AbCellera Biologics(US:ABCL)2022-11-07 16:00Revenue Growth - Total revenue for the three months ended September 30, 2022, was $101,383,000, a significant increase from $5,508,000 in the same period of 2021, representing a growth of approximately 1,738%[13] - Research fees and licensing revenue for the nine months ended September 30, 2022, reached $29,378,000, compared to $14,330,000 for the same period in 2021, indicating a growth of about 105%[13] - For the nine months ended September 30, 2022, net income was $188,412, compared to $93,516 for the same period in 2021, representing a 101.5% increase[17] - The company recognized $2.0 million in revenue from deferred revenue during Q3 2022, compared to $1.5 million in Q3 2021, marking a 33% increase[46] - The company expects to recognize approximately $3.4 million in revenue in the next 12 months related to milestone payments from a collaboration with Eli Lilly[48] Financial Performance - The company reported a net loss of $21,380,000 for the three months ended September 30, 2022, compared to a net loss of $21,380,000 in the same period of 2021, showing a recovery from previous losses[13] - The company’s diluted net earnings per share for the three months ended September 30, 2022, was $0.08, compared to $(0.08) for the same period in 2021, indicating a turnaround in earnings performance[13] - For the three months ended September 30, 2022, the company reported net earnings attributable to common shareholders of $26,624, compared to a net loss of $21,380 for the same period in 2021, resulting in basic earnings per share of $0.09[27] Assets and Liabilities - Total current assets increased from $929,800,000 as of December 31, 2021, to $1,045,669,000 as of September 30, 2022, reflecting a growth of approximately 12.5%[11] - Total assets rose from $1,318,569,000 as of December 31, 2021, to $1,552,409,000 as of September 30, 2022, marking an increase of about 17.7%[11] - The company’s cash, cash equivalents, and marketable securities totaled $868,206,000 as of September 30, 2022, up from $722,977,000 as of December 31, 2021, indicating a growth of about 20.1%[11] - The current portion of contingent consideration payable increased from $22,934,000 to $32,531,000, reflecting a rise of approximately 42%[11] - Shareholders' equity increased from $1,025,733,000 as of December 31, 2021, to $1,250,172,000 as of September 30, 2022, representing a growth of about 22%[11] - As of September 30, 2022, total cash, cash equivalents, and restricted cash amounted to $396,973, down from $517,694 at the end of the previous period[17] - As of September 30, 2022, the company had total accounts payable and other liabilities of $25,866 thousand, a decrease from $32,017 thousand as of December 31, 2021[38] Operating Expenses - Operating expenses for the three months ended September 30, 2022, totaled $63,648,000, compared to $33,604,000 for the same period in 2021, representing an increase of approximately 89%[13] - The company’s stock-based compensation expense for the nine months ended September 30, 2022, was $36,158, an increase from $21,608 in the same period of 2021[17] - Stock-based compensation expense increased from $7.7 million in Q3 2021 to $11.8 million in Q3 2022, representing a 53% increase[44] Investments and Collaborations - The company aims to become the centralized operating system for next-generation antibody discovery, leveraging its AI-powered platform[19] - AbCellera Biologics Inc. has partnerships with various drug developers, ranging from large pharmaceutical companies to small biotechnology firms[19] - The company received total payments of $28.4 million under a research collaboration agreement with Eli Lilly, including an upfront payment of $26.7 million[48] - The company has made equity investments of $18.8 million in the Dayhu joint venture and $14.7 million in the Beedie joint venture as of September 30, 2022[33] - The outstanding related party loan balance to the Dayhu joint venture increased from $18.0 million as of December 31, 2021, to $33.2 million as of September 30, 2022[34] Other Financial Metrics - The company incurred approximately $15.0 million in expenses related to research and development and regulatory milestone payments during Q3 2022[58] - The company recognized a lease liability of $41.1 million upon commencing a lease for office and laboratory space in Vancouver, Canada[60] - The fair value of contingent consideration liabilities increased from $22.9 million to $24.7 million for Trianni and decreased from $35.9 million to $33.2 million for TetraGenetics during the nine months ended September 30, 2022[53] - Deferred revenue decreased from $35.4 million in September 2021 to $30.9 million in September 2022, a decline of approximately 13%[46] - The company’s accumulated comprehensive other income (loss) was $(717) as of September 30, 2022, indicating fluctuations in foreign currency translation adjustments[17] Property and Equipment - The company’s total property and equipment increased from $121,442 thousand as of December 31, 2021, to $216,339 thousand as of September 30, 2022, with net property and equipment amounting to $200,602 thousand[29] - The company’s intangible assets net book value was $142,548 thousand as of September 30, 2022, with a gross carrying amount of $162,973 thousand and accumulated amortization of $20,425 thousand[31] Stock Options and Shares - The company’s stock option activity shows 34,809,900 options outstanding as of September 30, 2022, with a weighted average exercise price of $0.88[40] - The company granted 3,938,280 shares under the 2020 Share Option and Incentive Plan, with 8,675,247 options outstanding as of September 30, 2022[41] - As of September 30, 2022, the company had 3,155,073 restricted share units (RSUs) outstanding, with a weighted average grant date fair value of $14.00[43] Impact of COVID-19 - The company’s future financial results may be impacted by ongoing developments related to the COVID-19 pandemic, although no specific events have been identified that would require updates to estimates or assumptions[24]