AbCellera Biologics(ABCL) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $4.2 million, a decrease from $10.0 million in Q1 2024[7] - Net loss for Q1 2025 was $45.6 million, compared to a net loss of $40.6 million in Q1 2024, resulting in a loss per share of $(0.15)[7][16] - Net loss for the three months ended March 31, 2024, was $40,610, compared to a net loss of $45,621 for the same period in 2025[19] Expenses - Research and Development (R&D) expenses increased to $42.5 million in Q1 2025 from $39.3 million in Q1 2024, reflecting a 5.5% growth in investments[7][16] - Sales and Marketing (S&M) expenses decreased to $2.8 million in Q1 2025 from $3.4 million in Q1 2024[7] - General & Administrative (G&A) expenses decreased to $16.2 million in Q1 2025 from $17.4 million in Q1 2024[7] - Cash used in operating activities was $41,708 for the three months ended March 31, 2024, significantly higher than $11,554 in 2025[19] - Stock-based compensation was $17,409 for the three months ended March 31, 2024, down from $14,786 in 2025[19] Liquidity and Cash Flow - The company ended Q1 2025 with over $800 million in available liquidity, including $633 million in cash and cash equivalents[2][7] - Cash and cash equivalents and restricted cash at the end of the period were $150,862 for March 31, 2024, compared to $186,556 for the same date in 2025[19] - Total cash, cash equivalents, and restricted cash shown on the balance sheet was $148,572 for March 31, 2024, versus $184,266 for the same date in 2025[19] - Net cash provided by investing activities was $29,910 for the three months ended March 31, 2024, compared to $7,935 in 2025[19] Operational Highlights - Cumulative partner-initiated program starts with downstreams reached 97 in Q1 2025, an 8% increase from 90 in Q1 2024[4] - The number of molecules that have reached the clinic increased to 16, representing a 23% growth from 13 in Q1 2024[4] - The company anticipates starting Phase 1 clinical trials for ABCL635 and ABCL575 in the second half of 2025[2] - AbCellera is focused on advancing its internal pipeline of first-in-class and best-in-class programs while collaborating on innovative drug development with partners[8] Changes in Financial Metrics - Purchases of property and equipment amounted to $24,140 for the three months ended March 31, 2024, compared to $10,636 in 2025[19] - Proceeds from marketable securities were $306,545 for the three months ended March 31, 2024, compared to $190,027 in 2025[19] - Research fees and grants receivable showed a significant change of $(18,576) for the three months ended March 31, 2024, compared to $(1,133) in 2025[19] - Deferred revenue changed by $(8,017) for the three months ended March 31, 2024, while it increased by $13,313 in 2025[19]