0001703057false00017030572023-08-032023-08-03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________
FORM 8-K
__________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 3, 2023
__________________________________________
AbCellera Biologics Inc.
(Exact name of registrant as specified in its charter)
__________________________________________
| | | | | | | | |
British Columbia | 001-39781 | Not Applicable |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
| | | | | |
2215 Yukon Street Vancouver, BC | V5Y 0A1 |
(Address of registrant’s principal executive office) | (Zip code) |
(604) 559-9005
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common shares | ABCL | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition
On August 3, 2023, AbCellera Biologics Inc., (the “Company”), issued a press release announcing its financial and operational results for the quarter ended June 30, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure
In connection with its earnings call on August 3, 2023, to discuss its results for the quarter ended June 30, 2023, the Company will utilize a corporate presentation, a copy of which is furnished herewith as Exhibit 99.2.
The information in Items 2.02 and 7.01 of this Form 8-K (including the exhibits attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
| | | | | | | | |
Exhibit No. | | Description |
99.1 | | |
99.2 | | |
104 | | Cover Page Interactive Data File (embedded as Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: August 3, 2023 | ABCELLERA BIOLOGICS INC. |
| | |
| By: | /s/ Carl L. G. Hansen |
| | Carl L. G. Hansen, Ph.D. |
| | Chief Executive Officer and Director (Principal Executive Officer) |
NEWS RELEASE
AbCellera Reports Q2 2023 Business Results
08/03/2023
●Total revenue of $10 million, compared to $46 million in Q2 2022
●Total cumulative partnered program starts of 106, up 20% from Q2 2022
●Net loss of $0.11 per share on a basic and diluted basis, compared to a net loss of $0.02 per share on a basic and diluted basis in Q2 2022
VANCOUVER, British Columbia, August 3, 2023 -- AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2023. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“In the second quarter we secured over $220 million in strategic financing from the Governments of Canada and British Columbia to accelerate the execution of our strategy. When combined with our cash, cash equivalents, and marketable securities of over $800 million this brings our total available liquidity to over $1 billion,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “By strengthening our liquidity position, our discovery and development engine, and our portfolio, this funding will drive value in multiple dimensions of our business, including advancing more pre-partnered programs to the clinic.”
Q2 2023 Business Summary
●Earned $10.1 million in total revenue.
●Generated a net loss of $30.5 million, compared to a net loss of $6.8 million in Q2 2022.
●Maintained a cumulative total of 177 programs under contract with 41 different partners.
●Reached a cumulative total of 106 partnered program starts.
●Continuing to report nine molecules cumulatively advanced to the clinic.
Key Business Metrics
| | | | | | | | | | | | | | | | | | | | |
Cumulative Metrics | | June 30, 2022 | | June 30, 2023 | | Change % |
Number of discovery partners | | 38 | | 41 | | 8 | % |
Programs under contract | | 164 | | 177 | | 8 | % |
Partnered program starts | | 88 | | 106 | | 20 | % |
Molecules in the clinic | | 6 | | 9 | | 50 | % |
AbCellera maintained a cumulative total of 177 programs under contract (up from 164 on June 30, 2022) that are either completed, in progress, or under contract with 41 different partners as of June 30, 2023 (up from 38 on June 30, 2022). AbCellera started discovery on an additional five partner-initiated programs to reach a cumulative total of 106 partnered program starts in Q2 2023 (up from 88 on June 30, 2022). AbCellera’s partners have advanced a cumulative total of nine molecules into the clinic (up from six on June 30, 2022).
Discussion of Q2 2023 Financial Results
●Revenue – Total revenue was $10.1 million, compared to $45.9 million in Q2 2022. The partnership business generated research fees of $9.8 million, compared to $12.5 million in Q2 2022. Licensing revenue was $0.2 million.
●Research & Development (R&D) Expenses – R&D expenses were $36.5 million, compared to $26.7 million in Q2 2022, reflecting continued growth in program execution and platform development.
●Sales & Marketing (S&M) Expenses – S&M expenses were $3.8 million, compared to $3.1 million in Q2 2022. The increase reflects continued investments in business development.
●General & Administrative (G&A) Expenses – G&A expenses were $15.5 million, compared to $14.4 million in Q2 2022, with the increase driven by investments to support the growth of the company.
