AbCellera Reports Q3 2024 Business Results
AbCellera (ABCL) reported Q3 2024 financial results with total revenue of $6.5 million, slightly down from $6.6 million in Q3 2023. The company reported a net loss of $51.1 million, or $(0.17) per share. Key operational highlights include expanding collaboration with Eli Lilly, reaching 95 partner-initiated programs (up 13% YoY), and advancing 14 molecules to the clinic (up 40% YoY). R&D expenses increased to $41.0 million, while maintaining strong liquidity of $875 million including $670.4 million in cash and equivalents, plus $205 million in available non-dilutive government funding.
AbCellera (ABCL) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato totale di 6,5 milioni di dollari, leggermente in calo rispetto ai 6,6 milioni di dollari nel terzo trimestre 2023. L'azienda ha registrato una perdita netta di 51,1 milioni di dollari, ovvero $(0,17) per azione. I principali punti salienti operativi includono l'espansione della collaborazione con Eli Lilly, raggiungendo 95 programmi iniziati dai partner (un aumento del 13% su base annua) e portando 14 molecole in clinica (un incremento del 40% su base annua). Le spese per ricerca e sviluppo sono aumentate a 41,0 milioni di dollari, mantenendo una forte liquidità di 875 milioni di dollari, inclusi 670,4 milioni di dollari in contante e equivalente, più 205 milioni di dollari in finanziamenti governativi non dilutivi disponibili.
AbCellera (ABCL) informó los resultados financieros del tercer trimestre de 2024, con ingresos totales de 6,5 millones de dólares, ligeramente por debajo de 6,6 millones de dólares en el tercer trimestre de 2023. La compañía reportó una pérdida neta de 51,1 millones de dólares, o $(0,17) por acción. Los aspectos operativos clave incluyen la expansión de la colaboración con Eli Lilly, alcanzando 95 programas iniciados por socios (un aumento del 13 % interanual) y avanzando 14 moléculas a la clínica (un aumento del 40 % interanual). Los gastos en I+D aumentaron a 41,0 millones de dólares, manteniendo una sólida liquidez de 875 millones de dólares, incluidos 670,4 millones de dólares en efectivo y equivalentes, más 205 millones de dólares en financiamiento gubernamental no dilutivo disponible.
AbCellera (ABCL)는 2024년 3분기 재무 결과를 보고하며, 총 수익이 650만 달러로, 2023년 3분기 660만 달러에서 소폭 감소했다고 밝혔습니다. 회사는 5110만 달러의 순손실을 보고했으며, 주당 $(0.17)입니다. 주요 운영 하이라이트로는 Eli Lilly와의 협력 확대, 95개의 파트너 주도 프로그램 도달(전년 대비 13% 증가) 및 14개의 분자를 클리닉으로 진입(전년 대비 40% 증가)한 것을 포함합니다. 연구개발 비용은 4100만 달러로 증가했으며, 8억7500만 달러의 강력한 유동성을 유지하고 있으며, 이 중 6억7040만 달러는 현금 및 현금 등가물, 2억500만 달러는 비희석 정부 자금 지원이 가능합니다.
AbCellera (ABCL) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 6,5 millions de dollars, en légère baisse par rapport à 6,6 millions de dollars au troisième trimestre 2023. L'entreprise a signalé une perte nette de 51,1 millions de dollars, soit $(0,17) par action. Les principaux faits saillants opérationnels incluent l'expansion de la collaboration avec Eli Lilly, atteignant 95 programmes initiés par des partenaires (une augmentation de 13 % d'une année sur l'autre) et faisant avancer 14 molécules en clinique (une augmentation de 40 % d'une année sur l'autre). Les dépenses de R&D ont augmenté à 41,0 millions de dollars, tout en maintenant une solide liquidité de 875 millions de dollars, dont 670,4 millions de dollars en espèces et équivalents, plus 205 millions de dollars en financement gouvernemental non dilutif disponible.
AbCellera (ABCL) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem Gesamterlös von 6,5 Millionen Dollar, was einen leichten Rückgang von 6,6 Millionen Dollar im 3. Quartal 2023 darstellt. Das Unternehmen berichtete über einen Nettoverlust von 51,1 Millionen Dollar oder $(0,17) pro Aktie. Zu den wichtigsten operativen Highlights gehören die Erweiterung der Zusammenarbeit mit Eli Lilly, die Erreichung von 95 partnerinitiierten Programmen (ein Anstieg von 13 % im Vergleich zum Vorjahr) und der Fortschritt von 14 Molekülen in die Klinik (ein Anstieg von 40 % im Vergleich zum Vorjahr). Die F&E-Ausgaben stiegen auf 41,0 Millionen Dollar, während die starke Liquidität von 875 Millionen Dollar aufrechterhalten wurde, einschließlich 670,4 Millionen Dollar in bar und Äquivalenten sowie 205 Millionen Dollar an verfügbaren nicht-dilutiven staatlichen Mitteln.
