ABCL 8-K
AbCellera Biologics Inc. (ABCL)
8-K
2025-05-08
For: 2025-05-08
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April 08, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): May 8, 2025
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
150 W 4th Avenue | |||||
| (Address of registrant’s principal executive office) | (Zip code) | ||||
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
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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:
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| 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 May 8, 2025, AbCellera Biologics Inc. (the “Company”), issued a press release announcing its financial and operational results for the quarter ended March 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure
In connection with its earnings call on May 8, 2025, to discuss its results for the quarter ended March 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 | ||||||||
| 99.2 | ||||||||
| 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: May 8, 2025 | 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 Q1 2025 Business Results
5/8/2025
VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the first quarter of 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“After completion of a successful first quarter, we are excited to introduce ABCL635 as a potential first-in-class antibody for the non-hormonal treatment of vasomotor symptoms (hot flashes) associated with menopause. ABCL635 is positioned as a next-generation neurokinin 3 receptor (NK3R) antagonist with an improved safety profile and convenient dosing regimen. If successful, we believe it has the potential to be a highly differentiated product in a large and established market,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “We ended the quarter with over $800 million in available liquidity to execute on our strategy and anticipate starting Phase 1 clinical trials for both ABCL635 and ABCL575 in the second half of 2025.”
Q1 2025 Business Summary
●Earned $4.2 million in total revenue.
●Generated a net loss of $45.6 million, compared to net loss of $40.6 million in 2024.
●Reached a cumulative total of 97 partner-initiated program starts with downstreams.
●Maintained a cumulative total of 16 molecules to have reached the clinic.
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Key Business Metrics
| Cumulative Metrics | March 31, 2024 | March 31, 2025 | Change % | |||||||||||||||||
| Partner-initiated program starts with downstreams | 90 | 97 | 8 | % | ||||||||||||||||
| Molecules in the clinic | 13 | 16 | 23 | % | ||||||||||||||||
AbCellera started discovery on an additional partner-initiated program with downstreams to reach a cumulative total of 97 partner-initiated program starts with downstreams in Q1 2025 (up from 90 on March 31, 2024). AbCellera’s partners have advanced a cumulative total of 16 molecules into the clinic (up from 13 on March 31, 2024).
Discussion of Q1 2025 Financial Results
●Revenue – Total revenue was $4.2 million, compared to $10.0 million in Q1 2024. In both periods, the majority of revenues were research fees generated by our partnerships.
●Research & Development (R&D) Expenses – R&D expenses were $42.5 million, compared to $39.3 million in Q1 2024, reflecting growing investments in internal programs.
●Sales & Marketing (S&M) Expenses – S&M expenses were $2.8 million, compared to $3.4 million in Q1 2024.
●General & Administrative (G&A) Expenses – G&A expenses were $16.2 million, compared to $17.4 million in Q1 2024.
●Net Loss – Net loss of $45.6 million, or $(0.15) per share on a basic and diluted basis, compared to net loss of $40.6 million, or $(0.14) per share on a basic and diluted basis, in Q1 2024.
●Liquidity – $633 million of total cash, cash equivalents, and marketable securities and approximately $178 million in available non-dilutive government funding, bringing total available liquidity to approximately $810 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.
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About AbCellera Biologics Inc.
AbCellera (Nasdaq: ABCL) discovers and develops antibody medicines for indications across therapeutic areas including cancer, metabolic and endocrine conditions, and autoimmune disorders. AbCellera integrates technology, data science, infrastructure, and interdisciplinary teams to solve the most challenging antibody discovery problems. AbCellera is focused on advancing an internal pipeline of first-in-class and best-in-class programs and collaborating on innovative drug development programs with partners. For more information, please visit www.abcellera.com.
Definition of Key Business Metrics
We regularly review the following key 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.
Source: AbCellera Biologics Inc.
