BUSINESS UPDATE
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NOVEMBER 9, 2026
DISCLAIMER
This document contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Q3 2026 Business Update
The forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. All statements contained in this document other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, plans, objectives for future operations, and the evaluation of our available liquidity to execute on our strategy (including our ability to access our reimbursement based R&D government contributions). The use of certain data derived from cross-study comparisons are not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may
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suggest misleading similarities and differences and are presented for informational purposes. In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties, other factors, and definition of our business metrics are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this document represent our views
as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
2
Phase 2 data demonstrate ABCL635 has potential to
redefine the standard of care for treating vasomotor symptoms
Q3 2026 Business Update
Positive top-line ABCL635 Phase 2 data at week 4 demonstrate a new efficacy benchmark for reducing the frequency and severity of moderate and severe vasomotor symptoms (VMSM-S)
EFFICACY ENDPOINT
Significant reduction in
both VMSM-S frequency and
severity vs. placebo after a single dose
Markedly improved efficacy data compared to available non-hormonal therapies
QUALITY OF LIFE ENDPOINT
Significant improvement in sleep and symptom burden
Comprehensive improvement in sleep disturbance symptoms
SAFETY ENDPOINT
Favorable tolerability profile with no meaningful liver or gastrointestinal safety signals
Potential for an improved safety profile
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VMSM-S: moderate and severe vasomotor symptoms
3
ABCL635 reduced the frequency of moderate and severe VMS starting at week 1 through week 4
Frequency of Moderate and Severe VMSM-S
Primary MMRM analysis Sensitivity MMRM analysis ● Mean placebo-adjusted treatment difference of
Q3 2026 Business Update
2.6 at week 1
Mean placebo-adjusted treatment difference of
5.3 starting at week 4
Mean % change from baseline at week 4:
83% reduction
ABCL635 vs. 33%
reduction placebo
placebo-adjusted difference of 50%
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Treatment effects consistent across subgroup and sensitivity analyses
4
MMRM: Mixed Models for Repeated Measures; LSM (SE): Least Squares Mean (Standard Error); VMSM-S: moderate and severe VMS Data cutoff: 30JUL26
ABCL635 reduced the severity score of moderate and severe VMS starting at week 1 through week 4
Severity Score of VMSM-S
Primary MMRM analysis Sensitivity MMRM analysis ● Mean placebo-adjusted treatment difference of
Q3 2026 Business Update
0.3 at week 1
Mean placebo-adjusted treatment difference of
1.1 at week 4
Mean % change from baseline at week 4:
58% reduction
ABCL635 vs. 12%
reduction placebo
placebo-adjusted difference of 46%
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Treatment effects consistent across subgroup and sensitivity analyses
5
MMRM: Mixed Models for Repeated Measures; LSM (SE): Least Squares Mean (Standard Error); VMSM-S: moderate and severe VMS. Data cutoff: 30JUL26
ABCL635 participants fared better than placebo across all threshold values
Cumulative Distribution at Week 4 of VMSM-S Frequency and Severity Scores
Q3 2026 Business Update
VMS Frequency VMS Severity
% Reduction from baseline at week 4 | ABCL635 (N=46) % Participants | Placebo (N=46) % Participants |
100% | 37.0% | 2.2% |
>90% | 60.9% | 8.7% |
>75% | 78.3% | 15.2% |
>50% | 87.0% | 32.6% |
% Reduction from baseline at week 4 | ABCL635 (N=46) % Participants | Placebo (N=46) % Participants |
100% | 26.1% | 2.2% |
>90% | 28.3% | 2.2% |
>75% | 37.0% | 2.2% |
>50% | 58.7% | 8.7% |
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Complete resolution of VMSM-S was achieved in 37% of ABCL635 participants vs. 2% in placebo
VMSM-S: moderate and severe VMS.
6 Data cutoff: 30JUL26
ABCL635 Phase 2 efficacy data are markedly improved compared to approved small molecule NK3R antagonists at week 4
VMSM-S Frequency and Severity Placebo-Adjusted Change from Baseline at Week 4*
Frequency Severity
Q3 2026 Business Update
ABCL635 SC 600 mg
Fezolinetant 45 mg -Trial 1** Fezolinetant 45 mg -Trial 2** Elinzanetant 120 mg -Trial 1*** Elinzanetant 120 mg -Trial 2***
ABCL635 SC 600 mg
Fezolinetant 45 mg -Trial 1** Fezolinetant 45 mg -Trial 2** Elinzanetant 120 mg -Trial 1*** Elinzanetant 120 mg -Trial 2***
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*
VMSM-S: moderate and severe VMS.
