AbCellera Biologics (ABCL) TD Cowen 46th Annual Health Care Conference summary

Strategic evolution and platform capabilities

• Transitioned from a technology-focused entity to a biotech with end-to-end antibody discovery, development, and manufacturing capabilities, investing over $1 billion over 13 years.

• Platform honed through over 100 drug discovery programs, building expertise in complex targets like GPCRs, ion channels, and multispecifics.

• Now prioritizing internal programs, with the first candidate entering phase II and aiming for late-stage clinical development.

• GMP facility now operational, providing supply chain control, accelerated CMC, and extended patent runway, with $700 million in cash and committed funding.

• Pipeline selection guided by four strategic criteria: scientific understanding, early de-risking, unmet need, and differentiation potential.

Lead program ABCL635: clinical progress and differentiation

• ABCL635 targets vasomotor symptoms (VMS) in menopause, addressing a population of 12 million U.S. women, with a focus on those needing non-hormonal alternatives.

• Differentiation based on clean safety/tolerability, monthly auto-injector dosing, and no need for liver enzyme monitoring, aiming for superior patient and physician convenience.

• Phase I/II study shows clean safety and target engagement; phase II (80 patients, triple-blinded, placebo-controlled) is powered for efficacy comparable to small molecules.

• Positive phase II data in Q3 could lead to rapid phase III initiation for menopausal VMS and expansion into oncology-related VMS indications.

• Oncology expansion leverages the same mechanism, with plans to move quickly into cancer-associated VMS trials if phase II is successful.

Pipeline and partnering strategy

• ABCL575 (OX40L inhibitor) is a fast follower in a competitive space, aiming for differentiation via extended dosing intervals and clean safety profile.

• Year-end 2026 data update expected for ABCL575, with ongoing discussions for potential out-licensing or partnership post-phase I.

• ABCL688 (autoimmunity) and ABCL386 (oncology) are both first-in-class candidates, with details to be unveiled at clinical trial initiation to maintain competitive advantage.

• Pipeline expected to grow to five clinical programs within a few years, with a mix of late-stage and preclinical assets, and over 20 programs in early development.

• Open to partnering or out-licensing assets where others are better positioned, maintaining flexibility and robust value assessment as the pipeline matures.