Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 290,170,241 | |
Entity Central Index Key | 0001703057 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 172,422 | $ 386,535 |
Marketable securities | 613,418 | 499,950 |
Total cash, cash equivalents, and marketable securities | 785,840 | 886,485 |
Accounts and accrued receivable | 37,446 | 38,593 |
Restricted cash | 25,000 | 25,000 |
Other current assets | 71,232 | 75,413 |
Total current assets | 919,518 | 1,025,491 |
Long-term assets: | ||
Property and equipment, net | 277,209 | 217,255 |
Intangible assets, net | 124,076 | 131,502 |
Goodwill | 47,806 | 47,806 |
Investments in and loans to equity accounted investees | 62,887 | 72,522 |
Other long-term assets | 80,694 | 46,331 |
Total long-term assets | 592,672 | 515,416 |
Total assets | 1,512,190 | 1,540,907 |
Current liabilities: | ||
Accounts payable and other liabilities | 35,708 | 33,150 |
Contingent consideration payable | 53,929 | 44,211 |
Accrued royalties payable | 3,094 | 19,347 |
Deferred revenue | 17,508 | 21,612 |
Total current liabilities | 110,239 | 118,320 |
Long-term liabilities: | ||
Operating lease liability | 75,185 | 76,675 |
Deferred revenue | 16,382 | 19,516 |
Deferred government contributions | 84,072 | 40,801 |
Contingent consideration payable | 5,308 | 16,054 |
Deferred tax liability | 33,178 | 33,178 |
Other long-term liabilities | 5,051 | 3,086 |
Total long-term liabilities | 219,176 | 189,310 |
Total liabilities | 329,415 | 307,630 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common shares: no par value, unlimited authorized shares at December 31, 2022 and September 30, 2023: 286,851,595 and 289,777,654 shares issued and outstanding at December 31, 2022 and September 30, 2023, respectively | 747,914 | 734,365 |
Additional paid-in capital | 109,384 | 74,118 |
Accumulated other comprehensive (loss) | (1,460) | (1,391) |
Accumulated earnings | 326,937 | 426,185 |
Total shareholders' equity | 1,182,775 | 1,233,277 |
Total liabilities and shareholders' equity | $ 1,512,190 | $ 1,540,907 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value (USD per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 286,851,595 | 289,777,654 |
Common stock, shares outstanding (in shares) | 286,851,595 | 289,777,654 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenue: | |||||
Total revenue | $ 6,599 | $ 101,383 | $ 28,846 | $ 463,879 | |
Operating expenses: | |||||
Royalty fees | 0 | 15,035 | 0 | 64,882 | |
Research and development | [1] | 37,917 | 26,582 | 127,036 | 79,634 |
Sales and marketing | [1] | 3,468 | 3,089 | 11,080 | 8,579 |
General and administrative | [1] | 14,369 | 13,792 | 45,025 | 42,470 |
Depreciation and amortization | 5,735 | 5,150 | 16,859 | 14,025 | |
Total operating expenses | 61,489 | 63,648 | 200,000 | 209,590 | |
Income (loss) from operations | (54,890) | 37,735 | (171,154) | 254,289 | |
Other (income) expense | |||||
Interest (income) | (10,740) | (5,556) | (31,278) | (7,609) | |
Grants and incentives | (2,828) | (2,150) | (10,779) | (8,879) | |
Other | (2,046) | (1,146) | (3,670) | 266 | |
Total other (income) | (15,614) | (8,852) | (45,727) | (16,222) | |
Net earnings (loss) before income tax | (39,276) | 46,587 | (125,427) | 270,511 | |
Income tax (recovery) expense | (10,666) | 19,963 | (26,179) | 82,099 | |
Net earnings (loss) | (28,610) | 26,624 | (99,248) | 188,412 | |
Foreign currency translation adjustment | 439 | (1,293) | (69) | (997) | |
Comprehensive income (loss) | $ (28,171) | $ 25,331 | $ (99,317) | $ 187,415 | |
Net earnings (loss) per share attributable to common shareholders | |||||
Basic (in dollars per share) | $ (0.10) | $ 0.09 | $ (0.34) | $ 0.66 | |
Diluted (in dollars per share) | $ (0.10) | $ 0.08 | $ (0.34) | $ 0.60 | |
Weighted-average common shares outstanding | |||||
Basic (in shares) | 289,496,841 | 285,322,719 | 288,750,387 | 284,639,599 | |
Diluted (in shares) | 289,496,841 | 315,818,163 | 288,750,387 | 314,183,994 | |
Research fees | |||||
Revenue: | |||||
Total revenue | $ 6,413 | $ 7,508 | $ 26,812 | $ 29,378 | |
Licensing revenue | |||||
Revenue: | |||||
Total revenue | 186 | 154 | 784 | 531 | |
Milestone payments | |||||
Revenue: | |||||
Total revenue | 0 | 400 | 1,250 | 400 | |
Royalty revenue | |||||
Revenue: | |||||
Total revenue | $ 0 | $ 93,321 | $ 0 | $ 433,570 | |
[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 Income (loss) |
Beginning balances (in shares) at Dec. 31, 2021 | 283,257,104 | ||||
Beginning balances at Dec. 31, 2021 | $ 1,025,733 | $ 722,430 | $ 35,357 | $ 267,666 | $ 280 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 1,264,077 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 403 | $ 3,325 | (2,922) | ||
Share-based compensation expense | 12,291 | 12,291 | |||
Foreign currency translation adjustment | 507 | 507 | |||
Net earnings (loss) | 168,573 | 168,573 | |||
Ending balances (in shares) at Mar. 31, 2022 | 284,521,181 | ||||
Ending balances at Mar. 31, 2022 | 1,207,507 | $ 725,755 | 44,726 | 436,239 | 787 |
Beginning balances (in shares) at Dec. 31, 2021 | 283,257,104 | ||||
Beginning balances at Dec. 31, 2021 | 1,025,733 | $ 722,430 | 35,357 | 267,666 | 280 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Foreign currency translation adjustment | (997) | ||||
Net earnings (loss) | 188,412 | ||||
Ending balances (in shares) at Sep. 30, 2022 | 285,761,492 | ||||
Ending balances at Sep. 30, 2022 | 1,250,172 | $ 730,427 | 64,384 | 456,078 | (717) |
Beginning balances (in shares) at Mar. 31, 2022 | 284,521,181 | ||||
Beginning balances at Mar. 31, 2022 | 1,207,507 | $ 725,755 | 44,726 | 436,239 | 787 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 531,121 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 232 | $ 1,070 | (838) | ||
Share-based compensation expense | 12,113 | 12,113 | |||
Foreign currency translation adjustment | (211) | (211) | |||
Net earnings (loss) | (6,785) | (6,785) | |||
Ending balances (in shares) at Jun. 30, 2022 | 285,052,302 | ||||
Ending balances at Jun. 30, 2022 | 1,212,856 | $ 726,825 | 56,001 | 429,454 | 576 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 709,190 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 231 | $ 3,602 | (3,371) | ||
Share-based compensation expense | 11,754 | 11,754 | |||
Foreign currency translation adjustment | (1,293) | (1,293) | |||
Net earnings (loss) | 26,624 | 26,624 | |||
Ending balances (in shares) at Sep. 30, 2022 | 285,761,492 | ||||
