AbCellera Biologics (ABCL)
NASDAQ:ABCL
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AbCellera Biologics
(NASDAQ:ABCL)
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Rating:49Neutral
Price Target:
$3.50
▼(-1.13% Downside)
Action:ReiteratedDate:02/25/26
ABCL scores below average primarily due to weak financial performance (ongoing losses and cash burn) and bearish technical signals (below major moving averages with negative MACD). The earnings call provides partial support through strong liquidity and visible clinical catalysts, while valuation remains hard to assess favorably with negative earnings and no dividend.
Positive Factors
Strong liquidity (~$700M available)
Roughly $700M of available liquidity provides multi-quarter runway to fund elevated R&D, complete IND/CTA activities and two 2026 clinical readouts without immediate financing. This reduces near-term dilution risk and gives management time to de-risk lead programs before needing external capital.
Negative Factors
Sustained negative cash generation
Operating cash use (~$130M in 2025) and consecutive years of negative free cash flow indicate structural cash burn while advancing internal programs. Persistent negative cash generation increases reliance on liquidity, milestone payments or capital markets, raising long-term dilution and financing risk if milestones slip.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity (~$700M available)
Roughly $700M of available liquidity provides multi-quarter runway to fund elevated R&D, complete IND/CTA activities and two 2026 clinical readouts without immediate financing. This reduces near-term dilution risk and gives management time to de-risk lead programs before needing external capital.
Read all positive factors
AbCellera Biologics (ABCL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.07B
Dividend YieldN/A
Average Volume (3M)2.71M
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue Growth7.16%
EPS Growth3.95%
CountryUS
Employees596
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.03
Shares Outstanding303,160,500
10 Day Avg. Volume2,498,993
30 Day Avg. Volume2,708,267
Financial Highlights & Ratios
PEG Ratio0.64
Price to Book (P/B)0.90
Price to Sales (P/S)13.60
P/FCF Ratio-5.87
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue14.13
Enterprise Value/Gross Profit14.13
Enterprise Value/Ebitda-6.06
Forecast
1Y Price Target
$7.13Price Target Upside101.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.65
Revenue Forecast (FY)$29.89M
AbCellera Biologics Business Overview & Revenue Model
Company Description
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 developed as d...
How the Company Makes Money
AbCellera makes money primarily by partnering with pharmaceutical and biotechnology companies to discover and develop antibody therapeutics. Under these collaborations, AbCellera typically earns (1) research fees for discovery work performed using...
AbCellera Biologics Key Performance Indicators (KPIs)
Any
Number of Discovery Partners
Indicates the breadth of AbCellera's collaborative network, highlighting potential for diverse innovation and revenue streams through partnerships.
Indicates the breadth of AbCellera's collaborative network, highlighting potential for diverse innovation and revenue streams through partnerships.
Data provided by:
The Fly
The FlyAbCellera Biologics Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful progress in AbCellera's strategic transition to a clinical-stage biotech: solid liquidity (~$700M available), completion of platform and manufacturing investments, successful nomination and clinic advancement of multiple internal candidates, and a roadmap of near- and mid-term clinical catalysts (notably ABCL635 Phase II readout in Q3 2026). At the same time, notable risks and near-term challenges were acknowledged: revenue growth in 2025 was materially influenced by a one-time legal settlement, research fee revenues are expected to decline as the company pivots to internal programs, R&D spending and cash burn remain elevated, and lead programs face clinical and class-specific safety uncertainties that could delay value realization. Overall, the positive operational and pipeline milestones and strong liquidity outweigh the near-term financial and clinical risks.Positive Updates
Strong Liquidity Position
Approximately $561 million in cash, cash equivalents and marketable securities at quarter end, with an additional ~$140 million in committed government funding, yielding roughly $700 million in total available liquidity to execute the strategy.
