AbCellera Biologics (ABCL) Q3 2024 earnings summary

Executive summary

• Transitioned to a clinical-stage biotech, advancing internal programs with two clinical trial applications (ABCL 635, ABCL 575) anticipated in Q2 2025, and expanded platform capabilities and partnerships, notably with Eli Lilly.

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

• 95 partner-initiated programs with downstream participation and 14 molecules advanced to the clinic as of September 30, 2024.

• ABD147 received orphan drug designation from the FDA this quarter.

Financial highlights

• Ended Q3 2024 with $670 million in cash and equivalents, plus $205–210 million in available government funding, and nearly $520 million invested in short-term marketable securities.

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

• 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.

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

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

Outlook and guidance

• Research fee revenue expected to trend lower as focus shifts to internal and co-development programs.

• R&D expense run rate expected to remain similar into 2025, with CapEx dropping significantly as facility builds complete.

• Sufficient liquidity to fund operations and investments well beyond the next three years.

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