Ending balances at Sep. 30, 2022 | 1,250,172 | $ 730,427 | 64,384 | 456,078 | (717) |
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
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 earnings (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, 2022 | 286,851,595 | ||||
Beginning balances at Dec. 31, 2022 | 1,233,277 | $ 734,365 | 74,118 | 426,185 | (1,391) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Foreign currency translation adjustment | (69) | ||||
Net earnings (loss) | (99,248) | ||||
Ending balances (in shares) at Sep. 30, 2023 | 289,777,654 | ||||
Ending balances at Sep. 30, 2023 | 1,182,775 | $ 747,914 | 109,384 | 326,937 | (1,460) |
Beginning balances (in shares) at Mar. 31, 2023 | 288,426,514 | ||||
Beginning balances at Mar. 31, 2023 | 1,208,500 | $ 742,816 | 81,630 | 386,075 | (2,021) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 762,955 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 334 | $ 1,940 | (1,606) | ||
Share-based compensation expense | 16,399 | 16,399 | |||
Foreign currency translation adjustment | 122 | 122 | |||
Net earnings (loss) | (30,528) | (30,528) | |||
Ending balances (in shares) at Jun. 30, 2023 | 289,189,469 | ||||
Ending balances at Jun. 30, 2023 | 1,194,827 | $ 744,756 | 96,423 | 355,547 | (1,899) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares) | 588,185 | ||||
Shares issued and restricted stock units ("RSUs") vested under stock option plan | 257 | $ 3,158 | (2,901) | ||
Share-based compensation expense | 15,862 | 15,862 | |||
Foreign currency translation adjustment | 439 | 439 | |||
Net earnings (loss) | (28,610) | (28,610) | |||
Ending balances (in shares) at Sep. 30, 2023 | 289,777,654 | ||||
Ending balances at Sep. 30, 2023 | $ 1,182,775 | $ 747,914 | $ 109,384 | $ 326,937 | $ (1,460) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ (99,248) | $ 188,412 |
Cash flows from operating activities: | ||
Depreciation of property and equipment | 8,874 | 6,212 |
Amortization of intangible assets | 7,985 | 7,844 |
Amortization of operating lease right-of-use assets | 4,926 | 3,686 |
Stock-based compensation | 47,735 | 36,158 |
Other | (6,354) | 3,304 |
Changes in operating assets and liabilities: | ||
Research fee and grant receivable | (35,495) | (3,675) |
Accrued royalties receivable | 9,273 | 43,966 |
Income taxes payable | 28,685 | (34,934) |
Accounts payable and accrued liabilities | (1,852) | (1,151) |
Deferred revenue | (7,238) | (4,094) |
Accrued royalties payable | (16,253) | (4,684) |
Deferred grant income | 30,377 | 6,630 |
Other assets | 4,319 | (1,226) |
Net cash provided by (used in) operating activities | (24,266) | 246,448 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (62,516) | (58,330) |
Purchase of intangible assets | (560) | (2,000) |
Purchase of marketable securities | (744,674) | (670,430) |
Proceeds from marketable securities | 642,913 | 418,238 |
Receipt of grant funding | 15,023 | 14,100 |
Long-term investments and other assets | (36,757) | (17,370) |
Investment in and loans to equity accounted investees | (10,214) | (19,770) |
Net cash used in investing activities | (196,785) | (335,562) |
Cash flows from financing activities: | ||
Payment of liability for in-licensing agreement, contingent consideration, and other | (1,049) | (4,383) |
Proceeds from long-term debt and exercise of stock options | 7,640 | 2,406 |
Net cash provided by (used in) financing activities | 6,591 | (1,977) |
Effect of exchange rate changes on cash and cash equivalents | (479) | (9,963) |
Decrease in cash and cash equivalents | (214,939) | (101,054) |
Cash and cash equivalents and restricted cash, beginning of period | 414,651 | 501,142 |
Cash and cash equivalents and restricted cash, end of period | 199,712 | 400,088 |
Restricted cash included in other assets | 2,290 | 3,115 |
Total cash, cash equivalents, and restricted cash shown on the balance sheet | 197,422 | 396,973 |
Supplemental disclosure of non-cash investing and financing activities | ||
Property and equipment in accounts payable | 12,948 | 2,213 |
Right-of-use assets obtained in exchange for operating lease obligation | $ 3,586 | $ 46,239 |
Nature of operations
Nature of operations | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operationsAbCellera 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 | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022. 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 and nine months ended September 30, 2022 and 2023 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, 2022, except for the new accounting guidance adopted during the period (Note 13). 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 | 9 Months Ended |
Sep. 30, 2023 | |
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 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 evaluating whether contractual obligations represent distinct performance obligations, determining whether an option for additional goods or services represents a material right, allocating the transaction price to performance obligations within a contract, and assessing the recognition and possible future reversal of variable consideration, the fair value of acquired intangible assets, 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 earnings (loss) per share
Net earnings (loss) per share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net earnings (loss) per share | Net earnings (loss) per share Basic and diluted net earnings (loss) per share attributable to common shareholders was calculated as follows: Three months ended September 30, Nine months ended September 30, 2022 2023 2022 2023 Basic earnings (loss) per share Net earnings (loss) attributable to common shareholders - basic $ 26,624 $ (28,610) $ 188,412 $ (99,248) Weighted-average common shares outstanding - basic 285,322,719 289,496,841 284,639,599 288,750,387 Net earnings (loss) per share attributable to common shareholders - basic $ 0.09 $ (0.10) $ 0.66 $ (0.34) Diluted earnings (loss) per share Net earnings (loss) attributable to common shareholders - diluted $ 26,624 $ (28,610) $ 188,412 $ (99,248) Weighted-average common shares outstanding - basic 285,322,719 289,496,841 284,639,599 288,750,387 Stock options and RSUs 30,495,444 - 29,544,395 - Weighted-average common shares outstanding - diluted 315,818,163 289,496,841 314,183,994 288,750,387 Net earnings (loss) per share attributable to common shareholders - diluted $ 0.08 $ (0.10) $ 0.60 $ (0.34) 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 and nine months ended September 30, 2023 as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2023 used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded 11,410,471 and 10,913,595 potential common shares for the three and nine months ended September 30, 2022, and 50,081,069 and 50,544,294 potential common shares for the three and nine months ended September 30, 2023, from the computation of diluted net earnings (loss) per share attributable to common shareholders because including them would have had an anti-dilutive effect. |
