AbCellera Biologics(ABCL) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for FY 2024 was $28.8 million, a decrease of 24.2% from $38.0 million in 2023[8] - Net loss for FY 2024 was $162.9 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 $5.1 million, representing 18% of total revenue for the year[8] - The net loss for Q4 2024 was $34.2 million, or $(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 $61.0 million in 2023[8] - The company reported a significant increase in amortization and impairment of intangible assets, rising to $78,312 in 2024 from $11,637 in 2023[24] - Stock-based compensation increased to $64,183 in 2023, up from $49,481 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 $652.9 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 $277,360 in 2022[24] - Total cash and cash equivalents at the end of the period decreased to $160,610 in 2023 from $414,650 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) 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 $411,535 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) in 2022[24] - Research fee and grant receivable increased significantly, with a decline of $(45,933) in 2023 compared to $(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]