VANCOUVER, BC – AbCellera Biologics Inc. (NASDAQ:ABCL) convened its Annual Meeting of Shareholders on Thursday, where attendees voted on key proposals, including the election of board directors and executive compensation. The meeting's outcomes were disclosed in a recent 8-K filing with the U.S. Securities and Exchange Commission.
The shareholders elected Véronique Lecault, Ph.D., and Andrew Lo, Ph.D., as Class I directors for a three-year term expiring in 2027. Dr. Lecault received 167,328,506 votes for, 6,868,582 against, and 15,059,808 abstentions. Dr. Lo garnered 152,914,311 votes for, 6,017,047 against, and 30,325,538 abstentions. There were 23,405,619 broker non-votes for each director nominee.
Additionally, the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 211,978,251 votes for, 306,801 against, and 377,463 abstentions.
The non-binding advisory vote on the compensation of the company's named executive officers, known as the Say-on-Pay proposal, also passed. It received 176,566,724 votes for, 7,454,852 against, and 5,235,320 abstentions, with the same number of broker non-votes as the director elections.
In other recent news, AbCellera Biologics reported Q1 2024 results, indicating a net loss of $41 million while maintaining a strong financial position with $725 million in cash and equivalents. The company is actively seeking strategic partnerships, particularly for access to its T-Cell Engagers platform, and is progressing with its internal molecule, ABCL635.
KeyBanc Capital Markets has maintained an Overweight rating on AbCellera, despite lowering the price target to $7 from the previous $8. The firm's analyst cited a positive outlook on the company's future, emphasizing AbCellera's transition to a crucial stage in its growth.
AbCellera is reportedly enhancing its manufacturing capabilities and is expected to start process development activities and pilot runs, with a Good Manufacturing Practice facility projected to be operational towards the end of 2025. The company is also actively working on its internal pipeline, reallocating resources to advance its two programs, ABCL635 and ABCL575, both of which are slated to enter clinical trials in 2025.
The company has announced a new collaboration with Biogen Inc (NASDAQ:BIIB). to discover antibodies for neurological conditions and has formed partnerships with Viking Global Investors & ArrowMark Partners to launch new biotech ventures. These recent developments underscore the firm's commitment to growth and innovation in the biotechnology sector.
InvestingPro Insights
As AbCellera Biologics Inc. (NASDAQ:ABCL) continues to navigate the pharmaceutical industry, investors are keeping a keen eye on the company's financial health and market performance. According to the latest data from InvestingPro, AbCellera has a market capitalization of approximately $983.61 million and is trading near its 52-week low, with a price to book ratio over the last twelve months as of Q1 2024 standing at 0.87, suggesting that the market may be undervaluing the company's assets relative to its share price.
Despite the challenges, an InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which could provide some financial flexibility in the short term. Additionally, AbCellera's liquid assets exceed its short-term obligations, indicating a stable liquidity position. However, it's important to note that analysts have recently revised their earnings expectations downwards for the upcoming period, and the company is not expected to be profitable this year. Investors may find more detailed analysis and additional InvestingPro Tips, such as the fact that the company does not pay a dividend and has not been profitable over the last twelve months, by visiting InvestingPro. For those interested in a deeper dive, there are 7 additional tips available on InvestingPro.
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