Core Insights - AbCellera and Biogen Inc. have formed a strategic collaboration aimed at discovering antibodies for a novel target that facilitates the delivery of biotherapeutics to the brain, addressing a significant challenge in neuroscience [1] - The collaboration is expected to unlock new treatment approaches for neurological conditions, as stated by AbCellera's SVP, highlighting the importance of overcoming the blood-brain barrier [1] Company Overview - AbCellera is focused on revolutionizing antibody drug discovery, integrating expert teams, technology, and data science to expedite the development of antibody-based medicines across various therapeutic areas [2] - The company aims to provide a competitive advantage to biotechs and pharmaceutical companies, enabling them to reduce costs and address complex drug development challenges [2]

Core Insights - AbCellera will present four posters at the AACR Annual Meeting 2024, showcasing advancements in its T-cell engager programs and platform aimed at improving cancer treatment efficacy and safety [1][2]. Group 1: T-cell Engager Platform - The T-cell engager platform is designed to enhance therapeutic opportunities by generating molecules that target solid tumors and challenging targets like peptide-MHCs [1][2]. - AbCellera's T-cell engagers utilize bispecific antibodies that simultaneously bind T cells and tumor targets, facilitating the immune system's ability to eliminate cancer cells [3]. Group 2: Poster Presentations - The first poster will focus on functional and specific T-cell engagers against a peptide-MHC tumor target, scheduled for April 8, 2024 [2]. - The second poster will present diverse CD28-binding antibodies for optimizing T-cell engagers, also on April 8, 2024 [2]. - The third poster will discuss design considerations for bispecific T-cell engagers, set for April 8, 2024 [2]. - The fourth poster will cover the development of PSMA x CD3 T-cell engagers using an integrated approach, scheduled for April 9, 2024 [2]. Group 3: Company Overview - AbCellera is focused on revolutionizing antibody drug discovery to expedite the delivery of better medicines to patients [4][5]. - The company integrates expert teams, technology, and data science to enhance the efficiency of antibody-based medicine development across various therapeutic areas [4][5].

Core Viewpoint - Peter Thiel intends to resign from AbCellera's Board of Directors for personal reasons, effective March 7, 2024, after serving since November 2020 [1][2] Company Summary - AbCellera is focused on advancing antibody drug discovery to deliver better medicines to patients more quickly, integrating expert teams, technology, and data science [3] - The company aims to provide innovative biotechs and leading pharmaceutical companies with a competitive advantage in drug development [3] Board Changes - Following Thiel's resignation, the size of AbCellera's Board of Directors will decrease from six to five members [2] - Dr. Andrew Lo will be appointed to the Nominating and Corporate Governance Committee effective March 7, 2024 [1]

Group 1 - AbCellera will present at the 44th Annual TD Cowen Health Care Conference on March 5, 2024, at 11:50 a.m. Pacific Time [1] - The company will also present at the KeyBanc Capital Markets Life Sciences & MedTech Investor Forum on March 20, 2024, at 8:15 a.m. Pacific Time [1] - Live audio webcasts of the presentations will be available on AbCellera's Investor Relations website, with replays accessible afterward [1] Group 2 - AbCellera is focused on advancing antibody discovery to deliver better medicines to patients more quickly [2] - The company integrates expert teams, technology, and data science to enhance the development of antibody-based medicines across various therapeutic areas [2] - AbCellera aims to provide a competitive advantage to innovative biotechs and leading pharmaceutical companies, enabling them to reduce costs and address complex drug development challenges [2]

Financial Data and Key Metrics Changes - Revenue for the year was approximately $38 million, a decrease from $41 million in 2022, primarily driven by research fees from partner-initiated programs, with no royalties earned in 2023 [28][30] - Research and development expenses increased to approximately $176 million, reflecting a $68 million increase over the previous year due to growth in program execution and internal pipeline investments [29] - The company reported a net loss of roughly $146 million, compared to a profit of approximately $159 million in 2022, resulting in a loss of $0.51 per share [30][32] Business Line Data and Key Metrics Changes - In Q4 2023, the company added 21 new programs under contract, ending the year with 203 programs under contract with 46 unique partners [20] - The focus has shifted towards strategic partnerships and high-quality programs rather than deal volume, with 12 partner-initiated program starts in 2023 [20][21] - The average royalty rate has increased from 2.4% (2015-2019) to 4.3% (2020-2023) across programs with downstream participation [27] Market Data and Key Metrics Changes - The company has 19 AbCellera initiated programs, up from 12 at the beginning of the year, all in human health [26] - The majority of partnered programs are in oncology, neurology, and