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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________
FORM 8-K
__________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 6, 2025
__________________________________________
AbCellera Biologics Inc.
(Exact name of registrant as specified in its charter)
__________________________________________
British Columbia 001-39781 Not Applicable
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
150 W 4th Avenue
Vancouver, BC
 V5Y 1G6
(Address of registrant’s principal executive office) (Zip code)
(604) 559-9005
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common shares ABCL The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company  o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On November 6, 2025, AbCellera Biologics Inc. (the “Company”), issued a press release announcing its financial and operational results for the quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.


Item 2.02    Results of Operations and Financial Condition
Item 7.01    Regulation FD Disclosure
In connection with its earnings call on November 6, 2025, to discuss its results for the quarter ended September 30, 2025, the Company will utilize a corporate presentation, a copy of which is furnished herewith as Exhibit 99.2.
The information in Items 2.02 and 7.01 of this Form 8-K (including the exhibits attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
Item 9.01    Financial Statements and Exhibits
(d)Exhibits
Exhibit
No.		 Description
99.1
99.2
104 Cover Page Interactive Data File (embedded as Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 6, 2025
 ABCELLERA BIOLOGICS INC.
 
By: /s/ Carl L. G. Hansen
Carl L. G. Hansen, Ph.D.
Chief Executive Officer and Director
(Principal Executive Officer)

EX-99.1 2 q32025earningspressrelease.htm EX-99.1 Document

NEWS RELEASE


AbCellera Reports Q3 2025 Business Results

11/6/2025



VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the third quarter of 2025. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

“AbCellera successfully delivered on two corporate priorities this quarter by starting activities at our new clinical manufacturing facility and substantially completing our platform investments,” said Carl Hansen, Ph.D., founder and CEO of AbCellera. “We ended the quarter with approximately $680 million dollars in available liquidity to execute on our strategy and will continue to prioritize advancing our two lead programs through Phase 1 clinical studies and building our pipeline.”

Q3 2025 Business Summary
●Generated a net loss of $57.1 million, compared to a net loss of $51.1 million in 2024.
●Expanded the leadership team with the appointment of Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer.
●ABCL635 and ABCL575 continue to progress through Phase 1 clinical trials.
●Reached a cumulative total of 103 partner-initiated program starts with downstreams.

Key Business Metrics
Cumulative Metrics September 30, 2024 September 30, 2025 Change %
Partner-initiated program starts with downstreams 95 103 8  %
Molecules in the clinic 14 18 29  %

AbCellera started discovery on an additional partner-initiated program with downstreams to reach a cumulative total of 103 partner-initiated program starts with downstreams in Q3 2025 (up from 95 on September 30, 2024). AbCellera and its partners have advanced a cumulative total of 18 molecules into the clinic (up from 14 on September 30, 2024).

Discussion of Q3 2025 Financial Results
1

●Revenue – Total revenue was $9.0 million, compared to $6.5 million in Q3 2024.
●Research & Development (R&D) Expenses – R&D expenses were $55.0 million, compared to $41.0 million in Q3 2024. A greater proportion of R&D expenses are used on internal programs, including $15.0 million of specific investments in two internal programs in the third quarter.
●Sales & Marketing (S&M) Expenses – S&M expenses were $2.9 million, compared to $3.1 million in Q3 2024.
●General & Administrative (G&A) Expenses – G&A expenses were $22.1 million, compared to $19.1 million in Q3 2024.
●Net Loss – Net loss of $57.1 million, or $(0.19) per share on a basic and diluted basis, compared to net loss of $51.1 million, or $(0.17) per share on a basic and diluted basis, in Q3 2024.
●Liquidity – $523 million of total cash, cash equivalents, and marketable securities and approximately $159 million in available non-dilutive government funding, bringing total available liquidity to approximately $680 million to execute on AbCellera's strategy.

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.

About AbCellera Biologics Inc.
AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing antibody-based medicines in the areas of endocrinology, women’s health, immunology, and oncology. For more information, please visit www.abcellera.com.

Definition of Key Business Metrics
We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops.
Partner-initiated program starts with downstreams represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term.
2

Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached "open" status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.

