AbCellera Reports Q2 2024 Business Results
AbCellera (Nasdaq: ABCL) announced its financial results for Q2 2024.
Revenue decreased to $7.3 million from $10.1 million in Q2 2023, with research fees contributing $5.5 million and milestone payments $1.5 million.
Expenses rose overall, with R&D expenses at $40.9 million (up from $36.5 million), G&A expenses at $20.2 million (up from $15.5 million), and S&M expenses at $3.1 million (down from $3.8 million).
Net Loss increased to $36.9 million, or $(0.13) per share, compared to $30.5 million, or $(0.11) per share, in Q2 2023.
Liquidity remains strong at $697.6 million, with $220 million in available non-dilutive funding, bringing total liquidity to over $900 million.
Key developments include clinical trial applications for ABCL635 and ABCL575 expected in Q2 2025, the initiation of three T-cell engager programs, and an expanded partnership with Lilly.
AbCellera (Nasdaq: ABCL) ha annunciato i suoi risultati finanziari per il secondo trimestre del 2024.
Le entrate sono diminuite a 7,3 milioni di dollari rispetto ai 10,1 milioni di dollari del secondo trimestre del 2023, con le commissioni di ricerca che hanno contribuito con 5,5 milioni di dollari e i pagamenti per traguardi con 1,5 milioni di dollari.
Le spese sono aumentate complessivamente, con le spese per R&D a 40,9 milioni di dollari (in aumento da 36,5 milioni di dollari), le spese generali e amministrative a 20,2 milioni di dollari (in aumento da 15,5 milioni di dollari) e le spese per marketing e vendite a 3,1 milioni di dollari (in calo da 3,8 milioni di dollari).
La perdita netta è aumentata a 36,9 milioni di dollari, ovvero $(0,13) per azione, rispetto ai 30,5 milioni di dollari, ovvero $(0,11) per azione, nel secondo trimestre del 2023.
La liquidità rimane solida a 697,6 milioni di dollari, con 220 milioni di dollari di finanziamenti disponibili non diluitivi, portando la liquidità totale a oltre 900 milioni di dollari.
Sviluppi chiave includono le domande per prove cliniche per ABCL635 e ABCL575 attese nel secondo trimestre del 2025, l'inizio di tre programmi di engager per le cellule T e un'alleanza ampliata con Lilly.
AbCellera (Nasdaq: ABCL) anunció sus resultados financieros para el segundo trimestre de 2024.
Los ingresos disminuyeron a 7,3 millones de dólares desde 10,1 millones de dólares en el segundo trimestre de 2023, con tarifas de investigación que contribuyeron con 5,5 millones de dólares y pagos por hitos de 1,5 millones de dólares.
Los gastos aumentaron en general, con gastos de I+D de 40,9 millones de dólares (aumento desde 36,5 millones de dólares), gastos generales y administrativos de 20,2 millones de dólares (aumento desde 15,5 millones de dólares) y gastos de marketing y ventas de 3,1 millones de dólares (bajada desde 3,8 millones de dólares).
La pérdida neta aumentó a 36,9 millones de dólares, o $(0,13) por acción, en comparación con 30,5 millones de dólares, o $(0,11) por acción, en el segundo trimestre de 2023.
La liquidez se mantiene fuerte en 697,6 millones de dólares, con 220 millones de dólares en financiamiento disponible no dilutivo, lo que lleva la liquidez total a más de 900 millones de dólares.
Los desarrollos clave incluyen las solicitudes de ensayos clínicos para ABCL635 y ABCL575, que se esperan en el segundo trimestre de 2025, el inicio de tres programas de enganche de células T y una asociación ampliada con Lilly.
AbCellera (Nasdaq: ABCL)는 2024년 2분기 재무 결과를 발표했습니다.
수익은 2023년 2분기의 1,010만 달러에서 730만 달러로 감소했으며, 연구 수수료가 550만 달러, 이정표 지급이 150만 달러를 차지했습니다.
