ABCL - Earnings call transcript Q4 2020 | AbCellera Biologics Inc.

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Operator

Good day and thank you for standing by. Welcome to the AbCellera 2020 Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Tryn Stimart. you. Thank ahead. go Please

Tryn Stimart

welcome annual first business and and conference our XXXX update. to afternoon, earnings AbCellera’s call Good

We call are The call. slide our Hansen, Officer. who slide Dr. pleased webcast you With of following Financial contains where Chief Executive do after website. we this refer me to Chief the market AbCellera’s can a access portion have you that discuss of the and during call Investor along Officer; AbCellera’s may results President with section presentation, Those our find so will we the the on in and Booth, this wish announced Relations today the to Carl in closed phone, press our presentation issued the will release portion on Andrew Relations you that of us website. on to the of today, are Investor today

that you please the will pursuant of able those presentation that of are the impact who you post they’re portion risks not the that streaming of Reform Securities Private Any forward-looking forward-looking contain could our Please review may a expectations XXXX. uncertainties. and This future and for statements provisions Litigation to be via questions aware factors For may to be subject filings the delay accessed webcast, web. be have harbor statements of based there safe risk current the management’s certain performance. on Act and to SEC our

call U.S. available Investor during all on referred Relations are our website. presentation dollars. our that Our dollars SEC filings Note to are and today

to pleased Carl am to call I turn Hansen. over Now the

Carl Hansen

of in December our all breakout the time, world AbCellera our and platform than continue we you was today. be bamlanivimab, it’s Emergency build our began in joining November, first thank trading us patients. used At financing, in NASDAQ. technology I’m power technologies, XXXX we and business for including proved pandemic more work treat antibody rodent therapeutic headcount Bamlanivimab technology in in Use speed. response, tell a and on was COVID-XX secured Authorization beyond. key at model, to granted year XXX,XXX going invest doubling excited you the a bispecific to Thank to a our We through engineering XXXX already and our and expanded acquiring discovering against been we the XXXX you, will on about platform, where Tryn, same and proprietary and the our for and platform. fronts. everyone platform almost capacity, including and record humanized Briefly

GMP and We also CMC capabilities. the buildup and of secured funding for manufacturing on work began

we $XXX Finally, we earnings accelerate philosophy to call, executing industry. the and back founded on an around and technology provides biology, is interface $XXX frontiers ended the of our technologies models is amplified decode these by growth. transform execute into way We’ve for impact find which new the can search, the drug are treatment. rare discovery in highlight models the accounts future of and that discovered. spent operating are years that and can systems computation, last developed cash engineering drugs drug was This will we how the cash of building AbCellera development, antibodies of position be system and technologies is that million natural to immune how surest analyze on pushing centered across business Working the strong nine that with to process nearly the AbCellera the million partnerships. develop to redefining at that that business our I’d plan in our this Since year new are is like with over a receivable. first vision

partnerships. brings model our business Our unique system industry through operating the to

us partnered have some therapeutic and working we and discovery. we years, of target. early antibody the our the final the Typically, apply preclinical enabled toughest antibody our clinical technology to of companies discovery partners quickly, in to most antibodies from span suitable partners world’s six on problems past have and come these move to are can for more these they companies. when some development stage costs antibodies with the for tackle potent reduce biopharmaceutical biotech the quality programs, over discover development, high to then gamut testing. We AbCellera, partnering with groups largest that XXX Over our identified disease and that By return

the includes has partnerships patients on vast and success attention, a way they majority more. a inflammation, We neurodegeneration our agreements in in many of and attracted deal aligns the other programs the our therapeutic of that serve. pain, our in structure interests cardiovascular partners oncology, While with of ultimately COVID-XX are with great our work This areas. our disease,

net Our company. partnership that not worth our noting pipeline milestones work in payments, developing while be biotech the of because is we agreements products. include sector, That approved royalties and and on sales are own commercial did of ourselves to on biotech clinic. access drugs a focused the technical fees we through proprietary clinical research It’s consider we and not

our powerful technology information data. proprietary entire three multi-dimensional from massive from intelligence and biologics this comes we and devices, where these we’ve access business software generate facilities, technologies and are things; maintain centralized artificial We sell tools in datasets; a By custom We systems tools model others, believe to lift believe working technology and actionable advantage did and to computational extract partnerships. established aggregate, store not also through combining antibody company. We invest we up not to can with teams, provide we industry. rather can capabilities data; and instruments that the a

