AbCellera Biologics (ABCL) stock plunged 5.82% in pre-market trading on Friday, following the company's fourth-quarter and full-year 2024 financial results. Despite reporting progress in advancing its pipeline, ABCL posted a wider net loss for the year compared to 2023.
For the full year 2024, AbCellera reported revenue of approximately $29 million, primarily from research fees on partnered programs, down from $38 million in the previous year. The company recorded a net loss of roughly $163 million, compared to a loss of about $146 million in 2023.
However, AbCellera made strides in progressing its internal pipeline during the year. The company announced that its two lead antibody programs, ABCL635 and ABCL575, are positioned for clinical trial application (CTA) filings in the second quarter of 2025. Behind these, AbCellera has a robust portfolio of more than 20 preclinical programs.
Additionally, AbCellera completed its move into a new headquarters and is on track to bring its clinical manufacturing facility online in 2025. The company also entered into a new partnership with AbbVie to leverage its T-cell engager (TCE) platform, which it views as a source for internal programs and future collaborations.
Despite the wider net loss for the year, AbCellera closed 2024 with over $650 million in cash and equivalents, providing a strong financial position to execute its strategy of transitioning into a clinical-stage biotech company.
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