olivLaw · US equity research
AbCellera Biologics Inc. ABCL
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
AbCellera is a clinical-stage biotechnology company that has shifted from a partnership model to developing its own antibody pipeline, led by ABCL635 for menopausal hot flashes in Phase 2. For the latest period the company reports total available liquidity of over 675 million USD, while quarterly revenue fell to 4.1 million USD, making the pace of losses and partnership income the main markers to watch.
At the close of 04 Nov 2026, AbCellera Biologics Inc. (ABCL) stock was 12.28 USD (+0.82% on the day), with market capitalisation 3.8 bn USD, beta 1.80, 52-week range 2.78–14.82 USD. Latest reported quarter (Q2 2026): revenue of 4.1 m USD (−76.3% YoY), net income of -55.4 m USD, diluted EPS -0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.8
- neutral
- Bollinger (20, 2)
- 11.13 – 13.40
- in the upper half of the band · %B 0.51 · band width 18.5%
- SMA 50 / 200
- 12.31 / 6.97
- mixed trend
- MACD (12, 26, 9)
- -0.03 / 0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.9% | −1.1% | −9.8 pp | — |
| 3 months | +107.4% | −0.5% | +107.9 pp | — |
| 6 months | +143.7% | +4.4% | +139.3 pp | — |
| Year to date | +259.1% | +12.3% | +246.7 pp | — |
| 1 year | +152.2% | +13.5% | +138.6 pp | +19.3% |
| 3 years | +161.3% | +76.4% | +84.9 pp | +13.0% |
| 5 years | −18.6% | +63.7% | −82.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.5 m | 5.1 m | 4.2 m | 17.1 m | 9.0 m | 44.9 m | 8.3 m | 4.1 m |
| Research & development | 41.0 m | 46.1 m | 42.5 m | 39.2 m | 55.0 m | 50.1 m | 46.7 m | 46.0 m |
| SG&A | — | — | 19.1 m | 22.0 m | — | — | 12.3 m | 13.9 m |
| Operating income | -93.7 m | -72.8 m | -62.7 m | -49.6 m | -76.3 m | -28.6 m | -57.5 m | -62.8 m |
| Depreciation & amortisation | 36.9 m | — | 5.3 m | 5.5 m | 5.2 m | — | 6.8 m | 7.0 m |
| Pre-tax income | -62.6 m | -46.8 m | -53.0 m | -36.3 m | -68.8 m | -19.5 m | -49.5 m | -59.0 m |
| Income tax | -11.5 m | -12.6 m | -7.4 m | -1.6 m | -11.6 m | -10.6 m | -6.4 m | -3.5 m |
| Net income | -51.1 m | -34.2 m | -45.6 m | -34.7 m | -57.1 m | -8.9 m | -43.2 m | -55.4 m |
| Diluted EPS | -0.17 | -0.12 ≈ | -0.15 | -0.12 | -0.19 | -0.03 ≈ | -0.14 | -0.18 |
| Operating cash flow | -28.9 m ≈ | -8.0 m | -11.6 m | -32.4 m ≈ | -52.6 m ≈ | -34.7 m | -33.5 m | 25.9 m ≈ |
| Capex | 18.5 m ≈ | 15.6 m | 10.6 m | 13.4 m ≈ | 8.9 m ≈ | 9.8 m | 3.8 m | 2.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 11.6 m | 233.2 m | 375.2 m | 485.4 m | 38.0 m | 28.8 m | 75.1 m |
| Revenue YoY | unavailable | +1,907.9% | +60.9% | +29.4% | −92.2% | −24.2% | +160.6% |
| Net income | -2.2 m | 118.9 m | 153.5 m | 158.5 m | -146.4 m | -162.9 m | -146.4 m |
| Net income YoY | unavailable | unavailable | +29.1% | +3.3% | −192.4% | unavailable | unavailable |
| Diluted EPS | -0.01 | 0.45 | 0.48 | 0.50 | -0.51 | -0.55 | -0.49 |
| Diluted EPS YoY | unavailable | unavailable | +6.7% | +4.2% | −202.0% | unavailable | unavailable |
| net % | -19.0% | 51.0% | 40.9% | 32.7% | -385.0% | -564.8% | -194.9% |
| Free cash flow | -1.3 m | 13.0 m | 186.1 m | 206.7 m | -120.8 m | -187.0 m | -174.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 128.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 966.9 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 11.32x
- ROE
- -14.5%
- ROA
- -10.8%
- FCF margin
- -231.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 233.2 m | 375.2 m | 485.4 m | 38.0 m | 28.8 m | 75.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 29.4 m | 62.1 m | 107.9 m | 175.7 m | 167.3 m | 186.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 156.0 m | 204.4 m | 216.5 m | -237.2 m | -314.8 m | -217.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 4.8 m | 14.5 m | 27.8 m | 24.4 m | — | — | SEC (XBRL)· 20 Feb 2024verified |
| EBITDA | 160.9 m ≈ | 218.9 m ≈ | 244.4 m ≈ | -212.8 m ≈ | — | — | SEC (XBRL)· 20 Feb 2024derived |
| Pre-tax income | 157.8 m | 219.1 m | 239.1 m | -174.0 m | -200.4 m | -177.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 38.9 m | 65.7 m | 80.6 m | -27.6 m | -37.5 m | -31.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 118.9 m | 153.5 m | 158.5 m | -146.4 m | -162.9 m | -146.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.45 | 0.48 | 0.50 | -0.51 | -0.55 | -0.49 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 263.1 m | 318.3 m | 314.8 m | 289.2 m | 294.3 m | 298.7 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 594.1 m | 476.1 m | 386.5 m | 133.3 m | 156.3 m | 128.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 903.0 k | — | — | — | — | — | SEC (XBRL)· 14 May 2021verified |
| Inventories | — | — | — | — | 0 | 6.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 813.3 m | 929.8 m | 1.0 bn | 872.0 m | 751.4 m | 728.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 17.9 m | 111.6 m | 217.3 m | — | — | — | SEC (XBRL)· 21 Feb 2023verified |
