- Total revenue of $485 million, compared to $375 million in FY
2021
- Total cumulative partnered program starts of 101, with 23 new
starts in the year
- Net earnings of $0.56 per share on a basic and $0.50 on a
diluted basis, compared to earnings of $0.56 (basic) and $0.48
(diluted) per share in 2021
AbCellera (Nasdaq: ABCL) today announced financial results for
the full year 2022. All financial information in this press release
is reported in U.S. dollars, unless otherwise indicated.
“In 2022 we demonstrated strong topline results and ongoing
success in our partnering business. Even more significant is the
progress we made in scaling and expanding the capabilities of our
engine during the year,” said Carl Hansen, Ph.D., founder and CEO
of AbCellera. “We believe we are at an inflection point and expect
to drive deeper value with partners and to prove our ability to
consistently deliver clinical candidates for patients in need.”
FY 2022 Business Summary
- Earned $485.4 million in total revenue.
- Generated net income of $158.5 million, compared to net income
of $153.5 million in 2021.
- Reached a cumulative total of 174 programs under contract with
40 different partners.
- Started discovery on 23 partnered programs, bringing the
cumulative number of partnered program starts to 101.
- Reporting the advancement of three additional molecules, taking
the cumulative total to eight molecules in the clinic.
Key Business Metrics
Year Ended December
31,
Change
Cumulative Metrics
2021
2022
%
Number of discovery partners
36
40
11%
Programs under contract
156
174
12%
Partnered program starts
78
101
29%
Molecules in the clinic
5
8
60%
AbCellera added 18 partnered programs in 2022 to reach a
cumulative total of 174 programs under contract that are either
completed, in progress, or under contract with 40 different
partners as of December 31, 2022 (up 12% from 156 on December 31,
2021). AbCellera started discovery on 23 partnered programs in 2022
to reach a cumulative total of 101 partnered program starts (up 29%
from 78 on December 31, 2021). AbCellera’s partners advanced an
additional three molecules into the clinic in 2022, bringing the
cumulative total to eight molecules in the clinic.
Discussion of FY 2022 Financial Results
- Revenue – Total revenue was $485.4 million, compared to
$375.2 million in 2021. Royalties associated with bamlanivimab and
bebtelovimab were $443.0 million. The partnership business
generated research fees of $40.8 million, compared to $19.1 million
in 2021. Milestone payments were $0.9 million and licensing revenue
was $0.7 million.
- Research & Development (R&D) Expenses – R&D
expenses were $107.9 million, compared to $62.1 million in 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 $11.3 million, compared to $6.9 million in 2021. The
increase reflects continued investments in business
development.
- General & Administrative (G&A) Expenses –
G&A expenses were $55.5 million, compared to $41.8 million in
2021, with the increase driven by investments to support the growth
of the company.
- Net Earnings – Net earnings were $158.5 million, or
$0.56 per share on a basic and $0.50 on a diluted basis, compared
to $153.5 million, or $0.56 per share on a basic and $0.48 diluted
basis in 2021.
- Liquidity – $886.5 million of cash, cash equivalents,
and marketable securities.
Q4 Highlights and Financial Results
- Started nine partner-initiated programs.
- U.S. emergency use authorization (EUA) for bebtelovimab was
suspended due to emergence of COVID-19 variants resistant to the
treatment.
- Added ten programs under contract with two new partners.
Revenue for the fourth quarter of 2022 was $21.5 million,
representing 4% of the total for 2022. $9.5 million was generated
in the quarter from royalties on net sales of bebtelovimab prior to
the EUA suspension, and $11.4 million was generated from research
fees, representing 2% and 28% of the respective totals for
2022.
Operating expenses totaled $59.3 million in the fourth quarter
or 22% of the total for 2022 and include $1.6 million in royalty
fees, 2% of the total for the year.
The net loss for the fourth quarter was $29.9 million, or
($0.10) per share on a basic and diluted basis.
Conference Call and Webcast
AbCellera will host a conference call and live webcast to
discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m.
