AbCellera Biologics Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 5 August 2026: press release. Guidance figures: 1 new, 1 kept. The quarter’s numbers.

Key takeaways

Revenue fell to $4.1 million: The company reported total revenue of $4.1 million, against $17.1 million in Q2 2025. Source
Net loss widened to $55.4 million: Net loss was $55.4 million, or $(0.18) per share, against a net loss of $34.7 million, or $(0.12) per share, in Q2 2025. Source
ABCL635 Phase 2 data due August: The company expects top-line data from the ABCL635 Phase 2 trial in August 2026. Source
Jazz T-cell engager collaboration: Jazz deal covers next-generation T-cell engagers for multiple gastrointestinal cancers and other solid tumors. Source
Total liquidity above $675 million: The company reported over $565 million in cash and marketable securities plus $110 million in non-dilutive government funding. Source
Partner-led programs with downstream stakes fell: At June 30, 2026 partners led 35 progressing programs in which the company holds a downstream stake, down from 44 at December 31, 2025. Source

“Last quarter we completed enrollment for the Phase 2 study of ABCL635, and we expect to announce top-line data very soon,”
Carl Hansen, Ph.D., founder and CEO of AbCellera

Guidance

Area	Period	Figure	Against last quarter
Clinical readout Source	August 2026	August 2026	Kept
Clinical readout Source	Q4 2026	Q4 2026	New

What changed from last quarter

Guidance kept: ABCL635 Phase 2 readout timing is given as August 2026, within the Q3 window stated in the Q1 release. Source
New guidance: Top-line readout timing for the ABCL575 Phase 1 study is given as Q4 2026. The Q1 release did not state a readout date. Source
New: Collaboration with Jazz Pharmaceuticals to discover and develop next-generation T-cell engagers for gastrointestinal cancers and other solid tumors. Source
New: Collaboration with Vertex announced July 29, 2026, for multispecific T-cell engagers in autoimmune diseases and other conditions. Source
New: Victor Sandor and Lynn Seely were appointed as independent directors to the board. Source

Results and growth drivers

Revenue fell to $4.1 million: The company reported total revenue of $4.1 million, against $17.1 million in Q2 2025. Source
Net loss widened to $55.4 million: Net loss was $55.4 million, or $(0.18) per share, against a net loss of $34.7 million, or $(0.12) per share, in Q2 2025. Source
Licensing revenue largely disappeared: Licensing and royalty revenue was $149 thousand, against $10.4 million in Q2 2025. Research fees were $3.9 million, against $6.6 million. Source

Clinical programs and readouts

ABCL635 Phase 2 data due August: The company expects top-line data from the ABCL635 Phase 2 trial in August 2026. Source
ABCL635 Phase 2 enrollment completed: The CEO said enrollment for the ABCL635 Phase 2 study was completed last quarter and top-line data is expected very soon. Source
ABCL575 Phase 1 dosing completed: Dosing for the Phase 1 study of ABCL575 is complete, with top-line data expected in Q4 2026. Source
ABCL386 and ABCL688 in IND-enabling work: Programs ABCL386 and ABCL688 are progressing through IND-enabling activities. No date was given. Source

“that leverage our T-cell engager platform to advance programs into the clinic and are adding over $100 million in upfront cash to our balance sheet.”
Carl Hansen, Ph.D., founder and CEO of AbCellera

Deals, platform and board

Jazz T-cell engager collaboration: Jazz deal covers next-generation T-cell engagers for multiple gastrointestinal cancers and other solid tumors. Source
Jazz upfront payments and milestones: The company is receiving $84 million in total upfront payments, with $56 million for the first two programs and $28 million for a third. It is eligible for up to $792 million per program in milestones. Source
Vertex collaboration signed after quarter-end: On July 29, 2026 the company announced a collaboration with Vertex for multispecific T-cell engagers in autoimmune diseases and other conditions. It is receiving $28 million in total upfront payments. Source
Two independent directors appointed: Victor Sandor and Lynn Seely were named independent directors of the board. Source

