AbCellera Reports Q2 2024 Business Results

About this update from Abcellera Biologics Inc.

[{"type":"text","content":" VANCOUVER, British Columbia--(BUSINESS WIRE)--\nAbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.\n\n\n“This quarter, we made important progress on our internal pipeline and aim to submit applications for clinical trials for ABCL635 and ABCL575 in the second quarter of 2025. In parallel, we have focused preclinical work on our T-cell engager platform to four molecules for indications in oncology and autoimmunity,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. \"Since our last earnings release, two of our partners have achieved notable milestones, including Abdera's IND clearance and Fast Track designation for ABD-147 and Invetx's upcoming acquisition by a global leader in animal health. AbCellera is a founding partner of both Abdera and Invetx. In addition, we have recently announced an expansion of our partnership with Lilly.”\n\n\nQ2 2024 Business Summary\n\n\n\nABCL635 and ABCL575 remain on track for anticipated Clinical Trial Applications (CTAs) in the second quarter of 2025.\n\n\n\nDisclosed three T-cell engager programs under evaluation targeting PSMA, B7-H4, and CD-19.\n\n\n\nThe U.S. FDA cleared Abdera's Investigational New Drug (IND) application for ABD-147, and also granted it a Fast Track designation. AbCellera is a founding partner in Abdera, has a low-single-digit royalty stake in Abdera’s programs, and has a mid-single-digit equity ownership position.\n\n\n\nReported the start of three additional partner-initiated programs with downstreams to reach a cumulative total of 93 partner-initiated program starts with downstreams.\n\n\n\nReported the addition of one molecule in the clinic, bringing the cumulative total to 14 molecules advanced to the clinic.\n\n\n\nRecent Developments\n\n\n\nOn July 31, 2024, announced an expanded collaboration with Lilly to discover therapeutic antibodies for programs in immunology, cardiovascular disease, and neuroscience.\n\n\n\nOn July 18, 2024, Invetx announced its upcoming acquisition by Dechra Pharmaceuticals for up to $520 million in total consideration. AbCellera is a founding partner in Invetx, has a low-single-digit royalty stake in Invetx’s programs, and has a mid-single-digit equity ownership position.\n\n\n\nKey Business M...

More updates from Abcellera Biologics Inc.