Arbutus Biopharma Corporation, Burnaby, Canada.

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HBcrAg, HBV-RNA Declines in A Phase 2a Study Evaluating the Multi-Dose Activity of ARB-1467 in Positive and Negative Virally Suppressed Patients With Hepatitis B Kosh Agarwal 1, Ed Gane 2, Wendy Cheng 3, William Sievert 4, Stuart Roberts 5, Sang Hoon Ahn 6, Yoon Jun Kim 7, Adrian Streinu-Cercel 8, Jill Denning 9, William Symonds 9, Patricia Mendez 9 1 Institute of Liver Studies, King's College Hospital, United Kingdom; 2 Auckland Clinical Studies Limited, Auckland, New Zealand; 3 Royal Perth Hospital and Linear Research, Perth, Australia; 4 Monash Health and Monash University, Melbourne, Australia; 5 The Alfred, Melbourne, Australia; 6 Yonsei University College of Medicine, Seoul, South Korea; 7 Seoul National University College of Medicine, Seoul, South Korea; 8 Carol Davila University of Medicine and Pharmacy, National Institute for Infectious Diseases Prof. Dr. Matei Balș, Bucharest, Romania; 9 Arbutus Biopharma Corporation, Burnaby, Canada.

Disclosure TBC 2

ARB-1467 Novel RNA interference product Unique 3-trigger design inhibits HBV replication, reduces all HBV transcripts, and lowers all HBV antigens Delivered via proprietary lipid nanoparticle (LNP) technology Generally safe and well tolerated to date Polymerase, Core Ag, e Ag, pgrna sag sag HBx 3

HBV Activity Markers HBsAg and HBV-DNA are the standard biomarkers of cccdna activity Significant HBsAg reduction, irrespective of HBeAg status, was seen when ARB-1467 was given to nucleos(t)ide-treated patients in the 2 phase 2 study (NCT263196) 1 HBV-RNA HBV-DNA HBcrAg HBsAg Hepatitis B core-related antigen (HBcrAg) and HBV-RNA have also been proposed as biomarkers for cccdna 2,3 We evaluated the correlation between HBsAg, HBcrAg and HBV-RNA levels in the 2 study 1. Streinu-Cercel A, et al. J Hepatol 217;66(suppl 1):S688 S689; 2. Gao Y, et al. J Clin Microbiol 217;55:2972 2982; 3 Chuaypen N, et al. Clin Microbiol Infect 217 Jul 24 doi: 1.116/j.cmi.217.7.16. [Epub ahead of print]. 4

Biomarkers Assessed Pharmacodynamic Markers HBV-DNA: COBAS AmpliPrep / COBAS TaqMan v2. (qpcr) LOD 2 IU/mL HBsAg (quantitative): Architect LLOQ.5 IU/mL Exploratory Markers HBcrAg: Lumipulse (Japan) Dynamic range 3 7 log 1 IU/mL HBeAg, HBcAg and HBV pre-core protein (p22cr) detected HBV-RNA (pre-genomic RNA: pg RNA): Proprietary qrt-pcr methodology (Cenetron Diagnostics) LLOQ 1 copies/ml 5

Study 2 Design Patients with chronic HBV infection on Stable Nucleos(t)ide Therapy Wk 8 Cohort 1 n=8 Cohort 2 n=8 Cohort 3 n=8 Cohort 4 n=12 Wk Wk 12 HBeAg+.4 mg/kg.2 mg/kg.4 mg/kg.4 mg/kg Bi-weekly Open-label Wk 24 Wk 48 Wk 72.4 mg/kg (responders only: HBsAg 1 IU/mL and 1 log from BL) Randomized 3:1 active:placebo ARB-1467 or placebo given as a 2-hour IV infusion Broad inclusion criteria Non-cirrhotic, chronic HBV infection receiving NA therapy with ETV or TDF for 12 months HBsAg 1 IU/mL, HBV-DNA negative ALT or AST 2x ULN Fibroscan 9 kpa Pre-medications given the evening prior and 3 minutes prior to each infusion only Data collected pre-dose and throughout Weeks 1 Last dose at Week 8 (monthly and bi-weekly) Dosing Schedule: Weeks, 4 and 8 (monthly) Weeks, 2, 4, 6, 8 (bi-weekly) 6

