ABCL AbCellera Biologics Inc.

8.64
-0.44  -5%
Previous Close 9.08
Open 9.12
52 Week Low 9.05
52 Week High 55.22
Market Cap $2,432,862,216
Shares 281,581,275
Float 103,224,188
Enterprise Value $1,709,447,216
Volume 2,603,615
Av. Daily Volume 2,031,909
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Drug Pipeline

Drug Stage Notes
Bamlanivimab and Etesevimab
COVID-19 Anti-body
Approved
Approved
Emergency Use Authorization (EUA) expanded, announced September 16, 2021. EUA expanded for children under 12 years old, noted December 3, 2021.
BamlanivimabLY-CoV555
COVID-19 Antibody
Approved
Approved
Emergency Use Authorization (EUA) announced November 9, 2020.

Latest News

  1. AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced changes to its Board of Directors with the appointment of Andrew W. Lo, Ph.D., as an independent director and the resignation of John Hamer, Ph.D. Changes are effective immediately.

    Dr. Lo has developed new financial engineering tools and business models for drug and device development and healthcare delivery, statistical methods for incorporating patient preferences into the drug approval process, and machine-learning for predicting clinical trial outcomes. He will serve on the Audit and Compensation Committees of the Board of Directors.

    "Andrew is a distinguished economist, professor, author, and strategist…

    AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced changes to its Board of Directors with the appointment of Andrew W. Lo, Ph.D., as an independent director and the resignation of John Hamer, Ph.D. Changes are effective immediately.

    Dr. Lo has developed new financial engineering tools and business models for drug and device development and healthcare delivery, statistical methods for incorporating patient preferences into the drug approval process, and machine-learning for predicting clinical trial outcomes. He will serve on the Audit and Compensation Committees of the Board of Directors.

    "Andrew is a distinguished economist, professor, author, and strategist whose work in connecting financial structures, business models, and biomedical innovation has resulted in exciting new approaches that help bring treatments to patients faster," said Carl Hansen, Ph.D., CEO, President, and Chairperson of AbCellera. "We welcome him to our board and look forward to working with him as we continue to build a large and diversified portfolio of positions in the next generation of antibody therapies, driving long-term value for patients, partners, and our shareholders."

    "I'm delighted and honored to be joining AbCellera's board. Their unique partnership-based business model draws on key financial insights to build value," said Dr. Lo. "I look forward to working with them to help them realize the enormous impact their approach can have on the industry and, ultimately, on patients around the world."

    Dr. Lo is a cofounder and director of BridgeBio Pharma, a director of Atomwise and Roivant Sciences, a cofounder and chairman of QLS Advisors, and a member of the advisory boards of NCATS and the American Cancer Society's BrightEdge Impact Fund. He is currently the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, director of MIT's Laboratory for Financial Engineering, and principal investigator at MIT's Computer Science and Artificial Intelligence Laboratory. Dr. Lo was named one of TIME's "100 most influential people in the world."

    Dr. Hamer, Managing Partner at DCVC Bio, joined AbCellera's Board in 2018 and has served on the Audit and Compensation Committees.

    "John has been a valued investor and director for AbCellera. He recognized the company's potential early and brought a unique combination of scientific, operational, and financial expertise that was instrumental in getting us to where we are today," said Dr. Hansen. "It has been a distinct pleasure working with him over the last three years. We thank him for his guidance and wish him the best as he continues to find and build new companies at the interface of computation and biotechnology."

    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, please 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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  2. Expanded EUA includes both treatment of patients with COVID-19 and post-exposure prophylaxis (PEP) in pediatric and infant patients

    The expanded EUA is based on data from the BLAZE-1 Phase 2/3 clinical trial studying bamlanivimab and etesevimab administered together for the treatment of pediatric…

    Expanded EUA includes both treatment of patients with COVID-19 and post-exposure prophylaxis (PEP) in pediatric and infant patients

    AbCellera (NASDAQ:ABCL) today announced the U.S. Food and Drug Administration (FDA) has expanded the Emergency Use Authorization (EUA) for bamlanivimab and etesevimab administered together to include pediatric patients under the age of 12, including neonates (infants <1 year old). The EUA allows for bamlanivimab and etesevimab administered together in the treatment of mild to moderate COVID-19 as well as post-exposure prophylaxis in certain patients.

