AbCellera Biologics Inc. (ABCL)

Price$12.63Cached quoteAs of 2026-09-18 21:50 UTC

AI: Overvalued

Price checkThe market now prices in major future success that current earnings and sales do not support.

At the observed regular-market close, AbCellera’s market value was about $3.75 billion. Trailing four-quarter revenue from the supplied figures is about $66 million, so investors are paying roughly 57 times recent sales even though earnings remain negative. Pasted text If about $188 million of offering proceeds after underwriter discounts but before other expenses are added mechanically to Q2 book equity, meaning accounting value for shareholders, the market still sits near 3.5 times that adjusted amount. Current results alone do not support that premium; ABCL635 and partnered programs must create substantial future value. StockAnalysis.com+1

Big pictureRevenue is uneven and losses persist, so today’s price depends heavily on future medicines.

Revenue swung from $485.4 million in 2022 to $28.8 million in 2024, recovered to $75.1 million in 2025, and totaled only $12.4 million in the first half of 2026. FY2025 net loss was $146.4 million and operating cash outflow was $131.3 million; first-half 2026 net loss was about $98.6 million. This is not a stable earnings base. Q2 2026 did show positive operating cash flow, but one quarter does not yet outweigh the multi-year pattern of losses and heavy research spending. Pasted text

Business strengthA large cash cushion and new partners reduce near-term funding risk despite continued research spending.

Q2 results reported more than $565 million of cash balances and marketable securities and over $675 million of available liquidity. Jazz and Vertex agreements add more than $100 million of upfront cash commitments, while August’s stock offering produced about $200 million gross and roughly $188 million after underwriter discounts before other expenses. This materially lowers near-term funding risk and gives AbCellera room to advance its pipeline. The limitation is that research still consumes capital, and headline milestone payments from partners are conditional rather than guaranteed. AbCellera Investors+1

What could change the storyLater trials must confirm ABCL635 while share growth and cash burn remain under control.

ABCL635’s Phase 2 study enrolled 92 women and showed an 83% reduction in hot-flash frequency at week four versus 33% with placebo, with no serious adverse events reported. That is a strong bull signal, but larger later-stage trials still need to confirm it. The August financing added 17.4 million shares plus warrants that can become 3.1 million more, about 6.7% more potential shares versus the Q2 count. Positive later-stage ABCL635 results or encouraging ABCL575 data would strengthen the case; trial setbacks or renewed heavy cash burn would weaken it. AbCellera Investors+1 Pasted text

AI: News

ABCL635 Phase 2 succeedsStrong hot-flash reductions sharply improved expectations for AbCellera’s first internally developed clinical asset.

On August 10, the randomized Phase 2 study reported an 83% reduction in moderate-to-severe hot-flash frequency after four weeks versus 33% for placebo, with 92 participants and no serious adverse events. Shares closed about 35% higher that day. The timing strongly suggests the trial update was a major driver, though price timing alone cannot prove sole causation. The business impact is significant because ABCL635 is AbCellera’s lead internal clinical program and successful later-stage development could add a large new source of value. AbCellera Investors+1

Public offering funds pipelineThe company raised fresh cash after the clinical rally, strengthening its runway while increasing the share count.

On August 12-13, AbCellera priced 17.4 million shares and pre-funded warrants for 3.1 million more, raising about $200 million gross. Reuters reported that the offer was priced 5.9% below the prior close and that shares fell 1.3% in premarket trading after pricing. Relative to the Q2 share count, the deal represents about 6.7% more potential shares. That reduces each existing holder’s ownership percentage, but it also gives the company more cash to fund ABCL635 and the broader pipeline. AbCellera Investors+1

Jazz and Vertex partnershipsNew partner deals brought sizeable upfront payments and outside validation of AbCellera’s discovery platform.

