ABCL
AbCellera Biologics Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for AbCellera Biologics Inc..
Coverage
AbCellera Spent $1 Billion Building an Antibody Factory. ABCL635 Is Its First Real Test.
AbCellera has moved from selling antibody discovery work to owning the drugs its platform creates: the $1B factory, four disclosed programs, and the risk.
AbCellera Joins Coverage and Five of Its Last Eight Quarters Cannot Be Scored.
AbCellera joins coverage with five of its last eight quarters unscoreable: a +587.4% FCF margin on $4.1M of revenue breaks the Rule of 40's own arithmetic.
AbCellera prices $200 million offering at $9.75
17,435,897 common shares plus pre-funded warrants for 3,076,926 more, priced three days after the ABCL635 Phase 2 readout and roughly 11% below the prior close. Net proceeds about $188 million.
ABCL635 meets both Phase 2 primary endpoints
A single subcutaneous 600 mg dose cut moderate-to-severe vasomotor symptom frequency 83% at week 4 against 33% for placebo (n=92, p<0.001), with no serious adverse events. Stock closed up 35% on 46 million shares.
Q2 2026: revenue $4.1M, net loss $55.4M
Revenue fell 76% year over year as licensing and royalty revenue went to $0.1 million. Operating cash flow turned positive on $44 million of deferred revenue from the Jazz upfront. $540 million of cash and marketable securities at quarter end.
Vertex T-cell engager collaboration
$28 million in total upfront payments plus milestones and tiered royalties, for multispecific T-cell engagers in autoimmune disease. The second TCE deal of the quarter after Jazz's $84 million.
Capital expenditure and cash flow are too large relative to current revenue for the combined Rule of 40 score to be meaningful.
Quarter contextWhere the revenue goes next
Latest: $4M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $12M |
| 2023Q2 | $10M |
| 2023Q3 | $7M |
| 2023Q4 | $9M |
| 2024Q1 | $10M |
| 2024Q2 | $7M |
| 2024Q3 | $7M |
| 2024Q4 | $5M |
| 2025Q1 | $4M |
| 2025Q2 | $17M |
| 2025Q3 | $9M |
| 2025Q4 | $45M |
| 2026Q1 | $8M |
| 2026Q2 | $4M |
Latest: -$0.18 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | -$0.14 |
| 2023Q2 | -$0.11 |
| 2023Q3 | -$0.10 |
| 2023Q4 | -$0.16 |
| 2024Q1 | -$0.14 |
| 2024Q2 | -$0.13 |
| 2024Q3 | -$0.17 |
| 2024Q4 | -$0.12 |
| 2025Q1 | -$0.15 |
| 2025Q2 | -$0.12 |
| 2025Q3 | -$0.19 |
| 2025Q4 | -$0.03 |
| 2026Q1 | -$0.14 |
| 2026Q2 | -$0.18 |
Latest: $24M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | -$59M |
| 2023Q2 | -$7M |
| 2023Q3 | -$20M |
| 2023Q4 | -$34M |
| 2024Q1 | -$66M |
| 2024Q2 | -$50M |
| 2024Q3 | -$47M |
| 2024Q4 | -$24M |
| 2025Q1 | -$22M |
| 2025Q2 | -$46M |
| 2025Q3 | -$62M |
| 2025Q4 | -$45M |
| 2026Q1 | -$37M |
| 2026Q2 | $24M |
Latest: 307M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 288M |
| 2023Q2 | 289M |
| 2023Q3 | 289M |
| 2023Q4 | 290M |
| 2024Q1 | 293M |
| 2024Q2 | 294M |
| 2024Q3 | 295M |
| 2024Q4 | 295M |
| 2025Q1 | 298M |
| 2025Q2 | 299M |
| 2025Q3 | 299M |
| 2025Q4 | 299M |
| 2026Q1 | 303M |
| 2026Q2 | 307M |
Latest: -$495M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | -$59M |
| 2023Q2 | -$66M |
| 2023Q3 | -$87M |
| 2023Q4 | -$121M |
| 2024Q1 | -$187M |
| 2024Q2 | -$237M |
| 2024Q3 | -$284M |
| 2024Q4 | -$308M |
| 2025Q1 | -$330M |
| 2025Q2 | -$376M |
| 2025Q3 | -$437M |
| 2025Q4 | -$482M |
| 2026Q1 | -$519M |
| 2026Q2 | -$495M |
Latest earnings
Company History
Incorporated in November 2012 as a spin-out of Carl Hansen's University of British Columbia lab, commercialising microfluidic screening of single antibody-producing cells.
The first COVID-19 antibody therapy to receive US emergency use authorisation, discovered by AbCellera from a single convalescent blood sample and developed with Eli Lilly.
Listed on December 11, 2020 at $20 a share, the largest biotech IPO of that year, on the strength of the COVID antibody royalty stream.
COVID royalties produced $158.5 million of net income, the company's last profitable year. Revenue fell 92% the following year as the antibodies left use.
ABCL635 entered the clinic in July 2025, the first candidate from the GPCR and ion-channel platform and the start of a pipeline the company owns outright.
ABCL635 met both Phase 2 primary endpoints on August 10; on August 13 the company priced 17.4 million shares at $9.75, and four insiders bought $1.5 million of stock on the open market over the following two weeks.
Key Players
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Funds we follow holding ABCL
By latest reported 13F position value. Market value at quarter-end, not cost basis.