AbCellera Biologics (ABCL) Q3 2024 Earnings Name Transcript

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AbCellera doesn’t undertake any obligation to replace any forward-looking statements, whether or not on account of new info, future occasions, or in any other case. Our presentation as we speak together with our earnings press launch issued earlier as we speak and our SEC filings can be found on our investor relations web site. The data we offer about our pipeline is for the good thing about the funding group and isn’t meant to be promotional. As we transition to our ready remarks, please notice that every one {dollars} referred to through the name are in U.S.

{dollars}. After our ready remarks, we are going to open the traces for questions-and-answers. Now, I am going to flip the decision over to Carl Hansen.

Carl Hansen — Chief Govt Officer

Thanks, Tryn, and thanks everybody for becoming a member of us as we speak. Given that there have been just a few new disclosures this quarter, I am going to use as we speak’s ready remarks to present a quick replace on AbCellera’s place and our progress. It was a 12 months in the past that we dedicated to constructing an inner pipeline and transitioning from a platform firm to a scientific stage biotech. Over the previous 12 months, we have reorganized our groups and reallocated our investments, specializing in advancing our inner applications and finishing the construct of our platform capabilities.

The primary two applications in our pipeline, ABCL635 and ABCL575, are on observe for CTA filings in Q2 of subsequent 12 months. Behind them, we’re prosecuting a broad portfolio of discovery stage applications. This consists of wholly owned applications towards multi-pass transmembrane protein targets, T-cell engagers, and a smaller variety of 50-50 co-development applications on novel targets and to better antibody conjugates. We’re happy with the breadth and the standard of this portfolio, and we’re assured that it’ll mature right into a pipeline of differentiated scientific belongings.

On the identical time, we at the moment are within the remaining levels of constructing our capabilities and amenities. Notably, this quarter, we accomplished the move-in to our new headquarters in Vancouver, finalizing a venture that started again in 2020. We additionally proceed to make regular progress on our GMP manufacturing facility, which stays on observe and can come on-line in 2025. Moreover, over the previous 12 months, we now have constructed our translational and improvement groups and are effectively ready for our first two scientific trials beginning subsequent 12 months.

We anticipate additional investments on this group as our pipeline continues to advance and to develop. Turning to partnering, as talked about on the final name, this quarter we expanded our partnership with Eli Lilly. In keeping with our give attention to pipeline improvement, our partnering precedence shifting ahead is to construct on co-development collaborations the place we now have co-ownership of ensuing belongings. As well as, we are going to proceed to look to have interaction with current and new companions on our TCE platform.

And in relation to this, we will probably be presenting up to date knowledge on our TCE platform later this week at SITC. I might like to finish by thanking our management and groups for his or her work in efficiently navigating what has been a 12 months filled with change and problem. We’re clearly on observe in our transition to a scientific stage firm. Over the approaching years, with focus and execution, I’m assured that this path will ship most worth to sufferers and to shareholders.

And with that, I’ll hand it over to Andrew to debate our financials. Andrew?

Andrew Sales space — Chief Monetary Officer

Thanks, Carl. AbCellera continues to be in a robust liquidity place with roughly $670 million in money and equivalents and with roughly $210 million in out there authorities funding to execute on our technique. Within the third quarter of 2024, we continued to execute on our plans to advance each partner-initiated and inner applications and to finish our CMC and GMP investments. our key enterprise metrics, within the third quarter we began work on two partner-initiated applications, which takes us to a cumulative whole of 95 applications with downstream participation.

In the course of the quarter, Abdera introduced that ABD-147 acquired orphan drug designation from the FDA. As we now have acknowledged beforehand, we view our rising checklist of progressing molecules within the clinic as particular examples of our close to and mid-term potential income from downstream milestone charges and royalty funds in the long term. Turning to income and bills. Income within the quarter was virtually $7 million, largely pushed by analysis charges regarding work on partnered applications.

This compares to income of additionally roughly $7 million in Q3 of final 12 months. We count on analysis price income to development decrease as we more and more give attention to inner and co-development applications. Our analysis and improvement bills for the quarter had been roughly $41 million, $3 million greater than final 12 months. This expense is pushed by ongoing program execution, persevering with platform improvement, and our growing funding in our inner program pipeline.