●Net Loss – Net loss of $30.5 million, or $(0.11) per share on a basic and diluted basis, compared to a net loss of $6.8 million, or $(0.02) per share on a basic and diluted basis in Q2 2022.
●Liquidity – $822.9 million of total cash, cash equivalents, and marketable securities.
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 is breaking the barriers of conventional antibody discovery to bring better medicines to patients, sooner. AbCellera’s engine integrates expert teams, technology, and facilities with the data science and automation needed to propel antibody-based medicines from target to clinic in nearly every therapeutic area with precision and speed. AbCellera provides innovative biotechs and leading pharmaceutical companies with a competitive advantage that empowers them to move quickly, reduce cost, and tackle the toughest problems in 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.
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
AbCellera Biologics Inc.
Condensed Consolidated Statements of Income (Loss) and
Comprehensive Income (Loss)
(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| | 2022 | | 2023 | | 2022 | | 2023 |
Revenue: | | | | | | | | |
Research fees | | $ | 12,538 | | | $ | 9,830 | | | $ | 21,871 | | | $ | 20,400 | |
Licensing revenue | | 147 | | | 226 | | | 377 | | | 598 | |
Milestone payments | | - | | | - | | | - | | | 1,250 | |
Royalty revenue | | 33,232 | | | - | | | 340,249 | | | - | |
Total revenue | | 45,917 | | | 10,056 | | | 362,497 | | | 22,248 | |
Operating expenses: | | | | | | | | |
Royalty fees | | 5,210 | | | - | | | 49,847 | | | - | |
Research and development(1) | | 26,685 | | | 36,473 | | | 53,052 | | | 89,120 | |
Sales and marketing(1) | | 3,120 | | | 3,841 | | | 5,490 | | | 7,612 | |
General and administrative(1) | | 14,412 | | | 15,521 | | | 28,680 | | | 30,655 | |
Depreciation and amortization | | 4,886 | | | 5,610 | | | 8,875 | | | 11,124 | |
Total operating expenses | | 54,313 | | | 61,445 | | | 145,944 | | | 138,511 | |
Income (loss) from operations | | (8,396) | | | (51,389) | | | 216,553 | | | (116,263) | |
Other (income) expense | | | | | | | | |
Interest (income) | | (1,414) | | | (10,779) | | | (2,079) | | | (20,537) | |
Grants and incentives | | (1,535) | | | (4,576) | | | (6,730) | | | (7,951) | |
Other | | 1,439 | | | 1,970 | | | 1,438 | | | (1,624) | |
Total other (income) | | (1,510) | | | (13,385) | | | (7,371) | | | (30,112) | |
Net earnings (loss) before income tax | | (6,886) | | | (38,004) | | | 223,924 | | | (86,151) | |
Income tax (recovery) expense | | (101) | | | (7,476) | | | 62,136 | | | (15,513) | |
Net earnings (loss) | | $ | (6,785) | | | $ | (30,528) | | | $ | 161,788 | | | $ | (70,638) | |
Foreign currency translation adjustment | | (211) | | | 122 | | | 296 | | | (508) | |
Comprehensive income (loss) | | $ | (6,996) | | | $ | (30,406) | | | $ | 162,084 | | | $ | (71,146) | |
| | | | | | | | |
Net earnings (loss) per share attributable to common shareholders | | | | | | | | |
Basic | | $ | (0.02) | | | $ | (0.11) | | | $ | 0.57 | | | $ | (0.24) | |
Diluted | | $ | (0.02) | | | $ | (0.11) | | | $ | 0.52 | | | $ | (0.24) | |
Weighted-average common shares outstanding | | | | | | | | |
Basic | | 284,686,542 | | 288,905,587 | | 284,292,312 | | 288,357,081 |
Diluted | | 284,686,542 | | 288,905,587 | | 313,361,183 | | 288,357,081 |
(1) Exclusive of depreciation and amortization
AbCellera Biologics Inc.
