Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39781 | |
Entity Registrant Name | AbCellera Biologics Inc. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Address, Address Line One | 2215 Yukon Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Postal Zip Code | V5Y 0A1 | |
City Area Code | 604 | |
Local Phone Number | 559-9005 | |
Title of 12(b) Security | Common shares, no par value per share | |
Trading Symbol | ABCL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 294,054,356 | |
Entity Central Index Key | 0001703057 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 123,572 | $ 133,320 |
Marketable securities | 574,451 | 627,265 |
Total cash, cash equivalents, and marketable securities | 698,023 | 760,585 |
Accounts and accrued receivable | 34,419 | 30,590 |
Restricted cash | 25,000 | 25,000 |
Other current assets | 56,506 | 55,810 |
Total current assets | 813,948 | 871,985 |
Long-term assets: | ||
Property and equipment, net | 306,081 | 287,696 |
Intangible assets, net | 118,736 | 120,425 |
Goodwill | 47,806 | 47,806 |
Investments in equity accounted investees | 71,592 | 65,938 |
Other long-term assets | 104,933 | 94,244 |
Total long-term assets | 649,148 | 616,109 |
Total assets | 1,463,096 | 1,488,094 |
Current liabilities: | ||
Accounts payable and other current liabilities | 42,887 | 49,580 |
Contingent consideration payable | 51,431 | 50,475 |
Deferred revenue | 10,565 | 18,958 |
Total current liabilities | 104,883 | 119,013 |
Long-term liabilities: | ||
Operating lease liability | 68,079 | 71,222 |
Deferred revenue | 8,570 | 8,195 |
Deferred government contributions | 110,579 | 95,915 |
Contingent consideration payable | 5,063 | 4,913 |
Deferred tax liability | 30,274 | 30,612 |
Other long-term liabilities | 5,735 | 5,906 |
Total long-term liabilities | 228,300 | 216,763 |
Total liabilities | 333,183 | 335,776 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common shares: no par value, unlimited authorized shares at December 31, 2023 and March 31, 2024: 290,824,970 and 293,621,312 shares issued and outstanding at December 31, 2023 and March 31, 2024, respectively | 764,562 | 753,199 |
Additional paid-in capital | 127,990 | 121,052 |
Accumulated other comprehensive loss | (1,816) | (1,720) |
Accumulated earnings | 239,177 | 279,787 |
Total shareholders' equity | 1,129,913 | 1,152,318 |
Total liabilities and shareholders' equity | $ 1,463,096 | $ 1,488,094 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value (USD per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 290,824,970 | 293,621,312 |
Common stock, shares outstanding (in shares) | 290,824,970 | 293,621,312 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenue: | |||
Total revenue | $ 9,954 | $ 12,192 | |
Operating expenses: | |||
Research and development | [1] | 39,287 | 52,647 |
Sales and marketing | [1] | 3,365 | 3,771 |
General and administrative | [1] | 17,352 | 15,134 |
Depreciation and amortization | 4,844 | 5,514 | |
Total operating expenses | 64,848 | 77,066 | |
Loss from operations | (54,894) | (64,874) | |
Other (income) expense | |||
Interest income | (10,401) | (9,759) | |
Grants and incentives | (3,275) | (3,374) | |
Other | 1,529 | (3,593) | |
Total other (income) | (12,147) | (16,726) | |
Net loss before income tax | (42,747) | (48,148) | |
Income tax recovery | (2,137) | (8,038) | |
Net loss | (40,610) | (40,110) | |
Foreign currency translation adjustment | (96) | (630) | |
Comprehensive loss | $ (40,706) | $ (40,740) | |
Net loss per share | |||
Basic (USD per share) | $ (0.14) | $ (0.14) | |
Diluted (USD per share) | $ (0.14) | $ (0.14) | |
Weighted-average common shares outstanding | |||
Basic (in shares) | 292,723,901 | 287,767,136 | |
Diluted (in shares) | 292,723,901 | 287,767,136 | |
Research fees | |||
Revenue: | |||
Total revenue | $ 9,774 | $ 10,570 | |
Licensing revenue | |||
Revenue: | |||
Total revenue | 180 | 372 | |
Milestone payments | |||
Revenue: | |||
Total revenue | $ 0 | $ 1,250 | |
[1] Exclusive of depreciation and amortization |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Earnings | Accumulated Other Comprehensive Loss |
Beginning balances (in shares) at Dec. 31, 2022 | 286,851,595 | ||||
Beginning balances at Dec. 31, 2022 | $ 1,233,277 | $ 734,365 | $ 74,118 | $ 426,185 | $ (1,391) |
Number of Shares | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 1,574,919 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 489 | $ 8,451 | (7,962) | ||
Share-based compensation expense | 15,474 | 15,474 | |||
Foreign currency translation adjustment | (630) | (630) | |||
Net loss | (40,110) | (40,110) | |||
Ending balances (in shares) at Mar. 31, 2023 | 288,426,514 | ||||
Ending balances at Mar. 31, 2023 | 1,208,500 | $ 742,816 | 81,630 | 386,075 | (2,021) |
Beginning balances (in shares) at Dec. 31, 2023 | 290,824,970 | ||||
Beginning balances at Dec. 31, 2023 | 1,152,318 | $ 753,199 | 121,052 | 279,787 | (1,720) |
Number of Shares | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 2,796,342 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 892 | $ 11,363 | (10,471) | ||
Share-based compensation expense | 17,409 | 17,409 | |||
Foreign currency translation adjustment | (96) | (96) | |||
Net loss | (40,610) | (40,610) | |||
Ending balances (in shares) at Mar. 31, 2024 | 293,621,312 | ||||
Ending balances at Mar. 31, 2024 | $ 1,129,913 | $ 764,562 | $ 127,990 | $ 239,177 | $ (1,816) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (40,610) | $ (40,110) |
Cash flows from operating activities: | ||
Depreciation of property and equipment | 3,155 | 2,858 |
Amortization of intangible assets | 1,689 | 2,656 |
Amortization of operating lease right-of-use assets | 1,922 | 1,606 |
Stock-based compensation | 17,409 | 15,474 |
Other | 1,707 | (3,634) |
Changes in operating assets and liabilities: | ||
Research fees and grants receivable | (18,576) | 7,915 |
Accrued royalties receivable | 0 | 9,260 |
Income taxes payable | (3,182) | (12,614) |
Accounts payable and accrued liabilities | (4,878) | (5,778) |
Deferred revenue | (8,017) | (3,905) |
Accrued royalties payable | 0 | (16,253) |
Deferred grant income | 11,278 | 4,525 |
Other assets | (3,605) | (6,063) |
Net cash used in operating activities | (41,708) | (44,063) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (24,140) | (14,984) |
Purchase of marketable securities | (249,371) | (360,752) |
Proceeds from marketable securities | 306,545 | 262,638 |
Receipt of grant funding | 7,168 | 2,693 |
Long-term investments and other assets | (4,385) | (34,735) |
