SCHEDULE: Two Seas Capital Reports 5.4% Stake in Arbutus Biopharma

Two Seas Capital LP and its affiliates have disclosed a 5.4% beneficial ownership in Arbutus Biopharma Corporation as of June 30, 2025, held for investment purposes.

Summary

• Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi collectively reported beneficial ownership of 10,443,317 Common Shares of Arbutus Biopharma Corporation.
• This ownership represents 5.4% of the total outstanding Common Shares as of June 30, 2025.
• The shares are held by Two Seas Global (Master) Fund LP (7,472,841 shares) and Two Seas LNP Opportunities (Master) Fund LP (2,970,476 shares).
• The acquisition of these securities was made in the ordinary course of business and not for the purpose of changing or influencing the control of Arbutus Biopharma Corporation.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment towards the company, beyond the general positive implication of a new institutional investor.

Positives

• A significant institutional investor, Two Seas Capital, has taken a 5.4% stake in Arbutus Biopharma, indicating potential confidence in the company's long-term prospects.
• The investment is stated to be in the ordinary course of business, suggesting a passive, long-term investment strategy rather than an activist one.

Risks

• The reporting persons explicitly state that the securities were not acquired for the purpose of changing or influencing the control of the issuer, which mitigates immediate governance risks from this specific filing.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Arbutus Biopharma Corporation's future operations or financial performance.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing represents a standard disclosure of a significant passive investment by an institutional fund in a publicly traded biotechnology company. It reflects an investment decision by Two Seas Capital within the biopharma sector, but does not provide specific insights into broader industry trends or competitive dynamics beyond the fact of the investment itself.

Comparison to Industry Standards

• This Schedule 13G filing is a routine disclosure of beneficial ownership, adhering to SEC regulations for reporting stakes exceeding 5%. It does not contain performance metrics or operational data that would allow for a direct comparison to industry-specific benchmarks or the results of comparable companies or projects.

Stakeholder Impact

• Shareholders: Increased institutional ownership may be viewed positively, potentially signaling confidence in the company and attracting further investment.
• Management: The filing indicates a passive investment, not intended to influence control, which may provide stability regarding governance.

Next Steps

• Arbutus Biopharma Corporation will continue its regular SEC reporting.
• Two Seas Capital LP and its affiliates will continue to monitor their investment and file amendments to this Schedule 13G if their beneficial ownership percentage changes significantly (e.g., by 1% or more).

Key Dates

Keywords

Arbutus Biopharma, Two Seas Capital, Schedule 13G, beneficial ownership, institutional investment, common shares, biotechnology, biopharma, investment adviser