Patient Baseline Characteristics Baseline characteristics were similar across cohorts.2 mg/kg.4 mg/kg HBeAg+.4 mg/kg.4 mg/kg Bi-weekly n=12 Placebo Male, n (%) 4 (67) 4 (67) 6 (1) 9 (75) 5 (83) Age, median (range) y 44 (28-52) 47 (31-64) 47 (32-52) 49 (29-64) 49 (4-54) White, n (%) 4 (67) 4 (67) 3 (5) 4 (33) 3 (5) Asian, n (%) 2 (33) 2 (33) 2 (33) 6 (5) 2 (33) BMI, median (range) kg/m 2 24.6 (21-27) 26.8 (18-3) 28.7 (24-32) 24.2 (18-32) 25.2 (22-27) ALT, median (range) IU/mL 28.5 (19-44) 31.5 (26-78) 38.5 (27-64) 29.5 (13-63) 29.5 (2-45) HBsAg, mean (SD) log 1 IU/mL 3.5 (.55) 3.4 (.72) 3. (.3) 3.6 (.45) 3.3 (.44) HBV-RNA, mean (SD) log 1 copies/ml > LOD (1 copies/ml), n (%) Cohort 1 Cohort 2 Cohort 3 a Cohort 4 1.6 (.66) 3 (5) 1.2 (.29) 3 (5) 1.8 (.95) 3 (5) 1.2 (.29) 5 (42) 1.7 (.85) 3 (5) Cohort 4 Responder: HBsAg 1 IU/mL with 1 log 1 decline during the first 1 weeks of treatment HBcrAg, mean (SD) log 1 IU/mL > LOD (3 log 1 IU/mL) 3.6 (.74) 4 (67) 3.2 (.52) 3 (5) 5.6 (.44) 6 (1) 3.4 (.73) 8 (67) 4. (1.15) 5 (83) a Cohort 3 (HBeAg+) is not included in these analyses. 7

Patient Baseline Characteristics: Genotypes Cohort 1 Cohort 2 Cohort 3 a Cohort 4 n (%) HBV genotype b B C D C/D Undetermined c.2 mg/kg 4 (67) 2 (33).4 mg/kg 1 (17) 1 (17) 3 (5) 1 (17) HBeAg+.4 mg/kg 4 (67) 1 (17) 1 (17).4 mg/kg Bi-weekly n=12 1 (8) 8 (67) 3 (25) Placebo 4 (67) 1 (17) 1 (17) Cohort 4 responder: HBsAg 1 IU/mL with 1 log 1 decline during the first 1 weeks of treatment IL28B genotype (rs1297986) d CC CT TT Missing 6 (1) 6 (1) 6 (1) 8 (67) 1 (8) 2 (17) 1 (8) 6 (1) a Cohort 3 (HBeAg+) is not included in these analyses. b HBV genotype line probe assay (INNO-LiPA). c Indeterminate result or unamplifiable sample. d See Presentation LB-17 at this congress 8

Mean HBsAg (log IU/mL) Mean HBV-RNA (log copies/ml) Overall HBsAg and HBV-RNA Declines by Cohort () Cohort 1 (.2 mg/kg monthly) Week Cohort 2 (.4 mg/kg monthly) Cohort 4 (All) (.4 mg/kg bi-weekly) Cohort 4 (Responders) (.4 mg/kg bi-weekly) Week. 1 2 3 4 5 6 7 8 9 1.2 1 2 3 4 5 6 7 8 9 1 -.2 -.4 -.6 -.8-1. -1.4 Responder: HBsAg 1 IU/mL with 1 log reduction. -.2 -.4 -.6 -.8-1. -1.4 No correlation between HBsAg and HBV-RNA declines -1.8-1.8 Mean Change from Baseline HBsAg Mean Change from Baseline HBV-RNA Dosing Day: All Groups Bi-weekly only (Cohort 4) 9