program. machine each to with weaves Our generates engineer these data process genomics, core analyze robotics technologies search, analysis, stack find, cell single together from and therapeutic tools proprietary antibodies. automation. of and provide Together, functionality microfluidics, source, protein learning, millions This points engineering,

a This platform data provides the AI round allows creates partnerships discovery training feedback through of data more for new into speed, insights antibody that accurate analysis which Data the of and generation. to next lead of through technology. our positive basis responses dataset growing improve the more accuracy generated to improves round each algorithms and and our loop powerful our program. become Our each efficiency with

business, As effects, we scale accelerating problems. to or and despite will business two solving solves lead believe our platform the We our continuous advantage. all technology and model technological

that been First, important technology. the we reach legacy up of spaces open have target outside

democratizes model to and programs centralized which technologies, partners to maximum enables delay these our speed. Second, them at without our start access prosecute

continue to we invest cutting work development. for these is that enabled and been what traditionally edge technology. is cases, at open to us of to possible. highly large drug In our example, that believe forward of we move companies technologies the where help swaths up been programs stalled come market in can For lack This of beachhead we have

partnered side idea that do companies other the to we’ve typically go the to lead. and not access a with expertise of the smaller On requisite technology, therapeutic from to spectrum, have bandwidth

companies, their focus to is remove set capabilities. them, This their working attempting their biology up to to or programs unique innovation us, novel to immediately, the with For identity empowers and and that their forward move on unique of these them target technologies. own discovery

oncology quickly radioisotopes new that operating can use of system As company we cells. partnership on the armed for with recently cancer to an companies, drugs of class example be working launching antibiotics how a the with announced destroy AbCellera a precision Abdera,

year, lives. time a how we of In response, so pandemic treatments completing many this able we As solutions after we announced as speed the initial example our believe technology example, with made announced antibody March was programs. discovery would patients another led help decision decision first and this a the that at the beginning collaboration has bamlanivimab, A saved work current an of find in a We XXXX of can to highlight emphasizing the possible. to for single a of that animals we COVID-XX. be of We to our for treatments as scalability technology response of the in develop company forefront of and successfully companion to this mobilized COVID-XX. partnership business is our that quickly as That the our to a monoclonal expansion faster. compressed patients for to subsequently biotech Invetx, antibiotic XXXX, At pets. model bring developing antibody, and last

four well past mobilizes more The alone, antibody of to has of the our U.S. and the in Bamlanivimab own trials bamlanivimab been across any the both NIH XX kept shown both patients at COVID-XX than together the developing and with in first reduce more thousands than against of has of saved a to and speed Today, treat than we When Center be bringing the COVID-XX testament therapies to antibiotics contracting by in multiple of the to has alone months a homes therapy hospitalization teams other backbone nursing patients after its several enabled the Vaccine COVID-XX FDA. authorized used and by X,XXX lives. in first months, other its more been entire countries. groups, thousands by provides Over high-risk Eli we’re development. expand clinic, been to authorized out evaluated bamlanivimab Lilly. to monoclonal up the of bamlanivimab clinical therapy preventing the reducing is and including hospital approximately in all currently this patients new of therapeutic it XX% we other combination has also XXX,XXX technology infection bamlanivimab in started and viral was virus people the the early believe world against and Because the risk XX%. at Research collaborators with high-risk in variants. for yet by to efforts COVID-XX the COVID-XX, succeeded our We involved, potency, protection to

has COVID-XX in has again, bamlanivimab emphasize with being that not single with observed to together also patients. together Recent of it within that across patients been related In reduces by COVID-XX alone European be treat with these hospitalizations deaths related variants in like effective first announced showed The clinical it’s Union, and this yet X or bamlanivimab a with is with be trials, low-risk January, antibody antibody I’d a U.S. in to been and was U.S. evaluated death. the treated currently either and to COVID-XX all the patients observed etesevimab. in bamlanivimab, predicted therapy importantly, treated death in there VIR-XXXX Most COVID-XX disease, together to single has related that circulating data therapy authorized against Phase XX%. etesevimab the XX%

trial Just high antibodies data Phase from compared this showed XX% a the persistently placebo. line BLAZE-X two monoclonal load seven in reduction viral release the day at relative that to morning, in X top demonstrated

early would be antibodies the generation combat that and most the variants. While next scalability in speed needed important manufacturing the criteria was we to anticipated response, emerging

of antibody thousands massive identifying South generation past it’s late For January, that predicted the following to antibody. variant, And continued antibody neutralization New more about moved Lilly human information this system the the to strain, year, Brazil XXXX emergence antibody into of screen samples, antibodies other African to how screened potent over the database manufacturing. preclinical variants, UK neutralize of than any and York, immune our next January, second and have development human and human to-date. including a strain, California In generating South reason, XXXX assets, is the circulating we find the In the to we In patient reported called significantly response African all COVID-XX. amounts strain.

