The Vancouver-based biotech company expects to pay about US$2.5 million in costs related to the layoffs, it said in a filing to the U.S. Securities and Exchange Commision. AbCellera also said it has enough money—more than US$1 billion in available liquidity—to execute its strategy beyond the next three years. (The Logic)

Talking point: The 63 layoffs mostly affect Vancouver employees and will take effect at the end of this month, said CEO Carl Hansen in an email to The Logic, leaving it with a staff of 580. AbCellera remains “committed to creating and maintaining more than 400 jobs in Canada,” as part of the investments it is making alongside funding from the B.C. and federal governments, he said. AbCellera has received hundreds of millions in total from both. The company reported a significant drop in revenue—nearly 94 per cent—in its most recent quarter and a net loss of US$28 million.