Property and equipment, net
Property and equipment, net | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net Property and equipment, net consisted of the following: December 31, 2022 September 30, 2023 Computers $ 8,303 $ 3,484 Land 53,405 53,405 Building 11,361 34,062 Laboratory equipment 41,256 68,198 Leasehold improvements 40,567 65,591 Operating lease right-of-use assets 80,838 79,499 Property and equipment 235,730 304,239 Less accumulated depreciation (18,475) (27,030) Property and equipment, net $ 217,255 $ 277,209 As of December 31, 2022 and September 30, 2023, property and equipment includes leasehold improvements and construction in progress in the amount of $25.6 million and $72.5 million, respectively, and construction deposits of nil and $13.2 million, respectively, that have not commenced depreciation. Depreciation expense on property and equipment for the three and nine months ended September 30, 2022 was $2.5 million and $6.2 million, respectively, and $3.1 million and $8.9 million for the three and nine months ended September 30, 2023 |
Intangible assets
Intangible assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets Intangible assets consisted of the following: September 30, 2023 Gross Accumulated Net book License $ 38,433 $ 23,868 $ 14,565 Technology 52,700 7,199 45,501 IPR&D 64,010 - 64,010 $ 155,143 $ 31,067 $ 124,076 Amortization expense on intangible assets subject to amortization is estimated to be as follows for each of the next five years ended September 30: Amortization 2024 $ 7,463 2025 4,297 2026 4,297 2027 4,297 2028 4,297 $ 24,651 |
Investments in and loans to equ
Investments in and loans to equity accounted investees, and other long-term assets | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and loans to equity accounted investees, and other long-term assets | Investments in and loans to 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. To date, the Company has recorded immaterial amounts of proportionate income or loss with respect to either venture. Dayhu JV During 2020, the Company entered into a joint venture with Dayhu ("Dayhu JV"). As of September 30, 2023, the equity investment balance was $42.2 million. In March, 2021, the Company made a commitment of up to CAD $82.7 million ($60.9 million at September 30, 2023) to the Dayhu JV (Dayhu JV Loan) to fund the construction at a rate referenced to a Canadian bank prime rate adjusted for applicable margins as defined in the agreement, and repayment on the earlier of thirty months from the date of initial advancement and September 1, 2023, or upon the trigger of certain liquidity events as defined in the agreement. The loan is secured by the underlying land and future assets of the Dayhu JV. At December 31, 2022, and September 30, 2023, the outstanding related party loan balance was $38.1 million and nil, respectively, to the Dayhu JV and is included in investment in and loans to equity accounted investees. In July 2022, the Company entered into an agreement of up to CAD $46.0 million ($33.9 million at September 30, 2023) with Dayhu (New Dayhu Loan) to replace Dayhu’s portion of the outstanding Dayhu JV Loan balance as at January 1, 2023, at a rate referenced to a Canadian bank prime rate adjusted for applicable margins as defined in the agreement. The agreement has a maturity of December 31, 2025, with a call provision, callable by the Company after September 30, 2023, including customary make whole provisions. The loan is secured by the underlying land and existing and future assets of the Dayhu JV. In January 2023, the Company issued CAD $46.0 million ($33.9 million at September 30, 2023) to Dayhu from the New Dayhu loan, which was used to repay, in part, Dayhu’s 50% portion of the Dayhu JV Loan. At September 30, 2023, the loan balance was $33.9 million and is included in other long-term assets. Beedie JV In March, 2021, the Company entered into the Beedie joint venture ("Beedie JV"). As of September 30, 2023, the equity investment balance was $20.7 million. In June 2022, the Company made a commitment to our partner Beedie for a land loan of up to CAD $7.5 million ( $5.5 million at September 30, 2023) plus a construction loan for up to 80% of Beedie’s share of construction costs. The commitment is at a rate referenced to a Canadian bank prime rate adjusted for applicable margins as defined in the agreement, and repayment on the earlier of thirty months from the date of initial advancement of the construction loan and five years from the initial advancement of the land loan, or upon the triggering of certain repayment events as defined in the agreement. The loan is secured by the underlying land and existing and future assets of the Beedie JV. The loan receivable balance, which was solely related to the land loan to date, was CAD $7.5 million ( $5.5 million as at September 30, 2023 ) and is included in other long-term assets. |
Other current assets and liabil
Other current assets and liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Other current assets and liabilities | Other current assets and liabilities Other current assets December 31, 2022 September 30, 2023 Tax deposits and receivables $ 64,817 $ 38,037 Prepaid expenses and other 9,064 32,001 Materials and supplies 1,532 1,194 Total other current assets $ 75,413 $ 71,232 Current accounts payable and other liabilities December 31, 2022 September 30, 2023 Accounts payable and accrued liabilities $ 14,828 $ 17,432 Current portion of operating lease liability 5,583 5,572 Payroll liabilities 6,454 6,351 Current portion of deferred government contributions 6,285 6,353 Total current accounts payable and other liabilities $ 33,150 $ 35,708 |
Shareholders_ equity
