Hello, everyone, and thank you for joining us today for AbCellera's Full Year 2025 Earnings Call. Our presentation today, our earnings press release, and our SEC filings are available on our Investor Relations website. The information we provide about our pipeline is intended for the investment community and is not promotional. Our transition to a clinical-stage biotech is complete, and our focus has fully shifted from building our platform to building our pipeline.
At the beginning of the year, our pipeline consisted of two preclinical programs, ABCL635 and ABCL575. Announced at our Q2 earnings, this is the third program added to our pipeline and the second program that's derived from our GPCR and ion channel platform. However, in either scenario, we are committed to advancing the other programs in our pipeline with a focus on developing first-in-class opportunities. Looking at the overall pipeline, we anticipate two clinical readouts in 2026 and the potential for multiple catalysts in 2027.
Given our focus on the advancement of our proprietary pipeline, and as noted in our SEC filings, we will stop reporting on our partner-initiated program starts on a quarterly basis in 2026. Turning to revenue and expenses, revenue for the year was $75 million, comprising $27 million relating to work on partnered programs and $47 million from licensing and royalty payments. This compares to a total revenue of approximately $29 million in 2024. With respect to research fee revenues, as we have mentioned in the past, we expect these to trend lower as we focus on our internal pipeline.
| Metric | Period | Current guidance |
|---|---|---|
| ABCL635 Phase 2 (proof-of-concept) top-line readout | Q3 2026 | Anticipated in Q3 2026 - the year's most important readout, viewed as potentially highly de-risking |
| ABCL575 Phase 1 top-line readout | Q4 2026 | Anticipated in Q4 2026 |
| ABCL688 and ABCL386 INDs/CTAs | 2027 | IND/CTA submissions expected in 2027, with Phase 1/2 studies thereafter |
| Fifth development candidate | First half of 2026 | Anticipate advancing a fifth program into IND-enabling activities in H1 2026 |
| Clinical-stage programs | By mid-2027 | Expect five clinical-stage programs across large-market indications by mid-2027 |
| Liquidity runway | Multi-year | Sufficient liquidity to fund well beyond the next three years of pipeline investment |
| Metric | YoY | Note |
|---|---|---|
| FY2025 total revenue | ~$75M (vs ~$29M) | $27M research fees + $47M licensing/royalty, incl. ~$36M Bruker settlement |
| R&D expense | +$20M to ~$187M | Increased investment in internal programs |
| SG&A expense | ~$83M (vs ~$86M) | Includes now-settled Bruker litigation costs |
| Net loss | ~$146M (vs ~$163M); EPS -$0.49 | Higher revenue and Bruker settlement, partly offset by higher R&D |
| Year-end liquidity | ~$561M cash/securities; ~$700M total | Includes committed government funding plus off-balance-sheet real-estate liquidity |
| Molecules in the clinic | 19 cumulative | Arsenal Bio's AB-3028 (licensed Trianni technology) reached the clinic |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Transition complete | Building the platform | Focus fully shifted from building the platform to building the pipeline | — |
| ABCL635 as the key value driver | Phase 1 dosing | In Phase 2; Q3 2026 readout could confirm the first 'winner' - blockbuster potential if it hits the target product profile (efficacy comparable to Lynkuet/Veozah, differentiated safety, once-monthly SC dosing) | — |
| Pipeline breadth | Two programs | Four programs (adding ABCL688 and ABCL386) plus 20+ in discovery; targeting five clinical-stage programs by mid-2027 | — |
| Oncology/induced-menopause upside | VMS from natural menopause | Exploring ABCL635 for VMS induced by cancer treatments (breast and prostate cancer) | — |
| ABCL575 class dynamics | Differentiated dosing thesis | Positioned second-line to Dupixent; a Kaposi's-sarcoma event in the class viewed as not materially changing the value proposition | — |