In gross sales and advertising and marketing, bills for Q3 had been about $3 million, a small discount relative to final 12 months. And usually and administration, bills had been roughly $19 million in comparison with roughly $14 million in Q3 of 2023. The rise is pushed primarily by bills associated to the protection of our mental property. earnings, we’re reporting a internet lack of roughly $51 million for the quarter, in comparison with a lack of almost $29 million in the identical quarter of final 12 months.

This loss features a non-cash impairment cost for in-process R&D of roughly $32 million. This impairment resulted from our prioritization of inner applications and the choice to discontinue the event of next-generation transgenic mice. By way of earnings per share, this quarter’s end result works out to a lack of $0.17 per share on a fundamental and diluted foundation. money flows, within the first 9 months of 2024, we now have used roughly $118 million in money and equivalents.

This consists of funding all operations, in addition to the investments finishing our infrastructure construct of our headquarters and CMC, GMP manufacturing capabilities. Working actions for the primary 9 months of 2024 used roughly $100 million. As part of our treasury technique, we now have almost $520 million invested in short-term marketable securities. Our funding actions for the 9 months included an roughly $124 million internet lower in these holdings.

All different funding actions amounted to a internet $38 million, together with roughly $63 million invested in property, plant, and gear, pushed by our ongoing work to determine CMC and GMP manufacturing capabilities. The investments in PP&E had been partially offset by authorities contributions and the money proceeds from the sale of our stake in Invetx on this quarter. We count on our investments in PP&E to proceed at roughly this price via the fourth quarter of 2024 and be considerably full in early 2025. Altogether, we completed the quarter with $670 million of whole money, money equivalents, and marketable securities.

As a reminder, we now have acquired commitments for funding of our GMP facility and for the development of our inner pipeline from the federal government of Canada’s Strategic Innovation Fund and the federal government of British Columbia. This out there capital doesn’t present up on our steadiness sheet. With roughly $670 million in money and equivalents and the unused portion of our secured authorities funding, we now have roughly $880 million in whole out there liquidity to execute on our technique. With respect to our general working expenditures, our capital wants are very manageable.

We proceed to consider that we now have adequate liquidity to fund effectively past the following three years of pipeline and platform investments. And with that, we’ll be comfortable to take your questions. I am going to flip it again to the operator.

Questions & Solutions:

Operator

Thanks. We’ll now start the Q&A session. [Operator instructions] The primary query comes from Allison Bratzel with Piper Sandler. Chances are you’ll proceed.

Allison, your line is open.

Allison Bratzel — Analyst

Hey, sorry. Are you able to hear me? Hey, sorry about that.

Carl Hansen — Chief Govt Officer

Yep, we are able to hear you.

Allison Bratzel — Analyst

I had a query — OK, nice. Sorry. Perhaps only a query for me on OX40 and the aggressive panorama there. I used to be simply contemplating some latest aggressive updates like from rocatinlimab, which I believe sort of underwhelmed traders.

I am simply curious, may you replace us or share your considering on benefits of an OX40 ligand focused remedy resembling 575? Does that knowledge change your view of the panorama, and simply your general view of the area in atopic derm versus different inflam indications? I’d simply be curious to get your ideas on that because it pertains to 575. Thanks.

Carl Hansen — Chief Govt Officer

Certain, Allison. Carl right here. So, first, sure, we did see the replace on rocatinlimab, and I believe that does put some further knowledge on the desk to deal with this query that we have gotten loads concerning the distinction between OX40 ligand and OX40. Earlier than going although there, I’d emphasize that roc can be an antibody with a special mechanism of motion than what we now have in 575.

So, roc is engineered to be a depleting antibody, which implies that it ablates or kills the cells that categorical OX40, whereas what we now have is an effector null antibody that’s non-depleting of the goal cells, that are antigen-presenting cells sometimes. So, I’ve had this query loads. My scientific response has been, for a while, that this pathway is crucial to the enlargement and survival of each B-cells and T-cells, and that you must be capable of get the impact for those who block both OX40 or OX40L. So, previous to that knowledge, I’d have stated it is unclear that one has a definitive benefit over the opposite.

