AbCellera Biologics(ABCL) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $9.0 million, an increase of 38.5% from $6.5 million in Q3 2024[10] - Net loss for Q3 2025 was $57.1 million, compared to a net loss of $51.1 million in Q3 2024, representing a 11.7% increase in losses[5] - Net loss for the nine months ended September 30, 2024, was $128.647 million, compared to a net loss of $137.467 million for the same period in 2025[18] - Cash used in operating activities for the nine months ended September 30, 2024, was $100.556 million, slightly higher than $96.552 million in 2025[18] Expenses - Research and Development (R&D) expenses were $55.0 million, up from $41.0 million in Q3 2024, indicating a 34.1% increase[10] - Sales and Marketing (S&M) expenses decreased slightly to $2.9 million from $3.1 million in Q3 2024[10] - General & Administrative (G&A) expenses increased to $22.1 million from $19.1 million in Q3 2024, a 15.7% rise[10] - Stock-based compensation for the nine months ended September 30, 2024, was $52.355 million, down from $42.888 million in 2025[18] Liquidity and Cash Flow - Total available liquidity at the end of Q3 2025 was approximately $680 million, including $523 million in cash and cash equivalents[10] - Cash and cash equivalents and restricted cash at the end of the period were $153.930 million for 2024, down from $110.449 million in 2025[18] - Total cash, cash equivalents, and restricted cash shown on the balance sheet was $151.640 million for 2024, compared to $108.159 million in 2025[18] - Proceeds from marketable securities were $735.989 million for the nine months ended September 30, 2024, compared to $386.536 million in 2025[18] Clinical and Operational Highlights - The number of partner-initiated program starts with downstreams increased to 103 in Q3 2025, an 8% rise from 95 in Q3 2024[3] - Molecules in the clinic rose to 18, a 29% increase from 14 in Q3 2024[3] - AbCellera continues to advance its lead programs, ABCL635 and ABCL575, through Phase 1 clinical trials[5] - The company appointed Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer during the quarter[5] Changes in Assets and Liabilities - Research fees and grants receivable decreased by $54.258 million for the nine months ended September 30, 2024, compared to a decrease of $15.957 million in 2025[18] - Purchases of property and equipment amounted to $62.766 million for the nine months ended September 30, 2024, compared to $32.929 million in 2025[18] - The effect of exchange rate changes on cash and cash equivalents resulted in a decrease of $457 for the nine months ended September 30, 2024, while it increased by $807 in 2025[18]