ABCL AbCellera Biologics Inc.

22.07
-0.65  -3%
Previous Close 22.72
Open 22.5
52 Week Low 21.83
52 Week High 71.91
Market Cap $5,979,334,348
Shares 270,925,888
Float 92,568,801
Enterprise Value $5,615,482,342
Volume 1,533,071
Av. Daily Volume 1,312,035
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Drug Pipeline

Drug Stage Notes
BamlanivimabLY-CoV555
COVID-19 Antibody
Approved
Approved
Emergency Use Authorization (EUA) announced November 9, 2020.

Latest News

  1. 130,000-square-foot Vancouver facility aims to accelerate the development of antibody-based therapies for an array of medical conditions.

    AbCellera (NASDAQ:ABCL) today announced it has secured a site in Vancouver for the construction of a Good Manufacturing Practices (GMP) manufacturing facility for the production of therapeutic antibodies, which will be the first of its kind in Canada. The 130,000-square-foot facility will expand AbCellera's capabilities in bringing new antibody therapies to clinical trials, supporting Canada's efforts to respond quickly and effectively to future pandemics and providing AbCellera's partners with a full solution for accelerating their programs from a drug target to the submission of an Investigational New…

    130,000-square-foot Vancouver facility aims to accelerate the development of antibody-based therapies for an array of medical conditions.

    AbCellera (NASDAQ:ABCL) today announced it has secured a site in Vancouver for the construction of a Good Manufacturing Practices (GMP) manufacturing facility for the production of therapeutic antibodies, which will be the first of its kind in Canada. The 130,000-square-foot facility will expand AbCellera's capabilities in bringing new antibody therapies to clinical trials, supporting Canada's efforts to respond quickly and effectively to future pandemics and providing AbCellera's partners with a full solution for accelerating their programs from a drug target to the submission of an Investigational New Drug (IND) application.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210622005425/en/

    Rendering of AbCellera's GMP Facility at 900-Block Evans Avenue. Images provided by Chernoff Thompson Architects

    Rendering of AbCellera's GMP Facility at 900-Block Evans Avenue. Images provided by Chernoff Thompson Architects

    "We envision AbCellera as a premier destination for the brightest and most creative minds, for people who seek challenges and who want to work at the leading edge," said Murray McCutcheon, Ph.D., Vice President of Corporate Development at AbCellera. "Our recently announced headquarters and new GMP facility will empower entirely new capabilities and jobs in Canada that we believe will make our communities stronger, bring treatments to patients sooner, and leave a legacy of innovation."

    This announcement follows AbCellera's April groundbreaking on a new global headquarters in Vancouver. The 380,000-square-foot headquarters on 4th Avenue between Columbia and Manitoba Streets will be within walking distance of the new GMP manufacturing facility. The new GMP facility will be built on what is currently a vacant two-acre site, and the planned building will house laboratory, office, GMP protein biologic manufacturing, and warehouse space. Design efforts are already underway and groundbreaking is scheduled for later this year.

    In parallel with the construction of the new facility, AbCellera is also building up an internal Chemistry Manufacturing and Controls (CMC) development organization – the team of scientists and engineers responsible for developing the manufacturing processes for antibody therapeutics. CMC and GMP manufacturing capabilities will extend AbCellera's competencies and, when combined with AbCellera's world-leading technology stack for antibody discovery, will enable AbCellera to support partners to move rapidly and seamlessly from discovery to the clinic.

    "AbCellera has already redefined the speed of antibody drug discovery, and the addition of CMC and GMP capabilities gives us the ability to fully integrate lead therapeutic selection, moving key choices earlier, and aligning teams to make a seamless arc of drug development for our partners," said Bo Barnhart, Ph.D., Scientific Director at AbCellera. "We are building a unique team that includes innovative CMC Development leaders, deeply integrated with Discovery and Translational Research, all focused on selecting and developing better therapeutics to go from antibody discovery to fill-finish in a year."

    The facility is scheduled to be ready for GMP manufacturing in early 2024, and at full capacity will employ hundreds of highly skilled scientific personnel. AbCellera anticipates adding hundreds of employees to its current workforce of nearly 300 people over the next few years. The development of the new GMP manufacturing facility is funded in part by a US$125.6-million grant from the Canadian government's Strategic Innovation Fund (SIF) to support AbCellera's work and Canada's ability to respond quickly to future pandemics.