| Goodwill | 31.5 m | 47.8 m | 47.8 m | 47.8 m | 47.8 m | 47.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 115.2 m | 148.4 m | 131.5 m | 120.4 m | 42.1 m | 38.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.0 bn | 1.3 bn | 1.5 bn | 1.5 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 7.3 m | 14.9 m | 14.8 m | 28.6 m | 34.4 m | 25.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 190.0 k | — | — | — | — | — | SEC (XBRL)· 14 May 2021verified |
| Current liabilities | 103.5 m | 120.7 m | 118.3 m | 119.0 m | 76.6 m | 64.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 175.0 m | 292.8 m | 307.6 m | 335.8 m | 304.5 m | 390.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 830.5 m † | 1.0 bn † | 1.2 bn † | 1.2 bn † | 1.1 bn † | 966.9 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 22.7 m | 244.6 m | 277.4 m | -43.9 m | -108.6 m | -131.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 9.7 m | 58.5 m | 70.7 m | 76.9 m | 78.4 m | 42.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 13.0 m ≈ | 186.1 m ≈ | 206.7 m ≈ | -120.8 m ≈ | -187.0 m ≈ | -174.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -119.8 m | -332.2 m | -352.6 m | -221.1 m | 121.4 m | 87.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 683.7 m | -3.9 m | -1.6 m | 10.4 m | 12.8 m | 14.1 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -248.8% | 21 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -46.3% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 12.8x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.2% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AbCellera Biologics Inc. (ABCL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 75.1 m USD in 2025; YoY growth 160.6%; net margin -248.8%; ROE -17.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 12.8x
What contradicts it
- Net margin: -248.8%
- Revenue CAGR 3Y: -46.3%
- FCF yield: -3.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| ABCLAbCellera Biologics Inc. | 3.8 bn | — | -17.3% | -248.8% | +160.6% | +152% / +161% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for ABCL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AbCellera is a clinical-stage biotechnology company that has shifted from a partnership model to developing its own antibody pipeline, led by ABCL635 for menopausal hot flashes in Phase 2. For the latest period the company reports total available liquidity of over 675 million USD 3, while quarterly revenue fell to 4.1 million USD 3, making the pace of losses and partnership income the main markers to watch.
SWOT
Strengths
- The integrated antibody discovery platform and investments in infrastructure, including the clinical manufacturing facility, are significant advantages 1.
- The company holds downstream stakes in partner programs and liquidity that it reports as covering its stated funding horizon 13.
- Specialization in complex targets such as GPCRs and ion channels differentiates the internal programs from many other companies 1.
Weaknesses
- The company has not yet reached profitability and expects losses in the near and medium term, and its revenue fluctuates 1.
- Quarterly revenue has fallen considerably compared with the prior year, showing reliance on non-recurring payments 3.
- Internal programs are at early stages and their success is not assured, which makes financial results hard to forecast 1.
Opportunities
- Results from the ABCL635 Phase 2 study and the ABCL575 Phase 1 study could open licensing or co-development options with partners 12.
- The new Jazz and Vertex collaborations could expand activity on the T-cell engager platform and bring additional payments 3.
- If partners advance toward commercialization, the company could receive milestone and royalty payments from its downstream portfolio 1.
Threats
Risks
- Continued losses and lack of profitabilityhigh
The company expects losses in the coming period and may not reach profitability, which could affect its ability to fund itself 1.
- Need for additional fundinghigh
If existing liquidity and operating cash flows prove insufficient, the company could need additional capital on unfavorable terms or through dilutive financing 1.
- Clinical risks of internal programshigh
Clinical studies carry inherent risks, and the timing or outcome of results could be delayed or unfavorable, affecting program value 12.
- Dependence on partnersmedium
Revenue and downstream payments depend on partners' success, which is outside the company's control 1.
- Restrictive financing covenantsmedium
Government funding agreements and property-secured financing include restrictive covenants, and failure to comply could require significant repayments 1.
