AbCellera Biologics (ABCL) investor relations material

Company evolution and strategic shift

• Transitioned from a partnership and royalty-based model to developing an internal pipeline of therapeutic antibodies, leveraging advanced technology for difficult targets like GPCRs and ion channels.

• Built integrated capabilities from target discovery to GMP manufacturing, with significant infrastructure and talent investments, supported by government funding.

• Successfully brought first two proprietary antibodies, ABCL635 and ABCL575, into clinical trials in 2024, marking a major operational milestone.

• Demonstrated strong execution by submitting two clinical trial authorizations (CTAs) in Q2 2024 and initiating patient dosing.

• Maintains selective strategic partnerships for validation and portfolio management, while focusing on internal program advancement.

Pipeline highlights and clinical development

• ABCL635 targets NK3R for non-hormonal treatment of hot flashes in postmenopausal women, addressing a $2 billion market with unmet need.

• Phase one design includes biomarker-driven proof of concept, with efficacy and safety readouts expected by mid-2026.

• ABCL575, an OX40 ligand antibody, aims for longer dosing intervals and is positioned as a potential second-line therapy in atopic dermatitis and other inflammatory conditions.

• Additional proprietary program, ABCL688, is scheduled to enter the clinic in mid-2026, with a focus on complex membrane protein targets and similar market potential.

• Plans to advance two new clinical candidates per year, with portfolio management decisions based on clinical data and market dynamics.

Capital allocation and business model

• Holds over $500 million in cash and nearly $200 million in additional government funding, providing at least three years of operational runway.

• Capital allocation strategy prioritizes advancing internal programs through phase one, with asset-by-asset decisions for later-stage development or partnerships.

• Intends to partner or out-license certain assets, such as ABCL575, to optimize value and manage portfolio risk.

• Continues to selectively sign new partnership and royalty deals, maintaining relationships with major pharma companies for both validation and future collaboration.

• Royalty portfolio and partnered programs remain a source of potential upside, though not the primary growth driver.