    "I am pleased to see AbCellera participating in our government's effort to reverse a four-decade decline in Canada's domestic capacity," said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry. "This is an important step toward improving Canada's pandemic preparedness, and a driver for our economic recovery."

    AbCellera is at the forefront of the global COVID-19 response, with its discovery of bamlanivimab, the world's first monoclonal antibody therapy for COVID-19 to be authorized for emergency use by both the U.S. FDA and Health Canada. More than 400,000 doses of bamlanivimab have been administered worldwide, keeping more than 22,000 patients out of hospital, and saving at least 11,000 lives. AbCellera has also discovered a second antibody, LY-CoV1404, that is being advanced by Eli Lilly & Company to address emerging and future variants. This antibody has been shown to be effective against all currently circulating variants of concern and entered clinical trials in May.

    About AbCellera Biologics Inc.

    AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce costs, and tackle the toughest problems in drug development. To learn more, please visit us at www.abcellera.com.

    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 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.

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  2. AbCellera (NASDAQ:ABCL) today announced that certain entities owned and/or controlled, directly or indirectly, by Carl Hansen, Ph.D., Cofounder, Chief Executive Officer, and President of AbCellera, and other senior leaders (collectively, the "Selling Shareholders"), have entered into separate share purchase agreements with experienced institutional investors (the "Buyers"), pursuant to which the Buyers purchased an aggregate 11,900,000 common shares ("Shares"). Proceeds from the sale were paid to the Selling Shareholders, and AbCellera did not receive any proceeds.

    Dr. Hansen's sale was in connection with estate planning, technology investing, and charitable giving. Following the sale and the allocation of shares for future charitable donations…

    AbCellera (NASDAQ:ABCL) today announced that certain entities owned and/or controlled, directly or indirectly, by Carl Hansen, Ph.D., Cofounder, Chief Executive Officer, and President of AbCellera, and other senior leaders (collectively, the "Selling Shareholders"), have entered into separate share purchase agreements with experienced institutional investors (the "Buyers"), pursuant to which the Buyers purchased an aggregate 11,900,000 common shares ("Shares"). Proceeds from the sale were paid to the Selling Shareholders, and AbCellera did not receive any proceeds.

    Dr. Hansen's sale was in connection with estate planning, technology investing, and charitable giving. Following the sale and the allocation of shares for future charitable donations, Dr. Hansen remains AbCellera's largest shareholder with 54,354,330 common shares, representing approximately a 20% equity interest on an undiluted basis. Dr. Hansen and other senior executives have not entered into 10b5-1 plans for any future sales of shares.

    The Shares were sold by way of a private sale between individual Selling Shareholders and Buyers, who were already investors in AbCellera. The Selling Shareholders coordinated the private sale in response to inbound inquiries from the Buyers. Following the sale, the Selling Shareholders retain approximately 89% of their total equity holdings, which represent approximately 30% of AbCellera's fully diluted shares. AbCellera filed a Registration Statement on Form S-1 on June 10, 2021 to register the Shares.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. AbCellera conducted its initial public offering in the United States and not in any Canadian jurisdiction.

    About AbCellera Biologics Inc.

    AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development. For more information, visit www.abcellera.com.

    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 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.

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    • Total revenue of $203 million, up from $5 million in Q1 2020
    • Total programs under contract of 119, up 63% year-over-year
    • EPS of $0.43 (basic) and $0.37 (diluted) compared to $0.01 loss per share in Q1 2020

    AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced financial results for the first quarter of 2021.

    "Our partnership business continued to thrive in the first quarter of 2021, expanding our diversified program portfolio through collaborations with both new and existing partners," said Carl Hansen, Ph.D., President and CEO of AbCellera. "Royalty revenue from our COVID-19 program continues to provide us with non-dilutive funding, bolstering our strong…

    • Total revenue of $203 million, up from $5 million in Q1 2020
    • Total programs under contract of 119, up 63% year-over-year
    • EPS of $0.43 (basic) and $0.37 (diluted) compared to $0.01 loss per share in Q1 2020

    AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced financial results for the first quarter of 2021.

    "Our partnership business continued to thrive in the first quarter of 2021, expanding our diversified program portfolio through collaborations with both new and existing partners," said Carl Hansen, Ph.D., President and CEO of AbCellera. "Royalty revenue from our COVID-19 program continues to provide us with non-dilutive funding, bolstering our strong cash position as we execute on our long-term growth strategies."

