B.C. biotech AbCellera (Nasdaq: ABCL) today reported lower revenues and a higher net loss for the second quarter of 2024, compared to Q2 2023, and gave updates on two new drug candidates that the company plans to submit for clinical trials.
In its second quarter financials, AbCellera reported revenue of US$7.3 million and a net loss of US$36.9 million, compared to revenue of US$10.1 million and net loss of US$30.5 million in Q2 2023.
The company spent US$41 million on research and development in the second quarter, up from US$36.5 million in Q2 2023.
The company also reported a strong cash position -- US$697.6 million in total cash, cash equivalents, and securities, plus US$220 million in “available non-dilutive government funding” that brings the company’s total available liquidity to more than US$900 million.
AbCellera has developed more than a dozen drug candidates, which are in various stages of testing and trials under licensing agreements with other companies.
The company also has its own two drug candidates that it plans to advance to clinical trials: ABCL635 and ABCL575. The company plans to make clinical trial applications for the two drug candidates in the second quarter of 2025.
ABCL575 is being investigated for treating eczema. The disease target for ABCL635 is undisclosed.
In an investor call, AbCellera noted a number of milestones reached by partners, including the announcement in July of the acquisition of Invetx by Dechra Pharmaceuticals for up to US$520 million. AbCellera is a founding partner of Invetx.
"Since our last earnings release, two of our partners have achieved notable milestones, including Abdera's IND (investigational new drug) clearance and Fast Track designation for ABD-147 and Invetx's upcoming acquisition by a global leader in animal health,” said AbCellera CEO Carl Hansen.
Abdera’s ABD-147 is being tested for the treatment of small cell lung cancer.
“AbCellera is a founding partner in Abdera and discovered the antibody from which ABD-147 is derived,” Hansen noted in the company’s Q2 investors call.