immunology, reflecting industry activity [25] Company Strategy and Development Direction - The company aims to transition from a platform company to a vertically integrated clinical-stage biotech, focusing on advancing its internal pipeline and establishing manufacturing capabilities [9][10] - A strategic decision was made to shift more resources to internal programs in response to macroeconomic headwinds for biotech [8] - The company secured $220 million in non-dilutive funding to support its strategic priorities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of internal programs and the importance of advancing first-in-class and best-in-class therapeutics [9][10] - The company anticipates that 2024 will be the last major capital expenditure year as it completes its manufacturing investments [19] - Management expects to continue reporting on program progress and attrition rates annually, with a focus on high-quality programs [41][55] Other Important Information - The company has a cash balance of over $780 million, bringing total available liquidity to over $1 billion, allowing for continued investment in growth and capabilities [9][32] - The GMP facility is expected to come online near the end of 2025, with pilot runs beginning in 2024 [11][32] Q&A Session Summary Question: How to monetize the revenue stream and expectations for royalties? - Management emphasized the strategy of building capabilities to generate first-in-class therapies and the potential for passive royalty streams from partner-initiated programs [36][38] Question: Expectations for attrition rates and handling discontinued programs? - Management acknowledged the expected attrition rate and indicated that most discontinued programs do not have contractual rights to be taken in-house [41][45] Question: Interest in T cell engagers for autoimmune indications? - Management noted growing interest in T cell engagers for autoimmune conditions and ongoing advancements in the TCE platform [53] Question: Updates on business metrics and financials? - Management confirmed that quarterly reports will include program starts and molecules in the clinic, while annual reports will cover royalty rates and milestone revenues [55] Question: Engagement with potential partners for manufacturing? - Management stated that discussions with potential partners can begin now, as they are building R&D teams ahead of manufacturing [58] Question: Decision-making process for advancing programs to Phase 1? - Management outlined that decisions are based on scientific merit, commercial opportunity, differentiation potential, and practical development paths [80]

Core Insights - AbCellera Biologics Inc. reported a revenue of $9.18 million for the quarter ended December 2023, reflecting a year-over-year decline of 57.4% [1] - The company's EPS for the same period was -$0.17, compared to -$0.10 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $9.58 million, resulting in a surprise of -4.19% [1] - The EPS also missed the consensus estimate of -$0.14, with a surprise of -21.43% [1] Revenue Breakdown - Research fees generated $8.74 million, exceeding the estimated $8.34 million, but representing a year-over-year decline of 23.5% [2] - Licensing revenue was $0.19 million, below the estimated $0.32 million, but showed a year-over-year increase of 12.1% [2] - Milestone payments totaled $0.25 million, significantly lower than the estimated $1.16 million, marking a 50% decline year-over-year [2] Stock Performance - Over the past month, shares of AbCellera Biologics Inc. have returned -3.1%, contrasting with the Zacks S&P 500 composite's increase of +3.6% [2] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [2]

PART I [Business](index=8&type=section&id=Item%201.%20Business) AbCellera operates an AI-powered antibody discovery engine to develop new therapies, building a diversified portfolio of royalty stakes through partnerships and advancing its own internal pipeline - The company's strategy is twofold: build an integrated engine for antibody drug discovery and development, and use this engine to create a large, diversified portfolio of royalty stakes through partnerships[20](index=20&type=chunk) - AbCellera is advancing its internal pipeline with two drug programs, **ABCL635** (metabolic/endocrine conditions) and **ABCL575** (atopic dermatitis), in IND-enabling studies, with anticipated IND submissions in 2025[55](index=55&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk) - The company is expanding its capabilities with a new GMP manufacturing facility, supported by Canadian government financing, expected to be operational in 2025[48](index=48&type=chunk) - The company expects to generate losses and negative operating cash flow in the near-to-medium term due to continued investments in its engine and internal programs, ahead of potential long-term revenues from milestones and royalties[28](index=28&type=chunk) Portfolio and Partnership Status (as of Dec 31, 2023) | Metric | Value | | :--- | :--- | | Programs under contract | 203 | | Unique partners | 46 | | Programs with downstream participation | 87 | | Started programs | Over 110 | [Our Company and Engine](index=10&type=section&id=Our%20Company%20and%20Engine) - AbCellera's engine discovers antibodies