AbCellera Biologics Inc.

Revenue for Q2 2026 was around $4 million, down from approximately $17 million in the same quarter of 2025. R&D expense was approximately $46 million, about $7 million higher than last year, while SG&A was approximately $14 million versus $22 million a year ago. The company reported a net loss of roughly $55 million, or $0.18 per share, compared with a loss of about $35 million in Q2 2025. Cash and marketable securities totaled $567 million at quarter-end, and management said total available liquidity exceeds $675 million including unused secured government funding. For guidance, management expects ABCL635 top-line Phase II data very soon, ABCL575 Phase I readout in Q4, and ABCL-688 and ABCL386 to enter Phase I/II studies in 2027; it also said another program missed the planned first-half IND-enabling timeline but progress is continuing.

Carl Hansen focused on ABCL635 as the near-term catalyst, calling it the most important data readout of the year and framing the study as a test of both safety and efficacy. He said the company is encouraged by the Phase I profile so far, sees the opportunity to advance into late-stage development if data are positive, and remains confident in the broader discovery engine despite missing one internal timeline. He also positioned the T cell engager platform as a major strategic asset, saying the company now has a more complete toolkit and can use it for both internal programs and partnership deals.

Andrew Booth said AbCellera remains in a strong liquidity position, with over $565 million in cash and equivalents, roughly $110 million in committed government funding, and over $675 million in available liquidity. He cited $567 million in total cash and marketable securities at quarter-end, including $420 million invested in short-term marketable securities, and said the company had $15 million of investment activity in those holdings during the quarter. He also noted $56 million of Jazz upfront cash was received in the quarter, capital expenditures were about $6 million year to date, and government grants totaled $7 million. He said capital needs are manageable and the company believes it can fund at least the next 3 years of pipeline investments.

Analysts focused heavily on ABCL635: what constitutes a clinically meaningful improvement, how placebo response might affect the data, whether the company will have 4-week-only top-line results, and how Phase III might be designed for menopause and cancer-related hot flashes. Management said success would mean a clean safety profile and efficacy comparable to approved small molecules, that the top-line data will be 4 weeks in all patients, and that placebo response is expected to be pronounced and similar to prior trials. On safety differentiation, Carl Hansen said the antibody should avoid the liver-monitoring burden seen with the small molecules and reiterated that no perceptible increase in liver enzymes has been seen so far. On the T cell engager collaborations, he said the new Vertex and Jazz deals reflect a matured platform and that most internal effort remains on GPCR and ion channel programs, with TCE still an important pillar.