Operating costs

R&D spend rose year on year: R&D expenses were $46.0 million, up from $39.2 million in Q2 2025. Source
SG&A expenses fell sharply: SG&A expenses were $13.9 million, down from $22.0 million in Q2 2025. Source
Depreciation and amortization rose: Depreciation and amortization was $7.0 million, up from $5.5 million. Total operating expenses were $66.8 million. Source

Cash, liquidity and balance sheet

Total liquidity above $675 million: The company reported over $565 million in cash and marketable securities plus $110 million in non-dilutive government funding. Source
Cash and securities edged up: Cash, cash equivalents and marketable securities were $540.1 million at June 30, 2026, against $533.8 million at December 31, 2025. Source
Operating cash outflow narrowed: Net cash used in operating activities was $7.6 million for the six months, against $44.0 million in the same period of 2025. Source

Partner-led programs and downstream stakes

Partner-led programs with downstream stakes fell: At June 30, 2026 partners led 35 progressing programs in which the company holds a downstream stake, down from 44 at December 31, 2025. Source
Molecules in clinic with stakes fell: The company held downstream stakes in 12 molecules in the clinic at June 30, 2026, against 14 at March 31, 2026. Source
Q1 count of partner-led programs: The Q1 release reported 40 partner-led programs progressing at March 31, 2026, with downstream stakes.

Coming up, as management said on 5 August 2026

ABCL635 Phase 2 top-line data: Top-line data from the ABCL635 Phase 2 trial is expected in August 2026. Source
ABCL575 Phase 1 top-line data: Top-line data from the ABCL575 Phase 1 study is expected in Q4 2026. Source
Third Jazz program to start: The third Jazz program, with a $28 million upfront payment, will initiate within 12 months. Source

Figures management reported

Figure	Reported
R&D expenses, Q2 2026 Source	$46.0 million
Trial readout Source	ABCL635 Phase 2 top-line data, August 2026
Trial readout Source	ABCL575 Phase 1 top-line data, Q4 2026
Molecules in clinic with downstream stake Source	12 at June 30, 2026

Earlier plans management reported on

Met: The company reported that enrollment for the ABCL635 Phase 2 study was completed in the prior quarter. Source
Not stated: The Q1 release gave Q3 for the Phase 2 efficacy readout. The Q2 release gives August 2026 for top-line data.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

AbCellera Reports Q2 2026 Business Results

8/5/2026

VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2026. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

“Last quarter we completed enrollment for the Phase 2 study of ABCL635, and we expect to announce top-line data very soon,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “Since our last business update we signed two new collaborations, one with Jazz and one with Vertex, that leverage our T-cell engager platform to advance programs into the clinic and are adding over $100 million in upfront cash to our balance sheet.”

Q2 2026 Business Summary and Program Updates

ABCL635 top-line data readout from the Phase 2 trial expected in August 2026.
ABCL386 and ABCL688 are progressing through IND-enabling activities.
Announced collaboration with Jazz Pharmaceuticals plc to discover and develop next-generation T-cell engagers (TCEs) for multiple gastrointestinal cancers and other solid tumors. AbCellera is receiving $84 million in total upfront payments, with $56 million for the first two research programs and $28 million for a third program, which will initiate within 12 months. AbCellera is eligible to receive up to $792 million per program in option fees and development, regulatory, and commercial sales milestone payments along with tiered royalties on net sales ranging from mid-single digits to low double digits.
Completed dosing for the Phase 1 study of ABCL575, with top-line data readout expected in Q4 2026.
Announced the appointments of Dr. Victor Sandor and Dr. Lynn Seely as independent directors to AbCellera’s board of directors.
Generated a net loss of $55.4 million, compared to a net loss of $34.7 million in Q2 2025.
Ended the quarter with over $565 million in total cash balances and marketable securities, providing over $675 million in total available liquidity to execute on AbCellera’s strategy.