What we did see with the Amgen knowledge was considerably much less response or efficacy as in comparison with what was seen with amlitelimab. So, from our perspective, that reinforces the view that non-depleting OX40 ligand antibodies are at present the lead horse on this race. And naturally, amlitelimab is the primary one which’s on the market. 575, as I’ve stated earlier than, is engineered to have a best-in-class profile, specifically efficiency and developability and half-life that we consider will make it, if not greatest at school, very corresponding to the most effective at school.

It stays to be seen what the early belongings will seem like. And we’re extra bullish than ever on that pathway and its potential. So, clearly, atopic dermatitis is without doubt one of the large indications and the primary one which we now have acknowledged that we will grow to be. However past that, it has potential in in all probability a dozen completely different indications, a lot of that are important.

And so, we stay bullish on that program, and we count on to replace — or we plan to current preclinical knowledge at a convention someday subsequent 12 months, near the CTA submitting on 575.

Allison Bratzel — Analyst

Obtained it. Thanks.

Operator

Thanks. The following query comes from Andrea Tan with Goldman Sachs. Chances are you’ll proceed.

Andrea Tan — Analyst

Good afternoon. Thanks a lot for taking our questions. Carl, may you simply communicate slightly bit extra concerning the extent of information we are able to count on at SITC for the T-cell engagers? Thanks a lot.

Carl Hansen — Chief Govt Officer

Yeah. Andrea, so at SITC, we will be presenting up to date knowledge from the platform know-how, together with highlighting just a few applications the place we now have demonstrated we are able to use the mix of TAA antibodies and our distinctive CD3 panel to get desired profiles in each killing and cytokine response. And along with that, we will probably be presenting among the work that we have executed that units up growing TCEs which might be trispecifics and that embrace binders which might be designed to supply co-activation or co-stimulation to get better-sustained T-cell killing. That’s work that is nonetheless in progress, however an space that we expect goes to be necessary definitely in some cancers for getting the efficacy that is wanted.

Andrea Tan — Analyst

OK, thanks.

Operator

Thanks. The following query comes from Stephen Willey with Stifel. Chances are you’ll proceed.

Stephen Willey — Analyst

Yeah, good afternoon. Thanks for taking the questions. I assume simply with respect to the TCE platform, I do know you’ve got talked about how you’ve got been engaged with varied companions on this entrance, however simply sort of curious as you concentrate on what you need the wholly owned pipeline to seem like and as you concentrate on the longer-term funding that’s essential to help an increasing pipeline. What number of of those applications do you assume you might push ahead independently by yourself within the absence of a broader platform-based partnership?

Carl Hansen — Chief Govt Officer

Thanks, Steve. Carl right here. I am going to take that one. So, first, pulling again, over the previous 12 years, we now have been working closely to construct the core capabilities to develop new best-in-class and first-in-class antibody therapies.

As talked about in my ready remarks, we’re getting very near the top of that funding. And so, the muse in having the ability to develop lead belongings is in place. And we even have slightly below $900 million in out there liquidity to fund the usage of that platform to populate a scientific pipeline of what we hope will probably be and what we intend to be thrilling belongings for improvement. We have now already, for a while, been engaged on pre-clinical applications.

We have now a broad portfolio and are simply within the means of doing a portfolio evaluation to prioritize the applications on which we’re going to actually lean in to populate that scientific pipeline. We’re enthusiastic about what’s there. I believe there’s loads there which have potential to be the large winner that we’d like and to again it up with different ones. Proper now, we now have an anticipated tempo of maybe as many as two or three new improvement candidates per 12 months beginning subsequent 12 months.

And we now have the liquidity to maneuver these ahead the previous three years, as Andrew talked about. So, as soon as we get there, if we get dispositive knowledge on a scientific asset, so compelling knowledge that reveals that we now have a significantly better than common probability of shifting ahead a molecule that may handle a big unmet medical want, that opens a number of prospects for the enterprise. And we might count on that if we take these into late-stage trials, we might want to increase fairness financing or outlicense one other asset to be able to fund that. However that is nonetheless down the street a bit as the primary two applications are solely going to hit the clinic subsequent 12 months.

Stephen Willey — Analyst

And is there any time-frame for the completion of this portfolio evaluation?

Carl Hansen — Chief Govt Officer

We’ll have that wrapped up close to the top of the 12 months. December is the official date.

