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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.
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AbCellera Biologics Inc. | ||||||||||||||||
Condensed Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||||||
(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Revenue: | ||||||||||||||||
Research fees | $ | 6,289 | $ | 8,817 | $ | 21,516 | $ | 19,524 | ||||||||
Licensing revenue | 218 | 138 | 767 | 10,751 | ||||||||||||
Milestone payments | – | – | 1,500 | – | ||||||||||||
Total revenue | 6,507 | 8,955 | 23,783 | 30,275 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development(1) | 40,969 | 55,028 | 121,183 | 136,736 | ||||||||||||
Sales and marketing(1) | 3,135 | 2,906 | 9,635 | 8,757 | ||||||||||||
General and administrative(1) | 19,147 | 22,052 | 56,691 | 57,255 | ||||||||||||
Depreciation, amortization, and impairment | 36,919 | 5,247 | 78,285 | 16,048 | ||||||||||||
Total operating expenses | 100,170 | 85,233 | 265,794 | 218,796 | ||||||||||||
Loss from operations | (93,663 | ) | (76,278 | ) | (242,011 | ) | (188,521 | ) | ||||||||
Other (income) expense: | ||||||||||||||||
Interest income | (9,603 | ) | (6,765 | ) | (29,805 | ) | (22,409 | ) | ||||||||
Grants and incentives | (3,491 | ) | (2,729 | ) | (10,076 | ) | (10,574 | ) | ||||||||
Other | (17,937 | ) | 1,984 | (48,564 | ) | 2,558 | ||||||||||
Total other income | (31,031 | ) | (7,510 | ) | (88,445 | ) | (30,425 | ) | ||||||||
Net loss before income tax | (62,632 | ) | (68,768 | ) | (153,566 | ) | (158,096 | ) | ||||||||
Income tax recovery | (11,525 | ) | (11,649 | ) | (24,919 | ) | (20,629 | ) | ||||||||
Net loss | $ | (51,107 | ) | $ | (57,119 | ) | $ | (128,647 | ) | $ | (137,467 | ) | ||||
Foreign currency translation adjustment | 841 | (41 | ) | 488 | 1,680 | |||||||||||
Comprehensive loss | $ | (50,266 | ) | $ | (57,160 | ) | $ | (128,159 | ) | $ | (135,787 | ) | ||||
Net loss per share | ||||||||||||||||
Basic | $ | (0.17 | ) | $ | (0.19 | ) | $ | (0.44 | ) | $ | (0.46 | ) | ||||
Diluted | $ | (0.17 | ) | $ | (0.19 | ) | $ | (0.44 | ) | $ | (0.46 | ) | ||||
Weighted-average common shares outstanding | ||||||||||||||||
Basic | 294,851,945 | 298,875,174 | 293,930,702 | 298,366,169 | ||||||||||||
Diluted | 294,851,945 | 298,875,174 | 293,930,702 | 298,366,169 | ||||||||||||
(1) Exclusive of depreciation, amortization, and impairment | ||||||||||||||||
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AbCellera Biologics Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(All figures in U.S. dollars. Amounts are expressed in thousands except share data.) | |||||||
(Unaudited) | |||||||
December 31, 2024 | September 30, 2025 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 156,325 | $ | 83,159 | |||
Marketable securities | 469,289 | 412,513 | |||||
Total cash, cash equivalents, and marketable securities | 625,614 | 495,672 | |||||
Accounts and accrued receivable | 33,616 | 41,456 | |||||
Restricted cash | 25,000 | 25,000 | |||||
Other current assets | 67,140 | 133,012 | |||||
Total current assets | 751,370 | 695,140 | |||||
Long-term assets: | |||||||
Property and equipment, net | 340,429 | 427,358 | |||||
Intangible assets, net | 42,113 | 39,321 | |||||
Goodwill | 47,806 | 47,806 | |||||
Investments in equity accounted investees | 82,297 | 93,301 | |||||
Other long-term assets | 96,538 | 53,066 | |||||
Total long-term assets | 609,183 | 660,852 | |||||
Total assets | $ | 1,360,553 | $ | 1,355,992 | |||
Liabilities and shareholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable and other current liabilities | $ | 55,004 | $ | 53,117 | |||
Contingent consideration payable | 8,087 | – | |||||
Deferred revenue | 13,521 | 15,687 | |||||
Total current liabilities | 76,612 | 68,804 | |||||
Long-term liabilities: | |||||||
