AbCellera Reports Full Year 2025 Business Results

Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.VANCOUVER, British Columbia — AbCellera (Nasdaq: ABCL) today announced financial results for the full year 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.“In 2025, AbCellera successfully delivered on all its corporate priorities, transitioned to a clinical-stage biotech company, and ended the year with approximately $700 million in available liquidity to execute on our strategy,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “We entered 2026 with a fully built platform, a growing pipeline with multiple potential first-in-class programs and important near-term clinical readouts, and sufficient liquidity to fund well beyond the next three years of pipeline investments.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Cumulative MetricsDecember 31, 2024December 31, 2025Change %Partner-initiated program starts with downstreams961048 %Molecules in the clinic161919 %In 2025, AbCellera started discovery on eight additional partner-initiated programs with downstreams to reach a cumulative total of 104 partner-initiated program starts with downstreams (up from 96 on December 31, 2024). AbCellera and its partners have advanced a cumulative total of 19 molecules into the clinic (up from 16 on December 31, 2024).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..(Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody-based medicines in the areas of endocrinology, women’s health, immunology, oncology, and more. For more information, please visit.We regularly review the following 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.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.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.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.Consolidated Statements of Loss and Comprehensive Loss(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.)Year ended December 31,202320242025Revenue:Research fees$35,556$26,284$27,208Milestone payments1,5001,5001,000Licensing and royalty revenue9691,04946,920Total revenue38,02528,83375,128Operating expenses:Research and development(1)175,658167,259186,829Sales, general, and administrative(1)75,17985,49083,231Depreciation, amortization, and impairment24,39590,85022,171Total operating expenses275,232343,599292,231Loss from operations(237,207)(314,766)(217,103)Other (income) expense:Interest income(42,247)(38,473)(28,329)Grants and incentives(14,155)(13,620)(13,890)Other(6,776)(62,278)2,711Total other income(63,178)(114,371)(39,508)Loss before income tax(174,029)(200,395)(177,595)Income tax recovery(27,631)(37,538)(31,183)Net loss$(146,398)$(162,857)$(146,412)Foreign currency translation adjustment(329)(2,658)144Comprehensive loss$(146,727)$(165,515)$(146,268)Net loss per shareBasic$(0.51)$(0.55)$(0.49)Diluted$(0.51)$(0.55)$(0.49)Weighted-average common shares outstandingBasic289,166,486294,327,532298,707,082Diluted289,166,486294,327,532298,707,082(1) Exclusive of depreciation, amortization, and impairmentAbCellera Biologics Inc.Consolidated Balance Sheets(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)December 31, 2024December 31, 2025AssetsCurrent assets:Cash and cash equivalents$156,325$128,513Marketable securities469,289405,313Total cash, cash equivalents, and marketable securities625,614533,826Accounts and accrued receivable33,61658,293Restricted cash25,00025,000Other current assets67,140111,113Total current assets751,370728,232Long-term assets:Property and equipment, net340,429428,003Intangible assets, net42,11338,381Goodwill47,80647,806Investments in equity accounted investees82,29762,580Other long-term assets96,53851,948Total long-term assets609,183628,718Total assets$1,360,553$1,356,950Liabilities and shareholders’ equityCurrent liabilities:Accounts payable and other current liabilities$55,004$50,781Contingent consideration payable8,087—Deferred revenue13,52113,526Total current liabilities76,61264,307Long-term liabilities:Operating lease liability60,743137,403Deferred government contributions149,893174,453Deferred tax liability10,0529,115Other long-term liabilities7,1694,768Total long-term liabilities227,857325,739Total liabilities304,469390,046Commitments and contingenciesShareholders’ equity:Common shares: no par value, unlimited authorized shares at December 31, 2024 and December 31, 2025: 295,757,002 and 300,600,710 shares issued and outstanding at December 31, 2024 and December 31, 2025, respectively777,171802,341Additional paid-in capital166,361198,279Accumulated other comprehensive loss(4,378)(4,234)Accumulated earnings (deficit)116,930(29,482)Total shareholders’ equity1,056,084966,904Total liabilities and shareholders’ equity$1,360,553$1,356,950AbCellera Biologics Inc.Consolidated Statement of Cash Flows(Expressed in thousands of U.S. dollars.)December 31, 2023December 31, 2024December 31, 2025Cash flows from operating activities:Net loss$(146,398)$(162,857)$(146,412)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation of property and equipment12,75812,53718,439Amortization and impairment of intangible assets11,63778,3123,732Amortization of operating lease right-of-use assets6,4996,1496,650Stock-based compensation64,18367,58155,792Fair value (gain) loss on contingent consideration and investments(8,018)(64,727)4,529Other2,237(19,708)(3,331)Changes in operating assets and liabilities:Research fees and grants receivable(45,933)(75,119)(55,623)Income taxes (payable) receivable30,4646,651(29,843)Accounts payable and accrued liabilities(15,104)10,6353,457Deferred revenue(13,976)(7,931)(2,195)Deferred grant income39,52133,967(3,638)Other assets18,2535,95417,148Net cash used in operating activities(43,877)(108,556)(131,295)Cash flows from investing activities:Purchases of property and equipment(76,947)(78,396)(42,772)Purchase of marketable securities(1,021,510)(765,086)(436,044)Proceeds from marketable securities910,937937,882506,072Receipt of grant funding25,31135,70821,343Distribution from equity accounted investees——30,113Investment in and loans to equity accounted investees(13,690)(19,626)(7,137)Proceeds from repayment of loan from joint venture partner——33,268Long-term investments and other assets(45,209)10,927(17,093)Net cash provided by (used in) investing activities(221,108)121,40987,750Cash flows from financing activities:Payment of liability for in-licensing agreement and other(1,234)(729)(15,649)Proceeds from long-term liabilities and other11,59013,49829,731Net cash provided by financing activities10,35612,76914,082Effect of exchange rate changes on cash and cash equivalents589(2,617)1,097Increase (decrease) in cash and cash equivalents(254,040)23,005(28,366)Cash and cash equivalents and restricted cash, beginning of period414,650160,610183,615Cash and cash equivalents and restricted cash, end of period$160,610$183,615$155,249Restricted cash included in other assets2,2902,2901,736Total cash, cash equivalents, and restricted cash shown on the balance sheet$158,320$181,325$153,513Supplemental disclosure of non-cash investing and financing activitiesProperty and equipment in accounts payable13,62512,7671,995Right-of-use assets obtained in exchange for operating lease obligation1,1991,89876,118 https://www.businesswire.com/news/home/20260224767346/en/ContactsMedia: Tiffany Chiu;, +1(236)521-6774Partnering: Murray McCutcheon, Ph.D.;, +1(604)559-9005Investor Relations: Peter Ahn;, +1(778)729-9116Source: AbCellera Biologics Inc.#distroPostmedia is committed to maintaining a lively but civil forum for discussion. 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