Workflow
AbCellera Biologics(ABCL) - 2024 Q3 - Quarterly Report
ABCLAbCellera Biologics(ABCL)2024-11-04 21:34
Transcript
Slide

Financial Performance - Total revenue for the three months ended September 30, 2024, was 6,507,000,adecreaseof1.46,507,000, a decrease of 1.4% compared to 6,599,000 for the same period in 2023[9] - The net loss for the three months ended September 30, 2024, was 51,107,000,comparedtoanetlossof51,107,000, compared to a net loss of 28,610,000 for the same period in 2023, representing an increase in loss of 78.4%[9] - The company reported a comprehensive loss of 50,266,000forthethreemonthsendedSeptember30,2024,comparedtoacomprehensivelossof50,266,000 for the three months ended September 30, 2024, compared to a comprehensive loss of 28,171,000 for the same period in 2023[9] - The company had a basic net loss per share of 0.17forthethreemonthsendedSeptember30,2024,comparedto0.17 for the three months ended September 30, 2024, compared to 0.10 for the same period in 2023[9] - The net loss for the nine months ended September 30, 2023, was 99,248,000,comparedtoanetlossof99,248,000, compared to a net loss of 128,647,000 for the same period in 2024, indicating a decrease in losses[15] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were 100,170,000,anincreaseof62.8100,170,000, an increase of 62.8% from 61,489,000 in the same period of 2023[9] - Research fees for the nine months ended September 30, 2024, were 21,516,000,comparedto21,516,000, compared to 26,812,000 for the same period in 2023, reflecting a decline of 19.8%[9] - Research and development expenses for the nine months ended September 30, 2024, totaled 121,183,000,adecreaseof4.6121,183,000, a decrease of 4.6% from 127,036,000 in the same period of 2023[9] - The company experienced a significant increase in depreciation, amortization, and impairment expenses, which rose to 36,919,000forthethreemonthsendedSeptember30,2024,comparedto36,919,000 for the three months ended September 30, 2024, compared to 5,735,000 for the same period in 2023[9] - The company reported a depreciation expense of 10,437,000fortheninemonthsendedSeptember30,2024,comparedto10,437,000 for the nine months ended September 30, 2024, compared to 8,874,000 in 2023[15] Cash Flow and Liquidity - Cash used in operating activities for the nine months ended September 30, 2023, was 24,266,000,whileitincreasedto24,266,000, while it increased to 100,556,000 in 2024[15] - Total cash, cash equivalents, and restricted cash at the end of the period was 199,712,000forSeptember30,2023,downfrom199,712,000 for September 30, 2023, down from 153,930,000 in 2024[15] - Cash flows from investing activities resulted in a net cash used of 196,785,000fortheninemonthsendedSeptember30,2024,comparedtoanetcashprovidedof196,785,000 for the nine months ended September 30, 2024, compared to a net cash provided of 85,706,000 in 2023[15] - The company holds marketable securities totaling 516.5millionasofSeptember30,2024,withaweightedaveragelifeofapproximately0.5years[47]ShareholderEquity−Thetotalshareholders′equityasofSeptember30,2024,was516.5 million as of September 30, 2024, with a weighted average life of approximately 0.5 years[47] Shareholder Equity - The total shareholders' equity as of September 30, 2024, was 1,078,094,000, a decrease from 1,152,318,000asofDecember31,2023[11]−Theweighted−averagecommonsharesoutstandingforthethreemonthsendedSeptember30,2024,were294,851,945,comparedto289,496,841forthesameperiodin2023[9]−Theweighted−averagecommonsharesoutstandingincreasedfrom288,750,387intheninemonthsendedSeptember30,2023,to293,930,702in2024[22]GovernmentContributions−TheCompanyenteredintomulti−yearcontributionagreementswiththeGovernmentofCanadaandtheGovernmentofBritishColumbiatotalingCAD1,152,318,000 as of December 31, 2023[11] - The weighted-average common shares outstanding for the three months ended September 30, 2024, were 294,851,945, compared to 289,496,841 for the same period in 2023[9] - The weighted-average common shares outstanding increased from 288,750,387 in the nine months ended September 30, 2023, to 293,930,702 in 2024[22] Government Contributions - The Company entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia totaling CAD 300.0 million (222.3million)todevelopantibodymedicinesandenhancecapabilitiesinCanada[52]−TheGovernmentofCanadacommitteduptoCAD222.3 million) to develop antibody medicines and enhance capabilities in Canada[52] - The Government of Canada committed up to CAD 225.0 million (166.7million),withCAD166.7 million), with CAD 56.2 million (41.6million)beingnon−repayableandtheremainingamountsbeingrepayablestartingin2033[52]−TherepayablefundingfromtheGovernmentofCanadaispayableoverfifteenyears,withaconditionallyrepayableportionbasedonapercentageoftheCompany′srevenue[52]−TheGovernmentofBritishColumbiacommitteduptoCAD41.6 million) being non-repayable and the remaining amounts being repayable starting in 2033[52] - The repayable funding from the Government of Canada is payable over fifteen years, with a conditionally repayable portion based on a percentage of the Company's revenue[52] - The Government of British Columbia committed up to CAD 75.0 million (55.6million),includingCAD55.6 million), including CAD 37.5 million (27.8million)foreligibleinfrastructureinvestmentsandaconditionalportionbasedonachievingdefinedmilestones[52]−TheCompanyrecordedCAD27.8 million) for eligible infrastructure investments and a conditional portion based on achieving defined milestones[52] - The Company recorded CAD 57.2 million (42.4million)fromtheGovernmentofCanadafundingandCAD42.4 million) from the Government of Canada funding and CAD 37.2 million (27.6million)fromtheGovernmentofBritishColumbiafundingasofSeptember30,2024[52]−ThetotaldeferredgovernmentcontributionsrecognizedontheconsolidatedbalancesheetsasofSeptember30,2024,amountedtoCAD27.6 million) from the Government of British Columbia funding as of September 30, 2024[52] - The total deferred government contributions recognized on the consolidated balance sheets as of September 30, 2024, amounted to CAD 149.9 million (112.5million)[53]−Governmentcontributionsareamortizedintootherincomeoveranaveragelifeofapproximately8years[53]OtherFinancialMetrics−Thecompanyrecognizedagainof112.5 million)[53] - Government contributions are amortized into other income over an average life of approximately 8 years[53] Other Financial Metrics - The company recognized a gain of 16.5 million from the disposal of non-marketable securities in the quarter ended September 30, 2024[41] - The fair value of contingent consideration liabilities related to Trianni increased to 20.2millionasofSeptember30,2024,from20.2 million as of September 30, 2024, from 20.0 million at the beginning of the period[43] - The company incurred lease expenses of 4,000,000forboththethreeandninemonthsendedSeptember30,2024,consistentwiththepreviousyear[29]−StockoptionsoutstandingunderthePre−IPOPlandecreasedto27,263,018sharesasofSeptember30,2024,from30,647,575sharesasofDecember31,2023[33]−Stock−basedcompensationexpensefortheninemonthsendedSeptember30,2024was4,000,000 for both the three and nine months ended September 30, 2024, consistent with the previous year[29] - Stock options outstanding under the Pre-IPO Plan decreased to 27,263,018 shares as of September 30, 2024, from 30,647,575 shares as of December 31, 2023[33] - Stock-based compensation expense for the nine months ended September 30, 2024 was 52.4 million, up from $47.7 million for the same period in 2023[37] Market Risk - The Company believes its exposure to market risk has not changed materially since the last annual report[109]