ABCL

MKT CAP:$1B

AbCellera Biologics Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇨🇦 Canada·NASDAQ

Healthcare·Biotechnology·🇨🇦·NASDAQ

Stock Price

$4.06+$0.63 (+18.37%)

Apr 24, 2026

Company Details

AbCellera Biologics Inc. develops antibody discovery platform. Its full-stack, artificial intelligence-powered antibody discovery platform searches and analyzes the database of natural immune systems to find antibodies that could be develop...

CEO

Carl Hansen

IPO Date

Dec 11, 2020

Website

www.abcellera.com

Key Metrics TTM

Revenue

$75M

+160.6% YoY

Net Income

-$146M

EPS (Diluted)

-$0.49

Free Cash Flow

-$174M

Revenue / Share

$0.25

Gross Margin

100.0%

Operating Margin

-289.0%

Net Margin

-194.9%

FCF Margin

-231.7%

P/S

16.8x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 24, 2026

$75MEPS -$0.49

Q4 2025

Feb 24, 2026

$45M+788.2%EPS -$0.03

Q3 2025

Nov 6, 2025

$9M+37.6%EPS -$0.19

Q2 2025

Aug 7, 2025

$17M+133.3%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$317M	$272M	$225M
Q2 22	$46M	$41M	-$8M
Q3 22	$101M	$86M	$38M
Q4 22	$22M	$20M	-$38M
Q1 23	$12M	$12M	-$65M
Q2 23	$10M	$10M	-$51M
Q3 23	$7M	$7M	-$55M
Q4 23	$9M	$9M	-$66M
Q1 24	$10M	$10M	-$55M
Q2 24	$7M	$7M	-$93M
Q3 24	$7M	$7M	-$94M
Q4 24	$5M	$5M	-$73M
Q1 25	$4M	$4M	-$63M
Q2 25	$17M	$17M	-$50M
Q3 25	$9M	$9M	-$76M
Q4 25	$45M	$45M	-$29M

Valuation

Quarter	P/S	P/E
Q1 22	6.0x	14.4x
Q2 22	5.8x	14.6x
Q3 22	5.4x	13.0x
Q4 22	5.7x	17.3x
Q1 23	11.9x	—
Q2 23	13.1x	—
Q3 23	25.7x	—
Q4 23	46.0x	—
Q1 24	36.5x	—
Q2 24	24.8x	—
Q3 24	23.2x	—
Q4 24	28.8x	—
Q1 25	28.4x	—
Q2 25	31.1x	—
Q3 25	41.2x	—
Q4 25	13.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$100M	$86M
Q2 22	$272M	$240M
Q3 22	-$127M	-$139M
Q4 22	$31M	$19M
Q1 23	-$44M	-$59M
Q2 23	$20M	-$8M
Q3 23	-$106.0K	-$20M
Q4 23	-$20M	-$34M
Q1 24	-$42M	-$66M
Q2 24	-$29M	-$49M
Q3 24	-$29M	-$48M
Q4 24	-$8M	-$24M
Q1 25	-$12M	-$22M
Q2 25	-$32M	-$46M
Q3 25	-$53M	-$62M
Q4 25	-$35M	-$45M