Eastern 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 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 antibody 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.
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
engine and our 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 or deliver 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 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.
Partnered 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 potential
for near-term payments. Cumulatively, partnered 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 current
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.
Consolidated Statements of
Income and Comprehensive Income
(All figures in U.S. dollars.
Amounts are expressed in thousands except share and per share
data)
Year Ended December
31,
2020
2021
2022
Revenue:
Research fees
$
19,848
$
19,076
$
40,802
Licensing revenue
-
20,778
696
Milestone payments
15,000
8,000
900
Royalty revenue
198,307
327,349
443,026
Total revenue
233,155
375,203
485,424
Operating expenses:
Royalty fees
27,143
45,516
66,436
Research and development(1)
29,393
62,062
107,879
Sales and marketing(1)
3,842
6,913
11,270
General and administrative(1)
11,910
41,848
55,485
Depreciation, amortization, and
impairment
4,836
14,451
27,843
Total operating expenses
77,124
170,790
268,913
Income from operations
156,031
204,413
216,511
Other (income) expense
Interest (income)
(293
)
(3,330
)
(16,079
)
Interest and other
6,811
6,080
4,045
Grants and incentives
(8,320
)
(17,486
)
(10,554
)
Total other income
(1,802
)
(14,736
)
(22,588
)
Net earnings before income tax
157,833
219,149
239,099
Income tax expense
38,915
65,685
80,580
Net earnings
$
118,918
$
153,464
$
158,519
Foreign currency translation
adjustment
-
280
(1,671
)
Comprehensive income
$
118,918
$
153,744
$
156,848
Net earnings per share attributable to
common shareholders
Basic
$
0.53
$
0.56
$
0.56
Diluted
$
0.45
$
0.48
$
0.50
Weighted-average common shares
outstanding
Basic
159,195,023
275,763,745
285,056,606
Diluted
263,129,765
318,294,236
314,827,255
(1) Exclusive of depreciation,
amortization, and impairment
AbCellera Biologics
Inc.
Consolidated Balance
Sheet
(All figures in U.S. dollars.
Amounts are expressed in thousands except share data)
December 31,
2021
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
476,142
$
386,535
Marketable securities
246,835
499,950
Total cash, cash equivalents, and
marketable securities
722,977
886,485
Accounts and accrued receivable
160,576
38,593
Restricted cash
25,000
25,000
Other current assets
21,247
75,413
Total current assets
929,800
1,025,491
Long-term assets:
Property and equipment, net
111,616
217,255
Intangible assets, net
148,392
131,502
Goodwill
47,806
47,806
Investments in and loans to equity
accounted investees
50,313
72,522
Other long-term assets
30,642
46,331
Total long-term assets
388,769
515,416
Total assets
$
1,318,569
$
1,540,907
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and other liabilities
$
32,017
$
33,150
Current portion of contingent
consideration payable
22,934
44,211
Income taxes payable
35,683
-
Accrued royalties payable
22,506
19,347
Deferred revenue
7,536
21,612
Total current liabilities
120,676
118,320
Long-term liabilities:
Operating lease liability
36,413
76,675
Deferred revenue
27,409
19,516
Deferred grant funding
33,349
40,801
Contingent consideration payable
35,886
16,054
Deferred tax liability
37,370
33,178
Other long-term liabilities
1,733
3,086
Total long-term liabilities
172,160
189,310
Total liabilities
292,836
307,630
Commitments and contingencies
Shareholders' equity:
Common shares: no par value, unlimited
authorized shares at December 31, 2021 and 2022: 283,257,104 and
286,851,595 shares issued and outstanding at December 31, 2021 and
2022 respectively
722,430
734,365
Additional paid-in capital
35,357
74,118
Accumulated other comprehensive income
(loss)
280
(1,391
)
Accumulated earnings
267,666
426,185
Total shareholders' equity
1,025,733
1,233,277
Total liabilities and shareholders'
equity
$
1,318,569
$
1,540,907
Subsequent event
AbCellera Biologics
Inc.
