# AbCellera Biologics Inc. (ABCL)

> Source: Nexqual · https://nexqual.com/ABCL · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, AbCellera Biologics Inc. (ABCL), nexqual.com/ABCL" · informational, not investment advice.

**Price:** USD 13.08 (-4.11% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 13.64 · day 13.02–13.86 · 52w 2.75–15.02 · market cap $4.24B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $66.2M, net income -$165M (-248.8% margin), free cash flow -$120M (SEC filings).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $1.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 16.82 (range 9–30).
- Total return with dividends: 1Y +154.5% vs S&P 500 +14.8%; 5Y -16.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09, EPS estimate USD -0.18, revenue estimate $6.2M. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: ABCL paid no cash dividend in the last five years.
- Short interest: 12.16% of float (as of 2026-10-15), 5.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $375M | $485M | $38.0M | $28.8M | $75.1M | $66.2M |
| Operating income | $204M | $217M | -$237M | -$315M | -$217M | -$225M |
| Net income | $153M | $159M | -$146M | -$163M | -$146M | -$165M |
| EPS (diluted) | $0.48 | $0.50 | -$0.51 | -$0.55 | -$0.49 | — |
| Free cash flow | $186M | $207M | -$121M | -$187M | -$174M | -$120M |
| Operating margin | 54.5% | 44.6% | -623.8% | -1091.7% | -289.0% | -340.3% |
| Net margin | 40.9% | 32.7% | -385.0% | -564.8% | -194.9% | -248.8% |
| Revenue growth | +60.9% | +29.4% | -92.2% | -24.2% | +160.6% | — |
| Cash + short-term investments | $476M | $387M | $761M | $626M | $534M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 64.0x · P/B 4.7x · FCF yield -2.82% · Earnings yield -3.88%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $1.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-24 | Hayden Michael R | Director | 53,613 | $570K | 10.64 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-18 | Montalbano John S. | Director | 10,000 | $110K | 11.03 | Too little history (no open-market trades in 2024) |
| 2026-08-14 | Booth Andrew | Chief Financial Officer | 37,200 | $384K | 10.32 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-12 | Hayden Michael R | Director | 46,387 | $481K | 10.37 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-14 | Montalbano John S. | Director | 20,000 | $95K | 4.77 | Too little history (no open-market trades in 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 16.82 (low 9, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | UBS | Initiated | Buy | $18 |
| 2026-09-29 | JP Morgan | Initiated | Overweight | $17 |
| 2026-08-11 | Truist Securities | Target raised | Buy | $12 → $30 |
| 2026-08-06 | Stifel | Target raised | Buy | $8 → $9 |
| 2026-08-06 | Cantor Fitzgerald | Target raised | Overweight | $11 → $12 |
| 2026-07-07 | Benchmark | Upgrade | Hold → Buy | $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +154.5% | -16.7% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +156.0% | -3.6% |
| Volatility (annualized) | 83.4% | 69.8% |
| Max drawdown | -49.9% (Oct 2025→Feb 2026) | -87.5% (Nov 2021→May 2025) |

## Dividends
ABCL paid no cash dividend in the last five years.

## Short interest
30,934,912 shares sold short, 12.16% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 33,930,287 shares (-8.8%). Days to cover: 5.7 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/ABCL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ABCL's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | EQRx | "We discovered ABCL575 during our collaboration with EQRx Inc. ("EQRx") as part of a co-development program that began in 2021." |
| Partner | Eli Lilly (LLY) | "Between 2020 and 2025, we negotiated an increased mean royalty rate of 4.2% across our programs with downstream participation signed in the period and our agreement to partner our COVID-19 antibody asset to Eli Lilly and…" |
| Partner | Dualogics | "As part of our agreement to purchase certain assets from Dualogics related to its OrthoMab bispecific antibody platform, we were assigned Dualogics' interests and rights to that certain Exclusive License Agreement betwee…" |
| Partner | Trianni | "Our revenue primarily consists of research fees, milestone payments and royalty revenue, which are generated through our performance of antibody discovery research for our partners, and licensing revenue, which we genera…" |

