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

Generated a net loss of $57.1 million, compared to a net loss of $51.1 million in 2024.
Expanded the leadership team with the appointment of Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer.
ABCL635 and ABCL575 continue to progress through Phase 1 clinical trials.
Reached a cumulative total of 103 partner-initiated program starts with downstreams.

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

Revenue – Total revenue was $9.0 million, compared to $6.5 million in Q3 2024.
Research & Development (R&D) Expenses – R&D expenses were $55.0 million, compared to $41.0 million in Q3 2024. A greater proportion of R&D expenses are used on internal programs, including $15.0 million of specific investments in two internal programs in the third quarter.
Sales & Marketing (S&M) Expenses – S&M expenses were $2.9 million, compared to $3.1 million in Q3 2024.
General & Administrative (G&A) Expenses – G&A expenses were $22.1 million, compared to $19.1 million in Q3 2024.
Net Loss – Net loss of $57.1 million, or $(0.19) per share on a basic and diluted basis, compared to net loss of $51.1 million, or $(0.17) per share on a basic and diluted basis, in Q3 2024.
Liquidity – $523 million of total cash, cash equivalents, and marketable securities and approximately $159 million in available non-dilutive government funding, bringing total available liquidity to approximately $680 million to execute on AbCellera's strategy.

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

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Inquiries

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

AbCellera Reports Q3 2025 Business Results