Authorization have We this by Use year the of QX and reaching reach will that clinic Emergency mid-year. a in goal of expect

XXXX, of has Given to best-in-class believe a the be potency and this breadth we therapeutic. potential antibody

We important to we’ve problem. complementary yet against months, In two summary, the applied COVID-XX an reported. approach antibody could to that vaccines, most past therapies antibodies over technology potent be in discover COVID-XX an becomes now both the XX are scenario what believe we and endemic our believe also likely the

along with this emphasize evolve and not be to AbCellera that happen massive be when work, We COVID-XX to time have here will company. is Pandemics like impact in they are we proven with the real do, ready. of I’d we’ll we’ll respond a again, pandemic. and able solutions that the that Despite

only represents two fact, in our our portfolio. In programs COVID-XX in work

how than more span of and of just that programs XXXX, patients. have nearly indication. We technology started. a investments best every a advantage, our work we’re We this initiatives treatments in downstream to new in point help getting model. to done upstream and further how expanding as partners make that capabilities. technology in see COVID-XX In and in several teams our XXX a to And our our partnership with difference is variety can long-term And staff a we proof drove competitive integrations including get

our expand technology to strategy Our and continue deepen platform to in acquisitions. made investing we key is two and XXXX,

one that subclasses antibodies potential validated antibodies engine be our These fastest of bispecifics The believe molecule platform known for first be single was with OrthoMab, can two with technology. that as coupled We into growing to the a when engage any a be two engineering recombined simultaneously to continued targets. of to human has OrthoMab allows clinically a discovery biologics. the best-in-class protein

granted of through recently in the their molecule from it study inserted platform discovered early the the Trianni XXXX. for the The the the R&D source of into humanized Trianni trials, of is agreement licensing therapeutics. platform Mouse, acquisition against the generating NovaRock the was to further which in human acquisition using NBL-XXX approval controlled start a genome far clinical the of result the by one industry was was at is is very richest in We second is for all mouse rodents, antibodies bring the work Trianni problems are was modern This by year. to a next-generation flagship of the been of to that been Trianni that of suited paying performed off, do and few toughest a This that which genes mice it’s version in this the The have contain This Trianni. a industry. first already Therapeutics X have way. new a Mouse enter Phase plan to that NovaRock use announced

four capabilities additional next-gen We up are for and developing expansion. building are currently mice

flagship large well negotiate to continuing the to licensing partners to access mouse enabled deals. licensed are also have and We new

excited manufacturing also translational long-term GMP our of make of We in forward integration capabilities. are to which the includes CMC investments the development workflow, and scientists,

solution. through with our XXXX. team will growth We support expected employees a the out up to those next targets, AbCellera, smaller over and in within all single the to doubled right to from team to XXX, companies, year business play IND, allow XXX This scale which is At integrated two will year, us three investments, everything. from with years we our

technology, can expect The points discovery by the numerous industry. our XXXX development provides this we’ve We accelerate new for workforce that our to therapies founding lift the expanding We capabilities in believe patients continue growth XXXX. of proof done antibiotic and philosophy. we through help in work and to up assets,

capacity will we technology, relationship platform the investing our our facilities the next Over with and extend our and people technological years, industry. across deepening lead, few further in expanding our

any I our your it take has Before courage over you like to would CFO year And our of made Booth, year. turn Andrea, and I’ll to been unwavering work turn This Andrew team. patients. provide to Thank all I a ever a faced, moment unlike acknowledge dedication to our has financials. this we’ve your difference over overview an XXXX for to now, to

Andrew Booth

compared existing some is the in economic our success to contract KPIs. contracts Thanks In we in expanded our as are of how programs to had have the Carl. with include XX looking partners. only programs participation, our under with XX% under the We that downstream nine of actually value We added we increase XXX starts I’ll at that participation, discover had collaboration in start XX our the program now XXXX, as cumulative ended participation of – by Since downstream share XXXX at starts partners, we ended that’s and we with without discovered we a have the with different in programs we we believe XXXX, XXXX. platform. end to connected shared therapeutics the converted end programs certain of lion’s XXXX. with XXXX, by the accepted royalties that our partnerships