from natural immune responses, which are considered pre-enriched for **higher target-binding specificity and developability** compared to synthetic methods[36](index=36&type=chunk) - A key pillar of the engine is the integration of software and data science, which captures and standardizes data from every experiment into a central database for applying **AI and machine learning**[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - The company is expanding its facilities to include cell-line development, process development, and GMP manufacturing, supported by **CAD $175.6 million** in financing from the Government of Canada, with the facility expected to be in use in 2025[48](index=48&type=chunk) - AbCellera has developed specific technology platforms to address high-value areas, including T-cell engagers, GPCR and ion channels, and pandemic response, which have generated internal and partnered programs[51](index=51&type=chunk) [Our Pipeline](index=14&type=section&id=Our%20Pipeline) - **ABCL635** is a potential first-in-class therapy for metabolic and endocrine conditions, derived from the company's GPCR and ion-channel platform, with an anticipated IND submission in 2025[56](index=56&type=chunk) - **ABCL575**, targeting OX40L for atopic dermatitis, is a potential best-in-class therapy with an anticipated IND submission in 2025[57](index=57&type=chunk)[58](index=58&type=chunk) AbCellera Internal Pipeline Status | Molecule | Status | Target | Method of Action (MOA) | Indication | Therapeutic Area | | :--- | :--- | :--- | :--- | :--- | :--- | | ABCL635 | IND-enabling studies (Preclinical) | Undisclosed - GPCR or ion channel | Antagonist | Undisclosed | Metabolic endocrine conditions | | ABCL575 | IND-enabling studies (Preclinical) | OX40 ligand (OX40L) | Blocking and nondepleting | Atopic dermatitis & other autoimmune/inflammation | Immunology & inflammation | [Our People](index=15&type=section&id=Our%20People) - As of December 31, 2023, the company had **586 full-time employees**, an 18% increase from the prior year, with a highly interdisciplinary team[68](index=68&type=chunk)[70](index=70&type=chunk) - The company experienced a **low voluntary turnover rate of less than 4.5%** in 2023, indicating high employee engagement and retention[70](index=70&type=chunk) - All employees receive equity awards (share options and RSUs) to promote shared ownership, alignment, and retention[66](index=66&type=chunk) [Our Partners](index=17&type=section&id=Our%20Partners) - As of December 31, 2023, AbCellera had **46 unique partners** and **203 partnered programs** under contract, of which 87 have the potential for milestone and royalty payments[76](index=76&type=chunk)[84](index=84&type=chunk) - Partnership agreements typically include near-term payments, downstream clinical and commercial milestones, and royalties on net sales[77](index=77&type=chunk) Downstream Participation Potential (as of Dec 31, 2023) | Category | Value / Rate Range | | :--- | :--- | | **Milestones (in billions, not probability adjusted)** | | | Preclinical | $0.08 | | Clinical | $1.07 | | Regulatory | $1.94 | | Commercial | $5.46 | | **Total Milestones** | **$8.55** | | **Royalty on Net Sales (5th-95th percentile)** | | | 2015-2019 contracts | 0-4.0% | | 2020-2023 contracts | 1.5-9.0% | [Our Approach to Capital Allocation](index=22&type=section&id=Our%20Approach%20to%20Capital%20Allocation) - The company allocates capital with a long-term perspective, focusing on building its engine to generate a capital-efficient portfolio, with the most meaningful royalty revenues expected **after 2030**[103](index=103&type=chunk)[104](index=104&type=chunk) - The portfolio is built through three program types: Partner-Initiated Discovery Agreements, Co-development Agreements, and AbCellera-Initiated Programs[114](index=114&type=chunk)[115](index=115&type=chunk)[119](index=119&type=chunk)[123](index=123&type=chunk) - The average negotiated royalty rate for partner-initiated programs **increased from a mean of 2.4% (2015-2019) to 4.3% (2020-2023)**[145](index=145&type=chunk) - As of December 31, 2023, the total hypothetical value of potential milestone payments was **$8.6 billion**, not adjusted for probability of success[148](index=148&type=chunk) [Intellectual Property](index=29&type=section&id=Intellectual%20Property) - As of December 31, 2023, the company owned or exclusively licensed over **80 issued or allowed patents** and over 80 pending patent applications worldwide[150](index=150&type=chunk) - The company's IP portfolio has been expanded through strategic acquisitions, including Lineage (2017), OrthoMab (2020), Trianni (2020), and TetraGenetics (2021)[153](index=153&type=chunk)[156](index=156&type=chunk)[164](index=164&type=chunk) - The company utilizes a comprehensive approach to IP protection, including patents, trademarks, copyrights, and trade secrets[149](index=149&type=chunk)[151](index=151&type=chunk) [Government Regulation](index=34&type=section&id=Government%20Regulation) - AbCellera's business success is indirectly impacted by the extensive regulations governing its pharmaceutical and biotechnology partners[183](index=183&type=chunk)[184](index=184&type=chunk) - The company's new GMP manufacturing facility, once completed, will become subject to