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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| AbCellera Biologics Inc | NASDAQ:ABCL | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.09 | 3.32% | 2.80 | 2.80 | 2.84 | 2.88 | 2.6818 | 2.7163 | 2,030,831 | 00:15:07 |
From Dec 2023 to Dec 2024
AbCellera (Nasdaq: ABCL) today announced financial results for the first quarter of 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“We continue to execute on advancing our internal pipeline, completing capital investments in forward integration, and expanding strategic partnerships,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “This quarter, presentations on our T-cell engager platform, which includes our highly differentiated CD3 panel, demonstrated how we can repeatedly generate TCEs that maximize tumor-cell killing without inducing excessive cytokine release. With our TCE platform in place, we are moving programs towards in vivo studies.”
Q1 2024 Business Summary
Key Business Metrics
Cumulative Metrics
March 31, 2023
March 31, 2024
Change %
Partner-initiated program starts with downstreams
75
90
20
%
Molecules in the clinic
9
13
44
%
AbCellera started discovery on an additional three partner-initiated programs with downstreams to reach a cumulative total of 90 partner-initiated program starts with downstreams in Q1 2024 (up from 75 on March 31, 2023). AbCellera’s partners have advanced a cumulative total of 13 molecules into the clinic (up from nine on March 31, 2023).
Discussion of Q1 2024 Financial Results
Conference Call and Webcast
AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call.
About AbCellera Biologics Inc.
AbCellera (Nasdaq: ABCL) discovers and develops antibody medicines for indications across therapeutic areas including cancer, metabolic and endocrine conditions, and autoimmune disorders. AbCellera’s engine integrates technology, data science, infrastructure, and interdisciplinary teams to solve the most challenging antibody discovery problems. AbCellera is focused on advancing an internal pipeline of first-in-class and best-in-class programs and collaborating on innovative drug development programs with partners. For more information, please visit www.abcellera.com.
Definition of Key Business Metrics
We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops. Information on changes is set forth in our Annual Report on Form 10-K for the year ended December 31, 2023.
Partner-initiated program starts with downstreams represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term.
Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached "open" status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.
AbCellera Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
Source: AbCellera Biologics Inc.
AbCellera Biologics Inc.
Condensed Consolidated Statements of Loss and
Comprehensive Loss
(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.)
(Unaudited)
Three months ended March 31,
2023
2024
Revenue:
Research fees
$
10,570
$
9,774
Licensing revenue
372
180
Milestone payments
1,250
-
Total revenue
12,192
9,954
Operating expenses:
Research and development(1)
52,647
39,287
Sales and marketing(1)
3,771
3,365
General and administrative(1)
15,134
17,352
Depreciation and amortization
5,514
4,844
Total operating expenses
77,066
64,848
Loss from operations
(64,874
)
(54,894
)
Other (income) expense
Interest income
(9,759
)
(10,401
)
Grants and incentives
(3,374
)
(3,275
)
Other
(3,593
)
1,529
Total other (income)
(16,726
)
(12,147
)
Net loss before income tax
(48,148
)
(42,747
)
Income tax recovery
(8,038
)
(2,137
)
Net loss
$
(40,110
)
$
(40,610
)
Foreign currency translation adjustment
(630
)
(96
)
Comprehensive loss
$
(40,740
)
$
(40,706
)
Net loss per share
Basic
$
(0.14
)
$
(0.14
)
Diluted
$
(0.14
)
$
(0.14
)
Weighted-average common shares outstanding
Basic
287,767,136
292,723,901
Diluted
287,767,136
292,723,901
(1) Exclusive of depreciation and amortization
AbCellera Biologics Inc.
