On February 27, 2025 AbCellera (Nasdaq: ABCL) reported financial results for the full year 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated (Press release, AbCellera, FEB 27, 2025, View Source [SID1234650733]).
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"In 2024 we made significant progress in transitioning from a platform company to a clinical-stage biotech, including advancing our internal pipeline and completing significant investments in our capabilities. We also maintained our strong cash position, closing the year with over $800 million in available liquidity to execute on our strategy," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "As a result, we enter 2025 on track to initiate Phase 1 clinical trials for our first two programs, ABCL635 and ABCL575, and to start activities in our new clinical manufacturing facility."
FY 2024 Business Summary
Earned $28.8 million in total revenue.
Generated a net loss of $162.9 million, compared to net loss of $146.4 million in 2023.
Reached a cumulative total of 96 partner-initiated program starts with downstreams.
Reporting the advancement of three additional molecules in the clinic, bringing the cumulative total to 16 molecules to have reached the clinic.
Key Business Metrics
Cumulative Metrics
December 31, 2023
December 31, 2024
Change %
Partner-initiated program starts with downstreams
87
96
10
%
Molecules in the clinic
13
16
23
%
AbCellera started discovery on an additional nine partner-initiated programs with downstreams to reach a cumulative total of 96 partner-initiated program starts with downstreams in 2024 (up from 87 on December 31, 2023). AbCellera’s partners have advanced a cumulative total of 16 molecules into the clinic (up from 13 on December 31, 2023).
Discussion of FY 2024 Financial Results
Revenue – Total revenue was $28.8 million, compared to $38.0 million in 2023. In both periods, the majority of revenues were research fees generated by our partnerships.
Research & Development (R&D) Expenses – R&D expenses were $167.3 million, compared to $175.7 million in 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs.
Sales & Marketing (S&M) Expenses – S&M expenses were $12.8 million, compared to $14.2 million in 2023.
General & Administrative (G&A) Expenses – G&A expenses were $72.7 million, compared to $61.0 million in 2023.
Net Loss – Net loss of $162.9 million, or $(0.55) per share on a basic and diluted basis, compared to net loss of $146.4 million, or $(0.51) per share on a basic and diluted basis, in 2023.
Liquidity – $652.9 million of total cash, cash equivalents, and marketable securities and approximately $186 million in available non-dilutive government funding, bringing total available liquidity to approximately $840 million to execute on AbCellera’s strategy.
Q4 Highlights and Financial Results
Abdera advanced ABD-147 into a Phase 1 clinical trial. AbCellera is a founding partner in Abdera, has a low-single-digit royalty stake in Abdera’s programs, and has a mid-single-digit equity ownership position.
Reporting the advancement of two Trianni-license molecules into the clinic.
Started one partner-initiated program with downstreams.
Revenue for the fourth quarter of 2024 was $5.1 million, the majority of which was research fees generated by our partnerships, representing 18% of total revenue for 2024.
Operating expenses totaled $77.8 million in the fourth quarter, or 23% of the total for 2024, and included investments made in co-development and internal programs.
The net loss for the fourth quarter was $34.2 million, or $(0.12) per share, on a basic and diluted basis.
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.