On May 7, 2024 AbCellera (Nasdaq: ABCL) reported financial results for the first quarter of 2024 (Press release, AbCellera, MAY 7, 2024, View Source [SID1234642820]). All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
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"We continue to execute on advancing our internal pipeline, completing capital investments in forward integration, and expanding strategic partnerships," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "This quarter, presentations on our T-cell engager platform, which includes our highly differentiated CD3 panel, demonstrated how we can repeatedly generate TCEs that maximize tumor-cell killing without inducing excessive cytokine release. With our TCE platform in place, we are moving programs towards in vivo studies."
Q1 2024 Business Summary
Announced a new collaboration with Biogen Inc. to discover antibodies for neurological conditions.
Announced a new collaboration with Viking Global Investors and ArrowMark Partners to launch new biotech companies.
Presented new data on its T-cell engager (TCE) programs at the American Association for Cancer Research (AACR) (Free AACR Whitepaper)Ⓡ Annual Meeting 2024 that demonstrate how AbCellera’s TCE platform is able to generate TCEs that achieve potent cell killing with low toxicity associated with cytokine release.
Reported the start of three additional partner-initiated programs with downstreams to reach a cumulative total of 90 partner-initiated program starts with downstreams.
Maintained a cumulative total of 13 molecules advanced to the clinic.
Key Business Metrics
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
%
AbCellera started discovery on an additional three partner-initiated programs with downstreams to reach a cumulative total of 90 partner-initiated program starts with downstreams in Q1 2024 (up from 75 on March 31, 2023). AbCellera’s partners have advanced a cumulative total of 13 molecules into the clinic (up from nine on March 31, 2023).
Discussion of Q1 2024 Financial Results
Revenue – Total revenue was $10.0 million, compared to $12.2 million in Q1 2023. Partnerships generated research fees of $9.8 million, compared to $10.6 million in Q1 2023. Licensing revenue was $0.2 million.
Research & Development (R&D) Expenses – R&D expenses were $39.3 million, compared to $52.6 million in Q1 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs, partially offset by the non-recurrence of specific one-time investments in co-development and internal programs.
Sales & Marketing (S&M) Expenses – S&M expenses were $3.4 million, compared to $3.8 million in Q1 2023.
General & Administrative (G&A) Expenses – G&A expenses were $17.4 million, compared to $15.1 million in Q1 2023.
Net Loss – Net loss of $40.6 million, or $(0.14) per share on a basic and diluted basis, compared to net loss of $40.1 million, or $(0.14) per share on a basic and diluted basis in Q1 2023.
Liquidity – $725.3 million of total cash, cash equivalents, and marketable securities and with approximately $240 million in available non-dilutive government funding to execute on our strategy, bringing our total available liquidity to just under $1 billion.
Conference Call and Webcast
AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call.