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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________
FORM 8-K
__________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 3, 2023
__________________________________________
AbCellera Biologics Inc.
(Exact name of registrant as specified in its charter)
__________________________________________
British Columbia 001-39781 Not Applicable
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
2215 Yukon Street
Vancouver, BC
V5Y 0A1
(Address of registrant’s principal executive office) (Zip code)
(604) 559-9005
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common shares ABCL The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company  o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On August 3, 2023, AbCellera Biologics Inc., (the “Company”), issued a press release announcing its financial and operational results for the quarter ended June 30, 2023.



Item 2.02    Results of Operations and Financial Condition
A copy of the press release is furnished herewith as Exhibit 99.1.
Item 7.01    Regulation FD Disclosure
In connection with its earnings call on August 3, 2023, to discuss its results for the quarter ended June 30, 2023, the Company will utilize a corporate presentation, a copy of which is furnished herewith as Exhibit 99.2.
The information in Items 2.02 and 7.01 of this Form 8-K (including the exhibits attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
Item 9.01    Financial Statements and Exhibits
(d)Exhibits
Exhibit
No.
Description
99.1
99.2
104 Cover Page Interactive Data File (embedded as Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 3, 2023 ABCELLERA BIOLOGICS INC.
 
By: /s/ Carl L. G. Hansen
Carl L. G. Hansen, Ph.D.
Chief Executive Officer and Director
(Principal Executive Officer)

EX-99.1 2 q22023earningspressrelease.htm EX-99.1 Document
capture.jpg





NEWS RELEASE


AbCellera Reports Q2 2023 Business Results

08/03/2023



●Total revenue of $10 million, compared to $46 million in Q2 2022
●Total cumulative partnered program starts of 106, up 20% from Q2 2022
●Net loss of $0.11 per share on a basic and diluted basis, compared to a net loss of $0.02 per share on a basic and diluted basis in Q2 2022

VANCOUVER, British Columbia, August 3, 2023 -- AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2023. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

“In the second quarter we secured over $220 million in strategic financing from the Governments of Canada and British Columbia to accelerate the execution of our strategy. When combined with our cash, cash equivalents, and marketable securities of over $800 million this brings our total available liquidity to over $1 billion,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “By strengthening our liquidity position, our discovery and development engine, and our portfolio, this funding will drive value in multiple dimensions of our business, including advancing more pre-partnered programs to the clinic.”

Q2 2023 Business Summary
●Earned $10.1 million in total revenue.
●Generated a net loss of $30.5 million, compared to a net loss of $6.8 million in Q2 2022.
●Maintained a cumulative total of 177 programs under contract with 41 different partners.
●Reached a cumulative total of 106 partnered program starts.
●Continuing to report nine molecules cumulatively advanced to the clinic.
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Key Business Metrics
Cumulative Metrics June 30, 2022 June 30, 2023 Change %
Number of discovery partners 38 41 %
Programs under contract 164 177 %
Partnered program starts 88 106 20  %
Molecules in the clinic 6 9 50  %

AbCellera maintained a cumulative total of 177 programs under contract (up from 164 on June 30, 2022) that are either completed, in progress, or under contract with 41 different partners as of June 30, 2023 (up from 38 on June 30, 2022). AbCellera started discovery on an additional five partner-initiated programs to reach a cumulative total of 106 partnered program starts in Q2 2023 (up from 88 on June 30, 2022). AbCellera’s partners have advanced a cumulative total of nine molecules into the clinic (up from six on June 30, 2022).

