AbCellera Biologics (ABCL) Q4 2025 earnings summary

Executive summary

• Transitioned to a vertically integrated clinical-stage biotech, meeting all 2025 strategic priorities, including initiation of Phase I trials for ABCL635 and ABCL575, nomination of ABCL688 and ABCL386 for IND/CTA-enabling studies, completion of platform investments, and launch of clinical manufacturing activities.

• Pipeline expanded from two preclinical programs to four, with ABCL635 advancing to Phase II and ABCL575 in Phase I; ABCL688 and ABCL386 in IND/CTA-enabling activities.

• Over 20 programs remain in discovery, with expectations to nominate at least one new development candidate per year and a fifth candidate entering IND-enabling activities in early 2026.

• Ended 2025 with approximately $700 million in available liquidity and $560–$561 million in cash, equivalents, and marketable securities.

• Expanded leadership with the appointment of a new Chief Medical Officer.

Financial highlights

• 2025 revenue totaled $75.1 million, up from $28.8–$29 million in 2024, with $27 million from partnered programs and $47 million from licensing and royalties, including $36 million from a patent settlement.

• R&D expenses were $186.8–$187 million, reflecting increased investment in internal programs.

• SG&A expenses were $83.2–$83 million, slightly down from $85.5–$86 million in 2024.

• Net loss for 2025 was $146.4 million ($0.49 per share), improved from $162.9–$163 million ($0.55 per share) in 2024.

• Operating cash outflow was $130–$131 million; $46 million invested in property, plant, and equipment.

Outlook and guidance

• Key 2026 priorities: deliver top-line readouts for ABCL635 Phase II and ABCL575 Phase I, advance ABCL688 and ABCL386 through IND-enabling activities, and nominate at least one new development candidate.

• Phase II readout for ABCL635 expected in Q3 2026, with potential for rapid advancement to late-stage development if positive.

• Sufficient liquidity to fund pipeline investments for at least three years.