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National Post
34 minutes ago
- National Post
AbCellera Reports Q2 2025 Business Results & First Participants Dosed in a Phase 1 Clinical Trial of ABCL635 for Vasomotor Symptoms
Article content VANCOUVER, British Columbia — AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2025 and that dosing has begun in a Phase 1 clinical trial of ABCL635 for the potential treatment of moderate-to-severe vasomotor symptoms (VMS) associated with menopause. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. Article content 'In the second quarter we hit two critical milestones, receiving authorization to initiate Phase 1 studies for both ABCL635 and ABCL575. I am pleased to announce today that we have successfully begun dosing the first participants in the Phase 1 study of ABCL635. This is a landmark achievement for AbCellera, one that completes our transition to a clinical-stage biotechnology company,' said Carl Hansen, Ph.D., founder and CEO of AbCellera. 'Today we also announced that a third program, ABCL688, has advanced into IND-enabling studies. With over $750 million in available liquidity, we are well-positioned to continue to execute our strategy.' Article content Q2 2025 Business Summary Article content Generated a net loss of $34.7 million, compared to a net loss of $36.9 million in 2024. Received authorization from Health Canada to initiate Phase 1 clinical trials for ABCL635 and ABCL575, bringing the cumulative total of molecules to reach the clinic to 18. Advanced ABCL688, an ion channel- or GPCR-targeted antibody development candidate (autoimmunity), into IND/CTA-enabling studies. Presented preclinical data for ABCL575 at the Society for Investigative Dermatology. Reached a cumulative total of 102 partner-initiated program starts with downstreams. Article content Recent Developments Article content ABCL635 (Endocrinology/Women's Health): AbCellera has initiated dosing of participants in a Phase 1 clinical trial of ABCL635, a potential non-hormonal, long-acting treatment for moderate-to-severe VMS, commonly known as hot flashes, associated with menopause. This is a randomized, placebo-controlled, double-blind Phase 1 study in healthy men and postmenopausal women with or without VMS. Its purpose is to evaluate safety, pharmacokinetics, pharmacodynamics, as well as frequency and severity of VMS with subcutaneous doses of ABCL635. The initial safety and efficacy data from this study is expected to be presented in mid 2026. ABCL575 (Immunology and Inflammation): AbCellera has initiated a Phase 1 clinical trial of ABCL575, which is being developed for the treatment of moderate-to-severe atopic dermatitis. This is a randomized, placebo-controlled, double-blind study to assess safety and tolerability in healthy participants following subcutaneous doses of ABCL575. ABCL575 is an OX40-ligand-targeting antibody engineered to support a dosing interval of once every 6 months. Article content AbCellera started discovery on an additional five partner-initiated programs with downstreams to reach a cumulative total of 102 partner-initiated program starts with downstreams in Q2 2025 (up from 93 on June 30, 2024). AbCellera and its partners have advanced a cumulative total of 18 molecules into the clinic (up from 14 on June 30, 2024). Article content Discussion of Q2 2025 Financial Results Article content Revenue – Total revenue was $17.1 million, compared to $7.3 million in Q2 2024. Research & Development (R&D) Expenses – R&D expenses were $39.2 million, compared to $40.9 million in Q2 2024. A greater proportion of R&D expenses are used on internal programs reflecting the increased emphasis on building the internal pipeline. Sales & Marketing (S&M) Expenses – S&M expenses were $3.0 million, compared to $3.1 million in Q2 2024. General & Administrative (G&A) Expenses – G&A expenses were $19.0 million, compared to $20.2 million in Q2 2024. Net Loss – Net loss of $34.7 million, or $(0.12) per share on a basic and diluted basis, compared to net loss of $36.9 million, or $(0.13) per share on a basic and diluted basis, in Q2 2024. Liquidity – $580 million of total cash, cash equivalents, and marketable securities and approximately $173 million in available non-dilutive government funding, bringing total available liquidity to approximately $753 million to execute on AbCellera's strategy. Article content Conference Call and Webcast Article content AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Article content The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera's Investor Relations website. A replay of the webcast will be available through the same link following the conference call. Article content About AbCellera Biologics Inc Article content . Article content AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing antibody-based medicines in the areas of endocrinology, women's health, immunology, and oncology. For more information, please visit Article content Definition of Key Business Metrics Article content We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops. Article content Partner-initiated program starts with downstreams Article content represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term. Article content Molecules in the clinic Article content represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached 'open' status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term. Article content AbCellera Forward-Looking Statements Article content This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. Article content In some cases, you can identify forward-looking statements by the words 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under 'Risk Factors,' 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. Article content Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Revenue: Research fees $ 5,453 $ 6,639 $ 15,227 $ 10,707 Licensing revenue 370 10,445 550 10,613 Milestone payments 1,500 – 1,500 – Total revenue 7,323 17,084 17,277 21,320 Operating expenses: Research and development (1) 40,927 39,213 80,214 81,711 Sales and marketing (1) 3,136 3,009 6,501 5,851 General and administrative (1) 20,192 18,977 37,544 35,203 Depreciation, amortization, and impairment 36,522 5,470 41,366 10,801 Total operating expenses 100,777 66,669 165,625 133,566 Loss from operations (93,454 ) (49,585 ) (148,348 ) (112,246 ) Other (income) expense: Interest income (9,801 ) (7,592 ) (20,202 ) (15,643 ) Grants and incentives (3,310 ) (3,692 ) (6,585 ) (7,845 ) Other (32,156 ) (1,957 ) (30,627 ) 570 Total other income (45,267 ) (13,241 ) (57,414 ) (22,918 ) Net loss before income tax (48,187 ) (36,344 ) (90,934 ) (89,328 ) Income tax recovery (11,257 ) (1,617 ) (13,394 ) (8,980 ) Net loss $ (36,930 ) (34,727 ) $ (77,540 ) $ (80,348 ) Foreign currency translation adjustment (257 ) 4,341 (353 ) 1,721 Comprehensive loss $ (37,187 ) $ (30,386 ) $ (77,893 ) $ (78,627 ) Net loss per share Basic $ (0.13 ) $ (0.12 ) $ (0.26 ) $ (0.27 ) Diluted $ (0.13 ) $ (0.12 ) $ (0.26 ) $ (0.27 ) Weighted-average common shares outstanding Article content Article content Article content Article content Article content Contacts Article content Inquiries Article content Media: Tiffany Chiu; Article content media@ Article content , +1(236)521-6774 Article content Article content Partnering: Murray McCutcheon, Ph.D.; Article content Article content Article content
CBC
38 minutes ago
- CBC
Salmon returning to Fraser River in record numbers, but still face threats
Early Stuart sockeye salmon are returning to the Fraser Canyon in record numbers, but biologist Kristen Walters with the Raincoast Conservation Foundation said concerns remain, with the rivers the salmon are returning to facing dropping water levels and rising temperatures.
