic net income (loss) attributable to shareholders per share (in dollars per share)	$ 0.01	$ (0.33)	$ (0.35)	$ (0.68)
Diluted net income (loss) attributable to shareholders per share (in dollars per share)	$ 0.01	$ (0.33)	$ (0.35)	$ (0.68)
Common Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Allocation of undistributed income (loss)	$ 550		$ (19,215)
Allocation of income (loss) attributed to shareholders	$ 550		$ (19,215)
Weighted average number of shares - basic (in shares)	55,211,294		55,149,674
Weighted average number of shares - diluted (in shares)	56,487,220		55,149,674
Basic net income (loss) attributable to shareholders per share (in dollars per share)	$ 0.01		$ (0.35)
Preferred Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Allocation of distributable earnings	$ 2,541		$ 4,877
Allocation of income (loss) attributed to shareholders	$ 2,541		$ 4,877
Weighted average number of shares - basic (in shares)	1,164,000		1,119,978
Weighted average number of shares - diluted (in shares)	1,164,000		1,119,978
Basic net income (loss) attributable to shareholders per share (in dollars per share)	$ 2.18		$ 4.35
Diluted net income (loss) attributable to shareholders per share (in dollars per share)	$ 2.18		$ 4.35

Significant Accounting Polici28

Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Liabilities
Contingent consideration	$ 9,769	$ 10,424	$ 10,014	$ 9,065
Recurring
Assets
Cash and cash equivalents	10,193	54,292
Short-term investments	144,676	72,060
Long-term investment		12,601
Total Assets	154,869	138,953
Liabilities
Liability-classified options	2,092	1,239
Contingent consideration	9,769	10,424
Total Liabilities	11,861	11,663
Recurring | Level 1
Assets
Cash and cash equivalents	10,193	54,292
Short-term investments	144,676	72,060
Long-term investment		12,601
Total Assets	154,869	138,953
Liabilities
Liability-classified options	0	0
Contingent consideration	0	0
Total Liabilities	0	0
Recurring | Level 2
Assets
Cash and cash equivalents	0	0
Short-term investments	0	0
Long-term investment		0
Total Assets	0	0
Liabilities
Liability-classified options	0	0
Contingent consideration	0	0
Total Liabilities	0	0
Recurring | Level 3
Assets
Cash and cash equivalents	0	0
Short-term investments	0	0
Long-term investment		0
Total Assets	0	0
Liabilities
Liability-classified options	2,092	1,239
Contingent consideration	9,769	10,424
Total Liabilities	$ 11,861	$ 11,663

Significant Accounting Polici29

Significant Accounting Policies - Changes in Fair Value of Liability-Classified Stock Options (Details) - Liability classified stock options - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis [Roll Forward]
Liability at beginning of the period	$ 1,239	$ 553
Increase in fair value of liability	853	430
Liability at end of the period	$ 2,092	$ 983

Significant Accounting Polici30

Significant Accounting Policies - Changes in Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration Fair Value, Liability [Roll Forward]
Liability at beginning of the period			$ 10,424	$ 9,065
Increase in fair value of Contingent Consideration	$ 193	$ (110)	(655)	949
Liability at end of the period	$ 9,769	$ 10,014	$ 9,769	$ 10,014

Equity method investment - Narr

Equity method investment - Narrative (Details) - USD ($) $ in Thousands	Apr. 11, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Goodwill transfer to equity method investment		$ (1,893)
Gain on investments		24,884	$ 0	$ 24,884	$ 0
Genevant Sciences Corporation
Schedule of Equity Method Investments [Line Items]
Total expected contribution to equity method investment	$ 600	600
Investment in Genevant		$ 27,377
Ownership interest in equity method investment	50.00%	41.00%		41.00%
Goodwill transfer to equity method investment		$ 1,893
Gain on investments	$ 24,884	$ 24,884
Roivant Sciences Ltd | Genevant Sciences Corporation
Schedule of Equity Method Investments [Line Items]
Total expected contribution to equity method investment	37,500
Investment in Genevant	22,500
Commitment to contribute to equity method investment	$ 15,000