Investment in equity accounted investees | (5,907) | (4,469) |
Net cash provided by (used in) investing activities | 29,910 | (149,609) |
Cash flows from financing activities: | ||
Payment of liability for in-licensing agreement and other | (185) | (948) |
Proceeds from long-term liabilities | 2,124 | 0 |
Proceeds from exercise of stock options | 892 | 490 |
Net cash provided by (used in) financing activities | 2,831 | (458) |
Effect of exchange rate changes on cash and cash equivalents | (781) | (213) |
Decrease in cash and cash equivalents | (9,748) | (194,343) |
Cash and cash equivalents and restricted cash, beginning of period | 160,610 | 414,650 |
Cash and cash equivalents and restricted cash, end of period | 150,862 | 220,307 |
Restricted cash included in other assets | 2,290 | 2,290 |
Total cash, cash equivalents, and restricted cash shown on the balance sheet | 148,572 | 218,017 |
Supplemental disclosure of non-cash investing and financing activities | ||
Property and equipment in accounts payable | 18,654 | 8,918 |
Right-of-use assets obtained in exchange for operating lease obligation | $ 107 | $ 2,124 |
Nature of operations
Nature of operations | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations AbCellera Biologics Inc.’s (the “Company”) mission is to bring better antibody drugs to patients faster, solve long-standing problems, and transform how antibody drugs are discovered. The Company aims to bring antibody therapeutics from target to clinic by combining expertise, technologies, and infrastructure to build an engine for antibody drug discovery and development. The Company uses the engine to both work with partners to build a large and diversified portfolio of royalty (and equivalent) stakes in future antibody drugs and to develop its own pipeline of future antibody drugs. The Company partners with companies of all sizes - from innovative biotechnology companies to leading pharmaceutical companies - propelling programs to the clinic, together . |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, the year-end condensed consolidated financial statement data was derived from audited financial statements and these financial statements do not include all the information and footnotes required for complete financial statements. These statements should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2023. These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2023 and 2024 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023. All amounts expressed in these condensed consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” and “CAD” are to Canadian dollars. |
Significant accounting policies
Significant accounting policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Use of estimates 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 consolidated 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, the impairment assessment of intangible assets and goodwill, and contingent consideration payable, and the estimates 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. Recent accounting pronouncements not yet adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or no material impact is expected in the condensed consolidated financial statements as a result of future adoption. |
Net loss per share
Net loss per share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share Basic and diluted net loss per share was calculated as follows: Three months ended March 31, 2023 2024 Basic and diluted loss per share Net loss $ (40,110) $ (40,610) Weighted-average common shares outstanding 287,767,136 292,723,901 Net loss per share - basic and diluted $ (0.14) $ (0.14) The Company’s potentially dilutive securities, which include stock options and restricted share units (“RSUs”), have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2023 and March 31, 2024 as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding for the three months ended March 31, 2023 and March 31, 2024 used to calculate both basic and diluted net loss per share is the same. The Company excluded 50,844,425 potential common shares for the three months ended March 31, 2023, and 59,062,415 potential common shares for the three months ended March 31, 2024, from the computation of diluted net loss per share because including them would have had an anti-dilutive effect. |
Property and equipment, net
Property and equipment, net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net Property and equipment, net consisted of the following: December 31, 2023 March 31, 2024 Computers $ 3,517 $ 3,570 Land 53,405 53,405 Building 43,947 53,398 Laboratory equipment 70,350 74,991 Leasehold improvements 73,944 82,852 Operating lease right-of-use assets 73,141 71,326 Property and equipment 318,304 339,542 Less accumulated depreciation (30,608) (33,461) Property and equipment, net $ 287,696 $ 306,081 As of December 31, 2023 and March 31, 2024, property and equipment includes leasehold improvements and construction in progress in the amount of $91.0 million and $93.1 million, respectively, and construction deposits of $13.7 million and $15.2 million, respectively, that have not commenced depreciation. Depreciation expense on property and equipment for the three months ended March 31, 2023 and March 31, 2024 was $2.9 million and $3.2 million, respectively. |
Intangible assets
Intangible assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets Intangible assets consisted of the following: March 31, 2024 Gross Accumulated Net book License $ 38,433 $ 27,892 $ 10,541 Technology 52,700 8,515 44,185 IPR&D 64,010 - 64,010 $ 155,143 $ 36,407 $ 118,736 Amortization expense on intangible assets subject to amortization is estimated to be as follows for each of the next five years ended March 31: Amortization 2025 $ 4,297 2026 4,297 2027 4,297 2028 4,297 2029 4,297 $ 21,485 |
Investments in equity accounted
