AbCellera Reports Q1 2026 Business Results & Announces Positive Interim Phase 1 Clinical Data for ABCL635

AbCellera Reports Q1 2026 Business Results & Announces Positive Interim Phase 1 Clinical Data for ABCL635 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. 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 Total cash, cash equivalents, and restricted cash shown on the balance sheet $ 184,266 $ 102,063 Supplemental disclosure of non-cash investing and financing activities Property and equipment in accounts payable 10,960 706 Right-of-use assets obtained in exchange for operating lease obligation 3,361 – Source: AbCellera Biologics Inc.