Shareholders’ equity | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022: Number of Weighted- Outstanding as of December 31, 2022 33,694,150 $ 0.90 Granted - - Exercised (2,173,877) 0.49 Forfeited (27,000) 0.39 Outstanding as of September 30, 2023 31,493,273 $ 0.93 Options exercisable as of September 30, 2023 26,428,832 $ 0.78 The following table summarizes the Company’s stock option activity under the 2020 Plan since December 31, 2022: Number of Weighted- Outstanding as of December 31, 2022 12,322,933 $ 14.81 Granted 2,401,546 9.34 Exercised - - Forfeited (555,212) 12.04 Outstanding as of September 30, 2023 14,169,267 $ 13.99 Options exercisable as of September 30, 2023 4,018,741 $ 16.79 The following table summarizes the Company’s RSU activity under the 2020 Plan since December 31, 2022: Number of Weighted- Outstanding as of December 31, 2022 3,946,985 $ 13.71 Granted 1,585,750 9.34 Vested and settled (752,182) 14.41 Forfeited (362,583) 11.89 Outstanding as of September 30, 2023 4,417,970 $ 12.18 As of September 30, 2023, the number of shares available for issuance under the 2020 Plan was 32,629,848, 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 income (loss) and comprehensive income (loss) as follows: Three months ended September 30, Nine months ended September 30, 2022 2023 2022 2023 Research and development $ 5,554 $ 7,796 $ 17,755 $ 23,370 Sales and marketing 763 1,264 2,232 3,864 General and administrative 5,437 6,802 16,171 20,501 $ 11,754 $ 15,862 $ 36,158 $ 47,735 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The disaggregated revenue categories are presented on the face of the condensed consolidated statements of income (loss) and comprehensive income (loss). Deferred revenue outstanding in each respective period is as follows: December 31, 2021 September 30, 2022 December 31, 2022 September 30, 2023 Deferred revenue $ 34,954 $ 30,924 $ 41,128 $ 33,890 During the three and nine months ended September 30, 2022 and 2023, the Company recognized $2.0 million and $9.1 million, respectively, and $4.1 million and $11.0 million respectively, of revenue that had been included in deferred revenue as of December 31, 2021 and December 31, 2022, respectively. |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2023 | |
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, loans to equity accounted investees, accounts payable and payroll liabilities, royalties payable, and contingent consideration payable. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and payroll liabilities, royalties payable, lo ans receivable, and loans to equity accounted investees approximate their fair values, and primarily classified as level 2. At September 30, 2023, the Company also held non-marketable securities included in other long term assets of $32.3 million (December 31, 2022 - $18.5 million). 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 September 30, 2023 Liability at Increase (decrease) in fair Liability at Trianni (i) $ 21,971 $ 1,123 $ 23,094 TetraGenetics (ii) $ 38,677 $ (2,534) $ 36,143 Nine months ended September 30, 2023 Liability at Increase (decrease) in fair Liability at Trianni (i) $ 23,505 $ (411) $ 23,094 TetraGenetics (ii) $ 36,760 $ (617) $ 36,143 i) The estimated fair value of the earn-out payments relates to a specific customer license ending on April 9, 2024, 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 include the amount and timing of projected future net revenues received by us from the specific customer license, discounted at 22%, the rate that measures the risks inherent in the future cash flows. 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 September 30, 2023, 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 September 30, 2023: Level 1 Level 2 Level 3 Total Marketable securities U.S. government agencies $ 153,463 $ - $ - $ 153,463 Certificate of deposit - 240,021 - 240,021 Commercial paper - 82,956 - 82,956 Corporate bonds - 97,672 - 97,672 Asset backed securities - 39,306 - 39,306 $ 153,463 $ 459,955 $ - $ 613,418 |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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. During the three and nine months ended September 30, 2022, $15.0 million and $64.9 million was expensed related to such obligation, respectively, and during the three and nine months ended September 30, 2023, no amounts were expensed related to such obligations. As of December 31, 2022 and September 30, 2023, $19.3 million and $3.1 million was included in current liabilities. |
Government contributions
Government contributions | 9 Months Ended |
Sep. 30, 2023 | |
Government contributions [Abstract] | |
Government contributions | Government contributions 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. 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. Government Contribution 1 Since inception, the Company incurred $102.0 million in expenditures in respect of the Canadian government's Strategic Innovation Fund (SIF), of which $46.1 million and $55.9 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 September 30, 2023, no amounts have been accrued related to the repayment terms. Government Contribution 2 In May of 2023, 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 and conditionally repayable amounts are treated as repayable, and are included in deferred government contributions. The repayable funding is payable over fifteen years and the conditionally repayable portion repaid 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. Receipt of funds is dependent upon the Company’s co-investment expenditures over the term of the agreement. The agreement will expire on the later of April 30, 2047, or the date of the last repayment, unless earlier terminated. The Company considered the contractual terms of the repayable portion of a below-market rate government contribution, and determined that the interest rate is affected by legal restrictions prescribed by a governmental agency. Therefore, the Company will not impute interest on the repayable portion of the government contribution, and it is to be measured equal to the proceeds received. For the quarter ended September 30, 2023, the Company has claimed $17.3 million under the federal funding, of which $12.9 million is repayable, and included in deferred government contributions on the consolidated balance sheet. The remainder is non-repayable and relates to research and development expenditures of $1.0 million which is reflected in other income, and capital asset expenditures of $3.4 