AbCellera Biologics Inc.

What AbCellera does

• Clinical-stage biotechnology company focused on discovering and developing first-in-class antibody medicines for indications with high unmet medical need.
• Platform and capabilities:
  • Integrated antibody discovery and development platform aimed at challenging targets such as GPCRs and ion channels, and modalities including multispecifics and antibody-drug conjugates.
  • Combination of proprietary technology, specialized teams, and in-house infrastructure to advance programs from target to clinic.
  • Data-driven pipeline with AI and computational tools integrated into experimental workflows.
• Internal pipeline:
  • ABCL635: NK3R-targeting antibody for non-hormonal treatment of vasomotor symptoms (VMS) in menopause. Phase 1/2 in Canada; topline data expected Q3 2026.
  • ABCL575: OX40L-targeting antibody for atopic dermatitis and other immunology/inflammation indications. Phase 1 in Canada; topline data expected Q4 2026.
  • ABCL688: IND/CTA-enabling program with undisclosed target; planned Phase 1/2 initiation in 2027.
  • ABCL386: IND/CTA-enabling program with undisclosed target; planned Phase 1/2 initiation in 2027.
• Manufacturing and platforms:
  • Opened a 130,000 sq ft clinical manufacturing facility in Vancouver in 2025 to increase control of supply chain, accelerate timelines, and strengthen IP protection.
  • Trianni-derived capabilities (Trianni mouse) and other platforms support discovery and development, including multispecifics and T-cell engager programs.
• Business and strategy:
  • Historically ran partnered discovery programs with downstream participation through milestones, royalties, equity, and other arrangements.
  • Since 2023–2024, shifted toward building and advancing AbCellera-owned internal drug assets while maintaining selective partner collaborations.
  • Pipeline and partnerships span endocrinology, women’s health, immunology, autoimmunity, and oncology.
• Geography and people:
  • Headquartered in Canada with operations in Canada, the United States, and Australia.
  • Approximately 562 full-time employees as of December 31, 2025, representing over 42 nationalities.
  • Team composition: ~65% scientists, 13% engineers and data scientists, 22% business professionals.

Key metrics and financial position (year ended December 31, 2025)

• Liquidity:
  • Approximately $700 million in available liquidity to fund operations and pipeline plans.
  • Company states liquidity is sufficient to fund operations beyond the next three years.
• Profitability and cash flow:
  • Net loss: $146.4 million for the year ended December 31, 2025; $162.9 million for 2024.
  • Accumulated losses: $29.5 million (as of December 31, 2025).
  • Accumulated earnings (from 2024): $116.9 million.
  • Company expects losses and negative operating cash flow in the near-to-medium term, with future revenues anticipated from out-licensing, milestones, and royalties over time.
• Partnered programs and downstream economics:
  • Started 104 partner-initiated programs with downstream participation as of December 31, 2025.
  • Average royalty rate across 104 programs: 3.3%.
  • 2015–2019 contracts: mean royalty ~2.4% (37 programs).
  • 2020–2025 contracts: mean royalty ~4.2% (104 programs, including the Eli Lilly collaboration on bamlanivimab/bebtelovimab).
  • About 25% of programs signed 2020–2025 have potential royalty rates above 5.0%.
  • Value drivers include program starts, probability of success, development timelines, upfront payments, royalties, and other downstream stakes.
• Internal pipeline economics:
  • ABCL635 and ABCL575 are the leading AbCellera-led programs anticipated to generate topline data in 2026.
  • IND/CTA filings are anticipated for ABCL688 and ABCL386 in 2027, followed by clinical development.
• Intellectual property:
  • Owns or exclusively licenses more than 110 issued or allowed patents and more than 50 pending patent applications worldwide.
  • Patent portfolio covers discovery capabilities, the Trianni platform, and multiple antibody-related technologies.
  • Notable licenses and portfolios include UBC (microfluidics and single-cell sequencing IP), Lineage (immune repertoire sequencing), OrthoMab (UNC agreement and related patents), Trianni, and others (e.g., Alloy Therapeutics).
  • Patent families generally expire through the 2030s, subject to extensions and country-specific terms.
• Regulatory and development considerations:
  • As a clinical-stage company with no marketed drugs, the path to approval requires extensive preclinical and clinical work, manufacturing validation, and post-approval obligations.
  • Company faces clinical development risks such as enrollment, safety signals, regulatory review, and ongoing compliance.

Summary highlights

• Core business: Discovery and development of antibody medicines, with a platform focused on challenging targets (GPCRs, ion channels) and modalities including multispecifics.
• Internal assets: ABCL635 (VMS) and ABCL575 (atopic dermatitis/immunology) with topline data expected in 2026; ABCL688 and ABCL386 are in IND/CTA-enabling activities with 2027 timelines.
• Manufacturing: 130,000 sq ft clinical manufacturing facility in Vancouver to accelerate timelines and protect IP.
• Financial position: Approximately $700 million in liquidity; reported net losses of $146.4 million (2025) and $162.9 million (2024); plan to monetize downstream rights through partnerships, milestones, and royalties.
• People and footprint: 562 full-time employees across Canada, Australia, and the U.S.; diverse workforce with a strong emphasis on scientific and engineering roles.
• IP and partnerships: Large, multi-faceted IP portfolio (110+ issued/licensed patents, 50+ pending) and significant in-licensing relationships supporting the platform.
• Partner footprint: 104 partner-initiated programs with downstream participation as of year-end 2025, providing a broad basis for future downstream revenues dependent on partner development progress.