<SEC-DOCUMENT>0001315863-25-000605.txt : 20250813
<SEC-HEADER>0001315863-25-000605.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813174028
ACCESSION NUMBER:		0001315863-25-000605
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arbutus Biopharma Corp
		CENTRAL INDEX KEY:			0001447028
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				980597776
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-85963
		FILM NUMBER:		251213221

	BUSINESS ADDRESS:	
		STREET 1:		701 VETERANS CIRCLE
		CITY:			WARMINSTER
		STATE:			PA
		ZIP:			18974
		BUSINESS PHONE:		604-419-3200

	MAIL ADDRESS:	
		STREET 1:		701 VETERANS CIRCLE
		CITY:			WARMINSTER
		STATE:			PA
		ZIP:			18974

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEKMIRA PHARMACEUTICALS Corp
		DATE OF NAME CHANGE:	20110607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEKMIRA PHARMACEUTICALS CORP
		DATE OF NAME CHANGE:	20081003

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Two Seas Capital LP
		CENTRAL INDEX KEY:			0001823138
		ORGANIZATION NAME:           	
		EIN:				843799363
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		32 ELM PLACE, 3RD FLOOR
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		917.536.6028

	MAIL ADDRESS:	
		STREET 1:		32 ELM PLACE, 3RD FLOOR
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kairos Capital Management LP
		DATE OF NAME CHANGE:	20200831
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
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<headerData>
<submissionType>SCHEDULE 13G</submissionType>
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<cik>0001823138</cik>
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<securitiesClassTitle>Common Shares, without par value</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001447028</issuerCik>
<issuerName>Arbutus Biopharma Corporation</issuerName>
<issuerCusip>03879J100</issuerCusip>
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<com:street1>701 Veterans Circle</com:street1>
<com:city>Warminster</com:city>
<com:stateOrCountry>PA</com:stateOrCountry>
<com:zipCode>18974</com:zipCode>
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<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
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<reportingPersonName>Two Seas Capital LP</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>10443317</soleVotingPower>
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<soleDispositivePower>10443317</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
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<reportingPersonName>Two Seas Capital GP LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
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<soleVotingPower>10443317</soleVotingPower>
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<reportingPersonName>Sina Toussi</reportingPersonName>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
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<soleVotingPower>10443317</soleVotingPower>
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<classPercent>5.4</classPercent>
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<item1>
<issuerName>Arbutus Biopharma Corporation</issuerName>
<issuerPrincipalExecutiveOfficeAddress>701 Veterans Circle, Warminster, Pennsylvania, 18974</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons")&#13;
&#13;
(i)	Two Seas Capital LP ("TSC");&#13;
(ii)	Two Seas Capital GP LLC ("TSC GP"); and&#13;
(iii)	Sina Toussi.&#13;
&#13;
This statement relates to Common Shares, without par value (the "Common Shares"), held by Two Seas Global (Master) Fund LP (the "Global Fund") and Two Seas LNP Opportunities (Master) Fund LP (the "LNP Opportunities Fund," and together with the Global Fund, the "Funds"). The principal business of TSC is providing investment advice as a registered investment adviser and serving as investment manager to the Funds and other advisory clients. As such, TSC has been granted investment discretion over portfolio investments, including the Common Shares, held by or for the account of the Funds, including the Funds' voting and discretionary decisions. TSC GP serves as general partner of TSC. Sina Toussi serves as the chief investment officer of TSC and managing member of TSC GP.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580.</principalBusinessOfficeOrResidenceAddress>
<citizenship>(i)	Two Seas Capital LP is a Delaware limited partnership;&#13;
(ii)	Two Seas Capital GP LLC is a Delaware limited liability company; and &#13;
(iii)	Sina Toussi is a United States citizen.</citizenship>
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<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
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<item4>
<amountBeneficiallyOwned>Amount beneficially owned as of June 30, 2025:&#13;
	&#13;
TSC - 10,443,317 Common Shares&#13;
TSC GP - 10,443,317 Common Shares&#13;
Sina Toussi - 10,443,317 Common Shares</amountBeneficiallyOwned>