- Increased partner-initiated programs by 13% YoY to 95
- 40% YoY growth in molecules advanced to clinic, reaching 14
- Strong liquidity position of $875 million
- Expanded collaboration with Eli Lilly in multiple therapeutic areas
- Revenue declined slightly to $6.5M from $6.6M YoY
- Net loss increased to $51.1M from $28.6M YoY
- R&D expenses increased 8.2% to $41.0M
- G&A expenses increased 32.6% to $19.1M
Insights
The Q3 results reveal concerning financial trends for AbCellera.
The expansion of partner-initiated programs by
“Through the third quarter we continued to execute on our key priorities of advancing our internal pipeline and building capabilities to support clinical trials activities in 2025 and beyond,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “Notably, we completed the consolidation into our new headquarters in
Q3 2024 Business Summary
- Expanded existing collaboration with Eli Lilly and Company to discover therapeutic antibodies for programs in immunology, cardiovascular disease, and neuroscience.
- Reported the start of two additional partner-initiated programs with downstreams to reach a cumulative total of 95 partner-initiated program starts with downstreams.
- Maintained a cumulative total of 14 molecules advanced to the clinic.
Key Business Metrics
Cumulative Metrics |
|
September 30, 2023 |
|
September 30, 2024 |
|
Change % |
Partner-initiated program starts with downstreams |
|
84 |
|
95 |
|
|
Molecules in the clinic |
|
10 |
|
14 |
|
|
AbCellera started discovery on an additional two partner-initiated programs with downstreams to reach a cumulative total of 95 partner-initiated program starts with downstreams in Q3 2024 (up from 84 on September 30, 2023). AbCellera’s partners have advanced a cumulative total of 14 molecules into the clinic (up from 10 on September 30, 2023).
Discussion of Q3 2024 Financial Results
-
Revenue – Total revenue was
, compared to$6.5 million in Q3 2023. In both periods, the majority of revenues were research fees generated by our partnerships.$6.6 million -
Research & Development (R&D) Expenses – R&D expenses were
, compared to$41.0 million in Q3 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs.$37.9 million -
Sales & Marketing (S&M) Expenses – S&M expenses were
, compared to$3.1 million in Q3 2023.$3.5 million -
General & Administrative (G&A) Expenses – G&A expenses were
, compared to$19.1 million in Q3 2023.$14.4 million -
Net Loss – Net loss of
, or$51.1 million per share on a basic and diluted basis, compared to net loss of$(0.17) , or$28.6 million per share on a basic and diluted basis in Q3 2023.$(0.10) -
Liquidity –
of total cash, cash equivalents, and marketable securities and with approximately$670.4 million in available non-dilutive government funding to execute on AbCellera's strategy, bringing total available liquidity to over$205 million .$875 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
|
|
Nine months ended
|
||||||||||||
|
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Research fees |
|
$ |
6,413 |
|
|
$ |
6,289 |
|
|
$ |
26,812 |
|
|
$ |
21,516 |
|
Licensing revenue |
|
|
186 |
|
|
|
218 |
|
|
|
784 |
|
|
|
767 |
|
Milestone payments |
|
|
– |
|
|
|
– |
|
|
|
1,250 |
|
|
|
1,500 |
|
Total revenue |
|
|
6,599 |
|
|
|
6,507 |
|
|
|
28,846 |
|
|
|
23,783 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development(1) |
|
|
37,917 |
|
|
|
40,969 |
|
|
|
127,036 |
|
|
|
121,183 |
|
Sales and marketing(1) |
|
|
3,468 |
|
|
|
3,135 |
|
|
|
11,080 |
|
|
|
9,635 |
|
General and administrative(1) |
|
|
14,369 |
|
|
|
19,147 |
|
|
|
45,025 |
|
|
|
56,691 |
|
Depreciation, amortization, and impairment |
|
|
5,735 |
|
|
|
36,919 |
|
|
