AbCellera Biologics(ABCL) - 2024 Q1 - Quarterly Results

AbCellera Q1 2024 Business Results Q1 2024 Business and Financial Highlights AbCellera advanced its internal pipeline and expanded strategic partnerships in Q1 2024, achieving growth in key business metrics while reporting $10.0 million revenue and a $40.6 million net loss Q1 2024 Business Summary AbCellera initiated new collaborations with Biogen, Viking Global Investors, and ArrowMark Partners, while presenting promising data on its T-cell engager platform - Announced a new collaboration with Biogen Inc. to discover antibodies for neurological conditions[3] - Formed a new collaboration with Viking Global Investors and ArrowMark Partners to launch new biotech companies[3] - Presented new data on its T-cell engager (TCE) platform, demonstrating the ability to generate TCEs that achieve potent cell killing with low toxicity associated with cytokine release[3] Key Business Metrics The company demonstrated strong year-over-year growth in core operational metrics, including partner-initiated programs and molecules in the clinic Key Business Metrics Growth (YoY) | Cumulative Metrics | March 31, 2023 | March 31, 2024 | Change % | | :--- | :--- | :--- | :--- | | Partner-initiated program starts with downstreams | 75 | 90 | 20% | | Molecules in the clinic | 9 | 13 | 44% | Discussion of Q1 2024 Financial Results AbCellera reported Q1 2024 total revenue of $10.0 million and a net loss of $40.6 million, while maintaining a robust liquidity position Q1 2024 Financial Highlights (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenue | $10.0 million | $12.2 million | | R&D Expenses | $39.3 million | $52.6 million | | G&A Expenses | $17.4 million | $15.1 million | | Net Loss | $40.6 million | $40.1 million | | Net Loss per Share | $(0.14) | $(0.14) | - The company holds a strong liquidity position with $725.3 million in cash, cash equivalents, and marketable securities, and has access to an additional $240 million in non-dilutive government funding[5] Financial Statements The unaudited condensed consolidated financial statements for Q1 2024 detail the company's financial performance, position, and cash flows, including a $40.6 million net loss and $1.46 billion in total assets Condensed Consolidated Statements of Loss and Comprehensive Loss For Q1 2024, total revenue was $10.0 million, operating expenses decreased to $64.8 million, resulting in a net loss of $40.6 million, or ($0.14) per share Q1 2024 Statement of Loss (in thousands USD) | Metric | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenue | $9,954 | $12,192 | | Total Operating Expenses | $64,848 | $77,066 | | Loss from Operations | $(54,894) | $(64,874) | | Net Loss | $(40,610) | $(40,110) | | Net Loss per Share (Basic & Diluted) | $(0.14) | $(0.14) | Condensed Consolidated Balance Sheet As of March 31, 2024, AbCellera reported total assets of $1.463 billion, with $698.0 million in cash and marketable securities, and total shareholders' equity of $1.130 billion Balance Sheet Summary (in thousands USD) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total cash, cash equivalents, and marketable securities | $698,023 | $760,585 | | Total Assets | $1,463,096 | $1,488,094 | | Total Liabilities | $333,183 | $335,776 | | Total Shareholders' Equity | $1,129,913 | $1,152,318 | Condensed Consolidated Statement of Cash Flows In Q1 2024, net cash used in operating activities was $41.7 million, while investing activities provided $29.9 million, resulting in a period-end cash balance of $150.9 million Statement of Cash Flows Summary (in thousands USD) | Cash Flow Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(41,708) | $(44,063) | | Net cash provided by (used in) investing activities | $29,910 | $(149,609) | | Net cash provided by (used in) financing activities | $2,831 | $(458) | | Decrease in cash and cash equivalents | $(9,748) | $(194,343) | Supporting Information This section provides context on AbCellera's business, defines key performance metrics, and includes standard legal disclaimers regarding forward-looking statements About AbCellera Biologics Inc. AbCellera focuses on discovering and developing antibody medicines across various therapeutic areas using an integrated technology platform, pursuing both internal pipeline programs and external collaborations - AbCellera's business is centered on discovering and developing antibody medicines for therapeutic areas including cancer, metabolic and endocrine conditions, and autoimmune disorders[7] - The company's strategy involves both advancing an internal pipeline of programs and collaborating with partners on innovative drug development[7] Definition of Key Business Metrics AbCellera defines 'partner-initiated program starts with downstreams' and 'molecules in the clinic' as key business metrics to gauge future revenue potential from milestones and royalties - Partner-initiated program starts with downstreams: This metric indicates the total opportunities for future downstream revenue from milestone fees and royalties[9] - Molecules in the clinic: This metric tracks molecules reaching the IND stage and indicates near- and mid-term potential revenue from milestone fees and long-term royalty payments[10] AbCellera Forward-Looking Statements This legal disclaimer states that the press release contains forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially - The press release contains forward-looking statements based on management's current beliefs and assumptions, which are subject to risks, uncertainties, and other factors that may cause actual results to differ[11][13]