2024-05-16 08:39:00 ET
Summary
- AbCellera's valuation has shrunk by 80% since its IPO due to the withdrawal of its COVID antiviral, bamlanivimab.
- The company reported Q1 2024 revenues of $10 million, down from $12.2 million in the prior year period.
- AbCellera is focusing on completing its discovery engine and attracting partnerships to succeed long-term.
- The company has had to reset in the absence of Eli Lilly-partnered bamlanivimab - and its valuation is mainly supported by a health cash position of >$750m.
- It is going to take time to find the "blockbuster" drug candidate of Big Pharma partner willing to pay upfront fees, hence a "hold" recommendation.
Investment Overview AbCellera's Valuation Shrinks But Discovery Engine Nears Completion
AbCellera, the Vancouver, Canada based drug development specialist focused on antibody medicines, announced its Q1 2024 earnings last week....
Read the full article on Seeking Alpha
For further details see:
AbCellera: If You Build It, Will They Come? Fresh Impetus Required