    The expanded EUA is based on data from the BLAZE-1 Phase 2/3 clinical trial studying bamlanivimab and etesevimab administered together for the treatment of pediatric and infant patients with mild to moderate COVID-19 and who are at high risk for severe disease progression. The median time to complete symptom resolution as recorded in a trial specific daily symptom diary was 7 days for subjects treated with bamlanivimab 700 mg and etesevimab 1,400 mg and 5 days for subjects treated with weight-based dosing of bamlanivimab and etesevimab. No subject died or required hospitalization due to COVID-19.

    Pseudovirus and authentic virus studies conducted by AbCellera's partner, Eli Lilly and Company (Lilly), demonstrate that bamlanivimab and etesevimab together retain neutralization activity against the Delta variant, which is currently the predominant variant of concern within the U.S.

    For more information about the use of bamlanivimab with etesevimab for COVID-19, click here or contact Lilly's 24-hour support line at 1-855-LillyC19 (1-855-545-5921).

    About AbCellera's Response to COVID-19

    AbCellera initially mobilized its pandemic response platform against COVID-19 in March of 2020, resulting in the discovery of bamlanivimab, the first monoclonal antibody therapy for COVID-19 to reach human testing and to be authorized for emergency use by the U.S. Food and Drug Administration (FDA). Bamlanivimab alone and together with other antibodies has treated hundreds of thousands of patients, preventing COVID-19-related hospitalizations and death.

    AbCellera's ongoing efforts to respond to the COVID-19 pandemic have identified thousands of unique anti-SARS-CoV-2 human antibodies. These include bamlanivimab, bebtelovimab, and other antibodies that are in various stages of testing by AbCellera and its partners.

    AbCellera's pandemic response capabilities were developed over the past three years as part of the Defense Advanced Research Projects Agency (DARPA) Pandemic Prevention Platform (P3) program. The goal of the P3 program is to establish a robust technology platform for pandemic response capable of developing field-ready medical countermeasures within 60 days of isolation of an unknown viral pathogen.

    About Bamlanivimab

    Bamlanivimab is a recombinant, neutralizing human IgG1 monoclonal antibody (mAb) directed against the spike protein of SARS-CoV-2. It is designed to block viral attachment and entry into human cells, thus neutralizing the virus. Bamlanivimab was developed from an antibody that was discovered from the blood of a recovered COVID-19 patient using AbCellera's pandemic response platform, in partnership with the Vaccine Research Center (VRC) at the National Institutes for Allergy and Infectious Diseases (NIAID). Within one week of receiving the sample, AbCellera screened over five million antibody-producing cells to identify and isolate approximately 500 unique antibodies that bind to SARS-CoV-2, the virus that causes COVID-19. The binding antibodies were then tested by AbCellera, the VRC, and Lilly to find those most effective in neutralizing the virus. Bamlanivimab was selected as the lead candidate from this group of antibodies and was both the first therapeutic candidate specifically developed against SARS-CoV-2 to enter human clinical trials in North America, and to receive EUA from the FDA. Bamlanivimab alone and/or administered with etesevimab are authorized under special use pathways in more than 22 countries. In the U.S., bamlanivimab is currently only authorized for emergency use with etesevimab.

    Results from a Phase 2/3 study in people recently diagnosed with COVID-19 in the ambulatory setting (BLAZE-1, NCT04427501) were published in the New England Journal of Medicine. Results from a Phase 3 study of bamlanivimab in residents and staff at long-term care facilities (BLAZE-2, NCT04497987) were published in the Journal of American Medical Association. A Phase 2 study assessing the efficacy and safety of bamlanivimab alone, and bamlanivimab with other neutralizing antibodies versus placebo for the treatment of symptomatic low-risk COVID-19 in the outpatient setting (BLAZE-4, NCT04634409) has completed enrollment.