million which is included in deferred government contributions and amortized into other income over the average asset life of 8.5 years. At September 30, 2023, $0.1 million is included in accounts payable and other liabilities, and $3.3 million is included in deferred government contributions on the consolidated balance sheet. In May of 2023, 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) is payable starting in 2032, over up to fifteen years, based on a percentage rate of the Company’s revenue exceeding a given threshold. The agreement will expire on the earlier of 2047, or the date of the last payment, unless earlier terminated, conditional on achieving certain revenue thresholds over a specified period of time as prescribed in the agreement. As of September 30, 2023, no amounts have been accrued related to the payment terms. For the quarter ended September 30, 2023, the Company has claimed $10.2 million under the provincial funding related to capital asset expenditures which is included in deferred government contributions and amortized into other income over the average asset life of 8.5 years. At September 30, 2023, $0.1 million is included in accounts payable and other liabilities, and $10.1 million included in deferred government contributions on the consolidated balance sheet. The Company has agreed to certain financial and non-financial covenants and other obligations, including cross default provisions associated with other Canadian funding, and restrictive covenants on dividend payments or other shareholder distributions that would prevent the Company in satisfying its obligations under the arrangement. Other obligations in relation to the project include the maintenance of certain gross capital expenditures in Canada, certain research and development expenditures in Canada, and the achievement of certain headcount requirements in Canada. In addition, the Company has granted notice and consent rights to the counterparties upon certain events related to a change in control (as defined in the agreements) of the Company. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net earnings (loss) | $ (28,610) | $ (30,528) | $ (40,110) | $ 26,624 | $ (6,785) | $ 168,573 | $ (99,248) | $ 188,412 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
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) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022. 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 and nine months ended September 30, 2022 and 2023 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, 2022, except for the new accounting guidance adopted during the period (Note 13). |
Use of estimates | 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 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 evaluating whether contractual obligations represent distinct performance obligations, determining whether an option for additional goods or services represents a material right, allocating the transaction price to performance obligations within a contract, and assessing the recognition and possible future reversal of variable consideration, the fair value of acquired intangible assets, 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 | 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) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Earnings Per Share Attributable to Common Shareholders | Basic and diluted net earnings (loss) per share attributable to common shareholders was calculated as follows: Three months ended September 30, Nine months ended September 30, 2022 2023 2022 2023 Basic earnings (loss) per share Net earnings (loss) attributable to common shareholders - basic $ 26,624 $ (28,610) $ 188,412 $ (99,248) Weighted-average common shares outstanding - basic 285,322,719 289,496,841 284,639,599 288,750,387 Net earnings (loss) per share attributable to common shareholders - basic $ 0.09 $ (0.10) $ 0.66 $ (0.34) Diluted earnings (loss) per share Net earnings (loss) attributable to common shareholders - diluted $ 26,624 $ (28,610) $ 188,412 $ (99,248) Weighted-average common shares outstanding - basic 285,322,719 289,496,841 284,639,599 288,750,387 Stock options and RSUs 30,495,444 - 29,544,395 - Weighted-average common shares outstanding - diluted 315,818,163 289,496,841 314,183,994 288,750,387 Net earnings (loss) per share attributable to common shareholders - diluted $ 0.08 $ (0.10) $ 0.60 $ (0.34) |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2022 September 30, 2023 Computers $ 8,303 $ 3,484 Land 53,405 53,405 Building 11,361 34,062 Laboratory equipment 41,256 68,198 Leasehold improvements 40,567 65,591 Operating lease right-of-use assets 80,838 79,499 Property and equipment 235,730 304,239 Less accumulated depreciation (18,475) (27,030) Property and equipment, net $ 217,255 $ 277,209 |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: September 30, 2023 Gross Accumulated Net book License $ 38,433 $ 23,868 $ 14,565 Technology 52,700 7,199 45,501 IPR&D 64,010 - 64,010 $ 155,143 $ 31,067 $ 124,076 |
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 September 30: Amortization 2024 $ 7,463 2025 4,297 2026 4,297 2027 4,297 2028 4,297 $ 24,651 |
Other current assets and liab_2
Other current assets and liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Other Current Assets | Other current assets December 31, 2022 September 30, 2023 Tax deposits and receivables $ 64,817 $ 38,037 Prepaid expenses and other 9,064 32,001 Materials and supplies 1,532 1,194 Total other current assets $ 75,413 $ 71,232 |
Schedule of Accounts Payable and Other Liabilities | Current accounts payable and other liabilities December 31, 2022 September 30, 2023 Accounts payable and accrued liabilities $ 14,828 $ 17,432 Current portion of operating lease liability 5,583 5,572 Payroll liabilities 6,454 6,351 Current portion of deferred government contributions 6,285 6,353 Total current accounts payable and other liabilities $ 33,150 $ 35,708 |
Shareholders_ equity (Tables)
Shareholders’ equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022: Number of Weighted- Outstanding as of December 31, 2022 33,694,150 $ 0.90 Granted - - Exercised (2,173,877) 0.49 Forfeited (27,000) 0.39 Outstanding as of September 30, 2023 31,493,273 $ 0.93 Options exercisable as of September 30, 2023 26,428,832 $ 0.78 The following table summarizes the Company’s stock option activity under the 2020 Plan since December 31, 2022: Number of Weighted- Outstanding as of December 31, 2022 12,322,933 $ 14.81 Granted 2,401,546 9.34 Exercised - - Forfeited (555,212) 12.04 Outstanding as of September 30, 2023 14,169,267 $ 13.99 Options exercisable as of September 30, 2023 4,018,741 $ 16.79 |