XXXX $XXX Revenue over revenue. million. XX-fold to grew XXXX at in Looking

royalties several significant the of milestone time, in not reflect from our payments our in business. same results XXXX the have At that were bamlanivimab and We healthy present underlying partnership our XXXX. also growth results

ongoing attributable million, programs to XX% business on on in discovery reflect model fees our this which for growth worked new While milestones well way to of the as all milestone earned sale economics, we in our X with Phase from first were partners, existing of activities of $XXX as and partners we We approximately million by and participations commercial United two the $XX $XX through royalty achieved new payments of work attributable million fees The XXXX. from achieving emphasizes research over research projects. the revenue programs Lilly represents States. bamlanivimab, range downstream

is with terms together bamlanivimab, receive another whether used sales, to alone it of all on In we antibody. are or eligible royalties

to XXXX antibody, eligible same revenue, from bamlanivimab for amount were $XX on million economics. Lilly’s under from as impact in royalties mid-teens royalty the Lilly company. the $XXX of royalty royalties on $XXX the we million million. This of sales all payable of used net was mid-XXs and royalties another Directly alone our there the with also funding of million. are with fees the these income inline in sales is our royalties for of the COVID above together We We net $XXX operations of attributable The source terms expected sales or as to for XXXX, in following to antibodies agreement NIH. non-dilutive receive with in view earn to whether disclosed

give on and will expecting for guidance that calculating future, you bamlanivimab the insights we we’re royalty. data away not the what two the shipment associated some only be our days available publicly from While into quarter, revenues. in end we given the forward of we giving Based can are of

XXXX quarter $XXX revenues total be will between first million. our $XXX that expect We million and

investment expenses our further business. the continued in reflects our infrastructure and at our to grow platform Looking expenses, operating operating

million. was development research and Our spend XXXX in $XX

deliver capabilities that R&D two call enhance us expense our the organically. programs, team’s capacity. our R&D our stack partner to as like in items expected This technology well in are We to out not are I’d to repeat to continuing future. and to on as expand allows

in-process bispecific an is This our OrthoMab first for $X important was of million technology of the The inorganic the antibodies. add from to expense the R&D to from platform stacks acquisition capabilities. move

we second non-cash for from U.S. see option be quarter dollars related the was price from converted won’t options. will equity, This auctions where the in strike All future. expect is still have our the a dollars dollars. XXXX, to to options in since Canadian to in Canadian price strike associated an first to The or exercise when expense classified in in settled liability changing functional that so currency employees LCO is XXXX, dollars holders U.S. this expense expense of the

and also are It reach team in our and million team. sales development marketing marketing XXXX. nearly This of or $X additional extending the the We was reflected relations primarily supported capacity $X.X activities. as and of times increase X million by expansion the business driven public expenses in of also

In We acquisition. year in XXXX, general activities of during We invest both a including continue to business that the also amount facility, from which million. $X.X Much the company growth the we will and no connection is administration million and were XXXX. the nearly in includes to I and an demand retired to amortization three reflecting grow increase from The amortization was by other costs expected to entity. million expenses and earlier overall intangibles to million listed for preferred of items are that the strengthening debt. the This and of like the related in $X.X $XX team IPO in development. the commercial Trianni function million, the our other with business, we as support financing was and with strong $X XXXX of credit agreement in the and There prepare credit by statements to this other on being the interest increase OrbiMed to mention. address relation see incurred of ended share would for of there year. incurred in income expense increased $X.X Depreciation that to investment the driven

program that expense given interest government nominal carries that is from sheet be repayable to expect balance we Canadian the you forward, position interest. debt zero liquidity funding on our Going strong our a see and

the investments, over $X.X SIF funding CMC cash tax project In a that small-scale a the of from GMP In future Finally, grants strategic related expenditure and for we dedicated cost from to XXXX capabilities. for in for also to fund an the total, on we or secured Canada of million. $X.X capital XXXX from periods. $XX is which expense. innovation total This in project. provision the activities we incurred eligible Any million of including XXXX, SIF sheet recognition and in incentives our is million. increase income XXXX manufacturing five year, balance was years, first additional saw will to $XXX government million funding taxes mostly receive was SIF future result income which deferred the recovery our infrastructure credit

earnings, jumped course Looking our in of due part XXXX a from XXXX. earnings million bamlanivimab. million at large $X in loss of in $XXX net This success to net is the to