<classPercent>Percent of class as of June 30, 2025:&#13;
&#13;
TSC - 5.4%&#13;
TSC GP - 5.4%&#13;
Sina Toussi - 5.4%&#13;
&#13;
The Common Shares reported for Item 4 total 10,443,317, of which 7,472,841 are held by the Global Fund and 2,970,476 are held by the LNP Opportunities Fund. TSC may be deemed to have sole power to vote and sole power to dispose of the Common Shares held by the Funds, through its capacity as investment adviser of the Funds. TSC GP may be deemed to have sole power to vote and sole power to dispose of the Common Shares held by the Funds, through its capacity as general partner of TSC. Sina Toussi may be deemed to have sole power to vote and sole power to dispose of the Common Shares owned by the Funds, through his capacity as Managing Member of TSC GP.&#13;
&#13;
The percentages reported for Item 4(b) are calculated based on a total of 191,641,511 Common Shares outstanding on June 30, 2025, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 6, 2025.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>As of June 30, 2025, the Reporting Persons had sole power to vote or to direct the vote of 10,443,317 Common Shares.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>As of June 30, 2025, the Reporting Persons had shared power to vote or to direct the vote of 0 Common Shares.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>As of June 30, 2025, the Reporting Persons had sole power to dispose or to direct the disposition of 10,443,317 Common Shares.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>As of June 30, 2025, the Reporting Persons had shared power to dispose or to direct the disposition of 0 Common Shares.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
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<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See disclosure in Item 4, which is incorporated by reference herein.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>N</notApplicableFlag>
<subsidiaryIdentificationAndClassification>See disclosure in Item 2, which is incorporated by reference herein.</subsidiaryIdentificationAndClassification>
</item7>
<item8>
<notApplicableFlag>N</notApplicableFlag>
<identificationAndClassificationOfGroupMembers>Not Applicable</identificationAndClassificationOfGroupMembers>
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<notApplicableFlag>N</notApplicableFlag>
<groupDissolutionNotice>Not Applicable</groupDissolutionNotice>
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<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, 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 ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>Two Seas Capital LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Sina Toussi</signature>
<title>Sina Toussi / Managing Member of Two Seas Capital GP LLC, its General Partner</title>
<date>08/13/2025</date>
</signatureDetails>
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<signatureInformation>
<reportingPersonName>Two Seas Capital GP LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Sina Toussi</signature>
<title>Sina Toussi / Managing Member</title>
<date>08/13/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Sina Toussi</reportingPersonName>
<signatureDetails>
<signature>/s/ Sina Toussi</signature>
<title>Sina Toussi</title>
<date>08/13/2025</date>
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<TYPE>EX-99.1
<SEQUENCE>2
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    <div style="text-align: right; font-size: 12pt;">&#160;<font style="font-weight: bold;">Exhibit 99.1</font></div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">JOINT FILING AGREEMENT</div>
    <div style="margin-top: 12pt; font-size: 12pt;">In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13G
      (including additional amendments thereto) with respect to the Common Shares, without par value, of Arbutus Biopharma Corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement. The undersigned acknowledge that each shall
      be responsible for the timely filing of any amendments to such joint filing and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of
      the information concerning the others.</div>
    <div style="margin-top: 12pt; font-size: 12pt;">This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.</div>
    <div style="margin-top: 12pt; font-size: 12pt;">EXECUTED as of this 13th day of August, 2025.</div>
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              <div style="font-size: 12pt;">/s/ Sina Toussi</div>
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            <div style="font-size: 12pt;">&#160;</div>
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              <div style="font-size: 12pt;">/s/ Sina Toussi</div>
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              <div style="font-size: 12pt;">/s/ Sina Toussi</div>
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