AbCellera (NASDAQ: ABCL) 2025 results show revenue jump and strong liquidity
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
AbCellera Biologics Inc. reported full-year 2025 revenue of $75.1 million, up sharply from $28.8 million in 2024, while remaining loss-making as it ramps internal R&D. Net loss was $146.4 million, or $(0.49) per share, improving from a $162.9 million loss, or $(0.55) per share, in 2024.
Research and development expenses rose to $186.8 million as the company emphasized its own pipeline, while SG&A declined slightly to $83.2 million. Fourth-quarter 2025 revenue was $44.9 million, mostly from an upfront patent litigation settlement, with a quarterly net loss of $8.9 million, or $(0.03) per share.
The company highlighted its transition to a clinical-stage biotech, with ABCL635 moving into the Phase 2 portion of a Phase 1/2 trial and ABCL575 in a Phase 1 trial. Two additional candidates, ABCL688 and ABCL386, entered IND/CTA-enabling activities. As of December 31, 2025, AbCellera reported $561 million in cash, cash equivalents, and marketable securities plus about $135 million in available non-dilutive government funding, for roughly $700 million of total liquidity to support its strategy and planned clinical milestones.
Positive
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Negative
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Insights
AbCellera grew revenue and advanced its pipeline but remains in investment mode with sizable losses.
AbCellera delivered strong top-line growth in 2025, with total revenue rising to
R&D expenses climbed to
Strategically, AbCellera transitioned to a clinical-stage profile with ABCL635 in a Phase 1/2 program and ABCL575 in Phase 1, plus two candidates in IND/CTA-enabling work. Management cites about
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________
FORM 8-K
__________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 24, 2026
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(Exact name of registrant as specified in its charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition
On February 24, 2026, AbCellera Biologics Inc. (the “Company”), issued a press release announcing its financial and operational results for the year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 7.01 Regulation FD
In connection with its earnings call on February 24, 2026, to discuss its results for the year ended December 31, 2025, the Company will utilize a corporate presentation, a copy of which is furnished herewith as Exhibit 99.2.
The information in Items 2.02 and 7.01 of this Form 8-K (including the exhibits attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release issued by AbCellera Biologics Inc. on February 24, 2026. | |||||||
| 99.2 | Corporate Presentation. | |||||||
| 104 | Cover Page Interactive Data File (embedded as Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: February 24, 2026 | ABCELLERA BIOLOGICS INC. | |||||||
| By: | /s/ Carl L. G. Hansen | |||||||
| Carl L. G. Hansen, Ph.D. | ||||||||
Chief Executive Officer and Director (Principal Executive Officer) | ||||||||
NEWS RELEASE
AbCellera Reports Full Year 2025 Business Results
02/24/2026
VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the full year 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“In 2025, AbCellera successfully delivered on all its corporate priorities, transitioned to a clinical-stage biotech company, and ended the year with approximately $700 million in available liquidity to execute on our strategy,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “We entered 2026 with a fully built platform, a growing pipeline with multiple potential first-in-class programs and important near-term clinical readouts, and sufficient liquidity to fund well beyond the next three years of pipeline investments.”
FY 2025 Business Summary
●Earned $75.1 million in total revenue.
●Generated a net loss of $146.4 million, compared to a net loss of $162.9 million in 2024.
●Advanced two programs, ABCL635 and ABCL575, into clinical trials:
●ABCL635 entered the Phase 2 portion of a Phase 1/2 clinical trial at the end of 2025.
●ABCL575 is progressing through a Phase 1 clinical trial.
●Advanced two development candidates, ABCL688 and ABCL386, into IND/CTA-enabling activities.
●Completed multi-year platform investments and opened clinical manufacturing facility.
●Expanded the leadership team with the appointment of Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer.
●Reached a cumulative total of 104 partner-initiated program starts with downstreams.
●Reporting a cumulative total of 19 molecules to have reached the clinic.
