AbCellera Biologics Inc. (ABCL) stock did recovery in the after-hours trading on Monday, March 29, 2021. The stock gained 19.15% after losing 5.90% in the regular trading session on Monday.
Let’s have a look at the latest developments of ABCL
Financial results announcement
On March 29, 2021, ABCL announced financial results for the full year 2020.
2020 Financial highlights
- ABCL earned a revenue of $233.2 million in 2020 compared with $11.6 million in 2019.
- It spent $29.4 million in R&D expenses in 2020 as compared to $10.1 million in the prior year
- In 2020, G&A expenses were $11.9 million, as compared to $2.7 million in 2019.
- S&M expenses were $3.8 million in 2020, as compared to $1.3 million in 2019.
- ABCL had net earnings of $118.9 million in 2020 or $0.53 per share basic and $0.45 per share on a diluted basis compared with a net loss of $2.2 million or $0.01 per share on both a basic and diluted basis in 2019.
- As of December 31, 2020, AbCellera had cash and cash equivalents of $594.1million and $212.3 million in accrued accounts receivable, most of which have been received.
A recent discovery about Bamlanivimab with Etesevimab
On March 10, 2021, ABCL announced that bamlanivimab 700 mg and etesevimab 1400 mg together reduced COVID-19-related hospitalizations and deaths by 87% in high-risk patients recently diagnosed with COVID-19. The recent positive Phase 3 trial results will accelerate the adoption of antibody therapy globally.
Bamlanivimab (LY-CoV555) is a human antibody discovered by AbCellera and developed with ABCL stock Lilly.
Appointment of new chief technology officer
ABCL appointed Ester Falconer, Ph.D. as Chief Technology Officer effective January 28, 2021.
AbCellera is a Vancouver, British Columbia-based biotechnology firm established in 2012 that researches and develops human antibodies to address pandemics and common diseases. ABCL stock is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA’s Biological Technologies Office. AbCellera partners with drug developers of all sizes, from large pharmaceuticals to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development.
Conclusion: The strong yearly financial results and recent breakthrough trial results about the antibody therapy are helping ADCL stock to climb up the ladder.