Subsequent Event

On July 29, 2026 announced a collaboration with Vertex Pharmaceuticals Incorporated to research, develop, manufacture, and commercialize multispecific TCEs for autoimmune diseases and other conditions. AbCellera will receive $28 million in total

upfront payments and is eligible to receive preclinical, development, regulatory, and commercial milestone payments, along with tiered royalties on net sales.

Discussion of Q2 2026 Financial Results

Revenue - Total revenue was $4.1 million, compared to $17.1 million in Q2 2025.
Research & Development (R&D) Expenses - R&D expenses were $46.0 million, compared to $39.2 million in Q2 2025.
Sales, General, & Administrative (SG&A) Expenses - SG&A expenses were $13.9 million, compared to $22.0 million in Q2 2025.
Net Loss - Net loss of $55.4 million, or $(0.18) per share on a basic and diluted basis, compared to net loss of $34.7 million, or $(0.12) per share on a basic and diluted basis, in Q2 2025.
Available Liquidity - over $565 million in total cash balances and marketable securities, and $110 million in available non-dilutive government funding, bringing total available liquidity to over $675 million to execute on AbCellera's strategy.

Business Metrics

At the end of Q2 2026, partners led 35 programs that AbCellera believes to be progressing and where AbCellera holds a downstream stake (down from 44 on December 31, 2025). In total, AbCellera held downstream stakes in 12 molecules in the clinic understood to be progressing on June 30, 2026.

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 first-in-class antibody-based medicines in the areas of endocrinology, women’s health, immunology, oncology, and more. For more information, please visit www.abcellera.com.

AbCellera Forward-Looking Statements

Forward-looking statements notice

This document 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 beliefs and assumptions and on information currently available to management. All statements contained in this document 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, plans, objectives for future operations, and the evaluation of our available liquidity to execute on our strategy (including our ability to access our reimbursement based R&D government contributions). The use of certain data derived from cross-study comparisons are not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and differences and are presented for informational purposes. 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, other factors, and definition of our business metrics 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 document 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.

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 June 30,				Six months ended June 30,
	2025		2026		2025		2026
Revenue:
Research fees	$6,639		$3,901		$10,707		$12,021
Licensing and royalty revenue	10,445		149		10,613		341
Total revenue	17,084		4,050		21,320		12,362
Operating expenses:
Research and development	39,213		45,987		81,711		92,649
Sales, general, and administrative	21,986		13,850		41,054		26,185
Depreciation and amortization	5,470		6,990		10,801		13,828
Total operating expenses	66,669		66,827		133,566		132,662
Loss from operations	(49,585)		(62,777)		(112,246)		(120,300)
Other (income) expense:
Interest and other	(9,549)		42		(15,073)		(3,606)
Grants and incentives	(3,692)		(3,854)		(7,845)		(8,193)
Total other income	(13,241)		(3,812)		(22,918)		(11,799)
Loss before income tax	(36,344)		(58,965)		(89,328)		(108,501)
Income tax recovery	(1,617)		(3,538)		(8,980)		(9,909)
Net loss	$(34,727)		$(55,427)		$(80,348)		$(98,592)
Foreign currency translation adjustment	4,341		(733)		1,721		1,082
Comprehensive loss	$(30,386)		$(56,160)		$(78,627)		$(97,510)
Net loss per share
Basic	$(0.12)		$(0.18)		$(0.27)		$(0.32)
Diluted	$(0.12)		$(0.18)		$(0.27)		$(0.32)
Weighted-average common shares outstanding
Basic		298,508,601		305,557,294		298,105,760		304,329,623
Diluted		298,508,601		305,557,294		298,105,760		304,329,623

Exclusive of depreciation and amortization

Condensed Consolidated Balance Sheets

(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)

(Unaudited)

