The Vancouver-based biotech reported third-quarter net earnings of US$26.6 million compared to a net loss of US$21.4 million in the same three months last year, with nearly all of its US$101.4 million in revenue coming from royalties for one of its COVID-19 antibody therapies, bebtelovimab. (The Logic)

Talking point: Bebtelovimab is the company’s second antibody therapy in partnership with Eli Lilly. The U.S. agreed to purchase up to 600,000 doses for at least US$720 million in February after the U.S. Food and Drug Administration authorized it for emergency use. AbCellera’s first antibody treatment, bamlanivimab, had by then proved less effective against the Omicron variant. CEO Carl Hansen said in a conference call with analysts Tuesday that the company’s experiments suggest two new variants—BQ1 and BQ1.1—”are likely to be resistant to bebtelovimab.” Through its partnership with Eli Lilly, AbCellera has “identified a new lead antibody candidate that is highly potent and that we expect will be effective against” these and other variants, he said.