* Percent changes from baseline at Week 4 for VMS frequency and severity for Fezolinetant and Elinzanetant studies were calculated from available literature data using baseline scores and Week 4 placebo-adjusted Least Squares (LS)
means where available.
** Lederman et al., The Lancet, 2023, FDA Summary Review Document: FDA NDA 216578, Johnson et al.,The Journal of Clinical Endocrinology & Metabolism 2023
*** Pinkerton et al. JAMA. 2024
7
DISCLAIMER: Information provided above is for illustrative purposes only and no head-to-head clinical trials have been conducted. Differences exist between study or trial designs and subject characteristics, and caution should be exercised when comparing data across trials.
ABCL635 was well tolerated, with no gastrointestinal or liver signals
Q3 2026 Business Update
Adverse Events (AEs) reported in at least two patients in either group regardless of relationship during first 4-weeks of treatment
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* Includes Headache and Tension headache
8 ^ Includes injection site bruising, injection site reaction, injection site erythema, injection site hyperesthesia, injection site induration, and injection site pruritus.
SAE: Serious Adverse Event; ALT: Alanine Aminotransferase; AST: Aspartate Aminotransferase; Data cutoff: 30JUL26
No SAEs or severe (Grade 3+) AEs in ABCL635 group
AE Preferred Term
ABCL635 (600 mg)
Once Monthly, SC (N=46) n (%)
Placebo
Once Monthly, SC (N=46) n (%)
Number (%) with at least one AE
31 (67.4%)
24 (52.2%)
Number (%) with at least one SAE
0
1 (2.2%)
Number (%) with at least one grade 3+ AE
0
2 (4.3%)
Headache*
13 (28.2%)
6 (13.0%)
Fatigue
6 (13.0%)
3 (6.5%)
Injection site reaction^
4 (8.7%)
3 (6.5%)
Nausea
2 (4.3%)
4 (8.7%)
Nasopharyngitis
2 (4.3%)
3 (6.5%)
Gastroesophageal reflux disease
2 (4.3%)
0
Urinary tract infection
2 (4.3%)
0
Diarrhea
0
3 (6.5%)
Nasal congestion
1 (2.2%)
2 (4.3%)
Abdominal pain
0
2 (4.3%)
Arthralgia
0
2 (4.3%)
Dizziness
0
2 (4.3%)
1 SAE and 2 severe (Grade 3) AEs in placebo group
Headache AEs generally mild in both treatment groups
Fatigue AEs all mild in ABCL635 group and mild/moderate in placebo group
No evidence of gastrointestinal toxicity
1 ABCL635 AE of mild increase in transaminases (AST = 92; ALT = 66 IU/L),
resolved in one week
1 placebo patient with ALT values up to 121 IU/L
Following the positive Phase 2 data, we are advancing ABCL635 into multiple indications
Q3 2026 Business Update
MenopauseIn discussions with regulators and working through the FDA's MIDD program to advance ABCL635 for VMSM-S
Anticipate disclosing 12-week and OLE data in early 2027
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Expect to enter late-stage development in 2027
Expect to advance ABCL635 in 2027 for VMSM-S due to:
Adjuvant endocrine therapy (AET) for breast cancer
Androgen deprivation therapy (ADT) for prostate cancer
9 MIDD: Model-Informed Drug Development. VMSM-S: moderate and severe VMS.
OLE: Open-label Extension
Q3 2026 Business Update
We are also advancing a new program, ABCL992, for the treatment of VMSM-SABCL992 is a next-gen half-life extended analog of ABCL635
Designed to supports less frequent dosing
Currently in IND-enabling activities
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10 VMSM-S: moderate and severe VMS.
ABCL575
ABCL575 is an investigational antibody targeting OX40 ligand
AbCellera currently does not intend to develop ABCL575 past Phase 1.
Q3 2026 Business Update
Target
OX40 Ligand (OX40L)
Indications
Atopic Dermatitis (AD), Autoimmune Diseases
Therapeutic Area
Immunology & Inflammation
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Status
Phase 1
11
Phase 1 SAD Trial Design
Q3 2026 Business Update
ABCL575-101: A first-in-human Phase 1 study in healthy participants
Participants | A FIH Phase 1 randomized, double-blind, single ascending dose study of ABCL575 in healthy participants |
N=40 NHV, 18-65 year old N=8 per cohort, 6 active, 2 placebo (3:1 randomization) | |
Endpoints | Safety, tolerability, and pharmacokinetics (PK) |
Study Design | Cohort A5 (n=8) 900 mg SC Day 1 Cohort A4 (n=8) 600 mg SC Day 1 Cohort A3 (n=8) 300 mg SC Day 1 Cohort A2 (n=8) 150 mg SC Day 1 Cohort A1 (n=8) 75 mg SC Day 1 |
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FIH: first-in-human; NHV: normal healthy volunteers; SAD: single ascending dose; SC: subcutaneous. Clinicaltrials.gov ID: NCT07108894.
