-- ABCL635 demonstrated a favorable tolerability profile, with no observed
liver toxicity, and achieved potent and sustained reductions in
biomarkers of target engagement.
-- Ended Q1 2026 with total available liquidity of approximately $655
million.
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 11, 2026--
AbCellera (Nasdaq: ABCL) today announced financial results for the first quarter of 2026 and positive interim results from the Phase 1 portion of its ongoing Phase 1/2 clinical trial of ABCL635. ABCL635 is a potential first-in-class antibody targeting the neurokinin 3 receptor (NK3R) for the treatment of moderate-to-severe vasomotor symptoms (VMS) associated with menopause. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
"We are excited to share interim Phase 1 data that show ABCL635 achieved robust NK3R target engagement at doses that were well-tolerated in healthy volunteers and a pharmacokinetic profile that may support a once monthly dosing regimen. We look forward to the efficacy readout from the Phase 2 data in Q3, which we believe will be highly de-risking for the program," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "Through 2026 we are focused on delivering data readouts for our clinical programs, advancing ABCL688 and ABCL386 into IND-enabling studies, and selecting at least one additional development candidate. We continue to maintain our strong cash position, ending the quarter with approximately $655 million dollars in available liquidity to execute on our strategy."
Q1 2026 Business Summary and Program Updates
-- ABCL635 and ABCL575 continued to progress through clinical trials.
-- ABCL386 and ABCL688 are progressing through IND-enabling activities.
-- Generated a net loss of $43.2 million, compared to a net loss of $45.6
million in Q1 2025.
-- Ended the quarter with approximately $655 million in total available
liquidity to execute on our strategy.
Clinical Update: ABCL635 Interim Phase 1 Data
Study Design
The Phase 1 trial of ABCL635 (NCT07118891) is a randomized, double-blind, placebo-controlled study designed to evaluate single and multiple doses of ABCL635 in healthy volunteers. A total of 40 healthy men and postmenopausal women were enrolled in the single ascending dose (SAD) part and treated with single doses ranging from 30 mg to 900 mg. The multiple ascending dose (MAD) part enrolled a total of 16 postmenopausal women who received multiple once monthly doses ranging from 300 mg to 600 mg.
Study Results
The interim Phase 1 data supported advancing ABCL635 into Phase 2. Data from the MAD part remain blinded, with safety follow-up visits ongoing. The unblinded interim data from the SAD part demonstrated the following:
-- A favorable tolerability profile: ABCL635 was well-tolerated across all
doses, with no serious adverse events or elevations in liver enzymes.
Treatment-emergent adverse events were generally mild and transient.
-- A pharmacokinetic profile that supports monthly dosing: ABCL635
exhibited an estimated half-life of 24 days, supporting the potential
for a once monthly subcutaneous dose.
-- Strong suppression of biomarkers of target engagement: To confirm
target engagement of NK3R on kisspeptin, neurokinin B, and dynorphin
(KNDy) neurons in the infundibular nucleus of the hypothalamus,
testosterone, a clinically validated surrogate biomarker of NK3R
antagonism, was measured in male volunteers. ABCL635 demonstrated
sustained and dose-dependent suppression of testosterone over a four-week
period.
Based on these data, AbCellera advanced ABCL635 into a Phase 2 study, as announced earlier this year. The Phase 2 is a multicenter, randomized, double-blind, placebo-controlled trial with approximately 80 postmenopausal women designed to evaluate the efficacy of ABCL635 in reducing the frequency and severity of moderate-to-severe VMS.
Business Metrics
December 31, 2025 March 31, 2026
----------------- --------------
Partner-led programs with downstreams 44 40
In the clinic 5 5
In discovery or preclinical
development 39 35
Molecules in the clinic with
downstreams 14 14
Beginning in Q1 2026, AbCellera is reporting new business metrics to focus on programs and molecules with downstream participation which are believed to be progressing. At the end of Q1 2026, partners led 40 programs which AbCellera believes to be progressing and where AbCellera holds a downstream stake (down from 44 on December 31, 2025). In total, AbCellera held downstream stakes in 14 molecules in the clinic understood to be progressing on March 31, 2026.
Discussion of Q1 2026 Financial Results
-- Revenue -- Total revenue was $8.3 million, compared to $4.2 million in
Q1 2025.
-- Research & Development (R&D) Expenses -- R&D expenses were $46.7
million, compared to $42.5 million in Q1 2025.
-- Sales, General, & Administrative (SG&A) Expenses -- SG&A expenses were
$12.3 million, compared to $19.1 million in Q1 2025.
-- Net Loss -- Net loss of $43.2 million, or $(0.14) per share on a basic
and diluted basis, compared to net loss of $45.6 million, or $(0.15) per
share on a basic and diluted basis, in Q1 2025.
-- Liquidity -- $531 million of total cash, cash equivalents, and
marketable securities and approximately $124 million in available
non-dilutive government funding, bringing total available liquidity to
approximately $655 million to execute on AbCellera's strategy.
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 ABCL635
ABCL635 is a potential first-in-class antibody drug for the non-hormonal treatment of moderate-to-severe VMS, commonly known as hot flashes, associated with menopause. ABCL635 specifically targets NK3R, a clinically validated G protein-coupled receptor $(GPCR)$ expressed on KNDy neurons in the infundibular nucleus of the hypothalamus. ABCL635 is the first program from AbCellera's GPCR and ion channel platform to advance into the pipeline, entering the clinic in July 2025. Additional details are available at www.abcellera.com/pipeline.