Inquiries
Media: Tiffany Chiu; [email protected], +1(236)521-6774
Partnering: Murray McCutcheon, Ph.D.; [email protected], +1(604)559-9005
Investor Relations: Peter Ahn; [email protected], +1(778)729-9116
Partnering: Murray McCutcheon, Ph.D.; [email protected], +1(604)559-9005
Investor Relations: Peter Ahn; [email protected], +1(778)729-9116
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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, | ||||||||||||||
| 2024 | 2025 | |||||||||||||
| Revenue: | ||||||||||||||
| Research fees | $ | 9,774 | $ | 4,068 | ||||||||||
| Licensing revenue | 180 | 167 | ||||||||||||
| Total revenue | 9,954 | 4,235 | ||||||||||||
| Operating expenses: | ||||||||||||||
Research and development(1) | 39,287 | 42,496 | ||||||||||||
Sales and marketing(1) | 3,365 | 2,842 | ||||||||||||
General and administrative(1) | 17,352 | 16,226 | ||||||||||||
| Depreciation and amortization | 4,844 | 5,331 | ||||||||||||
| Total operating expenses | 64,848 | 66,895 | ||||||||||||
| Loss from operations | (54,894) | (62,660) | ||||||||||||
| Other (income) expense: | ||||||||||||||
| Interest income | (10,401) | (8,051) | ||||||||||||
| Grants and incentives | (3,275) | (4,153) | ||||||||||||
| Other | 1,529 | 2,528 | ||||||||||||
| Total other income | (12,147) | (9,676) | ||||||||||||
| Net loss before income tax | (42,747) | (52,984) | ||||||||||||
| Income tax recovery | (2,137) | (7,363) | ||||||||||||
| Net loss | $ | (40,610) | $ | (45,621) | ||||||||||
| Foreign currency translation adjustment | (96) | (2,620) | ||||||||||||
| Comprehensive loss | $ | (40,706) | $ | (48,241) | ||||||||||
| Net loss per share | ||||||||||||||
| Basic | $ | (0.14) | $ | (0.15) | ||||||||||
| Diluted | $ | (0.14) | $ | (0.15) | ||||||||||
| Weighted-average common shares outstanding | ||||||||||||||
| Basic | 292,723,901 | 297,692,663 | ||||||||||||
| Diluted | 292,723,901 | 297,692,663 | ||||||||||||
(1) Exclusive of depreciation and amortization
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AbCellera Biologics Inc.
Condensed Consolidated Balance Sheets
(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)
(Unaudited)
| December 31, 2024 | March 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 156,325 | $ | 159,266 | |||||||
| Marketable securities | 469,289 | 446,000 | |||||||||
| Total cash, cash equivalents, and marketable securities | 625,614 | 605,266 | |||||||||
| Accounts and accrued receivable | 33,616 | 40,005 | |||||||||
| Restricted cash | 25,000 | 25,000 | |||||||||
| Other current assets | 67,140 | 94,707 | |||||||||
| Total current assets | 751,370 | 764,978 | |||||||||
| Long-term assets: | |||||||||||
| Property and equipment, net | 340,429 | 347,102 | |||||||||
| Intangible assets, net | 42,113 | 41,192 | |||||||||
| Goodwill | 47,806 | 47,806 | |||||||||
| Investments in equity accounted investees | 82,297 | 81,567 | |||||||||
| Other long-term assets | 96,538 | 61,563 | |||||||||
| Total long-term assets | 609,183 | 579,230 | |||||||||
| Total assets | $ | 1,360,553 | $ | 1,344,208 | |||||||
| Liabilities and shareholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and other current liabilities | $ | 55,004 | $ | 47,840 | |||||||
| Contingent consideration payable | 8,087 | 8,771 | |||||||||
| Deferred revenue | 13,521 | 18,785 | |||||||||
| Total current liabilities | 76,612 | 75,396 | |||||||||
| Long-term liabilities: | |||||||||||
| Operating lease liability | 60,743 | 63,210 | |||||||||
| Deferred revenue | 5,700 | 13,750 | |||||||||
| Deferred government contributions | 149,893 | 157,193 | |||||||||
| Deferred tax liability | 10,052 | 10,053 | |||||||||
| Other long-term liabilities | 1,469 | 1,624 | |||||||||
| Total long-term liabilities | 227,857 | 245,830 | |||||||||
| Total liabilities | 304,469 | 321,226 | |||||||||
| Commitments and contingencies | |||||||||||
| Shareholders' equity: | |||||||||||
Common shares: no par value, unlimited authorized shares at December 31, 2024 and March 31, 2025: 295,757,002 and 298,355,752 shares issued and outstanding at December 31, 2024 and March 31, 2025, respectively | 777,171 | 790,068 | |||||||||
| Additional paid-in capital | 166,361 | 168,603 | |||||||||
| Accumulated other comprehensive loss | (4,378) | (6,998) | |||||||||
| Accumulated earnings | 116,930 | 71,309 | |||||||||
| Total shareholders' equity | 1,056,084 | 1,022,982 | |||||||||
| Total liabilities and shareholders' equity | $ | 1,360,553 | $ | 1,344,208 | |||||||
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AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
(Unaudited)
| Three months ended March 31, | |||||||||||
| 2024 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (40,610) | $ | (45,621) | |||||||
| Cash flows from operating activities: | |||||||||||
| Depreciation of property and equipment | 3,155 | 4,409 | |||||||||
