AbCellera Reports Q2 2026 Business Results

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 exchange for operating lease obligation 69,787 – Source: AbCellera Biologics Inc.