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AbCellera Biologics(ABCL) - 2024 Q4 - Annual Results
ABCLAbCellera Biologics(ABCL)2025-02-27 21:11

Financial Performance - Total revenue for FY 2024 was 28.8million,adecreaseof24.228.8 million, a decrease of 24.2% from 38.0 million in 2023[8] - Net loss for FY 2024 was 162.9million,comparedtoanetlossof162.9 million, compared to a net loss of 146.4 million in 2023, representing a 11.1% increase in losses[4] - Revenue for Q4 2024 was 5.1million,representing185.1 million, representing 18% of total revenue for the year[8] - The net loss for Q4 2024 was 34.2 million, or (0.12)pershare[9]−NetearningsforDecember31,2023,showedalossof(0.12) per share[9] - Net earnings for December 31, 2023, showed a loss of 146,398, compared to a profit of 158,519 in 2022, indicating a significant decline in profitability[24] Expenses - Research and Development (R&D) expenses for FY 2024 were 167.3 million, down 4.3% from 175.7 million in 2023[8] - General & Administrative (G&A) expenses increased to 72.7 million in FY 2024, up 18.0% from 61.0millionin2023[8]−Thecompanyreportedasignificantincreaseinamortizationandimpairmentofintangibleassets,risingto61.0 million in 2023[8] - The company reported a significant increase in amortization and impairment of intangible assets, rising to 78,312 in 2024 from 11,637in2023[24]−Stock−basedcompensationincreasedto11,637 in 2023[24] - Stock-based compensation increased to 64,183 in 2023, up from 49,481in2022,reflectingariseofapproximately3049,481 in 2022, reflecting a rise of approximately 30%[24] Cash Flow and Liquidity - The company ended FY 2024 with approximately 840 million in total available liquidity, including 652.9millionincashandcashequivalents[8]−Cashflowsfromoperatingactivitiesdecreasedto652.9 million in cash and cash equivalents[8] - Cash flows from operating activities decreased to (43,877) for the year ending December 31, 2023, down from 277,360in2022[24]−Totalcashandcashequivalentsattheendoftheperioddecreasedto277,360 in 2022[24] - Total cash and cash equivalents at the end of the period decreased to 160,610 in 2023 from 414,650in2022,reflectingadeclineofapproximately61414,650 in 2022, reflecting a decline of approximately 61%[24] - Cash flows from investing activities showed a net outflow of (221,108) in 2023, compared to (352,625)in2022,indicatingareductionininvestmentspending[24]−Thetotalcash,cashequivalents,andrestrictedcashshownonthebalancesheetdecreasedto(352,625) in 2022, indicating a reduction in investment spending[24] - The total cash, cash equivalents, and restricted cash shown on the balance sheet decreased to 158,320 in 2023 from 411,535in2022,adeclineofapproximately62411,535 in 2022, a decline of approximately 62%[24] Clinical Development - Cumulative partner-initiated program starts with downstreams increased to 96 in 2024, up 10% from 87 in 2023[5] - The number of molecules in the clinic rose to 16, reflecting a 23% increase from 13 in 2023[5] - AbCellera plans to initiate Phase 1 clinical trials for its first two programs, ABCL635 and ABCL575, in 2025[2] Other Financial Metrics - The company experienced a decrease in net cash provided by financing activities, which rose to 10,356 in 2023 from (1,628)in2022[24]−Researchfeeandgrantreceivableincreasedsignificantly,withadeclineof(1,628) in 2022[24] - Research fee and grant receivable increased significantly, with a decline of (45,933) in 2023 compared to (22,715)in2022[24]−Thecompanyreportedacashoutflowof(22,715) in 2022[24] - The company reported a cash outflow of (763,982) for the purchase of marketable securities in 2022, which increased to $(1,021,510) in 2023[24]