비용은 전반적으로 늘었으며, 연구개발 비용은 4,090만 달러(3,650만 달러에서 증가), 일반관리비용은 2,020만 달러(1,550만 달러에서 증가), 판매 및 마케팅 비용은 310만 달러(380만 달러에서 감소)로 보고되었습니다.
순손실은 3,690만 달러, 즉 주당 $(0.13)으로 증가했으며, 이는 2023년 2분기의 3,050만 달러, 즉 주당 $(0.11)에서 증가한 수치입니다.
유동성은 6억9760만 달러로 강한 상태를 유지하고 있으며, 비희석 자금으로 2억2천만 달러의 사용 가능한 자금이 있으며, 총 유동성을 9억 달러 이상으로 끌어올렸습니다.
주요 발전 사항으로는 ABCL635 및 ABCL575에 대한 임상 시험 신청이 2025년 2분기에 예상되며, 세 가지 T세포 연계 프로그램이 시작되고 Lilly와의 파트너십이 확대될 예정입니다.
AbCellera (Nasdaq: ABCL) a annoncé ses résultats financiers pour le deuxième trimestre de 2024.
Les revenus ont diminué à 7,3 millions de dollars, contre 10,1 millions de dollars au deuxième trimestre de 2023, avec des frais de recherche contribuant à hauteur de 5,5 millions de dollars et des paiements de jalons de 1,5 million de dollars.
Les dépenses ont globalement augmenté, avec des dépenses de R&D s'élevant à 40,9 millions de dollars (en hausse par rapport à 36,5 millions de dollars), des dépenses générales et administratives à 20,2 millions de dollars (en hausse par rapport à 15,5 millions de dollars) et des dépenses commerciales et marketing à 3,1 millions de dollars (baisse par rapport à 3,8 millions de dollars).
La perte nette a augmenté à 36,9 millions de dollars, soit $(0,13) par action, contre 30,5 millions de dollars, soit $(0,11) par action, au deuxième trimestre de 2023.
La liquidité demeure solide à 697,6 millions de dollars, avec 220 millions de dollars de financement non dilutif disponible, portant la liquidité totale à plus de 900 millions de dollars.
Les développements clés incluent des demandes d'essai clinique pour ABCL635 et ABCL575 attendues au deuxième trimestre de 2025, le lancement de trois programmes d'engagement des T-cells et un partenariat élargi avec Lilly.
AbCellera (Nasdaq: ABCL) hat seine Finanzzahlen für das zweite Quartal 2024 bekannt gegeben.
Der Umsatz ging auf 7,3 Millionen Dollar zurück, verglichen mit 10,1 Millionen Dollar im zweiten Quartal 2023, wobei die Forschungsgebühren 5,5 Millionen Dollar und die Meilensteinzahlungen 1,5 Millionen Dollar ausmachten.
Die Ausgaben stiegen insgesamt, wobei die F&E-Ausgaben bei 40,9 Millionen Dollar liegen (von 36,5 Millionen Dollar erhöht), die allgemeinen und Verwaltungskosten bei 20,2 Millionen Dollar (von 15,5 Millionen Dollar erhöht) und die Vertriebs- und Marketingkosten bei 3,1 Millionen Dollar (von 3,8 Millionen Dollar gesenkt).
Der Nettoverlust erhöhte sich auf 36,9 Millionen Dollar, oder $(0,13) pro Aktie, verglichen mit 30,5 Millionen Dollar, oder $(0,11) pro Aktie, im zweiten Quartal 2023.
Die Liquidität bleibt stark bei 697,6 Millionen Dollar, mit 220 Millionen Dollar an verfügbarer nicht verwässerndem Funding, was die Gesamtl Liquidität auf über 900 Millionen Dollar bringt.