Capital Expenditures

Quarter	CapEx
Q1 22	$14M
Q2 22	$31M
Q3 22	$13M
Q4 22	$12M
Q1 23	$15M
Q2 23	$27M
Q3 23	$20M
Q4 23	$14M
Q1 24	$24M
Q2 24	$20M
Q3 24	$19M
Q4 24	$16M
Q1 25	$11M
Q2 25	$13M
Q3 25	$9M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+56.2%	+105.1%
Q2 22	+66.1%	+56.6%
Q3 22	+1740.6%	+89.4%
Q4 22	-84.5%	+2.7%
Q1 23	-96.1%	-15.9%
Q2 23	-78.1%	+13.1%
Q3 23	-93.5%	-3.4%
Q4 23	-57.4%	+26.8%
Q1 24	-18.4%	-15.9%
Q2 24	-27.2%	+64.0%
Q3 24	-1.4%	+62.9%
Q4 24	-45.0%	+3.4%
Q1 25	-57.5%	+3.2%
Q2 25	+133.3%	-33.8%
Q3 25	+37.6%	-14.9%
Q4 25	+788.2%	-5.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$12M	3.9%
Q2 22	$0	0.0%
Q3 22	$12M	11.6%
Q4 22	$13M	61.8%
Q1 23	$15M	126.9%
Q2 23	$0	0.0%
Q3 23	$16M	240.4%
Q4 23	$16M	179.2%
Q1 24	$17M	174.9%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$15M	301.5%
Q1 25	$15M	349.1%
Q2 25	$14M	83.2%
Q3 25	$14M	155.2%
Q4 25	$13M	28.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$26M	$14M	$2M	—
Q2 22	$27M	$14M	$3M	—
Q3 22	$27M	$14M	$3M	—
Q4 22	$28M	$13M	$3M	—
Q1 23	$53M	$15M	$4M	—
Q2 23	$36M	$16M	$4M	—
Q3 23	$38M	$14M	$3M	—
Q4 23	$49M	$16M	$3M	—
Q1 24	$39M	$17M	$3M	—
Q2 24	$41M	$20M	$3M	—
Q3 24	$41M	$19M	$3M	—
Q4 24	$46M	$16M	$3M	—
Q1 25	$42M	$16M	$3M	—
Q2 25	$39M	$19M	$3M	—
Q3 25	$55M	$22M	$3M	—
Q4 25	$50M	—	—	$17M

Revenue Segments

Quarter	License	Research Fees	Royalty	Milestone Payments
Q1 22	$231.0K	$9M	$307M	—
Q2 22	$147.0K	$13M	$33M	—
Q3 22	$154.0K	$8M	$93M	$400.0K
Q4 22	$165.0K	$11M	$9M	$500.0K
Q1 23	$372.0K	$11M	—	$1M
Q2 23	$226.0K	$10M	—	—
Q3 23	$186.0K	$6M	—	—
Q4 23	$185.0K	$9M	—	$250.0K
Q1 24	$180.0K	$10M	—	—
Q2 24	$370.0K	$5M	—	$2M
Q3 24	$218.0K	$6M	—	—
Q1 25	$167.0K	$4M	—	—
Q2 25	$10M	$7M	—	—
Q3 25	$138.0K	$9M	—	—
Q4 25	$36M	$8M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$546M	$240M	$786M
Q2 22	$791M	$232M	$1.0B
Q3 22	$372M	$496M	$868M
Q4 22	$387M	$500M	$886M
Q1 23	$193M	$603M	$796M
Q2 23	$180M	$616M	$796M
Q3 23	$172M	$613M	$786M
Q4 23	$133M	$627M	$761M
Q1 24	$124M	$574M	$698M
Q2 24	$148M	$522M	$670M
Q3 24	$127M	$516M	$643M
Q4 24	$156M	$469M	$626M
Q1 25	$159M	$446M	$605M
Q2 25	$92M	$461M	$553M
Q3 25	$83M	$413M	$496M
Q4 25	$155M	$405M	$560M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	311M	-1.1%	-2.7%
Q2 22	285M	-8.6%	+4.6%
Q3 22	316M	+10.9%	+13.2%
Q4 22	301M	-4.6%	-4.3%
Q1 23	288M	-4.5%	-7.6%
Q2 23	289M	+0.4%	+1.5%
Q3 23	289M	+0.2%	-8.3%
Q4 23	291M	+0.5%	-3.4%
Q1 24	293M	+0.6%	+1.7%
Q2 24	294M	+0.5%	+1.8%
Q3 24	295M	+0.2%	+1.8%
Q4 24	295M	-0.1%	+1.3%
Q1 25	298M	+1.1%	+1.7%
Q2 25	299M	+0.3%	+1.5%
Q3 25	299M	+0.1%	+1.4%
Q4 25	299M	-0.1%	+1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$791.5K	400
Q2 22	$114.8K	400
Q3 22	$253.5K	400
Q4 22	$43.5K	495
Q1 23	$24.6K	495
Q2 23	$20.3K	495
Q3 23	$13.3K	495
Q4 23	$15.7K	586
Q1 24	$17.0K	586
Q2 24	$12.5K	586
Q3 24	$11.1K	586
Q4 24	$8.4K	600
Q1 25	$7.1K	600
Q2 25	$28.5K	600
Q3 25	$14.9K	600
Q4 25	$79.8K	562

Revenue / Employee