AbCellera nears ABCL635 menopause data with >$675M liquidity bolstered by deals

 

AbCellera nears ABCL635 menopause data with >$675M liquidity bolstered by major T cell engager deals

• Top-line Phase II ABCL635 menopause hot flash data for 4-week endpoint expected very soon.
• ABCL635 viewed as highly derisked if results match approved NK3R small molecules’ efficacy profile.
• Q2 revenue $4.0M, down 76% YoY from ~$17M, mostly research fees, non-GAAP EPS -$0.18 misses EPS and revenue estimates.
• Net loss widened to ~$55M from ~$35M YoY, reflecting higher internal R&D investment.
• SG&A fell to ~$14M from ~$22M YoY after IP litigation ended and restructuring actions.
• New T cell engager deals with Jazz and Vertex add >$110M upfront payments and >$4B potential value.
• Liquidity strong with ~$567M cash and marketable securities plus ~$110M committed government funding, totaling >~$675M.
• Management reiterates at least three years of funding runway to advance internal pipeline and manufacturing build-out.
• Key ABCL635 differentiation thesis includes clean liver profile, no somnolence, and once-monthly dosing versus oral small molecules.
• Main risk is binary ABCL635 efficacy outcome, given scientific uncertainty around preoptic nucleus NK3R involvement.
• Main concern is heavy dependence on upcoming ABCL635 Phase II data to validate pipeline and justify R&D spend.
• Mixed quarter, driven by weak near-term revenue offset by major T cell engager partnerships and robust liquidity.

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