AbCellera — Q3 2026 Earnings Summary

Financial Performance:

• Total revenue was $10.6 million for Q3 2026, an increase from $9.0 million in Q3 2025.
• Research and development expenses were $43.5 million for Q3 2026, down from $55.0 million in Q3 2025.
• Sales, general, and administrative expenses were $13.6 million for Q3 2026, down from $25.0 million in Q3 2025.
• Net loss was $40.8 million ($0.13 per share) for Q3 2026, compared to a net loss of $57.1 million ($0.19 per share) in Q3 2025.
• Total cash balances and marketable securities ended the quarter at over $790 million.
• Total available liquidity was over $890 million, including over $100 million in non-dilutive government funding.
• Deferred revenue increased to $35.0 million (current) and $48.1 million (long-term) as of September 30, 2026, from $13.5 million (current) and $3.5 million (long-term) as of December 31, 2025.
• Net cash provided by operating activities was $19.3 million for the nine months ended September 30, 2026, compared to a net cash used of $96.6 million in the same period in 2025.

Guidance and Future Outlook:

• AbCellera expects to initiate late-stage development for ABCL635 in menopausal vasomotor symptoms (VMS) in 2027.
• Clinical trials for ABCL635 in populations with hormone suppression associated with breast and prostate cancer treatment are expected to initiate in 2027.
• The company delivered on all corporate priorities for 2026.

Business Segments and Product Lines:

• ABCL635: Positive top-line Phase 2 data demonstrated significant reductions in frequency and severity of moderate and severe VMS, a favorable tolerability profile, and improvements in sleep and patient global impression of change (PGI-C).
• ABCL575: Top-line Phase 1 data for the OX40 ligand target in atopic dermatitis and autoimmune conditions met all endpoints with a favorable tolerability profile and pharmacokinetic profile supporting extended dosing; the company does not plan to develop ABCL575 past Phase 1.
• New Programs: Advanced three new programs in IND-enabling activities: ABCL992 (next-generation half-life extended analog of ABCL635 for VMS), ABCL385 (oncology indication), and ABCL646 (first-in-class ion channel antagonist).
• Pipeline Progress: Continued advancing ABCL386 and ABCL688 through IND-enabling activities.
• Partner Programs: Partners led 34 programs with downstream stakes as of September 30, 2026, down from 44 programs at December 31, 2025. AbCellera held downstream stakes in 12 molecules in the clinic.

Market and Competitive Landscape:

• No specific market share, competitor names, or market trend data were provided in the press release.

Risks and Challenges:

• The press release includes standard forward-looking statement disclaimers noting that actual results may differ due to risks, uncertainties, and factors described in SEC filings, including the ability to develop products, achieve market acceptance, and access government funding.
• No specific operational risks or challenges beyond standard biotechnology development risks were detailed in the text.

Management Commentary and Tone:

• CEO Carl Hansen, Ph.D., described the quarter as "transformative," highlighting strong clinical execution and balance sheet expansion.
• Management noted that the positive Phase 2 data for ABCL635 has the potential to "redefine the treatment of hot flashes."
• The tone was confident, citing the completion of a $200 million capital raise and the delivery of all 2026 corporate priorities.

Other Key Points:

• Completed a $200 million offering of common shares and pre-funded warrants.
• Issued 25,731,931 new shares (calculated from 300,600,710 shares at Dec 31, 2025, to 326,332,641 shares at Sep 30, 2026) to raise capital.
• Conference call and webcast scheduled for November 9, 2026, at 3:00 p.m. Pacific Time.
• Revenue breakdown for Q3 2026: $10.5 million from research fees and $0.1 million from licensing and royalty revenue.
• For the nine months ended September 30, 2026, total revenue was $23.0 million compared to $30.3 million in the same period in 2025.