| Amortization of intangible assets | 1,689 | 922 | |||||||||
| Amortization of operating lease right-of-use assets | 1,922 | 1,274 | |||||||||
| Stock-based compensation | 17,409 | 14,786 | |||||||||
| Fair value gain on contingent consideration and other | 1,707 | 2,213 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Research fees and grants receivable | (18,576) | (1,133) | |||||||||
| Income taxes payable | (3,182) | (4,408) | |||||||||
| Accounts payable and accrued liabilities | (4,878) | (3,409) | |||||||||
| Deferred revenue | (8,017) | 13,313 | |||||||||
| Deferred grant income | 11,278 | (1,220) | |||||||||
| Other assets | (3,605) | 7,320 | |||||||||
| Net cash used in operating activities | (41,708) | (11,554) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property and equipment | (24,140) | (10,636) | |||||||||
| Purchase of marketable securities | (249,371) | (164,990) | |||||||||
| Proceeds from marketable securities | 306,545 | 190,027 | |||||||||
| Receipt of grant funding | 7,168 | 1,018 | |||||||||
| Long-term investments and other assets | (4,385) | (5,601) | |||||||||
| Investment in equity accounted investees | (5,907) | (1,883) | |||||||||
| Net cash provided by investing activities | 29,910 | 7,935 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Payment of liability for in-licensing agreement and other | (185) | (178) | |||||||||
| Proceeds from long-term liabilities and exercise of stock options | 3,016 | 6,148 | |||||||||
| Net cash provided by financing activities | 2,831 | 5,970 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (781) | 590 | |||||||||
| Increase (decrease) in cash and cash equivalents | (9,748) | 2,941 | |||||||||
| Cash and cash equivalents and restricted cash, beginning of period | 160,610 | 183,615 | |||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 150,862 | $ | 186,556 | |||||||
| Restricted cash included in other assets | 2,290 | 2,290 | |||||||||
| Total cash, cash equivalents, and restricted cash shown on the balance sheet | $ | 148,572 | $ | 184,266 | |||||||
| Supplemental disclosure of non-cash investing and financing activities | |||||||||||
| Property and equipment in accounts payable | 18,654 | 10,960 | |||||||||
| Right-of-use assets obtained in exchange for operating lease obligation | 107 | 3,361 | |||||||||
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CO PY RI GH T © A BC EL LE RA MAY 8, 2025 Q1 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 Q1 2 02 5 Bu si ne ss U pd at e
3 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e Enter the clinic and initiate activities at clinical manufacturing facility. ABCL635 Phase 1 clinical trials initiated in 2025 ABCL575 Phase 1 clinical trials initiated in 2025 Complete platform investments by the first half of the year Initiate activities at the new clinical manufacturing facility Nominate additional development candidate(s) for CTA-enabling studies in available liquidity to execute on our strategy ~$810M 2025 PRIORITIES
4 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e Neurokinin 3 receptor (NK3R) ABCL635 is a potential first-in-class antibody for the non-hormonal treatment of vasomotor symptoms (hot flashes). Target G protein-coupled receptor (GPCR) Target Type Moderate-to-severe vasomotor symptoms (VMS) associated with menopause Indication Endocrinology / women’s health Therapeutic Area INTERNAL PIPELINE & PROGRAMS
5 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e ● Potential first-in-class antibody therapy ● Anticipate differentiated safety profile ● Expected monthly (Q4W) subcutaneous dosing schedule, preferred by women with VMS Science DifferentiationCommercial Opportunity Development Path ● NK3R is a GPCR involved in endocrine homeostasis and thermoregulation ● Pathway is clinically validated with small molecules ● Primary scientific risk is in achieving sufficient target engagement ● Approximately 40 million women are of menopausal age in the US1 and ~30% experience moderate-to- severe VMS2 ● Novel non-hormonal treatments for VMS are estimated to become a $2B+ market opportunity ● Well-established clinical development path ● Biomarkers enable assessment of target engagement in Phase 1 ● Safety and early efficacy data readouts in 2026 1. US Census Bureau. Women age 45-64. 2. Nappi RE, et. al. Menopause. 2021 May 24;28(8):875-882. doi: 10.1097/GME.0000000000001793. Initiation of Phase I clinical study anticipated in Q3 2025 INTERNAL PIPELINE & PROGRAMS ABCL635 NK3R Antagonist