    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, please 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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  3. AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, announced today the appointment of Neil Aubuchon as Chief Commercial Officer (CCO). Mr. Aubuchon brings over 20 years of experience in strategic planning, operations, and leadership for global biopharmaceutical companies, including tenures at Amgen and Eli Lilly and Company (Lilly). As Chief Commercial Officer, Mr. Aubuchon will lead the commercial strategy and assessment of partnership opportunities to optimize the value of AbCellera's growing portfolio of royalty positions in the next generation of antibody-based therapies.

    "AbCellera is selective in partnering and evaluates potential programs from the perspective of…

    AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, announced today the appointment of Neil Aubuchon as Chief Commercial Officer (CCO). Mr. Aubuchon brings over 20 years of experience in strategic planning, operations, and leadership for global biopharmaceutical companies, including tenures at Amgen and Eli Lilly and Company (Lilly). As Chief Commercial Officer, Mr. Aubuchon will lead the commercial strategy and assessment of partnership opportunities to optimize the value of AbCellera's growing portfolio of royalty positions in the next generation of antibody-based therapies.

    "AbCellera is selective in partnering and evaluates potential programs from the perspective of targets, teams, technical feasibility, and market opportunity," said Carl Hansen, Ph.D., CEO and President of AbCellera. "Neil brings significant commercial experience and a unique perspective for evaluating partnership opportunities. We welcome him to our team, and believe his skills will be invaluable as we continue to expand our business and evolve our deal structures."

    "AbCellera has established a powerful technology for antibody drug discovery that can quickly translate scientific discovery into new therapies," said Mr. Aubuchon. "Their technology leadership and market position provide an exciting foundation from which to grow the business. I am excited to join AbCellera, and I look forward to leading efforts that will ultimately result in treatments for patients in need."

    Prior to joining AbCellera, Mr. Aubuchon was the Global Marketing Lead for Amgen's General Medicine early portfolio. In this role, he was responsible for developing the integrated strategy for Amgen's non-oncology therapeutic areas and leading commercial strategy for more than 10 biologics, as well as several high profile corporate initiatives. Prior to Amgen, Mr. Aubuchon was the Vice President of Global Marketing at Santen, a global ophthalmology-focused pharmaceutical company. Mr. Aubuchon previously spent nearly 17 years at Lilly in various commercial roles including, Chief Marketing Officer in Australia, Chief Marketing Officer in Japan, Head of Strategy & Operations for Lilly Bio-Medicines Globally, and Vice President of Lilly Bio-Medicines in Japan.

    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, please 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 $6 million, compared to $9 million in Q3 2020
    • Nine program starts in the quarter bringing cumulative total to 69, up 35% from Q3 2020
    • Net loss of ($0.08) per share (basic and diluted) compared to a net loss of ($0.02) per share (basic and diluted) in Q3 2020

    AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced financial results for the third quarter of 2021. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

    "We continue to execute on our long-term business strategy and have achieved another quarter of strong business development and growth in the key metric of program starts," said…

    • Total revenue of $6 million, compared to $9 million in Q3 2020
    • Nine program starts in the quarter bringing cumulative total to 69, up 35% from Q3 2020
    • Net loss of ($0.08) per share (basic and diluted) compared to a net loss of ($0.02) per share (basic and diluted) in Q3 2020

    AbCellera (NASDAQ:ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced financial results for the third quarter of 2021. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

    "We continue to execute on our long-term business strategy and have achieved another quarter of strong business development and growth in the key metric of program starts," said Carl Hansen, Ph.D., CEO and President of AbCellera. "Our focus remains on the following top priorities: execution of our partnership business, forward integration of the platform to support all antibody drug discovery activities for the submission of an Investigational New Drug application, and investments in data science to increase the speed and scalability of our tech stack."