Schedule of Restricted Share Units Activity | The following table summarizes the Company’s RSU activity under the 2020 Plan since December 31, 2022: Number of Weighted- Outstanding as of December 31, 2022 3,946,985 $ 13.71 Granted 1,585,750 9.34 Vested and settled (752,182) 14.41 Forfeited (362,583) 11.89 Outstanding as of September 30, 2023 4,417,970 $ 12.18 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was classified in the condensed consolidated statements of income (loss) and comprehensive income (loss) as follows: Three months ended September 30, Nine months ended September 30, 2022 2023 2022 2023 Research and development $ 5,554 $ 7,796 $ 17,755 $ 23,370 Sales and marketing 763 1,264 2,232 3,864 General and administrative 5,437 6,802 16,171 20,501 $ 11,754 $ 15,862 $ 36,158 $ 47,735 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Revenue Outstanding | Deferred revenue outstanding in each respective period is as follows: December 31, 2021 September 30, 2022 December 31, 2022 September 30, 2023 Deferred revenue $ 34,954 $ 30,924 $ 41,128 $ 33,890 |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Liability at Increase (decrease) in fair Liability at Trianni (i) $ 21,971 $ 1,123 $ 23,094 TetraGenetics (ii) $ 38,677 $ (2,534) $ 36,143 Nine months ended September 30, 2023 Liability at Increase (decrease) in fair Liability at Trianni (i) $ 23,505 $ (411) $ 23,094 TetraGenetics (ii) $ 36,760 $ (617) $ 36,143 i) The estimated fair value of the earn-out payments relates to a specific customer license ending on April 9, 2024, 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 include the amount and timing of projected future net revenues received by us from the specific customer license, discounted at 22%, the rate that measures the risks inherent in the future cash flows. 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 September 30, 2023: Level 1 Level 2 Level 3 Total Marketable securities U.S. government agencies $ 153,463 $ - $ - $ 153,463 Certificate of deposit - 240,021 - 240,021 Commercial paper - 82,956 - 82,956 Corporate bonds - 97,672 - 97,672 Asset backed securities - 39,306 - 39,306 $ 153,463 $ 459,955 $ - $ 613,418 |
Net earnings (loss) per share -
Net earnings (loss) per share - Schedule of Basic and Diluted Net Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings (loss) per share | ||||
Net earnings (loss) attributable to common shareholders - basic | $ (28,610) | $ 26,624 | $ (99,248) | $ 188,412 |
Weighted-average common shares outstanding - basic (in shares) | 289,496,841 | 285,322,719 | 288,750,387 | 284,639,599 |
Net earnings (loss) per share attributable to common shareholders - basic (in dollars per share) | $ (0.10) | $ 0.09 | $ (0.34) | $ 0.66 |
Diluted earnings (loss) per share | ||||
Net earnings (loss) attributable to common shareholders - diluted | $ (28,610) | $ 26,624 | $ (99,248) | $ 188,412 |
Weighted-average common shares outstanding - basic (in shares) | 289,496,841 | 285,322,719 | 288,750,387 | 284,639,599 |
Stock options and RSUs (in shares) | 0 | 30,495,444 | 0 | 29,544,395 |
Weighted-average common shares outstanding - diluted (in shares) | 289,496,841 | 315,818,163 | 288,750,387 | 314,183,994 |
Net earnings (loss) per share attributable to common shareholders - diluted (in dollars per share) | $ (0.10) | $ 0.08 | $ (0.34) | $ 0.60 |
Net earnings (loss) per share_2
Net earnings (loss) per share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Total potential common shares excluded | 50,081,069 | 11,410,471 | 50,544,294 | 10,913,595 |
Property and equipment, net - S
Property and equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 304,239 | $ 235,730 |
Less accumulated depreciation | (27,030) | (18,475) |
Property and equipment, net | 277,209 | 217,255 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 3,484 | 8,303 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 53,405 | 53,405 |
Building | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 34,062 | 11,361 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 68,198 | 41,256 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 65,591 | 40,567 |
Operating lease right-of-use assets | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 79,499 | $ 80,838 |
Property and equipment, net - A
Property and equipment, net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||||
Leasehold improvements include tenant improvements | $ 72,500 | $ 72,500 | $ 25,600 | ||
Construction in progress | 13,200 | 13,200 | $ 0 | ||
Depreciation expense on property and equipment | $ 3,100 | $ 2,500 | $ 8,874 | $ 6,212 |
Intangible assets - Schedule of
Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 155,143 | |
Accumulated amortization | 31,067 | |
Net book value | 124,076 | $ 131,502 |
License | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 38,433 | |
Accumulated amortization | 23,868 | |
Net book value | 14,565 | |
Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 52,700 | |
Accumulated amortization | 7,199 | |
Net book value | 45,501 | |
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 | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 7,463 |
2025 | 4,297 |
2026 | 4,297 |
2027 | 4,297 |
2028 | 4,297 |
Finite lived intangible assets amortization expense | $ 24,651 |
Investments in and loans to e_2
Investments in and loans to equity accounted investees, and other long-term assets - Additional Information (Details) $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2023 CAD ($) | Jul. 31, 2022 CAD ($) | Jun. 30, 2022 | Mar. 31, 2021 USD ($) | Mar. 31, 2021 CAD ($) | Sep. 30, 2023 USD ($) jointVenture | Sep. 30, 2023 CAD ($) jointVenture | Dec. 31, 2022 USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||||||
Number of joint ventures | jointVenture | 2 | 2 | ||||||
Dayhu JV | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investments, ownership percent | 50% | |||||||
Equity investment balance, contributions made in joint venture | $ 42.2 | |||||||
Dayhu JV | Daylu JV Loan | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Debt instrument, term | 30 months | 30 months | ||||||
Equity method investment, outstanding related party loan | 0 | $ 38.1 | ||||||