In terms out of share. $X.XX basic to a earnings works share share, per and per diluted of $X.XX earnings earnings per of this

above, mentioned options, EPS our been I items and non-recurring on costs, diluted three financing $X.XX share and the biologics per about basis. the expense IPR&D have $X.XX the liability basic a Excluding would classified

will the contributed of from includes successful demonstrated make financing proceeds convertible $XXX in raising the and In that million have equipment raised note, of $XXX Trianni. XXXX Operating investments. in the and Overall, questions. business accrued XXXX, and strengthen us December We our after we’ll our at cash take cash were important we allow allowed the issuance $XXX Series past. that, Operator? platform million multiple of received IPO, pursue of supported position, as cash. as total accounts ended us your development that teams the into This in $XX facilities million build Looking initiatives. efficiency technology capabilities capacity, year of balance Trianni $XXX we made activities the With expand AX investments $XX note acquired to with year have we rounds million. liquidity also million finished our the in million consistent to now earlier successfully from to and from acquisition significant receivable the We capital another well are platform. and which and we of now with net our net inflows strong to in million These continue $XX cash. equivalents, a

Operator

[Operator first Suisse. Credit with Instructions] Your Tiago Fauth question from is

Tiago Fauth

question taking on the congrats for thanks Hey, and progress. the

updates investor next rates? community, the you sparkle the So can or contextualize and partners. starts your XX two the a lot to What should expect of of hands, perhaps per in the months in in now development Thanks. the of can historically forward? that of But expect with follow-up just What’s scale new hear the fascinating out on that and kind the that portfolio clinic? your preclinical advancement business of how based presence plan we up? is investors of access in how your can to capital, program greater it’s sort that of would perhaps with years will or the hands in of to terms move and efforts front, year, programs how be on communication quickly And three

Carl Hansen

of Hello Hansen to that development future terms in then you give development. answer, asked business here. Tiago, answer Carl background team you Andrew the on few there up questions together business I’ll a for maybe Maybe expectations last for off one some hand question. were the Thank and then there, I’ll the wrapped

connect preclinical we milestone do that those move applying the development. it within back ready of programs insight So responsibility that, in-house, We We do into model that as our their the good bringing technology of through your of programs our Once reach do to by our through clinic. have typically and question, those partnerships the as our royalty part they partners with starting the that hits forging stage success last typically then and payments leads. we and and on development our is or of either collect is partners. development handing then with business not molecules in clinic, prosecute those the predicated

we growing progress AbCellera, on business we was development years to And also part they that early payments, know U.S. postured in a company resourced, we presence and was quickly business Coming hand activities, when course, we to reach Andrew be in that and build was was development give modestly Europe your receive which that in clinic with the milestone we the I’ll the say, perhaps and about several reporting team will over changed that to the near-term. the have of development we’ll of do I’d on hires. business in And be Of the the the begun new Recently because largely question, those. question. some rest of the inorganically. and to out included establishing color first

Andrew Booth

our Yes, just we he correction. driving think – quick meant growing the I business own the a growing Carl within actually, in were development. by inorganically, said early were years we organically

the expanded seeing. we’re So we have and demand the team size of been accommodate to the really that that has

year never been the of development think, stronger business than our company. eight has history in the pipeline, So I

we on we’re anticipate, resourcing really about staffing And and team that as of previous appropriately. so talked sure calls we have making

we’re have investments, look just that we signed started over we secured a point agreeing statement on, not that we It the as that calling were in have advance work, almost case. called customers a backlog multi-year, a more and to make we start the ones – more dealing where position for that’s we’ll more view wanted been capacity a where – we any sure to as we’re with. would arranging did that mistake sales out and programs that making You to a you I programs of about contract, of programs we’ve actually not have yet in of it’s start, on then time be have really to multi-target think is we in under have completely deals, those have and that normal that and our at continue to the that’s talked order there. the when the capacity then to the programs and so it that, reagents

Tiago Fauth

so Thank you much. Appreciate Great. it.

Operator

is Stephen from Willey with Stifel. question next Your

Stephen Willey

bit increase – little you if what of administrable taking of make product. if color potency I specifically you guess the sure constrained whether in I perspectively Thanks interested know Yes, did antibody, biochemical has or this highlight speak I and attention you with was might more maybe that I’m to that for could you what not significant a the able not questions. good be wondering afternoon. just I’m of you again, a are other see, subcue provide some maybe the have and of you But developed been to wondering to to the you extent say. and the around XXXX. that just sure you properties kind can

Carl Hansen

Carl that Steve; I’ll take question. Thanks, Hansen here.