Condensed Consolidated Balance Sheet
(All figures in U.S. dollars. Amounts are expressed in thousands except share data)
(Unaudited)
| | | | | | | | | | | | |
| December 31, 2022 | | June 30, 2023 | |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | $ | 386,535 | | | $ | 179,747 | | |
Marketable securities | 499,950 | | | 615,947 | | |
Total cash, cash equivalents, and marketable securities | 886,485 | | | 795,694 | | |
Accounts and accrued receivable | 38,593 | | | 45,678 | | |
Restricted cash | 25,000 | | | 25,000 | | |
Other current assets | 75,413 | | | 64,363 | | |
Total current assets | 1,025,491 | | | 930,735 | | |
Long-term assets: | | | | |
Property and equipment, net | 217,255 | | | 259,640 | | |
Intangible assets, net | 131,502 | | | 126,747 | | |
Goodwill | 47,806 | | | 47,806 | | |
Investments in and loans to equity accounted investees | 72,522 | | | 58,792 | | |
Other long-term assets | 46,331 | | | 113,446 | | |
Total long-term assets | 515,416 | | | 606,431 | | |
Total assets | $ | 1,540,907 | | | $ | 1,537,166 | | |
Liabilities and shareholders' equity | | | | |
Current liabilities: | | | | |
Accounts payable and other liabilities | $ | 33,150 | | | $ | 52,395 | | |
Contingent consideration payable | 44,211 | | | 54,874 | | |
Accrued royalties payable | 19,347 | | | 3,094 | | |
Deferred revenue | 21,612 | | | 8,542 | | |
Total current liabilities | 118,320 | | | 118,905 | | |
Long-term liabilities: | | | | |
Operating lease liability | 76,675 | | | 78,079 | | |
Deferred revenue | 19,516 | | | 27,716 | | |
Deferred government contributions | 40,801 | | | 76,354 | | |
Contingent consideration payable | 16,054 | | | 5,774 | | |
Deferred tax liability | 33,178 | | | 33,178 | | |
Other long-term liabilities | 3,086 | | | 2,333 | | |
Total long-term liabilities | 189,310 | | | 223,434 | | |
Total liabilities | 307,630 | | | 342,339 | | |
Commitments and contingencies | | | | |
Shareholders' equity: | | | | |
Common shares: no par value, unlimited authorized shares at December 31, 2022 and June 30, 2023: 286,851,595 and 289,189,469 shares issued and outstanding at December 31, 2022 and June 30, 2023, respectively | 734,365 | | | 744,756 | | |
Additional paid-in capital | 74,118 | | | 96,423 | | |
Accumulated other comprehensive (loss) | (1,391) | | | (1,899) | | |
Accumulated earnings | 426,185 | | | 355,547 | | |
Total shareholders' equity | 1,233,277 | | | 1,194,827 | | |
Total liabilities and shareholders' equity | $ | 1,540,907 | | | $ | 1,537,166 | | |
AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars)
(Unaudited)
| | | | | | | | | | | |
| Six months ended June 30, |
| 2022 | | 2023 |
Cash flows from operating activities: | | | |
Net earnings (loss) | $ | 161,788 | | | $ | (70,638) | |
Cash flows from operating activities: | | | |
Depreciation of property and equipment | 3,681 | | | 5,810 | |
Amortization of intangible assets | 5,213 | | | 5,314 | |
Amortization of operating lease right-of-use assets | 2,120 | | | 3,252 | |
Stock-based compensation | 24,404 | | | 31,873 | |
Other | (298) | | | (4,429) | |
Changes in operating assets and liabilities: | | | |
Accounts and accrued research fees receivable | (6,963) | | | (24,269) | |
Accrued royalties receivable | 106,583 | | | 9,260 | |
Income taxes payable | 52,251 | | | 22,884 | |
Accounts payable and accrued liabilities | (1,882) | | | (2,827) | |
Deferred revenue | (2,979) | | | (4,870) | |
Accrued royalties payable | 28,049 | | | (16,253) | |
Deferred grant income | 5,406 | | | 25,566 | |
Other assets | (4,139) | | | (4,833) | |
Net cash provided by (used in) operating activities | 373,234 | | | (24,160) | |
Cash flows from investing activities: | | | |
Purchases of property and equipment | (45,817) | | | (42,185) | |
Purchase of marketable securities | (134,306) | | | (528,891) | |
Proceeds from marketable securities | 145,808 | | | 422,814 | |
Receipt of grant funding | 8,098 | | | 7,693 | |
Long-term investments and other assets | (11,657) | | | (36,757) | |