Dayhu JV | New Daylu Loan | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investment, commitment amount | $ 46 | |||||||
Percentage of construction loan | 50% | |||||||
Dayhu JV | Maximum | Daylu JV Loan | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investment, commitment amount | $ 60.9 | $ 82.7 | ||||||
Dayhu JV | Maximum | New Daylu Loan | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investment, commitment amount | $ 33.9 | |||||||
Dayhu JV | Minimum | New Daylu Loan | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investment, commitment amount | $ 46 | |||||||
Beedie JV | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investments, ownership percent | 50% | |||||||
Equity investment balance, contributions made in joint venture | $ 20.7 | |||||||
Debt instrument, term | 30 months | |||||||
Beedie JV | Maximum | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity method investment, commitment amount | $ 5.5 | $ 7.5 | ||||||
Debt instrument, term | 5 years | |||||||
Percentage of construction loan | 80% |
Other current assets and liab_3
Other current assets and liabilities - Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Tax deposits and receivables | $ 38,037 | $ 64,817 |
Prepaid expenses and other | 32,001 | 9,064 |
Materials and supplies | 1,194 | 1,532 |
Total other current assets | $ 71,232 | $ 75,413 |
Other current assets and liab_4
Other current assets and liabilities - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued liabilities | $ 17,432 | $ 14,828 |
Current portion of operating lease liability | 5,572 | 5,583 |
Payroll liabilities | 6,351 | 6,454 |
Current portion of deferred government contributions | 6,353 | 6,285 |
Total current accounts payable and other liabilities | $ 35,708 | $ 33,150 |
Shareholders_ equity - Summary
Shareholders’ equity - Summary of Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Pre-IPO Plan | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Number of shares outstanding, beginning balance (in shares) | shares | 33,694,150 |
Number of shares, granted (in shares) | shares | 0 |
Number of shares, exercised (in shares) | shares | (2,173,877) |
Number of shares, forfeited (in shares) | shares | (27,000) |
Number of shares outstanding, ending balance (in shares) | shares | 31,493,273 |
Weighted-average exercise price, beginning balance (in dollars per share) | $ / shares | $ 0.90 |
Weighted-average exercise price, granted (in dollars per share) | $ / shares | 0 |
Weighted-average exercise price, exercised (in dollars per share) | $ / shares | 0.49 |
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares | 0.39 |
Weighted-average exercise price, ending balance (in dollars per share) | $ / shares | $ 0.93 |
Number of Options exercisable as of September 30, 2023 (in shares) | shares | 26,428,832 |
Weighted-average exercise price, options exercisable as of September 30, 2023 (in dollars per share) | $ / shares | $ 0.78 |
2020 Share Option and Incentive Plan | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Number of shares outstanding, beginning balance (in shares) | shares | 12,322,933 |
Number of shares, granted (in shares) | shares | 2,401,546 |
Number of shares, exercised (in shares) | shares | 0 |
Number of shares, forfeited (in shares) | shares | (555,212) |
Number of shares outstanding, ending balance (in shares) | shares | 14,169,267 |
Weighted-average exercise price, beginning balance (in dollars per share) | $ / shares | $ 14.81 |
Weighted-average exercise price, granted (in dollars per share) | $ / shares | 9.34 |
Weighted-average exercise price, exercised (in dollars per share) | $ / shares | 0 |
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares | 12.04 |
Weighted-average exercise price, ending balance (in dollars per share) | $ / shares | $ 13.99 |
Number of Options exercisable as of September 30, 2023 (in shares) | shares | 4,018,741 |
Weighted-average exercise price, options exercisable as of September 30, 2023 (in dollars per share) | $ / shares | $ 16.79 |
Shareholders_ equity - Summar_2
Shareholders’ equity - Summary of Restricted Share Units Activity (Details) - 2020 Share Option and Incentive Plan - Restricted Share Units (RSUs) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance (in shares) | shares | 3,946,985 |
Number of Shares, Granted (in shares) | shares | 1,585,750 |
Number of Shares, Vested and settled (in shares) | shares | (752,182) |
Number of Shares, Forfeited (in shares) | shares | (362,583) |
Number of Shares Outstanding, Ending Balance (in shares) | shares | 4,417,970 |
Weighted-Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares | $ 13.71 |
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ / shares | 9.34 |
Weighted-Average Grant Date Fair Value, Vested and settled (in dollars per share) | $ / shares | 14.41 |
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 11.89 |
Weighted-Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 12.18 |
Shareholders_ equity - Addition
Shareholders’ equity - Additional Information (Details) | Sep. 30, 2023 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) | 32,629,848 |
Shareholders' equity - Summary
Shareholders' equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 15,862 | $ 11,754 | $ 47,735 | $ 36,158 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 7,796 | 5,554 | 23,370 | 17,755 |
Sales and marketing | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,264 | 763 | 3,864 | 2,232 |
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 6,802 | $ 5,437 | $ 20,501 | $ 16,171 |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 33,890 | $ 41,128 | $ 30,924 | $ 34,954 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract with customer liability, revenue recognized | $ 4.1 | $ 2 | $ 11 | $ 9.1 |
Financial instruments - Additio
Financial instruments - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Non-marketable securities | $ 32.3 | $ 18.5 |
Marketable securities, weighted average life | 6 months |
Financial instruments - Changes
Financial instruments - Changes in Fair Value of Liability for Contingent Consideration (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Trianni | Measurement Input, Discount Rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Discount rate | 0.22 | 0.22 |
TetraGenetics | Measurement Input, Discount Rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Discount rate | 12.8 | 12.8 |