the I all So the large of searching was ultra has the a we for that XXXX, back combination antibodies of breadth that have in library pandemic, since emerged. deliberately rare have of into going and potency beginning my the as one result of that assembled against prepared mentioned variants remarks that

a we’ve and occurred now regions idea the fits at the ones created position perfectly. pandemic a issue XXXX and have pretty of a mutated existing been got has an that virus most therapeutics. that the for bill year, going We’re on and what good with are of that

and that the considerably out potent of has very bamlanivimab, antibody is neutralization that And superior currently strains reactivity that concern. have across mentioned also, it to antibody it in others which internal are there. So And in of are I than hands as our that’s broad all better in there the out neutralization assays, against this assets. performs any our most benchmarked we

manufacturing, for course this thus the and – has preclinical administered studies, potency in believe antibody are that also lower antibody, subcue, be its the of that’s that can in not potent and could on far of of a we of antibody the believe behavior more We helped. of people one this the yet. finished course, fixed because amount that manufacturing, antibody importance potential the more I’ll the possible, and potency high given which of dose the be Given note

about that in with statement this just So this we’re molecule molecule, want very temper I excited still development. preclinical a that is to

clinical trials sure proceed need make we And so yet patients, quickly in clinic it why those the know until to tested its it is has as possible. potency that’s as and been don’t we and in that

Stephen Willey

of there throughout could that’s litigation just if Understood thanks. wondering anticipating just updates we And the year? helpful material or was you should of respect where to provide Berkeley, are And be a bit not on any with you color. the kind whether then color with little maybe

Carl Hansen

Sure. The don’t Berkeley to those with there have proceeding if public. We disclosing but will be updates, the is any course Lights expected. as material litigation are updates of we

Stephen Willey

All questions. taking right. Thanks for the

Carl Hansen

Thank you, Steve.

Operator

next Munda is Your with Gal from question Berenberg.

Gal Munda

you’ve have programs I XXXX there, taking start questions. I added when can a year, and the under important bit if success over then just way contract, indication for in about that what terms the my most couple, good a just is little a as – of new programs had continue could you we maybe thanks Hi seeing And reasonably Do well good any as the track you of to within of for have kind progression. progress starts expect year? XXXX? to and

Andrew Booth

as contract long-term been looking model. I’d the business programs say stressing to indicator the success leading is that we have the the KPI under Again, of right of at. be

We giving through those we as year. will progress the updates be

release our agree press a So press course, we’re once ordinary contracts the in finalize partner will we – with issuing we accordingly. on be releases and

would thing absolutely out that to Gal. watch be So for the

a for on. secured that Then we’ll continue period reporting have the the with basis under and thanks be – on contract programs So of will been quarterly for to we the report course, that out question.

in highlight through So we make year. sure earnings we go future releases, those as will the we

Carl Hansen

our that, add know, I think the that’s stronger. IPO pipeline more fair power development also the the that expansion on I believe internal of continual the the the to of Currently the platform with been of the inorganically and recognition never is say on COVID-XX, program with to which combination from built or of success underscore that and we’ve it as the color you of has of profile capabilities a the one industry. of R&D business that and just that bit from both has

to So the continuing bullish on we are very grow business.

Gal Munda

of number to an follow-up, three just I then if number And of that increased almost programs, that about by as that’s that partner the is at well? you that more has look a Is helpful. you’ve really – number and average, added, expend programs continue the you proof-of-concept kind that of expect considering see with going to that to could it from four. one in you a note as of that almost but the something that trend you that fact are continue programs forward adding partners we fact let you. That’s future the a per to partners Thank a the

Carl Hansen

industry. have done along firms existing high successful, we’re mentioned as lines interested we quality discussion those in as spectrum we with always Absolutely, those we’ve that in new the Invetx I are are are across to and ones through we recently, of of course firms, our other expand the partnerships, entire partnerships with But so as when some able well. connecting

of we some only not the partner be But terms future. programs a that numbers the with to excited firms that into always basis, firms on to in need have number of case absolutely the small large may increases interaction the our pipeline number a it deepen to high do. quarter-to-quarter are off course, programs of of per their So the because have quality build

Gal Munda

you you. it. so Appreciate Thank Got much.

Operator

is Your Puneet Souda next SVB from with Leerink. question

Puneet Souda

Yes. Carl, Hi, question. and thanks for the taking Andrew;

the should at provided of ads but for been the So here can of is a – on metric Is made the comments in think congrats all, strong? progress that first forward there on you number ads – expect sort that going on – a metric? the in clarify the just has about guide? we sort of wanted and revenue we My quarter. sort sort were Can us guide of you’ve of of you fourth terms impact you in us program that in exact can number was the also any to total in the the can pipeline any least to of guide, how your one maybe remind really bamlanivimab. just for program Carl’s I metrics, – provide should again, what you edition of a guide project you that the, about first first in terms quarter us – as provide Maybe know and or ads what given and and that provide

