$ABCL
AbCellera Biologics Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021044327 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q4 2020 Q2
Revenue $27.64M $200.9M $11.23M
YoY Change 146.2% 6178.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.50M $8.000M $2.045M
YoY Change 511.15% 471.43%
% of Gross Profit
Research & Development $15.05M $8.600M $9.144M
YoY Change 64.55% 160.61%
% of Gross Profit
Depreciation & Amortization $1.100M $2.500M $1.100M
YoY Change 0.0% 525.0%
% of Gross Profit
Operating Expenses $34.68M $47.10M $12.08M
YoY Change 187.01% 805.77%
Operating Profit
YoY Change
Interest Expense $1.200M -$3.000M -$500.0K
YoY Change -340.0% 1400.0%
% of Operating Profit
Other Income/Expense, Net $3.760M -$1.900M $8.057M
YoY Change -53.33% -480.0%
Pretax Income -$2.073M $155.9M $6.703M
YoY Change -130.93% -9843.75%
Income Tax $250.0K $38.90M $0.00
% Of Pretax Income 24.95% 0.0%
Net Earnings -$2.323M $117.0M $6.703M
YoY Change -134.66% -7412.5%
Net Earnings / Revenue -8.4% 58.24% 59.7%
Basic Earnings Per Share -$0.01 $0.03
Diluted Earnings Per Share -$0.01 $116.3K $0.03
COMMON SHARES
Basic Shares Outstanding 272.2M 152.3M
Diluted Shares Outstanding 272.2M 260.8M

Balance Sheet

Concept 2021 Q2 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $792.6M $594.1M
YoY Change
Cash & Equivalents $792.6M $900.0K $113.1M
Short-Term Investments $2.800M $900.0K
Other Short-Term Assets $6.547M $5.970M
YoY Change
Inventory $1.209M $1.400M
Prepaid Expenses $4.916M $4.073M
Receivables $2.799M $903.0K
Other Receivables $422.0K $500.0K
Total Short-Term Assets $864.0M $813.3M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $87.48M $17.92M
YoY Change
Goodwill $31.50M $31.50M
YoY Change
Intangibles $110.2M $115.2M
YoY Change
Long-Term Investments $42.71M $19.20M
YoY Change
Other Assets $15.95M $8.388M
YoY Change
Total Long-Term Assets $287.9M $192.2M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $864.0M $813.3M
Total Long-Term Assets $287.9M $192.2M
Total Assets $1.152B $1.006B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.605M $7.100M
YoY Change
Accrued Expenses $2.220M $700.0K
YoY Change
Deferred Revenue $10.57M $6.589M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $190.0K
YoY Change
Total Short-Term Liabilities $69.76M $103.5M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.700M $2.200M
YoY Change
Other Long-Term Liabilities $1.657M $6.620M
YoY Change
Total Long-Term Liabilities $114.4M $71.54M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $69.76M $103.5M
Total Long-Term Liabilities $114.4M $71.54M
Total Liabilities $184.2M $175.0M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $229.1M $114.2M
YoY Change
Common Stock $716.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $967.7M $830.5M $90.89M
YoY Change
Total Liabilities & Shareholders Equity $1.152B $1.006B
YoY Change

Cashflow Statement

Concept 2021 Q2 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income -$2.323M $117.0M $6.703M
YoY Change -134.66% -7412.5%
Depreciation, Depletion And Amortization $1.100M $2.500M $1.100M
YoY Change 0.0% 525.0%
Cash From Operating Activities $157.7M $1.300M $25.21M
YoY Change 525.58% 160.0%
INVESTING ACTIVITIES
Capital Expenditures -$36.85M -$1.500M -$9.286M
YoY Change 296.81% 150.0%
Acquisitions
YoY Change
Other Investing Activities -$8.824M -$106.7M $1.573M
YoY Change -660.97% 106600.0%
Cash From Investing Activities -$45.67M -$108.2M -$7.713M
YoY Change 492.14% 17933.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.118M 610.0M 88.08M
YoY Change -105.81% 203233.33%
NET CHANGE
Cash From Operating Activities 157.7M 1.300M 25.21M
Cash From Investing Activities -45.67M -108.2M -7.713M
Cash From Financing Activities -5.118M 610.0M 88.08M
Net Change In Cash 106.9M 503.1M 105.6M
YoY Change 1.28% 251450.0%
FREE CASH FLOW
Cash From Operating Activities $157.7M $1.300M $25.21M
Capital Expenditures -$36.85M -$1.500M -$9.286M
Free Cash Flow $194.6M $2.800M $34.50M
YoY Change 464.0% 154.55%