Wesentliche Entwicklungen umfassen die Anträge auf klinische Studien für ABCL635 und ABCL575, die im zweiten Quartal 2025 erwartet werden, den Start von drei T-Zell-Engager-Programmen und eine erweiterte Partnerschaft mit Lilly.
- Strong liquidity with $697.6 million in cash and equivalents, plus $220 million in non-dilutive funding.
- Expanded collaboration with Lilly, focusing on therapeutic antibodies in various fields.
- Cumulative molecules in the clinic increased by 56% to 14.
- Total revenue declined by 28% to $7.3 million from $10.1 million in Q2 2023.
- Research fees decreased by 44% compared to Q2 2023.
- Net loss increased to $36.9 million from $30.5 million in Q2 2023.
- R&D expenses rose to $40.9 million, reflecting higher program execution and development costs.
Insights
AbCellera's Q2 2024 results reveal a challenging financial quarter with revenue declining to
The increase in partner-initiated programs (
AbCellera's pipeline progress is noteworthy, with ABCL635 and ABCL575 on track for Clinical Trial Applications in Q2 2025. The disclosure of three T-cell engager programs targeting PSMA, B7-H4 and CD-19 showcases the company's expanding oncology and autoimmunity focus. The FDA clearance and Fast Track designation for partner Abdera's ABD-147 is a positive signal for AbCellera's platform capabilities.
The increase in molecules advancing to the clinic (from 9 to 14 YoY) indicates growing traction in translating discoveries to clinical development. However, investors should note that the path to commercialization remains long and the company's financial performance may remain pressured in the near term as these programs progress through costly clinical stages.
AbCellera's strategic partnerships and investments are showing promise. The expanded collaboration with Lilly in immunology, cardiovascular disease and neuroscience areas broadens AbCellera's potential market reach. The upcoming acquisition of Invetx by Dechra Pharmaceuticals for up to
However, the decline in research fees from
“This quarter, we made important progress on our internal pipeline and aim to submit applications for clinical trials for ABCL635 and ABCL575 in the second quarter of 2025. In parallel, we have focused preclinical work on our T-cell engager platform to four molecules for indications in oncology and autoimmunity,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. "Since our last earnings release, two of our partners have achieved notable milestones, including Abdera's IND clearance and Fast Track designation for ABD-147 and Invetx's upcoming acquisition by a global leader in animal health. AbCellera is a founding partner of both Abdera and Invetx. In addition, we have recently announced an expansion of our partnership with Lilly.”
Q2 2024 Business Summary
- ABCL635 and ABCL575 remain on track for anticipated Clinical Trial Applications (CTAs) in the second quarter of 2025.
- Disclosed three T-cell engager programs under evaluation targeting PSMA, B7-H4, and CD-19.
-
The
U.S. FDA cleared Abdera's Investigational New Drug (IND) application for ABD-147, and also granted it a Fast Track designation. AbCellera is a founding partner in Abdera, has a low-single-digit royalty stake in Abdera’s programs, and has a mid-single-digit equity ownership position. - Reported the start of three additional partner-initiated programs with downstreams to reach a cumulative total of 93 partner-initiated program starts with downstreams.
- Reported the addition of one molecule in the clinic, bringing the cumulative total to 14 molecules advanced to the clinic.
Recent Developments
- On July 31, 2024, announced an expanded collaboration with Lilly to discover therapeutic antibodies for programs in immunology, cardiovascular disease, and neuroscience.
-
On July 18, 2024, Invetx announced its upcoming acquisition by Dechra Pharmaceuticals for up to
in total consideration. AbCellera is a founding partner in Invetx, has a low-single-digit royalty stake in Invetx’s programs, and has a mid-single-digit equity ownership position.$520 million
Key Business Metrics
Cumulative Metrics |
|
June 30, 2023 |
|
June 30, 2024 |
|
Change % |
Partner-initiated program starts with downstreams |
|
80 |
|
93 |
|
16 % |
Molecules in the clinic |
9 |
|
14 |
|
56 % |
AbCellera started discovery on an additional three partner-initiated programs with downstreams to reach a cumulative total of 93 partner-initiated program starts with downstreams in Q2 2024 (up from 80 on June 30, 2023). AbCellera’s partners have advanced a cumulative total of 14 molecules into the clinic (up from nine on June 30, 2023).
