AbCellera Biologics(ABCL) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $7.3 million, a decrease of 27.2% from $10.1 million in Q2 2023[8] - Research fees generated from partnerships were $5.5 million, down from $9.8 million in Q2 2023[8] - Net loss for Q2 2024 was $36.9 million, or $(0.13) per share, compared to a net loss of $30.5 million, or $(0.11) per share in Q2 2023[8] - Net loss for the six months ended June 30, 2024, was $77,540 thousand, compared to a net loss of $70,638 thousand for the same period in 2023, indicating a deterioration of approximately 9%[21] Research and Development - R&D expenses increased to $40.9 million, compared to $36.5 million in Q2 2023, reflecting growth in program execution and platform development[8] - Cumulative partner-initiated program starts with downstreams reached 93, a 16% increase from 80 on June 30, 2023[7] - The number of molecules in the clinic increased to 14, representing a 56% increase from 9 on June 30, 2023[7] - AbCellera aims to submit clinical trial applications for ABCL635 and ABCL575 in Q2 2025[4] - The U.S. FDA cleared Abdera's IND application for ABD-147 and granted it Fast Track designation[4] - An expanded collaboration with Lilly was announced to discover therapeutic antibodies for various diseases[6] Cash and Liquidity - AbCellera has approximately $697.6 million in cash and equivalents, with total available liquidity exceeding $900 million[8] - Cash and cash equivalents decreased to $207,037 thousand at the end of the period from $414,651 thousand at the beginning, representing a decline of about 50%[21] - The company’s total cash, cash equivalents, and restricted cash at the end of the period was $204,747 thousand, down from $414,651 thousand at the beginning of the period, indicating a significant decrease in liquidity[21] Assets and Liabilities - Total assets increased to $1,488,094 thousand as of December 31, 2023, compared to $1,412,481 thousand on June 30, 2024, reflecting a growth of approximately 5.4%[19] - Total current assets rose to $871,985 thousand, up from $771,554 thousand, marking an increase of about 13%[19] - Total liabilities increased to $335,776 thousand as of December 31, 2023, compared to $301,513 thousand on June 30, 2024, reflecting an increase of approximately 11.3%[19] - Total shareholders' equity was $1,152,318 thousand as of December 31, 2023, compared to $1,110,968 thousand on June 30, 2024, showing an increase of about 3.7%[19] Cash Flow - Cash flows from operating activities resulted in a net cash used of $71,674 thousand for the six months ended June 30, 2024, compared to $24,160 thousand for the same period in 2023, indicating a significant increase in cash outflow[21] - Net cash provided by investing activities was $82,008 thousand for the six months ended June 30, 2024, contrasting with a net cash used of $183,999 thousand for the same period in 2023, showing a turnaround in cash flow[21] - The company reported a fair value gain on contingent consideration of $(30,920) thousand for the six months ended June 30, 2024, compared to no gain reported in the same period of 2023[21]