AbCellera Biologics (ABCL) Q2 2026 earnings summary

Executive summary

• Completed enrollment and dosing for ABCL635 Phase 2 trial in moderate to severe hot flashes, with top-line data expected in August 2026.

• ABCL575 Phase 1 dosing completed; top-line readout anticipated in Q4 2026.

• ABCL688 and ABCL386 advancing through IND-enabling activities, with studies targeted for 2027.

• Major T-cell engager (TCE) collaborations signed with Jazz Pharmaceuticals ($84M upfront, up to $792M per program in milestones) and Vertex Pharmaceuticals ($28M upfront), totaling over $110M in upfront cash and potential for over $4B in deal value.

• Appointed Dr. Victor Sandor and Dr. Lynn Seely as independent directors, bringing expertise in oncology, women's health, immunology, and endocrinology.

Financial highlights

• Q2 2026 revenue was $4.1M, down from $17.1M in Q2 2025, mainly due to lower licensing revenue; six-month revenue was $12.4M, down 42%.

• R&D expenses rose to $46.0M from $39.2M year-over-year, reflecting increased investment in internal programs.

• SG&A expenses decreased to $13.9M from $22.0M, mainly due to the conclusion of IP litigation and team changes.

• Net loss for Q2 2026 was $55.4M, or $(0.18) per share, compared to $34.7M, or $(0.12) per share, in Q2 2025.

• Ended the quarter with over $565M in cash and marketable securities, and $675M in total available liquidity.

Outlook and guidance

• Top-line data for ABCL635 Phase 2 expected in August 2026; ABCL575 Phase 1 data expected in Q4 2026.

• At least one additional development candidate to be nominated for IND-enabling activities.

• Anticipates increased revenue from new collaborations as research obligations are fulfilled.

• Sufficient liquidity for at least three years of pipeline investments, including over $110M in government funding.