various regulations, including inspections, certifications, and audits[294](index=294&type=chunk) - The company is subject to anti-corruption laws such as the U.S. Foreign Corrupt Practices Act (FCPA) and the Canadian Corruption of Foreign Public Officials Act[190](index=190&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including potential unprofitability, revenue fluctuation post-COVID, dependency on partners, intense competition, and intellectual property litigation [Risks Related to Our Business and Strategy](index=36&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Strategy) - The company incurred a **net loss of approximately $146.4 million in 2023** and anticipates incurring significant losses for the foreseeable future[194](index=194&type=chunk) - Revenue has fluctuated significantly, with royalty payments from Lilly's COVID-19 antibodies ending in November 2022 and **no royalty revenue generated in 2023**[199](index=199&type=chunk) - Future growth is highly dependent on partners successfully developing and commercializing drug candidates, as the majority of contract value lies in downstream payments[231](index=231&type=chunk) - The life sciences and biotechnology platform market is highly competitive, with competition from CROs, specialized platform companies, and technology point-solution providers[99](index=99&type=chunk)[253](index=253&type=chunk) [Risks Related to Our Intellectual Property](index=62&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) - The company's ability to maintain a competitive advantage depends on obtaining and enforcing sufficient IP protection, which is a costly and complex process[330](index=330&type=chunk)[331](index=331&type=chunk) - AbCellera is involved in **ongoing patent infringement litigation against Bruker Cellular Analysis**, where an adverse outcome could reduce competitive advantage[392](index=392&type=chunk)[393](index=393&type=chunk) - The company is also involved in a civil lawsuit filed by the Estate of John Schrader, which alleges breach of an implied partnership and patent infringement[394](index=394&type=chunk) - The company relies on in-licenses from third parties like the University of British Columbia and Stanford University, and the loss of these rights could materially harm the business[349](index=349&type=chunk) [Risks Related to Ownership of Our Common Shares](index=76&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Shares) - Executive officers, directors, and 5% shareholders own **over 20% of common shares**, giving them significant influence over matters requiring shareholder approval[415](index=415&type=chunk) - The company **does not intend to pay dividends** in the foreseeable future, retaining earnings for business development and expansion[414](index=414&type=chunk) - There is a risk of adverse U.S. federal income tax consequences for certain U.S. shareholders if the company is classified as a **CFC or a PFIC**[432](index=432&type=chunk)[438](index=438&type=chunk) - As a Canadian company, shareholder rights differ from those under U.S. laws, which may affect corporate transactions and enforcement of U.S. judgments[419](index=419&type=chunk)[426](index=426&type=chunk) [Unresolved Staff Comments](index=87&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[460](index=460&type=chunk) [Cybersecurity](index=87&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity through its ERM program, with oversight from the Audit Committee and Board, and threats have not materially affected the business to date - The company's cybersecurity risk management is integrated into its overall Enterprise Risk Management (ERM) program[460](index=460&type=chunk) - Governance is led by the Chief Legal and Compliance Officer and the IT team, with oversight from the Audit Committee[463](index=463&type=chunk)[464](index=464&type=chunk) - To date, **risks from cybersecurity threats have not materially affected the company**, its business strategy, results of operations, or financial condition[462](index=462&type=chunk) [Properties](index=87&type=section&id=Item%202.%20Properties) AbCellera's facilities are primarily in Vancouver, B.C., where it is significantly expanding its headquarters and building a new GMP manufacturing facility - The company's main facilities are in Vancouver, British Columbia, where it leases ~130,000 sq. ft. and is building a new **387,000 sq. ft. corporate headquarters** and a **123,000 sq. ft. GMP facility**[465](index=465&type=chunk)[467](index=467&type=chunk) - The company's Australian subsidiary leases approximately 40,000 sq. ft. of office and lab space in Sydney, with a lease expiring in 2031[467](index=467&type=chunk) [Legal Proceedings](index=88&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ongoing patent infringement litigation against Bruker Cellular Analysis and is defending a civil lawsuit from the Estate of John Schrader - The company is engaged in ongoing patent infringement litigation against Bruker Cellular Analysis (formerly Berkeley Lights/PhenomeX), which it initiated in 2020[469](index=469&type=chunk)[471](index=471&type=chunk) - In October 2022, the Estate of John Schrader filed a civil lawsuit against the company, which the company believes is meritless and is actively