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Business Metrics
| Cumulative Metrics | December 31, 2024 | December 31, 2025 | Change % | ||||||||
| Partner-initiated program starts with downstreams | 96 | 104 | 8 | % | |||||||
| Molecules in the clinic | 16 | 19 | 19 | % | |||||||
In 2025, AbCellera started discovery on eight additional partner-initiated programs with downstreams to reach a cumulative total of 104 partner-initiated program starts with downstreams (up from 96 on December 31, 2024). AbCellera and its partners have advanced a cumulative total of 19 molecules into the clinic (up from 16 on December 31, 2024).
Discussion of FY 2025 Financial Results
●Revenue – Total revenue was $75.1 million, compared to $28.8 million in 2024.
●Research & Development (R&D) Expenses – R&D expenses were $186.8 million, compared to $167.3 million in 2024. A greater proportion of R&D expenses are used on internal programs, including $21.0 million of specific investments in internal programs in 2025.
●Sales, General & Administrative (SG&A) Expenses – SG&A expenses were $83.2 million, compared to $85.5 million in 2024.
●Net Loss – Net loss of $146.4 million, or $(0.49) per share on a basic and diluted basis, compared to net loss of $162.9 million, or $(0.55) per share on a basic and diluted basis, in 2024.
●Liquidity – $561 million of total cash, cash equivalents, and marketable securities and approximately $135 million in available non-dilutive government funding, bringing total available liquidity to approximately $700 million to execute on AbCellera's strategy.
Q4 Highlights and Financial Results
●Initiated Phase 2 portion of ABCL635 clinical trial.
●Advanced ABCL386 into IND/CTA-enabling activities.
●Reporting the advancement of one molecule into the clinic by a partner.
●Revenue for the fourth quarter of 2025 was $44.9 million, primarily related to an upfront settlement payment from our patent litigation, representing 60% of total revenue for 2025.
●Operating expenses totaled $73.4 million in the fourth quarter, or 25% of the total for 2025, and included investments made in co-development and internal programs.
●The net loss for the fourth quarter was $8.9 million, or $(0.03) per share, on a basic and diluted basis.
Conference Call and Webcast
AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
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The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call.
About AbCellera Biologics Inc.
AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody-based medicines in the areas of endocrinology, women’s health, immunology, oncology, and more. For more information, please visit www.abcellera.com.
Definition of Business Metrics
We regularly review the following business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops.
Partner-initiated program starts with downstreams represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term.
Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached "open" status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.
AbCellera Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.
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In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
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AbCellera Biologics Inc.
Consolidated Statements of Loss and Comprehensive Loss
(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.)
| Year ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Revenue: | |||||||||||||||||
| Research fees | $ | 35,556 | $ | 26,284 | $ | 27,208 | |||||||||||
| Milestone payments | 1,500 | 1,500 | 1,000 | ||||||||||||||
| Licensing and royalty revenue | 969 | 1,049 | 46,920 | ||||||||||||||
| Total revenue | 38,025 | 28,833 | 75,128 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
Research and development(1) | 175,658 | 167,259 | 186,829 | ||||||||||||||
Sales, general, and administrative(1) | 75,179 | 85,490 | 83,231 | ||||||||||||||
| Depreciation, amortization, and impairment | 24,395 | 90,850 | 22,171 | ||||||||||||||
| Total operating expenses | 275,232 | 343,599 | 292,231 | ||||||||||||||
| Loss from operations | (237,207) | (314,766) | (217,103) | ||||||||||||||
| Other (income) expense: | |||||||||||||||||
| Interest income | (42,247) | (38,473) | (28,329) | ||||||||||||||
| Grants and incentives | (14,155) | (13,620) | (13,890) | ||||||||||||||
| Other | (6,776) | (62,278) | 2,711 | ||||||||||||||
| Total other income | (63,178) | (114,371) | (39,508) | ||||||||||||||
| Loss before income tax | (174,029) | (200,395) | (177,595) | ||||||||||||||
| Income tax recovery | (27,631) | (37,538) | (31,183) | ||||||||||||||
| Net loss | $ | (146,398) | $ | (162,857) | $ | (146,412) | |||||||||||
| Foreign currency translation adjustment | (329) | (2,658) | 144 | ||||||||||||||
| Comprehensive loss | $ | (146,727) | $ | (165,515) | $ | (146,268) | |||||||||||
| Net loss per share | |||||||||||||||||
| Basic | $ | (0.51) | $ | (0.55) | $ | (0.49) | |||||||||||
| Diluted | $ | (0.51) | $ | (0.55) | $ | (0.49) | |||||||||||
| Weighted-average common shares outstanding | |||||||||||||||||
| Basic | 289,166,486 | 294,327,532 | 298,707,082 | ||||||||||||||
| Diluted | 289,166,486 | 294,327,532 | 298,707,082 | ||||||||||||||
(1) Exclusive of depreciation, amortization, and impairment
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AbCellera Biologics Inc.