    Q1 2021 Business Highlights

    • Earned $203 million in total revenue, including $178 million in milestones and royalties.
    • Generated $117 million in net earnings, up from a $2 million loss in Q1 2020.
    • Expanded partnership business by 16 programs within the quarter, a 23% increase in the rate of growth from 13 new programs added in the same period in 2020.
    • Achieved cumulative total of 119 programs under contract with 29 partners.
    • Bamlanivimab alone and bamlanivimab together with etesevimab have been authorized under emergency/special use pathways by more than 15 countries worldwide. In the US, bamlanivimab alone is no longer authorized for emergency use, and Lilly has transitioned to exclusively supplying bamlanivimab together with etesevimab to treat COVID-19 in high-risk patients.
    • Identified a second therapeutic antibody for COVID-19, LY-CoV1404, which advanced into clinical trials in April 2021.
    • Appointed Ester Falconer, Ph.D., to Chief Technology Officer.

    Key Business Metrics

    Metric

    March 31,

    2020

    March 31,

    2021

    Change %

    Number of discovery partners

    24

    29

    21%

    Programs under contract, cumulative

    73

    119

    63%

    Program starts, cumulative

    47

    52

    11%

    Programs in the clinic

    -

    1

    N/M

    As of March 31, 2021, the Company had 119 discovery programs (up 63% from 73 on March 31, 2020) that are either completed, in progress, or under contract with 29 partners (up from 24 on March 31, 2020). The Company has started discovery on a cumulative total of 52 of these programs (up from 47 on March 31, 2020).

    Discussion of Q1 2021 Financial Results

     

    Three months ended March 31,

    Change

     

    2020

    2021

    Amount

    %

     

    (in thousands, except percentages)

     

    Revenue

     

     

     

     

     

     

     

     

     

    Research fees

    $

    4,657

    $

    3,986

    $

    (671

    )

    -14

    %

    Licensing revenue

     

    -

     

    20,259

     

    20,259

     

    N/A

     

    Milestone payments

     

    -

     

    7,000

     

    7,000

     

    N/A

     

    Royalty revenue

     

    -

     

    171,496

     

    171,496

     

    N/A

     

    Total revenue

    $

    4,657

    $

    202,741

    $

    198,084

     

    4253

    %

    • Revenue – Total revenue was $202.7 million, up from $4.7 million in Q1 2020. Sales of bamlanivimab generated earned royalties of $171.5 million and $7.0 million for first sales in Europe. Licensing revenue of $20.3 million is a new line on the income statement and originated from the recently acquired Trianni humanized rodent platform. The partnership business produced research fees of $4.0 million, $0.7 million less than in Q1 2020.
    • Royalty Fees – Royalty fees to the National Institutes of Health on bamlanivimab were $20.0 million.
    • Research & Development (R&D) Expenses – R&D expenses were $12.4 million, compared to $4.1 million in Q1 2020, reflecting continuing strong investments in the capacity and capabilities of AbCellera's discovery and development platform.
    • Sales & Marketing (S&M) Expenses – S&M expenses were $2.6 million, compared to $0.4 million in Q1 2020.
    • General & Administrative (G&A) Expenses – G&A expenses were $6.4 million, compared to $1.7 million in 2020, with the increase driven by investments to support the growth of the company and operations as a listed company.
    • Net Earnings – Net earnings were $117.2 million, or $0.43 per share and $0.37 per share on a basic and diluted basis, respectively, compared to a net loss of $2.1 million, or $0.01 per share on both a basic and diluted basis in Q1 2020.
    • Liquidity – $686 million of cash and cash equivalents and $193 million in accrued accounts receivable.

    Conference Call and Webcast

    AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Daylight Time (5:00 p.m. Eastern Daylight 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 a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce costs, and tackle the toughest problems in drug development. To learn more, please visit us at 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. For example, as our business matures and to the extent programs are discontinued, we anticipate updating these metrics to reflect such changes.

    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 technology stack and our current 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 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 technology 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.

    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 near-term potential to earn research fees. Cumulatively, program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties in the mid- to long-term.

    Programs in the clinic represent the count of unique programs for which an Investigational New Drug, or IND, New Animal Drug or Pre-Market Approval, or PMA, application, or equivalents under other regulatory regimes, has been filed based on an antibody that was discovered by us. Where the date of such application is not known to us, the date of the first public announcement of clinical trials will be used instead 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 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.

