AbCellera Biologics Inc. (ABCL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$66.2M

Revenue growth

101.3%

Net income, last twelve months

-$164.7M

Earnings per share

-$0.54

Operating margin

-340.2%

Net margin

-248.8%

Free cash flow

-$119.7M

Return on equity

-18.4%

Market value

$4.2B

Cash

$120.1M

Debt

$0

Debt to equity

0.00

Shares outstanding

306.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Revenue fell to $4.1 million. The company reported total revenue of $4.1 million, against $17.1 million in Q2 2025.
• Net loss widened to $55.4 million. Net loss was $55.4 million, or $(0.18) per share, against a net loss of $34.7 million, or $(0.12) per share, in Q2 2025.
• Licensing revenue largely disappeared. Licensing and royalty revenue was $149 thousand, against $10.4 million in Q2 2025. Research fees were $3.9 million, against $6.6 million.
• ABCL635 Phase 2 data due August. The company expects top-line data from the ABCL635 Phase 2 trial in August 2026.
• ABCL635 Phase 2 enrollment completed. The CEO said enrollment for the ABCL635 Phase 2 study was completed last quarter and top-line data is expected very soon.
• ABCL575 Phase 1 dosing completed. Dosing for the Phase 1 study of ABCL575 is complete, with top-line data expected in Q4 2026.
• ABCL386 and ABCL688 in IND-enabling work. Programs ABCL386 and ABCL688 are progressing through IND-enabling activities. No date was given.
• Jazz T-cell engager collaboration. Jazz deal covers next-generation T-cell engagers for multiple gastrointestinal cancers and other solid tumors.
• Jazz upfront payments and milestones. The company is receiving $84 million in total upfront payments, with $56 million for the first two programs and $28 million for a third. It is eligible for up to $792 million per program in milestones.
• Vertex collaboration signed after quarter-end. On July 29, 2026 the company announced a collaboration with Vertex for multispecific T-cell engagers in autoimmune diseases and other conditions. It is receiving $28 million in total upfront payments.
• Two independent directors appointed. Victor Sandor and Lynn Seely were named independent directors of the board.
• R&D spend rose year on year. R&D expenses were $46.0 million, up from $39.2 million in Q2 2025.
• SG&A expenses fell sharply. SG&A expenses were $13.9 million, down from $22.0 million in Q2 2025.
• Depreciation and amortization rose. Depreciation and amortization was $7.0 million, up from $5.5 million. Total operating expenses were $66.8 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 63 held.

Every filing

The newest filings with the SEC of 146 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

177 funds held it at 30 Jun 2026: 70 added and 52 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

AbCellera Biologics is a clinical-stage biotechnology company that discovers and develops antibody medicines. It built an antibody discovery and development platform and used it for partners' programs from 2014. It has since shifted to building its own pipeline of drug candidates.

How the business is organised

The company has one operating segment. Its programs fall into two types. AbCellera-led programs are its own pipeline. Partner-led programs began with a partner bringing a target and AbCellera creating the antibody drug candidate. Revenue comes from research fees, milestone payments, and licensing and royalty revenue. The company says that in late 2023 it committed to moving from a partnership model to developing its own candidates, and that it completed this transition in mid 2025.

The internal pipeline

ABCL635 is an antibody against NK3R, a GPCR, for moderate-to-severe vasomotor symptoms (hot flashes) associated with menopause. It is in a Phase 1/2 trial in Canada. The Phase 2 portion is designed to enrol 80 postmenopausal women, and the company says it anticipates topline data in Q3 2026. The company describes it as a potential first-in-class non-hormonal medicine.

ABCL575 targets OX40 ligand for atopic dermatitis and is in a Phase 1 trial in Canada. The company discovered it during a collaboration with EQRx Inc. and took control of the program in September 2023. ABCL688 (autoimmunity) and ABCL386 (oncology) are in IND-enabling activities, and the company says it anticipates starting Phase 1/2 trials for both in 2027. The pipeline also includes more than 20 active discovery programs.

The platform

AbCellera discovers antibodies from natural immune responses. It says its advantage lies in integrating proprietary know-how, multidisciplinary teams, and physical infrastructure that carry a program from target to clinic. It uses AI and machine learning methods in nearly all of its programs.

The first is complex transmembrane targets such as GPCRs and ion channels, which account for about half of its internal programs. The second is multispecific antibodies, including T-cell engagers built on a panel of CD3-binding antibodies. In 2025 it completed a 130,000-square-foot clinical manufacturing facility in Vancouver, which it says gives it control of its supply chain compared with outsourcing. Its largest facilities are in Vancouver, Canada, and Sydney, Australia.

Partnerships and royalties

As of 31 December 2025, AbCellera had started 104 partner-initiated programs with downstream participation. For 84 it had completed the agreed work and handed the antibody sequences and data to the partner. In six it did not find antibodies that met the partner's specifications. Its technology, including the Trianni humanized rodent platform, has produced 19 molecules that reached the clinic. These include bamlanivimab and bebtelovimab, two COVID-19 antibodies developed with Eli Lilly and Company.

Partnership agreements commonly include near-term payments for access, research, and intellectual property rights. They also include clinical and commercial milestones and royalties on net sales. The company says most of the value of a deal sits in the downstream milestones and royalties. The mean royalty rate across the 104 programs is 3.3%.

In December 2025 the company settled patent litigation with Bruker. Bruker is to pay royalties on sales of its Beacon Optofluidic platform products under a patent license.

Competition and regulation

For ABCL635, the standard of care is menopause hormone therapy, and two non-hormonal medicines from Astellas and Bayer are approved in some geographies. For atopic dermatitis, approved antibody medicines come from Regeneron and Sanofi, Lilly, AbbVie, and Pfizer. The company also lists large and specialty pharmaceutical and biotechnology companies, academic institutions, and government agencies as potential competitors.

Its clinical trials in Canada are overseen by Health Canada, which authorised both Clinical Trial Applications in May 2025. It is also subject to rules from the FDA and the European Commission. It owned or exclusively licensed more than 110 issued or allowed patents and more than 50 pending patent applications worldwide. Its core microfluidic patents are licensed from the University of British Columbia under a licence signed in December 2013.

Its people

The team was about 65% scientists, 13% engineers and data scientists, and 22% business professionals. Over 55% of team members hold a Master's degree or a Ph.D., and the team represents over 42 nationalities. Share options and restricted share units are granted to all employees.

*From AbCellera's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm)*

From the company's 10-K.