defending[473](index=473&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=90&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) AbCellera's common shares trade on Nasdaq under "ABCL," and the company does not anticipate paying dividends, retaining earnings for business expansion - The company's common shares have been listed on The Nasdaq Global Select Market under the symbol **"ABCL"** since December 11, 2020[476](index=476&type=chunk) - The company has **never declared or paid cash dividends** and does not intend to in the foreseeable future, retaining earnings to fund business development[480](index=480&type=chunk) - As of February 15, 2024, there were approximately **75 holders of record** of the company's common shares[479](index=479&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=92&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue decreased dramatically in 2023 due to the end of COVID-19 antibody royalties, resulting in a net loss driven by increased R&D investments, though liquidity remains strong [Results of Operations](index=101&type=section&id=Results%20of%20Operations) - The **63% increase in R&D expenses** in 2023 was driven by growth in program execution, platform development, and a $31.6 million one-time payment related to internal programs[530](index=530&type=chunk) - The company reported an **income tax recovery of $27.6 million** in 2023, compared to an expense of $80.6 million in 2022, driven by the net loss in the current year[540](index=540&type=chunk) Revenue Comparison (2022 vs. 2023) | Revenue Category | 2022 (in thousands) | 2023 (in thousands) | Change (Amount) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research fees | $40,802 | $35,556 | ($5,246) | (13)% | | Licensing revenue | $696 | $969 | $273 | 39% | | Milestone payments | $900 | $1,500 | $600 | 67% | | Royalty revenue | $443,026 | $0 | ($443,026) | (100)% | | **Total revenue** | **$485,424** | **$38,025** | **($447,399)** | **(92)%** | Operating Expenses Comparison (2022 vs. 2023) | Expense Category | 2022 (in thousands) | 2023 (in thousands) | Change (Amount) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Royalty Fees | $66,436 | $0 | ($66,436) | (100)% | | Research and development | $107,879 | $175,658 | $67,779 | 63% | | Sales and Marketing | $11,270 | $14,180 | $2,910 | 26% | | General and administrative | $55,485 | $60,999 | $5,514 | 10% | [Liquidity and Capital Resources](index=106&type=section&id=Liquidity%20and%20Capital%20Resources) - As of December 31, 2023, the company had **$760.6 million in cash, cash equivalents, and marketable securities**[553](index=553&type=chunk) - The company believes its current liquidity will be sufficient to meet working capital and capital expenditure needs for **at least the next 36 months** without requiring additional external funding[554](index=554&type=chunk) - In May 2023, the company secured up to **CAD $300.0 million** in multi-year contribution agreements from the Governments of Canada and British Columbia[557](index=557&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | 2022 | 2023 | | :--- | :--- | :--- | | Operating activities | $277,360 | ($43,877) | | Investing activities | ($352,625) | ($221,108) | | Financing activities | ($1,628) | $10,356 | [Critical Accounting Policies and Estimates](index=108&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - **Revenue Recognition (ASC 606)** requires significant management judgment in identifying performance obligations and allocating transaction prices[572](index=572&type=chunk)[573](index=573&type=chunk) - **Business Combinations** are accounted for using the acquisition method, requiring fair value estimates for acquired assets, liabilities, and contingent consideration[577](index=577&type=chunk)[578](index=578&type=chunk) - **Stock-Based Compensation** is measured at the grant date fair value using the Black-Scholes model, which requires subjective assumptions for inputs[585](index=585&type=chunk)[588](index=588&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=112&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate, foreign currency, and inflation risks affecting its investments, expenses, and operational costs - The company is exposed to interest rate risk on its **$760.6 million of cash, cash equivalents, and marketable securities** as of Dec 31, 2023[593](index=593&type=chunk) - **Foreign currency risk** exists as revenues are primarily in USD, while significant expenses are incurred in Canadian and Australian dollars[595](index=595&type=chunk) - **Inflation poses a risk** by increasing labor, materials, and construction costs, which the company tries to mitigate through longer-term supplier agreements[596](index=596&type=chunk) [Financial Statements and Supplementary Data](index=112&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The audited consolidated financial statements are presented in accordance with U.S. GAAP and received an unqualified opinion from the independent auditor, KPMG LLP [Consolidated Balance Sheets](index=126&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (as of Dec 31) | Account (in thousands) | 2022 | 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents, and marketable securities | $886,485 | $760,585 | | Total current assets | $1,025,491 | $871,985 | | Property