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AbCellera Reports Q1 2023 Business Results

  • Total revenue of $12 million, compared to $317 million in Q1 2022
  • Total cumulative partnered program starts of 101, up 20% from Q1 2022
  • Net loss of $0.14 per share on a basic and diluted basis, compared to net earnings of $0.59 (basic) and $0.54 (diluted) per share in Q1 2022

AbCellera (Nasdaq: ABCL) today announced financial results for the first quarter of 2023. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

“In the first quarter we have continued to execute on our strategy of building the industry's preferred engine for the discovery and development of antibody therapeutics. Notably, new data on our T-cell engager platform demonstrates that we can generate TCEs with superior properties on a highly accelerated timeline, and against challenging tumor targets,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “As we progress further into 2023, we remain steadfast in our strategy of building best-in-world capabilities for the discovery and development of antibody therapeutics.”

Q1 2023 Business Summary

  • Earned $12.2 million in total revenue.
  • Generated a net loss of $40.1 million, compared to net earnings of $168.6 million in Q1 2022.
  • Reached a cumulative total of 177 programs under contract with 41 different partners.
  • Maintained a cumulative total of 101 partnered program starts.
  • Reporting the advancement of one additional molecule into the clinic, bringing the cumulative total to nine molecules in the clinic.

Key Business Metrics

Cumulative Metrics

 

March 31, 2022

 

March 31, 2023

 

Change %

Number of discovery partners

 

36

 

41

 

14

%

Programs under contract

 

158

 

177

 

12

%

Partnered program starts

 

84

 

101

 

20

%

Molecules in the clinic

6

9

50

%

AbCellera added three partnered programs in Q1 2023 to reach a cumulative total of 177 programs under contract (up from 158 on March 31, 2022) that are either completed, in progress, or under contract with 41 different partners as of March 31, 2023 (up from 36 on March 31, 2022). AbCellera maintained a cumulative total of 101 partnered program starts in Q1 2023 (up from 84 on March 31, 2022). AbCellera’s partners advanced an additional molecule into the clinic in Q1 2023, bringing the cumulative total of molecules in the clinic to nine (up from six on March 31, 2022).

Discussion of Q1 2023 Financial Results

  • Revenue – Total revenue was $12.2 million, compared to $316.6 million in Q1 2022. The partnership business generated research fees of $10.6 million, compared to $9.3 million in Q1 2022. Milestone payments were $1.3 million and licensing revenue was $0.4 million.
  • Research & Development (R&D) Expenses – R&D expenses were $52.6 million, compared to $26.4 million in Q1 2022, reflecting continuing investments in the capacity and capabilities of AbCellera’s engine for antibody discovery and development, and in co-development programs.
  • Sales & Marketing (S&M) Expenses – S&M expenses were $3.8 million, compared to $2.4 million in Q1 2022. The increase reflects continued investments in business development.
  • General & Administrative (G&A) Expenses – G&A expenses were $15.1 million, compared to $14.3 million in Q1 2022, with the increase driven by investments to support the growth of the company.
  • Net Loss – Net loss of $40.1 million, or $(0.14) per share on a basic and diluted basis, compared to net earnings of $168.6 million, or $0.59 per share on a basic and $0.54 on a diluted basis in Q1 2022.
  • Liquidity – $821.5 million of total cash, cash equivalents, and marketable securities.

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.

About AbCellera Biologics Inc.

AbCellera is breaking the barriers of conventional antibody discovery to bring better medicines to patients, sooner. AbCellera’s engine integrates expert teams, technology, and facilities with the data science and automation needed to propel antibody-based medicines from target to clinic in nearly every therapeutic area with precision and speed. AbCellera provides innovative biotechs and leading pharmaceutical companies with a competitive advantage that empowers them to move quickly, reduce cost, and tackle the toughest problems in drug development. For more information, please visit www.abcellera.com.

Definition of Key Business Metrics

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops.

Number of discovery partners represents the unique number of partners with whom we have executed partnership contracts. We view this metric as an indication of the competitiveness of our engine and our level of market penetration. The metric also relates to our opportunities to secure programs under contract.

Programs under contract represent the number of antibody development programs that are under contract for delivery of discovery research activities. A program under contract is counted when a contract is executed with a partner under which we commit to discover or deliver antibodies against one selected target. A target is any relevant antigen for which a partner seeks our support in developing binding antibodies. We view this metric as an indication of commercial success and technological competitiveness. It further relates to revenue from access fees. The cumulative number of programs under contract with downstream participation is related to our ability to generate future revenue from milestone payments and royalties.