Investments in equity accounted investees, and other long-term assets | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in equity accounted investees, and other long-term assets | Investments in equity accounted investees, and other long-term assets The Company has entered into two separate 50% joint ventures, Dayhu JV and Beedie JV, as part of the construction of future office and laboratory headquarters. The Company recorded immaterial amounts of proportionate income or loss with respect to either venture in the three months ended March 31, 2023 and 2024. Dayhu JV As of December 31, 2023 and March 31, 2024, the equity investment balance was $42.1 million and $42.2 million, respectively. Substantially all the assets in the Dayhu JV are comprised of property and equipment. As of December 31, 2023 and March 31, 2024, the Company recorded a right-of-use asset At December 31, 2023 and March 31, 2024, the Company had a loan receivable balance of CAD $45.9 million ($34.7 million) and CAD $46.2 million ($34.0 million), respectively, directly with our JV partner, Dayhu, included in other long-term assets. Beedie JV As of December 31, 2023 and March 31, 2024, the equity investment balance was $23.8 million and $29.4 million , respectively, of which substantially all the assets in the Beedie JV is comprised of property and equipment. At December 31, 2023 and March 31, 2024 , the Company had a loan receivable balance of CAD $18.4 million ( $13.9 million ) and CAD $24.6 million ( $18.2 million ), respectively, directly with our JV partner, Beedie, which relates to the land and construction loan and is included in other long-term assets. |
Other current assets and liabil
Other current assets and liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Other current assets and liabilities | Other current assets and liabilities Other current assets December 31, 2023 March 31, 2024 Taxes receivable $ 33,792 $ 34,356 Prepaid expenses and other 20,911 21,412 Materials and supplies 1,107 738 Total other current assets $ 55,810 $ 56,506 Current accounts payable and other current liabilities December 31, 2023 March 31, 2024 Accounts payable and accrued liabilities $ 28,603 $ 26,907 Current portion of operating lease liability 6,158 5,531 Payroll liabilities 7,707 2,847 Current portion of deferred government contribution 7,112 7,602 Total accounts payable and other current liabilities $ 49,580 $ 42,887 |
Shareholders_ equity
Shareholders’ equity | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Shareholders' equity | Shareholders’ equity The following table summarizes the Company’s stock option activity under the Pre-IPO Plan since December 31, 2023: Number of Weighted- Outstanding as of December 31, 2023 30,647,575 $ 0.94 Granted - - Exercised (2,151,214) 0.44 Forfeited - - Outstanding as of March 31, 2024 28,496,361 $ 0.97 Options exercisable as of March 31, 2024 25,615,040 $ 0.88 The following table summarizes the Company’s stock option activity under the 2020 Plan since December 31, 2023: Number of Weighted- Outstanding as of December 31, 2023 13,992,304 $ 13.82 Granted 9,988,323 5.39 Exercised - - Forfeited (511,802) 13.06 Outstanding as of March 31, 2024 23,468,825 $ 10.25 Options exercisable as of March 31, 2024 6,089,959 $ 15.63 The following table summarizes the Company’s RSU activity under the 2020 Plan since December 31, 2023: Number of Weighted- Outstanding as of December 31, 2023 4,075,590 $ 11.61 Granted 3,844,133 5.38 Vested and settled (645,128) 13.29 Forfeited (177,366) 9.39 Outstanding as of March 31, 2024 7,097,229 $ 8.14 As of March 31, 2024, the number of shares available for issuance under the 2020 Plan was 34,415,643, which includes awards granted and outstanding under the Pre-IPO Plan that are forfeited after December 10, 2020. Stock-based compensation: Stock-based compensation expense was classified in the condensed consolidated statements of loss and comprehensive loss as follows: Three months ended March 31, 2023 2024 Research and development $ 7,496 $ 8,224 Sales and marketing 1,271 1,431 General and administrative 6,707 7,754 $ 15,474 $ 17,409 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The disaggregated revenue categories are presented on the face of the condensed consolidated statements of loss and comprehensive loss. Deferred revenue outstanding in each respective period is as follows: December 31, 2022 March 31, 2023 December 31, 2023 March 31, 2024 Deferred revenue $ 41,128 $ 37,223 $ 27,153 $ 19,135 During the three months ended March 31, 2023 and 2024, the Company recognized $4.8 million and $8.6 million respectively, of revenue that had been included in deferred revenue as of December 31, 2022 and December 31, 2023, respectively. |
Financial instruments
Financial instruments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Financial instruments | Financial instruments Fair Value Measurements The Company categorizes its financial assets and liabilities measured at fair value into a three-level hierarchy established by U.S. GAAP that prioritizes those inputs to valuation techniques used to measure fair value based on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities; Level 2 inputs, other than quoted prices included within Level 1, are observable for the asset or liability either directly or indirectly; and Level 3 inputs are not observable in the market. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, marketable securities, accounts receivable, loans receivable, accounts payable and other liabilities, and contingent consideration payable. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and other liabilities, and loans receivable approximate their fair values, and are primarily classified as Level 2. At March 31, 2024, the Company also held non-marketable securities included in other long term assets of $32.3 million (December 31, 2023 - $32.3 million). These non-marketable securities are measured at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Contingent Consideration Contingent consideration related to business acquisitions is recorded at fair value on the acquisition date and adjusted on a recurring basis for changes in its fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated payments and changes in assumed discount periods and rates. These inputs are unobservable in the market and are therefore categorized as Level 3 inputs. There were no changes to the valuation technique and inputs used in these fair value measurements since acquisition. The following table presents the changes in fair value of the liability for contingent consideration: Three Months Ended March 31, 2023 Liability at Increase (decrease) in fair Liability at Trianni (i) $ 23,505 $ (2,602) $ 20,903 TetraGenetics (ii) $ 36,760 $ 946 $ 37,706 Three Months Ended March 31, 2024 Liability at Increase in fair Liability at Trianni (i) $ 18,697 $ 956 $ 19,653 TetraGenetics (ii) $ 36,691 $ 150 $ 36,841 i) The estimated fair value of the earn-out payments relates to a specific customer license and the fair value was determined by estimating the payout of the expected future net cash flows associated to the specific customer license during the earn-out