6 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e VMS are highly prevalent, significantly impact health and well-being, and are the most common reason for seeking treatment for menopause. 1. Avis NE, et al. JAMA Intern Med. 2015 Apr;175(4):531-9. doi: 10.1001/jamainternmed.2014.8063.. 2. Thurston RC, et al. Obstet Gynecol Clin North Am. 2011 Sep;38(3):489-501. doi: 10.1016/j.ogc.2011.05.006. 3. Faubion SS, et al. Mayo Clin Proc. 2023 Jun;98(6):833-845. doi: 10.1016/j.mayocp.2023.02.025. 4. O'Neill MT, et al. Occup Med (Lond). 2023 Sep 29;73(6):332-338. doi: 10.1093/occmed/kqad078. Millions of women seek treatment VMS are a significant burden Commercial Opportunity ABCL635 VMS are the most common symptoms of menopause, persisting for a median of 7.4 years.1 They have a significant impact on quality of life, are associated with cardiovascular disease risk,2 and result in lost productivity, career advancement, and income.3,4,5 Approximately 40 million women are of menopausal age in the US.6 ~30% of women experience moderate-to-severe VMS,7 and it is estimated that more than half seek treatment for menopausal symptoms.8 5. Ko J, et al. Menopause Foundation of Canada; October 16, 2023. Accessed April 24, 2025. https://menopausefoundationcanada.ca/menopause-and-work-in-canada-report/ 6. US Census Bureau. Women age 45-64. 7. Nappi RE, et. al. Menopause. 2021 May 24;28(8):875-882. doi: 10.1097/GME.0000000000001793. 8. Todorova L, et al. Menopause. 2023 Dec 1;30(12):1179-1189. doi: 10.1097/GME.0000000000002265.
7 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL In a global study, 57% of women were eligible for MHT, but against using it.1 Q1 2 02 5 Bu si ne ss U pd at e 1. Stute P, et al. Maturitas. 2022 Oct;164:38-45. doi: 10.1016/j.maturitas.2022.06.008. 2. “The 2023 Nonhormone Therapy Position Statement of The North American Menopause Society” Advisory Panel. 2023 Jun 1;30(6):573-590. doi: 10.1097/GME.0000000000002200. ✝ AbCellera estimate. Despite effective treatments, there remains a large unmet need for many women suffering from VMS. ~12% of women are contraindicated.1 Presently there are contraindications to MHT for estrogen-dependent cancers and cardiovascular disease.2 Menopause Hormone Therapy (MHT) is an effective treatment for VMS, and the current standard of care. However, there are many women who are contraindicated, have complications, or who choose not to take MHT. ABCL635 ~8% of women discontinue MHT within 12 months.1✝ Commercial Opportunity
8 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e NK3R antagonists are effective non-hormonal options for VMS. ABCL635 Science Pre-Menopause
9 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e NK3R antagonists are effective, non-hormonal options for VMS. ABCL635 Menopause Science
10 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e NK3R antagonists are effective, non-hormonal options for VMS. ABCL635 Treatment Science Proposed mechanism of action for ABCL635 based on AbCellera nonclinical data and published literature.
11 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Approved and soon-to-be-approved NK3R therapies will establish the market. ABCL635 Small molecule NK3R antagonist Approved by US FDA on May 12, 2023 Stage Daily oral treatment Dosing Safe and effective in reducing severity and frequency of VMS Fezolinetant (Veozah®) by Astellas Small molecule NK3R and NK1R antagonist NDA accepted by US FDA October 9, 2024 Stage Daily oral treatment Dosing Safe and effective in reducing severity and frequency of VMS Elinzanetant by Bayer Q1 2 02 5 Bu si ne ss U pd at e Differentiation
12 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e ABCL635 is designed to offer an improved treatment option for women with moderate-to-severe VMS due to menopause. 1. LiverTox: Clinical and Research Information on Drug-Induced Liver Injury [Internet]. Bethesda (MD): National Institute of Diabetes and Digestive and Kidney Diseases; 2012-. Monoclonal Antibodies. [Updated 2024 Dec 10]. Available from: https://www.ncbi.nlm.nih.gov/books/NBK548844/. 2. Pinkerton JV, et al. JAMA. 2024 Aug 22;332(16):1343–54. doi: 10.1001/jama.2024.14618. 3. Lederman S,et al. Lancet. 2023 Apr 1;401(10382):1091-1102. doi: 10.1016/S0140-6736(23)00085-5. Potential for reduced toxicities & side-effects An antibody-based therapeutic may provide several benefits over current non-hormonal treatments: ABCL635 Differentiation 4. Johnson KA, et al. J Clin Endocrinol Metab. 2023 Jul 14;108(8):1981-1997. doi: 10.1210/clinem/dgad058. 5. Panay N., et al. Poster presentation at the North American Menopause Society (NAMS) Annual Meeting, [September 10 – 14, 2024]. Poster number P-121. 6. AbCellera. Sponsored primary market research, 2024. Survey question: If you were presented with two products that were equally efficacious and safe, with similar side effect profiles, which of the following would you prefer to take? Antibodies are generally not associated with drug-related liver toxicity.1 ABCL635 does not antagonize NK1R, and is therefore not expected to induce fatigue or somnolence.2, 3, 4, 5 Dosing flexibility Over 50% of women with VMS would prefer an injectable every 4 weeks over a daily oral treatment.6 Increasing use of GLP-1 agonists is significantly increasing the autoinjector-experienced population.
