Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-07

Arbutus Biopharma (ABUS)

CEO Lindsay Androski was paid $1,369,013 in fiscal year 2025 (SEC filing 0001140361-26-014623 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,578,150
Michael McElhaugh total, FY2025
Former Interim President and Chief Executive Officer — highest-paid officer; CEO Lindsay Androski: $1,369,013
—
CEO (Lindsay Androski) pay percentile vs peers
—
CEO-to-median pay ratio
94.29%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Lindsay Androski (President and Chief Executive Officer), FY2025 total compensation $1,369,013 (base salary $437,750) [exec_comp, SEC accession 0001140361-26-014623, filed 2026-04-14]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

ABUS's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael McElhaugh$109,658$0$582,330$1,855,495$0$0$1,030,667$3,578,150
Former Interim President and Chief Executive Officer
Tuan Nguyen359,849001,879,890159,756017,5002,416,995
Chief Financial Officer
David Hastings138,6130296,429944,26800839,0522,218,362
Former Chief Financial Officer
Lindsay Androski437,75000714,751216,512001,369,013
President and Chief Executive Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael McElhaugh$3,578,150$2,110,083$1,620,485↑ +1,468,067
Tuan Nguyen2,416,995———
David Hastings2,218,3621,825,8461,556,806↑ +392,516
Lindsay Androski1,369,013———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against ABUS
4 companies name ABUS as a compensation peer

Each company listed discloses ABUS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ABUS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Anuj HasijaFormer director (through FY2025)$387,153
Daniel BurgessFormer director (through FY2025)$8,379
Frank TortiFormer director (through FY2025)$12,568
James MeyersFormer director (through FY2025)$10,664
Joseph BishopIndependent Director—
Keith ManchesterFormer director (through FY2025)$7,617
Matthew GlineIndependent Director—
Melissa V. RewolinskiFormer director (through FY2025)$7,236
Richard C. HenriquesFormer director (through FY2025)$10,283
Robert Alan BeardsleyIndependent Director$417,974
Roger SawhneyIndependent Director$387,961
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Robert Alan BeardsleyDirector2026-06-08A78,800$0$0Derivative, Class A CommonForm 4 ↗
Roger SawhneyDirector2026-06-08A78,80000Derivative, Class A CommonForm 4 ↗
Roger SawhneyDirector2026-09-18D78,80000Derivative, Class A CommonForm 4 ↗
Roger SawhneyDirector2026-09-18D52,53300Derivative, Class A CommonForm 4 ↗
Roger SawhneyDirector2026-09-18D100,5085509,576CommonForm 4 ↗
Tuan NguyenChief Financial Officer2026-09-18D27,47500Derivative, Class A CommonForm 4 ↗
Lindsay AndroskiDirector2026-09-18A10,456445,902CommonForm 4 ↗
Roger SawhneyDirector2026-09-18A52,5333175,460CommonForm 4 ↗
Tuan NguyenChief Financial Officer2026-09-18D206,63751,047,650CommonForm 4 ↗
Robert Alan BeardsleyDirector2026-09-18D78,80000Derivative, Class A CommonForm 4 ↗
Tuan NguyenChief Financial Officer2026-09-18A265,6253927,031CommonForm 4 ↗
Tuan NguyenChief Financial Officer2026-09-18A27,4754120,615CommonForm 4 ↗
Robert Alan BeardsleyDirector2026-09-18D52,53300Derivative, Class A CommonForm 4 ↗
Robert Alan BeardsleyDirector2026-09-18D99,0575502,219CommonForm 4 ↗
Robert Alan BeardsleyDirector2026-09-18A78,8004334,112CommonForm 4 ↗
Robert Alan BeardsleyDirector2026-09-18A52,5333168,106CommonForm 4 ↗
Lindsay AndroskiDirector2026-09-18D116,40800Derivative, Class A CommonForm 4 ↗
Lindsay AndroskiDirector2026-09-18D82,5275418,412CommonForm 4 ↗
Lindsay AndroskiDirector2026-09-18A116,4083372,506CommonForm 4 ↗
Roger SawhneyDirector2026-09-18A78,8004334,112CommonForm 4 ↗
Tuan NguyenChief Financial Officer2026-09-18D265,62500Derivative, Class A CommonForm 4 ↗
Lindsay AndroskiDirector2026-09-18D10,45600Derivative, Class A CommonForm 4 ↗
Roger SawhneyDirector2026-10-01D17,142585,710CommonForm 4 ↗
Tuan NguyenChief Financial Officer2026-10-01D48,0815240,405CommonForm 4 ↗
Lindsay AndroskiDirector2026-10-01D24,6555123,275CommonForm 4 ↗
Robert Alan BeardsleyDirector2026-10-01D17,948589,740CommonForm 4 ↗
Roivant Sciences Ltd.Director2026-10-01D8,967,383544,836,915CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lindsay AndroskiOPTION—————$714,751
Michael McElhaughRSU—————582,330
David HastingsOPTION—————944,268
Michael McElhaughOPTION—————1,855,495
David HastingsRSU—————296,429
Tuan NguyenOPTION—————1,879,890
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lindsay Androski$0$0$714,7510.0%
Michael McElhaugh582,33001,855,4950.0%
David Hastings296,4290944,2680.0%
Tuan Nguyen001,879,8900.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lindsay AndroskiOption310,4223.2—
Tuan NguyenOption750,0003.49—
05

