AbCellera Biologics Inc. Q4 FY2025 earnings call

Carl Hansen reviewed AbCellera's progress in 2025, including delivering on priorities like Phase I trials, nominating 2 development candidates, completing platform investments, and initiating activities at the new clinical manufacturing facility. Andrew Booth discussed partner programs, pipeline progress, revenue of $75 million, R&D and SG&A expenses, and cash flow details. Also, progress of molecules in the clinic was highlighted, with 19 molecules reaching the clinic, and status of partner-initiated programs.

Revenue for the year was $75 million, comprising $27 million from partnered programs and $47 million from licensing and royalty payments. Research and development expenses were $187 million, SG&A expenses were $83 million. Net loss for the year was approximately $146 million.

2026 key priorities include delivering top line readouts for ABCL635 Phase II and ABCL575 Phase I studies, advancing ABCL688 and ABCL386 through IND-enabling activities, and adding one new development candidate. Anticipated Phase II readout of ABCL635 in Q3 2026, with potential to move to late-stage development if positive. Intend to proceed with late-stage studies for ABCL635 in hot flashes associated with menopause and cancer treatment if data is positive.

Q: Anna Li asked about ABCL575 potential as a combination regimen.

A: Carl Hansen said they have conviction in OX40 ligand class, with ABCL575 in Phase I trial.

Q: Evan Seigerman asked about oncology-based VMS indications and need to be better than other agents.

A: Sarah Noonberg said areas like breast and prostate cancer, and differentiation in safety, lack of liver signal, and once-monthly dosing are key.

Q: Allison Bratzel asked about ABCL635 target engagement data and 575 class developments.

A: Sarah Noonberg said Phase I data of ABCL635 to be released in Q3, and 575 class has favorable safety profile.

Q: Brendan Smith followed up on ABCL635 Q3 update details.

A: Sarah Noonberg said Q3 readout includes Phase I single and multiple ascending dose portions and Phase II randomized double-blind, placebo-controlled part.

Q: Stephen Willey asked about 575 decision point in 2027.

A: Sarah Noonberg said decision largely based on external factors like partnerability and strategic appetite