Discussion of Q2 2023 Financial Results
●Revenue – Total revenue was $10.1 million, compared to $45.9 million in Q2 2022. The partnership business generated research fees of $9.8 million, compared to $12.5 million in Q2 2022. Licensing revenue was $0.2 million.
●Research & Development (R&D) Expenses – R&D expenses were $36.5 million, compared to $26.7 million in Q2 2022, reflecting continued growth in program execution and platform development.
●Sales & Marketing (S&M) Expenses – S&M expenses were $3.8 million, compared to $3.1 million in Q2 2022. The increase reflects continued investments in business development.
●General & Administrative (G&A) Expenses – G&A expenses were $15.5 million, compared to $14.4 million in Q2 2022, with the increase driven by investments to support the growth of the company.
●Net Loss – Net loss of $30.5 million, or $(0.11) per share on a basic and diluted basis, compared to a net loss of $6.8 million, or $(0.02) per share on a basic and diluted basis in Q2 2022.
●Liquidity – $822.9 million of total cash, cash equivalents, and marketable securities.
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.
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AbCellera is breaking the barriers of conventional antibody discovery to bring better medicines to patients, sooner. AbCellera’s engine integrates expert teams, technology, and facilities with the data science and automation needed to propel antibody-based medicines from target to clinic in nearly every therapeutic area with precision and speed. AbCellera provides innovative biotechs and leading pharmaceutical companies with a competitive advantage that empowers them to move quickly, reduce cost, and tackle the toughest problems in drug development. 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.
Number of discovery partners represents the unique number of partners with whom we have executed partnership contracts. We view this metric as an indication of the competitiveness of our engine and our level of market penetration. The metric also relates to our opportunities to secure programs under contract.
Programs under contract represent the number of antibody development programs that are under contract for delivery of discovery research activities. A program under contract is counted when a contract is executed with a partner under which we commit to discover or deliver antibodies against one selected target. A target is any relevant antigen for which a partner seeks our support in developing binding antibodies. We view this metric as an indication of commercial success and technological competitiveness. It further relates to revenue from access fees. The cumulative number of programs under contract with downstream participation is related to our ability to generate future revenue from milestone payments and royalties.
Partnered program starts represent the number of unique programs under contract 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 our operational capacity to execute on programs under contract. It is also an indication of the selection and initiation of discovery projects by our partners and the resulting potential for near-term payments. Cumulatively, partnered program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties 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 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.
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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.
Source: AbCellera Biologics Inc.

Inquiries
Media: Jessica Yingling, Ph.D.; media@abcellera.com, +1 (236) 521-6774
Business Development: Murray McCutcheon, Ph.D.; bd@abcellera.com, +1 (604) 559-9005
Investor Relations: Josephine Hellschlienger, Ph.D.; ir@abcellera.com, +1 (778) 729-9116
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AbCellera Biologics Inc.
Condensed 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)
(Unaudited)
Three months ended June 30, Six months ended June 30,
2022 2023 2022 2023
Revenue:
Research fees $ 12,538  $ 9,830  $ 21,871  $ 20,400 
Licensing revenue 147  226  377  598 
Milestone payments 1,250 
Royalty revenue 33,232  340,249 
Total revenue 45,917  10,056  362,497  22,248 
Operating expenses:
Royalty fees 5,210  49,847 
Research and development(1)
26,685  36,473  53,052  89,120 
Sales and marketing(1)
3,120  3,841  5,490  7,612 
General and administrative(1)
14,412  15,521  28,680  30,655 
Depreciation and amortization 4,886  5,610  8,875  11,124 
Total operating expenses 54,313  61,445  145,944  138,511 
Income (loss) from operations (8,396) (51,389) 216,553  (116,263)
Other (income) expense
Interest (income) (1,414) (10,779) (2,079) (20,537)
Grants and incentives (1,535) (4,576) (6,730) (7,951)
Other 1,439  1,970  1,438  (1,624)
Total other (income) (1,510) (13,385) (7,371) (30,112)
Net earnings (loss) before income tax (6,886) (38,004) 223,924  (86,151)
Income tax (recovery) expense (101) (7,476) 62,136  (15,513)
Net earnings (loss) $ (6,785) $ (30,528) $ 161,788  $ (70,638)
Foreign currency translation adjustment (211) 122  296  (508)
Comprehensive income (loss) $ (6,996) $ (30,406) $ 162,084  $ (71,146)
Net earnings (loss) per share attributable to common shareholders
Basic $ (0.02) $ (0.11) $ 0.57  $ (0.24)
Diluted $ (0.02) $ (0.11) $ 0.52  $ (0.24)
Weighted-average common shares outstanding
Basic 284,686,542 288,905,587 284,292,312 288,357,081
Diluted 284,686,542 288,905,587 313,361,183 288,357,081

