AbCellera Biologics Inc

ABCL

Equity

ISIN CA00288U1066 / Valor 58489933

NASDAQ (2024-09-18)

USD 2.75+0.73%

AbCellera Biologics Inc
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About company

AbCellera Biologics Inc. is a biotechnology firm specializing in the discovery and development of antibody-based drugs. The company leverages its proprietary technologies to identify novel antibody candidates for a range of diseases, with a particular focus on creating potential first-in-class and best-in-class antibody medicines. AbCellera's approach includes the development of T-cell engagers for cancer treatment and antibodies targeting transmembrane proteins for various conditions such as metabolic and endocrine disorders, pain, autoimmunity, and more. Through both its internal pipeline and partnerships with other companies that offer novel science or innovative technology, AbCellera aims to accelerate the delivery of innovative medicines to patients. The company's efforts in developing a diverse array of fully human CD3-binding antibodies for T-cell engagers highlight its commitment to advancing the field of immunotherapy and addressing the limitations of current clinical developments.

Summarized from source with an LLMView SourceSector: Healthcare

Revenue Decline

AbCellera Biologics Inc. reported a decline in total revenue for the second quarter of 2024, amounting to $7.3 million, compared to $10.1 million in the same quarter of 2023. This decrease was primarily driven by lower research fees and licensing revenue.

Increased Operating Expenses

Operating expenses for AbCellera Biologics Inc. in Q2 2024 rose significantly to $100.8 million from $61.4 million in Q2 2023. The increase was mainly due to higher research and development costs, which grew from $36.5 million to $40.9 million, and a substantial rise in depreciation, amortization, and impairment expenses.

Net Loss Widening

AbCellera Biologics Inc. experienced a widening net loss in the second quarter of 2024, reporting a net loss of $36.9 million compared to $30.5 million in the same period of the previous year. The increased loss was influenced by higher operating expenses and lower revenue.

Cash and Marketable Securities

As of June 30, 2024, AbCellera Biologics Inc. held $670.4 million in cash, cash equivalents, and marketable securities, down from $760.6 million at the end of December 2023. This reduction reflects the company's increased spending on research and development and other operational activities.

Outlook and Future Plans

AbCellera Biologics Inc. remains focused on advancing its internal pipeline, with plans to submit applications for clinical trials for ABCL635 and ABCL575 in the second quarter of 2025. Despite the current financial challenges, the company is committed to its long-term growth strategy and innovation in the biopharmaceutical sector.

Summarized from source with an LLMView Source

Key figures

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Performance

54.9%1Y

61.0%3Y

67.5%5Y

Volatility