AbCellera Biologics Files Q3 2024 10-Q

TL;DR

AbCellera's Q3 2024 10-Q is in: check revenue from research fees & licenses.

AI Summary

AbCellera Biologics Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024, detailing revenue from research fees and licenses. Specific financial figures for these periods are available within the full filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for AbCellera Biologics, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the biotech sector inherently carries medium risk due to R&D uncertainties and market volatility.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial results)
• First nine months of 2024 — Reporting Period (Year-to-date financial results)

Key Players & Entities

• AbCellera Biologics Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241104 (date) — Filing date

FAQ

Filing Documents

• abcl-20240930.htm (10-Q) — 1416KB
• abcl-20240930xexx311.htm (EX-31.1) — 10KB
• abcl-20240930xexx312.htm (EX-31.2) — 10KB
• abcl-20240930xexx321.htm (EX-32.1) — 5KB
• abcl-20240930xexx322.htm (EX-32.2) — 5KB
• abcl-20240930_g1.jpg (GRAPHIC) — 99KB
• 0001628280-24-045026.txt ( ) — 6049KB
• abcl-20240930.xsd (EX-101.SCH) — 39KB
• abcl-20240930_cal.xml (EX-101.CAL) — 63KB
• abcl-20240930_def.xml (EX-101.DEF) — 167KB
• abcl-20240930_lab.xml (EX-101.LAB) — 520KB
• abcl-20240930_pre.xml (EX-101.PRE) — 347KB
• abcl-20240930_htm.xml (XML) — 629KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Loss and Comprehensive Loss 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76 Item 5. Other Information 76 Item 6. Exhibits 77

Signatures

Signatures 78 i Summary of the Material and Other Risks Associated with Our Business Our business is subject to numerous material and other risks and uncertainties. You should carefully consider the following information together with the other information appearing elsewhere in this Quarterly Report, including our financial statements and related notes hereto. The occurrence of any of the following risks could have a material adverse effect on our business, financial condition, results of operations and future growth prospects. The risks and uncertainties described below may change over time and other risks and uncertainties, including those that we do not currently consider material, may impair our business. These risks include, but are not limited to, the following: We have incurred losses in certain years since inception, including in 2023 and 2024, and we may not be able to generate sufficient revenue to achieve profitability. Our quarterly and annual operating results have fluctuated significantly in the past and may fluctuate significantly in the future, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations. Unstable market and economic conditions may have serious adverse consequences on our business, financial condition, and share price. Our commercial success depends on the quality of our antibody discovery and development engine and technological capabilities, the advancement of internal programs, and their acceptance by new and existing partners in our industry. Failure to execute our business strategy could adversely impact our growth and profitability. If we cannot maintain and expand current partnerships and enter new partnerships that generate discovery programs for antibodies, our business could be adversely affected. Development of a biological molecule is inherently uncertain, and it is possible that none of the antibody drug candidates discovered using our antibo

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. AbCellera Biologics Inc. Condensed Consolidated Balance Sheets (All figures in U.S. dollars. Amounts are expressed in thousands except share data.) (Unaudited) December 31, 2023 September 30, 2024 Assets Current assets: Cash and cash equivalents $ 133,320 $ 126,640 Marketable securities 627,265 516,499 Total cash, cash equivalents, and marketable securities 760,585 643,139 Accounts and accrued receivable 30,590 31,373 Restricted cash 25,000 25,000 Other current assets 55,810 43,371 Total current assets 871,985 742,883 Long-term assets: Property and equipment, net 287,696 331,263 Intangible assets, net 120,425 52,577 Goodwill 47,806 47,806 Investments in equity accounted investees 65,938 84,084 Other long-term assets 94,244 134,215 Total long-term assets 616,109 649,945 Total assets $ 1,488,094 $ 1,392,828 Liabilities and shareholders' equity Current liabilities: Accounts payable and other current liabilities $ 49,580 $ 53,773 Contingent consideration payable 50,475 20,217 Deferred revenue 18,958 5,578 Total current liabilities 119,013 79,568 Long-term liabilities: Operating lease liability 71,222 66,274 Deferred revenue 8,195 8,100 Deferred government contributions 95,915 142,046 Contingent consideration payable 4,913 4,441 Deferred tax liability 30,612 12,781 Other long-term liabilities 5,906 1,524 Total long-term liabilities 216,763 235,166 Total liabilities 335,776 314,734 Commitments and contingencies Shareholders' equity: Common shares: no par value, unlimited authorized shares at December 31, 2023 and September 30, 2024: 290,824,970 and 295,157,474 shares issued and outstanding at December 31, 2023 and September 30, 2024, respectively 753,199 772,832 Additional paid-in capital 121,052 155,354 Accumulated other comprehensive loss ( 1,720 ) ( 1,232 ) Accumulated earnings 279,787 151,140 Total shareholders' equity 1,152,318 1,078,094 Total liabilities and shareholders' equity $ 1,488,094

View Full Filing

View this 10-Q filing on SEC EDGAR