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AbCellera is like an AWS for antibody discovery, providing the technological infrastructure and platform for drug companies to find new therapeutic antibodies faster.

Think of AbCellera as Google's DeepMind, but focused entirely on accelerating antibody drug discovery through advanced AI and machine learning.

AbCellera is the 'Intel Inside' for biotech drug discovery, offering the core engine that helps pharmaceutical companies identify the next generation of antibody therapies.

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• AI-Powered Antibody Discovery Platform: This proprietary technology integrates artificial intelligence and microfluidics to rapidly identify therapeutic antibodies from diverse natural immune responses.
• Therapeutic Antibody Discovery Partnerships: AbCellera engages in collaborative programs with pharmaceutical companies to leverage its platform for the identification of novel antibody drug candidates across various therapeutic areas.

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AbCellera Biologics (ABCL) primarily sells its AI-powered drug discovery platform and services to other companies in the biotechnology and pharmaceutical sectors. Their business model is centered on collaborations with these companies to identify and develop therapeutic antibodies for drug development.

Major Customers:

• Eli Lilly and Company (LLY)

According to AbCellera's annual reports, Eli Lilly and Company has been a significantly major customer, accounting for a substantial majority of AbCellera's total revenue in recent years (e.g., approximately 74% in 2023, 84% in 2022, and 88% in 2021). No other single customer accounted for 10% or more of AbCellera's total revenue during these periods. AbCellera does partner with a broad range of other pharmaceutical and biotechnology companies, though none individually represent a major customer by revenue concentration.

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Carl Hansen, Chairman, CEO & President, Co-Founder

Carl Hansen is the founding CEO of AbCellera. He is an entrepreneurial scientist with work represented in over 90 peer-reviewed manuscripts, more than 75 patent applications, and nine successful commercial products. He cofounded Precision Nanosystems, a global leader in technologies for the development of non-viral delivery of genomic medicines, including mRNA vaccines and therapeutics, and was formerly its Chairman. He also serves as an adjunct professor at the University of British Columbia and previously on the Scientific Advisory Board of Fluidigm Corp.

Andrew Booth, Chief Financial Officer

Andrew Booth became AbCellera's CFO in 2019 after serving on its Board of Directors for nearly four years. Before joining AbCellera, he spent a decade at STEMCELL Technologies, holding roles such as CFO, Chief Commercial Officer, and VP of Instrumentation. Prior to STEMCELL, Andrew spent seven years at General Electric, where he led M&A/Business Development for GE Healthcare's Europe, Middle East, and Africa business and GE Healthcare's global Life Sciences business. He is an advisor to Aspect Biosystems and 5AM Venture Capital. He also previously served as Chairman for Precision Nanosystems and as a Director on several boards, including the National Board of Canadian Manufacturers and Exporters, the BC Tech Association, Life Sciences BC, and Light Integra Inc.

Véronique Lecault, Co-founder, Chief Technology Officer, and Director

Véronique Lecault co-invented the high-throughput microfluidic platform that is central to AbCellera's antibody discovery technology. As Chief Technology Officer, she oversees technical operations, including process development, clinical manufacturing, quality functions, engineering, data science, and infrastructure. She served as AbCellera's Chief Operating Officer from 2019 to 2025, during which she oversaw the company's growth. She holds a BASc in Chemical Engineering/Honours BSc Biochemistry (Biotechnology) dual degree from the University of Ottawa and a PhD in Chemical and Biological Engineering from the University of British Columbia.

Tryn Stimart, Chief Legal Officer, Chief Compliance Officer, Corporate Secretary and Privacy Officer

Tryn Stimart joined AbCellera in 2019. Prior to AbCellera, he was a partner at Gibbons P.C. in Manhattan, where he represented prominent biotech and pharma clients, including Gilead and Takeda, in business and intellectual property disputes. He also served as an Advisor to the Advanced Technology Program of the U.S. Department of Commerce. Tryn is a former Lieutenant Commander in the United States Naval Officer, with a decade of active and reserve service.

Sarah Noonberg, Chief Medical Officer

Dr. Sarah Noonberg was appointed as AbCellera's first Chief Medical Officer in September 2025. She is a board-certified physician-scientist with over 20 years of industry experience, having led development programs from discovery through global regulatory approvals and commercialization across various therapeutic areas. Before joining AbCellera, Dr. Noonberg was Chief Medical Officer at Metagenomi, where she guided the translation of its gene editing platform into a pipeline strategy and contributed to its initial public offering. Her prior experience also includes CMO positions at Maze Therapeutics, Nohla Therapeutics, and Prothena Biosciences, and leadership roles at BioMarin and Medivation.