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Demographic and baseline characteristics
Q3 2026 Business Update
Treatment groups were generally balanced
SAD Population | ABCL575 (Cohorts A1-A5) (N=30) | Pooled Placebo (N=10) | Overall (N=40) | ||||||
75 mg (N=6) | 150 mg (N=6) | 300 mg (N=6) | 600 mg (N=6) | 900 mg (N=6) | |||||
Age (median, years) | 33.0 | 40.0 | 58.5 | 41.0 | 36.5 | 51.5 | 44.0 | ||
Sex, n (%) | Male | 2 (33.3) | 4 (66.7) | 3 (50.0) | 2 (33.3) | 3 (50.0) | 5 (50.0) | 19 (47.5) | |
Female | 4 (66.7) | 2 (33.3) | 3 (50.0) | 4 (66.7) | 3 (50.0) | 5 (50.0) | 21 (52.5) | ||
Race, n (%) | Asian | 1 (16.7) | 1 (16.7) | 0 | 1 (16.7) | 1 (16.7) | 0 | 4 (10.0) | |
Black | 1 (16.7) | 1 (16.7) | 1 (16.7) | 0 | 0 | 0 | 3 | (7.5) | |
White | 4 (66.7) | 4 (66.7) | 5 (83.3) | 4 (66.7) | 5 (83.3) | 9 (90.0) | 31 (77.5) | ||
Other | 0 | 0 | 0 | 1 (16.7) | 0 | 1 (10.0) | 2 | (5.0) | |
Weight (median, kg) | 69.3 | 70.6 | 60.6 | 75.3 | 73.0 | 72.0 | 71.5 | ||
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13 Data cutoff: 18SEPT2026
ABCL575 demonstrates a favorable tolerability profile
Adverse Events (AEs) reported in at least two participants in either group regardless of relationship
Q3 2026 Business Update
Adverse Event Preferred Term | ABCL575 (Cohorts A1-A5) | Total ABCL575 (N=30) n (%) | Pooled placebo (N=10) n (%) | ||||
75 mg (N=6) n (%) | 150 mg (N=6) n (%) | 300 mg (N=6) n (%) | 600 mg (N=6) n (%) | 900 mg (N=6) n (%) | |||
Number (%) with at least one AE | 5 (83.3%) | 4 (66.7%) | 3 (50.0%) | 2 (33.3%) | 3 (50.0%) | 17 (56.6%) | 6 (60.0%) |
Number (%) with at least one SAE | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Number (%) with at least one grade 3+ AE | 0 | 0 | 0 | 0 | 0 | 0 | 1 (10.0%) |
Injection site reaction (erythema, pain) | 4 (66.7%) | 3 (50.0%) | 1 (16.7%) | 0 | 1 (16.7%) | 9 (30.0%) | 2 (20.0%) |
Headache | 0 | 1 (16.7%) | 1 (16.7%) | 2 (33.3%) | 1 (16.7%) | 5 (16.7%) | 2 (20.0%) |
Nasopharyngitis | 0 | 0 | 0 | 1 (16.7%) | 0 | 1 (3.4%) | 2 (20.0%) |
Cough | 0 | 2 (33.3%) | 0 | 0 | 0 | 2 (6.7%) | 0 |
Favorable preliminary safety profile across all explored doses
No SAEs
No Grade 3 AEs in ABCL575
1 Grade 3 AE of retinal detachment in placebo
ABCL575 AEs
generally mild
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SAE: Serious Adverse Event.
14 Data cutoff: 18SEPT2026
ABCL575 exhibited sustained exposure with a mean half-life of 65 days supportive of Q12W or longer dosing
Pharmacokinetics
Q3 2026 Business Update
SAD PK
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Data are shown as mean ± SEM. Values below the lower limit of quantification (LLOQ) were imputed as LLOQ/2. The LLOQ is shown in the dotted line.