Carl Hansen

were of Carl here, quarter how added have don’t numbers last in I’ll I of Puneet. pass programs front for that of accurate Thanks, one. first year. me in fourth pick the many the additional

get So that back I’ll to that’s you on, one to have Andrew may know.

be year, in that In of we normally those works business terms to mentioned, in scientific development first business there and have and then up on will several are they unpredictable. way strong terms But coming hopefully of negotiations. that development, that has several as is happened time this contracts now we come ultimately is here. QX in what is The discussion, underway as finalized, involved we some reporting cycle had our a engage on right we’ve we’re contracting, I working we QX are in

Puneet Souda

what bamlanivimab, you in ASPR or quarter. year Okay. where could Andrew just adding guidance we that walk first variants what’s comfort rest on approved key bamlanivimab bamlanivimab, for vaccination of a some answer, quick know gives terms appreciate the some just And The And us numbers of on for being seen COVID bamlanivimab comfortable we the full you programs question bamlanivimab near-term here the can the us the of some through and terms first Maybe you’re the the in given where what quarter. least also that? with? rates easy are research also the what combos as the royalty Street follow-up question to to have of elaborate here, the go the that. you’re us that is are And then that’s an in I that in split not Maybe I just through obviously monotherapy. the at versus and impact elaborate, but effective XXXX the therapeutics that improving, that then stopping maybe cocktails of providing and what the and in can overall in provide that not the of we’ve best royalty year is numbers expectations seen from terms

Andrew Booth

for Puneet, here. Andrew start question. Thanks, the out I’ll on It’s Yes. that.

taken number QX days we’re saw you seeing few I available in see as we So bamlanivimab. the information end what gave the of similar from it could expect And to think splits, I only the mentioned, as the to we’ve regards to publicly with on quarter. in terms we from of fourth the of the very shipment the Lily quarter, a

Carl. cetera, to numbers, very the will your et and over bamlanivimab its I the So overall just the QX of and effectiveness remainder QX if you our think look I’ll numbers the regards question, at With look similar. to variants, hand against

Carl Hansen

Sure.

is Eli ultimately us. to put countries to significant emerge in together is and they course exists one made be addresses currently combination therapy. XXXX, plan the year shifting of being out is those of that in antibodies that it the collaboration and already to commercially remains And how in for be out mention it the thing to of to a as have relevant U.S. was of variants shipped the that you in variants trials and we longer expect the sold not monotherapy the So will to I’ll That bamlanivimab prospects continue very With about combination XX% me, and are this as by also continue question that The to do and because therapy terms that, combination. that in and Pardon long-term that course no the over important etesevimab. that will And that both a being prevalence. which we to come be therapeutic the candidate announced future. close gone that was Lilly, great decision bamlanivimab of will one ultimate combination are resistant the market. a first bring of often of how did that a comes say the is depend online up bamlanivimab it variants in bamlanivimab granted. and is a to with over broadly variants have Shipments been the largely was in it is reactive upon would or where is when a U.S. Emergency other have potent Use antibody, at clinical Authorization Bamlanivimab the shift into

So in out – I world, pardon me. wouldn’t the

So I much on that. too wouldn’t speculate

for year, this not problem certainly bamlanivimab, that that likely endemic and is scenario the in but In for terms COVID-XX general, we years. for of go an long-term for believe becomes COVID-XX does antibody and peaks XXXX therapies that prospects many a zero there to that

a options early as current treatment you that the sick COVID-XX, Given be would possible. as antibiotic exist therapy very you get the of if receive made for that strong should case

prophylaxis already come. in So be are And very which of bring perhaps best moderate to an an has that and solutions doing patients, for both in of for next use in had treatment the generation XXXX, everything we bamlanivimab impact is to case important to believe can we forward we years there will mild our molecule.

Puneet Souda

Thank Okay. you.

Operator

final Your Do question BMO. is with from Kim

Do Kim

taking ones your in when the congrats that economics. your my the downstream of wanted for completed hands some stage? you economics? discovery program that partner’s have development It how afternoon. I And from with like you the looks a want the those you tell I do good a sense program, move programs your participate start many last number forward of you downstream XX participate do a questions but partner haven’t in the Thanks and of the programs get are the year. what’s many graph that limited in your appreciate had of that to over contracts of year. visibility the gating to how downstream those currently us just past on Hi, and partner all cumulative about program? started, and you to that I last programs the factor takes And for ask provide the starts. progress us Could could