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.
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, other factors, and definition of our business metrics 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.
Condensed Consolidated Statements of Loss and Comprehensive Loss
(All figures in U.S. dollars. Amounts are expressed in thousands
except share and per share data.)
(Unaudited)
Three months ended March 31,
------------------------------------
2025 2026
------------------ ----------------
Revenue:
Research fees $ 4,068 $ 8,124
Licensing and royalty
revenue 167 191
------------- ------------
Total revenue 4,235 8,315
Operating expenses:
Research and development(1) 42,496 46,662
Sales, general, and
administrative(1) 19,068 12,334
Depreciation and
amortization 5,331 6,838
------------- ------------
Total operating expenses 66,895 65,834
------------- ------------
Loss from operations (62,660) (57,519)
Other income:
Interest and other (5,523) (3,643)
Grants and incentives (4,153) (4,339)
------------- ------------
Total other income (9,676) (7,982)
------------- ------------
Loss before income tax (52,984) (49,537)
Income tax recovery (7,363) (6,372)
------------- ------------
Net loss $ (45,621) $ (43,165)
Foreign currency translation
adjustment (2,620) 1,815
------------- ------------
Comprehensive loss $ (48,241) $ (41,350)
------------- ------------
Net loss per share
Basic $ (0.15) $ (0.14)
Diluted $ (0.15) $ (0.14)
Weighted-average common shares
outstanding
Basic 297,692,663 303,074,605
Diluted 297,692,663 303,074,605
(1) Exclusive of depreciation and amortization
AbCellera Biologics Inc.
Condensed Consolidated Balance Sheets
(All figures in U.S. dollars. Amounts are expressed in thousands except
share data.)
(Unaudited)
December 31, 2025 March 31, 2026
------------------- ------------------
Assets
Current assets:
Cash and cash equivalents $ 128,513 $ 77,063
Marketable securities 405,313 427,669
-------------- -----------
Total cash, cash
equivalents, and
marketable
securities 533,826 504,732
Accounts and accrued
receivable 58,293 36,761
Restricted cash 25,000 25,000
Other current assets 111,113 98,103
-------------- -----------
Total current assets 728,232 664,596
Long-term assets:
Property and equipment,
net 428,003 422,806
Intangible assets, net 38,381 37,460
Goodwill 47,806 47,806
Investments in equity
accounted investees 62,580 65,308
Other long-term assets 51,948 69,136
-------------- -----------
Total long-term assets 628,718 642,516
-------------- -----------
Total assets $ 1,356,950 $ 1,307,112
============== ===========
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and
other current
liabilities $ 50,781 $ 39,551
Deferred revenue 13,526 7,743
-------------- -----------
Total current liabilities 64,307 47,294
Long-term liabilities:
Operating lease liability 137,403 134,309
Deferred government
contributions 174,453 176,105
Other long-term
liabilities 13,883 11,321
-------------- -----------
Total long-term liabilities 325,739 321,735
-------------- -----------
Total liabilities 390,046 369,029
-------------- -----------
Commitments and contingencies
Shareholders' equity:
Common shares: no par
value, unlimited
authorized shares at
December 31, 2025 and
March 31, 2026:
300,600,710 and
303,945,581 shares
issued and outstanding
at December 31, 2025 and
March 31, 2026,
respectively 802,341 816,533
Additional paid-in
capital 198,279 196,616
Accumulated other
comprehensive loss (4,234) (2,419)
Accumulated deficit (29,482) (72,647)
-------------- -----------
Total shareholders' equity 966,904 938,083
-------------- -----------
Total liabilities and
shareholders' equity $ 1,356,950 $ 1,307,112
============== ===========
AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
(Unaudited)
Three months ended March 31,
----------------------------------
2025 2026
----------------- ---------------
Cash flows from operating
activities:
Net loss $ (45,621) $ (43,165)
Cash flows from operating
activities:
Depreciation of property
and equipment 4,409 5,918
Amortization of intangible
assets 922 920
Amortization of operating
lease right-of-use
assets 1,274 1,817
Stock-based compensation 14,786 12,013
Other 2,213 2,377
Changes in operating assets
and liabilities:
Research fees and grants
receivable (1,133) 13,103
Income taxes payable (4,408) (4,970)
Accounts payable and
accrued liabilities (3,409) (9,406)
Deferred revenue 13,313 (8,033)
Deferred grant income (1,220) (2,356)
Other assets 7,320 (1,741)
------------ -----------
Net cash used in operating
activities (11,554) (33,523)
------------ -----------
Cash flows from investing
activities:
Purchases of property and
equipment (10,636) (3,831)
Purchase of marketable
securities (164,990) (166,308)
Proceeds from marketable
securities 190,027 143,802
Receipt of grant funding 1,018 1,361
Long-term investments and
other assets (7,484) (105)
------------ -----------
Net cash provided by (used in)
investing activities 7,935 (25,081)
------------ -----------
Cash flows from financing
activities:
Proceeds from long-term
liabilities and other 5,970 7,192
------------ -----------
Net cash provided by financing
activities 5,970 7,192
------------ -----------
Effect of exchange rate
changes on cash and cash
equivalents 590 (38)
Increase (decrease) in cash and
cash equivalents 2,941 (51,450)
Cash and cash equivalents and
restricted cash, beginning of
period 183,615 155,249
------------ -----------
Cash and cash equivalents and
restricted cash, end of period $ 186,556 $ 103,799
============ ===========
Restricted cash included in other
assets 2,290 1,736
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