Discussion of Q2 2024 Financial Results
-
Revenue – Total revenue was
, compared to$7.3 million in Q2 2023. Partnerships generated research fees of$10.1 million , compared to$5.5 million in Q2 2023. Milestone payments contributed$9.8 million in the quarter.$1.5 million -
Research & Development (R&D) Expenses – R&D expenses were
, compared to$40.9 million in Q2 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs.$36.5 million -
Sales & Marketing (S&M) Expenses – S&M expenses were
, compared to$3.1 million in Q2 2023.$3.8 million -
General & Administrative (G&A) Expenses – G&A expenses were
, compared to$20.2 million in Q2 2023.$15.5 million -
Net Loss – Net loss of
, or$36.9 million per share on a basic and diluted basis, compared to net loss of$(0.13) , or$30.5 million per share on a basic and diluted basis in Q2 2023.$(0.11) -
Liquidity –
of total cash, cash equivalents, and marketable securities and with approximately$697.6 million in available non-dilutive government funding to execute on AbCellera's strategy, bringing total available liquidity to over$220 million .$900 million
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.
AbCellera Biologics Inc. Condensed Consolidated Statements of Loss and Comprehensive Loss
(All figures in (Unaudited) |
||||||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Research fees |
|
$ |
9,830 |
|
|
$ |
5,453 |
|
|
$ |
20,400 |
|
|
$ |
15,227 |
|
Licensing revenue |
|
|
226 |
|
|
|
370 |
|
|
|
598 |
|
|
|
550 |
|
Milestone payments |
|
|
– |
|
|
|
1,500 |
|
|
|
1,250 |
|
|
|
1,500 |
|
Total revenue |
|
|
10,056 |
|
|
|
7,323 |
|
|
|
22,248 |
|
|
|
17,277 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development(1) |
|
|
36,473 |
|
|
|
40,927 |
|
|
|
89,120 |
|
|
|
80,214 |
|
Sales and marketing(1) |
|
|
3,841 |
|
|
|
3,136 |
|
|
|
7,612 |
|
|
|
6,501 |
|
General and administrative(1) |
|
|
15,521 |
|
|
|
20,192 |
|
|
|
30,655 |
|
|
|
37,544 |
|
Depreciation, amortization, and impairment |
|
|
5,610 |
|
|
|
36,522 |
|
|
|
11,124 |
|
|
|
41,366 |
|
Total operating expenses |
|
|
61,445 |
|
|
|
100,777 |
|
|
|
138,511 |
|
|
|
165,625 |
|
Loss from operations |
|
|
(51,389 |
) |
|
|
(93,454 |
) |
|
|
(116,263 |
) |
|
|
(148,348 |
) |
Other (income) expense |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
(10,779 |
) |
|
|
(9,801 |
) |
|
|
(20,537 |
) |
|
|
(20,202 |
) |
Grants and incentives |
|
|
(4,576 |
) |
|
|
(3,310 |
) |
|
|
(7,951 |
) |
|
|
(6,585 |
) |
Other (income) expense |
|
|
1,970 |
|
|
|
(32,156 |
) |
|
|
(1,624 |
) |
|
|
(30,627 |
) |
Total other (income) |
|
|
(13,385 |
) |
|
|
(45,267 |
) |
|
|
(30,112 |
) |
|
|
(57,414 |
) |
Net loss before income tax |
|
|
(38,004 |
) |
|
|
(48,187 |
) |
|
|
(86,151 |
) |
|
|
(90,934 |
) |
Income tax recovery |
|
|
(7,476 |
) |
|
|
(11,257 |
) |
|
|
(15,513 |
) |
|
|
(13,394 |
) |
Net loss |
|
$ |
(30,528 |
) |
|
$ |
(36,930 |
) |
|
$ |
(70,638 |
) |
|
$ |
(77,540 |
) |
Foreign currency translation adjustment |
|
|
122 |
|
|
|
(257 |
) |
|
|
(508 |
) |
|
|
(353 |
