Abcellera Biologics Inc. · NASDAQ:ABCL
Abcellera Biologics — FY2023 Earnings Presentation
22 slides from Abcellera Biologics's earnings presentation, Feb 20, 2024
Slide 1: Full Year 2023 Business Update
FULL YEAR 2023 BUSINESS UPDATE FEBRUARY 20, 2024 COPYRIGHT © ABCELLERA
Slide 2: Disclaimer
DISCLAIMER FULL YEAR 2023 BUSINESS UPDATE This presentation contains forward-looking statements, including statements These statements involve risks, uncertainties and other factors that may made pursuant to the safe harbor provisions of the Private Securities cause actual results, levels of activit
Slide 3: 2023 Highlights
2023 HIGHLIGHTS We are evolving into a vertically integrated biotech. FULL YEAR 2023 BUSINESS UPDATE Forward Unlock high-value integration drug programs to include manufacturing, including T-cell engagers, regulatory, and clinical capabilities and GPCRs & ion channels Secured $220M in non-dilutive f
Slide 4: Our Engine: Forward Integration
OUR ENGINE. FORWARD INTEGRATION We are completing investments in clinical and manufacturing capabilities. FULL YEAR 2023 BUSINESS UPDATE After over a decade of building our platform, we are near completion. Beginning in 2024, we are shifting our capital allocation from building capabilities to using
Slide 5: Our Engine: Platform Development
OUR ENGINE. PLATFORM DEVELOPMENT We are unlocking high-value drug targets. FULL YEAR 2023 BUSINESS UPDATE T-Cell Engager Platform GPCR & Ion Channel Platform • Hundreds of diverse CD3-binding antibodies to combine to create optimized precision • Clinically validated, membrane-protein cancer therapie
Slide 6: Our Pipeline
OUR PIPELINE We are advancing an internal • First two IND submissions anticipated in 2025 pipeline of potential first-in- • We intend to take additional first-in-class development candidates into IND-enabling FULL YEAR 2023 BUSINESS UPDATE class and best-in-class assets studies in 2024 and 2025 • $2
Slide 7: Our Pipeline: ABCL635
OUR PIPELINE. ABCL635 A potential Molecule ABCL635 first-in-class Status IND-enabling studies (Preclinical) FULL YEAR 2023 BUSINESS UPDATE Target Undisclosed - GPCR or ion channel antibody therapy MOA Antagonist for metabolic and Indication Undisclosed endocrine conditions. Therapeutic Area Metaboli
Slide 8: Our Pipeline: ABCL575
OUR PIPELINE. ABCL575 Molecule ABCL575 ABCL575 is Status IND-enabling studies (Preclinical) a potential Target OX40 ligand (OX40L) FULL YEAR 2023 BUSINESS UPDATE MOA Blocking and non-depleting best-in-class and Indication • Atopic dermatitis (AD) second-in-class • Other indications in autoimmunity a
Slide 9: Our Partners
OUR PARTNERS We are increasingly Expanding relationships focused on strategic FULL YEAR 2023 BUSINESS UPDATE with large pharma and large biotech partnerships. We look for partnerships that bring new insights T-cell engager platform into novel biology or access to unique capabilities deals in oncolog
Slide 10: 2024 Priorities
2024 PRIORITIES We use our capabilities to advance programs and partnerships. FULL YEAR 2023 BUSINESS UPDATE Internal programs Partnered Engine & & pipeline programs capabilities Elect additional first-in-class Expand high value Invest in the final stage of development candidates from strategic part
Slide 11: Full Year 2023 Financials Update
FULL YEAR 2023 COPYRIGHT © ABCELLERA FINANCIALS UPDATE
Slide 12: We maintain a strong cash position
