VANCOUVER, British Columbia--(BUSINESS WIRE)--August 05, 2026--
AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2026. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
"Last quarter we completed enrollment for the Phase 2 study of ABCL635, and we expect to announce top-line data very soon," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "Since our last business update we signed two new collaborations, one with Jazz and one with Vertex, that leverage our T-cell engager platform to advance programs into the clinic and are adding over $100 million in upfront cash to our balance sheet."
Q2 2026 Business Summary and Program Updates
-- ABCL635 top-line data readout from the Phase 2 trial expected in August
2026.
-- ABCL386 and ABCL688 are progressing through IND-enabling activities.
-- Announced collaboration with Jazz Pharmaceuticals plc to discover and
develop next-generation T-cell engagers (TCEs) for multiple
gastrointestinal cancers and other solid tumors. AbCellera is receiving
$84 million in total upfront payments, with $56 million for the first two
research programs and $28 million for a third program, which will
initiate within 12 months. AbCellera is eligible to receive up to $792
million per program in option fees and development, regulatory, and
commercial sales milestone payments along with tiered royalties on net
sales ranging from mid-single digits to low double digits.
-- Completed dosing for the Phase 1 study of ABCL575, with top-line data
readout expected in Q4 2026.
-- Announced the appointments of Dr. Victor Sandor and Dr. Lynn Seely as
independent directors to AbCellera's board of directors.
-- Generated a net loss of $55.4 million, compared to a net loss of $34.7
million in Q2 2025.
-- Ended the quarter with over $565 million in total cash balances and
marketable securities, providing over $675 million in total available
liquidity to execute on AbCellera's strategy.
Subsequent Event
-- On July 29, 2026 announced a collaboration with Vertex Pharmaceuticals
Incorporated to research, develop, manufacture, and commercialize
multispecific TCEs for autoimmune diseases and other conditions.
AbCellera will receive $28 million in total upfront payments and is
eligible to receive preclinical, development, regulatory, and commercial
milestone payments, along with tiered royalties on net sales.
Discussion of Q2 2026 Financial Results
-- Revenue -- Total revenue was $4.1 million, compared to $17.1 million in
Q2 2025.
-- Research & Development (R&D) Expenses -- R&D expenses were $46.0
million, compared to $39.2 million in Q2 2025.
-- Sales, General, & Administrative (SG&A) Expenses -- SG&A expenses were
$13.9 million, compared to $22.0 million in Q2 2025.
-- Net Loss -- Net loss of $55.4 million, or $(0.18) per share on a basic
and diluted basis, compared to net loss of $34.7 million, or $(0.12) per
share on a basic and diluted basis, in Q2 2025.
-- Available Liquidity -- over $565 million in total cash balances and
marketable securities, and $110 million in available non-dilutive
government funding, bringing total available liquidity to over $675
million to execute on AbCellera's strategy.
Business Metrics
At the end of Q2 2026, partners led 35 programs that 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 12 molecules in the clinic understood to be progressing on June 30, 2026.
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.
AbCellera Forward-Looking Statements
This document 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 document 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, plans, objectives for future operations, and the evaluation of our available liquidity to execute on our strategy (including our ability to access our reimbursement based R&D government contributions). The use of certain data derived from cross-study comparisons are not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and differences and are presented for informational purposes. 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 document 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 June 30, Six months ended June 30,
---------------------------- ------------------------------
2025 2026 2025 2026
----------- ----------- ----------- -----------
Revenue:
Research fees $ 6,639 $ 3,901 $ 10,707 $ 12,021
Licensing and
royalty revenue 10,445 149 10,613 341
----------- ----------- ----------- -----------
Total revenue 17,084 4,050 21,320 12,362
Operating expenses:
Research and
development(1) 39,213 45,987 81,711 92,649
Sales, general, and
administrative(1) 21,986 13,850 41,054 26,185
Depreciation and
amortization 5,470 6,990 10,801 13,828
----------- ----------- ----------- -----------
Total operating
expenses 66,669 66,827 133,566 132,662
----------- ----------- ----------- -----------
Loss from operations (49,585) (62,777) (112,246) (120,300)
Other (income)
expense:
Interest and other (9,549) 42 (15,073) (3,606)
Grants and
incentives (3,692) (3,854) (7,845) (8,193)
----------- ----------- ----------- -----------
Total other income (13,241) (3,812) (22,918) (11,799)
