AbCellera Reports Full Year 2025 Business Results

AbCellera (Nasdaq: ABCL) today announced financial results for the full year 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. “In 2025, AbCellera successfully delivered on all its corporate priorities, transitioned to a clinical-stage biotech company, and ended the year with approximately $700 million in available liquidity to execute on our strategy,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “We entered 2026 with a fully built platform, a growing pipeline with multiple potential first-in-class programs and important near-term clinical readouts, and sufficient liquidity to fund well beyond the next three years of pipeline investments.” FY 2025 Business Summary Earned $75.1 million in total revenue.Generated a net loss of $146.4 million, compared to a net loss of $162.9 million in 2024.Advanced two programs, ABCL635 and ABCL575, into clinical trials:ABCL635 entered the Phase 2 portion of a Phase 1/2 clinical trial at the end of 2025.ABCL575 is progressing through a Phase 1 clinical trial.Advanced two development candidates, ABCL688 and ABCL386, into IND/CTA-enabling activities.Completed multi-year platform investments and opened clinical manufacturing facility.Expanded the leadership team with the appointment of Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer.Reached a cumulative total of 104 partner-initiated program starts with downstreams.Reporting a cumulative total of 19 molecules to have reached the clinic. Business Metrics Cumulative Metrics December 31, 2024 December 31, 2025 Change % Partner-initiated program starts with downstreams 96 104 8 % Molecules in the clinic 16 19 19 % In 2025, AbCellera started discovery on eight additional partner-initiated programs with downstreams to reach a cumulative total of 104 partner-initiated program starts with downstreams (up from 96 on December 31, 2024). AbCellera and its partners have advanced a cumulative total of 19 molecules into the clinic (up from 16 on December 31, 2024). Discussion of FY 2025 Financial Results Revenue – Total revenue was $75.1 million, compared to $28.8 million in 2024.Research & Development (R&D) Expenses – R&D expenses were $186.8 million, compared to $167.3 million in 2024. A greater proportion of R&D expenses are used on internal programs, including $21.0 million of specific investments in internal programs in 2025.Sales, General & Administrative (SG&A) Expenses – SG&A expenses were $83.2 million, compared to $85.5 million in 2024.Net Loss – Net loss of $146.4 million, or $(0.49) per share on a basic and diluted basis, compared to net loss of $162.9 million, or $(0.55) per share on a basic and diluted basis, in 2024.Liquidity – $561 million of total cash, cash equivalents, and marketable securities and approximately $135 million in available non-dilutive government funding, bringing total available liquidity to approximately $700 million to execute on AbCellera's strategy. Q4 Highlights and Financial Results Initiated Phase 2 portion of ABCL635 clinical trial.Advanced ABCL386 into IND/CTA-enabling activities.Reporting the advancement of one molecule into the clinic by a partner.Revenue for the fourth quarter of 2025 was $44.9 million, primarily related to an upfront settlement payment from our patent litigation, representing 60% of total revenue for 2025.Operating expenses totaled $73.4 million in the fourth quarter, or 25% of the total for 2025, and included investments made in co-development and internal programs.The net loss for the fourth quarter was $8.9 million, or $(0.03) per share, on a basic and diluted basis. 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. Definition of Business Metrics We regularly review the following 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. 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. AbCellera Biologics Inc. Consolidated Statements of Loss and Comprehensive Loss (All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.) Year ended December 31, 2023 2024 2025 Revenue: Research fees $ 35,556 $ 26,284 $ 27,208 Milestone payments 1,500 1,500 1,000 Licensing and royalty revenue 969 1,049 46,920 Total revenue 38,025 28,833 75,128 Operating expenses: Research and development(1) 175,658 167,259 186,829 Sales, general, and administrative(1) 75,179 85,490 83,231 Depreciation, amortization, and impairment 24,395 90,850 22,171 Total operating expenses 275,232 343,599 292,231 Loss from operations (237,207 ) (314,766 ) (217,103 ) Other (income) expense: Interest income (42,247 ) (38,473 ) (28,329 ) Grants and incentives (14,155 ) (13,620 ) (13,890 ) Other (6,776 ) (62,278 ) 2,711 Total other income (63,178 ) (114,371 ) (39,508 ) Loss before income tax (174,029 ) (200,395 ) (177,595 ) Income tax recovery (27,631 ) (37,538 ) (31,183 ) Net loss $ (146,398 ) $ (162,857 ) $ (146,412 ) Foreign currency translation adjustment (329 ) (2,658 ) 144 Comprehensive loss $ (146,727 ) $ (165,515 ) $ (146,268 ) Net loss per share Basic $ (0.51 ) $ (0.55 ) $ (0.49 ) Diluted $ (0.51 ) $ (0.55 ) $ (0.49 ) Weighted-average common shares outstanding Basic 289,166,486 294,327,532 298,707,082 Diluted 289,166,486 294,327,532 298,707,082 (1) Exclusive of depreciation, amortization, and impairment AbCellera Biologics Inc. Consolidated Balance Sheets (All figures in U.S. dollars. Amounts are expressed in thousands except share data.) December 31, 2024 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 156,325 $ 128,513 Marketable securities 469,289 405,313 Total cash, cash equivalents, and marketable securities 625,614 533,826 Accounts and accrued receivable 33,616 58,293 Restricted cash 25,000 25,000 Other current assets 67,140 111,113 Total current assets 751,370 728,232 Long-term assets: Property and equipment, net 340,429 428,003 Intangible assets, net 42,113 38,381 Goodwill 47,806 47,806 Investments in equity accounted investees 82,297 62,580 Other long-term assets 96,538 51,948 Total long-term assets 609,183 628,718 Total assets $ 1,360,553 $ 1,356,950 Liabilities and shareholders' equity Current liabilities: Accounts payable and other current liabilities $ 55,004 $ 50,781 Contingent consideration payable 8,087 — Deferred revenue 13,521 13,526 Total current liabilities 76,612 64,307 Long-term liabilities: Operating lease liability 60,743 137,403 Deferred government contributions 149,893 174,453 Deferred tax liability 10,052 9,115 Other long-term liabilities 7,169 4,768 Total long-term liabilities 227,857 325,739 Total liabilities 304,469 390,046 Commitments and contingencies Shareholders' equity: Common shares: no par value, unlimited authorized shares at December 31, 2024 and December 31, 2025: 295,757,002 and 300,600,710 shares issued and outstanding at December 31, 2024 and December 31, 2025, respectively 777,171 802,341 Additional paid-in capital 166,361 198,279 Accumulated other comprehensive loss (4,378 ) (4,234 ) Accumulated earnings (deficit) 116,930 (29,482 ) Total shareholders' equity 1,056,084 966,904 Total liabilities and shareholders' equity $ 1,360,553 $ 1,356,950 AbCellera Biologics Inc. Consolidated Statement of Cash Flows (Expressed in thousands of U.S. dollars.) December 31, 2023 December 31, 2024 December 31, 2025 Cash flows from operating activities: Net loss $ (146,398 ) $ (162,857 ) $ (146,412 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of property and equipment 12,758 12,537 18,439 Amortization and impairment of intangible assets 11,637 78,312 3,732 Amortization of operating lease right-of-use assets 6,499 6,149 6,650 Stock-based compensation 64,183 67,581 55,792 Fair value (gain) loss on contingent consideration and investments (8,018 ) (64,727 ) 4,529 Other 2,237 (19,708 ) (3,331 ) Changes in operating assets and liabilities: Research fees and grants receivable (45,933 ) (75,119 ) (55,623 ) Income taxes (payable) receivable 30,464 6,651 (29,843 ) Accounts payable and accrued liabilities (15,104 ) 10,635 3,457 Deferred revenue (13,976 ) (7,931 ) (2,195 ) Deferred grant income 39,521 33,967 (3,638 ) Other assets 18,253 5,954 17,148 Net cash used in operating activities (43,877 ) (108,556 ) (131,295 ) Cash flows from investing activities: Purchases of property and equipment (76,947 ) (78,396 ) (42,772 ) Purchase of marketable securities (1,021,510 ) (765,086 ) (436,044 ) Proceeds from marketable securities 910,937 937,882 506,072 Receipt of grant funding 25,311 35,708 21,343 Distribution from equity accounted investees — — 30,113 Investment in and loans to equity accounted investees (13,690 ) (19,626 ) (7,137 ) Proceeds from repayment of loan from joint venture partner — — 33,268 Long-term investments and other assets (45,209 ) 10,927 (17,093 ) Net cash provided by (used in) investing activities (221,108 ) 121,409 87,750 Cash flows from financing activities: Payment of liability for in-licensing agreement and other (1,234 ) (729 ) (15,649 ) Proceeds from long-term liabilities and other 11,590 13,498 29,731 Net cash provided by financing activities 10,356 12,769 14,082 Effect of exchange rate changes on cash and cash equivalents 589 (2,617 ) 1,097 Increase (decrease) in cash and cash equivalents (254,040 ) 23,005 (28,366 ) Cash and cash equivalents and restricted cash, beginning of period 414,650 160,610 183,615 Cash and cash equivalents and restricted cash, end of period $ 160,610 $ 183,615 $ 155,249 Restricted cash included in other assets 2,290 2,290 1,736 Total cash, cash equivalents, and restricted cash shown on the balance sheet $ 158,320 $ 181,325 $ 153,513 Supplemental disclosure of non-cash investing and financing activities Property and equipment in accounts payable 13,625 12,767 1,995 Right-of-use assets obtained in exchange for operating lease obligation 1,199 1,898 76,118 Source: AbCellera Biologics Inc.