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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