13 CO PY RI GH T © A BC EL LE RA CO NF ID EN TI AL Q1 2 02 5 Bu si ne ss U pd at e If successful, ABCL635 would be a differentiated product in a large and established market. ABCL635 Development Path CTA Submission 2025 Q2 Phase I Initiation 2025 Q3 Anticipated Phase I Readout safety & early efficacy 2026 H1 Anticipated
14 CO PY RI GH T © A BC EL LE RA MOLECULE TARGET THERAPEUTIC AREA STAGE ABCL635 NK3R Endocrinology & Women’s Health ABCL575 OX40L Immunology & Inflammation Q1 2 02 5 Bu si ne ss U pd at e Initiation of Phase I clinical trials for ABCL635 & ABCL575 anticipated in Q3 2025. * Clinical Trial Applications (CTAs) = Canadian equivalent to an Investigational New Drug (IND) submission CTA Submission 2025 Q2 Phase I Initiation 2025 Q3 Anticipated Phase I Readout 2026 Anticipated CTA Submission 2025 Q2 Phase I Initiation 2025 Q3 Anticipated Phase I Readout 2026 Anticipated May 9: Presentation of ABCL575 preclinical data at the Society for Investigative Dermatology annual meeting INTERNAL PIPELINE & PROGRAMS 20+ discovery programs in the pipeline
15 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e Transition to a clinical-stage biotech nearly complete. As we shift from building our platform to using it, we are leveraging capabilities in challenging targets, including GPCRs, ion channels, and T-cell engagers to advance our pipeline. 20+ internal programs in discovery: approximately half target complex membrane proteins. Additional development candidate targeting complex membrane protein expected Complete platform investments On track to initiate manufacturing activities in 2025 and completing final investments.
16 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e Q1 2025 FINANCIALS UPDATE
17 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e We have the capabilities and the capital to execute on our strategy. in total available government funding*~$180M in total cash, cash equivalents, & marketable securities*~$630M in available liquidity to execute on our strategy*~$810M * As of March 31, 2025
18 CO PY RI GH T © A BC EL LE RA Q1 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 Note: Showing year-end figures except most-recent quarter. Historical results are not necessarily indicative of future results. Notable Updates on Molecule This Quarter’s Update NBL-012 NBL-015/FL-301 NBL-020 NBL-028 Paused Continuing portfolio growth. MOLECULES IN THE CLINIC
19 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e Operating expenses reflect R&D investments. Operating Expenses USDRevenue USD Q1 2025Q1 2024 $39.3M $42.5M +$3.2M Q1 2025Q1 2024 $3.4M $2.8M -$0.5M Q1 2025Q1 2024 $17.4M $16.2M -$1.1M RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMINLICENSING RESEARCH FEES MILESTONES Q1 2025 $0.2M $4.1M $10.0M $4.2M Q1 2024 $9.8M Research fees Licensin g Royalties Milestones
20 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e Net loss of $46M; equivalent to ($0.15) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC AND DILUTED Q1 2024 Q1 2025 Q1 2024 Q1 2025
21 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e Approximately $633M in total cash, equivalents, and marketable securities. Cash Flows USD * Restricted cash (including restricted cash in other assets) FINANCING FX $446M Marketable Securities $159M Cash & Equivalents $27M* Mar 31, 2025 ($17M) Other $25M Marketable Securities (net) OPERATINGDec 31, 2024 $27M* $653M ($12M) $8M $6M $1M $633M $156M Cash & Equivalents INVESTING $469M Marketable Securities
22 CO PY RI GH T © A BC EL LE RA Q1 2 02 5 Bu si ne ss U pd at e THANK YOU