AbCellera Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
3

AbCellera Biologics Inc.
Condensed Consolidated Statements of Loss and Comprehensive Loss
(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.)
(Unaudited)

Three months ended September 30, Nine months ended September 30,
2024 2025 2024 2025
Revenue:
Research fees $ 6,289  $ 8,817  $ 21,516  $ 19,524 
Licensing revenue 218  138  767  10,751 
Milestone payments –  –  1,500  – 
Total revenue 6,507  8,955  23,783  30,275 
Operating expenses:
Research and development(1)
 40,969  55,028  121,183  136,736 
Sales and marketing(1)
 3,135  2,906  9,635  8,757 
General and administrative(1)
 19,147  22,052  56,691  57,255 
Depreciation, amortization, and impairment 36,919  5,247  78,285  16,048 
Total operating expenses 100,170  85,233  265,794  218,796 
Loss from operations (93,663) (76,278) (242,011) (188,521)
Other (income) expense:
Interest income (9,603) (6,765) (29,805) (22,409)
Grants and incentives (3,491) (2,729) (10,076) (10,574)
Other (17,937) 1,984  (48,564) 2,558 
Total other income (31,031) (7,510) (88,445) (30,425)
Net loss before income tax (62,632) (68,768) (153,566) (158,096)
Income tax recovery (11,525) (11,649) (24,919) (20,629)
Net loss $ (51,107) $ (57,119) $ (128,647) $ (137,467)
Foreign currency translation adjustment 841  (41) 488  1,680 
Comprehensive loss $ (50,266) $ (57,160) $ (128,159) $ (135,787)
Net loss per share
Basic $ (0.17) $ (0.19) $ (0.44) $ (0.46)
Diluted $ (0.17) $ (0.19) $ (0.44) $ (0.46)
Weighted-average common shares outstanding
Basic 294,851,945 298,875,174 293,930,702 298,366,169
Diluted 294,851,945 298,875,174 293,930,702 298,366,169

(1) Exclusive of depreciation, amortization, and impairment
4

AbCellera Biologics Inc.
Condensed Consolidated Balance Sheets
(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)
(Unaudited)
December 31, 2024 September 30, 2025
Assets
Current assets:
Cash and cash equivalents $ 156,325  $ 83,159 
Marketable securities 469,289  412,513 
Total cash, cash equivalents, and marketable securities 625,614  495,672 
Accounts and accrued receivable 33,616  41,456 
Restricted cash 25,000  25,000 
Other current assets 67,140  133,012 
Total current assets 751,370  695,140 
Long-term assets:
Property and equipment, net 340,429  427,358 
Intangible assets, net 42,113  39,321 
Goodwill 47,806  47,806 
Investments in equity accounted investees 82,297  93,301 
Other long-term assets 96,538  53,066 
Total long-term assets 609,183  660,852 
Total assets $ 1,360,553  $ 1,355,992 
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and other current liabilities $ 55,004  $ 53,117 
Contingent consideration payable 8,087  – 
Deferred revenue 13,521  15,687 
Total current liabilities 76,612  68,804 
Long-term liabilities:
Operating lease liability 60,743  137,052 
Deferred revenue 5,700  5,850 
Deferred government contributions 149,893  169,118 
Deferred tax liability 10,052  9,744 
Other long-term liabilities 1,469  1,386 
Total long-term liabilities 227,857  323,150 
Total liabilities 304,469  391,954 
Commitments and contingencies
Shareholders' equity:
Common shares: no par value, unlimited authorized shares at December 31, 2024 and September 30, 2025: 295,757,002 and 299,011,566 shares issued and outstanding at December 31, 2024 and September 30, 2025, respectively
 777,171  794,469 
Additional paid-in capital 166,361  192,804 
Accumulated other comprehensive loss (4,378) (2,698)
Accumulated earnings (deficit) 116,930  (20,537)
Total shareholders' equity 1,056,084  964,038 
Total liabilities and shareholders' equity $ 1,360,553  $ 1,355,992 
5

AbCellera Biologics Inc.
Condensed Consolidated Statement of Cash Flows
(Expressed in thousands of U.S. dollars.)
(Unaudited)

