AbCellera Narrows Third-Quarter Loss to $40.8 Million on $10.6 Million in Revenue

Key Facts

AbCellera reported a net loss of $40.8 million, or $0.13 per share, for the third quarter ended September 30, 2026, compared with a loss of $57.1 million, or $0.19 per share, in the same period of 2025. The company said in its earnings release that revenue rose to $10.6 million from $9 million a year earlier. The figures show year-over-year improvement in both losses and revenue, but the company continued to post a substantial net loss during the quarter. A reliable consensus estimate for earnings per share could not be verified, so it is not possible to conclude that the result beat analysts' expectations. The announcement comes as the company focuses on funding drug development and expanding its clinical programs.

Research and development expenses fell to $43.5 million in the third quarter from $55 million a year earlier, while selling, general and administrative expenses declined to $13.6 million from $25 million. The declines in both items coincided with a lower year-over-year net loss, while research and development remained the largest expense item cited in the results. These cuts alone do not mean the company achieved profitability; it recorded a net loss of $40.8 million during the quarter. For the first nine months of 2026, the company reported net cash provided by operating activities of $19.313 million. In the comparable period of 2025, operating activities used $96.552 million in cash.

Chief Executive Officer Carl Hansen said the quarter was "transformational" and linked the financing raised to Phase 2 results for ABCL635. AbCellera completed a $200 million offering of common shares and pre-funded warrants during the quarter. At the end of September, cash and marketable securities exceeded $790 million, while total available liquidity topped $890 million. Hansen said the company raised the financing "on the strength of these data," bringing available liquidity to about $900 million. These resources provide funding for program development, while quarterly losses continue.

The Phase 2 results center on ABCL635, which the company is developing for moderate to severe hot flashes associated with menopause. In data announced in August, AbCellera said the average reduction in symptoms from baseline after four weeks was 8.8 episodes per day, compared with 3.5 episodes with placebo. The placebo-adjusted mean difference was 5.3 episodes per day at Week 4. The company also reported positive results on the primary Phase 2 endpoint, significant reductions in symptom frequency and severity, favorable tolerability, and improvements in sleep and patients' overall impression of change. These results remain part of the clinical development process, as the company plans to advance to a later stage.

AbCellera expects to begin late-stage development of ABCL635 for menopause symptoms in 2027. It also said clinical trials for symptoms associated with breast and prostate cancer treatments are expected in the same year. For another program, the company said the Phase 1 study of ABCL575 met all its objectives and showed favorable tolerability and pharmacokinetic properties that support a longer interval between doses. However, it said it does not currently plan to continue developing the drug beyond Phase 1. In its 2025 results, the company had reported that programs ABCL635 and ABCL575 had advanced into clinical trials, with ABCL635 entering Part 2 of a Phase 1/2 trial at the end of that year.

Across its partnership portfolio, AbCellera said its partners were leading 34 programs that the company considered advanced and in which it held downstream participation rights at the end of the third quarter. The number was 44 programs on December 31, 2025. The company also said it held downstream participation rights in 12 clinical molecules that it considered ongoing as of September 30, 2026. The change offers a picture of the scale of programs the company tracks under a model based on partnerships and downstream participation rights, alongside development of its own clinical assets. In trading, the company's stock closed at $11.88 on November 6, according to EL7 data.