AbCellera Biologics reported 2025 total revenue of $75 million, comprising $27 million from partner programs and $48 million from licensing and royalties. The company invested $187 million in research and development, resulting in a net loss of $146 million, underscoring its strategic shift toward an internal clinical-stage pipeline.

The lead candidate ABCL635 advanced into Phase 2 clinical trials targeting vasomotor symptoms, with promising target engagement data boosting its estimated probability of success. A pivotal readout is expected in the third quarter of 2026, while the second program, ABCL575, is in Phase 1 with interim data anticipated by year-end.

To support its growing pipeline, AbCellera is nearing completion of its proprietary clinical manufacturing facility, enhancing control over production and supply chain. This infrastructure investment aims to accelerate first-in-class program development in oncology and immunology.