AbCellera Biologics(US:ABCL)2021-08-12 16:00Financial Performance - Total revenue for the three months ended June 30, 2021, was $27,643,000, a significant increase from $11,228,000 for the same period in 2020, representing a growth of approximately 146%[13] - The company reported a net loss of $2,323,000 for the three months ended June 30, 2021, compared to a net income of $6,703,000 for the same period in 2020[13] - Net income for the six months ended June 30, 2021, was $114,898 thousand, a significant increase from $4,610 thousand in the same period of 2020[19] - The company reported a net loss of $2,323 for the three months ended June 30, 2021, compared to a net loss of $6,703 for the same period in 2020[19] - The Company reported a net loss of $2.3 million for the three months ended June 30, 2021, compared to a net earnings of $4.4 million for the same period in 2020, resulting in a basic net loss per share of $0.01[30] Revenue Streams - Licensing revenue for the six months ended June 30, 2021, was $20,522,000, compared to $0 for the same period in 2020, indicating a new revenue stream[13] - License revenue recognized for the three and six months ended June 30, 2021, was $0.3 million and $20.5 million, respectively[56] - Royalty revenue surged to $21,165,000 in Q2 2021 from $0 in Q2 2020, reflecting successful partnerships and product developments[13] - Research fees decreased to $5,215,000 in Q2 2021 from $8,228,000 in Q2 2020, a decline of 37%[13] Expenses and Investments - Research and development expenses for the three months ended June 30, 2021, were $15,046,000, compared to $9,144,000 for the same period in 2020, reflecting an increase of about 64%[13] - Stock-based compensation expense increased to $13,900 thousand for the six months ended June 30, 2021, from $1,843 thousand in the same period of 2020[19] - The company reported a net cash used in investing activities of $61,472 thousand for the six months ended June 30, 2021, compared to $7,713 thousand in the same period of 2020[19] - The Company has expensed approximately $23.6 million related to research and development milestone payments during the six months ended June 30, 2021[63] Assets and Liabilities - Cash and cash equivalents increased from $594,116,000 as of December 31, 2020, to $792,571,000 as of June 30, 2021, indicating a growth of approximately 33%[11] - Total assets rose from $1,005,536,000 as of December 31, 2020, to $1,151,856,000 as of June 30, 2021, marking an increase of about 14.5%[11] - The company’s total liabilities increased from $175,028,000 as of December 31, 2020, to $184,177,000 as of June 30, 2021, which is an increase of approximately 6.6%[11] - The carrying value of long-term debt decreased from $2.2 million at December 31, 2020, to $1.7 million at June 30, 2021[59] Shareholder Equity - The total shareholders' equity grew from $830,508,000 as of December 31, 2020, to $967,679,000 as of June 30, 2021, reflecting an increase of about 16.5%[11] - The total shareholders' equity as of June 30, 2021, was $967,679 thousand, an increase from $830,508 thousand as of December 31, 2020[16] Strategic Initiatives - The company aims to become the centralized operating system for next-generation antibody discovery, leveraging its AI-powered drug discovery platform[22] - The company has formed partnerships with drug developers of all sizes to advance its clinical pipeline of drug candidates[22] - The company has identified risks related to dependency on a limited number of partners for revenue, which could adversely impact business if any partnerships are lost[6] - Future success is contingent on the ability to retain key executives and attract qualified personnel, highlighting the importance of human capital in achieving strategic goals[7] Other Financial Metrics - Total operating expenses for Q2 2021 were $34,676,000, up from $12,082,000 in Q2 2020, marking an increase of 187%[13] - Cash provided by operating activities for the six months ended June 30, 2021, was $267,228 thousand, compared to $25,213 thousand for the same period in 2020[19] - Total cash and cash equivalents at the end of the period on June 30, 2021, reached $792,571 thousand, up from $113,137 thousand at the beginning of the period[19] - Deferred revenue as of June 30, 2021, was $31.232 million, an increase from $26.230 million as of December 31, 2020[53]