AbCellera Reports Q2 2026 Business Results

AbCellera Biologics Inc.

Condensed Consolidated Statements of Loss and Comprehensive Loss

(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.)

(Unaudited)

Three months ended June 30,

Six months ended June 30,

2025

2026

2025

2026

Revenue:

Research fees

$

6,639

$

3,901

$

10,707

$

12,021

Licensing and royalty revenue

10,445

149

10,613

341

Total revenue

17,084

4,050

21,320

12,362

Operating expenses:

Research and development⁽¹⁾

39,213

45,987

81,711

92,649

Sales, general, and administrative⁽¹⁾

21,986

13,850

41,054

26,185

Depreciation and amortization

5,470

6,990

10,801

13,828

Total operating expenses

66,669

66,827

133,566

132,662

Loss from operations

(49,585

)

(62,777

)

(112,246

)

(120,300

)

Other (income) expense:

Interest and other

(9,549

)

42

(15,073

)

(3,606

)

Grants and incentives

(3,692

)

(3,854

)

(7,845

)

(8,193

)

Total other income

(13,241

)

(3,812

)

(22,918

)

(11,799

)

Loss before income tax

(36,344

)

(58,965

)

(89,328

)

(108,501

)

Income tax recovery

(1,617

)

(3,538

)

(8,980

)

(9,909

)

Net loss

$

(34,727

)

$

(55,427

)

$

(80,348

)

$

(98,592

)

Foreign currency translation adjustment

4,341

(733

)

1,721

1,082

Comprehensive loss

$

(30,386

)

$

(56,160

)

$

(78,627

)

$

(97,510

)

Net loss per share

Basic

$

(0.12

)

$

(0.18

)

$

(0.27

)

$

(0.32

)

Diluted

$

(0.12

)

$

(0.18

)

$

(0.27

)

$

(0.32

)

Weighted-average common shares outstanding

Basic

298,508,601

305,557,294

298,105,760

304,329,623

Diluted

298,508,601

305,557,294

298,105,760

304,329,623

⁽¹⁾ Exclusive of depreciation and amortization

AbCellera Biologics Inc.

Condensed Consolidated Balance Sheets

(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)

(Unaudited)

December 31, 2025

June 30, 2026

Assets

Current assets:

Cash and cash equivalents

$

128,513

$

120,065

Marketable securities

405,313

420,039

Total cash, cash equivalents, and marketable securities

533,826

540,104

Accounts and accrued receivable

58,293

18,597

Restricted cash

25,000

25,000

Other current assets

111,113

95,529

Total current assets

728,232

679,230

Long-term assets:

Property and equipment, net

428,003

416,677

Intangible assets, net

38,381

36,530

Goodwill

47,806

47,806

Investments in equity accounted investees

62,580

65,229

Other long-term assets

51,948

62,103

Total long-term assets

628,718

628,345

Total assets

$

1,356,950

$

1,307,575

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable and other current liabilities

$

50,781

$

32,484

Deferred revenue

13,526

20,705

Total current liabilities

64,307

53,189

Long-term liabilities:

Operating lease liability

137,403

129,948

Deferred revenue

3,500

40,450

Deferred government contributions

174,453

178,254

Other long-term liabilities

10,383

9,714

Total long-term liabilities

325,739

358,366

Total liabilities

390,046

411,555

Commitments and contingencies

Shareholders’ equity:

Common shares: no par value, unlimited authorized shares at December 31, 2025 and June 30, 2026: 300,600,710 and 306,469,632 shares issued and outstanding at December 31, 2025 and June 30, 2026, respectively

802,341

821,242

Additional paid-in capital

198,279

206,004

Accumulated other comprehensive loss

(4,234

)

(3,152

)

Accumulated deficit

(29,482

)

(128,074

)

Total shareholders’ equity

966,904

896,020

Total liabilities and shareholders’ equity

$

1,356,950

$

1,307,575

AbCellera Biologics Inc.

Condensed Consolidated Statement of Cash Flows

(Expressed in thousands of U.S. dollars.)

(Unaudited)

Six months ended June 30,

2025

2026

Cash flows from operating activities:

Net loss

$

(80,348

)

$

(98,592

)

Cash flows from operating activities:

Depreciation of property and equipment

8,951

11,977

Amortization of intangible assets

1,851

1,851

Amortization of operating lease right-of-use assets

2,863

3,610

Stock-based compensation

28,993

24,299

Other

70

7,019

Changes in operating assets and liabilities:

Research fees and grants receivable

(12,524

)

25,367

Income taxes receivable

(7,588

)

(8,024

)

Accounts payable and accrued liabilities

(7,356

)

(16,621

)

Deferred revenue

9,361

44,129

Deferred grant income

(1,681

)

(4,453

)

Other assets

13,450

1,838

Net cash used in operating activities

(43,958

)

(7,600

)

Cash flows from investing activities:

Purchases of property and equipment

(24,001

)

(5,963

)

Purchase of marketable securities

(291,542

)

(308,184

)

Proceeds from marketable securities

303,437

293,557

Receipt of grant funding

6,448

6,955

Long-term investments and other assets

(18,218

)

(105

)

Net cash used in investing activities

(23,876

)

(13,740

)

Cash flows from financing activities:

Proceeds from deferred government contributions and other

2,595

13,585

Net cash provided by financing activities

2,595

13,585

Effect of exchange rate changes on cash and cash equivalents

1,351

(468

)

Decrease in cash and cash equivalents

(63,888

)

(8,223

)

Cash and cash equivalents and restricted cash, beginning of period

183,615

155,249

Cash and cash equivalents and restricted cash, end of period

$

119,727

$

147,026

Restricted cash included in other assets

2,290

1,961

Total cash, cash equivalents, and restricted cash shown on the balance sheet

$

117,437

$

145,065

Supplemental disclosure of non-cash investing and financing activities

Property and equipment in accounts payable

12,733

979

Right-of-use assets obtained in exchange for operating lease obligation

69,787

–