VANCOUVER, British Columbia--(BUSINESS WIRE)--February 24, 2026--
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.
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).
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.
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.
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
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
============== ==============
AbCellera Biologics Inc.
Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
December 31, December 31, December 31,
2023 2024 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224767346/en/
CONTACT: 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
Source: AbCellera Biologics Inc.
(END) Dow Jones Newswires
February 24, 2026 16:05 ET (21:05 GMT)
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