Abdera Therapeutics, Inc.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the full year 2024. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. “In 2024 we made significant progress in transitioning from a platform company to a clinical-stage biotech, including advancing our internal pipeline and completing significant investments in our capabilities. We also maintained our strong cash position, closing the year with over $800 million in available liquidity to execute on our strategy,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “As a result, we enter 2025 on track to initiate Phase 1 clinical trials for our first two programs, ABCL635 and ABCL575, and to start activities in our new clinical manufacturing facility.” FY 2024 Business Summary Earned $28.8 million in total revenue. Generated a net loss of $162.9 million, compared to net loss of $146.4 million in 2023. Reached a cumulative total of 96 partner-initiated program starts with downstreams. Reporting the advancement of three additional molecules in the clinic, bringing the cumulative total to 16 molecules to have reached the clinic. Key Business Metrics Cumulative Metrics December 31, 2023 December 31, 2024 Change % Partner-initiated program starts with downstreams 87 96 10 % Molecules in the clinic 13 16 23 % AbCellera started discovery on an additional nine partner-initiated programs with downstreams to reach a cumulative total of 96 partner-initiated program starts with downstreams in 2024 (up from 87 on December 31, 2023). AbCellera’s partners have advanced a cumulative total of 16 molecules into the clinic (up from 13 on December 31, 2023). Discussion of FY 2024 Financial Results Revenue – Total revenue was$28.8 million, compared to $38.0 million in 2023. In both periods, the majority of revenues were research fees generated by our partnerships. Research & Development (R&D) Expenses – R&D expenses were $167.3 million, compared to $175.7 million in 2023, reflecting underlying continued growth in program execution, platform development, and investments in internal programs. Sales & Marketing (S&M) Expenses – S&M expenses were $12.8 million, compared to $14.2 million in 2023. General & Administrative (G&A) Expenses – G&A expenses were $72.7 million, compared to $61.0 million in 2023. Net Loss – Net loss of $162.9 million, or $(0.55) per share on a basic and diluted basis, compared to net loss of $146.4 million, or $(0.51) per share on a basic and diluted basis, in 2023. Liquidity –$652.9 million of total cash, cash equivalents, and marketable securities and approximately $186 million in available non-dilutive government funding, bringing total available liquidity to approximately $840 million to execute on AbCellera's strategy. Q4 Highlights and Financial Results Abdera advanced ABD-147 into a Phase 1 clinical trial. AbCellera is a founding partner in Abdera, has a low-single-digit royalty stake in Abdera’s programs, and has a mid-single-digit equity ownership position. Reporting the advancement of two Trianni-license molecules into the clinic. Started one partner-initiated program with downstreams. Revenue for the fourth quarter of 2024 was $5.1 million, the majority of which was research fees generated by our partnerships, representing 18% of total revenue for 2024. Operating expenses totaled $77.8 million in the fourth quarter, or 23% of the total for 2024, and included investments made in co-development and internal programs. The net loss for the fourth quarter was $34.2 million, or $(0.12) per share, on a basic and diluted basis. Conference Call and Webcast AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call. About AbCellera Biologics Inc. AbCellera (Nasdaq: ABCL) discovers and develops antibody medicines for indications across therapeutic areas including cancer, metabolic and endocrine conditions, and autoimmune disorders. AbCellera integrates technology, data science, infrastructure, and interdisciplinary teams to solve the most challenging antibody discovery problems. AbCellera is focused on advancing an internal pipeline of first-in-class and best-in-class programs and collaborating on innovative drug development programs with partners. For more information, please visit www.abcellera.com. Definition of Key Business Metrics We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops. Partner-initiated program starts with downstreams represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term. Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached "open" status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term. AbCellera Forward-Looking Statements This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. AbCellera Biologics Inc. Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.) Year ended December 31, 2022 2023 2024 Revenue: Research fees $ 40,802 $ 35,556 $ 26,284 Licensing revenue 696 969 1,049 Milestone payments 900 1,500 1,500 Royalty revenue 443,026 — — Total revenue 485,424 38,025 28,833 Operating expenses: Royalty fees 66,436 — — Research and development(1) 107,879 175,658 167,259 Sales and marketing(1) 11,270 14,180 12,779 General and administrative(1) 55,485 60,999 72,711 Depreciation, amortization, and impairment 27,843 24,395 90,850 Total operating expenses 268,913 275,232 343,599 Income (loss) from operations 216,511 (237,207 ) (314,766 ) Other (income) expense Interest income (16,079 ) (42,247 ) (38,473 ) Grants and incentives (10,554 ) (14,155 ) (13,620 ) Other 4,045 (6,776 ) (62,278 ) Total other income (22,588 ) (63,178 ) (114,371 ) Net earnings (loss) before income tax 239,099 (174,029 ) (200,395 ) Income tax (recovery) expense 80,580 (27,631 ) (37,538 ) Net earnings (loss) $ 158,519 $ (146,398 ) $ (162,857 ) Foreign currency translation adjustment (1,671 ) (329 ) (2,658 ) Comprehensive income (loss) $ 156,848 $ (146,727 ) $ (165,515 ) Net earnings (loss) per share Basic $ 0.56 $ (0.51 ) $ (0.55 ) Diluted $ 0.50 $ (0.51 ) $ (0.55 ) Weighted-average common shares outstanding Basic 285,056,606 289,166,486 294,327,532 Diluted 314,827,255 289,166,486 294,327,532 (1) Exclusive of depreciation, amortization, and impairment AbCellera Biologics Inc. Consolidated Balance Sheets (All figures in U.S. dollars. Amounts are expressed in thousands except share data.) December 31, 2023 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 133,320 $ 156,325 Marketable securities 627,265 469,289 Total cash, cash equivalents, and marketable securities 760,585 625,614 Accounts and accrued receivable 30,590 33,616 Restricted cash 25,000 25,000 Other current assets 55,810 67,140 Total current assets 871,985 751,370 Long-term assets: Property and equipment, net 287,696 340,429 Intangible assets, net 120,425 42,113 Goodwill 47,806 47,806 Investments in equity accounted investees 65,938 82,297 Other long-term assets 94,244 96,538 Total long-term assets 616,109 609,183 Total assets $ 1,488,094 $ 1,360,553 Liabilities and shareholders' equity Current liabilities: Accounts payable and other current liabilities $ 49,580 $ 55,004 Contingent consideration payable 50,475 8,087 Deferred revenue 18,958 13,521 Total current liabilities 119,013 76,612 Long-term liabilities: Operating lease liability 71,222 60,743 Deferred revenue 8,195 5,700 Deferred government contributions 95,915 149,893 Contingent consideration payable 4,913 — Deferred tax liability 30,612 10,052 Other long-term liabilities 5,906 1,469 Total long-term liabilities 216,763 227,857 Total liabilities 335,776 304,469 Commitments and contingencies Shareholders' equity: Common shares: no par value, unlimited authorized shares at December 31, 2023 and December 31, 2024: 290,824,970 and 295,757,002 shares issued and outstanding at December 31, 2023 and December 31, 2024, respectively 753,199 777,171 Additional paid-in capital 121,052 166,361 Accumulated other comprehensive loss (1,720 ) (4,378 ) Accumulated earnings 279,787 116,930 Total shareholders' equity 1,152,318 1,056,084 Total liabilities and shareholders' equity $ 1,488,094 $ 1,360,553 AbCellera Biologics Inc. Consolidated Statement of Cash Flows (Expressed in thousands of U.S. dollars.) December 31, 2022 December 31, 2023 December 31, 2024 Cash flows from operating activities: Net earnings (loss) $ 158,519 $ (146,398 ) $ (162,857 ) Cash flows from operating activities: Depreciation of property and equipment 8,953 12,758 12,537 Amortization and impairment of intangible assets 18,890 11,637 78,312 Amortization of operating lease right-of-use assets 5,259 6,499 6,149 Stock-based compensation 49,481 64,183 67,581 Fair value (gain) loss on contingent consideration and investments 3,091 (8,018 ) (64,727 ) Other 3,342 2,237 (19,708 ) Changes in operating assets and liabilities: Research fee and grant receivable (22,715 ) (45,933 ) (75,119 ) Accrued royalties receivable 129,171 9,273 — Income taxes (payable) receivable (88,609 ) 30,464 6,651 Accounts payable and accrued liabilities (2,094 ) (15,104 ) 10,635 Deferred revenue 6,183 (13,976 ) (7,931 ) Deferred grant income 9,264 39,521 33,967 Other assets (1,375 ) 8,980 5,954 Net cash provided by (used in) operating activities 277,360 (43,877 ) (108,556 ) Cash flows from investing activities: Purchases of property and equipment (70,660 ) (76,947 ) (78,396 ) Purchase of intangible assets (2,000 ) (560 ) — Purchase of marketable securities (763,982 ) (1,021,510 ) (765,086 ) Proceeds from marketable securities 510,631 910,937 937,882 Receipt of grant funding 16,434 25,311 35,708 Investment in and loans to equity accounted investees (25,679 ) (13,690 ) (19,626 ) Long-term investments and other assets (17,369 ) (44,649 ) 10,927 Net cash provided by (used in) investing activities (352,625 ) (221,108 ) 121,409 Cash flows from financing activities: Payment