Other companies that name ABCL in their own reports (relationship from ABCL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Rallybio Corp (RLYB) | 10-K 2026-03-16 | "This multi-year, multi-target collaboration combined AbCellera Biologics Inc.'s ("AbCellera's") antibody discovery engine with our clinical and commercial expertise in rare diseases to identify optima…" |
| partner | Prelude Therapeutics Inc (PRLD) | 10-K 2026-03-10 | "We are working with our partner AbCellera Biologics, Inc. ("AbCellera") on an early-stage discovery program involving potent degraders as payloads for novel antibodies targeting tumor specific antigen…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Research fees | $3.9M | 96.3% | -41.2% |
| Licensing and royalty revenue | $149,000 | 3.7% | -98.6% |
| Total revenue | $4.0M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Canada | $64.0M | 85.2% | +144.3% |
| United States | $11.1M | 14.8% | +311.1% |
| Total revenue | $75.1M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "AbCellera is eligible to receive up to $792 million per program in option fees and development, regulatory, and commercial sales milestone payments along with tiered royalties on net sales ranging from mid-single digits to low double digits. ● Completed dosing for the Phase 1 study of ABCL575, with top-line data readout expected in Q4 2026. ● Announced the appointments of Dr."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.18 | $-0.17 | $0.00 | $6.2M | 6 |
| Next quarter (ends 2026-12-31) | $-0.17 | $-0.18 | +$0.01 | $7.0M | 6 |
| Current fiscal year (ends 2026-12-31) | $-0.67 | $-0.63 | −$0.05 | $26.4M | 8 |
| Next fiscal year (ends 2027-12-31) | $-0.76 | $-0.70 | −$0.06 | $28.2M | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.18 | −$0.16 | Miss −12.5% | — |
| — | Quarter ended Mar 31, 2026 | −$0.14 | −$0.20 | Beat +30.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.03 | −$0.18 | Beat +83.3% | — |
| — | Quarter ended Sep 30, 2025 | −$0.19 | −$0.16 | Miss −18.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-13 | 8-K | Entered a material agreement; Other material event — “On August 12, 2026, AbCellera Biologics Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC and J.P. Morgan Securities LLC as the representatives of the several underwriters (the "Underwriters") relating to an underwritten public offering of (a) 17,435,897 shares (the "Shares") of the Company's common shares, no par value per share (the "Common Shares") at a price to the public of $9.75 per Share, and (b) in lieu of Shares to certain investors, pre-funded…” | https://www.sec.gov/Archives/edgar/data/1703057/000119312526349353/0001193125-26-349353-index.htm |
| 2026-08-10 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1703057/000170305726000053/0001703057-26-000053-index.htm |
| 2026-08-07 | 8-K | Other material event — “On August 7, 2026, AbCellera Biologics Inc. (the "Company") issued a press release announcing it will release top-line data from its Phase 2 trial evaluating ABCL635 for the treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause on Monday, August 10, 2026 and hold an investor conference call at 4:30 a.m. Pacific Time (7:30 a.m. Eastern Time) the same day.” | https://www.sec.gov/Archives/edgar/data/1703057/000170305726000049/0001703057-26-000049-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1703057/000170305726000046/0001703057-26-000046-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1703057/000170305726000044/0001703057-26-000044-index.htm |
| 2026-07-29 | 8-K | Other material event — “On July 29, 2026, AbCellera Biologics Inc. (the "Company") issued a press release announcing a collaboration with Vertex Pharmaceuticals Incorporated to research, develop, manufacture, and commercialize multispecific T-cell engagers (TCEs) for autoimmune diseases and other conditions. The Company will leverage its proprietary TCE platform to lead discovery and early development activities. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein…” | https://www.sec.gov/Archives/edgar/data/1703057/000170305726000039/0001703057-26-000039-index.htm |
| 2026-07-06 | 8-K | Director or executive officer change, or pay arrangement — “Appointment of Director On June 30, 2026, the Board of Directors (the "Board") of AbCellera Biologics Inc. (the "Company") appointed Lynn Seely, M.D as a new Class III director. Dr. Seely will serve until the Company's 2029 annual meeting of shareholders and until her successor is duly elected and qualified, or until her earlier resignation or removal.. The Board has affirmatively determined that Dr. Seely is independent under the rules of The NASDAQ Stock Market LLC and the Company's Corporate Governance…” | https://www.sec.gov/Archives/edgar/data/1703057/000170305726000037/0001703057-26-000037-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.