Incentive-plan design — the Compensation Discussion & Analysis

The executive compensation program is designed to attract and motivate executive officers by incentivizing the creation of sustainable long-term shareholder value through the clinical development of drug candidates and the protection of intellectual property. The program does not utilize the Company's financial results as the primary indicator for executive compensation, instead focusing on milestones for lead product candidates and other business objectives.

CEO STI target (% of salary)NaN%
CEO LTI target (% of salary)—
Independent consultantRadford (Aon)
Clawback policyThe Board adopted the Incentive Compensation Recovery Policy on October 18, 2023, which requires the recovery of erroneously awarded incentive compensation in the event of an accounting restatement.
Anti-hedgingDirectors, officers, and employees are prohibited from engaging in any hedging or monetization transactions involving the Company's securities.
Anti-pledgingDirectors, officers, and employees are prohibited from holding the Company's securities in a margin account or pledging them as collateral for a loan.
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-26137,629,2078,331,760512,66094.29%Passed
20252025-05-21122,791,7496,976,561347,54794.62%Passed
20242024-05-2299,284,55713,548,3189,771,54887.99%Passed
20232023-05-2485,552,3038,211,1961,055,98391.24%Passed
20222022-05-2571,034,9115,946,818461,31092.28%Passed
20212021-05-2634,997,4092,754,917368,08992.7%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2694.29%a
20252025-05-2194.62%b
20242024-05-2287.99%c

a. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on the outcome of this Proposal No.”.

b. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on the outcome of this Proposal No.”.

c. Approved under the standard stated in the filing — “" Broker non-votes and abstentions will have no effect on the outcome of this Proposal No.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert Alan BeardsleyIndependent · Nominating/Governance · Compensation (Chair) · Audit$55,098—$362,876—$0$417,974
Roger SawhneyIndependent · Nominating/Governance · Audit22,559—365,402—0387,961
Anuj HasijaIndependent · Departed during FY24,277—362,876—0387,153
Frank TortiIndependent · Departed during FY12,568—0—012,568
James MeyersIndependent · Departed during FY10,664—0—010,664
Richard C. HenriquesIndependent · Departed during FY10,283—0—010,283
Daniel BurgessIndependent · Departed during FY8,379—0—08,379
Keith ManchesterIndependent · Departed during FY7,617—0—07,617
Melissa V. RewolinskiIndependent · Departed during FY7,236—0—07,236
Joseph BishopIndependent · Nominating/Governance · Audit (Chair) · Compensation0—0—00
Michael J. McElhaughEmployee director · Departed during FY000—00
Matthew GlineIndependent · Nominating/Governance (Chair) · Compensation0—0—00
Lindsay AndroskiEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$158,681
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$158,681

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Arbutus Biopharma2025Lindsay Androski$437,750$0$714,751$216,512$1,369,013

