AbCellera Biologics Pivots to Internal Pipeline at JPMorgan, Teases Key Milestones for 2026

Key Points

• AbCellera has made a strategic shift from discovery partnerships to advancing an internal clinical-stage pipeline, deciding in September 2023 to prioritize company-owned assets with several near-term development milestones planned.
• The lead program, AbCell 635, is a first-in-class NK3R antibody for menopausal vasomotor symptoms designed as a once-monthly subcutaneous injection and is in phase 2 with a data readout expected in Q3 2026, while additional candidates (AbCell 575, 688, 386) are at various IND-enabling or early clinical stages with readouts later this year and beyond.
• Management says the new GMP manufacturing facility is operational and being used for pipeline production; the company reported roughly $680 million in liquidity and an operating cash burn of about $30 million per quarter, supporting what management calls a multi-year runway.

AbCellera Biologics NASDAQ: ABCL used its presentation at the 2026 JPMorgan Healthcare Conference to outline its shift from a technology-enabled antibody discovery partner toward a company advancing multiple internal clinical-stage programs, with management emphasizing several upcoming development milestones over the next 6 to 18 months.

Company background and liquidity position

Chief Executive Officer Carl Hansen said AbCellera was founded in 2012 out of his academic lab at the University of British Columbia and is headquartered in Vancouver, Canada, with roughly 500 employees. The company also operates facilities in Sydney, Australia (about 50 employees) and has a clinical development group in Montreal.

Hansen described AbCellera’s first decade as focused on building an integrated antibody discovery and development platform, and noted the company has completed a new GMP manufacturing facility. He said AbCellera raised just over $600 million when it went public in 2020 and has since brought in roughly $1.5 billion in non-dilutive funding. He attributed about $1 billion in royalty revenue to the company’s COVID-19 antibody work with Eli Lilly, which included bringing the first COVID antibody to the U.S. for emergency use authorization and later a second product. He also cited approximately $400 million in contributions and support from the Government of Canada and the Government of British Columbia.

Management said AbCellera ended the third quarter with roughly $680 million in total liquidity.

From partnerships to internal development

Hansen said AbCellera’s original business model centered on discovery partnerships with biopharma companies. Starting in 2014, he said the company has worked on more than 100 therapeutic antibody programs, generally retaining downstream economics through milestones and low- to mid-single-digit royalties. According to Hansen, about 16 of those molecules have moved into the clinic.

He said AbCellera made a “definitive decision” in September 2023 to ramp down the partnership business and focus its platform capabilities on building an internal pipeline. Hansen described the company as transitioning from a platform-based story to a clinical company with multiple assets and near-term readouts.

Pipeline update and expected catalysts

Hansen highlighted what he characterized as meaningful pipeline progress over the past year, including two clinical-stage programs and additional development candidates moving through IND-enabling work. He also pointed to the company’s stated intent to nominate another candidate.

• AbCell 635: Management said the program has progressed through phase 1 in a phase 1–2 study and is now in phase 2, with a data readout expected in Q3 of this year.
• AbCell 575: Described as a half-life extended OX40 ligand molecule in phase 1, with a safety and pharmacokinetics (PK) readout expected near the end of the year.
• AbCell 688: Disclosed as a GPCR or ion channel-targeting antibody program in autoimmune conditions; management said it is in IND-enabling work.
• AbCell 386: A new development candidate in oncology, also described as moving toward IND filing and clinical development.

Hansen said the company began engineering runs at its GMP facility in December and is now using the facility to manufacture products for its pipeline. In the Q&A, management said the large capital investments in facilities are largely complete, and future spending should shift toward maintenance-level capital expenditures.

Lead program AbCell 635: menopause vasomotor symptoms

Most of the presentation focused on AbCell 635, which Hansen described as a first-in-class antibody designed for the non-hormonal treatment of vasomotor symptoms (VMS) associated with menopause, including hot flashes. He said the antibody targets the neurokinin-3 receptor (NK3R), a GPCR, and is intended as a second-line option after hormone therapy or for women contraindicated for hormone therapy.

Hansen cited market context discussed at the conference, including that 6,000 women in the U.S. move into menopause each day and that there are roughly 60 million women of menopausal age in the U.S. He said AbCellera estimates at least 6 million U.S. patients experience moderate to severe hot flashes, and estimated roughly 20% may be contraindicated for hormonal therapies due to factors such as oncology and cardiovascular risk.

Hansen and Chief Medical Officer Sarah Nunberg emphasized differentiation versus approved daily oral NK3R antagonists, describing AbCell 635’s target product profile as a once-monthly subcutaneous injection. They said the company believes an antibody approach may avoid liver-related liabilities observed with small molecules, because antibodies do not metabolize or concentrate in the liver, and they said AbCell 635 does not antagonize NK1R, which they associated with somnolence or CNS depression warnings seen with an NK3R/NK1R antagonist.

Management discussed the clinical validation of the NK3R pathway by small molecules including fezolinetant (Veoza), approved May 12, 2023, and elinzanetant (Linqut), approved in October of last year. Hansen said both are daily oral treatments and noted liver monitoring requirements, while he characterized fezolinetant as carrying a black box warning for liver toxicity.

Nunberg said early phase 1 considerations for AbCell 635 include safety—particularly monitoring ALT transaminases and bilirubin—along with confirming target engagement via biomarkers and evaluating whether pharmacokinetics support monthly dosing. She said the phase 2 portion is randomized, double-blind, placebo-controlled, and uses registrational endpoints to evaluate treatment effect and dose selection for late-stage development.

Manufacturing strategy and cash burn

In response to an investor question about manufacturing, Hansen said AbCellera decided in 2020 to build its GMP facility during the pandemic, describing it as a project aligned with Canada’s interest in bolstering national bioresilience. Management said recruiting manufacturing, process development, and quality talent was a “big lift” over the past four years, but said the team is now in place and the facility is operational.

Chief Financial Officer Andrew Booth said AbCellera’s operating cash burn has been about $30 million per quarter (about $120 million per year). Booth said the company funded major capital investments from its balance sheet and indicated those investments should decline now that the GMP facility is ready, supporting what he characterized as multi-year runway.

About AbCellera Biologics NASDAQ: ABCL

AbCellera Biologics Inc NASDAQ: ABCL is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company's technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection.

AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis.

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