    Q3 2021 Business Summary

    • Earned $5.5 million in total revenue.
    • Incurred net loss of $21.4 million, compared to a net loss of $2.7 million in Q3 2020.
    • Added 17 programs under contract and two new partners, resulting in a cumulative total of 155 programs under contract with 35 different partners.
    • Started discovery on nine programs, bringing the cumulative number of program starts to 69.
    • Confirmed one new molecule advanced into the clinic, bringing the cumulative total to five.
    • Acquired TetraGenetics to expand capabilities for high-value transmembrane protein targets.

    Key Business Metrics

    Metric

     

    September 30,

    2020

     

     

    September 30,

    2021

     

     

    Change %

     

    Number of discovery partners

     

     

    26

     

     

     

    35

     

     

     

    35

    %

    Programs under contract, cumulative

     

     

    94

     

     

     

    155

     

     

     

    65

    %

    Program starts, cumulative

     

     

    51

     

     

     

    69

     

     

     

    35

    %

    Molecules in the clinic

     

     

    1

     

     

     

    5

     

     

     

    400

    %

    AbCellera added 17 discovery programs in Q3 to reach a cumulative total of 155 discovery programs as of September 30, 2021 (up 65% from 94 on September 30, 2020), that are either completed, in progress, or under contract with 35 different partners (up from 26 on September 30, 2020). AbCellera started discovery on an additional nine programs in Q3 to reach a cumulative total of 69 program starts (up from 51 on September 30, 2020). AbCellera's partners advanced one additional molecule into the clinic in Q3 2021, bringing the cumulative total to five.

    Discussion of Q3 2021 Financial Results

    (expressed in thousands)

     

    Three months ended

    September 30,

     

     

    Nine months ended

    September 30,

     

     

     

    2020

     

     

    2021

     

     

    2020

     

     

    2021

     

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research fees

     

    $

    4,362

     

     

    $

    5,128

     

     

    $

    17,247

     

     

    $

    14,330

     

    Licensing revenue

     

     

    -

     

     

     

    190

     

     

     

    -

     

     

     

    20,692

     

    Milestone payments

     

     

    5,000

     

     

     

    -

     

     

     

    8,000

     

     

     

    8,000

     

    Royalty revenue

     

     

    -

     

     

     

    190

     

     

     

    -

     

     

     

    192,850

     

    Total revenue

     

     $

    9,362

     

     

     $

    5,508

     

     

     $

    25,247

     

     

     $

    235,872

     

    • Revenue – Total revenue was $5.5 million, compared to $9.4 million in Q3 2020, which is attributable to the reduction of milestone payments associated with COVID-19 treatments. Royalties associated with bamlanivimab were $0.2 million due to a temporary pause in usage until September 2, 2021 by the Assistant Secretary for Preparedness and Response and the Food and Drug Administration. Shipments from existing U.S. supply then resumed on a weekly basis, and subsequent to the end of the quarter, Eli Lilly reported that the U.S. government has ordered 614,000 additional doses of bamlanivimab with etesevimab to be delivered by January 31, 2022. The partnership business produced research fees of $5.1 million, compared to $4.4 million in Q3 2020. Licensing revenue was $0.2 million.
    • Research & Development (R&D) Expenses – R&D expenses were $17.5 million, compared to $7.5 million in Q3 2020, reflecting continuing investments in the capacity and capabilities of AbCellera's discovery and development platform.
    • Sales & Marketing (S&M) Expenses – S&M expenses were $1.2 million, compared to $0.6 million in Q3 2020.
    • General & Administrative (G&A) Expenses – G&A expenses were $11.3 million, compared to $3.0 million in Q3 2020, with the increase driven primarily by investments to support the growth of the company, non-cash stock-based compensation in line with publicly listed companies, and protecting intellectual property.
    • Net Loss – Net loss was $21.4 million, or ($0.08) per share on both a basic and diluted basis compared to a net loss of $2.7 million, or ($0.02) per share on a basic and diluted basis, in Q3 2020.
    • Liquidity – $753.5 million of cash, cash equivalents, and marketable securities and $43.6 million in accounts and accrued 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 Standard Time (5:00 p.m. Eastern Standard 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. 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. 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.

