AbCellera Biologics (ABCL) 2026 Bloom Burton & Co. Healthcare Investor Conference summary

Company evolution and business model

• Originated from academic research, focusing on rebuilding drug discovery for therapeutic antibodies using advanced technology.

• Adopted a partnership model with pharma and biotech, maintaining downstream participation via milestones and royalties.

• Achieved significant impact with COVID antibodies, leading to strong financial position and further platform investment.

• Built out capabilities from discovery to GMP manufacturing, now manufacturing all therapeutic antibodies internally.

• Shifted focus from partnerships to advancing an internal pipeline, while retaining a large early-stage royalty portfolio.

Pipeline strategy and clinical progress

• Focuses on difficult targets like ion channels and GPCRs, leveraging technical differentiation.

• Maintains over 20 programs in discovery, advancing 1-2 programs into the clinic annually.

• Currently has two clinical programs, with two more expected to enter the clinic within a year.

• Anticipates up to five clinical assets by next year, supported by $700 million in liquidity.

Lead asset ABCL635 and market opportunity

• ABCL635 targets neurokinin 3 receptor (NK3R) for hot flashes in menopausal women, addressing a $6 billion TAM.

• Differentiation expected through cleaner safety profile and monthly injectable administration.

• Phase II readout scheduled for Q3, with phase I and preclinical data to be disclosed at the next earnings call.

• If successful, plans to expand indications to hot flashes from cancer treatments.