Contingent Consideration | Level 3 | Trianni | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability at beginning of the period | $ 21,971 | $ 23,505 |
Increase (decrease) in fair value of liability for contingent consideration | 1,123 | (411) |
Liability at end of the period | 23,094 | 23,094 |
Contingent Consideration | Level 3 | TetraGenetics | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability at beginning of the period | 38,677 | 36,760 |
Increase (decrease) in fair value of liability for contingent consideration | (2,534) | (617) |
Liability at end of the period | $ 36,143 | $ 36,143 |
Financial instruments - Summary
Financial instruments - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements on Recurring Basis - Marketable Securities $ in Thousands | Sep. 30, 2023 USD ($) |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | $ 613,418 |
U.S. government agencies | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 153,463 |
Certificate of deposit | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 240,021 |
Commercial paper | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 82,956 |
Asset backed securities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 39,306 |
Level 1 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 153,463 |
Level 1 | U.S. government agencies | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 153,463 |
Level 1 | Certificate of deposit | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 1 | Commercial paper | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 1 | Asset backed securities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 2 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 459,955 |
Level 2 | U.S. government agencies | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 2 | Certificate of deposit | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 240,021 |
Level 2 | Commercial paper | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 82,956 |
Level 2 | Asset backed securities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 39,306 |
Level 3 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 3 | U.S. government agencies | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 3 | Certificate of deposit | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 3 | Commercial paper | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Level 3 | Asset backed securities | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Corporate bonds | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 97,672 |
Corporate bonds | Level 1 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 0 |
Corporate bonds | Level 2 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | 97,672 |
Corporate bonds | Level 3 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Assets | $ 0 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Commitments Contingencies And Other [Line Items] | |||||
Royalty fees | $ 0 | $ 15,035 | $ 0 | $ 64,882 | |
Accrued Royalties Payable | |||||
Commitments Contingencies And Other [Line Items] | |||||
Royalty fees | $ 3,100 | $ 19,300 |
Government contributions (Detai
Government contributions (Details) $ in Thousands, $ in Millions | 1 Months Ended | 9 Months Ended | |||||
May 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 CAD ($) | May 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | May 31, 2020 USD ($) | May 31, 2020 CAD ($) | |
Government Funding [Line Items] | |||||||
Accounts payable and other liabilities | $ 35,708 | $ 33,150 | |||||
Deferred government contributions | 84,072 | $ 40,801 | |||||
Government Contribution 1 | |||||||
Government Funding [Line Items] | |||||||
Received funding commitment | $ 125,600 | $ 175.6 | |||||
Accrued liabilities, current | 0 | ||||||
Government Contribution 2 | |||||||
Government Funding [Line Items] | |||||||
Received funding commitment | $ 222,300 | $ 300 | |||||
Strategic innovation fund, funding commitment, federal funding | 17,300 | ||||||
Deferred government contributions, repayable | 12,900 | ||||||
Research and development eligible expenditure | 1,000 | ||||||
Capital expenditures incurred and paid | $ 3,400 | ||||||
Capital asset expenditures amortize average asset life period | 8 years 6 months | ||||||
Accounts payable and other liabilities | $ 100 | ||||||
Deferred government contributions | $ 3,300 | ||||||
Government Contribution 2, Provincial Funding | |||||||
Government Funding [Line Items] | |||||||
Revenue thresholds period | 8 years 6 months | ||||||
Accounts payable and other liabilities | $ 100 | ||||||
Deferred government contributions | 10,100 | ||||||
Strategic innovation fund, funding commitment, provincial funding | 10,200 | ||||||
CANADA | Government Contribution 1 | Phase 1 And 2 Member | |||||||
Government Funding [Line Items] | |||||||
Strategic innovation fund eligible expenditure | 102,000 | ||||||
CANADA | Government Contribution 1 | Phase 1 | |||||||
Government Funding [Line Items] | |||||||
Incurred expenditure | 46,100 | ||||||
CANADA | Government Contribution 1 | Phase 2 | |||||||
Government Funding [Line Items] | |||||||
Incurred expenditure | 55,900 | ||||||
CANADA | Government Contribution 2 | |||||||
Government Funding [Line Items] | |||||||
Strategic innovation fund, funding commitment | 166,700 | 225 | |||||
Strategic innovation fund, funding commitment, not repayable | 41,600 | 56.2 | |||||
Strategic innovation fund, funding commitment, repayable | 58,400 | 78.8 | |||||
Strategic innovation fund, funding commitment, conditionally repayable | $ 66,700 | $ 90 | |||||
Revenue thresholds period | 15 years | ||||||
Strategic innovation fund number of times repayable grant | 1.4 | ||||||
BRITISH COLUMBIA | Government Contribution 2 | |||||||
Government Funding [Line Items] | |||||||
Accrued liabilities, current | 0 | ||||||
Strategic innovation fund, funding commitment | $ 55,600 | $ 75 | |||||
Strategic innovation fund, funding commitment, repayable | 64 | ||||||
Revenue thresholds period | 5 years | ||||||
Strategic innovation fund, funding commitment, partial reimbursement expenditures | $ 27,800 | 37.5 | |||||
Strategic innovation fund, funding commitment, conditional paid upon achievement of milestones | 27,800 | $ 37.5 | |||||
BRITISH COLUMBIA | Maximum | Government Contribution 2 | |||||||
Government Funding [Line Items] | |||||||
Strategic innovation fund, funding commitment, repayable | $ 48,000 | ||||||
Revenue thresholds period | 15 years |