    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 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

    September 30,

     

     

    Nine months ended

    September 30,

     

     

     

    2020

     

     

    2021

     

     

    2020

     

     

    2021

     

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research fees

     

    $

    4,362

     

     

    $

    5,128

     

     

    $

    17,247

     

     

    $

    14,330

     

    Licensing revenue

     

     

    -

     

     

     

    190

     

     

     

    -

     

     

     

    20,692

     

    Milestone payments

     

     

    5,000

     

     

     

    -

     

     

     

    8,000

     

     

     

    8,000

     

    Royalty revenue

     

     

    -

     

     

     

    190

     

     

     

    -

     

     

     

    192,850

     

    Total revenue

     

     

    9,362

     

     

     

    5,508

     

     

     

    25,247

     

     

     

    235,872

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Royalty fees

     

     

    -

     

     

     

    -

     

     

     

    -

     

     

     

    23,622

     

    Research and development(1)

     

     

    7,495

     

     

     

    17,450

     

     

     

    20,757

     

     

     

    44,853

     

    Sales and marketing(1)

     

     

    626

     

     

     

    1,217

     

     

     

    1,610

     

     

     

    5,086

     

    General and administrative(1)

     

     

    2,968

     

     

     

    11,271

     

     

     

    6,116

     

     

     

    28,958

     

    Depreciation and amortization

     

     

    41

     

     

     

    3,666

     

     

     

    1,508

     

     

     

    10,493

     

    Total operating expenses

     

     

    11,130

     

     

     

    33,604

     

     

     

    29,991

     

     

     

    113,012

     

    Income (loss) from operations

     

     

    (1,768

    )

     

     

    (28,096

    )

     

     

    (4,744

    )

     

     

    122,860

     

    Other (income) expense

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other (income) expense

     

     

    2,262

     

     

     

    1,256

     

     

     

    3,556

     

     

     

    595

     

    Grants and incentives

     

     

    (1,337

    )

     

     

    (4,380

    )

     

     

    (10,217

    )

     

     

    (12,174

    )

    Total other (income) expense

     

     

    925

     

     

     

    (3,124

    )

     

     

    (6,661

    )

     

     

    (11,579

    )

    Net earnings (loss) before income tax

     

     

    (2,693

    )

     

     

    (24,972

    )

     

     

    1,917

     

     

     

    134,439

     

    Income tax (recovery)

     

     

    -

     

     

     

    (3,592

    )

     

     

    -

     

     

     

    40,923

     

    Net earnings (loss)

     

    $

    (2,693

    )

     

    $

    (21,380

    )

     

    $

    1,917

     

     

    $

    93,516

     

    Foreign currency translation adjustment

     

     

    -

     

     

     

    (1,508

    )

     

     

    -

     

     

     

    644

     

    Comprehensive income (loss)

     

    $

    (2,693

    )

     

    $

    (22,888

    )

     

    $

    1,917

     

     

    $

    94,160

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net earnings (loss) per share attributable to common shareholders

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    (0.02

    )

     

    $

    (0.08

    )

     

    $

    0.01

     

     

    $

    0.34

     

    Diluted

     

    $

    (0.02

    )

     

    $

    (0.08

    )

     

    $

    0.01

     

     

    $

    0.29

     

    Weighted-average common shares outstanding

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    153,049,739

     

     

     

    278,933,760

     

     

     

    152,413,300

     

     

     

    273,642,542

     

    Diluted

     

     

    153,049,739

     

     

     

    278,933,760

     

     

     

    237,723,530

     

     

     

    323,323,053

     

     

    ​​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,

    2020

     

     

    September 30,

    2021

     

    Assets

     

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    594,116

     

     

    $

    517,694

     

    Marketable securities

     

     

    -

     

     

     

    235,785

     

    Total cash, cash equivalents, and marketable securities

     

     

    594,116

     

     

     

    753,479

     

    Accounts and accrued receivable

     