Stephen Willey — Analyst

OK. After which simply one other query on the CTA filings which might be going to be happening subsequent 12 months. I do know you have got funding in place from the Canadian authorities, however simply curious as as to whether or not scientific improvement due to that funding, if there is a requisite quantity of that improvement work that should happen via Canadian trial websites. Is there some minimal variety of websites that should be used? And if that’s the case, how do you assume that impacts, if in any respect, your capacity to maneuver via Part 1?

Andrew Sales space — Chief Monetary Officer

Hey, Steve. It is Andrew right here. Yeah, good query. The funding is oriented towards taking shut to fifteen or as much as 17 molecules into Part 1.

And as you notice, we now have this funding each from the federal government of Canada and the federal government of British Columbia to try this very cost-effectively, however with these Part 1s being executed in Canada to this point with the molecules that we’re definitely 575 and 635. We do not anticipate having any points or any headwind in finishing these Part 1 by operating these Part 1s in Canada, and it’s our intent to try this in Canada. If that seems to be a requirement or a difficulty, to illustrate, for future trials. We are able to additionally develop trial websites into america if needed or all over the world.

However to be able to qualify for that funding, these Part 1s would should be performed in Canada.

Stephen Willey — Analyst

OK. Thanks for taking my questions.

Operator

Thanks. The following query comes from Kripa Devarakonda with Truist. Chances are you’ll proceed.

Kripa Devarakonda — Analyst

Hey, guys. Thanks a lot for taking my query. I’ve a query about ABCL635. You talked about that it is being developed for metabolic and endocrine situations, and in addition targets of GPCR or ion channels, which, if skilled effectively, has been fairly difficult within the discipline.

Are you able to present any extra coloration about this goal? What kind of promote it targets? I believe you’ve got stated $2 billion up to now, however simply needed to substantiate that. And in addition, how aggressive do you assume this area is? Thanks.

Carl Hansen — Chief Govt Officer

Hello, Kripa. Yeah, so we now have disclosed beforehand, I believe you’ve got lined most of it, that this can be a first-in-class antibody towards a goal for a situation in endocrine or metabolic problems and it’s towards the goal that may be a multi-pass transmembrane protein goal which has been one of many key areas of emphasis. We do consider that fairly conservatively there’s an addressable market in extra of $2 billion. Past that, we’re not disclosing any particulars about that program.

We do count on that when the CTA is accepted we are going to then disclose each the goal and the indication, however till then, we’re retaining our playing cards near our chest for strategic causes.

Kripa Devarakonda — Analyst

Obtained it. Thanks.

Operator

Thanks. The following query comes from Evan Seigerman with BMO. Chances are you’ll proceed.

Unknown speaker — BMO Capital Markets — Analyst

Hello there. That is Connor on for Evan. Thanks for taking our query. With just a few belongings coming into clinic within the close to time period, are you able to perhaps simply remind us the way you’re eager about ramping spend into the brand new 12 months and kind of allocation of assets for inner applications versus accomplice applications given the latest shift? Thanks.

Andrew Sales space — Chief Monetary Officer

Yeah. Hey, Connor. Andrew right here. I believe into the brand new 12 months, the Part 1 scientific trials for 635 and 575, we’re not anticipating that to be too important a rise, definitely for 2025 and perhaps even into 2026.

The prices are nonetheless very manageable. I believe our R&D expense, the run price into 2025 will probably be similar to as it’s on this quarter and in This fall, which we count on to be fairly comparable. Chances are you’ll bear in mind firstly of the 12 months, we had projected general bills to be comparatively flat from This fall of final 12 months, and it has maintained that. The distinction goes to be within the first a part of 2025, we count on our PP&E, so our Capex bills, to drop off considerably.

They’ve nonetheless been fairly important via 2025 as we have been finishing these large amenities, or 2024, as we have been finishing the large amenities builds, however that will probably be a lot completely different into 2025. However by way of working bills, truly, I’d count on 2025 to be similar to 2024.

Unknown speaker — BMO Capital Markets — Analyst

Thanks.

Operator

Thanks. The next comes from David Martin with Bloom Burton. Chances are you’ll proceed.

David Martin — Analyst

Thanks for taking my query. Again to 575. You positioned it relative to the opposite OX40s and OX40 ligands. I am questioning what about vis-a-vis the IL receptor antibodies? Would you count on that you just compete for first line with them or for second line? And is there proof that sufferers may reply to anti-OX40 ligand in the event that they failed IL-4 receptor antibodies?

