On February 24, 2026 AbCellera (Nasdaq: ABCL) reported financial results for the full year 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
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"In 2025, AbCellera successfully delivered on all its corporate priorities, transitioned to a clinical-stage biotech company, and ended the year with approximately $700 million in available liquidity to execute on our strategy," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "We entered 2026 with a fully built platform, a growing pipeline with multiple potential first-in-class programs and important near-term clinical readouts, and sufficient liquidity to fund well beyond the next three years of pipeline investments."
FY 2025 Business Summary
Earned $75.1 million in total revenue.
Generated a net loss of $146.4 million, compared to a net loss of $162.9 million in 2024.
Advanced two programs, ABCL635 and ABCL575, into clinical trials:
ABCL635 entered the Phase 2 portion of a Phase 1/2 clinical trial at the end of 2025.
ABCL575 is progressing through a Phase 1 clinical trial.
Advanced two development candidates, ABCL688 and ABCL386, into IND/CTA-enabling activities.
Completed multi-year platform investments and opened clinical manufacturing facility.
Expanded the leadership team with the appointment of Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer.
Reached a cumulative total of 104 partner-initiated program starts with downstreams.
Reporting a cumulative total of 19 molecules to have reached the clinic.
Business Metrics
Cumulative Metrics
December 31, 2024
December 31, 2025
Change %
Partner-initiated program starts with downstreams
96
104
8 %
Molecules in the clinic
16
19
19 %
In 2025, AbCellera started discovery on eight additional partner-initiated programs with downstreams to reach a cumulative total of 104 partner-initiated program starts with downstreams (up from 96 on December 31, 2024). AbCellera and its partners have advanced a cumulative total of 19 molecules into the clinic (up from 16 on December 31, 2024).
Discussion of FY 2025 Financial Results
Revenue – Total revenue was $75.1 million, compared to $28.8 million in 2024.
Research & Development (R&D) Expenses – R&D expenses were $186.8 million, compared to $167.3 million in 2024. A greater proportion of R&D expenses are used on internal programs, including $21.0 million of specific investments in internal programs in 2025.
Sales, General & Administrative (SG&A) Expenses – SG&A expenses were $83.2 million, compared to $85.5 million in 2024.
Net Loss – Net loss of $146.4 million, or $(0.49) per share on a basic and diluted basis, compared to net loss of $162.9 million, or $(0.55) per share on a basic and diluted basis, in 2024.
Liquidity – $561 million of total cash, cash equivalents, and marketable securities and approximately $135 million in available non-dilutive government funding, bringing total available liquidity to approximately $700 million to execute on AbCellera’s strategy.
Q4 Highlights and Financial Results
Initiated Phase 2 portion of ABCL635 clinical trial.
Advanced ABCL386 into IND/CTA-enabling activities.
Reporting the advancement of one molecule into the clinic by a partner.
Revenue for the fourth quarter of 2025 was $44.9 million, primarily related to an upfront settlement payment from our patent litigation, representing 60% of total revenue for 2025.
Operating expenses totaled $73.4 million in the fourth quarter, or 25% of the total for 2025, and included investments made in co-development and internal programs.
The net loss for the fourth quarter was $8.9 million, or $(0.03) per share, on a basic and diluted basis.
Conference Call and Webcast
AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call.
(Press release, AbCellera, FEB 24, 2026, View Source [SID1234662950])