AbCellera Reports Q3 2025 Business Results

About this update from Abcellera Biologics Inc.

VANCOUVER, British Columbia --(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the third quarter of 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. “AbCellera successfully delivered on two corporate priorities this quarter by starting activities at our new clinical manufacturing facility and substantially completing our platform investments,” said Carl Hansen , Ph.D., founder and CEO of AbCellera. “We ended the quarter with approximately $680 million dollars in available liquidity to execute on our strategy and will continue to prioritize advancing our two lead programs through Phase 1 clinical studies and building our pipeline.” Q3 2025 Business Summary Generated a net loss of $57.1 million , compared to a net loss of $51.1 million in 2024. Expanded the leadership team with the appointment of Sarah Noonberg , M.D., Ph.D., as Chief Medical Officer. ABCL635 and ABCL575 continue to progress through Phase 1 clinical trials. Reached a cumulative total of 103 partner-initiated program starts with downstreams. Key Business Metrics Cumulative Metrics September 30, 2024 September 30, 2025 Change % Partner-initiated program starts with downstreams 95 103 8 % Molecules in the clinic 14 18 29 % AbCellera started discovery on an additional partner-initiated program with downstreams to reach a cumulative total of 103 partner-initiated program starts with downstreams in Q3 2025 (up from 95 on September 30, 2024 ). AbCellera and its partners have advanced a cumulative total of 18 molecules into the clinic (up from 14 on September 30, 2024 ). Discussion of Q3 2025 Financial Results Revenue – Total revenue was $9.0 million , compared to $6.5 million in Q3 2024. Research & Development (R&D) Expenses – R&D expenses were $55.0 million , compared to $41.0 million in Q3 2024. A greater proportion of R&D expenses are used on internal programs, including $15.0 million of specific investments in two internal programs in the third quarter. Sales & Marketing (S&M) Expenses – S&M expenses were $2.9 million , compared to $3.1 million in Q3 2024. General & Administrative (G&A) Expenses – G&A expenses were $22.1 million , compared to $19.1 million in Q3 2024. Net Loss – Net loss of $57.1 million , or $(0.19) per share on a basic and diluted basis, compared to net loss of $51.1 million , or $(0.17) per share on a basic and diluted basis, in Q3 2024. Liquidity – $523 million of total cash, cash equivalents, and marketable securities and approximately $159 million in available non-dilutive government funding, bringing total available liquidity to approximately $680 million to execute on AbCellera's strategy. Conference Call and Webcast AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time ( 5:00 p.m. Eastern Time ). The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website . A replay of the webcast will be available through the same link following the conference call. About AbCellera Biologics Inc . AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing antibody-based medicines in the areas of endocrinology, women’s health, immunology, and oncology. For more information, please visit www.abcellera.com . Definition of Key Business Metrics We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops. Partner-initiated program starts with downstreams represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term. Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached "open" status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term. AbCellera Forward-Looking Statements This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release 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, and plans and objectives for future operations. 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 and other factors 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 press release 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. AbCellera Biologics Inc. Condensed Consolidated Statements of Loss and Comprehensive Loss (All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.) (Unaudited) Three months ended September 30 , Nine months ended September 30 , 2024 2025 2024 2025 Revenue: Research fees $ 6,289 $ 8,817 $ 21,516 $ 19,524 Licensing revenue 218 138 767 10,751 Milestone payments – – 1,500 – Total revenue 6,507 8,955 23,783 30,275 Operating expenses: Research and development(1) 40,969 55,028 121,183 136,736 Sales and marketing(1) 3,135 2,906 9,635 8,757 General and administrative(1) 19,147 22,052 56,691 57,255 Depreciation, amortization, and impairment 36,919 5,247 78,285 16,048 Total operating expenses 100,170 85,233 265,794 218,796 Loss from operations (93,663 ) (76,278 ) (242,011 ) (188,521 ) Other (income) expense: Interest income (9,603 ) (6,765 ) (29,805 ) (22,409 ) Grants and incentives (3,491 ) (2,729 ) (10,076 ) (10,574 ) Other (17,937 ) 1,984 (48,564 ) 2,558 Total other income (31,031 ) (7,510 ) (88,445 ) (30,425 ) Net loss before income tax (62,632 ) (68,768 ) (153,566 ) (158,096 ) Income tax recovery (11,525 ) (11,649 ) (24,919 ) (20,629 ) Net loss $ (51,107 ) $ (57,119 ) $ (128,647 ) $ (137,467 ) Foreign currency translation adjustment 841 (41 ) 488 1,680 Comprehensive loss $ (50,266 ) $ (57,160 ) $ (128,159 ) $ (135,787 ) Net loss per share Basic $ (0.17 ) $ (0.19 ) $ (0.44 ) $ (0.46 ) Diluted $ (0.17 ) $ (0.19 ) $ (0.44 ) $ (0.46 ) Weighted-average common shares outstanding Basic 294,851,945 298,875,174 293,930,702 298,366,169 Diluted 294,851,945 298,875,174 293,930,702 298,366,169 (1) Exclusive of depreciation, amortization, and impairment AbCellera Biologics Inc. Condensed Consolidated Balance Sheets (All figures in U.S. dollars. Amounts are expressed in thousands except share data.) (Unaudited) December 31, 2024 September 30, 2025 Assets Current assets: Cash and cash equivalents $ 156,325 $ 83,159 Marketable securities 469,289 412,513 Total cash, cash equivalents, and marketable securities 625,614 495,672 Accounts and accrued receivable 33,616 41,456 Restricted cash 25,000 25,000 Other current assets 67,140 133,012 Total current assets 751,370 695,140 Long-term assets: Property and equipment, net 340,429 427,358 Intangible assets, net 42,113 39,321 Goodwill 47,806 47,806 Investments in equity accounted investees 82,297 93,301 Other long-term assets 96,538 53,066 Total long-term assets 609,183 660,852 Total assets $ 1,360,553 $ 1,355,992 Liabilities and shareholders' equity Current liabilities: Accounts payable and other current liabilities $ 55,004 $ 53,117 Contingent consideration payable 8,087 – Deferred revenue 13,521 15,687 Total current liabilities 76,612 68,804 Long-term liabilities: Operating lease liability 60,743 137,052 Deferred revenue 5,700 5,850 Deferred government contributions 149,893 169,118 Deferred tax liability 10,052 9,744 Other long-term liabilities 1,469 1,386 Total long-term liabilities 227,857 323,150 Total liabilities 304,469 391,954 Commitments and contingencies Shareholders' equity: Common shares: no par value, unlimited authorized shares at December 31, 2024 and September 30, 2025 : 295,757,002 and 299,011,566 shares issued and outstanding at December 31, 2024 and September 30, 2025 , respectively 777,171 794,469 Additional paid-in capital 166,361 192,804 Accumulated other comprehensive loss (4,378 ) (2,698 ) Accumulated earnings (deficit) 116,930 (20,537 ) Total shareholders' equity 1,056,084 964,038 Total liabilities and shareholders' equity $ 1,360,553 $ 1,355,992 AbCellera Biologics Inc. Condensed Consolidated Statement of Cash Flows (Expressed in thousands of U.S. dollars.) (Unaudited) Nine months ended September 30 , 2024 2025 Cash flows from operating activities: Net loss $ (128,647 ) $ (137,467 ) Cash flows from operating activities: Depreciation of property and equipment 10,437 13,257 Amortization and impairment of intangible assets 67,848 2,791 Amortization of operating lease right-of-use assets 4,813 4,853 Stock-based compensation 52,355 42,888 Fair value (gain)/loss on contingent consideration (30,731 ) 613 Other (35,887 ) 988 Changes in operating assets and liabilities: Research fees and grants receivable (54,258 ) (15,957 ) Income taxes payable (receivable) (8,709 ) (19,792 ) Accounts payable and accrued liabilities 4,018 (2,286 ) Deferred revenue (13,474 ) 2,316 Deferred grant income 30,671 (2,834 ) Other assets 1,008 14,078 Net cash used in operating activities (100,556 ) (96,552 ) Cash flows from investing activities: Purchases of property and equipment (62,766 ) (32,929 ) Purchase of marketable securities (612,249 ) (324,704 ) Proceeds from marketable securities 735,989 386,536 Receipt of grant funding 29,150 7,366 Long-term investments and other assets 13,538 (16,771 ) Investment in equity accounted investees (17,956 ) (6,886 ) Net cash provided by investing activities 85,706 12,612 Cash flows from financing activities: Payment of liability for in-licensing agreement and other (552 ) (9,240 ) Proceeds from other liabilities and exercise of stock options 9,179 19,207 Net cash provided by financing activities 8,627 9,967 Effect of exchange rate changes on cash and cash equivalents (457 ) 807 Decrease in cash and cash equivalents (6,680 ) (73,166 ) Cash and cash equivalents and restricted cash, beginning of period 160,610 183,615 Cash and cash equivalents and restricted cash, end of period $ 153,930 $ 110,449 Restricted cash included in other assets 2,290 2,290 Total cash, cash equivalents, and restricted cash shown on the balance sheet $ 151,640 $ 108,159 Supplemental disclosure of non-cash investing and financing activities Property and equipment in accounts payable 15,989 10,457 Right-of-use assets obtained in exchange for operating lease obligation 2,232 76,118 View source version on businesswire.com : https://www.businesswire.com/news/home/20251106420463/en/ Inquiries Media: Tiffany Chiu ; [email protected] , +1(236)521-6774 Partnering: Murray McCutcheon , Ph.D.; [email protected] , +1(604)559-9005 Investor Relations: Peter Ahn ; [email protected] , +1(778)729-9116 Source: AbCellera Biologics Inc.

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