of liability for in-licensing agreement and other (4,383 ) (1,234 ) (729 ) Proceeds from long-term liabilities and exercise of stock options 2,755 11,590 13,498 Net cash provided by (used in) financing activities (1,628 ) 10,356 12,769 Effect of exchange rate changes on cash and cash equivalents (9,599 ) 589 (2,617 ) Increase (decrease) in cash and cash equivalents (86,492 ) (254,040 ) 23,005 Cash and cash equivalents and restricted cash, beginning of period 501,142 414,650 160,610 Cash and cash equivalents and restricted cash, end of period $ 414,650 $ 160,610 $ 183,615 Restricted cash included in other assets 3,115 2,290 2,290 Total cash, cash equivalents, and restricted cash shown on the balance sheet $ 411,535 $ 158,320 $ 181,325 Supplemental disclosure of non-cash investing and financing activities Property and equipment in accounts payable 5,868 13,625 12,767 Right-of-use assets obtained in exchange for operating lease obligation 50,694 1,199 1,898 Inquiries Media: Tiffany Chiu; media@abcellera.com, +1(236)521-6774 Partnering: Murray McCutcheon, Ph.D.; partnering@abcellera.com, +1(604)559-9005 Investor Relations: Peter Ahn; ir@abcellera.com, +1(778)729-9116

SOUTH SAN FRANCISCO, Calif.--( BUSINESS WIRE )--Abdera Therapeutics Inc., a clinical-stage biopharmaceutical company leveraging its advanced antibody engineering ROVEr™ platform to design and develop tunable precision radiopharmaceuticals for cancer, today announced that Lori Lyons-Williams, president and chief executive officer, will present at the 43rd Annual J.P. Morgan Healthcare Conference on Monday, January 13, 2025 at 10:30 a.m. PT in San Francisco, CA. Ms. Lyons will detail the company’s progress including the recently initiated first-in-human Phase 1 clinical trial evaluating ABD-147 for the treatment of small cell lung cancer (SCLC) and large cell neuroendocrine carcinoma (LCNEC). The company also plans to share, for the first time publicly, preclinical data for ABD-320, which is currently in IND-enabling studies, and provide an update on expanded radiotherapeutic capabilities. About ABD-147 ABD-147 is a targeted radiopharmaceutical biologic therapy designed to deliver Actinium-225 ( 225 Ac), a highly potent alpha-emitting radioisotope, to solid tumors expressing delta-like ligand 3 (DLL3) with high affinity. DLL3 is a protein in the Notch pathway that is critical for the development and regulation of neuroendocrine versus epithelial cell differentiation in the lungs. In certain high grade neuroendocrine carcinomas including SCLC, DLL3 is upregulated and specifically expressed on the cell surface in more than 80% of cases. In contrast, DLL3 is absent or very rarely expressed on the surface of nonmalignant cells. Given the high specificity of DLL3 expression on cancer cells and the distinct mechanism of action, DLL3 represents a compelling target for treating SCLC and other DLL3+ solid tumors with targeted radiotherapy. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to ABD-147 for the treatment of patients with extensive stage small cell lung cancer (ES-SCLC) who have progressed on or after platinum-based chemotherapy and Orphan Drug Designation to ABD-147 for the treatment of neuroendocrine carcinoma. ABD-147 is currently being evaluated in a first-in-human Phase 1 clinical trial in patients with SCLC or LCNEC who have previously received platinum-based therapy. About ABD-320 ABD-320 is a targeted radiopharmaceutical biologic therapy designed to deliver Actinium-225 ( 225 Ac) to solid tumors expressing an undisclosed target that is widely prevalent and linked to poor outcomes in several different cancer types. ABD-320 was developed leveraging Abdera’s ROVEr™ platform and is custom-engineered to achieve an ideal balance of tumor uptake and retention while avoiding systemic radiotoxicities. ABD-320 represents the first therapy in development to address its undisclosed target. About Abdera Abdera Therapeutics is a clinical-stage biopharmaceutical company leveraging antibody engineering to design and develop new precision radiopharmaceuticals for cancer. Abdera’s R adio O ptimized V ector E nginee r ing (ROVEr™) proprietary platform enables the company to engineer potential best-in-class therapies for both clinically validated and novel targets that deliver potent radioisotopes capable of emitting alpha or beta particles to selectively destroy cancer cells. Abdera’s lead program, ABD-147, is a next-generation precision radiopharmaceutical biologic therapy designed to deliver Actinium-225 ( 225 Ac) to solid tumors expressing delta-like ligand 3 (DLL3) for the treatment of small cell lung cancer (SCLC) and large cell neuroendocrine carcinoma (LCNEC). Headquartered in South San Francisco, CA, Abdera also has offices in Vancouver, British Columbia, Canada. To learn more, please visit www.abderatx.com and follow us on LinkedIn and X .

