AbCellera Biologics Inc (ABCL, Financial) released its Q3 2023 earnings report on November 2, 2023. The company reported a total revenue of $7 million, a significant decrease from $101 million in Q3 2022. The company's net loss widened to $0.10 per share, compared to net earnings of $0.09 and $0.08 per share on a basic and diluted basis, respectively, in Q3 2022.
Financial Highlights
AbCellera Biologics Inc (ABCL, Financial) reported a net loss of $28.6 million, compared to net earnings of $26.6 million in Q3 2022. The company's total revenue was $6.6 million, a significant drop from $101.4 million in Q3 2022. The partnership business generated research fees of $6.4 million, compared to $7.5 million in Q3 2022. Licensing revenue was $0.2 million.
Research & Development (R&D) expenses were $37.9 million, compared to $26.6 million in Q3 2022, reflecting growth in program execution, platform development, and investments in internal programs. Sales & Marketing (S&M) expenses were $3.5 million, compared to $3.1 million in Q3 2022. General & Administrative (G&A) expenses were $14.4 million, compared to $13.8 million in Q3 2022.
Business Performance and Future Outlook
Despite the financial challenges, AbCellera Biologics Inc (ABCL, Financial) achieved a company milestone by advancing two AbCellera-led programs into IND-enabling studies. The company reached a cumulative total of 182 programs under contract with 42 different partners and started discovery on an additional four partner-initiated programs to reach a cumulative total of 110 partnered program starts in Q3 2023.
AbCellera Biologics Inc (ABCL, Financial) remains optimistic about its future prospects. The company's total cash, cash equivalents, and marketable securities stood at $813.0 million, providing a solid financial foundation for future growth.
Key Financial Tables
The company's condensed consolidated balance sheet showed total assets of $1,512,190 thousand as of September 30, 2023, compared to $1,540,907 thousand as of December 31, 2022. Total liabilities stood at $329,415 thousand as of September 30, 2023, compared to $307,630 thousand as of December 31, 2022.
The condensed consolidated statement of income (loss) and comprehensive income (loss) showed a net loss of $28,610 thousand for the three months ended September 30, 2023, compared to net earnings of $26,624 thousand for the same period in 2022. For the nine months ended September 30, 2023, the net loss was $99,248 thousand, compared to net earnings of $188,412 thousand for the same period in 2022.
Explore the complete 8-K earnings release (here) from AbCellera Biologics Inc for further details.