HBsAg (log IU/mL) HBsAg and HBV-RNA in Patients With the Largest Individual Declines (Cohort 4) HBsAg (log IU/mL) Week Week 1 2 3 4 5 6 7 8 9 1 1 2 3 4 5 6 7 8 9 1.4.4.4.4. -.4 -.8-2. -2.4 HBV-RNA Most patients with large (>1 log) HBsAg declines did not have detectable baseline HBV-RNA HBsAg. -.4 -.8-2. -2.4 HBV-RNA (log copies/ml). -.4 -.8-2. -2.4 HBsAg HBV-RNA. -.4 -.8-2. -2.4 HBV-RNA (log copies/ml) -2.8-2.8-2.8-2.8 Patient With Largest Individual HBsAg Decline Patient with Largest Individual HBV-RNA Decline Dosing Day 1

Mean HBsAg (log IU/mL) Mean HBcrAg (log IU/mL) Overall HBsAg and HBcrAg Declines by Cohort (). Cohort 1 (.2 mg/kg monthly) Week Cohort 2 (.4 mg/kg monthly) 1 2 3 4 5 6 7 8 9 1.2 Cohort 4 (All) (.4 mg/kg bi-weekly) Cohort 4 (responders) (.4 mg/kg bi-weekly) Week 1 2 3 4 5 6 7 8 9 1 -.2 -.4 -.6 -.8-1. -1.4 Responder: HBsAg 1 IU/mL with 1 log reduction. -.2 -.4 -.6 -.8-1. -1.4 No correlation between HBsAg and HBcrAg declines -1.8-1.8 Mean Change from Baseline in HBsAg Mean Change from Baseline in HBsAg Mean Change from Baseline in HBcrAg Dosing Day: All Groups Bi-weekly only (Cohort 4) 11

HBsAg (log IU/mL) HBsAg and HBcrAg in Patients With the Largest Individual Declines (Cohort 4) HBsAg (log IU/mL).4. -.4 -.8-2. Week 1 2 3 4 5 6 7 8 9 1 HBcrAg HBsAg.4. -.4 -.8-2. HBcrAg (log IU/mL).4. -.4 -.8-2. Week 1 2 3 4 5 6 7 8 9 1 HBcrAg HBsAg.4. -.4 -.8-2. HBcrAg (log IU/mL) -2.4-2.4-2.4-2.4-2.8-2.8-2.8-2.8 Patient With Largest Individual HBsAg Decline Patient with Largest Individual HBcrAg Decline Dosing Day 12

Overall Safety: Treatment-Emergent Adverse Events Cohort 1 Cohort 2 Cohort 3 Cohort 4 n (%) Any AE Drug-related.2 mg/kg 5 (83) 3 (5).4 mg/kg 5 (83) 4 (67) HBeAg+.4 mg/kg 2 (33) 2 (33).4 mg/kg Bi-weekly n=12 8 (67) 4 (42) Grade 3 4 AEs 1 (17) Placebo 5 (83) 2 (33) Most AEs to date have been mild and transient 17/18 (94%) subjects in Cohorts 1 3 received all three monthly doses 11/12 (92%) in Cohort 4 received all five bi-weekly doses Serious AEs 1 (17) a Discontinuation due to an AE 1 (17) b 1 c Grade 3 4 lab d abnormalities 4 (67) 5 (83) 4 (67) 9 (75) 4 (67) a Left cochleovestibular deficit, not related to study treatment. b Discontinued after the 2nd dose due to acute HEV super-infection and HBV blip (HBV-DNA 88 IU/mL) 1. c Discontinued after the 3rd dose due to mild infusion reaction, arthralgia and hair loss. d Isolated glucose, lymphocytes and phosphate in all groups including placebo. Streinu-Cercel A, et al. J Hepatol 217;66(suppl 1):S688 S689. 13

Conclusions Treatment with ARB-1467 was generally well tolerated All subjects receiving ARB-1467 experienced a reduction in HBsAg from baseline Greater HBsAg reductions were observed with more frequent dosing (bi-weekly) and at the higher dose (.4 mg/kg) 14

Conclusions Treatment with ARB-1467 was generally well tolerated All subjects receiving ARB-1467 experienced a reduction in HBsAg from baseline Greater HBsAg reductions were observed with more frequent dosing (bi-weekly) and at the higher dose (.4 mg/kg) On treatment reductions in HBcrAg and HBV-RNA were observed in some individual patients Overall no apparent correlation was observed between declines in HBV-RNA or HBcrAg and declines in HBsAg Data limited due to small sample size and short treatment duration Evaluation of the utility of these markers across different populations and treatment durations is required 15

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