) |
Comprehensive loss |
|
$ |
(30,406 |
) |
|
$ |
(37,187 |
) |
|
$ |
(71,146 |
) |
|
$ |
(77,893 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.26 |
) |
Diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.26 |
) |
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
288,905,587 |
|
|
|
294,217,013 |
|
|
|
288,357,081 |
|
|
|
293,467,753 |
|
Diluted |
|
|
288,905,587 |
|
|
|
294,217,013 |
|
|
|
288,357,081 |
|
|
|
293,467,753 |
|
(1) Exclusive of depreciation, amortization, and impairment |
||||||||||||||||
AbCellera Biologics Inc. Condensed Consolidated Balance Sheet
(All figures in (Unaudited) |
|||||||
|
December 31, 2023 |
|
June 30, 2024 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
133,320 |
|
|
$ |
148,312 |
|
Marketable securities |
|
627,265 |
|
|
|
522,044 |
|
Total cash, cash equivalents, and marketable securities |
|
760,585 |
|
|
|
670,356 |
|
Accounts and accrued receivable |
|
30,590 |
|
|
|
36,143 |
|
Restricted cash |
|
25,000 |
|
|
|
25,000 |
|
Other current assets |
|
55,810 |
|
|
|
40,055 |
|
Total current assets |
|
871,985 |
|
|
|
771,554 |
|
Long-term assets: |
|
|
|
||||
Property and equipment, net |
|
287,696 |
|
|
|
318,882 |
|
Intangible assets, net |
|
120,425 |
|
|
|
85,661 |
|
Goodwill |
|
47,806 |
|
|
|
47,806 |
|
Investments in equity accounted investees |
|
65,938 |
|
|
|
76,064 |
|
Other long-term assets |
|
94,244 |
|
|
|
112,514 |
|
Total long-term assets |
|
616,109 |
|
|
|
640,927 |
|
Total assets |
$ |
1,488,094 |
|
|
$ |
1,412,481 |
|
Liabilities and shareholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and other current liabilities |
$ |
49,580 |
|
|
$ |
43,952 |
|
Contingent consideration payable |
|
50,475 |
|
|
|
20,027 |
|
Deferred revenue |
|
18,958 |
|
|
|
6,401 |
|
Total current liabilities |
|
119,013 |
|
|
|
70,380 |
|
Long-term liabilities: |
|
|
|
||||
Operating lease liability |
|
71,222 |
|
|
|
66,451 |
|
Deferred revenue |
|
8,195 |
|
|
|
7,970 |
|
Deferred government contributions |
|
95,915 |
|
|
|
124,186 |
|
Contingent consideration payable |
|
4,913 |
|
|
|
4,441 |
|
Deferred tax liability |
|
30,612 |
|
|
|
21,737 |
|
Other long-term liabilities |
|
5,906 |
|
|
|
6,348 |
|
Total long-term liabilities |
|
216,763 |
|
|
|
231,133 |
|
Total liabilities |
|
335,776 |
|
|
|
301,513 |
|
Commitments and contingencies |
|
|
|
||||
Shareholders' equity: |
|
|
|
||||
Common shares: no par value, unlimited authorized shares at December 31, 2023 and June 30, 2024: 290,824,970 and 294,665,532 shares issued and outstanding at December 31, 2023 and June 30, 2024, respectively |
|
753,199 |
|
|
|
769,966 |
|
Additional paid-in capital |
|
121,052 |
|
|
|
140,828 |
|
Accumulated other comprehensive loss |
|
(1,720 |
) |
|
|
(2,073 |
) |
Accumulated earnings |
|
279,787 |
|
|
|
202,247 |
|
Total shareholders' equity |
|
1,152,318 |
|
|
|
1,110,968 |
|
Total liabilities and shareholders' equity |
$ |
1,488,094 |
|
|
$ |
1,412,481 |
|
AbCellera Biologics Inc. Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of (Unaudited) |