period. The significant assumptions inherent in the development of the value include the amount and timing of projected future net revenues received by us from the specific customer license, and the discount rate selected to measure the risks inherent in the future cash flows, which was approximately 22%. ii) The estimated fair value of potential future successful milestone payouts was determined by estimating the expected future cash flows associated with the potential milestone events. The significant assumptions include the amount and timing of projected future cash flows, risk adjusted for various factors including probability of success, discounted at 12.8%, the rate that measures the risks inherent in the future cash flows. Marketable Securities As part of the Company’s cash management strategy, the Company holds high credit quality marketable securities that are available to support the Company’s current operations. As of March 31, 2024, our marketable securities were rated A- or higher (or its equivalent) by at least two of the major rating agencies with a weighted average life of approximately 0.5 years. Level 2 marketable securities in the fair value hierarchy were based on quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. There were no transfers between Level 1, Level 2 and Level 3 during the period. The following table presents information about the Company’s marketable securities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values: Fair Value Measurements at March 31, 2024: Level 1 Level 2 Level 3 Total Marketable securities U.S. government agencies $ 90,786 $ - $ - $ 90,786 Certificate of deposit - 209,835 - 209,835 Commercial paper - 65,046 - 65,046 Corporate bonds - 128,832 - 128,832 Asset backed securities - 79,952 - 79,952 $ 90,786 $ 483,665 $ - $ 574,451 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company does not have contingency reserves established for any litigation liabilities and any of the costs related to such legal proceedings are expensed as incurred. The Company may enter into certain agreements with strategic partners in the ordinary course of operations that may include investments in collaborative arrangements, contractual milestone payments related to the achievement of pre-specified research, development, regulatory and commercialization events and indemnification provisions, which are common in such agreements. Pursuant to the agreements, the Company may be obligated to make research and development and regulatory milestone payments upon the occurrence of certain events and upo n receipt of royalty payments in the low single-digits to mid-twenties based on certain net sales targets. No amounts were expensed during the three months ended March 31, 2023 or March 31, 2024. As of December 31, 2023 and March 31, 2024, $3.1 million was included in accounts payable and other current liabilities . |
Government Contributions
Government Contributions | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Government contributions | Government contributions Government Contribution 1 In May of 2020, the Company received a funding commitment from the Government of Canada under Innovation, Science and Economic Development’s (ISED) Strategic Innovation Fund (SIF) for a total of CAD $175.6 million ($125.6 million), collectively "Government Contribution 1" which is intended to support research and development efforts related to the discovery of antibodies to treat COVID-19, and to build technology and manufacturing infrastructure for antibody therapeutics against future pandemic threats. From inception to March 31, 2024, the Company incurred $117.1 million in expenditures in respect of the Canadian government's Strategic Innovation Fund (SIF), of which $46.1 million and $71.1 million relate to phase 1 and 2, respectively as defined in the agreement. Spending under phase 1 of the agreement and such amounts are non-repayable, while repayment on phase 2 of the funding is conditional on achieving certain revenue thresholds over a specified period of time as prescribed in the agreement. As of March 31, 2024, no amounts have been accrued related to the repayment terms. Government Contribution 2 In May of 2023, the Company entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia for a total of CAD $300.0 million ($222.3 million), collectively "Government Contribution 2." These investments are intended to build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research. The Government of Canada has committed up to CAD $225.0 million ($166.7 million) of which CAD $56.2 million ($41.6 million) is non-repayable, CAD $78.8 million ($58.4 million) is repayable and CAD $90.0 million ($66.7 million) is conditionally repayable. Both the repayable and conditionally repayable amounts are repayable starting in 2033. The repayable funding is payable over fifteen years and the conditionally repayable portion repaid is based on a computed percentage rate of the Company’s revenue over a period of up to fifteen years, at a factor of up to 1.4 times the original conditionally repayable grant. The agreement will expire on the later of April 30, 2047, or the date of the last repayment, unless earlier terminated. From inception to March 31, 2024, the Company has recorded CAD 36.8 million ($27.2 million) in respect of the funding. The Government of British Columbia has committed up to CAD $75.0 million ($55.6 million) which includes partial reimbursement of certain eligible expenditures up to CAD $37.5 million ($27.8 million) towards eligible infrastructure investments paid over five years; and a CAD $37.5 million ($27.8 million) conditional portion paid upon achievement of certain defined milestones, including upon the Company’s undertaking of certain clinical trial activities in British Columbia. Up to a maximum of CAD $64.0 million ($48.0 million) may become payable starting in 2032, over up to fifteen years, conditional to the Company achieving revenue exceeding a given threshold. The agreement will expire on the earlier of 2047, or the date of the last payment, unless earlier terminated, as prescribed in the agreement. From inception to March 31, 2024, the Company has recorded CAD $25.4 million ($18.9 million) in respect of the funding commitment. Impact to Consolidated Financial Statements The Company recognized the following on the consolidated balance sheets: March 31, 2024 Deferred Government Contribution Accounts Receivable Government Grant 1 Total Non-repayable Conditionally Repayable 2 Repayable Government Contribution 1 $ 15,106 $ 8,489 $ 64,625 $ — $ 73,114 Government Contribution 2 (Canada) 9,967 4,959 — 20,295 25,254 Government Contribution 2 (British Columbia) 18,735 — 18,827 — 18,827 Other Government Grants $ 277 $ 986 $ — $ — $ 986 March 31, 2024 $ 44,085 $ 14,434 $ 83,452 $ 20,295 $ 118,181 December 31, 2023 $ 36,051 $ 14,811 $ 71,796 $ 16,420 $ 103,027 March 31, 2024 Current $ 30,336 $ 4,258 $ 3,344 $ — $ 7,602 Long-term $ 13,749 $ 10,176 $ 80,108 $ 20,295 $ 110,579 1 Government Contributions are amortized into other income over the weighted average life of approximately 8 years. 2 No amounts have been accrued related to the repayment terms as the conditions are estimated to be non-probable. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (40,610) | $ (40,110) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant accounting polici_2
Significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, the year-end condensed consolidated financial statement data was derived from audited financial statements and these financial statements do not include all the information and footnotes required for complete financial statements. These statements should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended December 31, 2023. These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2023 and 2024 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2023. All amounts expressed in these condensed consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” and “CAD” are to Canadian dollars. |
Use of estimates | Use of estimates |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or no material impact is expected in the condensed consolidated financial statements as a result of future adoption. |
Net earnings (loss) per share (
Net earnings (loss) per share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share was calculated as follows: Three months ended March 31, 2023 2024 Basic and diluted loss per share Net loss $ (40,110) $ (40,610) Weighted-average common shares outstanding 287,767,136 292,723,901 Net loss per share - basic and diluted $ (0.14) $ (0.14) |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2023 March 31, 2024 Computers $ 3,517 $ 3,570 Land 53,405 53,405 Building 43,947 53,398 Laboratory equipment 70,350 74,991 Leasehold improvements 73,944 82,852 Operating lease right-of-use assets 73,141 71,326 Property and equipment 318,304 339,542 Less accumulated depreciation (30,608) (33,461) Property and equipment, net $ 287,696 $ 306,081 |
Intangible assets (Tables)
Intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: March 31, 2024 Gross Accumulated Net book License $ 38,433 $ 27,892 $ 10,541 Technology 52,700 8,515 44,185 IPR&D 64,010 - 64,010 $ 155,143 $ 36,407 $ 118,736 |
Schedule of Estimated Amortization Expense on Intangible Assets | Amortization expense on intangible assets subject to amortization is estimated to be as follows for each of the next five years ended March 31: Amortization 2025 $ 4,297 2026 4,297 2027 4,297 2028 4,297 2029 4,297 $ 21,485 |
Other current assets and liab_2
Other current assets and liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Other Current Assets | Other current assets December 31, 2023 March 31, 2024 Taxes receivable $ 33,792 $ 34,356 Prepaid expenses and other 20,911 21,412 Materials and supplies 1,107 738 Total other current assets $ 55,810 $ 56,506 |
Schedule of Accounts Payable and Other Current Liabilities | Current accounts payable and other current liabilities December 31, 2023 March 31, 2024 Accounts payable and accrued liabilities $ 28,603 $ 26,907 Current portion of operating lease liability 6,158 5,531 Payroll liabilities 7,707 2,847 Current portion of deferred government contribution 7,112 7,602 Total accounts payable and other current liabilities $ 49,580 $ 42,887 |
Shareholders_ equity (Tables)
Shareholders’ equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity under the Pre-IPO Plan since December 31, 2023: Number of Weighted- Outstanding as of December 31, 2023 30,647,575 $ 0.94 Granted - - Exercised (2,151,214) 0.44 Forfeited - - Outstanding as of March 31, 2024 28,496,361 $ 0.97 Options exercisable as of March 31, 2024 25,615,040 $ 0.88 The following table summarizes the Company’s stock option activity under the 2020 Plan since December 31, 2023: Number of Weighted- Outstanding as of December 31, 2023 13,992,304 $ 13.82 Granted 9,988,323 5.39 Exercised - - Forfeited (511,802) 13.06 Outstanding as of March 31, 2024 23,468,825 $ 10.25 Options exercisable as of March 31, 2024 6,089,959 $ 15.63 |
Schedule of Restricted Share Units Activity | The following table summarizes the Company’s RSU activity under the 2020 Plan since December 31, 2023: Number of Weighted- Outstanding as of December 31, 2023 4,075,590 $ 11.61 Granted 3,844,133 5.38 Vested and settled (645,128) 13.29 Forfeited (177,366) 9.39 Outstanding as of March 31, 2024 7,097,229 $ 8.14 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of loss and comprehensive loss as follows: Three months ended March 31, 2023 2024 Research and development $ 7,496 $ 8,224 Sales and marketing 1,271 1,431 General and administrative 6,707 7,754 $ 15,474 $ 17,409 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Revenue Outstanding | Deferred revenue outstanding in each respective period is as follows: December 31, 2022 March 31, 2023 December 31, 2023 March 31, 2024 Deferred revenue $ 41,128 $ 37,223 $ 27,153 $ 19,135 |
Financial instruments (Tables)
Financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Schedule of Changes in Fair Value of Liability for Contingent Consideration | The following table presents the changes in fair value of the liability for contingent consideration: Three Months Ended March 31, 2023 Liability at Increase (decrease) in fair Liability at Trianni (i) $ 23,505 $ (2,602) $ 20,903 TetraGenetics (ii) $ 36,760 $ 946 $ 37,706 Three Months Ended March 31, 2024 Liability at Increase in fair Liability at Trianni (i) $ 18,697 $ 956 $ 19,653 TetraGenetics (ii) $ 36,691 $ 150 $ 36,841 i) The estimated fair value of the earn-out payments relates to a specific customer license and the fair value was determined by estimating the payout of the expected future net cash flows associated to the specific customer license during the earn-out period. The significant assumptions inherent in the development of the value include the amount and timing of projected future net revenues received by us from the specific customer license, and the discount rate selected to measure the risks inherent in the future cash flows, which was approximately 22%. ii) The estimated fair value of potential future successful milestone payouts was determined by estimating the expected future cash flows associated with the potential milestone events. The significant assumptions include the amount and timing of projected future cash flows, risk adjusted for various factors including probability of success, discounted at 12.8%, the rate that measures the risks inherent in the future cash flows. |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s marketable securities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values: Fair Value Measurements at March 31, 2024: Level 1 Level 2 Level 3 Total Marketable securities U.S. government agencies $ 90,786 $ - $ - $ 90,786 Certificate of deposit - 209,835 - 209,835 Commercial paper - 65,046 - 65,046 Corporate bonds - 128,832 - 128,832 Asset backed securities - 79,952 - 79,952 $ 90,786 $ 483,665 $ - $ 574,451 |