Equity method investment - Sche

Equity method investment - Schedule of Equity Investment Balance (Details) - USD ($) $ in Thousands	Apr. 11, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Equity investment
As at June 30, 2018		$ 27,446		$ 27,446		$ 0
Gain on investment
Goodwill allocated to Genevant		1,893
Gain on investment		24,884	$ 0	24,884	$ 0
Genevant Sciences Corporation
Equity investment
Investment in Genevant		27,377		27,377
Stock based compensation expense		69		69
As at June 30, 2018		27,446		$ 27,446
Gain on investment
Investment in Genevant		27,377
Net book value of fixed assets transferred to Genevant	$ (600)	(600)
Goodwill allocated to Genevant		(1,893)
Gain on investment	$ 24,884	$ 24,884

Intangible Assets and Goodwil33

Intangible Assets and Goodwill - Summary of carrying value of intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 58,647	$ 58,647
IPR&D – Immune Modulators
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	0	0
IPR&D – Antigen Inhibitors
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	14,811	14,811
IPR&D – cccDNA Sterilizers
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 43,836	$ 43,836

Intangible Assets and Goodwil34

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge		$ 0	$ 0
Goodwill allocated to Genevant	$ 1,893,000

Collaborations, Contracts and35

Collaborations, Contracts and Licensing Agreements - Revenue Recognized Under Collaborations, Contracts and Licensing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue	$ 1,244	$ 1,039	$ 2,680	$ 1,274
Deferred revenue, current portion	974		974		$ 2,742
Total deferred revenue	974		974		2,742
Gritstone
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, current portion	974		974		2,727
Department of Defense
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, current portion	0		0		$ 15
License | Alexion
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue	0	318	0	336
License | Gritstone
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue	937	0	2,087	0
License | Department of Defense
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue	263	0	263	0
License | Other milestone and royalty payments
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue	$ 44	$ 721	$ 330	$ 938

Collaborations, Contracts and36

Collaborations, Contracts and Licensing Agreements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Apr. 11, 2018	Mar. 16, 2017
Alexion
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License upfront payment			$ 7,500
License | Department of Defense
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue recognized during period	$ 263
Genevant Sciences Corporation | License | Gritstone
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of revenue allocated to equity method investment		50.00%

Share Capital (Details)

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 12, 2018	Oct. 16, 2017	Oct. 02, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Proceeds from sale of Series A Preferred Shares, net of issuance costs				$ 0	$ 0	$ 66,265	$ 0
Roivant Sciences Ltd
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners after conversion			49.90%
Maximum ownership percentage by noncontrolling owners			49.99%
Proceeds from sale of Series A Preferred Shares, net of issuance costs	$ 66,400	$ 50,000
Roivant Sciences Ltd | Convertible Preferred Stock
Class of Stock [Line Items]
Amount of share issued during period			$ 116,400
Preferred stated value (in dollars per share)			$ 7.13
Preferred stock dividend rate as a percent			8.75%					8.75%
Number of common shares to be issued upon conversion of convertible preferred stock			22,589,601
Investment commitment period			4 years

Accounts Payable and Accrued 38

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Trade accounts payable	$ 3,208	$ 1,987
Research and development accruals	3,369	4,937
Professional fee accruals	393	429
Deferred lease inducements	13	42
Payroll accruals	342	2,893
Other accrued liabilities	60	358
Accounts payable and accrued liabilities	$ 7,385	$ 10,646

Loan Payable (Details)

Loan Payable (Details) - USD ($)	Dec. 27, 2016	Dec. 31, 2017	Jun. 30, 2018
Debt Instrument [Line Items]
Restricted cash		$ 12,601,000	$ 0
Restricted Investment, Term		2 years
Short-term investments		$ 72,060,000	144,676,000
Loans Payable | Promissory Note with Wells Fargo | LIBOR
Debt Instrument [Line Items]
Fixed component of interest rate		1.25%
Wells Fargo
Debt Instrument [Line Items]
Short-term investments			$ 12,601,000
Wells Fargo | Loans Payable | Promissory Note with Wells Fargo
Debt Instrument [Line Items]
Debt Instrument, Term	3 years
Loan payable	$ 12,001,000

Site Consolidation (Details)

