AbCellera Biologics(US:ABCL)2024-11-04 21:34Financial Performance - Total revenue for the three months ended September 30, 2024, was $6,507,000, 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, 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 $50,266,000 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 $0.17 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, 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, 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, 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, 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 $36,919,000 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 $10,437,000 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, while it increased to $100,556,000 in 2024[15] - Total cash, cash equivalents, and restricted cash at the end of the period was $199,712,000 for September 30, 2023, down from $153,930,000 in 2024[15] - Cash flows from investing activities resulted in a net cash used of $196,785,000 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 $516.5 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 $1,152,318,000 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 ($222.3 million) to develop antibody medicines and enhance capabilities in Canada[52] - The Government of Canada committed up to CAD $225.0 million ($166.7 million), with CAD $56.2 million ($41.6 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 ($55.6 million), including CAD $37.5 million ($27.8 million) for eligible infrastructure investments and a conditional portion based on achieving defined milestones[52] - The Company recorded CAD $57.2 million ($42.4 million) from the Government of Canada funding and CAD $37.2 million ($27.6 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 ($112.5 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 $20.2 million as of September 30, 2024, from $20.0 million at the beginning of the period[43] - The company incurred lease expenses of $4,000,000 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]