Q3 2024 Abcellera Biologics Inc Earnings Call Transcript
Key Points
- AbCellera Biologics Inc (ABCL) is on track to file CTA for its first two internal pipeline programs, ABCL635 and ABCL575, by Q2 next year.
- The company has successfully completed the move to its new headquarters in Vancouver and is making steady progress on its GMP manufacturing facility, expected to be operational in 2025.
- AbCellera Biologics Inc (ABCL) has a strong liquidity position with approximately $670 million in cash and equivalents and $210 million in available government funding.
- The company expanded its partnership with Eli Lilly, focusing on co-development collaborations with co-ownership of resulting assets.
- AbCellera Biologics Inc (ABCL) is well-prepared for its first two clinical trials starting next year, with a built translational and development team.
- AbCellera Biologics Inc (ABCL) reported a net loss of approximately $51 million for the quarter, compared to a loss of nearly $29 million in the same quarter last year.
- Revenue for the quarter was almost $7 million, consistent with the previous year, but the company expects research fee revenue to trend lower as it focuses more on internal and co-development programs.
- R&D expenses increased to approximately $41 million, driven by ongoing program execution and platform development.
- General and administration expenses rose to approximately $19 million, primarily due to expenses related to the defense of intellectual property.
- The company incurred a non-cash impairment charge for in-process R&D of approximately $32 million, resulting from the decision to discontinue the development of next-generation transgenic mice.
Good afternoon and welcome to AbCellera's Q3 2024 business update conference call. My name is Tamia and I will facilitate the audio portion of today's interactive broadcast. (Operator Instructions).
At this time, I would now like to turn the call over to Tryn Stimart, AbCellera's Chief Legal and Compliance Officer. You may proceed.
Thank you. Good morning, good afternoon, and good evening to everyone listening around the world. Thank you for joining us for AbCellera's 2024 third quarter earnings call. I'm Tryn Stimart, AbCellera's Chief Legal and Compliance Officer. Joining me on today's call are Dr. Carl Hansen, AbCellera's President and CEO, and Andrew Booth, AbCellera's Chief Financial Officer.
During this call, we anticipate making projections and forward-looking statements based on our current expectations and pursuant to the safe harbor provisions of the private securities litigation Reform Act of 1995. Our actual results could
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