Partnered program starts represent the number of unique programs under contract for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of our operational capacity to execute on programs under contract. It is also an indication of the selection and initiation of discovery projects by our partners and the resulting potential for near-term payments. Cumulatively, partnered program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties in the mid- to long-term.

Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.

AbCellera Forward-Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Source: AbCellera Biologics Inc.

AbCellera Biologics Inc.

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data)

(Unaudited)

 

 

 

Three months ended March 31,

 

 

 

2022

 

 

 

2023

 

Revenue:

 

 

 

 

Research fees

 

$

9,333

 

 

$

10,570

 

Licensing revenue

 

 

231

 

 

 

372

 

Milestone payments

 

 

-

 

 

 

1,250

 

Royalty revenue

 

 

307,017

 

 

 

-

 

Total revenue

 

 

316,581

 

 

 

12,192

 

Operating expenses:

 

 

 

 

Royalty fees

 

 

44,637

 

 

 

-

 

Research and development(1)

 

 

26,366

 

 

 

52,647

 

Sales and marketing(1)

 

 

2,370

 

 

 

3,771

 

General and administrative(1)

 

 

14,268

 

 

 

15,134

 

Depreciation and amortization

 

 

3,990

 

 

 

5,514

 

Total operating expenses

 

 

91,631

��

 

 

77,066

 

Income (loss) from operations

 

 

224,950

 

 

 

(64,874

)

Other (income) expense

 

 

 

 

Interest (income)

 

 

(665

)

 

 

(9,759

)

Grants and incentives

 

 

(5,194

)

 

 

(3,374

)

Other

 

 

-

 

 

 

(3,593

)

Total other (income)

 

 

(5,859

)

 

 

(16,726

)

Net earnings (loss) before income tax

 

 

230,809

 

 

 

(48,148

)

Income tax (recovery) expense

 

 

62,236

 

 

 

(8,038

)

Net earnings (loss)

 

$

168,573

 

 

$

(40,110

)

Foreign currency translation adjustment

 

 

507

 

 

 

(630

)

Comprehensive income (loss)

 

$

169,080

 

 

$

(40,740

)

 

 

 

 

 

Net earnings (loss) per share attributable to common shareholders

 

 

 

 

Basic

 

$

0.59

 

 

$

(0.14

)

Diluted

 

$

0.54

 

 

$

(0.14

)

Weighted-average common shares outstanding

 

 

 

 

Basic

 

 

283,895,020

 

 

 

287,767,136

 

Diluted

 

 

311,482,017

 

 

 

287,767,136

 

(1) Exclusive of depreciation and amortization

AbCellera Biologics Inc.

Condensed Consolidated Balance Sheet

(All figures in U.S. dollars. Amounts are expressed in thousands except share data)

(Unaudited)

 

 

December 31, 2022

 

March 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

386,535

 

 

$

193,017

 

Marketable securities

 

499,950

 

 

 

603,478

 

Total cash, cash equivalents, and marketable securities

 

886,485

 

 

 

796,495

 

Accounts and accrued receivable

 

38,593

 

 

 

20,003

 

Restricted cash

 

25,000

 

 

 

25,000

 

Other current assets

 

75,413

 

 

 

99,155

 

Total current assets

 

1,025,491

 

 

 

940,653

 

Long-term assets:

 

 

 

Property and equipment, net

 

217,255

 

 

 

233,187

 

Intangible assets, net

 

131,502

 

 

 

128,845

 

Goodwill

 

47,806

 

 

 

47,806

 

Investments in and loans to equity accounted investees

 

72,522

 

 

 

57,583

 

Other long-term assets

 

46,331

 

 

 

89,845

 

Total long-term assets

 

515,416

 

 

 

557,266

 

Total assets

$

1,540,907

 

 

$

1,497,919

 

Liabilities and shareholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and other liabilities

$

33,150

 

 

$

31,814

 

Current portion of contingent consideration payable

 

44,211

 

 

 

42,876

 

Accrued royalties payable

 

19,347

 

 

 

3,094

 

Deferred revenue

 

21,612

 

 

 

11,807

 

Total current liabilities

 

118,320

 

 

 

89,591

 

Long-term liabilities:

