$ABCL
AbCellera Biologics Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021056205 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q4
Revenue $5.508M $27.64M $200.9M
YoY Change -78.18% 146.2% 6178.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.49M $12.50M $8.000M
YoY Change 247.47% 511.15% 471.43%
% of Gross Profit
Research & Development $17.45M $15.05M $8.600M
YoY Change 132.82% 64.55% 160.61%
% of Gross Profit
Depreciation & Amortization $1.200M $1.100M $2.500M
YoY Change 0.0% 525.0%
% of Gross Profit
Operating Expenses $33.60M $34.68M $47.10M
YoY Change 201.92% 187.01% 805.77%
Operating Profit -$28.10M
YoY Change 1489.14%
Interest Expense $1.200M -$3.000M
YoY Change -340.0% 1400.0%
% of Operating Profit
Other Income/Expense, Net $3.124M $3.760M -$1.900M
YoY Change -437.73% -53.33% -480.0%
Pretax Income -$24.97M -$2.073M $155.9M
YoY Change 827.29% -130.93% -9843.75%
Income Tax -$3.592M $250.0K $38.90M
% Of Pretax Income 24.95%
Net Earnings -$21.38M -$2.323M $117.0M
YoY Change 693.91% -134.66% -7412.5%
Net Earnings / Revenue -388.16% -8.4% 58.24%
Basic Earnings Per Share -$0.08 -$0.01
Diluted Earnings Per Share -$0.08 -$0.01 $116.3K
COMMON SHARES
Basic Shares Outstanding 278.9M 272.2M
Diluted Shares Outstanding 278.9M 272.2M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $517.7M $792.6M $594.1M
YoY Change 468.27%
Cash & Equivalents $517.7M $792.6M $900.0K
Short-Term Investments $235.8M $2.800M $900.0K
Other Short-Term Assets $6.635M $6.547M $5.970M
YoY Change 637.22%
Inventory $1.332M $1.209M $1.400M
Prepaid Expenses $4.916M $4.073M
Receivables $279.4M $2.799M $903.0K
Other Receivables $0.00 $422.0K $500.0K
Total Short-Term Assets $803.7M $864.0M $813.3M
YoY Change 605.04%
LONG-TERM ASSETS
Property, Plant & Equipment $91.58M $87.48M $17.92M
YoY Change 540.45%
Goodwill $49.46M $31.50M $31.50M
YoY Change
Intangibles $148.8M $110.2M $115.2M
YoY Change
Long-Term Investments $47.51M $42.71M $19.20M
YoY Change
Other Assets $31.62M $15.95M $8.388M
YoY Change
Total Long-Term Assets $369.0M $287.9M $192.2M
YoY Change 1199.24%
TOTAL ASSETS
Total Short-Term Assets $803.7M $864.0M $813.3M
Total Long-Term Assets $369.0M $287.9M $192.2M
Total Assets $1.173B $1.152B $1.006B
YoY Change 723.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.908M $5.605M $7.100M
YoY Change 196.93%
Accrued Expenses $2.800M $2.220M $700.0K
YoY Change 366.67%
Deferred Revenue $6.170M $10.57M $6.589M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $190.0K
YoY Change -100.0%
Total Short-Term Liabilities $49.55M $69.76M $103.5M
YoY Change 146.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.700M $1.700M $2.200M
YoY Change -10.53%
Other Long-Term Liabilities $1.695M $1.657M $6.620M
YoY Change -94.55%
Total Long-Term Liabilities $169.8M $114.4M $71.54M
YoY Change 414.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.55M $69.76M $103.5M
Total Long-Term Liabilities $169.8M $114.4M $71.54M
Total Liabilities $219.3M $184.2M $175.0M
YoY Change 313.06%
SHAREHOLDERS EQUITY
Retained Earnings $207.7M $229.1M $114.2M
YoY Change
Common Stock $745.0M $716.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $953.4M $967.7M $830.5M
YoY Change
Total Liabilities & Shareholders Equity $1.173B $1.152B $1.006B
YoY Change 723.55%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$21.38M -$2.323M $117.0M
YoY Change 693.91% -134.66% -7412.5%
Depreciation, Depletion And Amortization $1.200M $1.100M $2.500M
YoY Change 0.0% 525.0%
Cash From Operating Activities -$5.932M $157.7M $1.300M
YoY Change 55.57% 525.58% 160.0%
INVESTING ACTIVITIES
Capital Expenditures -$8.574M -$36.85M -$1.500M
YoY Change 119.06% 296.81% 150.0%
Acquisitions
YoY Change
Other Investing Activities -$261.1M -$8.824M -$106.7M
YoY Change -966959.26% -660.97% 106600.0%
Cash From Investing Activities -$269.6M -$45.67M -$108.2M
YoY Change 6836.61% 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 898.0K -5.118M 610.0M
YoY Change -106.24% -105.81% 203233.33%
NET CHANGE
Cash From Operating Activities -5.932M 157.7M 1.300M
Cash From Investing Activities -269.6M -45.67M -108.2M
Cash From Financing Activities 898.0K -5.118M 610.0M
Net Change In Cash -274.7M 106.9M 503.1M
YoY Change 1143.71% 1.28% 251450.0%
FREE CASH FLOW
Cash From Operating Activities -$5.932M $157.7M $1.300M
Capital Expenditures -$8.574M -$36.85M -$1.500M
Free Cash Flow $2.642M $194.6M $2.800M
YoY Change 2515.84% 464.0% 154.55%

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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11598000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-331098000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
16971000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1823000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
2550000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
15516000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
872000
abcl Payment Of Liability For In Licensing Agreement
PaymentOfLiabilityForInLicensingAgreement
5000000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
387000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
893000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2781000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
74663000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
73714000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5720000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-900000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