15 Data cutoff: 18SEPT2026.
4 μg/mL
LLOQ
Approximately dose proportional exposure
Mean half-life of ~65 days ranging from 43 days in cohort A1 to 79 days in cohort A4, as predicted from preclinical data (67 days)
Exposures maintained well above efficacy target threshold of 4 μg/mL* at clinically relevant dose levels
Supportive of Q12W or less frequent dosing regimens
* Amlitelimab demonstrates clinical efficacy at doses of 0.45 mg/kg1 and ≥62.5 mg Q4W SC,2 suggesting a threshold PK concentration of 4 µg/mL required for efficacy.
Saghari M, et al., Clin Pharmacol Ther. 2022 May;111(5):1121-1132.
Weidinger S, et al. (2024). J Allergy Clin Immunol. S0091-6749(24)01175-8.
ABCL575 Phase 1 study met its endpoints
SAFETY/TOLERABILITY ENDPOINT
Q3 2026 Business Update
Favorable preliminary tolerability profile
PHARMACOKINETIC ENDPOINT
PK profile supports an extended dosing interval
All doses tested in the 75 to 900 mg range were well tolerated
Estimated half-life of ~65 days
NEXT STEPS
At this time, AbCellera does not plan to develop ABCL575 past Phase 1.
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16
Q3 2026 Business Update
Completed $200M oversubscribed capital raise
Number of shares and pre-funded warrants
~20M common shares
Share price & pre-funded warrant price
$9.75 per share
Transaction closed
August 14, 2026COPYRIGHT © ABCELLERA
17
ABCELLERA PROGRAMS
PROGRAMS TARGET INDICATION THERAPEUTIC AREA STAGE
Q3 2026 Business Update
IND-Enabling Phase 1 Phase 2 Phase 3
ABCL635 | NK3R | VMS due to menopause | Endocrinology & Women's Health |
VMS due to breast cancer treatment | Oncology | ||
VMS due to prostate cancer treatment | Oncology | ||
ABCL992 | NK3R | VMS | Endocrinology |
ABCL575 | OX40L | Atopic Dermatitis | Immunology & Inflammation |
ABCL688 | Undisclosed GPCR / ion channel | Undisclosed | Autoimmunity |
ABCL386 | Undisclosed | Undisclosed | Oncology |
ABCL385 | Undisclosed | Undisclosed | Oncology |
ABCL646 | Undisclosed Ion channel | Undisclosed | Undisclosed |
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18 As of September 30, 2026
2026 PRIORITIES
We advanced ABCL992, ABCL385, and ABCL646 into the pipeline, completing all 2026 prioritiesQ3 2026 Business Update
ABCL635 Phase 2 clinical trial
top-line readout on Aug 10, 2026
ABCL575 Phase 1 clinical trial
top-line readout on Nov 9, 2026
ABCL688 progressing through
IND-enabling activities
ABCL386 progressing through
IND-enabling activities
Nominate at least 1 additional development candidate for
IND-enabling activities
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19
Q3 2026
FINANCIALS UPDATE
20
COPYRIGHT © ABCELLERA Q3 2026 Business Update
>$890M
in available liquidity to execute on
our strategy*
>$790M
>$100M
in total cash balances & marketable securities*
in total available government funding*
* As of September 30, 2026
Q3 2026 Business Update
liquidity position
We continue to maintain a strongCOPYRIGHT © ABCELLERA
to execute on our strategy21
pera n expenses ref e t R D nvest ents.
Revenue USD
Operating Expenses usD
LICENSING AND ROYALTY
Q3 2026 Business Update
MILESTONES RESEARCH FEES
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$9.OM $10.6M
Q32025 Q32026
RESEARCH &
DEVELOPMENT
$55.OM
$43.5M
Q3 2025 Q3 2026
SALES, GENERAL & ADNIN
$25.OM
$13.6M
Q3 2025 Q3 2026
22
Net loss of $11N: equivalent to ($0.13) per share(basic & diluted).
Earnings USD
NET EARNINGS
EARNINGS PER SHARE: BASIC AND DILUTED
($40.8M)
Q3 2026 Business Update
($57.1 M)
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Q3 2025
Q3 2026
(SO.19)
(SO.13)
Q3 2025
Q3 2026
23
Following $200h raise, approximately $790h in total cash, equivalents, and marketable securities.
Cash Flows USD
Q3 2026 Business Update
$791M
$561M
$214M
Marketable securities
$19M
($197M)
($1M)
Dec 31, 2025
OPERATING
FINANCING
INVESTING
FX Sep 30, 2026
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* Restricted cash (including restricted cash in other assets)
24
THANK
YOU
25
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