Summary

  • AbCellera works on the development of therapeutic antibodies.
  • AbCellera partner with drug developers of all sizes to push therapeutic programs forward and fight disease.

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AbCellera (Nasdaq: ABCL)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.

Recent developments

AbCellera’s Preclinical Development Program with Regeneron 1

NOV 02, 2022; AbCellera announced that Regeneron has elected to exercise its right to advance a therapeutic antibody candidate, discovered in partnership with AbCellera as part of a multi-target collaboration between the companies, into further preclinical development. The partnership, which commenced in March 2020 and allows for four discovery programs selected by Regeneron, leverages AbCellera’s antibody discovery engine and Regeneron’s VelocImmune® mice to identify novel therapeutic antibodies. This is the first potential candidate selected by Regeneron to move into further evaluation, and it targets an undisclosed G-protein coupled receptor (GPCR).

AbCellera Launches Second Phase of Global Headquarters Expansion2

SEP 21, 2022; AbCellera announced it has launched the second phase of its global headquarters expansion by breaking ground on its new facility in Vancouver, Canada. The 380,000-square-foot tech campus will include state-of-the-art lab and office spaces to support AbCellera’s capabilities in bringing new antibody-based medicines from target to the clinic. The expansion will accommodate the growth of AbCellera’s existing 450+ person team and the investments into forward integration of translational science, process development, and clinical manufacturing capabilities.

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Financial Highlights

Q3 2022 Results

NOV 08, 2022; AbCellera announced financial results for the third quarter of 2022.3

Revenue – Total revenue was $101.4 million, compared to $5.5 million in Q3 2021. Royalties associated with bebtelovimab were $93.3 million. The partnership business produced research fees of $7.5 million, compared to $5.1 million in Q3 2021. Milestone payments were $0.4 million and licensing revenue was $0.2 million.

Research & Development (R&D) Expenses – R&D expenses were $26.6 million, compared to $17.5 million in Q3 2021, reflecting continuing investments in the capacity and capabilities of AbCellera’s engine for antibody discovery and development.

Sales & Marketing (S&M) Expenses – S&M expenses were $3.1 million, compared to $1.2 million in Q3 2021. The increase reflects continued investments in business development.

General & Administrative (G&A) Expenses – G&A expenses were $13.8 million, compared to $11.3 million in Q3 2021, with the increase driven by investments to support the growth of the company.

Net Earnings – Net earnings were $26.6 million, or $0.09 per share on a basic and $0.08 on a diluted basis, compared to a net loss of $21.4 million, or ($0.08) per share on a basic and diluted basis in Q3 2021.

Liquidity – $868 million of cash, cash equivalents, and marketable securities.

Full year 2021 Result.

The company generated revenue of $233.2 million and $375.2 million for the years ended December 31, 2020 and 2021, respectively. As of December 31, 2021, the company had a total of 36 partners for whom the company was conducting antibody discovery activities. For the year ended December 31, 2020, three of its partners accounted for 35%, 25% and 14% of its research fees revenue and eight partners accounted for the remaining 26% of research fees revenue. For the year ended December 31,2020 the company recognized its first clinical milestone payments and royalty revenue streams, totaling $213.3 million, exclusively from its partnership with Lilly. For the year ended December 31, 2021, four of its partners accounted for 29%, 17%, 11% and 10% of its research fees revenue and 12 partners accounted for the remaining 33% of research fees revenue. For the year ended December 31, 2021, the company recognized milestone payments of $7.0 million and royalty revenue of $327.3million exclusively from its partnership with Lilly.

The company incurred research and development expenses of $29.4 million and $62.1 million for the years ended December 31, 2020 and 2021, respectively. The company incurred general and administrative expenses of $11.9 million and $41.8 million for the years ended December 31, 2020 and 2021, respectively.

The company's net earnings for the year ended December 31, 2020 was $118.9 million and its net earnings for the year ended December 31, 2021 was $153.5 million. As of December 31, 2021, the company had accumulated earnings of $267.7 million and the company had balance of cash, cash equivalents, and marketable securities totaling $723.0 million.

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Company Overview

AbCellera grew out of the idea that single-cell microfluidics and next-generation technologies can radically change how the company discover drugs. But this isn’t just about having advanced technology. It comes from building a world-class group of innovators. The company's multidisciplinary team of cell biologists, biochemists, engineers, data scientists, machine learning experts, and business professionals is working on some of the toughest areas of disease.4

Partnerships

The company partner with drug developers of all sizes to push therapeutic programs forward and fight disease.

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References

  1. ^ https://investors.abcellera.com/news/news-releases/2022/AbCelleras-First-Program-with-Regeneron-in-Multi-Target-Collaboration-Advances-in-Preclinical-Development/default.aspx
  2. ^ https://investors.abcellera.com/news/news-releases/2022/AbCellera-Launches-Second-Phase-of-Global-Headquarters-Expansion-to-Advance-Capabilities-for-Bringing-New-Medicines-from-Target-to-the-Clinic/default.aspx
  3. ^ https://investors.abcellera.com/news/news-releases/2022/AbCellera-Reports-Q3-2022-Business-Results/default.aspx
  4. ^ https://abcellera.com/>
Tags: US:ABCL USA
Created by Asif Farooqui on 2022/11/09 15:00
     

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