	December 31, 2025	June 30, 2026
Assets
Current assets:
Cash and cash equivalents	$128,513	$120,065
Marketable securities	405,313	420,039
Total cash, cash equivalents, and marketable securities	533,826	540,104
Accounts and accrued receivable	58,293	18,597
Restricted cash	25,000	25,000
Other current assets	111,113	95,529
Total current assets	728,232	679,230
Long-term assets:
Property and equipment, net	428,003	416,677
Intangible assets, net	38,381	36,530
Goodwill	47,806	47,806
Investments in equity accounted investees	62,580	65,229
Other long-term assets	51,948	62,103
Total long-term assets	628,718	628,345
Total assets	$1,356,950	$1,307,575
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and other current liabilities	$50,781	$32,484
Deferred revenue	13,526	20,705
Total current liabilities	64,307	53,189
Long-term liabilities:
Operating lease liability	137,403	129,948
Deferred revenue	3,500	40,450
Deferred government contributions	174,453	178,254
Other long-term liabilities	10,383	9,714
Total long-term liabilities	325,739	358,366
Total liabilities	390,046	411,555
Commitments and contingencies
Shareholders' equity:
Common shares: no par value, unlimited authorized shares at December 31, 2025 and June 30, 2026: 300,600,710 and 306,469,632 shares issued and outstanding at December 31, 2025 and June 30, 2026, respectively	802,341	821,242
Additional paid-in capital	198,279	206,004
Accumulated other comprehensive loss	(4,234)	(3,152)
Accumulated deficit	(29,482)	(128,074)
Total shareholders' equity	966,904	896,020
Total liabilities and shareholders' equity	$1,356,950	$1,307,575

Condensed Consolidated Statement of Cash Flows

(Expressed in thousands of U.S. dollars.)

(Unaudited)

	Six months ended June 30,
	2025	2026
Cash flows from operating activities:
Net loss	$(80,348)	$(98,592)
Cash flows from operating activities:
Depreciation of property and equipment	8,951	11,977
Amortization of intangible assets	1,851	1,851
Amortization of operating lease right-of-use assets	2,863	3,610
Stock-based compensation	28,993	24,299
Other	70	7,019
Changes in operating assets and liabilities:
Research fees and grants receivable	(12,524)	25,367
Income taxes receivable	(7,588)	(8,024)
Accounts payable and accrued liabilities	(7,356)	(16,621)
Deferred revenue	9,361	44,129
Deferred grant income	(1,681)	(4,453)
Other assets	13,450	1,838
Net cash used in operating activities	(43,958)	(7,600)
Cash flows from investing activities:
Purchases of property and equipment	(24,001)	(5,963)
Purchase of marketable securities	(291,542)	(308,184)
Proceeds from marketable securities	303,437	293,557
Receipt of grant funding	6,448	6,955
Long-term investments and other assets	(18,218)	(105)
Net cash used in investing activities	(23,876)	(13,740)
Cash flows from financing activities:
Proceeds from deferred government contributions and other	2,595	13,585
Net cash provided by financing activities	2,595	13,585
Effect of exchange rate changes on cash and cash equivalents	1,351	(468)
Decrease in cash and cash equivalents	(63,888)	(8,223)
Cash and cash equivalents and restricted cash, beginning of period	183,615	155,249
Cash and cash equivalents and restricted cash, end of period	$119,727	$147,026
Restricted cash included in other assets	2,290	1,961
Total cash, cash equivalents, and restricted cash shown on the balance sheet	$117,437	$145,065
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable	12,733	979
Right-of-use assets obtained in exchange for operating lease obligation	69,787	-

Contacts
Media: Tiffany Chiu; media@abcellera.com, +1(236)521-6774 Partnering: Murray McCutcheon, Ph.D.; partnering@abcellera.com, +1(604)559-9005 Investor Relations: Peter Ahn; ir@abcellera.com, +1(778)729-9116
Source: AbCellera Biologics Inc.