    AbCellera Biologics Inc.

    Condensed Consolidated Statement of Operations

    (Unaudited)

    (Expressed in thousands of U.S. dollars except share and per share data)

     

     

     

    Three months ended March 31,

     

     

    2020

     

    2021

    Revenue:

     

     

     

     

     

     

     

    Research fees

     

    $

    4,657

     

     

    $

    3,986

    Licensing revenue

     

     

    -

     

     

     

    20,259

    Milestone payments

     

     

    -

     

     

     

    7,000

    Royalty revenue

     

     

    -

     

     

     

    171,496

    Total revenue

     

     

    4,657

     

     

     

    202,741

    Operating expenses:

     

     

     

     

     

     

     

    Royalty fees

     

     

    -

     

     

     

    20,010

    Research and development(1)

     

     

    4,118

     

     

     

    12,352

    Sales and marketing(1)

     

     

    437

     

     

     

    2,578

    General and administrative(1)

     

     

    1,650

     

     

     

    6,422

    Depreciation and amortization

     

     

    574

     

     

     

    3,305

    Total operating expenses

     

     

    6,779

     

     

     

    44,667

    Income (loss) from operations

     

     

    (2,122

    )

     

     

    158,074

    Other (income) expense

     

     

     

     

     

     

     

    Other (income) expense

     

     

    1,001

     

     

     

    (265

    )

    Grants and incentives

     

     

    (1,030

    )

     

     

    (3,148

    )

    Total other income

     

     

    (29

    )

     

     

    (3,413

    )

    Net earnings (loss) before income tax

     

     

    (2,093

    )

     

     

    161,487

    Provision for income tax

     

     

    -

     

     

     

    44,266

    Net earnings (loss) and comprehensive income (loss) for the period

     

    $

    (2,093

    )

     

    $

    117,221

    Net earnings (loss) per share attributable to common shareholders

     

     

     

     

     

     

     

    Basic

     

    $

    (0.01

    )

     

    $

    0.43

    Diluted

     

    $

    (0.01

    )

     

    $

    0.37

    Weighted-average common shares outstanding

     

     

     

     

     

     

     

    Basic

     

     

    151,859,924

     

     

     

    269,697,212

    Diluted

     

     

    151,859,924

     

     

     

    320,282,747

     

    (1) Exclusive of depreciation and amortization

     

    AbCellera Biologics Inc.

    Condensed Consolidated Balance Sheet

    (Unaudited)

    (Expressed in thousands of U.S. dollars except share data)

     

     

     

    December 31, 2020

     

     

    March 31, 2021

    Assets

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    594,116

     

     

    $

    685,795

    Accounts receivable

     

     

    903

     

     

     

    23,371

    Accrued accounts receivable

     

     

    212,336

     

     

     

    193,071

    Other current assets

     

     

    5,970

     

     

     

    5,745

    Total current assets

     

     

    813,325

     

     

     

    907,982

    Long term assets:

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    17,923

     

     

     

    34,618

    Intangible assets

     

     

    115,153

     

     

     

    112,688

    Goodwill

     

     

    31,500

     

     

     

    31,500

    Investments in and loans to equity accounted investees

     

     

    19,247

     

     

     

    32,187

    Other long-term assets

     

     

    8,388

     

     

     

    9,548

    Total long-term assets

     

     

    192,211

     

     

     

    220,541

    Total assets

     

    $

    1,005,536

     

     

    $

    1,128,523

    Liabilities and shareholders' equity

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

    Accounts payable and other liabilities

     

    $

    20,195

     

     

    $

    13,287

    Current portion of contingent consideration payable

     

     

    13,411

     

     

     

    13,762

    Income taxes payable

     

     

    36,152

     

     

     

    30,030

    Accrued royalties payable

     

     

    27,143

     

     

     

    20,010

    Deferred revenue

     

     

    6,589

     

     

     

    11,306

    Total current liabilities

     

     

    103,490

     

     

     

    88,395

    Long-term liabilities:

     

     

     

     

     

     

     

    Operating lease liability

     

     

    3,715

     

     

     

    16,973

    Deferred revenue and grant funding

     

     

    25,894

     

     

     

    28,730

    Contingent consideration payable

     

     

    9,148

     

     

     

    9,378

    Deferred tax liability

     

     

    26,161

     

     

     

    26,992

    Other long-term liabilities

     

     

    6,620

     

