Q2 2024 Abcellera Biologics Inc Earnings Call Transcript
Key Points
- AbCellera Biologics Inc (ABCL) has a strong liquidity position with approximately $700 million in cash and equivalents and $220 million in available government funding.
- The company is progressing well with its internal pipeline, including ABCL635 and ABCL575, with anticipated Clinical Trial Applications in Q2 of 2025.
- AbCellera Biologics Inc (ABCL) has shown promising preclinical data for its PSMA and B7-H4 TCE programs, indicating potential for better safety and efficacy.
- The company has expanded its partnership with Eli Lilly, building on a successful collaboration that started in March 2020.
- AbCellera Biologics Inc (ABCL) has a growing list of progressing molecules in the clinic, with 14 molecules having reached clinical trials, indicating potential for near and mid-term revenue from milestone fees and royalty payments.
- Revenue for the quarter was $7 million, a decrease from $10 million in Q2 2023, indicating a downward trend in research fee revenue.
- The company reported a net loss of approximately $37 million for the quarter, compared to a loss of nearly $31 million in the same quarter of last year.
- Research and development expenses increased to approximately $41 million, driven by ongoing program execution and platform development.
- General and administrative expenses rose to just over $20 million, compared to roughly $16 million in Q2 2023, primarily due to expenses related to the defense of intellectual property.
- The company is increasingly focusing on internal and co-development programs, which may lead to lower research fee revenue in the future.
Good afternoon, and welcome to AbCelleraâs Q2 2024 business update conference call. My name is Tamiya, and I will facilitate the audio portion of todayâs interactive broadcast. (Operator Instructions) At this time, I would like to turn the call over to Tryn Stimart, AbCelleraâs 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 AbCelleraâs 2024 second quarter earnings call. Iâm Tryn Stimart, AbCelleraâs Chief Legal and Compliance Officer. Joining me on today's call are Dr. Carl Hansen, and CEO, and Andrew Booth, AbCelleraâs 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 differ materially due to several
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