83528000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-76422000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7553000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
594116000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
91081000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
517694000
abcl Noncash Or Part Noncash Acquisition Right Of Use Assets Obtained In Exchange For Operating Lease Obligation
NoncashOrPartNoncashAcquisitionRightOfUseAssetsObtainedInExchangeForOperatingLeaseObligation
26976000
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
9060000
abcl Noncash Or Part Noncash Acquisition Right Of Use Assets Obtained In Exchange For Operating Lease Obligation
NoncashOrPartNoncashAcquisitionRightOfUseAssetsObtainedInExchangeForOperatingLeaseObligation
567000
us-gaap Nature Of Operations
NatureOfOperations
<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, the fair value of intangible assets on a business combination, contingent consideration payable, stock-based compensation awards, and marketable securities. 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>
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-2693000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-21380000
us-gaap Net Income Loss
NetIncomeLoss
1917000
us-gaap Net Income Loss
NetIncomeLoss
93516000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
561000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2693000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153049739
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2693000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
153049739
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
22308800
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
63001430
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
153049739
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2020Q4 abcl Prepaid And Other Expenses Current
PrepaidAndOtherExpensesCurrent
4562000
CY2021Q3 abcl Prepaid And Other Expenses Current
PrepaidAndOtherExpensesCurrent
5303000
CY2020Q4 abcl Materials And Supplies Current
MaterialsAndSuppliesCurrent
1408000
CY2021Q3 abcl Materials And Supplies Current
MaterialsAndSuppliesCurrent
1332000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5970000
CY2021Q3 us-gaap Other Assets Current
OtherAssetsCurrent
6635000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23509000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
100089000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5586000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8505000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17923000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
91584000
us-gaap Depreciation
Depreciation
1500000
CY2021Q3 us-gaap Depreciation
Depreciation
1200000
us-gaap Depreciation
Depreciation
3100000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
158773000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9952000
CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
148821000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
10305000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
10305000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7087000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3921000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3921000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35539000
abcl Number Of Joint Ventures
NumberOfJointVentures
2
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
7130000
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8908000
CY2020Q4 abcl Liability For In Licensing Agreement Current
LiabilityForInLicensingAgreementCurrent
5000000
CY2021Q3 abcl Liability For In Licensing Agreement Current
LiabilityForInLicensingAgreementCurrent
4800000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
675000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2800000
CY2020Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
4270000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1988000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3617000
CY2020Q4 abcl Deferred Grant Funding Current
DeferredGrantFundingCurrent
942000
CY2021Q3 abcl Deferred Grant Funding Current
DeferredGrantFundingCurrent
3947000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7707000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
190000
CY2020Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
20195000
abcl Conversion Of Liability Classified Options To Equity
ConversionOfLiabilityClassifiedOptionsToEquity
5700000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1933000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3776000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21608000
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
CY2021Q3 abcl Deferred Compensation Share Based Arrangements Liability Classified Noncurrent Outstanding
DeferredCompensationShareBasedArrangementsLiabilityClassifiedNoncurrentOutstanding
0
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5544000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
26942000
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4000000.0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2800000
CY2021Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2021Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Royalty Expense
RoyaltyExpense
23600000

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