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at Arbutus Biopharma in fiscal 2025?
As disclosed, Michael McElhaugh (Former Interim President and Chief Executive Officer) was the highest-paid executive at Arbutus Biopharma in fiscal 2025, with total compensation of $3,578,150.
How did shareholders vote on Arbutus Biopharma's executive compensation?
As disclosed, 94.29% of shareholders supported Arbutus Biopharma's executive compensation in the latest say-on-pay vote.
How much does Arbutus Biopharma spend in total on board compensation for fiscal 2025?
As disclosed, Arbutus Biopharma reported total board compensation of $158,681 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael McElhaughDEF 14A2026-04-140001140361-26-014623Section “Executive Compensation”. As printed: 3,578,150. Filing ↗machine: r6 · c24 · span 395795–395804
2Section 01, Tuan NguyenDEF 14A2026-04-140001140361-26-014623Section “Executive Compensation”. As printed: 2,416,995. Filing ↗machine: r4 · c24 · span 386623–386632
3Section 01, David HastingsDEF 14A2026-04-140001140361-26-014623Section “Executive Compensation”. As printed: 2,218,362. Filing ↗machine: r8 · c24 · span 404825–404834
4Section 01, Lindsay AndroskiDEF 14A2026-04-140001140361-26-014623Section “Executive Compensation”. As printed: 1,369,013. Filing ↗machine: r2 · c24 · span 377494–377503
5Section 03, Lindsay Androski OPTIONDEF 14A2026-04-140001140361-26-014623Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t100 · r2 · c15 · span 375756–375763
6Section 03, Michael McElhaugh RSUDEF 14A2026-04-140001140361-26-014623Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t100 · r6 · c12 · span 393484–393491
7Section 03, David Hastings OPTIONDEF 14A2026-04-140001140361-26-014623Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t100 · r8 · c15 · span 403277–403284
8Section 03, Michael McElhaugh OPTIONDEF 14A2026-04-140001140361-26-014623Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t100 · r6 · c15 · span 394049–394058
9Section 03, David Hastings RSUDEF 14A2026-04-140001140361-26-014623Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t100 · r8 · c12 · span 402758–402765
10Section 03, Tuan Nguyen OPTIONDEF 14A2026-04-140001140361-26-014623Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t100 · r4 · c15 · span 385120–385129
11Section 07, pay ratio10-K2026-03-230001447028-26-000017Section “CEO Pay Ratio”. As printed: —. Filing ↗
12Section 08, Robert Alan BeardsleyDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 417,974. Filing ↗machine: span 680726–680952
13Section 08, Roger SawhneyDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 387,961. Filing ↗machine: span 688043–688269
14Section 08, Anuj HasijaDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 387,153. Filing ↗machine: span 690729–690961
15Section 08, Frank TortiDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 12,568. Filing ↗machine: span 691576–691794
16Section 08, James MeyersDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 10,664. Filing ↗machine: span 701574–701792
17Section 08, Richard C. HenriquesDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 10,283. Filing ↗machine: span 696576–696794
18Section 08, Daniel BurgessDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 8,379. Filing ↗machine: span 694006–694224
19Section 08, Keith ManchesterDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 7,617. Filing ↗machine: span 699012–699230
20Section 08, Melissa V. RewolinskiDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 7,236. Filing ↗machine: span 704072–704290
21Section 08, Joseph BishopDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, Michael J. McElhaughDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 0. Filing ↗
23Section 08, Matthew GlineDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 0. Filing ↗
24Section 08, Lindsay AndroskiDEF 14A2026-04-140001140361-26-014623Section “Director Compensation”. As printed: 0. Filing ↗
25Section 02, Robert Alan Beardsley 2026-06-08Form 42026-06-100001447028-26-000039Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Roger Sawhney 2026-06-08Form 42026-06-100001447028-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Roger Sawhney 2026-09-18Form 42026-09-230001447028-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Roger Sawhney 2026-09-18Form 42026-09-230001447028-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Roger Sawhney 2026-09-18Form 42026-09-230001447028-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Tuan Nguyen 2026-09-18Form 42026-09-230001447028-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Lindsay Androski 2026-09-18Form 42026-09-230001447028-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Roger Sawhney 2026-09-18Form 42026-09-230001447028-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Tuan Nguyen 2026-09-18Form 42026-09-230001447028-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Robert Alan Beardsley 2026-09-18Form 42026-09-230001447028-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Tuan Nguyen 2026-09-18Form 42026-09-230001447028-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Tuan Nguyen 2026-09-18Form 42026-09-230001447028-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Robert Alan Beardsley 2026-09-18Form 42026-09-230001447028-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Robert Alan Beardsley 2026-09-18Form 42026-09-230001447028-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Robert Alan Beardsley 2026-09-18Form 42026-09-230001447028-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Robert Alan Beardsley 2026-09-18Form 42026-09-230001447028-26-000050Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Lindsay Androski 2026-09-18Form 42026-09-230001447028-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Lindsay Androski 2026-09-18Form 42026-09-230001447028-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Lindsay Androski 2026-09-18Form 42026-09-230001447028-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Roger Sawhney 2026-09-18Form 42026-09-230001447028-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Tuan Nguyen 2026-09-18Form 42026-09-230001447028-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Lindsay Androski 2026-09-18Form 42026-09-230001447028-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Roger Sawhney 2026-10-01Form 42026-10-070001447028-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Tuan Nguyen 2026-10-01Form 42026-10-070001447028-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Lindsay Androski 2026-10-01Form 42026-10-070001447028-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Robert Alan Beardsley 2026-10-01Form 42026-10-070001447028-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Roivant Sciences Ltd. 2026-10-01Form 42026-10-050001140361-26-038692Insider equity transaction reported since the proxy statement. Filing ↗
52Section 06, 2026 voteForm 8-K2026-05-270001447028-26-000024Item 5.07 · say-on-pay result. As reported: 94.29% (votes for as printed: 137,629,207). Filing ↗
53Section 06, 2025 voteForm 8-K2025-05-230001447028-25-000104Item 5.07 · say-on-pay result. As reported: 94.62% (votes for as printed: 122,791,749). Filing ↗
54Section 06, 2024 voteForm 8-K2024-05-280001447028-24-000061Item 5.07 · say-on-pay result. As reported: 87.99% (votes for as printed: 99,284,557). Filing ↗
55Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
56Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
57Section 09b board cost (computed)Computed——Cash 158,681 + equity 0 + all other 0 = 158,681, summed across the director compensation table rows.machine: formula: Σ = 158,681
58Arbutus Biopharma (subject), Section 10b CEO totalDEF 14A2026-04-140001140361-26-014623CEO total compensation as printed in Arbutus Biopharma's own proxy. As printed: 1,369,013. Filing ↗machine: r2 · c24 · span 377494–377503

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