On November 4, 2024 AbCellera (Nasdaq: ABCL) reported financial results for the third quarter of 2024 (Press release, AbCellera, NOV 4, 2024, View Source [SID1234647680]). All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Through the third quarter we continued to execute on our key priorities of advancing our internal pipeline and building capabilities to support clinical trials activities in 2025 and beyond," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "Notably, we completed the consolidation into our new headquarters in Vancouver, Canada, which marks a significant milestone towards completing our platform and infrastructure investments."
Q3 2024 Business Summary
Expanded existing collaboration with Eli Lilly and Company to discover therapeutic antibodies for programs in immunology, cardiovascular disease, and neuroscience.
Reported the start of two additional partner-initiated programs with downstreams to reach a cumulative total of 95 partner-initiated program starts with downstreams.
Maintained a cumulative total of 14 molecules advanced to the clinic.
Key Business Metrics
Cumulative Metrics
September 30, 2023
September 30, 2024
Change %
Partner-initiated program starts with downstreams
84
95
13%
Molecules in the clinic
10
14
40%
AbCellera started discovery on an additional two partner-initiated programs with downstreams to reach a cumulative total of 95 partner-initiated program starts with downstreams in Q3 2024 (up from 84 on September 30, 2023). AbCellera’s partners have advanced a cumulative total of 14 molecules into the clinic (up from 10 on September 30, 2023).
Discussion of Q3 2024 Financial Results
Revenue – Total revenue was $6.5 million, compared to $6.6 million in Q3 2023. In both periods, the majority of revenues were research fees generated by our partnerships.
Research & Development (R&D) Expenses – R&D expenses were $41.0 million, compared to $37.9 million in Q3 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs.
Sales & Marketing (S&M) Expenses – S&M expenses were $3.1 million, compared to $3.5 million in Q3 2023.
General & Administrative (G&A) Expenses – G&A expenses were $19.1 million, compared to $14.4 million in Q3 2023.
Net Loss – Net loss of $51.1 million, or $(0.17) per share on a basic and diluted basis, compared to net loss of $28.6 million, or $(0.10) per share on a basic and diluted basis in Q3 2023.
Liquidity – $670.4 million of total cash, cash equivalents, and marketable securities and with approximately $205 million in available non-dilutive government funding to execute on AbCellera’s strategy, bringing total available liquidity to over $875 million.
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.