Site Consolidation (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Feb. 08, 2018
Restructuring Cost and Reserve [Line Items]
Total site consolidation expense	$ 2,581	$ 1,621	$ 0	$ 4,202	$ 0
Amounts paid during the period	2,520	592		3,112
Restructuring Reserve [Roll Forward]
Accrued at beginning period	1,029
Increase (decrease) in restructuring reserve	61
Accrued at period end	1,090	1,029		1,090
Facility closing
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction						35.00%
Expected total cost of site consolidation	5,000			5,000
Employee severance
Restructuring Cost and Reserve [Line Items]
Total site consolidation expense	1,285	1,381		2,666
Employee relocation
Restructuring Cost and Reserve [Line Items]
Total site consolidation expense	295	240		535
Lease and facility
Restructuring Cost and Reserve [Line Items]
Total site consolidation expense	$ 1,001	$ 0		$ 1,001

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Thousands	Jun. 05, 2016USD ($)research_funding_period_extensions	Jan. 16, 2015USD ($)	Jun. 30, 2017USD ($)Legal_proceedings	Nov. 30, 2014USD ($)	Oct. 31, 2014USD ($)	Feb. 28, 2014USD ($)compound_series	Jun. 30, 2018USD ($)program	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)program	Mar. 31, 2004USD ($)	Mar. 31, 2004CAD ($)	Jun. 30, 2018USD ($)program	Jun. 30, 2018CAD ($)	Jun. 30, 2018CAD ($)program
Contingencies and Commitments [Line Items]
Percent of costs funded by TPC										27.00%	27.00%
Maximum contribution for product										$ 7,179,000	$ 9,256
Cumulative contribution for product												$ 2,871,000	$ 3,702
Royalty guarantees commitments percentage									2.50%
Arbitration with the University of British Columbia
Contingencies and Commitments [Line Items]
Loss contingency, damages sought for allegedly unpaid royalties		$ 3,500,000
Number of legal proceedings | Legal_proceedings			3
Arbutus Inc. | Enantigen
Contingencies and Commitments [Line Items]
Business combination, high end of payment upon achievement of certain triggering events					$ 21,000,000
Programs in pre-clinical development | program							2		2			2		2
Business combination, regulatory, development and sales milestone payments estimated fair value					6,727,000
Blumberg and Drexel | Arbutus Inc.
Contingencies and Commitments [Line Items]
Number of series of compounds | compound_series						3
Development and regulatory milestones payment per licensed compound series, maximum				$ 1,200,000		$ 3,500,000
Sales performance milestones payment per licensed product, maximum						92,500,000
Blumberg | Arbutus Inc.
Contingencies and Commitments [Line Items]
Research funding per year under research collaboration and funding agreement	$ 1,100,000				$ 1,000,000
Research Funding Period, Number of Renewable Options | research_funding_period_extensions	2
Research funding period					3 years
Research funding period, renewable option	1 year				3 years
Research funding agreement exclusive license upfront payment					$ 100,000
Research funding agreement exclusive license maximum development and regulatory milestone payments					8,100,000
Research funding agreement license maximum commercialization milestone payments					$ 92,500,000
Royalty
Contingencies and Commitments [Line Items]
Royalty revenue							$ 41,000	$ 65,000
Marqibo
Contingencies and Commitments [Line Items]
Royalty payable			$ 3,000				1,000	$ 3,000	$ 1,000			$ 1,000
Royalties paid or accrued									24,000
Contractual obligation							$ 2,782,000		$ 2,782,000			$ 2,782,000		$ 3,702
License | Blumberg and Drexel | Arbutus Inc.
Contingencies and Commitments [Line Items]
License fee				$ 50,000		$ 150,000

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Accounts receivable	$ 1,322	$ 402

Related Party Transaction (Deta

Related Party Transaction (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)ft²	Jun. 30, 2018USD ($)ft²
Roivant Sciences Ltd | Co-venturer | Research and development services
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 0.6	$ 0.6
Genevant Sciences Corporation | Equity Method Investee | Research and development services
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 0.1	$ 0.1
Genevant Sciences Corporation | Equity Method Investee | Sublease, Burnaby Facility
Related Party Transaction [Line Items]
Area of sublease facility | ft²	17,900	17,900
Genevant Sciences Corporation | Equity Method Investee | Administrative and transitional services
Related Party Transaction [Line Items]
Income from related party		$ 0.2