     

     

    931

    Total long-term liabilities

     

     

    71,538

     

     

     

    83,004

    Total liabilities

     

     

    175,028

     

     

     

    171,399

    Commitments and contingencies

     

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

     

     

     

    Common shares: no par value, unlimited authorized shares at December 31, 2020 and March 31, 2021: 269,497,768 and 270,925,930 shares issued and outstanding at December 31, 2020 and March 31, 2021 respectively

     

     

    710,387

     

     

     

    711,139

    Additional paid-in capital

     

     

    5,919

     

     

     

    14,562

    Accumulated earnings

     

     

    114,202

     

     

     

    231,423

    Total shareholders' equity

     

     

    830,508

     

     

     

    957,124

    Total liabilities and shareholders' equity

     

    $

    1,005,536

     

     

    $

    1,128,523

    AbCellera Biologics Inc.

    Condensed Consolidated Statement of Cash Flows

    (Unaudited)

    (Expressed in thousands of U.S. dollars)

     

     

     

    Three months ended March 31,

     

     

    2020

     

    2021

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net income (loss)

     

    $

    (2,093

    )

     

    $

    117,221

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Depreciation of property and equipment

     

     

    415

     

     

     

    840

     

    Amortization of intangible assets

     

     

    158

     

     

     

    2,465

     

    Amortization of operating lease right-of-use-assets

     

     

    73

     

     

     

    661

     

    Stock-based compensation

     

     

    1,237

     

     

     

    5,427

     

    Deferred tax expense

     

     

    -

     

     

     

    623

     

    Other

     

     

    (28

    )

     

     

    (191

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

     

    Accounts and accrued research fees receivable

     

     

    (26,611

    )

     

     

    (30,073

    )

    Accrued royalties receivable

     

     

    -

     

     

     

    26,861

     

    Income taxes payable

     

     

    -

     

     

     

    (6,123

    )

    Accounts payable and accrued liabilities

     

     

    (156

    )

     

     

    (5,194

    )

    Deferred revenue

     

     

    27,676

     

     

     

    6,086

     

    Accrued royalties payable

     

     

    -

     

     

     

    (7,134

    )

    Other assets and liabilities

     

     

    (1,435

    )

     

     

    (1,924

    )

    Net cash (used in) provided by operating activities

     

     

    (764

    )

     

     

    109,545

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (583

    )

     

     

    (3,644

    )

    Purchase of intangible assets

     

     

    (5,000

    )

     

     

    -

     

    Investment in equity investees

     

     

    -

     

     

     

    (12,195

    )

    Net cash used in investing activities

     

     

    (5,583

    )

     

     

    (15,839

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

    Repayment of long-term debt

     

     

    (2,033

    )

     

     

    (1,716

    )

    Proceeds from long-term debt

     

     

    16,171

     

     

     

    -

     

    Payment of deferred financing fees

     

     

    (799

    )

     

     

    -

     

    Short-term borrowings

     

     

    (387

    )

     

     

    -

     

    Issuance of common shares pursuant to exercise of stock options

     

     

    124

     

     

     

    173

     

    Proceeds from issuance of preferred shares - series A2 financing

     

     

    74,662

     

     

     

    -

     

    Net cash provided by (used in) financing activities

     

     

    87,738

     

     

     

    (1,543

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

     

     

     

     

    (484

    )

    Increase in cash and cash equivalents

     

     

    81,391

     

     

     

    91,679

     

    Cash and cash equivalents, beginning of period

     

     

    7,553

     

     

     

    594,116

     

    Cash and cash equivalents, end of period

     

    $

    88,944

     

     

    $

    685,795

     

    Supplemental disclosure of non-cash investing and financing activities

     

     

     

     

     

     

     

     

    Property plant and equipment in accounts payable

     

     

    95

     

     

     

    423

     

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

     

    741

     

     

     

    14,188

    Purchase of intangible assets in exchange for in-licensing agreement payable

     

     

    9,060

     

     

     

    -

     

    Source: AbCellera Biologics Inc.

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  3. AbCellera (NASDAQ:ABCL) today announced that executives from the Company will present virtually at the Berenberg Conference USA 2021 on Tuesday, May 18, 2021 at 11:00 a.m. Pacific Time.

    A live audio webcast of the presentation may be accessed through a link that will be posted on AbCellera's Investor Relations website. A replay will be available through the same link following the presentation.