Nine months ended September 30,
2024 2025
Cash flows from operating activities:
Net loss $ (128,647) $ (137,467)
Cash flows from operating activities:
Depreciation of property and equipment 10,437  13,257 
Amortization and impairment of intangible assets 67,848  2,791 
Amortization of operating lease right-of-use assets 4,813  4,853 
Stock-based compensation 52,355  42,888 
Fair value (gain)/loss on contingent consideration (30,731) 613 
Other (35,887) 988 
Changes in operating assets and liabilities:
Research fees and grants receivable (54,258) (15,957)
Income taxes payable (receivable) (8,709) (19,792)
Accounts payable and accrued liabilities 4,018  (2,286)
Deferred revenue (13,474) 2,316 
Deferred grant income 30,671  (2,834)
Other assets 1,008  14,078 
Net cash used in operating activities (100,556) (96,552)
Cash flows from investing activities:
Purchases of property and equipment (62,766) (32,929)
Purchase of marketable securities (612,249) (324,704)
Proceeds from marketable securities 735,989  386,536 
Receipt of grant funding 29,150  7,366 
Long-term investments and other assets 13,538  (16,771)
Investment in equity accounted investees (17,956) (6,886)
Net cash provided by investing activities 85,706  12,612 
Cash flows from financing activities:
Payment of liability for in-licensing agreement and other (552) (9,240)
Proceeds from other liabilities and exercise of stock options 9,179  19,207 
Net cash provided by financing activities 8,627  9,967 
Effect of exchange rate changes on cash and cash equivalents (457) 807 
Decrease in cash and cash equivalents (6,680) (73,166)
Cash and cash equivalents and restricted cash, beginning of period 160,610  183,615 
Cash and cash equivalents and restricted cash, end of period $ 153,930  $ 110,449 
Restricted cash included in other assets 2,290  2,290 
Total cash, cash equivalents, and restricted cash shown on the balance sheet $ 151,640  $ 108,159 
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable 15,989  10,457 
Right-of-use assets obtained in exchange for operating lease obligation 2,232  76,118 



6

Inquiries
Media: Tiffany Chiu; media@abcellera.com, +1(236)521-6774
Partnering: Murray McCutcheon, Ph.D.; partnering@abcellera.com, +1(604)559-9005
Investor Relations: Peter Ahn; ir@abcellera.com, +1(778)729-9116

Source: AbCellera Biologics Inc.
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EX-99.2 3 a2025q3businessupdatenov.htm EX-99.2 a2025q3businessupdatenov
CO PY RI GH T © A BC EL LE RA November 6, 2025 Q3 2025 BUSINESS UPDATE

 
These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this presentation represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. DISCLAIMER This presentation contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this presentation other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. 2 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e

 
3 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e Clinical trials on track, completed platform investments, and started activities at clinical manufacturing site. ABCL635 Phase 1 clinical trials initiated (June 2025) ABCL575 Phase 1 clinical trials initiated (July 2025) Completed platform investments by the first half of the year Initiated activities at the new clinical manufacturing facility Nominated an additional development candidate for CTA-enabling studies (ABCL688) in available liquidity to execute on our strategy ~$680M 2025 PRIORITIES: Q3 2025 UPDATE

 
4 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e Appointed AbCellera’s First Chief Medical Officer Dr. Sarah Noonberg MD, PhD Dr. Noonberg is leveraging her clinical development background to advance AbCellera’s pipeline of antibody-based therapeutics: TEAM

 
5 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e Q3 2025 FINANCIALS UPDATE

 
6 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e We have the capabilities and the capital to execute on our strategy. * As of September 30, 2025 in total available government funding*~$160M in total cash, cash equivalents, & marketable securities*~$520M in available liquidity to execute on our strategy*~$680M

 
7 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e PARTNER-INITIATED PROGRAM STARTS WITH DOWNSTREAMS Cumulative # of MOLECULES IN THE CLINIC Cumulative # of Note: Showing year-end figures except for most-recent quarter. Historical results are not necessarily indicative of future results. Continuing portfolio growth with first AbCellera-led programs in the clinic. AbCellera-led Partner-led

 
8 CO PY RI GH T © A BC EL LE RA RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMIN Q3 2 02 5 Bu si ne ss U pd at e Operating expenses reflect R&D investments. Operating Expenses USDRevenue USD LICENSING RESEARCH FEES Q3 2025 $0.1M $8.8M $6.5M $9.0M Q3 2024 $6.3M Q3 2025Q3 2024 $41.0M $55.0M +$14.1M Q3 2025Q3 2024 $3.1M $2.9M -$0.2M Q3 2025Q3 2024 $19.1M $22.1M +$2.9M

 
9 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e Net loss of $57M; equivalent to ($0.19) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC AND DILUTED Q3 2024 Q3 2025 ($51.1M) ($57.1M) Q3 2024 Q3 2025

 
10 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e Approximately $520M in total cash, equivalents, and marketable securities. Cash Flows USD * Restricted cash (including restricted cash in other assets) INVESTING FINANCING ($49M) Other FX $413M Marketable Securities $83M Cash & Equivalents $469M Marketable Securities Sep 30, 2025 $62M Marketable Securities (net) OPERATINGDec 31, 2024 $27M* $156M Cash & Equivalents $653M ($97M) $13M $10M $1M $523M $27M* $469M Marketable Securities $156M Cash & Equivalents $413M Marketable Securities $83M Cash & Equivalents $62M Marketable Securities (net)

 
11 CO PY RI GH T © A BC EL LE RA Q3 2 02 5 Bu si ne ss U pd at e THANK YOU