Investment in and loans to equity accounted investees | (15,694) | | | (6,673) | |
Net cash used in investing activities | (53,568) | | | (183,999) | |
Cash flows from financing activities: | | | |
Payment of liability for in-licensing agreement and contingent consideration | (4,133) | | | (677) | |
Proceeds (repayment) from long-term debt and exercise of stock options | 2,175 | | | 638 | |
Net cash used in financing activities | (1,958) | | | (39) | |
Effect of exchange rate changes on cash and cash equivalents | (1,411) | | | 584 | |
Increase (decrease) in cash and cash equivalents | 316,297 | | | (207,614) | |
Cash and cash equivalents and restricted cash, beginning of period | 501,142 | | | 414,651 | |
Cash and cash equivalents and restricted cash, end of period | $ | 817,439 | | | $ | 207,037 | |
Restricted cash included in other assets | 1,824 | | | 2,290 | |
Total cash, cash equivalents, and restricted cash shown on the balance sheet | $ | 815,615 | | | $ | 204,747 | |
Supplemental disclosure of non-cash investing and financing activities | | | |
Property and equipment in accounts payable | 2,146 | | | 11,718 | |
Right-of-use assets obtained in exchange for operating lease obligation | 796 | | | 2,945 | |
CO PY RI GH T © A BC EL LE RA Q2 2023 BUSINESS UPDATE AUGUST 3, 2023
CO PY RI GH T © A BC EL LE RA DISCLAIMER 2 This presentation 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 beliefs and assumptions and on information currently available to management. All statements contained in this presentation 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 presentation 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. Q2 2 02 3 BU SI NE SS U PD AT E
CO PY RI GH T © A BC EL LE RA Q 2 2 0 2 3 . B U S I N E S S U P D AT E S U M M A R Y. CONTINUED PROGRESS IN BUILDING ABCELLERA’S HIGH-VALUE PORTFOLIO 3 Q2 2 02 3 BU SI NE SS U PD AT E CO PY RI GH T © A BC EL LE RA cumulative programs under contract in total cash, cash equivalents & marketable securities cumulative partnered programs started molecules in the clinic $823M 106 177 9
CO PY RI GH T © A BC EL LE RA 4 AbCellera’s end market is antibody medicines. Q2 2 02 3 BU SI NE SS U PD AT E M A R K E T O P P O RT U N I T Y. ~$400BCommercial Antibody Medicines Therapeutic Antibodies in the Clinic Antibody Discovery ~$6BPrograms Per Year
CO PY RI GH T © A BC EL LE RA 5 Q2 2 02 3 BU SI NE SS U PD AT E AbCellera secures ~$220M in non-dilutive funding to accelerate execution of strategy and bring programs into clinic with high capital efficiency. ~$100M~$190M~$220M Total Project Investments ~$520M Lab & Office Construction Discovery & Pre-clinical Development Clinical Studies Stronger engine. Enhanced portfolio. Allows us to offer highly differentiated end-to-end capabilities to select partners. Through the advancement of multiple wholly-owned pre-partnered programs from initiation all the way to Phase 1 clinical trials.
CO PY RI GH T © A BC EL LE RA 6 Q2 2 02 3 BU SI NE SS U PD AT E Funding will allow us to advance more pre-partnered programs, and we believe success in these programs will drive value in multiple dimensions of our business: Develop platform, including establishing integrated manufacturing capabilities. Government funding drives value in multiple dimensions of AbCellera’s business. Bring programs to value inflection points. Attract additional and higher-value partner- initiated programs.
CO PY RI GH T © A BC EL LE RA Q2 2023 FINANCIALS UPDATE
CO PY RI GH T © A BC EL LE RA 10 20 30 40 50 60 70 80 90 100 110 0 19 20 21 22 23 Q2 106 18172015 16 Strong portfolio growth. 8 FI NA NC IA LS Partnered Program Starts Cumulative # of + WITH downstream participation – WITHOUT downstream participation Molecules in the Clinic Cumulative # of Discovery Partners Programs Under Contract 177 Total # of Total # of 41 9 1 2 3 4 5 6 7 8 9 0 19 20 21 22 23 Q2 18172015 16 Q2 2 02 3 BU SI NE SS U PD AT E I I I I I I I I I I I I I Note: Showing year-end figures, except for most-recent quarter. Historical results are not necessarily indicative of future results.