SOUTH SAN FRANCISCO, Calif., Jan. 06, 2025 (GLOBE NEWSWIRE) -- RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients with inflammatory and immunological diseases, today announced the appointment of Lori Lyons-Williams as chair of its board of directors, succeeding William Rieflin, who stepped down from the board effective January 3, 2025. Mr. Rieflin will remain as a consultant for the company. “We are pleased to welcome Lori as chair of the board,” said Brian Wong, M.D., Ph.D., President and CEO of RAPT. “In the four years that Lori has served as a board member, she has provided invaluable guidance based on her leadership experience driving strategic and commercial success in both biotech and pharmaceutical companies. We look forward to her increased involvement as we pursue late-stage development and potential commercialization in the field of inflammatory diseases. We also thank Bill for his nine years on our board providing steady and wise counsel.” “It has been an honor and a pleasure to serve as chair of the RAPT board,” said Mr. Rieflin. “I have confidence in the board and the management team and believe that Lori has the skills and experience to help guide RAPT into the future.” Ms. Lyons-Williams, an industry veteran with more than 20 years of experience spanning multinational pharmaceutical and emerging biotech companies, is President and CEO of Abdera Therapeutics, a biopharmaceutical company leveraging antibody engineering to design and develop new precision radiopharmaceuticals for cancer. Previously, Lori was president and chief operating officer of Neumora Therapeutics and earlier served as chief commercial officer of Dermira, a biopharmaceutical company focused on immunology and medical dermatology, until its acquisition by Eli Lilly. Before that, she spent 15 years at Allergan in roles of increasing responsibility, where she successfully launched numerous commercial products, including multiple indications of BOTOX®. Lori currently serves on the boards of directors of Abdera Therapeutics and Contineum Therapeutics (Nasdaq: CTNM); she joined the RAPT board of directors in 2021. “I am excited to partner with Brian and his team as RAPT evolves as a company. I am particularly encouraged by the broad opportunity for RPT904 in food allergy and other allergic diseases as well as the promise and potential of the company’s CCR4-targeted drug candidates,” said Ms. Lyons-Williams. “I look forward to collaborating with my fellow board members as we continue to advance the company.” About RAPT Therapeutics, Inc.RAPT Therapeutics is a clinical-stage, immunology-based therapeutics company focused on discovering, developing and commercializing therapies for patients with inflammatory and immunological diseases. The company leverages its proprietary discovery and development platform to advance both biologics and selective small molecules aimed at normalizing critical immune drivers underlying these conditions. Forward-Looking StatementsThis press release contains forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future performances or achievements expressed or implied by the forward-looking statements. Each of these statements is based only on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the clinical development of RPT904, the commercial prospects of RPT904 and other statements that are not historical fact. Factors that may cause actual results to differ materially from the plans, intentions and expectations disclosed in these forward-looking statements include uncertainties inherent in the initiation, progress and completion of clinical trials and clinical development of RAPT’s product candidates; the risk that clinical trials may have unsatisfactory outcomes; risks associated with preclinical development of product candidates; risks that efforts to secure licensing and other business development opportunities may not be successful; and other important factors, detailed in RAPT’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and subsequent filings made by RAPT with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. RAPT disclaims any obligation to update these forward-looking statements. Investor Contact:Sylvia Wheelerswheeler@wheelhouselsa.com Media Contact: Aljanae Reynoldsareynolds@wheelhouselsa.com