AbCellera Biologics (ABCL) Q2 2024 earnings summary

Executive summary

• Advanced internal pipeline with ABCL-635 and ABCL-575 on track for clinical trial applications in Q2 2025.

• Four T-cell engager programs progressing into preclinical efficacy models, targeting oncology and autoimmunity.

• Achieved partner milestones: Abdera's IND clearance and FDA Fast Track for ABD-147, Invetx's acquisition announcement.

• Expanded collaborations with Eli Lilly, Regeneron, and Gilead, and celebrated partner milestones with Abdera and Invetx.

• Focused capital allocation on advancing internal pipeline, platform investments, and select strategic partnerships.

Financial highlights

• Q2 2024 revenue was $7.3 million, down from $10.1 million in Q2 2023, mainly due to lower research fees and milestone payments.

• Net loss for Q2 2024 was $36.9 million ($0.13 per share), compared to $30.5 million ($0.11 per share) in Q2 2023.

• Operating expenses increased to $100.8 million in Q2 2024, up from $61.4 million in Q2 2023, driven by a $32 million impairment charge.

• Cash, cash equivalents, and marketable securities totaled $697.6 million as of June 30, 2024.

• Total available liquidity exceeds $900 million, including government funding commitments.

Outlook and guidance

• ABCL-635 and ABCL-575 expected to submit clinical trial applications in Q2 2025.

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

• Continued significant investment in R&D, internal pipeline, and infrastructure; no need for external funding anticipated for at least 36 months.

• CMC and GMP investments to continue at current rate through 2024, substantially complete by early 2025.