CO PY RI GH T © A BC EL LE RA FINANCIALS 9 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS 9 molecules in the clinic. MOLECULE STAGE THERAPEUTIC AREA PARTNER PROGRAM TYPE bamlanivimab (LY-CoV555) Marketed, Emergency Use Authorization (EUA) • infectious disease: COVID-19 AbCellera pre-partnered program PARTNERED bebtelovimab (LY-CoV1404) Marketed, Emergency Use Authorization (EUA) • infectious disease: COVID-19 TAK-920/DNL919 Phase 1 • neurology: Alzheimer’s Disease AbCellera partner-initiated discovery undisclosed Phase 1 • neuroscience undisclosed Phase 1 • undisclosed undisclosed Trianni license NBL-012 Phase 1 • dermatology • gastrointestinal disease • immunology NBL-015/FL-301 Phase 1 • oncology NBL-020 IND/CTA authorized • oncology IVX-01 Clinical field study • animal health AbCellera partner-initiated discovery ~ :J E n 1L I tea Xlnvetx As of June 30, 2023
CO PY RI GH T © A BC EL LE RA 10 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS $10M total revenue, predominantly from discovery activity. MILESTONES ROYALTIES LICENSING RESEARCH FEES Revenue USD Q2 2022 $45.9M Q2 2023 $0.2M $9.8M $10.1M ■ □ ■ ■
CO PY RI GH T © A BC EL LE RA 11 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS Operating expenses reflect ongoing investments. RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMIN Operating Expenses USD Q2 2022 Q2 2023 $3.1M $3.8M +$0.7M Q2 2022 Q2 2023 $14.4M $15.5M +$1.1M Q2 2023Q2 2022 $26.7M $36.5M +$9.8M
CO PY RI GH T © A BC EL LE RA 12 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS Net loss of $31M; equivalent to ($0.11) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC Q2 2022 Q2 2023 -$6.8M -$30.5M -$0.02 -$0.11 Q2 2022 Q2 2023 EARNINGS PER SHARE: DILUTED -$0.02 -$0.11 Q2 2022 Q2 2023
CO PY RI GH T © A BC EL LE RA 13 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS Over 800 million in total cash, equivalents, and marketable securities. Cash Flows USD INVESTING FINANCING $78M Other FX $616M Marketable Securities $180M Cash & Equivalents $500M Marketable Securities 2023-06-30 $106M Marketable Securities (net) OPERATING2022-12-31 $28M* $387M Cash & Equivalents $915M ($24M) ($184M) $0M $1M $823M $27M* -------------------------------- * Restricted cash (including restricted cash in other assets)
CO PY RI GH T © A BC EL LE RA 14 THANK YOU Q2 2 02 3 BU SI NE SS U PD AT E
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- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
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dei_AmendmentFlag |
Namespace Prefix: |
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Data Type: |
xbrli:booleanItemType |
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Period Type: |
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X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
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dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
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X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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+ Details
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dei_DocumentType |
Namespace Prefix: |
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Data Type: |
dei:submissionTypeItemType |
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Period Type: |
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X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
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Balance Type: |
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Period Type: |
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X |
- Definition
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+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
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Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
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Period Type: |
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X |
- DefinitionCode for the postal or zip code
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+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
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Period Type: |
duration |
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X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
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Data Type: |
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Balance Type: |
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Period Type: |
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X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
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dei_EntityCentralIndexKey |
Namespace Prefix: |
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Data Type: |
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Period Type: |
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X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
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Data Type: |
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Period Type: |
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X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
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dei_EntityFileNumber |
Namespace Prefix: |
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Data Type: |
dei:fileNumberItemType |
Balance Type: |
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Period Type: |
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X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
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dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
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Data Type: |
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Period Type: |
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X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
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Data Type: |
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Period Type: |
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X |
- DefinitionLocal phone number for entity.
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Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
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Data Type: |
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Balance Type: |
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Period Type: |
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X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
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X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
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Period Type: |
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X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
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Namespace Prefix: |
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Data Type: |
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Period Type: |
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X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
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dei_SecurityExchangeName |
Namespace Prefix: |
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Data Type: |
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Period Type: |
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X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
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dei_SolicitingMaterial |
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Data Type: |
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Period Type: |
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X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
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dei_TradingSymbol |
Namespace Prefix: |
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Data Type: |
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Balance Type: |
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Period Type: |
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X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
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