Consolidated Statement of Cash
Flows
(Expressed in thousands of
U.S. dollars)
December 31,
2020
December 31,
2021
December 31,
2022
Cash flows from operating
activities:
Net earnings
$
118,918
$
153,464
$
158,519
Cash flows from operating activities:
Depreciation of property and equipment
2,317
4,403
8,953
Amortization and impairment of intangible
assets
2,519
10,062
18,890
Amortization of operating lease
right-of-use assets
435
2,785
5,259
Stock-based compensation
8,397
30,646
49,481
Deferred tax expense
2,098
(2,018
)
(2,114
)
Other
4,707
3,570
8,547
Changes in operating assets and
liabilities:
Accounts and accrued research fees
receivable
(5,467
)
(37,386
)
(22,715
)
Accrued royalties receivable
(197,553
)
59,864
129,171
Income taxes payable
36,412
(13,530
)
(88,609
)
Accounts payable and accrued
liabilities
6,601
1,400
1,066
Operating lease liabilities
(350
)
(778
)
(3,064
)
Deferred revenue
21,810
8,624
6,183
Accrued royalties payable
27,143
(4,637
)
(3,160
)
Deferred grant revenue
(6,763
)
30,718
9,264
Other operating assets and liabilities
1,466
(2,603
)
1,689
Net cash provided by operating
activities
22,690
244,584
277,360
Cash flows from investing
activities:
Purchases of property and equipment
(9,673
)
(58,452
)
(70,660
)
Purchase of intangible assets
(5,000
)
-
(2,000
)
Purchases of marketable securities
-
(274,710
)
(763,982
)
Proceeds from marketable securities
-
27,608
510,631
Receipt of grant funding
-
32,621
16,434
Acquisitions, net of cash acquired
(87,643
)
(11,457
)
-
Long-term investments and other
1,783
(17,534
)
(17,369
)
Investment in and loans to equity
accounted investees
(19,247
)
(30,323
)
(25,679
)
Net cash used in investing activities
(119,780
)
(332,247
)
(352,625
)
Cash flows from financing
activities:
Repayment of long-term debt and contingent
consideration
(19,942
)
(4,373
)
(323
)
Proceeds from long-term debt and exercise
of stock options
16,490
5,487
2,755
Proceeds from convertible debentures
89,990
-
-
Payment of liability for in-licensing
agreement and other
(387
)
(5,000
)
(4,060
)
Net proceeds from issuance of common
shares
522,840
-
-
Proceeds from issuance of preferred shares
- series A1 and A2 financing
74,662
-
-
Net cash provided by (used in) financing
activities
683,653
(3,886
)
(1,628
)
Effect of exchange rate changes on cash
and cash equivalents
-
(1,425
)
(9,599
)
Increase (decrease) in cash and cash
equivalents
586,563
(92,974
)
(86,492
)
Cash and cash equivalents and restricted
cash, beginning of year
7,553
594,116
501,142
Cash and cash equivalents and restricted
cash, end of year
$
594,116
$
501,142
$
414,650
Restricted cash included within other
current and other long-term assets
-
-
3,115
Total cash, cash equivalents, and
restricted cash shown on the balance sheets
$
594,116
$
501,142
$
411,535
Supplemental disclosure of non-cash
investing and financing activities:
Property and equipment purchases in
accounts payable
656
5,397
5,868
Right-of-use assets obtained in exchange
for operating lease obligation
1,679
36,638
50,694
Purchase of intangible assets in exchange
for in-licensing agreement payable
9,060
-
-
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230217005378/en/
Inquiries Media: Jessica Yingling, Ph.D.;
media@abcellera.com, +1(236) 521-6774 Business Development: Murray
McCutcheon, Ph.D.; bd@abcellera.com, +1(604) 559-9005 Investor
Relations: Josephine Hellschlienger, Ph.D.; ir@abcellera.com,
+1(778) 729-9116
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