 

 

 

Operating lease liability

 

76,675

 

 

 

77,265

 

Deferred revenue

 

19,516

 

 

 

25,416

 

Deferred grant funding

 

40,801

 

 

 

45,026

 

Contingent consideration payable

 

16,054

 

 

 

15,733

 

Deferred tax liability

 

33,178

 

 

 

33,426

 

Other long-term liabilities

 

3,086

 

 

 

2,962

 

Total long-term liabilities

 

189,310

 

 

 

199,828

 

Total liabilities

 

307,630

 

 

 

289,419

 

Commitments and contingencies

 

 

 

Shareholders' equity:

 

 

 

Common shares: no par value, unlimited authorized shares at December 31, 2022 and March 31, 2023: 286,851,595 and 288,426,514 shares issued and outstanding at December 31, 2022 and March 31, 2023, respectively

 

734,365

 

 

 

742,816

 

Additional paid-in capital

 

74,118

 

 

 

81,630

 

Accumulated other comprehensive (loss)

 

(1,391

)

 

 

(2,021

)

Accumulated earnings

 

426,185

 

 

 

386,075

 

Total shareholders' equity

 

1,233,277

 

 

 

1,208,500

 

Total liabilities and shareholders' equity

$

1,540,907

 

 

$

1,497,919

 

AbCellera Biologics Inc.

Condensed Consolidated Statement of Cash Flows

(Expressed in thousands of U.S. dollars)

(Unaudited)

 

 

Three months ended March 31,

 

 

2022

 

 

 

2023

 

Cash flows from operating activities:

 

 

 

Net earnings (loss)

$

168,573

 

 

$

(40,110

)

Cash flows from operating activities:

 

 

 

Depreciation of property and equipment

 

1,391

 

 

 

2,858

 

Amortization of intangible assets

 

2,606

 

 

 

2,656

 

Amortization of operating lease right-of-use assets

 

976

 

 

 

1,606

 

Stock-based compensation

 

12,291

 

 

 

15,474

 

Other

 

(592

)

 

 

(3,634

)

Changes in operating assets and liabilities:

 

 

 

Accounts and accrued research fees receivable

 

(8,751

)

 

 

7,915

 

Accrued royalties receivable

 

(167,914

)

 

 

9,260

 

Income taxes payable

 

69,965

 

 

 

(12,614

)

Accounts payable and accrued liabilities

 

751

 

 

 

(5,778

)

Deferred revenue

 

941

 

 

 

(3,905

)

Accrued royalties payable

 

22,857

 

 

 

(16,253

)

Deferred grant revenue

 

4,682

 

 

 

4,525

 

Other assets

 

(7,557

)

 

 

(6,063

)

Net cash provided by (used in) operating activities

 

100,219

 

 

 

(44,063

)

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(14,495

)

 

 

(14,984

)

Purchase of marketable securities

 

(51,774

)

 

 

(360,752

)

Proceeds from marketable securities

 

57,294

 

 

 

262,638

 

Receipt of grant funding

 

2,596

 

 

 

2,693

 

Long-term investments and other assets

 

(11,657

)

 

 

(34,735

)

Investment in and loans to equity accounted investees

 

(8,335

)

 

 

(4,469

)

Net cash used in investing activities

 

(26,371

)

 

 

(149,609

)

Cash flows from financing activities:

 

 

 

Payment of liability for in-licensing agreement and contingent consideration

 

(5,072

)

 

 

(948

)

Proceeds from long-term debt and exercise of stock options

 

1,941

 

 

 

490

 

Net cash used in financing activities

 

(3,131

)

 

 

(458

)

Effect of exchange rate changes on cash and cash equivalents

 

(204

)

 

 

(213

)

Increase (decrease) in cash and cash equivalents

 

70,513

 

 

 

(194,343

)

Cash and cash equivalents and restricted cash, beginning of period

 

501,142

 

 

 

414,650

 

Cash and cash equivalents and restricted cash, end of period

$

571,655

 

 

$

220,307

 

Restricted cash included in other assets

 

937

 

 

 

2,290

 

Total cash, cash equivalents and restricted cash shown on the balance sheet

$

570,718

 

 

$

218,017

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

Property and equipment in accounts payable

 

2,353

 

 

 

8,918

 

Right-of-use assets obtained in exchange for operating lease obligation

 

658

 

 

 

2,124

 

 

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