Condensed Consolidated Balance Sheet
(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)
(Unaudited)
December 31, 2023
March 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
133,320
$
123,572
Marketable securities
627,265
574,451
Total cash, cash equivalents, and marketable securities
760,585
698,023
Accounts and accrued receivable
30,590
34,419
Restricted cash
25,000
25,000
Other current assets
55,810
56,506
Total current assets
871,985
813,948
Long-term assets:
Property and equipment, net
287,696
306,081
Intangible assets, net
120,425
118,736
Goodwill
47,806
47,806
Investments in equity accounted investees
65,938
71,592
Other long-term assets
94,244
104,933
Total long-term assets
616,109
649,148
Total assets
$
1,488,094
$
1,463,096
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and other current liabilities
$
49,580
$
42,887
Contingent consideration payable
50,475
51,431
Deferred revenue
18,958
10,565
Total current liabilities
119,013
104,883
Long-term liabilities:
Operating lease liability
71,222
68,079
Deferred revenue
8,195
8,570
Deferred government contributions
95,915
110,579
Contingent consideration payable
4,913
5,063
Deferred tax liability
30,612
30,274
Other long-term liabilities
5,906
5,735
Total long-term liabilities
216,763
228,300
Total liabilities
335,776
333,183
Commitments and contingencies
Shareholders' equity:
Common shares: no par value, unlimited authorized shares at December 31, 2023 and March 31, 2024: 290,824,970 and 293,621,312 shares issued and outstanding at December 31, 2023 and March 31, 2024, respectively
753,199
764,562
Additional paid-in capital
121,052
127,990
Accumulated other comprehensive loss
(1,720
)
(1,816
)
Accumulated earnings
279,787
239,177
Total shareholders' equity
1,152,318
1,129,913
Total liabilities and shareholders' equity
$
1,488,094
$
1,463,096
AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
(Unaudited)
Three months ended March 31,
2023
2024
Cash flows from operating activities:
Net loss
$
(40,110
)
$
(40,610
)
Cash flows from operating activities:
Depreciation of property and equipment
2,858
3,155
Amortization of intangible assets
2,656
1,689
Amortization of operating lease right-of-use assets
1,606
1,922
Stock-based compensation
15,474
17,409
Other
(3,634
)
1,707
Changes in operating assets and liabilities:
Research fees and grants receivable
7,915
(18,576
)
Accrued royalties receivable
9,260
—
Income taxes payable
(12,614
)
(3,182
)
Accounts payable and accrued liabilities
(5,778
)
(4,878
)
Deferred revenue
(3,905
)
(8,017
)
Accrued royalties payable
(16,253
)
—
Deferred grant income
4,525
11,278
Other assets
(6,063
)
(3,605
)
Net cash used in operating activities
(44,063
)
(41,708
)
Cash flows from investing activities:
Purchases of property and equipment
(14,984
)
(24,140
)
Purchase of marketable securities
(360,752
)
(249,371
)
Proceeds from marketable securities
262,638
306,545
Receipt of grant funding
2,693
7,168
Long-term investments and other assets
(34,735
)
(4,385
)
Investment in equity accounted investees
(4,469
)
(5,907
)
Net cash provided by (used in) investing activities
(149,609
)
29,910
Cash flows from financing activities:
Payment of liability for in-licensing agreement and other
(948
)
(185
)
Proceeds from long-term liabilities
—
2,124
Proceeds from exercise of stock options
490
892
Net cash provided by (used in) financing activities
(458
)
2,831
Effect of exchange rate changes on cash and cash equivalents
(213
)
(781
)
Decrease in cash and cash equivalents
(194,343
)
(9,748
)
Cash and cash equivalents and restricted cash, beginning of period
414,650
160,610
Cash and cash equivalents and restricted cash, end of period
$
220,307
$
150,862
Restricted cash included in other assets
2,290
2,290
Total cash, cash equivalents, and restricted cash shown on the balance sheet
$
218,017
$
148,572
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable
8,918
18,654
Right-of-use assets obtained in exchange for operating lease obligation
2,124
107
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507073711/en/
Inquiries Media: Kathleen Reid: media@abcellera.com, +1(236)521-6774 Business Development: Murray McCutcheon, Ph.D., bd@abcellera.com, +1(604)559-9005 Investor Relations: Melanie Solomon, ir@abcellera.com, +1(778)729-9116
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