Andrew Booth

the that question. of here, take Yes. I’ll Thanks, Andrew Do. start

royalties how in and terms program that milestones of or downstream starts have XXXX, in XXXX. of economics. all the many of in believe do downstream So I them them

have for with programs on royalties. and do stopped where that any had them, Foundation executing XXXX. As haven’t I and we XXXX we that contracts say of downstream milestones call, mentioned would didn’t are & not but cetera, there on additional to like the Bill That’s those Gates cases in et in Melinda we

converted into an have previously the that really starts and of royalties. not variety. of we have of that the Overall, programs And You’ll contract downstream even have in of programs, got worked renewal will all do milestones did contract or on the expansion We even converted it. downstream and see have a milestones previously some increase under them which ones program royalties. that or forward, those an contract, in those XX going had really programs be the XXX that we

programs. more targets be is be it constraint on. would four what years, three or calling terms the to in would doing over a deals, the Normally asked work year an eight-target multi-year two for You of in these plan say multi-target that deal the customer us

XXX a we call team, to program. and we So would customer we target, the that’s that And work start work on the under market. that’s arrange then to anticipating it been contract be haven’t to is To-date, agree where do, it’s R&D actually programs for on I waiting say platform we take be that secured discovery backlog, how – the for really not our to constraints. a reagents, that’s with of a will capacity statement would future work us

in a start so. asked customer we been and a didn’t capacity situation where the us has haven’t do we So to have to

So with with teams, to our cetera, facilities. going be building et say the case the investments, to out that’s hope we always and the and capacity

get off we bit Carl a on customer, get maybe do about was programs over color. which you how pass progress to asked, once have you we – information through about give that question last of the information their to Now, to how our handed preclinical. we that I’ll do

Carl Hansen

Yes.

always a as a that the the more likely it’s pre-clinical in depends we earlier. and early the molecules If that ongoing question was that collaboration dialogue then of It the the very close ongoing through It with on an nature have about case think years. status is relationship. an multiple it’s to asked case. they’re I moving is question wasn’t the of more That targets, development.

And on of be then an to that we then insights, get will close either contractually we a update defined that have reporting back molecules once the keep we reach clinical publicly. can, we that. we on extent course And when again So that. milestones, eye technical or

Do Kim

on wanted of one clarify just your I answers. to

Just XX on program XX out to get that the starts Is the a of it have to XX? the want end many accumulated you have number participation? On how downstream that. of of those XXXX,

Carl Hansen

From I’m looks as about be think Yes. as you XX the sounds to graph, I well about looking the it and that are. at right. graph

and programs do might then don’t, the is that tell. XX, that I be like can So the XX, remainder it best that XX

the about that’s So ballpark.

Do Kim

of a of milestone that agreements requirement economics determines what level in Okay. and deal? for, the have indication with of of going the And the using these on partners, of part is in there follow-up payments variability terms just you of the And of that size are technologies the these of the the or the the a Is full or differences it partners’ stack it? economics? the the size partners

Carl Hansen

There’s Hansen several Carl here, factors. I’ll one. take that

that The deal not first same. is is that is it every case the the

the So of the a things sort we that to few according we’re the partner terms to right-size and value add onto that. to bringing color

and few agreement. in targets the as last of we larger products. We’ve most course program. difficult terms of terms in discovery would the toughest ultimate the you some be the of on that seen those expect worked most in which the those upwards class of in that stake seen very of in royalties, terms and the and important industry trend years, mentioned, development us includes ion the on, particular, targets the in part term targets, sales the programs channels. differences GPCRs terms difficulty Over success any I to of We’ve value for connected the successfully would in the of a or important also view depending such Naturally in as and the a we’ve to as

reflect the our will move of upwards. forward we increase and integration amount the both those other deals naturally data rodents the terms of that other will through then of as as platform addition programs which of the technologies alluded that humanized we you and and the element such that include add Trianni, to OrthoMab is The continue the through development, to bispecifics expect

of and the is for all growth on. those in the a course as terms I in and business most for mentioned, a of royalty. eye those size we of seeing are so the success we our close us that And that And is reasons, participation important one keep

Do Kim

and questions my taking for congrats, Thanks Great. again.

Operator

there call And over At this for Carl time, turn further back questions. Hansen the I’ll are remarks. closing no to

Carl Hansen

exciting joining for updated This future AbCellera our looking all on is progress forward we’re you us time on for Thank an to keeping everyone. calls. you and today. Thanks

Operator

Ladies and you gentlemen, participating. call. this conference concludes Thank today’s for

You may now disconnect.

AbCellera Biologics (ABCL) 30 Mar 212020 Q4 Earnings call transcript