     

    213,239

     

     

     

    43,633

     

    Other current assets

     

     

    5,970

     

     

     

    6,635

     

    Total current assets

     

     

    813,325

     

     

     

    803,747

     

    Long term assets:

     

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    17,923

     

     

     

    91,584

     

    Intangible assets

     

     

    115,153

     

     

     

    148,821

     

    Goodwill

     

     

    31,500

     

     

     

    49,457

     

    Investments in and loans to equity accounted investees

     

     

    19,247

     

     

     

    47,507

     

    Other long-term assets

     

     

    8,388

     

     

     

    31,616

     

    Total long-term assets

     

     

    192,211

     

     

     

    368,985

     

    Total assets

     

    $

    1,005,536

     

     

    $

    1,172,732

     

    Liabilities and shareholders' equity

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

    Accounts payable and other liabilities

     

    $

    20,195

     

     

    $

    24,072

     

    Current portion of contingent consideration payable

     

     

    13,411

     

     

     

    12,122

     

    Income taxes payable

     

     

    36,152

     

     

     

    6,590

     

    Accrued royalties payable

     

     

    27,143

     

     

     

    595

     

    Deferred revenue

     

     

    6,589

     

     

     

    6,170

     

    Total current liabilities

     

     

    103,490

     

     

     

    49,549

     

    Long-term liabilities:

     

     

     

     

     

     

     

     

    Operating lease liability

     

     

    3,715

     

     

     

    27,264

     

    Deferred revenue and grant funding

     

     

    25,894

     

     

     

    59,682

     

    Contingent consideration payable

     

     

    9,148

     

     

     

    44,948

     

    Deferred tax liability

     

     

    26,161

     

     

     

    36,197

     

    Other long-term liabilities

     

     

    6,620

     

     

     

    1,695

     

    Total long-term liabilities

     

     

    71,538

     

     

     

    169,786

     

    Total liabilities

     

     

    175,028

     

     

     

    219,335

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

     

     

     

     

    Common shares: no par value, unlimited authorized shares at December 31, 2020 and September 30, 2021: 269,497,768 and 281,151,877 shares issued and outstanding at December 31, 2020 and September 30, 2021 respectively

     

     

    710,387

     

     

     

    718,088

     

    Additional paid-in capital

     

     

    5,919

     

     

     

    26,945

     

    Accumulated other comprehensive income

     

     

    -

     

     

     

    644

     

    Accumulated earnings

     

     

    114,202

     

     

     

    207,720

     

    Total shareholders' equity

     

     

    830,508

     

     

     

    953,397

     

    Total liabilities and shareholders' equity

     

    $

    1,005,536

     

     

    $

    1,172,732

    AbCellera Biologics Inc.

    Condensed Consolidated Statement of Cash Flows

    (Expressed in thousands of U.S. dollars)

    (Unaudited)

     

     

    Nine months ended September 30,

     

     

     

    2020

     

     

    2021

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net income

     

    $

    1,917

     

     

    $

    93,516

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Depreciation of property and equipment

     

     

    1,507

     

     

     

    3,060

     

    Amortization of intangible assets

     

     

    821

     

     

     

    7,432

     

    Amortization of operating lease right-of-use assets

     

     

    335

     

     

     

    1,895

     

    Stock-based compensation

     

     

    3,775

     

     

     

    21,608

     

    Deferred tax expense

     

     

    -

     

     

     

    (3,267

    )

    Other

     

     

    440

     

     

     

    888

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

     

    Accounts and accrued research fees receivable

     

     

    (16,992

    )

     

     

    (34,329

    )

    Accrued royalties receivable

     

     

    -

     

     

     

    194,327

     

    Income taxes payable

     

     

    -

     

     

     

    (29,563

    )

    Accounts payable and accrued liabilities

     

     

    2,890

     

     

     

    (313

    )

    Deferred revenue

     

     

    22,431

     

     

     

    9,051

     

    Accrued royalties payable

     

     

    -

     

     

     

    (26,548

    )