Government contributions (Table
Government contributions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Government Assistance | The Company recognized the following on the consolidated balance sheets: March 31, 2024 Deferred Government Contribution Accounts Receivable Government Grant 1 Total Non-repayable Conditionally Repayable 2 Repayable Government Contribution 1 $ 15,106 $ 8,489 $ 64,625 $ — $ 73,114 Government Contribution 2 (Canada) 9,967 4,959 — 20,295 25,254 Government Contribution 2 (British Columbia) 18,735 — 18,827 — 18,827 Other Government Grants $ 277 $ 986 $ — $ — $ 986 March 31, 2024 $ 44,085 $ 14,434 $ 83,452 $ 20,295 $ 118,181 December 31, 2023 $ 36,051 $ 14,811 $ 71,796 $ 16,420 $ 103,027 March 31, 2024 Current $ 30,336 $ 4,258 $ 3,344 $ — $ 7,602 Long-term $ 13,749 $ 10,176 $ 80,108 $ 20,295 $ 110,579 1 Government Contributions are amortized into other income over the weighted average life of approximately 8 years. 2 No amounts have been accrued related to the repayment terms as the conditions are estimated to be non-probable. |
Net loss per share - Schedule o
Net loss per share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic and diluted loss per share | ||
Net loss | $ (40,610) | $ (40,110) |
Net loss | $ (40,610) | $ (40,110) |
Weighted-average common shares outstanding (in shares) | 292,723,901 | 287,767,136 |
Weighted-average common shares outstanding (in shares) | 292,723,901 | 287,767,136 |
Net loss per share - basic (USD per share) | $ (0.14) | $ (0.14) |
Net loss per share - diluted (USD per share) | $ (0.14) | $ (0.14) |
Net loss per share - Additional
Net loss per share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Total potential common shares excluded | 59,062,415 | 50,844,425 |
Property and equipment, net - S
Property and equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use assets | $ 71,326 | $ 73,141 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Property and equipment | $ 339,542 | $ 318,304 |
Less accumulated depreciation | (33,461) | (30,608) |
Property and equipment, net | 306,081 | 287,696 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,570 | 3,517 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 53,405 | 53,405 |
Building | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 53,398 | 43,947 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 74,991 | 70,350 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 82,852 | $ 73,944 |
Property and equipment, net - A
Property and equipment, net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |||
Leasehold improvements include tenant improvements | $ 93,100 | $ 91,000 | |
Construction in progress | 15,200 | $ 13,700 | |
Depreciation expense on property and equipment | $ 3,155 | $ 2,858 |
Intangible assets - Schedule of
Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 155,143 | |
Accumulated amortization | 36,407 | |
Net book value | 118,736 | $ 120,425 |
License | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 38,433 | |
Accumulated amortization | 27,892 | |
Net book value | 10,541 | |
Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 52,700 | |
Accumulated amortization | 8,515 | |
Net book value | 44,185 | |
IPR&D | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 64,010 | |
Accumulated amortization | 0 | |
Net book value | $ 64,010 |
Intangible assets - Schedule _2
Intangible assets - Schedule of Estimated Amortization Expense on Intangible Assets (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2025 | $ 4,297 |
2026 | 4,297 |
2027 | 4,297 |
2028 | 4,297 |
2029 | 4,297 |
Finite lived intangible assets amortization expense | $ 21,485 |
Investments in equity account_2
Investments in equity accounted investees, and other long-term assets - Additional Information (Details) $ in Thousands, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) jointVenture | Mar. 31, 2023 USD ($) | Mar. 31, 2024 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | |
Schedule Of Equity Method Investments [Line Items] | |||||
Number of joint ventures | jointVenture | 2 | ||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net | Property and equipment, net | Property and equipment, net | |
Operating lease right-of-use assets | $ 71,326 | $ 73,141 | |||
Dayhu JV | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percent | 50% | 50% | |||
Equity investment balance, contributions made in joint venture | $ 42,200 | $ 42,100 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net | Property and equipment, net | Property and equipment, net | |
Operating lease right-of-use assets | $ 48,600 | $ 49,100 | |||
Lease liability | 48,900 | 50,400 | |||
Lease expense | 1,300 | $ 1,300 | |||
Dayhu JV | Daylu JV Loan | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment, outstanding related party loan | $ 34,000 | $ 46.2 | 34,700 | $ 45.9 | |
Beedie JV | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percent | 50% | 50% | |||
Equity investment balance, contributions made in joint venture | $ 29,400 | 23,800 | |||
Beedie JV | Maximum | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Loan receivable | $ 18,200 | $ 24.6 | $ 13,900 | $ 18.4 |
Other current assets and liab_3
Other current assets and liabilities - Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Taxes receivable | $ 34,356 | $ 33,792 |
Prepaid expenses and other | 21,412 | 20,911 |
Materials and supplies | 738 | 1,107 |
Total other current assets | $ 56,506 | $ 55,810 |
Other current assets and liab_4
Other current assets and liabilities - Schedule of Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued liabilities | $ 26,907 | $ 28,603 |
