AbCellera Biologics (ABCL) Stifel 2025 Healthcare Conference summary

Strategic transition and business model

• Transitioned from a platform-focused partnership model to developing wholly owned clinical assets, completing this shift in 2025 as two assets entered the clinic and a third moved into IND-enabling studies.

• Partnership model emphasized retaining downstream economics, including royalties and co-development stakes, with a focus on difficult targets and strategic pharma partners.

• Continues to evaluate new partnerships using a rigorous framework: scientific merit, commercial opportunity, differentiation, and clinical path, only partnering when unique value is added.

• Recent partnership with AbbVie on T-cell engagers highlights ongoing collaboration in technically challenging areas.

• Internal pipeline is now the primary focus, leveraging expertise in difficult antibody discovery for GPCR and ion channel targets.

Clinical pipeline highlights

• ABCL635 targets NK3R for non-hormonal treatment of hot flashes in menopause, aiming for monthly injectable dosing, with phase I and proof-of-concept studies underway in Canada.

• Phase I includes about 140 patients, using testosterone reduction as a biomarker for target engagement, with proof-of-concept data expected next year.

• Market opportunity is significant due to unmet need and limitations of hormone replacement therapy; competitors' products have safety concerns, creating room for differentiation.

• ABCL575, an OX40 ligand antagonist, is positioned for INI conditions; differentiation may be challenged by competitors' dosing schedules, but program continues with government funding.

• ABCL688, another GPCR/ion channel asset, is expected to enter Canadian clinical trials mid-next year, with further details to be disclosed.

Financial position and outlook

• Over CAD 500 million in cash and equivalents, plus nearly CAD 200 million in available government funding, totaling around CAD 700 million in liquidity.

• Funding supports at least three years of operations, with additional value in owned research and manufacturing facilities.

• Government grants incentivize Canadian clinical development, providing cost recovery and supporting early-phase trials.

• New Chief Medical Officer is refining late-stage clinical strategy, particularly for ABCL635.

• Focus remains on advancing internal assets while selectively partnering to maximize long-term value.