What Management Said
Read the full Q2 2025 transcript ↗Our presentation today, including our earnings press release and SEC filings issued earlier today, are available on our Investor Relations website. The information we provide about our antibody therapy pipeline is for the benefit of the investment community and is not intended to be promotional. I'm also pleased to announce that we have added a third program to our pipeline by advancing ABCL688 into IND-enabling studies. These include continuing to build our pipeline by advancing at least one more development candidate into IND-enabling studies, completing platform and infrastructure investments, and starting to use these capabilities in clinical manufacturing.
As I mentioned on the last earnings call, we believe the main scientific risk for ABCL635 is whether or not we can achieve sufficient target engagement. In addition to our clinical programs, we continue to allocate significant resources to internal discovery to build out our pipeline. It is the third program in our pipeline and the second program derived from our GPCR and ion channel platform. Turning to revenue and expenses, revenue for the quarter was approximately $17 million, comprising research fees relating to work on partner programs and amounts related to licensing.
This compares to revenue of $7 million in the same quarter of 2024. With respect to research fee revenue, as we have mentioned in the past, we expect these to continue to trend lower as we are increasingly focused on internal and co-development programs. Looking at earnings, we are reporting a net loss of roughly $35 million for the quarter, compared to a loss of $37 million in the same quarter of last year. In terms of earnings per share, this result works out to a loss of $0.12 per share on a basic and diluted basis.
- Received Health Canada authorization to initiate AbCellera's first two clinical trials (ABCL635 and ABCL575) and began dosing in the ABCL635 Phase 1 trial for moderate-to-severe vasomotor symptoms, completing the transition from a platform company to a clinical-stage biotech first committed to in 2023.
- Advanced a third internal program, ABCL688 (an undisclosed autoimmune indication and the second candidate from the GPCR/ion-channel platform), into IND-enabling studies.
- Revenue rose to ~$17 million from ~$7 million a year earlier, including a $10 million Trianni humanized-rodent platform licensing fee.
- Ended the quarter with ~$580 million in cash and equivalents and ~$750 million in total available liquidity (including ~$170 million of committed government funding).
- Net loss narrowed to ~$35 million from ~$37 million, and R&D expense declined ~$2 million to ~$39 million.
- Reached a cumulative 102 partner-initiated programs with downstream participation and 18 molecules to have reached the clinic.
- The $10 million Trianni licensing fee was a one-off earnout to former Trianni shareholders and is not expected to recur; management reiterated that research-fee revenue will keep trending lower as focus shifts to internal programs.
- The company remained deeply loss-making, with a ~$35 million quarterly net loss and ~$44 million of operating cash used in the first half of 2025.
- ABCL575's Phase 1 trial had not yet begun dosing at quarter-end (authorization received in May; trial opened in July with dosing expected in Q3).
- The primary scientific risk for ABCL635 - achieving sufficient NK3R target engagement - remained unproven pending biomarker and proof-of-concept data.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| ABCL635 initial safety & efficacy (proof-of-concept) data | Mid-2026 | On track for mid-2026 |
| ABCL575 Phase 1 first dosing | Q3 2025 | Trial opened in July; first participants expected to be dosed in Q3 2025 |
| ABCL688 IND submission | Mid-2026 | IND submission intended for mid-2026 |
| Clinical manufacturing facility online | End of 2025 | On track to come online at the end of 2025 |
| Liquidity runway | Multi-year | Sufficient liquidity to fund well beyond the next three years of increasing pipeline investment |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +$10M to ~$17M | $10M Trianni licensing fee plus research fees on partner programs |
| R&D expense | -$2M to ~$39M | Timing of larger program-specific expenses (higher in Q2 2024) |
| G&A expense | ~$19M (vs ~$20M) | Includes ongoing IP-defense (Bruker litigation) costs |
| Net loss | ~$35M (vs ~$37M); EPS -$0.12 | Lower R&D and higher one-time licensing revenue |
| Total available liquidity | ~$750M | ~$580M cash/securities plus ~$170M committed government funding |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Platform-to-pipeline transition | Committed in 2023 to become a clinical-stage biotech | Transition completed - first two internal molecules dosing in the clinic | — |
| ABCL635 (NK3R antagonist, VMS) | Preclinical development candidate | Phase 1 dosing begun; potential first-in-class non-hormonal antibody; main risk is target engagement, addressed via biomarker/POC design | — |
| ABCL575 (OX40L, atopic dermatitis) | Preclinical | CTA granted; ~67-day predicted human half-life supports potential dosing once every six months | — |
| Pipeline expansion | Two programs | Third program (ABCL688) added into IND-enabling studies | — |
Q&A Summary
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