Consolidated Balance Sheets
(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)
| December 31, 2024 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 156,325 | $ | 128,513 | ||||
| Marketable securities | 469,289 | 405,313 | ||||||
| Total cash, cash equivalents, and marketable securities | 625,614 | 533,826 | ||||||
| Accounts and accrued receivable | 33,616 | 58,293 | ||||||
| Restricted cash | 25,000 | 25,000 | ||||||
| Other current assets | 67,140 | 111,113 | ||||||
| Total current assets | 751,370 | 728,232 | ||||||
| Long-term assets: | ||||||||
| Property and equipment, net | 340,429 | 428,003 | ||||||
| Intangible assets, net | 42,113 | 38,381 | ||||||
| Goodwill | 47,806 | 47,806 | ||||||
| Investments in equity accounted investees | 82,297 | 62,580 | ||||||
| Other long-term assets | 96,538 | 51,948 | ||||||
| Total long-term assets | 609,183 | 628,718 | ||||||
| Total assets | $ | 1,360,553 | $ | 1,356,950 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and other current liabilities | $ | 55,004 | $ | 50,781 | ||||
| Contingent consideration payable | 8,087 | — | ||||||
| Deferred revenue | 13,521 | 13,526 | ||||||
| Total current liabilities | 76,612 | 64,307 | ||||||
| Long-term liabilities: | ||||||||
| Operating lease liability | 60,743 | 137,403 | ||||||
| Deferred government contributions | 149,893 | 174,453 | ||||||
| Deferred tax liability | 10,052 | 9,115 | ||||||
| Other long-term liabilities | 7,169 | 4,768 | ||||||
| Total long-term liabilities | 227,857 | 325,739 | ||||||
| Total liabilities | 304,469 | 390,046 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Common shares: no par value, unlimited authorized shares at December 31, 2024 and December 31, 2025: 295,757,002 and 300,600,710 shares issued and outstanding at December 31, 2024 and December 31, 2025, respectively | 777,171 | 802,341 | ||||||
| Additional paid-in capital | 166,361 | 198,279 | ||||||
| Accumulated other comprehensive loss | (4,378) | (4,234) | ||||||
| Accumulated earnings (deficit) | 116,930 | (29,482) | ||||||
| Total shareholders' equity | 1,056,084 | 966,904 | ||||||
| Total liabilities and shareholders' equity | $ | 1,360,553 | $ | 1,356,950 | ||||
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AbCellera Biologics Inc.
Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
| December 31, 2023 | December 31, 2024 | December 31, 2025 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net loss | $ | (146,398) | $ | (162,857) | $ | (146,412) | |||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||
| Depreciation of property and equipment | 12,758 | 12,537 | 18,439 | ||||||||||||||
| Amortization and impairment of intangible assets | 11,637 | 78,312 | 3,732 | ||||||||||||||
| Amortization of operating lease right-of-use assets | 6,499 | 6,149 | 6,650 | ||||||||||||||
| Stock-based compensation | 64,183 | 67,581 | 55,792 | ||||||||||||||
| Fair value (gain) loss on contingent consideration and investments | (8,018) | (64,727) | 4,529 | ||||||||||||||
| Other | 2,237 | (19,708) | (3,331) | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Research fees and grants receivable | (45,933) | (75,119) | (55,623) | ||||||||||||||
| Income taxes (payable) receivable | 30,464 | 6,651 | (29,843) | ||||||||||||||
| Accounts payable and accrued liabilities | (15,104) | 10,635 | 3,457 | ||||||||||||||
| Deferred revenue | (13,976) | (7,931) | (2,195) | ||||||||||||||
| Deferred grant income | 39,521 | 33,967 | (3,638) | ||||||||||||||
| Other assets | 18,253 | 5,954 | 17,148 | ||||||||||||||
| Net cash used in operating activities | (43,877) | (108,556) | (131,295) | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchases of property and equipment | (76,947) | (78,396) | (42,772) | ||||||||||||||
| Purchase of marketable securities | (1,021,510) | (765,086) | (436,044) | ||||||||||||||
| Proceeds from marketable securities | 910,937 | 937,882 | 506,072 | ||||||||||||||
| Receipt of grant funding | 25,311 | 35,708 | 21,343 | ||||||||||||||
| Distribution from equity accounted investees | — | — | 30,113 | ||||||||||||||
| Investment in and loans to equity accounted investees | (13,690) | (19,626) | (7,137) | ||||||||||||||
| Proceeds from repayment of loan from joint venture partner | — | — | 33,268 | ||||||||||||||
| Long-term investments and other assets | (45,209) | 10,927 | (17,093) | ||||||||||||||
| Net cash provided by (used in) investing activities | (221,108) | 121,409 | 87,750 | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Payment of liability for in-licensing agreement and other | (1,234) | (729) | (15,649) | ||||||||||||||
| Proceeds from long-term liabilities and other | 11,590 | 13,498 | 29,731 | ||||||||||||||
| Net cash provided by financing activities | 10,356 | 12,769 | 14,082 | ||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 589 | (2,617) | 1,097 | ||||||||||||||
| Increase (decrease) in cash and cash equivalents | (254,040) | 23,005 | (28,366) | ||||||||||||||
| Cash and cash equivalents and restricted cash, beginning of period | 414,650 | 160,610 | 183,615 | ||||||||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 160,610 | $ | 183,615 | $ | 155,249 | |||||||||||
| Restricted cash included in other assets | 2,290 | 2,290 | 1,736 | ||||||||||||||
| Total cash, cash equivalents, and restricted cash shown on the balance sheet | $ | 158,320 | $ | 181,325 | $ | 153,513 | |||||||||||
| Supplemental disclosure of non-cash investing and financing activities | |||||||||||||||||
| Property and equipment in accounts payable | 13,625 | 12,767 | 1,995 | ||||||||||||||
| Right-of-use assets obtained in exchange for operating lease obligation | 1,199 | 1,898 | 76,118 | ||||||||||||||
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Inquiries
Media: Tiffany Chiu; media@abcellera.com, +1(236)521-6774
Partnering: Murray McCutcheon, Ph.D.; partnering@abcellera.com, +1(604)559-9005
Investor Relations: Peter Ahn; ir@abcellera.com, +1(778)729-9116
Partnering: Murray McCutcheon, Ph.D.; partnering@abcellera.com, +1(604)559-9005
Investor Relations: Peter Ahn; ir@abcellera.com, +1(778)729-9116
Source: AbCellera Biologics Inc.