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The key risks to AbCellera Biologics (ABCL) are primarily associated with the inherent uncertainties of drug development, its financial strategy, and the competitive landscape of the biotechnology industry.

1. Clinical Development Risk and High Failure Rate of Drug Candidates: AbCellera, both through its partnerships and its own internal pipeline, is exposed to the high failure rate inherent in drug discovery and clinical trials. Even after promising early-stage results, many biopharmaceutical products fail in later-stage clinical trials, which could significantly impact the company's business and operating results. The company's future growth hinges on successfully advancing its internal drug pipeline and its partners' programs to commercialization to generate high-value milestones or royalties.
2. Financial Volatility and Cash Burn: AbCellera is currently incurring net losses due to aggressive investments in its research and development (R&D) efforts to enhance its technology platform and advance its internal drug pipeline. While the company has a strong cash position, sustained negative cash flow from operations and a high burn rate mean that its cash runway is finite. If these investments do not yield expected returns in the form of successful drug candidates and associated royalties or milestone payments in a timely manner, it could lead to further financial challenges or the need to raise additional capital, potentially diluting shareholders.
3. Dependence on Partnerships and Competition: A significant portion of AbCellera's anticipated future revenue relies on its partners successfully developing and commercializing antibodies discovered using its platform. The company's ability to maintain and expand current partnerships, as well as enter new ones, is crucial for its business. Furthermore, the biotechnology industry is intensely competitive, with numerous established pharmaceutical companies and emerging startups vying for market share. These competitors, some with greater financial and marketing resources, could develop more effective, safer, or less expensive products, potentially constraining AbCellera's future market share and earnings.

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The rapid advancement and increasing maturity of generative artificial intelligence (AI) platforms for de novo antibody design. While AbCellera leverages AI to accelerate the discovery and optimization of antibodies from natural immune systems, emerging platforms are focusing on designing novel antibodies from scratch without relying on existing biological repertoires. Companies like Generate Biomedicines, which has raised substantial funding, are pioneering this approach. If these generative AI platforms prove capable of consistently producing antibodies with superior properties (e.g., enhanced specificity, manufacturability, developability) more efficiently and cost-effectively than discovery-based methods, they could significantly disrupt the antibody discovery landscape and diminish the market demand for AbCellera's current technology platform.

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AbCellera Biologics (ABCL) operates primarily in the field of antibody discovery and development, leveraging an AI-driven platform for its services. The company's main revenue streams are derived from research fees, licensing, milestone payments, and royalties from partnerships.

Addressable Markets for Main Products or Services:

• Global Antibody Discovery Market: This market, directly related to AbCellera's core services, was valued at approximately US$8.31 billion in 2024. It is projected to grow to about US$20.71 billion by 2034, with a compound annual growth rate (CAGR) of 9.54%. North America represented approximately 40% of this global market in 2024.
• Global Antibody Discovery Platforms Market: More specifically focused on the technology and platforms AbCellera offers, this market was valued at US$8.5 billion in 2024 and is projected to reach US$18.5 billion by 2032, exhibiting a CAGR of 10.2% from 2026 to 2032.
• Global Drug Discovery Market (Broader Context): As a significant contributor to the broader drug discovery process, the global market for drug discovery was estimated at US$65.84 billion in 2024. It is forecast to exceed US$158.74 billion by 2034, growing at a CAGR of 9.20%. The U.S. drug discovery market alone is projected to reach US$54.5 billion by 2033.
• Global Antibody-based Therapeutics Market (Downstream Market for Royalties): The commercial market for antibody-based therapeutics, where products developed using AbCellera's platform would compete, generated approximately US$140 billion in sales globally in 2019 and is expected to reach around US$260 billion by 2025.

Potential Markets for Internal Pipeline Products:

AbCellera also has an internal pipeline with drug candidates addressing specific therapeutic areas:

• ABCL635 (for Vasomotor Symptoms - VMS): This therapy addresses an unmet need in a market estimated at US$3.5 billion. (Region not specified in the source, typically implies a global market potential for the therapy.)
• ABCL575 (for Atopic Dermatitis - AD): The Atopic Dermatitis market, which ABCL575 aims to address, is an US$18 billion market. (Region not specified in the source, typically implies a global market potential for the therapy.)
• TCE platform (for oncology and autoimmune diseases): AbCellera's TCE platform has the potential to address markets exceeding US$100 billion in oncology and autoimmune diseases. (Global, for these therapeutic areas.)

