AbCellera Biologics Inc (ABCL) Reports Q3 2023 Earnings: Revenue Drops to $7 Million
AbCellera Biologics Inc (NASDAQ:ABCL) reported a total revenue of $7 million in Q3 2023, a significant drop 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.
AbCellera Biologics Inc (NASDAQ:ABCL) announced the advancement of two AbCellera-led programs into IND-enabling studies.
The company's total cash, cash equivalents, and marketable securities stood at $813.0 million.
AbCellera Biologics Inc (NASDAQ:ABCL) 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 (NASDAQ:ABCL) 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 (NASDAQ:ABCL) 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 (NASDAQ:ABCL) 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.
This article first appeared on GuruFocus.