Carl Hansen — Chief Govt Officer

Nice query. So, first I am going to say that in atopic dermatitis, I believe it is necessary to specify the indication. There’s actually, to my thoughts, three mechanisms which might be working and driving a number of the curiosity is JAKs. Clearly, there’s the IL-13 antibodies, of which Dupixent is the large one.

After which now, OX40, OX40 ligand arising. Our view is that Dupixent is a superb drug, however it’s not working for everybody and there is a substantial fraction of sufferers which might be non-responders or that discontinue. I believe that is roughly 40%. I might must examine that, but it surely would not work for everybody.

And there is a massive unmet medical want and clearly not an enormous penetration but in biologics for atopic dermatitis. So, primarily based on that, we’d assume that an OX40 — the OX40, OX40 ligand mechanism would in all probability enter second line behind Dupixent and that over time, we expect it may have actual potential to take first line as folks begin to acknowledge the benefit, notably within the sturdiness. So, DUPIXENT, being a two-week administration and Sanofi testing proper now each one month and three months, and we now have a molecule that we consider would get at the very least three months, maybe much more. So, we expect it may very well be a aggressive product in that area.

And the opposite a part of your query was, do you assume that sufferers would reply in a different way to IL-13 versus OX40, OX40 ligand? Based mostly on the biology, we expect that that is a fairly good wager, however that continues to be to be proven within the clinic. I’ve heard anecdotally that the response charges for sufferers on roc was comparable post-Dupixent. And so, that will lend some credence to the concept that is an orthogonal remedy that will catch sufferers that fail on Dupi. However I do not assume that’s actually — or that proposition has actually been examined but within the clinic.

David Martin — Analyst

Obtained it. Thanks.

Operator

Thanks. [Operator instructions] The next comes from Brendan Smith with TD Securities. Chances are you’ll proceed.

Brendan Smith — Analyst

All proper, nice. Thanks for taking the query. Perhaps only one extra on the TCE platform and perhaps zooming out just a bit bit. I imply, are you able to simply remind us what a super partnership there would truly seem like? I imply, I perceive timing continues to be TBD, however sort of simply how the T-cell area slightly bit extra broadly has advanced with oncology and autoimmunity, for instance.

Simply attempting to know a bit extra concretely the way you’re eager about the course for that vertical primarily based on perhaps what you are seeing in your knowledge and sort of how that would evolve over the following 12 months or so. Thanks.

Carl Hansen — Chief Govt Officer

Certain. That is an fascinating query. First, I might say that it is typical that modalities kind of rise and fall and kind of ebb and wane of their consideration and enthusiasm. We definitely see proper now that there is a groundswell of pleasure about TCEs.

You are seeing that in conversations. You are seeing that in among the scientific knowledge and in addition in among the offers which have been introduced not too long ago. So, our view is that we now have put in place what we nonetheless consider are a few of, if not the most effective, instruments to create TCEs. What we actually have to do proper now could be handle the science and work out the best way to put these collectively to make medicine which might be efficient and secure for sufferers.

That is going to be performed out partially by the work we’re doing internally, but in addition via collaborations with firms which have expertise in that area and have curiosity and dedication to begin to do among the scientific testing that is actually going to be wanted to make these therapies or to get these therapies the potential that I believe lots of people consider that they’ve. So, by way of our first partnership, in fact, we would like to get one thing that brings in some money upfront to point out some validation for the deal. However truthfully, crucial factor from my perspective is that we work with groups which might be deep within the science and dealing with us to assist to know how greatest to make use of these instruments to make new medicine that truly work for most cancers sufferers. And this can be a story that isn’t going to play out over 1 / 4 or a 12 months.

This story goes to play out over a number of years. However we’re enthusiastic and I believe enthusiastic about what we’re seeing, each internally and externally, and consider that we’re well-positioned to take part in what is going on to be an necessary a part of most cancers remedy.

Brendan Smith — Analyst

Obtained it. Thanks very a lot.

Operator

Thanks. The following query comes from Puneet Souda with Leerink Companions. Chances are you’ll proceed.

Puneet Souda — Analyst

Sure. Hello, Carl, Andrew, thanks for taking my query. So, perhaps first one on, are you able to present us an replace on the GMP facility? And needed to see how the pipeline stacks as we speak and into that. After which only a broader query on BIOSECURE.