|
16,859 |
|
|
|
78,285 |
|
Total operating expenses |
|
|
61,489 |
|
|
|
100,170 |
|
|
|
200,000 |
|
|
|
265,794 |
|
Loss from operations |
|
|
(54,890 |
) |
|
|
(93,663 |
) |
|
|
(171,154 |
) |
|
|
(242,011 |
) |
Other income: |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
(10,740 |
) |
|
|
(9,603 |
) |
|
|
(31,278 |
) |
|
|
(29,805 |
) |
Grants and incentives |
|
|
(2,828 |
) |
|
|
(3,491 |
) |
|
|
(10,779 |
) |
|
|
(10,076 |
) |
Other income |
|
|
(2,046 |
) |
|
|
(17,937 |
) |
|
|
(3,670 |
) |
|
|
(48,564 |
) |
Total other income |
|
|
(15,614 |
) |
|
|
(31,031 |
) |
|
|
(45,727 |
) |
|
|
(88,445 |
) |
Net loss before income tax |
|
|
(39,276 |
) |
|
|
(62,632 |
) |
|
|
(125,427 |
) |
|
|
(153,566 |
) |
Income tax recovery |
|
|
(10,666 |
) |
|
|
(11,525 |
) |
|
|
(26,179 |
) |
|
|
(24,919 |
) |
Net loss |
|
$ |
(28,610 |
) |
|
$ |
(51,107 |
) |
|
$ |
(99,248 |
) |
|
$ |
(128,647 |
) |
Foreign currency translation adjustment |
|
|
439 |
|
|
|
841 |
|
|
|
(69 |
) |
|
|
488 |
|
Comprehensive loss |
|
$ |
(28,171 |
) |
|
$ |
(50,266 |
) |
|
$ |
(99,317 |
) |
|
$ |
(128,159 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.10 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.44 |
) |
Diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.44 |
) |
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
289,496,841 |
|
|
|
294,851,945 |
|
|
|
288,750,387 |
|
|
|
293,930,702 |
|
Diluted |
|
|
289,496,841 |
|
|
|
294,851,945 |
|
|
|
288,750,387 |
|
|
|
293,930,702 |
|
(1) Exclusive of depreciation, amortization, and impairment |
AbCellera Biologics Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(All figures in |
|||||||
(Unaudited) |
|||||||
|
December 31, 2023 |
|
September 30, 2024 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
133,320 |
|
|
$ |
126,640 |
|
Marketable securities |
|
627,265 |
|
|
|
516,499 |
|
Total cash, cash equivalents, and marketable securities |
|
760,585 |
|
|
|
643,139 |
|
Accounts and accrued receivable |
|
30,590 |
|
|
|
31,373 |
|
Restricted cash |
|
25,000 |
|
|
|
25,000 |
|
Other current assets |
|
55,810 |
|
|
|
43,371 |
|
Total current assets |
|
871,985 |
|
|
|
742,883 |
|
Long-term assets: |
|
|
|
||||
Property and equipment, net |
|
287,696 |
|
|
|
331,263 |
|
Intangible assets, net |
|
120,425 |
|
|
|
52,577 |
|
Goodwill |
|
47,806 |
|
|
|
47,806 |
|
Investments in equity accounted investees |
|
65,938 |
|
|
|
84,084 |
|
Other long-term assets |
|
94,244 |
|
|
|
134,215 |
|
Total long-term assets |
|
616,109 |
|
|
|
649,945 |
|
Total assets |
$ |
1,488,094 |
|
|
$ |
1,392,828 |
|
Liabilities and shareholders' equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and other current liabilities |
$ |
49,580 |
|
|
$ |
53,773 |
|
Contingent consideration payable |
|
50,475 |
|
|
|
20,217 |
|
Deferred revenue |
|
18,958 |
|
|
|
5,578 |
|
Total current liabilities |
|
119,013 |
|
|
|
79,568 |
|
Long-term liabilities: |
|
|
|
||||
Operating lease liability |
|
71,222 |
|
|
|
66,274 |
|
Deferred revenue |
|
8,195 |
|
|
|
8,100 |
|
Deferred government contributions |
|
95,915 |
|
|
|
142,046 |
|
Contingent consideration payable |
|
4,913 |
|
|
|
4,441 |
|
Deferred tax liability |
|
30,612 |
|
|
|
12,781 |
|
Other long-term liabilities |
|
5,906 |
|
|
|
1,524 |
|
Total long-term liabilities |
|
216,763 |
|
|
|
235,166 |
|
Total liabilities |
|
335,776 |
|
|
|
314,734 |
|
Commitments and contingencies |
|
|
|
||||
Shareholders' equity: |
|
|
|
||||
Common shares: no par value, unlimited authorized shares at December 31, 2023 and September 30, 2024: 290,824,970 and 295,157,474 shares issued and outstanding at December 31, 2023 and September 30, 2024, respectively |
|
753,199 |