(1) Exclusive of depreciation and amortization
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AbCellera Biologics Inc.
Condensed Consolidated Balance Sheet
(All figures in U.S. dollars. Amounts are expressed in thousands except share data)
(Unaudited)
December 31, 2022 June 30, 2023
Assets
Current assets:
Cash and cash equivalents $ 386,535  $ 179,747 
Marketable securities 499,950  615,947 
Total cash, cash equivalents, and marketable securities 886,485  795,694 
Accounts and accrued receivable 38,593  45,678 
Restricted cash 25,000  25,000 
Other current assets 75,413  64,363 
Total current assets 1,025,491  930,735 
Long-term assets:
Property and equipment, net 217,255  259,640 
Intangible assets, net 131,502  126,747 
Goodwill 47,806  47,806 
Investments in and loans to equity accounted investees 72,522  58,792 
Other long-term assets 46,331  113,446 
Total long-term assets 515,416  606,431 
Total assets $ 1,540,907  $ 1,537,166 
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and other liabilities $ 33,150  $ 52,395 
Contingent consideration payable 44,211  54,874 
Accrued royalties payable 19,347  3,094 
Deferred revenue 21,612  8,542 
Total current liabilities 118,320  118,905 
Long-term liabilities:
Operating lease liability 76,675  78,079 
Deferred revenue 19,516  27,716 
Deferred government contributions 40,801  76,354 
Contingent consideration payable 16,054  5,774 
Deferred tax liability 33,178  33,178 
Other long-term liabilities 3,086  2,333 
Total long-term liabilities 189,310  223,434 
Total liabilities 307,630  342,339 
Commitments and contingencies
Shareholders' equity:
Common shares: no par value, unlimited authorized shares at December 31, 2022 and June 30, 2023: 286,851,595 and 289,189,469 shares issued and outstanding at December 31, 2022 and June 30, 2023, respectively
734,365  744,756 
Additional paid-in capital 74,118  96,423 
Accumulated other comprehensive (loss) (1,391) (1,899)
Accumulated earnings 426,185  355,547 
Total shareholders' equity 1,233,277  1,194,827 
Total liabilities and shareholders' equity $ 1,540,907  $ 1,537,166 
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AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars)
(Unaudited)
Six months ended June 30,
2022 2023
Cash flows from operating activities:
Net earnings (loss) $ 161,788  $ (70,638)
Cash flows from operating activities:
Depreciation of property and equipment 3,681  5,810 
Amortization of intangible assets 5,213  5,314 
Amortization of operating lease right-of-use assets 2,120  3,252 
Stock-based compensation 24,404  31,873 
Other (298) (4,429)
Changes in operating assets and liabilities:
Accounts and accrued research fees receivable (6,963) (24,269)
Accrued royalties receivable 106,583  9,260 
Income taxes payable 52,251  22,884 
Accounts payable and accrued liabilities (1,882) (2,827)
Deferred revenue (2,979) (4,870)
Accrued royalties payable 28,049  (16,253)
Deferred grant income 5,406  25,566 
Other assets (4,139) (4,833)
Net cash provided by (used in) operating activities 373,234  (24,160)
Cash flows from investing activities:
Purchases of property and equipment (45,817) (42,185)
Purchase of marketable securities (134,306) (528,891)
Proceeds from marketable securities 145,808  422,814 
Receipt of grant funding 8,098  7,693 
Long-term investments and other assets (11,657) (36,757)
Investment in and loans to equity accounted investees (15,694) (6,673)
Net cash used in investing activities (53,568) (183,999)
Cash flows from financing activities:
Payment of liability for in-licensing agreement and contingent consideration (4,133) (677)
Proceeds (repayment) from long-term debt and exercise of stock options 2,175  638 
Net cash used in financing activities (1,958) (39)
Effect of exchange rate changes on cash and cash equivalents (1,411) 584 
Increase (decrease) in cash and cash equivalents 316,297  (207,614)
Cash and cash equivalents and restricted cash, beginning of period 501,142  414,651 
Cash and cash equivalents and restricted cash, end of period $ 817,439  $ 207,037 
Restricted cash included in other assets 1,824  2,290 
Total cash, cash equivalents, and restricted cash shown on the balance sheet $ 815,615  $ 204,747 
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable 2,146  11,718 
Right-of-use assets obtained in exchange for operating lease obligation 796  2,945 

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EX-99.2 3 abcelleraq22023businessu.htm EX-99.2 abcelleraq22023businessu
CO PY RI GH T © A BC EL LE RA Q2 2023 BUSINESS UPDATE AUGUST 3, 2023


 
CO PY RI GH T © A BC EL LE RA DISCLAIMER 2 This presentation 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 beliefs and assumptions and on information currently available to management. All statements contained in this presentation 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 presentation 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. Q2 2 02 3 BU SI NE SS U PD AT E


 
CO PY RI GH T © A BC EL LE RA Q 2 2 0 2 3 . B U S I N E S S U P D AT E S U M M A R Y. CONTINUED PROGRESS IN BUILDING ABCELLERA’S HIGH-VALUE PORTFOLIO 3 Q2 2 02 3 BU SI NE SS U PD AT E CO PY RI GH T © A BC EL LE RA cumulative programs under contract in total cash, cash equivalents & marketable securities cumulative partnered programs started molecules in the clinic $823M 106 177 9


 
CO PY RI GH T © A BC EL LE RA 4 AbCellera’s end market is antibody medicines. Q2 2 02 3 BU SI NE SS U PD AT E M A R K E T O P P O RT U N I T Y. ~$400BCommercial Antibody Medicines Therapeutic Antibodies in the Clinic Antibody Discovery ~$6BPrograms Per Year


 
CO PY RI GH T © A BC EL LE RA 5 Q2 2 02 3 BU SI NE SS U PD AT E AbCellera secures ~$220M in non-dilutive funding to accelerate execution of strategy and bring programs into clinic with high capital efficiency. ~$100M~$190M~$220M Total Project Investments ~$520M Lab & Office Construction Discovery & Pre-clinical Development Clinical Studies Stronger engine. Enhanced portfolio. Allows us to offer highly differentiated end-to-end capabilities to select partners. Through the advancement of multiple wholly-owned pre-partnered programs from initiation all the way to Phase 1 clinical trials.