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Expected Drivers of Future Revenue Growth for AbCellera Biologics (ABCL)

1. Advancement and Commercialization of Internal Pipeline Programs: A primary driver for AbCellera Biologics is the successful progression of its wholly-owned and co-developed antibody programs through clinical trials to market commercialization. The company is actively investing in and advancing its lead internal programs, such as ABCL635 for vasomotor symptoms and ABCL575 for atopic dermatitis, both of which have entered Phase 1 clinical trials. Additionally, ABCL688 has moved into IND-enabling studies. The eventual success and commercialization of these programs are expected to generate significant milestone payments and, more importantly, future royalty revenues, representing a crucial shift from its earlier fee-for-service model.
2. Milestone and Royalty Payments from Partnered Programs: Despite an anticipated trend of lower research fees as the company focuses more on internal development, AbCellera maintains a robust portfolio of partner-initiated programs with downstream participation. As of Q3 2025, a cumulative total of 18 molecules (up from 14 the previous year) from AbCellera and its partners have advanced into clinical trials. The continued progression of these 102+ partnered programs through clinical development stages will trigger milestone payments and, upon successful commercialization, generate royalty revenues, providing a significant source of future growth.
3. Expansion of Technology Platform and New Strategic Partnerships: AbCellera's core business relies on its innovative antibody discovery and development platform. Ongoing investments in platform and infrastructure are nearing completion. Continued enhancement and expansion of this technology, including entering new therapeutic areas and forging additional strategic partnerships, are expected to attract new collaborators. These new partnerships can generate upfront payments and research fees, and critically, add more programs with downstream participation, contributing to future milestone and royalty opportunities.
4. Leveraging Clinical Manufacturing Capabilities: The commencement of activities at AbCellera's new clinical manufacturing facility and the near completion of its platform investments are strategic initiatives highlighted by the company. This facility, expected to be fully operational by the end of 2025, will enhance the company's ability to efficiently advance its internal pipeline programs. This capability could potentially lead to capturing more value internally and, in the future, could allow AbCellera to offer contract development and manufacturing (CDMO) services to partners, thereby creating a new revenue stream.

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Share Repurchases

No information available within the last 3-5 years.

Share Issuance

• AbCellera completed its Initial Public Offering (IPO) in December 2020, issuing 27,772,500 common shares at $20.00 per share, generating approximately $555.5 million in gross proceeds.
• Upon the closing of the IPO, convertible promissory notes with an aggregate principal amount of approximately $90.0 million converted into 6,093,524 common shares at a price of $17.00 per share.

Inbound Investments

• In May 2020, AbCellera received up to $175.6 million (Canadian), equivalent to $124.7 million (U.S.), from the Canadian government's Strategic Innovation Fund to support COVID-19 antibody discovery and pandemic preparedness infrastructure.
• The company closed a US$105 million Series B financing round in May 2020, led by OrbiMed and DCVC Bio, with participation from investors including Viking Global Investors, Peter Thiel, Founders Fund, and Eli Lilly and Company.
• In May 2023, the Canadian federal government committed an additional $225 million, and the British Columbia government $75 million, as part of a $701 million expansion project for research, development, and manufacturing facilities in Vancouver.

Outbound Investments

• AbCellera acquired Trianni, Inc. in November 2020 for US$90 million in an all-cash transaction to expand its technology with genetically engineered mice for human antibody generation.
• In September 2021, AbCellera acquired TetraGenetics, Inc. through an all-cash transaction, including an upfront payment and potential milestone payments, to enhance its capabilities in generating antibodies against challenging transmembrane proteins.
• AbCellera collaborated with Viking Global Investors and ArrowMark Partners in May 2024 to launch new biotech companies (Newcos) focused on advancing antibody drug programs, with AbCellera acting as an equity founding partner.

Capital Expenditures

• The company reported capital expenditures of -$58.15 million in the last 12 months as of early November 2025.
• AbCellera embarked on a global headquarters expansion in Vancouver, with the first phase breaking ground in April 2021 and a second phase in September 2022, scheduled for completion in 2025.
• Construction of a 130,000-square-foot Good Manufacturing Practices (GMP) manufacturing facility in Vancouver began in June 2021, with activities commencing in Q3 2025, primarily focused on producing therapeutic antibodies for clinical trials and enhancing operational efficiency by the end of 2025.