Curious if you’re seeing any inbounds on account of the U.S. BIOSECURE and simply questioning if persons are searching for capability and whatnot. Perhaps first query after which I’ve a follow-up. Thanks.

Andrew Sales space — Chief Monetary Officer

Hey, Puneet. I am going to take the primary a part of that after which hand it off to Carl. So, you will bear in mind about 4 years in the past, we began on this venture and with the plan to deliver our first molecules via that facility in like late 2024, early 2025. So, we at the moment are believing it should be in late 2025 that we’ll be bringing our first molecules via.

I might say the venture has been doing extraordinarily effectively. It has been an enormous carry over the past variety of years to construct the group and get the ability. As you will bear in mind, it is a greenfield website that we use right here, not removed from our headquarters. And we’re fairly excited to be bringing the primary molecules and engineering runs via there in 2025.

After which our subsequent molecules, not 575 and 635, can be manufactured in that facility. And perhaps I am going to hand off to Carl simply to speak slightly bit extra about that.

Carl Hansen — Chief Govt Officer

Certain. So, we now have, as I discussed in my ready remarks, a broad preclinical pipeline that we’re shifting ahead. There is a substantial variety of these or a number of of those who at the moment are getting fairly near improvement candidates. And so, over the following couple of months or few months, we’ll have readability on which of these molecules, both from wholly owned epsilon inner applications or via co-development, are more likely to be the primary ones to undergo the ability.

And primarily based on the place the portfolio is and the way the science is advancing, and naturally, there’s at all times threat till issues are executed, we do not count on there will be any downside in having helpful applications to work on via the primary 12 months. The primary 12 months of this facility goes to be about demonstrating the capabilities and ensuring that we have every thing working precisely because it ought to. After that, I count on we will be effectively positioned to manage that functionality, notably given what’s at present trying like headwinds geopolitically with the BIOSECURE Act. So, we consider that over time, as this functionality builds, controlling your individual manufacturing will probably be a serious benefit that may present velocity and truthfully, over time, additionally a diminished price in shifting molecules from idea via the clinic.

Puneet Souda — Analyst

Obtained it. My second query is on kind of the precedence ranges and exercise ranges inside the AbCellera. You will have a variety of inner applications. You talked about pipeline shifting ahead, 575, the 635, 675 applications, the TCE program, your efforts ongoing on the manufacturing facility facet.

So, are you able to perhaps — Carl, are you able to prioritize for us what are kind of the near-term priorities and extra kind of medium time period as you go into 2025?

Carl Hansen — Chief Govt Officer

Certain. So, as I discussed in response to Steve’s query, the state of affairs is that we now have in fairly a novel means for a corporation at our stage, a totally constructed platform that may generate high-quality antibody belongings. And we now have the capital that we will flip over the following few years right into a scientific pipeline. So, the priorities within the firm are actually easy.

It is to be sure that we’re making good capital allocation selections in that portfolio in order that we discover our first large winner. After which the second precedence is to ensure we again that up with a differentiated portfolio of thrilling belongings. And the third is to be sure that we proceed to work on effectivity and preserve our operations targeted on that precedence in order that we keep in charge of our future. And as Andrew talked about, we now have a terrific liquidity place, we now have a lot of runways, and we intend to do what it takes to be sure that stays the case.

Puneet Souda — Analyst

OK. All proper. Thanks, guys.

Operator

Thanks. I am exhibiting no additional questions presently. I’ll now flip it again over to Carl Hansen for closing remarks.

Carl Hansen — Chief Govt Officer

Thanks, everybody, for becoming a member of the decision as we speak. We respect your time and we sit up for offering extra updates sooner or later. Get pleasure from your night and we’ll discuss quickly.

Operator

[Operator signoff]

Length: 0 minutes

Name members:

Tryn Stimart — Chief Authorized and Compliance Officer

Carl Hansen — Chief Govt Officer

Andrew Sales space — Chief Monetary Officer

Allison Bratzel — Analyst

Andrea Tan — Analyst

Stephen Willey — Analyst

Kripa Devarakonda — Analyst

Unknown speaker — BMO Capital Markets — Analyst

David Martin — Analyst

Brendan Smith — Analyst

Puneet Souda — Analyst

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