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CO PY RI GH T © A BC EL LE RA FEBRUARY 24, 2026 FULL YEAR 2025 BUSINESS UPDATE
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this presentation represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. DISCLAIMER This presentation contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this presentation other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. 2 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e
3 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e We successfully transitioned to a clinical-stage biotech while delivering on all corporate priorities and maintaining our strong liquidity position. ABCL635 Phase 1 clinical trials initiated (June 2025) ABCL575 Phase 1 clinical trials initiated (July 2025) Completed platform investments by the first half of the year Initiated activities at the new clinical manufacturing facility Nominated two development candidates for CTA-enabling studies (ABCL688 & ABCL386) in available liquidity to execute on our strategy ~$700M 2025 FULL YEAR RECAP As of December 31, 2025
4 CO PY RI GH T © A BC EL LE RA MOLECULE TARGET THERAPEUTIC AREA STAGE Discovery IND-Enabling Phase 1 Phase 2 Phase 3 ABCL635 NK3R Endocrinology & Women’s Health ABCL575 OX40L Immunology & Inflammation ABCL688 Undisclosed GPCR / ion channel Autoimmunity ABCL386 Undisclosed Oncology Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Two programs in the clinic, two programs in IND/CTA-enabling activities, and 20+ programs in discovery. INTERNAL PIPELINE 20+ discovery programs in the pipeline 2025 2026 2025 2026 2025 2026 Program progress At Q4 2025At Q4 2024 MOLECULE TARGET THERAPEUTIC AREA STAGE Discovery IND-Enabling Phase 1 Phase 2 Phase 3 ABCL635 NK3R Endocrinology & Women’s Health ABCL575 OX40L Immunology & Inflammation ABCL688 Undisclosed GPCR / ion channel Autoimmunity ABCL386 Undisclosed Oncology 2025 2026 2025 2026
5 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e In Phase 2 clinical trial with readout anticipated in Q3 2026. ABCL635 NK3R Antagonist Success in the Phase 1/2 study would be data that supports our Target Product Profile: Dosing flexibility with a once monthly subcutaneous self-injection A differentiated safety profile with reduced toxicities & side effects Comparable efficacy to approved small molecules INTERNAL PIPELINE
6 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Q1 Q2 Q3 Q4 Two readouts in 2026 & potential for multiple catalysts in 2027. 2026 ABCL635 Menopausal VMS ABCL635 VMS in Oncology ABCL575 Immunology & Inflammation ABCL386 Oncology ABCL688 Autoimmunity New Development Candidate Development candidate selection Phase 1/2 Phase 1 Additionally, 20+ discovery programs in the pipeline anticipated to produce 1-2 development candidates per year IND-enabling IND-enabling 2027 Late stage development of ABCL635 in menopausal VMS Potential Catalysts in 2027 Initiation of Phase 2 studies of ABCL635 in oncology VMS Options for further development or out-licensing of ABCL575 IND submissions and initiation of Phase 1/2 study in patients for ABCL688, ABCL386 and a new development candidate Readout Readout
7 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Advance pipeline to key data readouts for ABCL635 and ABCL575, and set up for additional three INDs in 2027. Nominate at least 1 additional development candidate for IND-enabling activities 2026 PRIORITIES ABCL635 Phase 1 clinical trials topline readout in H2 2026 ABCL575 Phase 1 clinical trials topline readout in H2 2026 ABCL688 progressing through IND-enabling studies ABCL386 progressing through IND-enabling studies
8 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e FULL YEAR 2025 FINANCIALS UPDATE
9 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e We have the capabilities and the capital to execute on our strategy. * As of December 31, 2025 in total available government funding*~$140M in total cash, cash equivalents, & marketable securities*~$560M in available liquidity to execute on our strategy*~$700M
