AbCellera Biologics(US:ABCL)2023-08-02 16:00Financial Performance - Total revenue for the three months ended June 30, 2023, was $10,056, a decrease of 78% compared to $45,917 for the same period in 2022[11] - Net loss for the three months ended June 30, 2023, was $30,528, compared to a net loss of $6,785 for the same period in 2022[11] - The company reported a comprehensive loss of $30,406 for the three months ended June 30, 2023, compared to a comprehensive loss of $6,996 for the same period in 2022[11] - The net loss for the six months ended June 30, 2023, was $70,638, compared to a net earnings of $161,788 for the same period in 2022[17] - Basic net loss per share for the three months ended June 30, 2023, was $(0.11), compared to $(0.02) for the same period in 2022[28] Expenses - Research and development expenses for the three months ended June 30, 2023, were $36,473, an increase of 37% from $26,685 in the same period of 2022[11] - Total operating expenses for the three months ended June 30, 2023, were $61,445, an increase of 13% from $54,313 in the same period of 2022[11] - The company reported stock-based compensation expense of $31,873 for the six months ended June 30, 2023, up from $24,404 in the same period of 2022[17] - Sales and marketing expenses rose from $475 million in Q2 2022 to $1,329 million in Q2 2023, a significant increase of 179%[50] - General and administrative expenses increased from $5,374 million in Q2 2022 to $6,992 million in Q2 2023, reflecting a 30% rise[50] Assets and Liabilities - Total current assets decreased to $930,735 as of June 30, 2023, from $1,025,491 as of December 31, 2022, representing a decline of approximately 9.2%[10] - Total liabilities increased to $342,339 as of June 30, 2023, from $307,630 as of December 31, 2022, reflecting an increase of about 11.3%[10] - Cash and cash equivalents decreased to $179,747 as of June 30, 2023, from $386,535 as of December 31, 2022, a decline of approximately 53.5%[10] - The company had total cash, cash equivalents, and marketable securities of $795,694 as of June 30, 2023, down from $886,485 as of December 31, 2022, a decrease of approximately 10.3%[10] - Total current accounts payable and other liabilities increased from $33,150 million as of December 31, 2022, to $52,395 million as of June 30, 2023[43] Cash Flow - Cash provided by operating activities was $(24,160) for the six months ended June 30, 2023, a significant decline from $373,234 for the same period in 2022[17] - Cash and cash equivalents at the end of the period were $207,037, down from $817,439 at the end of the previous period[17] - The total cash, cash equivalents, and restricted cash at the end of the period was $204,747, down from $815,615 at the beginning of the period[17] Investments and Commitments - The company incurred $528,891 in purchases of marketable securities during the six months ended June 30, 2023, compared to $134,306 in the same period of 2022[17] - The Company has a commitment of up to CAD $82.7 million ($62.5 million) to the Dayhu joint venture as of June 30, 2023[36] - The equity investment balance in the Beedie joint venture was $17.7 million as of June 30, 2023[40] - The company has committed to repayable funding of up to CAD $225.0 million ($169.9 million) from the Government of Canada, with repayments starting in 2033[65] Research and Development - The company aims to enhance its antibody drug discovery and development capabilities through partnerships with various biotechnology and pharmaceutical companies[21] - The company received a total of $132.6 million in government contributions as of June 30, 2023, to support R&D efforts related to COVID-19[63] - For the quarter ended June 30, 2023, the company claimed $13.6 million under federal funding, of which $10.2 million is repayable[66] Other Financial Metrics - The number of common shares outstanding increased from 286,851,595 as of December 31, 2022, to 289,189,469 as of June 30, 2023[10] - As of June 30, 2023, total shareholders' equity was $1,194,827, a decrease from $1,208,500 as of March 31, 2023, reflecting a net loss of $30,528 for the quarter[14] - Total property and equipment, net increased from $217,255 million as of December 31, 2022, to $259,640 million as of June 30, 2023[31] - The Company recorded depreciation expense on property and equipment of $3.0 million for the three months ended June 30, 2023, compared to $2.3 million for the same period in 2022[32] - Intangible assets net book value as of June 30, 2023, was $126,747 million, with a gross carrying amount of $155,143 million[33] - The fair value of contingent consideration liabilities for Trianni increased from $20,903 million to $21,971 million during Q2 2023[56] - The fair value of marketable securities held by the company was $615,947 million as of June 30, 2023, with $153,373 million classified as Level 1[60]