ABCL

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 5:00 p.m. ET Chief Legal and Compliance Officer - Tryn Stimart President and Chief Executive Officer - Carl L. Hansen Chief Financial Officer - Andrew Booth Operator: Good afternoon, and welcome to AbCellera's Q2 2026 Business Update Conference Call. My name is Jonathan, and I will facilitate the audio portion of today's interactive broadcast. At this time, I would like to turn the call over to Tryn Stimart, AbCellera's Chief Legal and Compliance Officer. You may proceed. Tryn Stimart: Thank you. Hello, everyone. Thank you for joining us for AbCellera's Second Quarter 2026 Earnings Call. I'm Tryn Stimart, AbCellera's Chief Legal and Compliance Officer. Dr. Carl Hansen, AbCellera's President and CEO; and Andrew Booth, AbCellera's Chief Financial Officer, are speaking on today's call. During this call, we may make statements about our strategic priorities and financial outlook based on our current expectations and in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Our statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those described. Please review the Risk Factors section of our most recent Form 10-K and subsequent 10-Q filings with the SEC for a more detailed discussion of these risks. AbCellera assumes no obligation to update any forward-looking statements to reflect events or circumstances after today's date. Our presentation today, our earnings press release and our SEC filings are available on our Investor Relations website. The information we provide about our pipeline is intended for the investment community and is not promotional. As we transition to our prepared remarks, please note that this call is being recorded and will be available for replay on our Investor Relations website and that all dollars referred to during the call are U.S. dollars. After our prepared remarks, we will open the lines for questions and answers. Now I'll turn the call over to Carl. Carl L. Hansen: Thanks, Tyrn, and thank you, everyone, for joining us today. The most important data readout this year is the top line results for ABCL635 in the treatment of moderate to severe hot flashes associated with menopause. Last quarter, we shared our interim Phase I data that showed robust and sustained target engagement in healthy male volunteers and supported quickly advancing into a Phase II study in postmenopausal women experiencing moderate to severe hot flashes. Recruitment in this study accelerated through H1, and we completed enrollment and initial dosing of patients in June, well ahead of schedule. Based on this, we expect a top line data readout very soon. If the data is positive, we believe ABCL635 will be highly derisked. As noted in our last call, we've been preparing for next steps, which would include late-stage clinical development in moderate to severe VMS associated with menopause and clinical studies to evaluate ABCL635 in treating VMS associated with cancer treatment. Turning to our broader portfolio. ABCL-688 and ABCL386 continue to progress through IND-enabling activities, and we expect both to enter Phase I/II studies in 2027. We will disclose more information on these programs when they enter clinical studies. Our Phase I trial for ABCL575 completed dosing and is on track for a readout in Q4. As previously discussed, we intend to complete Phase I studies, and we currently have no plans to develop it past Phase I. Finally, I had previously communicated a goal of moving another program into IND-enabling activities in the first half of this year. Although we missed this time line, we are making good progress, and I'm confident in the productivity and innovation of discovery. The most significant public disclosures since our last earnings call are related to business development associated with our T cell engager platform. As a reminder, it was 5 years ago that we started working on TCEs. And since then, we have invested heavily in the platform. Our efforts began with the hypothesis that more diverse CD3 binders would be important for engineering TCEs with improved therapeutic properties. Our internal work to date has proven this to be true, but it's also revealed that diversity of CD3 binders alone is not sufficient. Today, we know that repeated success in generating optimal TCEs requires a comprehensive toolkit of binders, technologies, assays, models and biological insights. Accordingly, our platform now includes diverse panels of CD3 targeting antibodies, along with proprietary panels of co-stimulatory antibodies to enhance and fine-tune TCE function, scalable protein engineering workflows to create a large diversity of binder combinations and formats, scalable in vitro assays to assess TCE function and development properties, experience in the translation between in vitro assays and in vivo models across multiple targets and increasingly, a connection between TCE properties and third-party clinical data. Together, we believe this creates a highly enabled platform for developing multi-specific TCEs with broad applications across oncology and autoimmunity. While we are leveraging this capability to advance internal programs, we also view it as a key platform for strategic partnerships. Last year, we announced our first significant TCE collaboration with AbbVie. Adding to this, we have recently entered into 2 new TCE collaborations with Vertex and with Jazz. These 2 deals are adding over $110 million in upfront cash to our balance sheet and have the potential for larger value in downstream payments and tiered royalties on net sales. Last week, we announced our most recent collaboration, which is with Vertex, focused on TCEs for autoimmune diseases and other conditions. Under the terms of the deal, AbCellera will receive $28 million in upfront payments, is eligible for potential downstream payments and tiered royalties on net sales and has a potential option to conduct