On June 17, Jazz agreed to pay $56 million upfront for two programs and another $28 million when a third program starts within 12 months; potential milestone payments can reach $792 million per program. On July 29, Vertex added $28 million upfront plus potential milestones and royalties. Those are reported contract terms, while future milestones are conditional. The inference is favorable: large partners are willing to fund AbCellera’s platform, improving liquidity and providing outside evidence that its technology has commercial value. AbCellera Investors+1

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Revenue

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2021

2022

2023

2024

2025

Net income

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2022

2023

2024

2025

Free cash flow

2019

2020

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$75.1M	$28.8M	$38.0M	$485.4M	$375.2M	$233.2M	$11.6M
Research & development	$186.8M	$167.3M	$175.7M	$107.9M	$62.1M	$29.4M	$10.1M
Operating expenses	$292.2M	$343.6M	$275.2M	$268.9M	$170.8M	$77.1M	$15.7M
Operating income	−$217.1M	−$314.8M	−$237.2M	$216.5M	$204.4M	$156.0M	−$4.1M
Operating margin	−288.98%	−1,091.69%	−623.82%	44.60%	54.48%	66.92%	−35.45%
EBITDA	−$195.0M	−$287.9M	−$212.8M	$244.4M	$218.9M	$160.9M	−$2.5M
EBITDA margin	−259.51%	−998.61%	−559.66%	50.34%	58.33%	69.00%	−21.64%
Net income	−$146.4M	−$162.9M	−$146.4M	$158.5M	$153.5M	$118.9M	−$2.2M
Net profit margin	−194.88%	−564.83%	−385.00%	32.66%	40.90%	51.00%	−19.04%
Basic EPSper basic share	-$0.49	-$0.55	-$0.51	$0.56	$0.56	$0.53	-$0.01
Diluted EPSper diluted share	-$0.49	-$0.55	-$0.51	$0.50	$0.48	$0.45	-$0.01

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈18.59%of listed shares

Hansen Carl L. G.56.98M shares · Nov 25, 2024

View holders

Top 20 reported holders of ABCL
Holder	% owned
Hansen Carl L. G.	≈18.59%56.98M shares
Thermopylae Holdings Ltd.	≈18.32%56.13M shares
BAKER BROS. ADVISORS LP	10.77%33.01M shares
Capital World Investors	4.43%13.59M shares
TWO SIGMA INVESTMENTS, LP	3.41%10.44M shares
TD Waterhouse Canada Inc.	3.12%9.57M shares
BANK OF AMERICA CORP /DE/	2.00%6.14M shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	1.41%4.32M shares
ArrowMark Colorado Holdings LLC	1.34%4.11M shares
BlackRock, Inc.	1.24%3.81M shares
Driehaus Capital Management LLC	0.93%2.86M shares
TUDOR INVESTMENT CORP ET AL	0.67%2.06M shares
MARSHALL WACE, LLP	0.62%1.9M shares
UBS Group AG	0.61%1.87M shares
MORGAN STANLEY	0.54%1.67M shares
PRICE T ROWE ASSOCIATES INC /MD/	0.52%1.59M shares
CITADEL ADVISORS LLC	0.52%1.59M shares
NATIONAL BANK OF CANADA /FI/	0.40%1.23M shares
Quake Stephen	≈0.36%1.1M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	0.34%1.04M shares

Percentages use 306.47M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$2.81M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 14, 2026Form 4	Montalbano John S.Director	BuyCommon Shares	20.0K	$4.77	$95.4K	241.0K
Feb 27, 2026Form 4	Thermopylae Holdings Ltd.TenPercentOwner	BuyCommon Shares	38.0K	$3.44	$130.7K	56.13M
Feb 27, 2026Form 4	Booth AndrewChief Financial Officer	BuyCommon Shares	42.6K	$3.42	$145.7K	195.6K
Feb 26, 2026Form 4	Thermopylae Holdings Ltd.TenPercentOwner	BuyCommon Shares	177.5K	$3.27	$580.3K	56.10M
Nov 26, 2025Form 4	Montalbano John S.Director	BuyCommon Shares	50.0K	$3.57	$178.5K	221.0K