    About AbCellera Biologics Inc.

    AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move…

    AbCellera (NASDAQ:ABCL) today announced that executives from the Company will present virtually at the Berenberg Conference USA 2021 on Tuesday, May 18, 2021 at 11:00 a.m. Pacific Time.

    A live audio webcast of the presentation may be accessed through a link that will be posted on AbCellera's Investor Relations website. A replay will be available through the same link following the presentation.

    About AbCellera Biologics Inc.

    AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce costs, and tackle the toughest problems in drug development. To learn more, please visit us at www.abcellera.com.

    Source: AbCellera Biologics Inc.

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  4. Three-target, multi-year collaboration includes the development of bispecific antibodies to treat sight-threatening complication of type 1 and 2 diabetes

    AbCellera (NASDAQ:ABCL) and Angios GmbH (Angios) announced today that they have entered into a multi-year, multi-target collaboration to facilitate the discovery of monoclonal and bispecific antibodies for vascular diseases of the eye. AbCellera will use its full stack, AI-powered antibody discovery platform to generate panels of antibodies for up to three Angios-selected targets to address diabetic retinopathy.

    "Through this collaboration, Angios can focus on advancing their unique scientific insights for treating blindness in diabetes, rather than on establishing and scaling internal antibody…

    Three-target, multi-year collaboration includes the development of bispecific antibodies to treat sight-threatening complication of type 1 and 2 diabetes

    AbCellera (NASDAQ:ABCL) and Angios GmbH (Angios) announced today that they have entered into a multi-year, multi-target collaboration to facilitate the discovery of monoclonal and bispecific antibodies for vascular diseases of the eye. AbCellera will use its full stack, AI-powered antibody discovery platform to generate panels of antibodies for up to three Angios-selected targets to address diabetic retinopathy.

    "Through this collaboration, Angios can focus on advancing their unique scientific insights for treating blindness in diabetes, rather than on establishing and scaling internal antibody discovery capabilities," said Carl Hansen, Ph.D., CEO and President of AbCellera. "We are excited to work closely with Angios to start their programs without delay, including identifying bispecific antibodies against diabetic retinopathy, and moving them forward at maximum speed."

    Diabetic retinopathy, which is a complication of type 1 and 2 diabetes, is caused by chronic hyperglycemia and is the leading cause of preventable visual impairment and blindness in working-age adults. Patients with diabetes who have an increased risk of developing retinopathy include those with comorbid hypertension and dyslipidemia.1,2

    "As a young biotech, we have to use our resources efficiently to maximize the development of novel therapeutics for growing numbers of patients affected by this life-altering disease," said Gregor Wick, Ph.D., CEO of Angios. "Our partnership with AbCellera will greatly improve our ability to realize our ambitious goals to accelerate therapeutic development so patients can get meaningful new therapies as soon as possible."

    "There are 400 million patients with diabetes, and the numbers are rapidly growing," said Josef Penninger, Ph.D., Chairman of Angios. "Changes in blood vessels are the major cause for diabetic symptoms such as kidney failure, heart attacks, non-healing wounds, and also blindness. There is an enormous unmet medical need to develop novel therapies for these patients."

    Under the terms of the agreement, Angios will have the rights to develop and commercialize therapeutic products resulting from the collaboration. AbCellera will receive equity and research fees and is eligible for milestone payments and royalties based on the development and commercialization of antibodies generated by AbCellera under this collaboration.

    About AbCellera Biologics Inc.

    AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development. For more information, visit www.abcellera.com.

    About Angios

    Angios GmbH (Angios) is a biotechnology company specializing in developing therapeutics for vascular diseases with a vision of improving standard of care for diabetic retinopathy. Founded in 2021 and based in Innsbruck, Austria, Angios strives to develop new treatments for challenging vascular diseases by pursuing pre-identified targets for diabetic retinopathy and by leveraging the vascular organoid model developed in the laboratories of our founders.

    For more information, visit www.angios-bio.com.

    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 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.

    1 Cheung N, Mitchell P, Wong TY. Diabetic retinopathy. Lancet. 2010;376(9735):124-136. doi:10.1016/S0140-6736(09)62124-3

    2 Ghamdi AHA. Clinical Predictors of Diabetic Retinopathy Progression; A Systematic Review. Curr Diabetes Rev. 2020;16(3):242-247. doi:10.2174/1573399815666190215120435

    Source: AbCellera Biologics Inc.

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