Operating lease liability | 60,743 | 137,052 | |||||
Deferred revenue | 5,700 | 5,850 | |||||
Deferred government contributions | 149,893 | 169,118 | |||||
Deferred tax liability | 10,052 | 9,744 | |||||
Other long-term liabilities | 1,469 | 1,386 | |||||
Total long-term liabilities | 227,857 | 323,150 | |||||
Total liabilities | 304,469 | 391,954 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity: | |||||||
Common shares: no par value, unlimited authorized shares at December 31, 2024 and September 30, 2025: 295,757,002 and 299,011,566 shares issued and outstanding at December 31, 2024 and September 30, 2025, respectively | 777,171 | 794,469 | |||||
Additional paid-in capital | 166,361 | 192,804 | |||||
Accumulated other comprehensive loss | (4,378 | ) | (2,698 | ) | |||
Accumulated earnings (deficit) | 116,930 | (20,537 | ) | ||||
Total shareholders’ equity | 1,056,084 | 964,038 | |||||
Total liabilities and shareholders’ equity | $ | 1,360,553 | $ | 1,355,992 | |||
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AbCellera Biologics Inc. | ||||||||
Condensed Consolidated Statement of Cash Flows | ||||||||
(Expressed in thousands of U.S. dollars.) | ||||||||
(Unaudited) | ||||||||
Nine months ended September 30, | ||||||||
2024 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (128,647 | ) | $ | (137,467 | ) | ||
Cash flows from operating activities: | ||||||||
Depreciation of property and equipment | 10,437 | 13,257 | ||||||
Amortization and impairment of intangible assets | 67,848 | 2,791 | ||||||
Amortization of operating lease right-of-use assets | 4,813 | 4,853 | ||||||
Stock-based compensation | 52,355 | 42,888 | ||||||
Fair value (gain)/loss on contingent consideration | (30,731 | ) | 613 | |||||
Other | (35,887 | ) | 988 | |||||
Changes in operating assets and liabilities: | ||||||||
Research fees and grants receivable | (54,258 | ) | (15,957 | ) | ||||
Income taxes payable (receivable) | (8,709 | ) | (19,792 | ) | ||||
Accounts payable and accrued liabilities | 4,018 | (2,286 | ) | |||||
Deferred revenue | (13,474 | ) | 2,316 | |||||
Deferred grant income | 30,671 | (2,834 | ) | |||||
Other assets | 1,008 | 14,078 | ||||||
Net cash used in operating activities | (100,556 | ) | (96,552 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (62,766 | ) | (32,929 | ) | ||||
Purchase of marketable securities | (612,249 | ) | (324,704 | ) | ||||
Proceeds from marketable securities | 735,989 | 386,536 | ||||||
Receipt of grant funding | 29,150 | 7,366 | ||||||
Long-term investments and other assets | 13,538 | (16,771 | ) | |||||
Investment in equity accounted investees | (17,956 | ) | (6,886 | ) | ||||
Net cash provided by investing activities | 85,706 | 12,612 | ||||||
Cash flows from financing activities: | ||||||||
Payment of liability for in-licensing agreement and other | (552 | ) | (9,240 | ) | ||||
Proceeds from other liabilities and exercise of stock options | 9,179 | 19,207 | ||||||
Net cash provided by financing activities | 8,627 | 9,967 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (457 | ) | 807 | |||||
Decrease in cash and cash equivalents | (6,680 | ) | (73,166 | ) | ||||
Cash and cash equivalents and restricted cash, beginning of period | 160,610 | 183,615 | ||||||
Cash and cash equivalents and restricted cash, end of period | $ | 153,930 | $ | 110,449 | ||||
Restricted cash included in other assets | 2,290 | 2,290 | ||||||
Total cash, cash equivalents, and restricted cash shown on the balance sheet | $ | 151,640 | $ | 108,159 | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||
Property and equipment in accounts payable | 15,989 | 10,457 | ||||||
Right-of-use assets obtained in exchange for operating lease obligation | 2,232 | 76,118 | ||||||
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