|||||||
|
Six months ended June 30, |
||||||
|
|
2023 |
|
|
|
2024 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(70,638 |
) |
|
$ |
(77,540 |
) |
Cash flows from operating activities: |
|
|
|
||||
Depreciation of property and equipment |
|
5,810 |
|
|
|
6,603 |
|
Amortization and impairment of intangible assets |
|
5,314 |
|
|
|
34,763 |
|
Amortization of operating lease right-of-use assets |
|
3,252 |
|
|
|
3,437 |
|
Stock-based compensation |
|
31,873 |
|
|
|
35,191 |
|
Fair value gain on contingent consideration |
|
— |
|
|
|
(30,920 |
) |
Other |
|
(4,429 |
) |
|
|
(8,193 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Research fees and grants receivable |
|
(24,269 |
) |
|
|
(34,434 |
) |
Accrued royalties receivable |
|
9,260 |
|
|
|
— |
|
Income taxes payable (receivable) |
|
22,884 |
|
|
|
(5,953 |
) |
Accounts payable and accrued liabilities |
|
(2,827 |
) |
|
|
(130 |
) |
Deferred revenue |
|
(4,870 |
) |
|
|
(12,782 |
) |
Accrued royalties payable |
|
(16,253 |
) |
|
|
— |
|
Deferred grant income |
|
25,566 |
|
|
|
19,757 |
|
Other assets |
|
(4,833 |
) |
|
|
(1,473 |
) |
Net cash used in operating activities |
|
(24,160 |
) |
|
|
(71,674 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(42,185 |
) |
|
|
(44,250 |
) |
Purchase of marketable securities |
|
(528,891 |
) |
|
|
(426,007 |
) |
Proceeds from marketable securities |
|
422,814 |
|
|
|
539,385 |
|
Receipt of grant funding |
|
7,693 |
|
|
|
19,750 |
|
Long-term investments and other assets |
|
(36,757 |
) |
|
|
3,950 |
|
Investment in equity accounted investees |
|
(6,673 |
) |
|
|
(10,820 |
) |
Net cash provided by (used in) investing activities |
|
(183,999 |
) |
|
|
82,008 |
|
Cash flows from financing activities: |
|
|
|
||||
Payment of liability for in-licensing agreement and other |
|
(863 |
) |
|
|
(368 |
) |
Proceeds from long-term liabilities |
|
— |
|
|
|
4,497 |
|
Proceeds from exercise of stock options |
|
824 |
|
|
|
1,353 |
|
Net cash provided by (used in) financing activities |
|
(39 |
) |
|
|
5,482 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
584 |
|
|
|
(824 |
) |
Increase (decrease) in cash and cash equivalents |
|
(207,614 |
) |
|
|
14,992 |
|
Cash and cash equivalents and restricted cash, beginning of period |
|
414,651 |
|
|
|
160,610 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
207,037 |
|
|
$ |
175,602 |
|
Restricted cash included in other assets |
|
2,290 |
|
|
|
2,290 |
|
Total cash, cash equivalents, and restricted cash shown on the balance sheet |
$ |
204,747 |
|
|
$ |
173,312 |
|
Supplemental disclosure of non-cash investing and financing activities |
|
|
|
||||
Property and equipment in accounts payable |
|
11,718 |
|
|
|
15,944 |
|
Right-of-use assets obtained in exchange for operating lease obligation |
|
2,945 |
|
|
|
452 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806789183/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
Source: AbCellera Biologics Inc.
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