AbCellera Biologics (ABCL) Q3 2024 earnings summary

Executive summary

• Transitioned to a clinical-stage biotech, advancing internal programs ABCL 635 and ABCL 575 toward CTA filings in Q2 2025, with a robust discovery pipeline and 14 molecules in the clinic.

• Completed move-in to new Vancouver headquarters and expanded GMP manufacturing and translational science teams, with facility completion expected in 2025.

• Expanded partnership with Eli Lilly, including new programs in immunology, cardiovascular disease, and neuroscience, and prioritized co-development collaborations.

• Engaged in 95 partner-initiated programs with downstream participation as of Q3 2024.

• ABD-147 received orphan drug designation from the FDA this quarter.

Financial highlights

• Ended Q3 2024 with $670 million in cash, equivalents, and marketable securities, plus $205–$210 million in available government funding.

• Q3 2024 revenue was $6.5 million, nearly flat year-over-year, mainly from research fees on partnered programs.

• R&D expenses were $41 million, up from $37.9 million year-over-year; G&A expenses rose to $19.1 million.

• Net loss for Q3 2024 was $51.1 million ($0.17 per share), compared to $28.6 million ($0.10 per share) in Q3 2023, including a $32 million non-cash impairment charge.

• Cash used in operating activities was $100.6–$128.6 million for the nine months ended September 30, 2024.

Outlook and guidance

• Research fee revenue expected to decline as focus shifts to internal and co-development programs; revenue remains variable and dependent on partner milestones.

• R&D expense run rate expected to remain stable into 2025; CapEx to decrease after major facility builds.

• Sufficient liquidity to fund operations and pipeline investments for at least 36 months.

• Anticipates two to three new development candidates per year starting in 2025.

• Focus remains on advancing the internal pipeline and building clinical trial capabilities.