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us-gaap Nature Of Operations
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of operations </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">AbCellera Biologics Inc.’s (the “Company”) mission is to improve health with technologies that transform the way that antibody-based therapies are discovered. The Company aims to become the centralized operating system for next generation antibody discovery. The Company’s full-stack, AI-powered drug discovery platform searches and analyzes the database of natural immune systems to find antibodies that can be developed as drugs. The Company believes its technology increases the speed and the probability of success of therapeutic antibody discovery, including enabling discovery against targets that may otherwise be intractable. To advance the clinical pipeline of drug candidates, the Company forges partnerships with drug developers of all sizes, from large cap pharmaceutical to small biotechnology companies. </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;margin-left:5.15%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:5.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas of significant estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations and determining whether an option for additional goods or services represents a material right, recoverability of investment tax credits receivable, value of contingent consideration payable and the fair value of stock-based compensation awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could significantly differ from those estimates.</p>
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
6703000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-2323000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
272196107
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152091589
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270953541
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6703000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2323000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4610000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
114898000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152326424
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
272196107
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152091589
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270953541
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
27253960
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
19980436
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
50601902
CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
81230480
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
53967591
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
260810864
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
272196107
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226039616
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
321555443
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47221295
CY2020Q4 abcl Tax And Investment Tax Credit Receivable Current
TaxAndInvestmentTaxCreditReceivableCurrent
489000
CY2021Q2 abcl Tax And Investment Tax Credit Receivable Current
TaxAndInvestmentTaxCreditReceivableCurrent
422000
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4073000
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4916000
CY2020Q4 abcl Materials And Supplies Current
MaterialsAndSuppliesCurrent
1408000
CY2021Q2 abcl Materials And Supplies Current
MaterialsAndSuppliesCurrent
1209000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5970000
CY2021Q2 us-gaap Other Assets Current
OtherAssetsCurrent
6547000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23509000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
94820000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5586000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7341000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17923000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
87479000
CY2020Q2 us-gaap Depreciation
Depreciation
1100000
us-gaap Depreciation
Depreciation
1500000
CY2021Q2 us-gaap Depreciation
Depreciation
1100000
us-gaap Depreciation
Depreciation
1900000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
117673000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7450000
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
110223000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
9860000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9860000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8238000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3476000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3476000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34910000
abcl Number Of Joint Ventures
NumberOfJointVentures
2
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
7130000
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5605000
CY2020Q4 abcl Liability For In Licensing Agreement Current
LiabilityForInLicensingAgreementCurrent
5000000
CY2021Q2 abcl Liability For In Licensing Agreement Current
LiabilityForInLicensingAgreementCurrent
4670000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
675000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2220000
CY2020Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
4270000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1988000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2346000
CY2020Q4 abcl Deferred Grant Funding Current
DeferredGrantFundingCurrent
942000
CY2021Q2 abcl Deferred Grant Funding Current
DeferredGrantFundingCurrent
3435000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
190000
CY2020Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
20195000
CY2021Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
18276000
abcl Conversion Of Liability Classified Options To Equity
ConversionOfLiabilityClassifiedOptionsToEquity
5700000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
606000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8473000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1843000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13900000
CY2020Q4 abcl Deferred Compensation Share Based Arrangements Liability Classified Noncurrent Outstanding
DeferredCompensationShareBasedArrangementsLiabilityClassifiedNoncurrentOutstanding
1012000
CY2020Q4 us-gaap Deferred Compensation Sharebased Arrangements Liability Classified Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent
4300000
CY2021Q2 abcl Deferred Compensation Share Based Arrangements Liability Classified Noncurrent Outstanding
DeferredCompensationShareBasedArrangementsLiabilityClassifiedNoncurrentOutstanding
0
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5544000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
28909000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
26230000
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
31232000
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2100000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5000000.0
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3400000
CY2021Q2 us-gaap Royalty Expense
RoyaltyExpense
3600000
us-gaap Royalty Expense
RoyaltyExpense
23600000

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