AbCellera Biologics (ABCL) investor relations material

Strategic transition and business model evolution

• Transitioned from a platform-focused partnership model to developing proprietary clinical assets, completing this shift in 2025 as two wholly owned assets entered the clinic in Q2 and another moved to IND-enabling studies in Q3.

• Continues to pursue select partnerships, especially where partners bring unique capabilities, with a focus on high-difficulty targets and co-development or co-ownership structures.

• Strategic partnerships with major pharma companies like Lilly and AbbVie remain important, with recent deals such as a T-cell engager program with AbbVie.

• Internal pipeline now prioritized, leveraging expertise in challenging antibody discovery areas such as GPCRs and ion channels.

• Partnership activities are seen as relationship-building and potential presale opportunities for future asset licensing.

Clinical pipeline highlights

• ABCL635, a first-in-class monoclonal antibody targeting NK3R for menopausal hot flashes, is positioned for monthly injectable dosing, with over 50% of surveyed women preferring this over daily oral options.

• Phase I for ABCL635 is underway in Canada, supported by government funding, with a total of about 140 patients across single/multi-ascending dose and proof-of-concept studies; key biomarker is testosterone reduction.

• Proof-of-concept data for ABCL635 expected in 2025, with initial efficacy and biomarker readouts anticipated by mid-year.

• ABCL575, an OX40 ligand antagonist, is being advanced with Canadian government support; differentiation may be challenged by competitors' quarterly dosing, but potential for six-month dosing remains.

• ABCL688, another GPCR/ion channel-targeting asset, is expected to enter CTA in Canada by mid-2025, with further details to be disclosed at that time.

Market opportunity and competitive landscape

• Non-hormonal treatments for menopausal hot flashes represent a large unmet need, with an estimated 1.2 million women contraindicated for hormone therapy and a $6 billion addressable market.

• Recent launches by Astellas (VEOZAH) and Bayer (Lynkuet) are building the market, despite safety concerns; VEOZAH is annualizing at $200–$300 million in sales.

• ABCL635 aims to differentiate on safety and dosing, targeting a market expected to grow as awareness and non-hormonal options expand.

• OX40 ligand pathway assets are being developed for multiple indications, with Sanofi and Amgen as key competitors; Sanofi’s data show promise for the class, though differentiation on dosing frequency is under evaluation.