The following is a summary of the AbCellera Biologics Inc. (ABCL) Q1 2024 Earnings Call Transcript:
Financial Performance:
AbCellera reported Q1 2024 revenue of $10 million, primarily from research fees.
Research and development expenses for the quarter were approximately $39 million.
Sales and marketing expenses for Q1 were around $3 million and general and administrative expenses were slightly over $17 million.
The net loss for Q1 2024 was reported to be around $41 million, equating to a loss of $0.14 per share.
The company ended Q1 2024 with $725 million in total cash, cash equivalents, and marketable securities.
Business Progress:
AbCellera is advancing its internal pipeline programs, such as ABCL635 and ABCL575, set for IND submissions in 2025.
The company is investing in clinical manufacturing capabilities, expecting to start engineering runs at a new facility next year.
AbCellera announced a collaboration with Biogen during the quarter to develop a novel therapeutic capable of crossing the blood-brain barrier.
This quarter saw the initiation of three additional partner-led programs, bringing the total to 90.
Collaboration with Viking and ArrowMark was announced, with the aim to create asset-based companies.
Program ABCL635, targeting treatment for metabolic and endocrine disorders, has been launched internally.
AbCellera closed a deal with Viking and ArrowMark, under which they will fund R&D for new therapy ideas, while AbCellera maintains a stake in the newly formed companies, along with a claim on future milestones and royalties.
Plans have been set to carry two development candidates into IND-enabling studies, aiming to start Phase 1 in 2025.
More details: AbCellera Biologics IR
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