AbCellera Biologics(ABCL) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 was $6.5 million, a slight decrease from $6.6 million in Q3 2023[5] - Net loss for Q3 2024 was $51.1 million, or $(0.17) per share, compared to a net loss of $28.6 million, or $(0.10) per share in Q3 2023[5] - Net loss for the nine months ended September 30, 2024, was $128,647, compared to a net loss of $99,248 for the same period in 2023[18] - Cash used in operating activities for the nine months ended September 30, 2024, was $100,556, significantly higher than $24,266 for the same period in 2023[18] Expenses - Research and Development (R&D) expenses increased to $41.0 million, up from $37.9 million in Q3 2023, reflecting growth in program execution and platform development[5] - Sales and Marketing (S&M) expenses decreased to $3.1 million from $3.5 million in Q3 2023[5] - General and Administrative (G&A) expenses rose to $19.1 million, compared to $14.4 million in Q3 2023[5] - The company reported a significant increase in amortization and impairment of intangible assets, rising to $67,848 from $7,985[18] Assets and Liabilities - Total assets increased to $1,488,094 from $1,392,828, representing a growth of approximately 6.9%[17] - Total current assets rose to $871,985, up from $742,883, indicating an increase of about 17.4%[17] - Total liabilities increased to $335,776 from $314,734, marking a rise of about 6.7%[17] - Total shareholders' equity grew to $1,152,318, compared to $1,078,094, an increase of approximately 6.9%[17] Cash and Liquidity - Total cash, cash equivalents, and marketable securities amounted to $670.4 million, with an additional $205 million in available non-dilutive government funding, totaling over $875 million in liquidity[5] - Cash and cash equivalents at the end of the period were $199,712, down from $414,651, reflecting a decrease of approximately 51.9%[18] - Proceeds from marketable securities were $735,989, up from $642,913, indicating an increase of approximately 14.5%[18] Collaborations and Developments - Cumulative partner-initiated program starts with downstreams reached 95, an increase of 13% from 84 as of September 30, 2023[3] - The number of molecules advanced to the clinic increased by 40% to 14 from 10 as of September 30, 2023[3] - The company expanded its collaboration with Eli Lilly to discover therapeutic antibodies for various diseases[2] - AbCellera completed the consolidation into its new headquarters in Vancouver, marking a significant milestone in its infrastructure investments[2] Capital Expenditures - Purchases of property and equipment amounted to $62,766, slightly higher than $62,516 in the previous period[18]