AbCellera Reports Q3 2025 Business Results
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
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
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