We maintain $780M in total cash, cash equivalents, & FULL YEAR 2023 BUSINESS UPDATE marketable securities a strong cash position to $220M in non-dilutive funding to execute on strategy focus on strategic 13 molecules investments in the clinic and execution. 2 internal programs advanced into IND-enab
Slide 13: Continuing portfolio growth
FINANCIALS Continuing portfolio growth. Cumulative # of Cumulative # of Partner-Initiated Program Starts2,3 Molecules in the Clinic3 FULL YEAR 2023 BUSINESS UPDATE – WITHOUT downstream participation + WITH downstream participation 112 13 120 13 12 Total # of 100 25 11 10 Programs Under Contract1 203
Slide 14: Partner-initiated programs continue to progress towards the clinic
FINANCIALS Partner-initiated programs continue to progress towards the clinic. Cumulative # of * Excludes AbCellera-initiated and Trianni-license program. As of Dec 31, 2023. Partner-Initiated Programs with Downstream Participation* Historical results are not necessarily indicative of future results
Slide 15: A cumulative total of molecules have reached the clinic
FINANCIALS A cumulative total of 13 molecules have reached the clinic. MOLECULE MOST ADVANCED STAGE THERAPEUTIC AREA(S) PARTNER PROGRAM TYPE AbCellera-initiated, partner-led FULL YEAR 2023 BUSINESS UPDATE undisclosed Phase 1 • neuroscience AbCellera IVX-01 Clinical field study • animal health partne
Slide 16: Large diversified exposure to next-gen antibody therapies
FINANCIALS Large diversified exposure to next-gen antibody therapies. 90% human health: target antigen known n = 78 100% human health n = 19 9% FULL YEAR 2023 BUSINESS UPDATE animal health n=8 18% 12% 53% 42% neurology immunology oncology & 1% undisclosed immunology GPCRs & human ion channels T-cell
Slide 17: Deepening stakes evidenced by strong growth of royalty rates
FINANCIALS Deepening stakes evidenced by strong growth of royalty rates. 9% Royalty on Net Sales FULL YEAR 2023 BUSINESS UPDATE Includes range of royalty and 8% royalty-equivalent rates in each contract, 7% considering sales tiers and step-downs 6% 5th / 95th percentile 5% interquartile range 4% mea
Slide 18: $38M total revenue, predominantly from discovery activity
FINANCIALS $38M total revenue, predominantly from discovery activity. Revenue USD $485.4M ROYALTIES FULL YEAR 2023 BUSINESS UPDATE MILESTONES LICENSING RESEARCH FEES $38.0M $1.5M $1.0M $40.8M $35.6M COPYRIGHT © ABCELLERA 2022 2023 18
Slide 19: Operating expenses reflect ongoing investments, predominantly in R&D
FINANCIALS Operating expenses reflect ongoing investments, predominantly in R&D. Operating Expenses USD RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMIN FULL YEAR 2023 BUSINESS UPDATE +$67.8M $175.7M $107.9M +$5.5M $55.5M $61.0M +$2.9M COPYRIGHT © ABCELLERA $11.3M $14.2M 2022 2023 2022 2023
Slide 20: Net loss of $146M; ($0.51) per share
FINANCIALS Net loss of $146M; equivalent to ($0.51) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC EARNINGS PER SHARE: DILUTED FULL YEAR 2023 BUSINESS UPDATE $158.5M $0.56 $0.50 -$146.4M -$0.51 -$0.51 COPYRIGHT © ABCELLERA 2022 2023 2022 2023 2022 2023 20
Slide 21: Over $780M in total cash, equivalents, and marketable securities
FINANCIALS Over $780M in total cash, equivalents, and marketable securities. Cash Flows USD $915M FULL YEAR 2023 BUSINESS UPDATE $788M $500M Marketable Securities $627M Marketable Securities ($44M) $111M Marketable Securities (net) $387M Cash & $111M Equivalents Other $10M $1M $133M ($221M) Cash & C
Slide 22: Thank You
COPYRIGHT © ABCELLERA 22 FULL YEAR 2023 BUSINESS UPDATE YOU THANK