ABCL
AbCellera Biologics Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for AbCellera Biologics Inc.
AbCellera Biologics Inc. is a biotechnology company that discovers and develops antibody-based medicines. It operates an integrated platform that combines microfluidics, single-cell screening, proprietary data systems, and AI to identify therapeutic antibodies from natural immune responses, then partners with pharmaceutical and biotechnology companies to advance candidates. Programs span infectious disease, oncology, immunology, and other indications, and include both partnered and internally originated assets. The company generates revenue from research fees, milestone payments, and royalties.
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
Why unreliable: reason not recorded
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: n/m (2026Q2)
| Period | Value |
|---|---|
| 2023Q4 | n/m |
| 2024Q1 | n/m |
| 2024Q2 | n/m |
| 2024Q3 | n/m |
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | n/m |
| 2025Q3 | n/m |
| 2025Q4 | n/m |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
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 |
|---|---|
| 2020Q2 | 261M |
| 2020Q3 | 153M |
| 2021Q1 | 320M |
| 2021Q2 | 272M |
| 2021Q3 | 279M |
| 2021Q4 | 282M |
| 2022Q1 | 311M |
| 2022Q2 | 285M |
| 2022Q3 | 316M |
| 2022Q4 | 286M |
| 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.