Current portion of operating lease liability | $ 5,531 | $ 6,158 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accounts payable and other current liabilities | Total accounts payable and other current liabilities |
Payroll liabilities | $ 2,847 | $ 7,707 |
Current portion of deferred government contribution | 7,602 | 7,112 |
Total accounts payable and other current liabilities | $ 42,887 | $ 49,580 |
Shareholders_ equity - Schedule
Shareholders’ equity - Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Pre-IPO Plan | |
Number of Shares | |
Outstanding, beginning balance (in shares) | shares | 30,647,575 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (2,151,214) |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 28,496,361 |
Weighted- Average Exercise Price | |
Weighted- Average Exercise Price, beginning balance (USD per share) | $ / shares | $ 0.94 |
Weighted- Average Exercise Price, Granted (USD per share) | $ / shares | 0 |
Weighted- Average Exercise Price, Exercised (USD per share) | $ / shares | 0.44 |
Weighted- Average Exercise Price, Forfeited (USD per share) | $ / shares | 0 |
Weighted- Average Exercise Price, ending balance (USD per share) | $ / shares | $ 0.97 |
Options exercisable (in shares) | shares | 25,615,040 |
Weighted- Average Exercise Price, options exercisable (USD per share) | $ / shares | $ 0.88 |
2020 Share Option and Incentive Plan | |
Number of Shares | |
Outstanding, beginning balance (in shares) | shares | 13,992,304 |
Granted (in shares) | shares | 9,988,323 |
Exercised (in shares) | shares | 0 |
Forfeited (in shares) | shares | (511,802) |
Outstanding, ending balance (in shares) | shares | 23,468,825 |
Weighted- Average Exercise Price | |
Weighted- Average Exercise Price, beginning balance (USD per share) | $ / shares | $ 13.82 |
Weighted- Average Exercise Price, Granted (USD per share) | $ / shares | 5.39 |
Weighted- Average Exercise Price, Exercised (USD per share) | $ / shares | 0 |
Weighted- Average Exercise Price, Forfeited (USD per share) | $ / shares | 13.06 |
Weighted- Average Exercise Price, ending balance (USD per share) | $ / shares | $ 10.25 |
Options exercisable (in shares) | shares | 6,089,959 |
Weighted- Average Exercise Price, options exercisable (USD per share) | $ / shares | $ 15.63 |
Shareholders_ equity - Schedu_2
Shareholders’ equity - Schedule of Restricted Share Units Activity (Details) - 2020 Share Option and Incentive Plan - Restricted Share Units (RSUs) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares | |
Outstanding, beginning balance (in shares) | shares | 4,075,590 |
Granted (in shares) | shares | 3,844,133 |
Vested and settled (in shares) | shares | (645,128) |
Forfeited (in shares) | shares | (177,366) |
Outstanding, ending balance (in shares) | shares | 7,097,229 |
Weighted- Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, beginning balance (USD per share) | $ / shares | $ 11.61 |
Weighted-Average Grant Date Fair Value, Granted (USD per share) | $ / shares | 5.38 |
Weighted-Average Grant Date Fair Value, Vested and settled (USD per share) | $ / shares | 13.29 |
Weighted-Average Grant Date Fair Value, Forfeited (USD per share) | $ / shares | 9.39 |
Weighted-Average Grant Date Fair Value, ending balance (USD per share) | $ / shares | $ 8.14 |
Shareholders_ equity - Addition
Shareholders’ equity - Additional Information (Details) | Mar. 31, 2024 shares |
2020 Share Option and Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares available for issuance (in shares) | 34,415,643 |
Shareholders' equity - Schedule
Shareholders' equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 17,409 | $ 15,474 |
Research and development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 8,224 | 7,496 |
Sales and marketing | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 1,431 | 1,271 |
General and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 7,754 | $ 6,707 |
Revenue - Schedule of Deferred
Revenue - Schedule of Deferred Revenue Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 19,135 | $ 27,153 | $ 37,223 | $ 41,128 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer liability, revenue recognized | $ 8.6 | $ 4.8 |
Financial instruments - Additio
Financial instruments - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, All Other Investments [Abstract] | ||
Non-marketable securities | $ 32.3 | $ 32.3 |
Term of securities | 6 months |
Financial instruments - Changes
Financial instruments - Changes in Fair Value of Liability for Contingent Consideration (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Trianni | Measurement Input, Discount Rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Business combination estimated to discount rate | 0.22 | |
TetraGenetics | Measurement Input, Discount Rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Discount rate | 0.128 | |
Contingent Consideration | Level 3 | Trianni | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability at beginning of the period | $ 18,697 | $ 23,505 |
Increase in fair value of liability for contingent consideration | 956 | (2,602) |
Liability at end of the period | 19,653 | 20,903 |
Contingent Consideration | Level 3 | TetraGenetics | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability at beginning of the period | 36,691 | 36,760 |
Increase in fair value of liability for contingent consideration | 150 | 946 |
Liability at end of the period | $ 36,841 | $ 37,706 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | $ 574,451 | $ 627,265 |
Fair Value Measurements on Recurring Basis | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 574,451 | |
Fair Value Measurements on Recurring Basis | U.S. government agencies | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 90,786 | |
Fair Value Measurements on Recurring Basis | Certificate of deposit | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 209,835 | |
Fair Value Measurements on Recurring Basis | Commercial paper | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 65,046 | |
Fair Value Measurements on Recurring Basis | Corporate bonds | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 128,832 | |
Fair Value Measurements on Recurring Basis | Asset backed securities | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 79,952 | |
Level 1 | Fair Value Measurements on Recurring Basis | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 90,786 | |
Level 1 | Fair Value Measurements on Recurring Basis | U.S. government agencies | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 90,786 | |
