AbCellera Biologics (ABCL) Jefferies Global Healthcare Conference 2026 summary

Company overview and strategic shift

• Transitioned from a partnership model to focusing on a proprietary pipeline since 2023, leveraging expertise in antibody discovery for complex targets like ion channels and GPCRs.

• Built a strong royalty portfolio from over 100 partnered programs, including significant COVID-19 antibody royalties and government funding, resulting in robust liquidity of CAD 655 million.

• Current strategy is indication-agnostic, targeting areas where antibody discovery capabilities offer a competitive edge.

Pipeline highlights and clinical progress

• Lead asset ABCL635 targets NK3R for treating hot flashes in menopause, with a large addressable market of $6 billion in the US for women unsuitable for hormone therapy.

• ABCL575 (OX40 ligand) completed phase I but will not advance further internally due to class headwinds; partnering opportunities will be explored.

• Two additional molecules, ABCL688 (autoimmunity) and ABCL386 (oncology), are in IND-enabling stages, aiming for clinical entry in 2027.

• Ongoing discovery efforts aim to bring 1–2 new molecules per year into IND-enabling activities.

ABCL635 clinical data and differentiation

• Phase I data showed a favorable safety profile, no significant liver signals, and a pharmacokinetic profile supporting monthly dosing.

• Biomarker analysis confirmed robust target engagement, with a 60% reduction in testosterone at the 600 mg dose, supporting advancement to phase II.

• ABCL635 is differentiated from approved small molecules by its pure NK3R antagonism, potentially avoiding liver and somnolence side effects.