    Operating lease liabilities

     

     

    594

     

     

     

    (327

    )

    Deferred grant income

     

     

    4,592

     

     

     

    27,324

     

    Other assets

     

     

    (898

    )

     

     

    (3,458

    )

    Net cash provided by operating activities

     

     

    21,412

     

     

     

    261,296

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (8,171

    )

     

     

    (49,022

    )

    Purchase of intangible assets

     

     

    (5,000

    )

     

     

    -

     

    Repayment of loan to related parties

     

     

    1,573

     

     

     

    -

     

    Purchase of marketable securities

     

     

    -

     

     

     

    (245,314

    )

    Proceeds from marketable securities

     

     

    -

     

     

     

    9,527

     

    Receipt of grant funding

     

     

    -

     

     

     

    9,807

     

    Acquisitions

     

     

    -

     

     

     

    (11,457

    )

    Long-term investments and deposits

     

     

    -

     

     

     

    (17,534

    )

    Investment in and loans to equity accounted investees

     

     

    -

     

     

     

    (27,105

    )

    Net cash used in investing activities

     

     

    (11,598

    )

     

     

    (331,098

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

    Repayment of long-term debt

     

     

    (16,971

    )

     

     

    (1,823

    )

    Payment of contingent consideration

     

     

    -

     

     

     

    (2,550

    )

    Proceeds from long-term debt

     

     

    15,516

     

     

     

    872

     

    Payment of liability for in-licensing agreement

     

     

    -

     

     

     

    (5,000

    )

    Short-term borrowings

     

     

    (387

    )

     

     

    -

     

    Issuance of common shares pursuant to exercise of stock options

     

     

    893

     

     

     

    2,781

     

    Proceeds from issuance of preferred shares - series A2 financing

     

     

    74,663

     

     

     

    -

     

    Net cash provided by (used in) financing activities

     

     

    73,714

     

     

     

    (5,720

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

    -

     

     

     

    (900

    )

    Increase (decrease) in cash and cash equivalents

     

     

    83,528

     

     

     

    (76,422

    )

    Cash and cash equivalents, beginning of period

     

     

    7,553

     

     

     

    594,116

     

    Cash and cash equivalents, end of period

     

    $

    91,081

     

     

    $

    517,694

     

    Supplemental disclosure of non-cash investing and financing activities

     

     

     

     

     

     

     

     

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

     

     

    567

     

     

     

    26,976

     

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

     

     

    9,060

     

     

     

    -

     

     

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  4. AbCellera (NASDAQ:ABCL) today announced that executives from the Company will present at the following virtual investor conferences:

    • Credit Suisse 30th Annual Virtual Healthcare Conference on Thursday, November 11 at 7:30 a.m. Pacific Time
    • Stifel 2021 Virtual Healthcare Conference on Tuesday, November 16 at 10:20 a.m. Pacific Time
    • Piper Sandler 33rd Annual Virtual Healthcare Conference on Tuesday, November 30 (recorded and available on November 22)

    Live audio webcasts of the Credit Suisse and Stifel presentations may be accessed through links that will be posted on AbCellera's Investor Relations website. A replay of all three recordings will be available at the same location following the presentations.

    About AbCellera Biologics Inc

    AbCellera (NASDAQ:ABCL) today announced that executives from the Company will present at the following virtual investor conferences:

    • Credit Suisse 30th Annual Virtual Healthcare Conference on Thursday, November 11 at 7:30 a.m. Pacific Time
    • Stifel 2021 Virtual Healthcare Conference on Tuesday, November 16 at 10:20 a.m. Pacific Time
    • Piper Sandler 33rd Annual Virtual Healthcare Conference on Tuesday, November 30 (recorded and available on November 22)

    Live audio webcasts of the Credit Suisse and Stifel presentations may be accessed through links that will be posted on AbCellera's Investor Relations website. A replay of all three recordings will be available at the same location following the presentations.

    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. For more information, please visit www.abcellera.com

    Source: AbCellera Biologics Inc.

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