Investment thesis
What would need to be true (bull case)
- If ABCL635 delivers favorable clinical data, the company could unlock a first-in-class internal program with substantial licensing potential 12.
- Recent collaborations with major partners could bring upfront payments and external validation of the T-cell engager platform 3.
- The downstream portfolio from partner programs could generate milestone and royalty income as those programs advance 1.
What would break the thesis
- Quarterly revenue fell from the prior year and net losses widened, which could prolong the path to profitability 3.
- Internal programs are at early stages, and a clinical setback could reduce the value of the entire pipeline 12.
- If capital markets remain volatile, future financing could be harder to secure and more dilutive to shareholders 2.
What to watch
- Topline results from the ABCL635 Phase 2 studyAugust 2026
- Topline results from the ABCL575 Phase 1 studyQ4 2026
- Trend in liquidity and research and development spendingQ3 2026
- IND/CTA submissions for ABCL688 and ABCL386 and start of Phase 1/2 studies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AbCellera Biologics Inc. describes its activity as discovering and developing first-in-class antibody medicines for indications with high unmet medical need 1. Over the years it built an integrated antibody discovery and development platform backed by significant investment, and in 2025 it moved from acting as a technology partner to operating as a clinical-stage company with its own pipeline 1. Revenue currently comes from research fees, milestone payments and royalties on partner programs, while internal programs are still at early stages and generate losses 12.
The internal pipeline includes ABCL635, a candidate for the non-hormonal treatment of vasomotor symptoms associated with menopause, in a Phase 1/2 study, and ABCL575, for atopic dermatitis, in Phase 1 1. Two further candidates, ABCL688 and ABCL386, are in IND/CTA-enabling activities 13. The company has said many partner programs remain active with downstream financial participation, and molecules from partner collaborations have reached the clinic 1.
In 2026 the company announced new collaborations with Jazz Pharmaceuticals and Vertex to develop T-cell engagers, pointing to a recent emphasis on applying the platform through partnerships alongside internal development 3. Managing capital and expenses remains central, since the company expects losses and negative operating cash flow in the near-to-medium term 1.
Segments
Internal programs (proprietary pipeline)
Internal programs have become the core of the strategy, with ABCL635 and ABCL575 in the clinic and ABCL688 and ABCL386 preparing for IND/CTA 12. Topline results for ABCL635 are expected in August 2026, and for ABCL575 in Q4 2026 23.
Collaborations and partnerships
Research and licensing revenue is tied to partner agreements, including the new Jazz and Vertex deals, which include upfront payments and eligibility for milestones and royalties 3. Over recent years the company reduced the volume of discovery collaborations to focus resources on its internal pipeline 1.
Market context
The company operates in the therapeutic antibody market, which its report describes as growing rapidly, supported by the success rate of antibodies in the clinic 1. Antibodies are more costly and harder to manufacture than small molecules, so development requires specialized capabilities 1. The market opportunity depends on clinical success of programs, and the company's market estimates rest on assumptions that have not been independently verified 2.
For ABCL635, the targeted market is non-hormonal treatment of vasomotor symptoms, where the company argues it could offer advantages in safety, dosing schedule and efficacy over existing options 1. Realizing this potential depends on clinical data still to be published 12.
Trends
- Growth of therapeutic antibody classtailwind
Clinical success of antibodies is prompting developers to invest more in this class, supporting demand for capabilities like the company's 1.
- Interest in GPCR and ion channel targetstailwind
Complex targets that are hard to drug with antibodies using traditional methods are increasingly pursued, and the company sees this as a high-value area 1.
- Capital market volatility and geopolitical contextheadwind
The Middle East conflict beginning in 2026 has created capital market volatility, raised costs and disrupted supply chains, which could make financing more difficult 2.
- Inflationary pressure on costsmixed
Inflation raises employee-related and other costs, and trade tariffs and economic uncertainty could affect the company's plans 2.
Competitive position
The company's disclosures describe competition as coming from firms that develop and commercialize antibodies and related products, and competition may be shaped by consolidation among competitors or future partners 1. The company operates in a competitive and rapidly changing environment 2.
By its own description, the company's advantage lies in integrating know-how, specialized teams and infrastructure rather than in a single technology 1. If other developers succeed against the same complex targets, its competitive position could be affected 1.
- Eli Lilly and CompanyLLY
Partner for COVID-19 antibody programs listed among molecules in the clinic as partner-led programs.
- Revolution Medicines
Company that acquired EQRx, the original partner on the ABCL575 program, after which AbCellera took control of the program.
- Teva Pharmaceutical IndustriesTEVA
Partner in a Phase 1 neuroscience program listed among molecules in the clinic.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Aug 2026Material agreement · Other events · Financial statements and exhibits
- Current report10 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jul 2026Other events · Financial statements and exhibits
- Current report06 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jun 2026Other events · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report05 Jun 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AbCellera Biologics Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AbCellera Biologics Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AbCellera Biologics Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.