|
|
|
772,832 |
|
Additional paid-in capital |
|
121,052 |
|
|
|
155,354 |
|
Accumulated other comprehensive loss |
|
(1,720 |
) |
|
|
(1,232 |
) |
Accumulated earnings |
|
279,787 |
|
|
|
151,140 |
|
Total shareholders' equity |
|
1,152,318 |
|
|
|
1,078,094 |
|
Total liabilities and shareholders' equity |
$ |
1,488,094 |
|
|
$ |
1,392,828 |
|
AbCellera Biologics Inc. |
|||||||
Condensed Consolidated Statement of Cash Flows |
|||||||
(Expressed in thousands of |
|||||||
(Unaudited) |
|||||||
|
Nine months ended September 30, |
||||||
|
2023 |
|
2024 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(99,248 |
) |
|
$ |
(128,647 |
) |
Cash flows from operating activities: |
|
|
|
||||
Depreciation of property and equipment |
|
8,874 |
|
|
|
10,437 |
|
Amortization and impairment of intangible assets |
|
7,985 |
|
|
|
67,848 |
|
Amortization of operating lease right-of-use assets |
|
4,926 |
|
|
|
4,813 |
|
Stock-based compensation |
|
47,735 |
|
|
|
52,355 |
|
Fair value gain on contingent consideration and investments |
|
– |
|
|
|
(48,727 |
) |
Deferred income tax and other |
|
(6,354 |
) |
|
|
(17,891 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Research fees and grants receivable |
|
(35,495 |
) |
|
|
(54,258 |
) |
Accrued royalties receivable |
|
9,273 |
|
|
|
– |
|
Income taxes payable (receivable) |
|
28,685 |
|
|
|
(8,709 |
) |
Accounts payable and accrued liabilities |
|
(1,852 |
) |
|
|
4,018 |
|
Deferred revenue |
|
(7,238 |
) |
|
|
(13,474 |
) |
Accrued royalties payable |
|
(16,253 |
) |
|
|
– |
|
Deferred grant income |
|
30,377 |
|
|
|
30,671 |
|
Other assets |
|
4,319 |
|
|
|
1,008 |
|
Net cash used in operating activities |
|
(24,266 |
) |
|
|
(100,556 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(62,516 |
) |
|
|
(62,766 |
) |
Purchase of marketable securities |
|
(744,674 |
) |
|
|
(612,249 |
) |
Proceeds from marketable securities |
|
642,913 |
|
|
|
735,989 |
|
Receipt of grant funding |
|
15,023 |
|
|
|
29,150 |
|
Long-term investments and other assets |
|
(37,317 |
) |
|
|
13,538 |
|
Investment in equity accounted investees |
|
(10,214 |
) |
|
|
(17,956 |
) |
Net cash provided by (used in) investing activities |
|
(196,785 |
) |
|
|
85,706 |
|
Cash flows from financing activities: |
|
|
|
||||
Payment of liability for in-licensing agreement and other |
|
(1,049 |
) |
|
|
(552 |
) |
Proceeds from long-term liabilities |
|
6,560 |
|
|
|
7,599 |
|
Proceeds from exercise of stock options |
|
1,080 |
|
|
|
1,580 |
|
Net cash provided by financing activities |
|
6,591 |
|
|
|
8,627 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(479 |
) |
|
|
(457 |
) |
Decrease in cash and cash equivalents |
|
(214,939 |
) |
|
|
(6,680 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
414,651 |
|
|
|
160,610 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
199,712 |
|
|
$ |
153,930 |
|
Restricted cash included in other assets |
|
2,290 |
|
|
|
2,290 |
|
Total cash, cash equivalents, and restricted cash shown on the balance sheet |
$ |
197,422 |
|
|
$ |
151,640 |
|
Supplemental disclosure of non-cash investing and financing activities |
|
|
|
||||
Property and equipment in accounts payable |
|
12,948 |
|
|
|
15,989 |
|
Right-of-use assets obtained in exchange for operating lease obligation |
|
3,586 |
|
|
|
2,232 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104711335/en/
Inquiries
Media: Kathleen Reid: media@abcellera.com, +1(236)521-6774
Business Development: Murray McCutcheon, Ph.D., partnering@abcellera.com, +1(604)559-9005
Investor Relations: Peter Ahn, ir@abcellera.com, +1(778)729-9116
Source: AbCellera Biologics Inc.
FAQ
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