Key Highlights

  • ABCL635 Phase II showed an 83% reduction in daily hot flash events.
  • Placebo-adjusted difference was 5.3 events per day at four weeks.
  • Cash, cash equivalents and marketable securities were USD 764.4 million.
  • Nine month net loss was USD 139.4 million.

AbCellera Biologics Inc. (NASDAQ:ABCL) reported third quarter 2026 results, describing the quarter as transformative, driven primarily by positive Top Line Phase II results for ABCL635. Reported EPS was negative USD 0.13 and Revenue was USD 10.64 million, compared with estimates of EPS of negative USD 0.17 and revenue of USD 8.41 million.

ABCL635 is an investigational antibody for the nonhormonal treatment of moderate to severe vasomotor symptoms, or hot flashes. The data were announced on August 10, and management said it is committed to bringing the program into late stage development next year.

Phase II Efficacy Results

The Phase II study evaluated efficacy and safety at four weeks following a single 600 milligram injection. Management reported a significant placebo adjusted treatment difference of 2.6 events at week 1, increasing over the four week period.

At four weeks, the ABCL635 group had a mean reduction of 8.8 events per day, compared with 3.5 events per day for placebo, a placebo adjusted difference of 5.3 events. Measured against baseline, the ABCL635 group experienced an 83% reduction in daily events, compared with 33% for placebo, a placebo adjusted difference of 50%. Management said the benefit was consistent across subgroup analyses and robust to sensitivity analyses, including a prespecified analysis that included week 1 data.

Severity Endpoint

Severity was assessed alongside frequency as a key efficacy measure in the study. The second key efficacy endpoint was reduction in severity of events, reported on a three point scale covering mild, moderate and severe. At four weeks, mean severity scores decreased by 1.4 points in the ABCL635 group, compared with 0.3 points for placebo, a placebo adjusted difference of 1.1 points. Measured against baseline, the ABCL635 group showed a 58% mean reduction in severity, compared with 12% for placebo.

Financial Position

As of September 30, 2026, cash and cash equivalents were USD 163.8 million and marketable securities were USD 600.6 million, for a total of USD 764.4 million, compared with USD 533.8 million at December 31, 2025. Total Assets were USD 1,499.9 million, and total shareholders' Equity was USD 1,062.5 million.

For the nine months ended September 30, 2026, the net loss was USD 139.4 million, compared with USD 137.5 million. Net cash provided by Operating Activities was USD 19.3 million, compared with USD 96.6 million used in the prior year period, and the company reported USD 188.8 million of net proceeds from the issuance of common shares and pre-funded warrants. Deferred revenue was USD 35.0 million in current liabilities and USD 48.1 million in long term liabilities.

Stock based compensation within Research and Development expenses was USD 6.3 million for the quarter, compared with USD 7.2 million, and USD 20.0 million for the nine months, compared with USD 22.8 million.

Single Dose Design and Liquidity

ABCL635 is described as an antibody candidate evaluated in a single injection design, and the Phase II readout reported an 83% reduction in daily hot flash events. Alongside the efficacy and severity results, the company reported USD 764.4 million in cash, cash equivalents and marketable securities, against a nine month net loss of USD 139.4 million.