Level 1 | Fair Value Measurements on Recurring Basis | Certificate of deposit | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 1 | Fair Value Measurements on Recurring Basis | Commercial paper | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 1 | Fair Value Measurements on Recurring Basis | Corporate bonds | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 1 | Fair Value Measurements on Recurring Basis | Asset backed securities | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 2 | Fair Value Measurements on Recurring Basis | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 483,665 | |
Level 2 | Fair Value Measurements on Recurring Basis | U.S. government agencies | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 2 | Fair Value Measurements on Recurring Basis | Certificate of deposit | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 209,835 | |
Level 2 | Fair Value Measurements on Recurring Basis | Commercial paper | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 65,046 | |
Level 2 | Fair Value Measurements on Recurring Basis | Corporate bonds | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 128,832 | |
Level 2 | Fair Value Measurements on Recurring Basis | Asset backed securities | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 79,952 | |
Level 3 | Fair Value Measurements on Recurring Basis | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 3 | Fair Value Measurements on Recurring Basis | U.S. government agencies | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 3 | Fair Value Measurements on Recurring Basis | Certificate of deposit | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 3 | Fair Value Measurements on Recurring Basis | Commercial paper | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 3 | Fair Value Measurements on Recurring Basis | Corporate bonds | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 0 | |
Level 3 | Fair Value Measurements on Recurring Basis | Asset backed securities | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | $ 0 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Royalty fees | $ 0 | $ 0 | |
Research and Development milestone liability | $ 3.1 | $ 3.1 |
Government contributions - Addi
Government contributions - Additional Information (Details) $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
May 31, 2023 CAD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 CAD ($) | Mar. 31, 2024 USD ($) | May 31, 2023 USD ($) | May 31, 2020 CAD ($) | May 31, 2020 USD ($) | |
Government Contribution 1 | |||||||
Government Funding [Line Items] | |||||||
Received funding commitment | $ 175.6 | $ 125.6 | |||||
Government Contribution 1 | CANADA | Phase 1 and 2 | |||||||
Government Funding [Line Items] | |||||||
Strategic innovation fund eligible expenditure | $ 117.1 | ||||||
Government Contribution 1 | CANADA | Phase 1 | |||||||
Government Funding [Line Items] | |||||||
Incurred expenditure | 46.1 | ||||||
Government Contribution 1 | CANADA | Phase 2 | |||||||
Government Funding [Line Items] | |||||||
Incurred expenditure | $ 71.1 | ||||||
Government Contribution 2 | |||||||
Government Funding [Line Items] | |||||||
Received funding commitment | $ 300 | $ 222.3 | |||||
Government Contribution 2 | CANADA | |||||||
Government Funding [Line Items] | |||||||
Strategic innovation fund, funding commitment | 225 | 166.7 | |||||
Strategic innovation fund, funding commitment, not repayable | 56.2 | 41.6 | |||||
Strategic innovation fund, funding commitment, repayable | 78.8 | 58.4 | |||||
Strategic innovation fund, funding commitment, conditionally repayable | $ 90 | $ 66.7 | |||||
Revenue thresholds period | 15 years | ||||||
Strategic innovation fund number of times repayable grant | 1.4 | ||||||
Strategic Innovation Fund | $ 36.8 | $ 27.2 | |||||
Government Contribution 2 | BRITISH COLUMBIA | |||||||
Government Funding [Line Items] | |||||||
Accrued liabilities, current | 0 | ||||||
Strategic innovation fund, funding commitment | 75 | 55.6 | |||||
Strategic innovation fund, funding commitment, repayable | 64 | ||||||
Revenue thresholds period | 5 years | ||||||
Strategic Innovation Fund | 25.4 | 18.9 | |||||
Strategic innovation fund, funding commitment, partial reimbursement expenditures | 37.5 | 27.8 | |||||
Strategic innovation fund, funding commitment, conditional paid upon achievement of milestones | $ 37.5 | 27.8 | |||||
Government Contribution 2 | BRITISH COLUMBIA | Maximum | |||||||
Government Funding [Line Items] | |||||||
Strategic innovation fund, funding commitment, repayable | $ 48 | ||||||
Revenue thresholds period | 15 years |
Government contributions - Fund
Government contributions - Funding and Associated Conditional Repayments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Government Funding [Line Items] | |||
Accounts Receivable | $ 44,085 | $ 36,051 | |
Non-repayable | 14,434 | 14,811 | |
Conditionally Repayable | 83,452 | 71,796 | |
Repayable | 20,295 | 16,420 | |
Government assistance | $ 118,181 | $ 103,027 | |
Accounts Receivable, Current | $ 30,336 | ||
Non-Repayable, Current | 4,258 | ||
Conditionally Repayable, Current | 3,344 | ||
Repayable, Current | 0 | ||
Total, Current | 7,602 | ||
Accounts Receivable, Long-Term | 13,749 | ||
Non-Repayable, Long-Term | 10,176 | ||
Conditionally Repayable, Long-Term | 80,108 | ||
Repayable, Long-Term | 20,295 | ||
Total, Long Term | $ 110,579 | ||
Government contribution weighted average life | 8 years | ||
Government Assistance Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag | Government Contribution 1 | ||
Government Contribution 1 | |||
Government Funding [Line Items] | |||
Accounts Receivable | $ 15,106 | ||
Non-repayable | 8,489 | ||
Conditionally Repayable | 64,625 | ||
Repayable | 0 | ||
Government assistance | 73,114 | ||
Government Contribution 2 | CANADA | |||
Government Funding [Line Items] | |||
Accounts Receivable | 9,967 | ||
Non-repayable | 4,959 | ||
Conditionally Repayable | 0 | ||
Repayable | 20,295 | ||
Government assistance | 25,254 | ||
Government Contribution 2 | BRITISH COLUMBIA | |||
Government Funding [Line Items] | |||
Accounts Receivable | 18,735 | ||
Non-repayable | 0 | ||
Conditionally Repayable | 18,827 | ||
Repayable | 0 | ||
Government assistance | 18,827 | ||
Other Government Grants | |||
Government Funding [Line Items] | |||
Accounts Receivable | 277 | ||
Non-repayable | 986 | ||
Conditionally Repayable | 0 | ||
Repayable | 0 | ||
Government assistance | $ 986 |