process development and clinical manufacturing. In June, we also announced a collaboration with Jazz Pharmaceuticals that includes 3 confirmed discovery programs with $84 million in total near-term upfront payments. We have received $56 million in upfront payments for the first 2 programs, and we will receive another $28 million for the third program, which will be initiated within the next 12 months. Under the agreement, AbCellera is also eligible to receive over $2 billion in potential downstream payments, along with mid-single-digit to low double-digit tiered royalties on net sales. The deal also includes a mutual option for 2 additional discovery programs under the same financial terms and a mutual option for AbCellera to undertake certain IND-enabling activities and clinical manufacturing. The total potential deal value with all 5 programs included would be over $4 billion. We believe that this is one of the largest TCE discovery deals reported to date. Before handing over to Andrew, I'm pleased to welcome Dr. Victor Stander and Dr. Lynn Sealy as new Independent Directors on AbCellera's Board. Dr. Stander and Dr. Sealy are experienced biopharmaceutical executives with proven and complementary expertise in development across oncology, women's health, immunology and endocrinology. Lynn and Victor bring deep expertise and development experience that will serve us well as we build our portfolio and our company. And with that, I will hand it over to Andrew to discuss our financials. Andrew? Andrew Booth: Thanks, Carl. As Carl pointed out, AbCellera continues to be in a strong liquidity position with over $565 million in cash and equivalents and with roughly $110 million in available committed government funding to execute on our strategy. We are continuing to execute on our plans with a focus on internal programs and leveraging our process development and clinical manufacturing investments. Looking at revenue and expenses. Revenue for the quarter was around $4 million compared to total revenue of approximately $17 million in the same quarter of 2025. Revenue this quarter is consisted mostly of research fees. Our research and development expenses for the quarter were approximately $46 million, approximately $7 million more than last year. This expense reflects the focus on investment in our internal programs. In sales, general and administration, expenses were approximately $14 million compared to $22 million last year. The large decrease in SG&A expenses relates to the conclusion of our intellectual property litigation case and to changes in the teams following the focus on our internal pipeline. Looking at earnings, we are reporting a net loss of roughly $55 million for the second quarter of 2026 compared to a loss of about $35 million a year earlier. In terms of earnings per share, this result works out to a loss of $0.18 per share on a basic and diluted basis. Turning to cash. Altogether, we finished the quarter with $567 million of total cash and marketable securities. That's a $6 million increase in total cash for the first half of 2026. Operating activities for the first half of the year used approximately $8 million in cash and included in the operating cash flow is the receipt of $56 million from the upfront payments under our TCE deal with Jazz. This portion of the upfront payments from the Jazz partnership was received in the quarter. Excluding marketable securities, investment activities year-to-date included approximately $6 million of capital expenditures, offset by $7 million in government grants received. As a part of our treasury strategy, we have $420 million invested in short-term marketable securities, and our investment activities for the quarter included a $15 million investment in these holdings. As a reminder, we have received committed commitments for funding the advancement of our internal pipeline from the Government of Canada's Strategic Innovation Fund and the Government of British Columbia. This available capital does not show up on our balance sheet. And with over $565 million in cash and equivalents and the unused portion of our secured government funding, we have over $675 million in available liquidity to execute on our strategy. In addition, we have further available liquidity from our ownership of the other Vancouver lab-based office building as well as our GMP facility. With respect to overall company expenditures, our capital needs are very manageable, and we continue to believe that we have sufficient liquidity to fund at least the next 3 years of pipeline investments. And with that, we'll be happy to take your questions. Operator? Operator: [Operator Instructions] Your first question comes from the line of Steve Seedhouse at Cantor. Steven Seedhouse: Just wanted to ask first on the upcoming -- on the forthcoming VMS data. What, in your view, is a clinically meaningful improvement in the VMS severity just in the context of that, I think, 3-point ordinal scale that's used for assessing severity? And then also, will you have threshold analyses for the VMS frequency data available with top line, something like a proportion of patients with 90% or 100% reduction in frequency. Just curious if that's something that will be with the top line. And then I have a follow-up as well. Carl L. Hansen: Steve, Carl here. Thanks for the question. So first, in terms of the upcoming readout that obviously we're very excited about, our view is that success is a clean safety profile, which so far, everything that we've seen through Phase I has been entirely consistent with that and efficacy that tracks in a way that is comparable to the 2 small molecules that are approved. So on the frequency side, we are obviously looking for a response relative to placebo that's on the order of 20% at least, which is about what you see with the small molecules. And there's an additional requirement that you have at least 2 -- a reduction in frequency of at least 2 hot flashes per day, which is something that we expect to meet under the same criteria. On the severity side, we're expecting that if we get the frequency, we're going to track with severity and have numbers that are very comparable to the small molecules. I don't think we've communicated a definitive bar on that one. But historically, the severity has been easier to hit than the frequency. And so we are really more focused on the frequency side right now. Steven Seedhouse: And just I wanted to ask about the -- you made some comments, and you've mentioned this before about potential application in cancer. So I guess this would be certainly women with breast cancer, but maybe also men on androgen deprivation therapy. And it sounded like you were going to look into opening some Phase II studies along with the late-stage program in menopause. But I'm curious why -- like why not move directly into Phase III label-enabling studies in those cancer indications, just given what we've seen from OASIS-4 with LinkQuit and assuming you'll have positive Phase II data in hand yourself and dose selection would be facilitated by that. Would love to get your thoughts on that. Carl L. Hansen: Thanks, Steve. It's a great question. Probably it's a question that would be best directed to Sarah, our Chief Medical Officer, since she has been obviously leading point on the regulatory strategy. My understanding is that moving it first into this patient population, which is obviously going to be significantly different given that you're dealing with patients that have oncology is the first step before moving into later-stage trials. And we expect to initiate that relatively soon as we get ready for the larger study on BMS associated with menopause. And of course, there's going to be some gap between a readout and getting the final trial closed up and getting all set up for that. So we're sequencing that as quickly as possible. Operator: Your next question comes from the line of Srikripa Devarakonda. Srikripa Devarakonda: I want to ask a little bit about safety differentiation. The small molecules have liver monitoring requirements. If the upcoming data from 635 confirms -- reconfirms, I should say, a clean liver profile, can you talk a little bit about what you plan to do in Phase III in terms of liver monitoring to help establish a definitive differentiation on this aspect? And also, do you think a clear differentiation on safety would help capture the first-line non-hormonal market? And I have a follow-up question. Carl L. Hansen: Sure. I'm probably going to not go too deep into this since we are expecting data relatively soon, and then we'll have ample opportunity to vet all those questions. But just briefly, as you mentioned, we have been very focused on safety as a key differentiator. Both the 2 small molecules have liver monitoring. That is inconvenient, both in practice and for patients. And we believe that it is a property associated with metabolism of small molecules and one that an antibody should not have. And of course, as reported last earnings call, the data so far shows no perceptible increase in liver enzymes across any of the patients. And so that thesis is sound, and we expect that, that will continue. In terms of how we look at that going forward, that will be on Sarah's docket, but my expectation is that we will continue to do some monitoring of enzyme levels. And make sure that, that holds going forward. But frankly, from a scientific perspective, I see no reason why that wouldn't. The other thing that you didn't mention on the safety side is there has been a somnolence side effect associated with the Bayer molecule. That's a somnolence side effect that we believe is associated with binding of that molecule, not just to NK3R but NK1R. We have an antibody that is specific, entirely specific to NK3R. So we do not expect to see that come up. And obviously, we haven't seen any of that in the data that we looked at so far, but that's another point that we'll be pushing. We do think that in addition to the convenience of a once-monthly dosing, improved safety for a product like this is paramount, and we are so far very encouraged by the data we've seen. Srikripa Devarakonda: Great. Just a quick question on the partnerships that you have signed with Vertex, Jazz -- it seems like the focus is on multi-specific T cell engagers. Just wondering if you can talk a little bit about the percentage of internal resources that are dedicated to this TCE platform versus the others, especially the GPTR ion channel platform? Carl L. Hansen: Great question. As I mentioned in my prepared remarks, our work in TCE is now a long-standing effort. So we have spent the last 5 years putting in place some of the very important building blocks to execute on these types of therapies. And along the way, have learned a lot about what it takes to succeed in this space. So much of that is now in the bank. So we're operating now from an established platform. We have extra bandwidth because that work is done to take on additional programs. And so I expect there will not be a big change in our allocation of resources to TCE, but it will be directed from putting the foundation in place, building the expertise and the capabilities to executing on those capabilities, both for internal programs and for partner programs. And we are very pleased to see that come to fruition and to have attracted to stellar partners in Vertex and Jazz who prioritize high innovation and are serious about bringing forward to the clinic. Just the last point, with respect to the balance between TCEs and, let's say, GPCRs and ion channels, I don't have a hard number, but I'd say that there's significantly more effort on the GPCR and ion channel side, but TCE has been one of the strong pillars of the pipeline, and we expect it will stay that way for the coming