AbCellera Biologics(ABCL) - 2025 Q2 - Quarterly Results

Q2 2025 Business and Financial Highlights AbCellera's Q2 2025 highlights include significant clinical pipeline advancements and strong financial performance with doubled revenue Business & Operational Summary AbCellera transitioned to a clinical-stage biotechnology company in Q2 2025, initiating Phase 1 trials for two programs and advancing a third, while expanding its discovery pipeline - AbCellera has transitioned into a clinical-stage biotechnology company with the initiation of Phase 1 studies for ABCL635 and ABCL575[2] - A third internal program, ABCL688, targeting autoimmunity, has advanced into IND/CTA-enabling studies[2][3] Key Business Metrics The company achieved strong year-over-year growth in key operational metrics, including partner-initiated programs and molecules advanced into the clinic Cumulative Business Metrics Growth (YoY) | Cumulative Metrics | June 30, 2024 | June 30, 2025 | Change % | | :--- | :--- | :--- | :--- | | Partner-initiated program starts with downstreams | 93 | 102 | 10% | | Molecules in the clinic | 14 | 18 | 29% | Clinical Pipeline Updates The company initiated Phase 1 trials for ABCL635 and ABCL575, advancing its clinical pipeline with anticipated data in mid-2026 for ABCL635 - ABCL635 (Endocrinology/Women's Health): Dosing has begun in a Phase 1 trial for treating moderate-to-severe vasomotor symptoms Initial safety and efficacy data is expected in mid-2026[7] - ABCL575 (Immunology and Inflammation): A Phase 1 trial has been initiated for treating moderate-to-severe atopic dermatitis The antibody is designed for a potential dosing interval of once every 6 months[7] Q2 2025 Financial Performance In Q2 2025, AbCellera's revenue more than doubled to $17.1 million compared to $7.3 million in Q2 2024, narrowing its net loss and maintaining robust liquidity Q2 2025 Financial Highlights vs. Q2 2024 (in millions USD) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $17.1 | $7.3 | +134% | | R&D Expenses | $39.2 | $40.9 | -4.2% | | Net Loss | $(34.7) | $(36.9) | +6.0% | | Net Loss Per Share | $(0.12) | $(0.13) | +7.7% | - The company is well-capitalized with total available liquidity of approximately $753 million, comprising $580 million in cash and marketable securities and $173 million in available non-dilutive government funding[2][8] Condensed Consolidated Statements of Loss For the three months ended June 30, 2025, total revenue surged to $17.1 million, driven by a significant increase in licensing revenue, resulting in a net loss of $34.7 million Q2 2025 Statement of Loss (in thousands USD) | Line Item | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Total revenue | $17,084 | $7,323 | | Research fees | $6,639 | $5,453 | | Licensing revenue | $10,445 | $370 | | Total operating expenses | $66,669 | $100,777 | | Research and development | $39,213 | $40,927 | | Depreciation, amortization, and impairment | $5,470 | $36,522 | | Loss from operations | $(49,585) | $(93,454) | | Net loss | $(34,727) | $(36,930) | | Net loss per share (basic & diluted) | $(0.12) | $(0.13) | Condensed Consolidated Balance Sheets As of June 30, 2025, AbCellera's total assets increased to $1.40 billion, with total cash, cash equivalents, and marketable securities at $553.1 million, and total shareholders' equity at $1.01 billion Balance Sheet Summary (in thousands USD) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $742,145 | $751,370 | | Cash, cash equivalents, and marketable securities | $553,078 | $625,614 | | Total assets | $1,402,061 | $1,360,553 | | Total current liabilities | $67,023 | $76,612 | | Total liabilities | $394,985 | $304,469 | | Total shareholders' equity | $1,007,076 | $1,056,084 | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash used in operating activities improved to $44.0 million, while net cash used in investing activities shifted to $23.9 million, resulting in a $63.9 million decrease in cash and cash equivalents Cash Flow Summary - Six Months Ended June 30 (in thousands USD) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(43,958) | $(71,674) | | Net cash provided by (used in) investing activities | $(23,876) | $82,008 | | Net cash provided by financing activities | $2,595 | $5,482 | | Decrease in cash and cash equivalents | $(63,888) | $14,992 | Other Information This section provides definitions for key business metrics, outlines forward-looking statement disclaimers, and details conference call access information Definition of Key Business Metrics This section defines key business metrics, including partner-initiated programs and molecules in the clinic, which indicate potential for future revenue from milestones and royalties - Partner-initiated program starts with downstreams: This metric indicates the potential for near-term payments and long-term revenue from milestone fees and royalties[12] - Molecules in the clinic: This metric signals near- and mid-term potential revenue from milestone fees and long-term potential from royalty payments[13] Forward-Looking Statements This section contains the standard "safe harbor" provision, cautioning that the press release includes forward-looking statements based on management's current beliefs and assumptions - The press release contains forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995[14] - These statements involve risks and uncertainties, and readers are cautioned that they are based on current projections and may not prove to be accurate[16] Conference Call Information AbCellera scheduled a conference call and live webcast to discuss the Q2 2025 financial results and business updates for 2:00 p.m. Pacific Time on the day of the earnings release - A conference call and live webcast were scheduled for 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the results[9]