----------- ----------- ----------- -----------
Loss before income tax (36,344) (58,965) (89,328) (108,501)
Income tax recovery (1,617) (3,538) (8,980) (9,909)
----------- ----------- ----------- -----------
Net loss $ (34,727) $ (55,427) $ (80,348) $ (98,592)
Foreign currency
translation
adjustment 4,341 (733) 1,721 1,082
----------- ----------- ----------- -----------
Comprehensive loss $ (30,386) $ (56,160) $ (78,627) $ (97,510)
----------- ----------- ----------- -----------
Net loss per share
Basic $ (0.12) $ (0.18) $ (0.27) $ (0.32)
Diluted $ (0.12) $ (0.18) $ (0.27) $ (0.32)
Weighted-average
common shares
outstanding
Basic 298,508,601 305,557,294 298,105,760 304,329,623
Diluted 298,508,601 305,557,294 298,105,760 304,329,623
(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 June 30, 2026
------------------- -----------------
Assets
Current assets:
Cash and cash equivalents $ 128,513 $ 120,065
Marketable securities 405,313 420,039
-------------- ----------
Total cash, cash
equivalents, and
marketable securities 533,826 540,104
Accounts and accrued
receivable 58,293 18,597
Restricted cash 25,000 25,000
Other current assets 111,113 95,529
-------------- ----------
Total current assets 728,232 679,230
Long-term assets:
Property and equipment, net 428,003 416,677
Intangible assets, net 38,381 36,530
Goodwill 47,806 47,806
Investments in equity
accounted investees 62,580 65,229
Other long-term assets 51,948 62,103
-------------- ----------
Total long-term assets 628,718 628,345
-------------- ----------
Total assets $ 1,356,950 $ 1,307,575
============== ==========
Liabilities and shareholders'
equity
Current liabilities:
Accounts payable and other
current liabilities $ 50,781 $ 32,484
Deferred revenue 13,526 20,705
-------------- ----------
Total current liabilities 64,307 53,189
Long-term liabilities:
Operating lease liability 137,403 129,948
Deferred revenue 3,500 40,450
Deferred government
contributions 174,453 178,254
Other long-term liabilities 10,383 9,714
-------------- ----------
Total long-term liabilities 325,739 358,366
-------------- ----------
Total liabilities 390,046 411,555
-------------- ----------
Commitments and contingencies
Shareholders' equity:
Common shares: no par value,
unlimited authorized shares
at December 31, 2025 and
June 30, 2026: 300,600,710
and 306,469,632 shares
issued and outstanding at
December 31, 2025 and June
30, 2026, respectively 802,341 821,242
Additional paid-in capital 198,279 206,004
Accumulated other
comprehensive loss (4,234) (3,152)
Accumulated deficit (29,482) (128,074)
-------------- ----------
Total shareholders' equity 966,904 896,020
-------------- ----------
Total liabilities and
shareholders' equity $ 1,356,950 $ 1,307,575
============== ==========
AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
(Unaudited)
Six months ended June 30,
-------------------------------
2025 2026
---------- ----------
Cash flows from operating
activities:
Net loss $ (80,348) $ (98,592)
Cash flows from operating
activities:
Depreciation of property and
equipment 8,951 11,977
Amortization of intangible
assets 1,851 1,851
Amortization of operating lease
right-of-use assets 2,863 3,610
Stock-based compensation 28,993 24,299
Other 70 7,019
Changes in operating assets and
liabilities:
Research fees and grants
receivable (12,524) 25,367
Income taxes receivable (7,588) (8,024)
Accounts payable and accrued
liabilities (7,356) (16,621)
Deferred revenue 9,361 44,129
Deferred grant income (1,681) (4,453)
Other assets 13,450 1,838
---------- ----------
Net cash used in operating
activities (43,958) (7,600)
---------- ----------
Cash flows from investing
activities:
Purchases of property and
equipment (24,001) (5,963)
Purchase of marketable
securities (291,542) (308,184)
Proceeds from marketable
securities 303,437 293,557
Receipt of grant funding 6,448 6,955
Long-term investments and other
assets (18,218) (105)
---------- ----------
Net cash used in investing
activities (23,876) (13,740)
---------- ----------
Cash flows from financing
activities:
Proceeds from deferred
government contributions and
other 2,595 13,585
---------- ----------
Net cash provided by financing
activities 2,595 13,585
---------- ----------
Effect of exchange rate changes on
cash and cash equivalents 1,351 (468)
Decrease in cash and cash equivalents (63,888) (8,223)
Cash and cash equivalents and
restricted cash, beginning of
period 183,615 155,249
---------- ----------
Cash and cash equivalents and
restricted cash, end of period $ 119,727 $ 147,026
========== ==========
Restricted cash included in other
assets 2,290 1,961
Total cash, cash equivalents, and
restricted cash shown on the balance
sheet $ 117,437 $ 145,065
Supplemental disclosure of non-cash
investing and financing activities
Property and equipment in accounts
payable 12,733 979
Right-of-use assets obtained in 69,787 --
exchange for operating lease
obligation
View source version on businesswire.com: https://www.businesswire.com/news/home/20260805538498/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
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