future. Operator: Your next question comes from the line of Stephen Willey at Stifel. Stephen Willey: This is Josh on for Steve. Congrats on the progress. Maybe just as a follow-up to the first question asked specifically on severity. And looking at some of the historical fezolinetant elinzenetant data, it sort of seems that -- it doesn't appear that fezolinetant actually maybe shows a statistically significant difference on severity at certain time points. And it looks like elinzenetant specifically at later time points and at higher doses has kind of shown this and wanted to get your thoughts on maybe severity being something that's maybe exposure driven and how you're thinking about that with maybe CL635's differentiation with the extended pathway. Carl L. Hansen: It's a great question. I don't know exactly the data that you're looking at. Both severity and frequency are important regulatory endpoints that need to be hit. That's the understanding that we're moving on. And we do think that they correlate very well. There's -- at the very least, there's well-reported data on dose escalation for fezolinetant, where a dose escalation of fezolinetant showed improved efficacy both in frequency and in severity. And on the severity case, it did look as though that dose response lasted longer or plateaued later than it did on frequency. So I think that would be consistent with what you're saying, but I would be cautious to speculate too much with exactly how that's going to play out. And in any event, we are anxiously awaiting the data that's coming. So we're going to have that answer pretty quick, and then we'll be digging deeper into it. Operator: Your next question is from the line of Evan Seigerman from BMO Capital Markets. Evan Seigerman: Mc [indiscernible] on for Evan. The Vertex collaboration applies T cell engagers to autoimmune diseases. And without disclosing the targets, can you discuss what technical features are required to create an acceptable therapeutic profile in these autoimmune diseases, particularly around depth and duration of cell depletion, cytokine release and repeat dosing? Appreciate it. Carl L. Hansen: Yes. It's a great question. I think you highlighted the important things for cell depleters that are used in autoimmunity. And what you want is deep depletion, something that is safe, something that is tolerable. All of that is in play. But it also depends on the target and the exact application. And so without getting into the details of that, I don't think I could give you a very detailed answer on that particular question. Operator: Your next question is from the line of Allison Bratzel from Piper Sandler. Allison Bratzel: One for me on 635. Could you just talk to your expectations for the placebo arm in the Phase II? Are the small molecule trials a good benchmark of what to expect from the placebo? And could you just talk to aspects of the Phase II trial design that are designed to mitigate placebo responses? Carl L. Hansen: Yes. The trials that have been done have all shown a pronounced placebo response. And so our expectation coming into the study is that we will also have a placebo response and that it will be in the range that's comparable to what has been seen. That's our working hypothesis. We're going to know that very soon when we read out the data. In terms of trying to reduce that response, apart from good clinical operations, having a period where you're enrolling patients, not telling people exactly what the numbers need to be before they're enrolled, all of that has been put in place. We feel very confident about the execution. But I do think one of the big questions is exactly where that placebo response is going to come out. And we'll know shortly. Thanks for the question. Operator: Your next question is from the line of Brendan Smith from TD Cowen. Brendan Smith: Maybe another one on 635 from us. I guess, first, just quickly, can you confirm that the Phase II efficacy data will be out to 4 weeks in all patients? Or will you have any data out to 12 weeks in some patients? Just to kind of check that box there. And then maybe secondly, when you look at the commercial opportunity, I guess, in BMS, how are you kind of thinking about a potential Phase III in terms of target patients? I guess, are you thinking of this exclusively as a non-hormonal alternative? Or would you kind of consider a comparison in a pivotal study maybe with some patients on or refractory to HRT? Just kind of trying to think about how we should segment that market. Carl L. Hansen: Yes. So first, the data that we're expecting very soon is going to be data that is 4 weeks in all patients, and we will not report data on other -- a subset of patients out to 12 weeks. So that's the top line data. And historically, if you look at efficacy data, there's been a very good follow-through between 4-week data and 12-week data. So we're feeling confident that we're in a great spot. Also, I should mention that the Phase II was done with a single dose of ABCL635. And so part of the study is that we are not dosing again. And as the dose comes down, we're getting an effective dose response curve. So we would expect that by 12 weeks, the effect should be certainly diminished, although we'll see that when it comes out. In terms of the Phase III, I think it's a little bit early to talk about the design. I think it is a good question as to how you exactly design this and really speaks to the medical need. We think at the very base case, there are a large number of women that are contraindicated and that would benefit from a non-hormonal option. As I've said on previous calls, we think that, that's roughly -- it's probably over 1 million women in the U.S. alone. In addition to that, there's a very substantial number of people that would benefit from a treatment for hot flashes associated with cancer therapy where hormones are not an option. That