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This statistic highlights AbCellera Biologics’ Revenue by Segment, split between Research fees, Licensing revenue, Royalty revenue, and Milestone payments, reported on a quarterly basis from Q1 2020 onwards.
The following table highlights AbCellera Biologics’ Revenue by Segment in Q3 2020, Q2 2021 & Q3 2021:
|Segment||Q3 2020||Q1 2021||Q2 2021||Q3 2021||Contribution in Q3 2021|
(All figures are in thousands, except percentages)
On a QoQ basis, there was a decline of more than 80% in the total revenue generated. Even on a YoY basis, there was half as much (about 41%) decline in the total revenue generated. The decrease was a result of a reduction in milestone payments that had been received in the prior period. However, it was partially offset by an increase in research fees.
Notably, in Q1 2021, there was a huge increase of 2012%, against $9.6 million in Q4 2020. This was mainly because:
Research fees primarily consist of technology access fees. These are generally generated upon execution of partnership agreements. It even includes discovery research fees, which are generated through the performance of antibody discovery research for their partners. To date, AbCellera Biologics primarily generates revenue from drug discovery partnerships in the form of royalties and research fees. Even in the most recent quarter, more than 93% of the total revenue came from this segment.
This revenue is recognized in the period when the discovery work is performed. The price generally includes fixed fees due at contract inception as well as fixed fees payable at the beginning and end of different phases of the discovery. On a QoQ basis, the revenue from this segment was reduced by 1.7%. However, on a YoY basis, there was a growth of 17.6% in the revenue generated.
Licensing revenue is primarily generated from licensing of humanized rodent platform, Trianni. The intellectual property as well as issued patents and pending applications of Trianni are acquired by AbCellera. In March 2021, they entered the first-ever licensing agreement with Gilead Sciences, Inc. This even included a multi-year, multi-target antibody discovery collaboration and access to Trianni. Under the financial terms of the agreements, AbCellera will receive an upfront payment and milestone payments along with royalties based on the development and commercialization of antibodies generated by them.
This revenue is recognized from non-refundable, up-front fees when the license is transferred to the customer and they can use and benefit from the license. On a QoQ basis, this segment was reduced by more than 27%.
This segment comprises royalty payments that AbCellera receives on their partners’ commercial sales of the molecules that are discovered by them.
This revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by their corporate partners occur. On a QoQ basis, this segment declined by 99%.
The partnership agreements of AbCellera also entitle them to receive payments upon the satisfaction of clinical, approval, and commercial milestones. These are referred to as milestone payments which are long-term, additional payments. In Q3 2021, they received no milestone payment.
About the Company
AbCellera Biologics is a biotechnology company that is listed on NASDAQ with the stock ticker ABCL. They aim to improve health with technologies that transform the way that antibody-based therapies are discovered. AbCellera aims to become the centralized operating system for next-generation antibody discovery.
AbCellera even has an artificial intelligence-powered drug discovery platform, that searches and analyzes the database of natural immune systems to find antibodies that can be developed as drugs. This technology is believed to increase the speed and the probability of success of therapeutic antibody discovery.
They forge partnerships with drug developers of all sizes, from large-cap pharmaceuticals to small biotechnology companies, instead of advancing their own clinical pipeline of drug candidates. In a collaboration with Eli Lilly and Company, they co-developed two therapeutic antibodies to treat and prevent COVID-19. Bamlanivimab was the first antibody therapy for COVID-19 to reach the clinic and the first to receive Emergency Use Authorization (EUA) by the U.S. FDA.
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