CBC
3 hours ago
- CBC
Citrus trees in Canada? New plant hardiness map shows shift in growing zones
With climate change, it's more likely than you think The map, first developed in the 1960s and updated every 10 years in the last few decades, looks at what can grow across the country based on temperature, precipitation and other weather patterns. It found that some plants can now grow in regions they couldn't have previously, while other areas can host new plants entirely. Much of that is due to the steady march of climate change. In this way, each map update has marked an increasingly warm Canada. "It's fun to look at the fun side of climate change and say, 'Hey, maybe I can grow some new species at my place,'" said John Pedlar, biologist at the Great Lakes Forestry Centre in Sault Ste. Marie, Ont. It's part of Natural Resources Canada, which publishes the map. "But we don't want to forget the fact that there's all kinds of other negative implications around climate change. And being able to grow some new species in your garden is relatively minor compared to some of the big impacts that might be coming down the line." How climate change is influencing growing zones The map divides Canada into 10 zones, numbered from zero to nine, with subzones marked "A" and "B." The higher the zone number (for example, 2B is a higher number than 2A), the more moderate the weather and growing conditions. Consequently, the lower the zone number, the hardier a plant has to be to survive. In the latest update, the relatively rare and hardiest 9A zone has expanded from just a tiny speck on the map to cover parts of Vancouver Island and the southern reaches of B.C.'s lower mainland. Those regions could be suitable for certain palms and even cold-hardy citrus — not something usually expected in Canada. In fact, about 80 per cent of the country has seen its zone increase because of warming temperatures. For example, some zones in southern Ontario have expanded by half a zone or more. The researchers point to an increase in grape cultivation in the region by 25 per cent from 1990 to 2020, and say shifts in the hardiness zones could lead to "new horticultural opportunities over time." A guide for gardeners and growers across Canada The plant hardiness zones come with accompanying species-specific models, which provide much more in-depth information for specific plants or trees. The models look at how specific plants would do under different climate change scenarios. "Our work is trying to apply to not just the gardening community, but also foresters, ecologists, naturalists, horticulturalists — people that have an interest in not just sort of the year-to-year success, but the long-term planting of different things," said Dan McKenney, research scientist at the Great Lakes Forestry Centre. Dan Richard runs Niagara Tropics, a plant nursery in Niagara-on-the-Lake, Ont. He specializes in growing hardy palm tree varieties that end up in gardens across southern Ontario, including in the Toronto area. "Gardening … can be very rewarding. It could be very therapeutic to many. So if they're out there making a difference on trying things and they feel empowered and successful that they've accomplished something. That's the whole point of this," he said. "The hardiness map will enable those dreams to begin somewhere, in my opinion." But Richard says he also sees the data being important for major industries like agriculture, especially as they adapt to the impacts of climate change. He said the latest update allows growers to make more sustainable decisions on things like where to plant certain crops and where to locate greenhouses. "You can artificially grow strawberries or broccoli inside a greenhouse, but having a long-term understanding of the climate, you might not have to contribute to gas heating as much or hydro demands," he said. "You can be more dependent on, you know, nature itself in that regard." Climate change is changing what we can grow Rhonda Teitel-Payne is co-coordinator with Toronto Urban Growers, a network promoting urban agriculture in the city. An avid home gardener, she says she's seeing the impact of uncertain weather up close. She said every year has been different, with large temperature and precipitation variations making it hard to schedule plantings. "Climate change, it's not even so much about warming. It's about the instability, right? And the unpredictability of the weather and the extreme examples of weather that we're dealing with," she said, adding that makes it especially hard for new growers to try out new plants. A couple of years ago, Teitel-Payne grew a fig tree, something unusual for Toronto. "I obviously like the plant hardiness zone map. A lot of avid gardeners look for it and this is sort of like a fun thing," she said. "But it's also a sobering reminder of climate change."