Negative Updates
Revenue Driven by One-Time Legal Settlement
A material portion of 2025 licensing and royalty revenue ($36 million) stemmed from the settlement of patent infringement claims against Bruker, indicating that the large year-over-year revenue increase is significantly influenced by a one-time item rather than recurring operational growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Liquidity Position
Approximately $561 million in cash, cash equivalents and marketable securities at quarter end, with an additional ~$140 million in committed government funding, yielding roughly $700 million in total available liquidity to execute the strategy.
Read all positive updates
Company Guidance
AbCellera guided to two clinical readouts in 2026 — a Phase II top-line readout for ABCL635 expected in Q3 and a Phase I readout for ABCL575 by year-end — and plans to file INDs/CTAs and initiate Phase I/II studies for ABCL688 and ABCL386 in 2027, targeting five clinical-stage programs by mid‑2027 and advancing a fifth program into IND-enabling in H1 2026. Financially, it finished FY2025 with roughly $561M of cash, cash equivalents and marketable securities, about $700M of total available liquidity including ~$140M of committed government funding, $405M invested in short‑term securities, reported FY2025 revenue of $75M (≈$27M partner work, ≈$47M licensing/royalty including ~$36M from a Bruker settlement), R&D spend of $187M (up ≈$20M YoY), SG&A of ≈$83M, a net loss of ≈$146M (loss per share $0.49), operating cash usage of ≈$130M and $46M of other investment activity; operationally the company has started 104 partner-initiated programs (19 molecules to clinic), is actively leading/co-leading 14 programs, has completed work on 84 programs (34 of those being advanced by partners) and counts 48 programs actively progressing (37 discovery, 5 preclinical, 6 clinical).AbCellera Biologics Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
70
Positive
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 75.13M | 28.83M | 38.02M | 485.42M | 375.20M |
| Gross Profit | 75.13M | 28.83M | 38.02M | 418.99M | 329.69M |
| EBITDA | -155.42M | -204.15M | -192.16M | 260.17M | 239.15M |
| Net Income | -146.41M | -162.86M | -146.40M | 158.52M | 153.46M |
Balance Sheet | |||||
| Total Assets | 1.36B | 1.36B | 1.49B | 1.54B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 560.33M | 625.61M | 760.59M | 886.49M | 722.98M |
| Total Debt | 143.22M | 65.36M | 77.38M | 82.26M | 40.06M |
| Total Liabilities | 215.59M | 304.47M | 335.78M | 307.63M | 292.84M |
| Stockholders Equity | 1.14B | 1.06B | 1.15B | 1.23B | 1.03B |
Cash Flow | |||||
| Free Cash Flow | -174.07M | -186.95M | -121.38M | 204.70M | 186.13M |
| Operating Cash Flow | -131.29M | -108.56M | -43.88M | 277.36M | 244.58M |
| Investing Cash Flow | 87.75M | 121.41M | -221.11M | -352.63M | -332.25M |
| Financing Cash Flow | 14.08M | 12.77M | 10.36M | -1.63M | -3.89M |
AbCellera Biologics Technical Analysis
Positive
3.54
Price Trends
3.39
Positive
3.58
Negative
4.13
Negative
Market Momentum
>-0.01
Negative
54.51
Neutral
55.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ABCL, the sentiment is Positive. The current price of 3.54 is above the 20-day moving average (MA) of 3.43, above the 50-day MA of 3.39, and below the 200-day MA of 4.13, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.51 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ABCL.
AbCellera Biologics Risk Analysis
AbCellera Biologics disclosed 100 risk factors in its most recent earnings report. AbCellera Biologics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
AbCellera Biologics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $4.75B | -9.59 | ― | ― | -42.64% | -39.78% | |
61 Neutral | $3.52B | -12.72 | -31.97% | ― | ― | -5.73% | |
56 Neutral | $2.80B | -7.25 | -65.77% | ― | -8.75% | -8.79% | |
56 Neutral | $3.86B | 31.19 | -14.55% | ― | ― | -64.91% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.16B | -6.38 | -206.62% | ― | 597.19% | 0.45% | |
49 Neutral | $1.07B | -6.98 | -14.16% | ― | 7.16% | 3.95% |
* Healthcare Sector Average
ABCL
AbCellera Biologics
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45.08%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.