 
CO PY RI GH T © A BC EL LE RA 6 Q2 2 02 3 BU SI NE SS U PD AT E Funding will allow us to advance more pre-partnered programs, and we believe success in these programs will drive value in multiple dimensions of our business: Develop platform, including establishing integrated manufacturing capabilities. Government funding drives value in multiple dimensions of AbCellera’s business. Bring programs to value inflection points. Attract additional and higher-value partner- initiated programs.


 
CO PY RI GH T © A BC EL LE RA Q2 2023 FINANCIALS UPDATE


 
CO PY RI GH T © A BC EL LE RA 10 20 30 40 50 60 70 80 90 100 110 0 19 20 21 22 23 Q2 106 18172015 16 Strong portfolio growth. 8 FI NA NC IA LS Partnered Program Starts Cumulative # of + WITH downstream participation – WITHOUT downstream participation Molecules in the Clinic Cumulative # of Discovery Partners Programs Under Contract 177 Total # of Total # of 41 9 1 2 3 4 5 6 7 8 9 0 19 20 21 22 23 Q2 18172015 16 Q2 2 02 3 BU SI NE SS U PD AT E I I I I I I I I I I I I I Note: Showing year-end figures, except for most-recent quarter. Historical results are not necessarily indicative of future results.


 
CO PY RI GH T © A BC EL LE RA FINANCIALS 9 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS 9 molecules in the clinic. MOLECULE STAGE THERAPEUTIC AREA PARTNER PROGRAM TYPE bamlanivimab (LY-CoV555) Marketed, Emergency Use Authorization (EUA) • infectious disease: COVID-19 AbCellera pre-partnered program PARTNERED bebtelovimab (LY-CoV1404) Marketed, Emergency Use Authorization (EUA) • infectious disease: COVID-19 TAK-920/DNL919 Phase 1 • neurology: Alzheimer’s Disease AbCellera partner-initiated discovery undisclosed Phase 1 • neuroscience undisclosed Phase 1 • undisclosed undisclosed Trianni license NBL-012 Phase 1 • dermatology • gastrointestinal disease • immunology NBL-015/FL-301 Phase 1 • oncology NBL-020 IND/CTA authorized • oncology IVX-01 Clinical field study • animal health AbCellera partner-initiated discovery ~ :J E n 1\L I tea Xlnvetx As of June 30, 2023


 
CO PY RI GH T © A BC EL LE RA 10 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS $10M total revenue, predominantly from discovery activity. MILESTONES ROYALTIES LICENSING RESEARCH FEES Revenue USD Q2 2022 $45.9M Q2 2023 $0.2M $9.8M $10.1M ■ □ ■ ■


 
CO PY RI GH T © A BC EL LE RA 11 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS Operating expenses reflect ongoing investments. RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMIN Operating Expenses USD Q2 2022 Q2 2023 $3.1M $3.8M +$0.7M Q2 2022 Q2 2023 $14.4M $15.5M +$1.1M Q2 2023Q2 2022 $26.7M $36.5M +$9.8M


 
CO PY RI GH T © A BC EL LE RA 12 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS Net loss of $31M; equivalent to ($0.11) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC Q2 2022 Q2 2023 -$6.8M -$30.5M -$0.02 -$0.11 Q2 2022 Q2 2023 EARNINGS PER SHARE: DILUTED -$0.02 -$0.11 Q2 2022 Q2 2023


 
CO PY RI GH T © A BC EL LE RA 13 Q2 2 02 3 BU SI NE SS U PD AT E FI NA NC IA LS Over 800 million in total cash, equivalents, and marketable securities. Cash Flows USD INVESTING FINANCING $78M Other FX $616M Marketable Securities $180M Cash & Equivalents $500M Marketable Securities 2023-06-30 $106M Marketable Securities (net) OPERATING2022-12-31 $28M* $387M Cash & Equivalents $915M ($24M) ($184M) $0M $1M $823M $27M* -------------------------------- * Restricted cash (including restricted cash in other assets)


 
CO PY RI GH T © A BC EL LE RA 14 THANK YOU Q2 2 02 3 BU SI NE SS U PD AT E