AbCellera Biologics (ABCL) 44th Annual J.P. Morgan Healthcare Conference summary

Company evolution and strategic focus

• Transitioned from a technology platform and partnership model to a clinical-stage company with a focus on internal pipeline development over the past year.

• Built significant infrastructure, including a GMP manufacturing facility, and expanded to 600 employees across multiple locations.

• Secured over $2.1 billion in funding, including $1 billion in COVID-19 royalties and $400 million in government support.

• Shifted resources and organizational structure from early discovery to clinical development, hiring over 150 new staff for development roles.

• Maintains strong liquidity with $680 million as of Q3, supporting ongoing and future clinical programs.

Pipeline progress and clinical milestones

• Lead asset ABCL635 advanced from preclinical to phase II in under a year, with a pivotal data readout expected in Q3 2025.

• ABCL575, a best-in-class OX40 ligand, is in phase I with a readout anticipated by year-end.

• Two additional candidates, ABCL688 (autoimmune) and ABCL386 (oncology), are in IND-enabling studies, targeting clinical entry in 2027.

• Plans to nominate at least one new development candidate in 2025.

• By mid-2027, expects to have five clinical programs outside of the OX40 ligand asset.

ABCL635: scientific rationale and market opportunity

• ABCL635 targets NK3R for non-hormonal treatment of menopausal vasomotor symptoms, aiming for once-monthly subcutaneous dosing.

• Addresses a large, underserved market: 6 million U.S. women with moderate to severe hot flashes, many contraindicated for hormone therapy.

• Differentiation based on improved safety (no liver toxicity), convenience, and potential for greater efficacy versus oral small molecules.

• Market research shows a majority of women prefer monthly injectables over daily oral treatments.

• Clinical path leverages established endpoints, with efficient, patient-reported outcomes and no need for complex monitoring.