AbCellera Biologics(US:ABCL)2024-08-06 20:55Revenue and Net Loss - Total revenue for the six months ended June 30, 2024, was $17.277 million, a decrease from $22.248 million in the same period in 2023[11] - Net loss for the six months ended June 30, 2024, was $77.540 million, compared to $70.638 million in the same period in 2023[11] - Net loss for the six months ended June 30, 2024 was $77.54 million, compared to $70.64 million for the same period in 2023[18] - Basic and diluted net loss per share for the six months ended June 30, 2024, was $0.26, compared to $0.24 in the same period in 2023[11] - Basic and diluted net loss per share for Q2 2024 was $(0.13), compared to $(0.11) in Q2 2023, with net losses of $(36.9 million) and $(30.5 million) respectively[28] Research and Development Expenses - Research and development expenses for the six months ended June 30, 2024, were $80.214 million, down from $89.120 million in the same period in 2023[11] - Stock-based compensation expense increased to $35.19 million for the six months ended June 30, 2024, up from $31.87 million in the same period in 2023[18] - Stock-based compensation expense increased from $16.4 million in Q2 2023 to $17.8 million in Q2 2024, primarily driven by R&D and G&A expenses[49] Cash and Marketable Securities - Total cash, cash equivalents, and marketable securities as of June 30, 2024, were $670.356 million, a decrease from $760.585 million as of December 31, 2023[10] - Cash and cash equivalents and restricted cash decreased to $175.60 million as of June 30, 2024, compared to $207.04 million as of June 30, 2023[18] - Proceeds from marketable securities increased to $539.39 million for the six months ended June 30, 2024, compared to $422.81 million in the same period in 2023[18] - The company's marketable securities totaled $522.044 million as of June 30, 2024, with $72.434 million in Level 1 and $449.610 million in Level 2[60] - The company's marketable securities had a weighted average life of approximately 0.6 years and were rated A- or higher by at least two major rating agencies[58] Assets and Liabilities - Total current assets as of June 30, 2024, were $771.554 million, down from $871.985 million as of December 31, 2023[10] - Total liabilities as of June 30, 2024, were $301.513 million, a decrease from $335.776 million as of December 31, 2023[10] - Total shareholders' equity as of June 30, 2024, was $1.110968 billion, down from $1.152318 billion as of December 31, 2023[10] - Total shareholders' equity decreased to $1.11 billion as of June 30, 2024, down from $1.15 billion as of December 31, 2023[15] - Accumulated other comprehensive loss increased to $2.07 million as of June 30, 2024, compared to $1.72 million as of December 31, 2023[15] - Common shares outstanding increased to 294.67 million as of June 30, 2024, up from 290.82 million as of December 31, 2023[15] - Property and equipment, net increased from $287.7 million in December 2023 to $318.9 million in June 2024, driven by building and leasehold improvements[31] - The company held $32.3 million in non-marketable securities as of June 2024, unchanged from December 2023[52] Depreciation, Amortization, and Impairment - Depreciation, amortization, and impairment expenses for the six months ended June 30, 2024, were $41.366 million, up from $11.124 million in the same period in 2023[11] - Amortization and impairment of intangible assets significantly increased to $34.76 million for the six months ended June 30, 2024, compared to $5.31 million in the same period in 2023[18] - The company recorded a full impairment charge of $32.0 million for IPR&D assets acquired through the TetraGenetics acquisition in 2021[33] - Amortization expense on intangible assets is estimated to be $4.3 million annually from 2025 to 2029, totaling $21.5 million over five years[35] Cash Flow and Investments - Net cash used in operating activities increased to $71.67 million for the six months ended June 30, 2024, compared to $24.16 million in the same period in 2023[18] - Purchases of property and equipment increased to $44.25 million for the six months ended June 30, 2024, up from $42.19 million in the same period in 2023[18] - The company's equity investment in Dayhu JV increased slightly from $42.1 million in December 2023 to $42.2 million in June 2024[37] - Loan receivable from Beedie JV partner increased significantly from CAD $18.4 million ($13.9 million) in December 2023 to CAD $30.6 million ($22.4 million) in June 2024[40] Government Funding and Contributions - The company received a total of CAD $175.6 million ($125.6 million) from the Canadian government under the Strategic Innovation Fund (SIF) for COVID-19 antibody research and development[63] - The company entered into multi-year contribution agreements totaling CAD $300.0 million ($222.3 million) with the Canadian and British Columbia governments for antibody medicine development and manufacturing[64] - The company recorded CAD $46.0 million ($34.1 million) in respect of the Canadian government's funding commitment as of June 30, 2024[65] - The company recorded CAD $31.0 million ($23.0 million) in respect of the British Columbia government's funding commitment as of June 30, 2024[65] - Government Contribution 1 and 2 totaled $131.593 million on the consolidated balance sheets as of June 30, 2024[67] Contingent Consideration and Liabilities - Contingent consideration related to business acquisitions is measured using Level 3 inputs, with no changes to valuation techniques since acquisition[55] - Trianni's contingent consideration liability increased by $374,000 to $20.027 million for the three months ended June 30, 2024[56] - TetraGenetics' contingent consideration liability decreased by $32.4 million to $4.441 million for the three months ended June 30, 2024[56] Deferred Revenue and Other Financial Metrics - Deferred revenue decreased from $27.2 million in December 2023 to $14.4 million in June 2024, with $13.0 million recognized as revenue in H1 2024[50] - The company's exposure to market risk has not changed materially since December 31, 2023[125]