and equipment, net | $217,255 | $287,696 | | Total assets | $1,540,907 | $1,488,094 | | **Liabilities & Equity** | | | | Total current liabilities | $118,320 | $119,013 | | Total liabilities | $307,630 | $335,776 | | Total shareholders' equity | $1,233,277 | $1,152,318 | [Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)](index=127&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)%20and%20Comprehensive%20Income%20(Loss)) Consolidated Income Statement Highlights (Year ended Dec 31) | Account (in thousands) | 2021 | 2022 | 2023 | | :--- | :--- | :--- | :--- | | Total revenue | $375,203 | $485,424 | $38,025 | | Total operating expenses | $170,790 | $268,913 | $275,232 | | Income (loss) from operations | $204,413 | $216,511 | ($237,207) | | Net earnings (loss) | $153,464 | $158,519 | ($146,398) | | Diluted earnings (loss) per share | $0.48 | $0.50 | ($0.51) | [Consolidated Statements of Cash Flows](index=129&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Highlights (Year ended Dec 31) | Account (in thousands) | 2021 | 2022 | 2023 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $244,584 | $277,360 | ($43,877) | | Net cash used in investing activities | ($332,247) | ($352,625) | ($221,108) | | Net cash from (used in) financing activities | ($3,886) | ($1,628) | $10,356 | | Net decrease in cash and cash equivalents | ($92,974) | ($86,492) | ($254,040) | [Controls and Procedures](index=113&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls, procedures, and internal control over financial reporting were effective as of year-end 2023 - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2023[599](index=599&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2023[601](index=601&type=chunk) - The independent registered public accounting firm, KPMG LLP, audited and provided an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[602](index=602&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=114&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section identifies the company's directors and executive officers and incorporates further details by reference from the 2024 proxy statement - The company's executive officers include **Carl L.G. Hansen (CEO)**, **Véronique Lecault (COO)**, **Andrew Booth (CFO)**, and **Tryn Stimart (CLO)**[606](index=606&type=chunk) - The Board of Directors includes Michael Hayden, John S. Montalbano, Andrew Lo, and Peter Thiel, in addition to co-founders Carl Hansen and Véronique Lecault[606](index=606&type=chunk) [Executive Compensation](index=116&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Annual Meeting of Shareholders proxy statement - The information required by this item will be included in the definitive proxy statement for the 2024 Annual Meeting of Shareholders and is incorporated herein by reference[611](index=611&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=116&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's 2024 Annual Meeting of Shareholders proxy statement - The information required by this item will be included in the definitive proxy statement for the 2024 Annual Meeting of Shareholders and is incorporated herein by reference[612](index=612&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=116&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the company's 2024 Annual Meeting of Shareholders proxy statement - The information required by this item will be included in the definitive proxy statement for the 2024 Annual Meeting of Shareholders and is incorporated herein by reference[613](index=613&type=chunk) [Principal Accounting Fees and Services](index=116&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services is incorporated by reference from the company's 2024 Annual Meeting of Shareholders proxy statement - The company's independent registered public accounting firm is **KPMG LLP**, Vancouver, BC, Canada[614](index=614&type=chunk) - The information required by this item will be included in the definitive proxy statement for the 2024 Annual Meeting of Shareholders and is incorporated herein by reference[614](index=614&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=117&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the report, including financial statements and an index of all required exhibits - This section contains the index to the consolidated financial statements and a list of all exhibits filed with the 10-K report[616](index=616&type=chunk)

Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Has AbCellera Biologics Inc. (ABCL) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.AbCellera Biologics Inc. is one of 1077 individual stocks in the Medical sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individ ...

AbCellera Biologics Inc. (NASDAQ:ABCL) Q3 2023 Results Conference Call November 2, 2023 5:00 PM ET Company Participants Tryn Stimart - Chief Legal & Compliance Officer Carl Hansen - President, CEO Andrew Booth - CFO Conference Call Participants Allison Bratzel - Piper Sandler Robyn Karnauskas - Truist Andrea Tan - Goldman Sachs Stephen Willey - Stifel Puneet Souda - Leerink Partners Steven Mah - Cowen Malcolm Hoffman - BMO Operator Good afternoon, and welcome to AbCellera's Third Quarter 2023 Business Updat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File N ...