Business Description
AbCellera Biologics Inc. is a clinical-stage biotechnology company that discovers and develops antibody-based medicines. Based in Vancouver, Canada, the company utilizes an artificial intelligence-powered drug discovery platform to analyze immune systems and identify therapeutic antibodies. AbCellera partners with pharmaceutical companies to co-develop drugs while also advancing its own internal pipeline of proprietary clinical candidates.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 75,128 | 28,833 | 38,025 | 485,424 |
| Gross Profit | 75,128 | 28,833 | 38,025 | 485,424 |
| Selling, General & Administrative Expenses | 83,231 | 85,490 | 75,179 | 66,755 |
| Depreciation & Amortization Expenses | 22,171 | 90,850 | 24,395 | 27,843 |
| Research & Development Expenses | 186,829 | 167,259 | 175,658 | 107,879 |
| Other Operating Expenses | — | — | — | 66,436 |
| Operating Profit | (217,103) | (314,766) | (237,207) | 216,511 |
| Interest and Investment Income | 28,329 | 38,473 | 42,247 | 16,079 |
| Non-Operating Income | 11,179 | 75,898 | 20,931 | 6,509 |
| Total Non-Operating Income | 39,508 | 114,371 | 63,178 | 22,588 |
| Income Before Provision for Income Taxes | (177,595) | (200,395) | (174,029) | 239,099 |
| Provision for Income Taxes | (31,183) | (37,538) | (27,631) | 80,580 |
| Consolidated Net Income | (146,412) | (162,857) | (146,398) | 158,519 |
| Net Income Attributable to Common Shareholders | (146,412) | (162,857) | (146,398) | 158,519 |
| Basic EPS | -0.49 | -0.55 | -0.51 | 0.56 |
| Diluted EPS | -0.49 | -0.55 | -0.51 | 0.50 |
| Basic Weighted Average Shares Outstanding | 298,707 | 294,328 | 289,166 | 285,057 |
| Diluted Weighted Average Shares Outstanding | 298,707 | 294,328 | 289,166 | 314,827 |
| Shares Outstanding | 300,601 | 295,757 | 290,825 | 286,852 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 128,513 | 156,325 | 133,320 | 386,535 |
| Short-Term Investments | 405,313 | 469,289 | 627,265 | 499,950 |
| Total Cash and Cash Equivalents | 533,826 | 625,614 | 760,585 | 886,485 |
| Accounts Receivable | 58,293 | 33,616 | 30,590 | 38,593 |
| Total Trade Receivables | 58,293 | 33,616 | 30,590 | 38,593 |
| Other Current Assets | 136,113 | 92,140 | 80,810 | 100,413 |
| Total Current Assets | 728,232 | 751,370 | 871,985 | 1,025,491 |
| Net Property, Plant & Equipment | 428,003 | 340,429 | 287,696 | 217,255 |
| Net Intangible Assets | 38,381 | 42,113 | 120,425 | 131,502 |
| Goodwill | 47,806 | 47,806 | 47,806 | 47,806 |
| Long-Term Investments | 62,580 | 82,297 | 65,938 | 72,522 |
| Other Long-Term Assets | 51,948 | 96,538 | 94,244 | 46,331 |
| Total Assets | 1,356,950 | 1,360,553 | 1,488,094 | 1,540,907 |
| Accounts Payable | 50,781 | 55,004 | 49,580 | 52,497 |
| Unearned Revenue | 13,526 | 13,521 | 18,958 | 21,612 |
| Other Current Liabilities | — | 8,087 | 50,475 | 44,211 |
| Total Current Liabilities | 64,307 | 76,612 | 119,013 | 118,320 |
| Leases | 137,403 | 60,743 | 71,222 | 76,675 |
| Other Long-Term Liabilities | 188,336 | 167,114 | 145,541 | 112,635 |
| Total Long-Term Liabilities | 325,739 | 227,857 | 216,763 | 189,310 |
| Total Liabilities | 390,046 | 304,469 | 335,776 | 307,630 |
| Common Stock | 802,341 | 777,171 | 753,199 | 734,365 |
| Additional Paid-in Capital | 198,279 | 166,361 | 121,052 | 74,118 |
| Accumulated Other Comprehensive Income | (4,234) | (4,378) | (1,720) | (1,391) |
| Retained Earnings | (29,482) | 116,930 | 279,787 | 426,185 |
| Total Common Shareholders' Equity | 966,904 | 1,056,084 | 1,152,318 | 1,233,277 |
| Total Shareholders' Equity | 966,904 | 1,056,084 | 1,152,318 | 1,233,277 |
| Total Liabilities and Shareholders' Equity | 1,356,950 | 1,360,553 | 1,488,094 | 1,540,907 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (146,412) | (162,857) | (146,398) | 158,519 |
| Depreciation & Amortization | 28,821 | 96,998 | 30,894 | 33,102 |
| Share-Based Compensation Expense | 55,792 | 67,581 | 64,183 | 49,481 |
| Other Adjustments | 1,198 | (84,435) | (5,781) | 6,433 |
| Changes in Trade Receivables | (55,623) | (75,119) | (45,933) | 106,456 |
| Changes in Accounts Payable | 3,457 | 10,635 | (15,104) | (2,094) |
| Changes in Income Taxes Payable | (29,843) | 6,651 | 30,464 | (88,609) |
| Changes in Unearned Revenue | (5,833) | 26,036 | 25,545 | 15,447 |
| Changes in Other Operating Activities | 17,148 | 5,954 | 18,253 | (1,375) |
| Cash from Operating Activities | (131,295) | (108,556) | (43,877) | 277,360 |
| Capital Expenditure | (42,772) | (78,396) | (76,947) | (70,660) |
| Purchases of Intangible Assets | — | — | — | (2,000) |
| Purchases of Investments | (443,181) | (784,712) | (1,035,200) | (789,661) |
| Proceeds from Sale of Investments | 506,072 | 937,882 | 910,937 | 510,631 |
| Other Investing Activities | 67,631 | 46,635 | (19,898) | (935) |
| Cash from Investing Activities | 87,750 | 121,409 | (221,108) | (352,625) |
| Other Financing Activities | 14,082 | 12,769 | 10,356 | (1,628) |
| Cash from Financing Activities | 14,082 | 12,769 | 10,356 | (1,628) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,097 | (2,617) | 589 | (9,599) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (28,366) | 23,005 | (254,040) | (86,492) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.03B |
| P/E | -6.98x |
| P/S | 13.68x |
| EV/EBITDA | -3.35x |
| Return on Equity | -14.5% |
| Return on Invested Capital | -25.3% |
| Current Ratio | 11.32x |
| Free Cash Flow Margin | -231.7% |
Margins
Gross margin
100.0%
Operating margin
-289.0%
Net margin
-194.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $8M | +96.3% | -691.7% | $-58M |
| Q4 2025 | $45M | +788.2% | -25.3% | $-11M |
| Q3 2025 | $9M | +37.6% | -851.8% | $-76M |
| Q2 2025 | $17M | +133.3% | -290.2% | $-50M |
| Q1 2025 | $4M | — | -1479.6% | $-63M |
| Q4 2024 | $5M | — | -1061.2% | $-54M |
| Q3 2024 | $7M | — | -1439.4% | $-94M |
| Q2 2024 | $7M | — | -1276.2% | $-93M |
More on AbCellera Biologics Inc.
Figures compiled from public company filings.
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