AbCellera Raises $200 Million After ABCL635 Phase 2 Data

The Tip Desk · November 12, 2026 · 3 min read

The antibody developer booked a $40.8 million net loss, or 13 cents a share, and ended the quarter with more than $890 million in available liquidity after a $200 million equity raise.

AbCellera Biologics (ABCL), a clinical-stage antibody developer, reported a $40.8 million net loss, or 13 cents a share, for the third quarter of 2026, compared with a $57.1 million loss, or 19 cents a share, a year earlier.

Founder and chief executive Carl Hansen called the period a transformative quarter, citing Phase 2 results for ABCL635 and a $200 million offering of common shares and pre-funded warrants that lifted available liquidity to about $900 million. The company said it ended the quarter with about $764.4 million in cash and marketable securities and more than $890 million in total available liquidity, including more than $100 million in non-dilutive government funding.

ABCL635 is an antibody targeting the neurokinin 3 receptor for moderate-to-severe vasomotor symptoms. In a Phase 2 study of about 80 postmenopausal women, top-line week-4 data showed an 83% reduction in the frequency of moderate and severe vasomotor symptoms versus a 33% reduction with placebo, a placebo-adjusted difference of 50%. Severity scores fell 58% from baseline in the ABCL635 group versus 12% with placebo. Complete resolution of those symptoms was reported in 37% of ABCL635 participants versus 2% on placebo.

The company said the treatment was well tolerated, with no serious adverse events or Grade 3 or higher adverse events in the ABCL635 group. It said it expects to initiate late-stage development for menopausal vasomotor symptoms in 2027 and to start clinical trials in 2027 for vasomotor symptoms caused by hormone suppression in breast and prostate cancer treatment. It also said it anticipates disclosing 12-week and open-label extension data in early 2027.

Total revenue was $10.6 million, compared with $9.0 million in the third quarter of 2025. Research fees were $10.5 million. Licensing and royalty revenue was $90,000.

Research and development expenses were $43.5 million, compared with $55.0 million a year earlier. Sales, general and administrative expenses were $13.6 million, compared with $25.0 million. Loss from operations was $53.3 million.

The company advanced three new programs into IND-enabling activities: ABCL992, a next-generation half-life-extended analog of ABCL635; ABCL385, an antibody for an undisclosed oncology indication; and ABCL646, a potential first-in-class antibody antagonist of an undisclosed ion channel target. ABCL386 and ABCL688 continued through IND-enabling work.

After the quarter, AbCellera announced top-line Phase 1 data for ABCL575, an antibody targeting OX40 ligand for atopic dermatitis and other autoimmune conditions. The study met all endpoints, the company said, with a favorable tolerability profile and a pharmacokinetic profile that supports an extended dosing interval. AbCellera currently does not plan to develop ABCL575 past Phase 1.

At September 30, partners led 34 programs that AbCellera believes to be progressing and in which it holds a downstream stake, down from 44 on December 31, 2025. It held downstream stakes in 12 molecules in the clinic understood to be progressing. Cash and cash equivalents were $163.8 million and marketable securities were $600.6 million.