10 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e PARTNER-INITIATED PROGRAM STARTS WITH DOWNSTREAMS Cumulative # of MOLECULES IN THE CLINIC Cumulative # of As of December 31, 2025. Historical results are not necessarily indicative of future results. Continuing portfolio advances with two AbCellera-led programs in the clinic. AbCellera-led Partner-led 2 4 6 8 10 12 14 16 18 20 0 2015 17 18 19 20 21 22 23 24 25 19 16 10 20 30 40 50 60 70 80 90 100 110 0 16 17 18 19 20 21 22 23 24 25 104 2015 Notable Updates on Molecule This Quarter’s Update ABCL635 Phase 2 initiated (January 2026) Undisclosed Dechra/Invetx Pivotal studies initiated AB-3028 Arsenal Bio IND authorized MOLECULES IN THE CLINIC
11 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Partner-initiated programs continue to progress towards the clinic. PARTNER-INITIATED PROGRAMS WITH DOWNSTREAM PARTICIPATION*Cumulative # of *Excludes AbCellera-initiated and Trianni-license program. As of December 31, 2025. Historical results are not necessarily indicative of future results. 104 6 84 50 14 34 37 5 6 Understood to be Progressing In Progress AbCellera Leading or Co-Leading Work Partner Leading Work AbCellera Started Transferred to Partner Clinical Development Preclinical Development Discovery Not Expected to Progress Not Expected to Progress
12 CO PY RI GH T © A BC EL LE RA RESEARCH & DEVELOPMENT SALES, GENERAL & ADMIN Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Operating expenses reflect R&D investments. Operating Expenses USDRevenue USD MILESTONES RESEARCH FEES LICENSING AND ROYALTY $1.0M $46.9M $26.3M $27.2M 2024 $28.8M $75.1M 2025 20252024 $167.3M $186.8M +$19.6M 20252024 $85.5M $83.2M -$2.3M
13 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Net loss of $146M; equivalent to ($0.49) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC AND DILUTED 2024 2025 ($162.9M) ($146.4M) 2024 2025 ($0.55) ($0.49)
14 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Approximately $560M in total cash, equivalents, and marketable securities. Cash Flows USD * Restricted cash (including restricted cash in other assets)
15 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e THANK YOU
FAQ
How did AbCellera (ABCL) perform financially in full-year 2025?
AbCellera’s 2025 revenue rose to $75.1 million, up from $28.8 million in 2024, driven partly by a Q4 patent litigation settlement. The company reported a net loss of $146.4 million, or $(0.49) per share, a modest improvement from a $162.9 million loss in 2024.
What were AbCellera (ABCL)’s key R&D and operating expense trends in 2025?
In 2025, AbCellera increased R&D expenses to $186.8 million, up from $167.3 million, reflecting higher investment in internal programs. SG&A expenses decreased slightly to $83.2 million from $85.5 million, signaling some cost discipline outside research while the company builds its pipeline.
What is AbCellera (ABCL)’s liquidity position at the end of 2025?
As of December 31, 2025, AbCellera reported $561 million in cash, cash equivalents, and marketable securities plus about $135 million of available non-dilutive government funding. This results in roughly $700 million of total liquidity to support its strategy and upcoming clinical development plans.
How advanced is AbCellera (ABCL)’s internal drug pipeline entering 2026?
AbCellera entered 2026 as a clinical-stage biotech, with ABCL635 in the Phase 2 portion of a Phase 1/2 trial and ABCL575 in a Phase 1 trial. Two additional candidates, ABCL688 and ABCL386, moved into IND/CTA-enabling activities, alongside 20+ discovery-stage programs.
What business metrics did AbCellera (ABCL) report for partner programs and molecules in the clinic?
By December 31, 2025, AbCellera reached 104 partner-initiated program starts with downstreams, up from 96 a year earlier. The company and its partners had advanced a cumulative total of 19 molecules into the clinic, an increase from 16 at the end of 2024.
What were AbCellera (ABCL)’s key fourth-quarter 2025 financial results?
In Q4 2025, AbCellera generated $44.9 million in revenue, largely from an upfront patent litigation settlement, representing 60% of full-year revenue. Operating expenses were $73.4 million, and the company recorded a net loss of $8.9 million, or $(0.03) per share.
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Abcellera Biologics Inc.
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Feb 24, 2026
AbCellera Reports Full Year 2025 Business Results
ABCL Latest SEC Filings
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[10-K] AbCellera Biologics Inc. Files Annual Report