would include both prostate cancer and breast cancer. And then there will be some subset that are not tolerant to HRT or that decide not to. And that's a bit of a moving bar these days, but we think there's a big opportunity there as well. So we will take all that into consideration once we have the data, and we're making plans for the larger trial. Operator: Your next question comes from the line of Debanjana Chatterjee from Jones. Debanjana Chatterjee: On the progress with the trial. Curious if you could add any additional color on the blinded safety data that's emerging from the trial? Are the -- like the overall adverse event rates that you're seeing on a blinded basis and any potential discontinuation rates tracking within expectations? And I have a quick follow-up. Carl L. Hansen: Yes. We haven't disclosed any safety data past what we did on the last call. What I will say is that there's nothing that we've seen that has given us any pause or damage our thesis. But of course, we're going to wait until the unblinding and have a close look at that. But so far, things are on track. Debanjana Chatterjee: Appreciate it. And a quick follow-up. What's your latest take on the debate around whether targeting the median freeoptic nucleus, I mean, inhibiting the NK3R receptors there is crucial to seeing potential benefit versus just suppressing the candy neurons in the ARCUS nucleus? Carl L. Hansen: That is a great question, and it's one, I think, that we've highlighted on past calls. So that is the key remaining scientific risk in the program. What I will say is that the Phase I data that we presented on the last call shows that we can get profound suppression of testosterone and that we can do that in a way that is deeper than what has been seen by the small molecules and that lasts for the entire dosing interval. So the candy neurons -- so that reads right through to the candy neurons in the infantibular nucleus. Those are believed to be the most important neurons. I think everyone would agree with that. And so from that perspective, if those are the only neurons that matter, then we would expect an efficacious drug and probably a drug that has even better efficacy than what has been seen with the small molecules because the testosterone suppression has been greater. The open question remains as to whether also blocking NK3R in the preoptic nucleus has an effect. We have not done a conclusive experiment preclinically to prove that. The experiment to prove that is the Phase II data that we'll read out shortly. And so that's the remaining question. I'm not going to speculate further, but we're feeling very good that we have great target engagement in the neurons that are the main drivers of this, whether or not taking another kick at the can in the preoptic nucleus matters is something that we're going to find out very shortly. Operator: There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Carl for closing remarks. Carl L. Hansen: Thank you, everyone, for joining the call today. AbCellera is moving into a very exciting time, and we look forward to updating you shortly on our pipeline and our portfolio. Thank you. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. AbCellera Biologics (ABCL) has become a focus for many biotech investors after announcing that ABCL635 met primary endpoints in a Phase 2 trial for menopause related hot flashes. The single dose of ABCL635 produced statistically significant reductions in both the frequency and severity of vasomotor symptoms versus placebo and was reported as well tolerated, with additional benefits in sleep and patients’ overall perception of improvement. See our latest analysis for AbCellera Biologics. The positive ABCL635 news has arrived alongside sharp share price momentum for AbCellera Biologics, with a 1 day share price return of 34.78%, a 7 day return of 60.21% and an 88.69% 90 day return. This has contributed to a 172.30% year to date share price return and a 107.56% 1 year total shareholder return. However, the 5 year total shareholder return is still down 47.11%, so recent enthusiasm is building from a lower long term base. If this kind of move has your attention, it can also be useful to see which other healthcare related AI plays are attracting interest through the Simply Wall St screener for 43 healthcare AI stocks After a move like this, some investors will want to act quickly while others will prefer to wait for a cooler entry. So how does AbCellera Biologics stack up on valuation after the ABCL635 surge? At a last close of $9.34 versus a narrative fair value of $7.00, AbCellera Biologics screens as expensive in the most widely followed valuation story. Read the complete narrative. The narrative leans on shrinking revenue expectations, still negative earnings, and a very high implied future earnings multiple. See how those moving pieces combine to support that $7.00 fair value call and what has to go right for the story to hold up. Result: Fair Value of $7.00 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, AbCellera Biologics still faces risks, such as ongoing net losses of $164.66 million and highly variable milestone and royalty revenue that could unsettle this narrative. Find out about the key risks to this AbCellera Biologics narrative. With sentiment this mixed on AbCellera Biologics, it makes sense to move quickly and check the underlying data yourself so you can test the story against your own risk tolerance and timeframe by reviewing the 3 important warning signs. If you are serious about upgrading your watchlist, do not stop at AbCellera Biologics. Use these focused stock lists to spot opportunities other investors might overlook. Target resilient companies that prioritize stability and capital protection by reviewing the 83 resilient stocks with low risk scores. Hunt for strong businesses trading below their estimated worth with the 51 high quality undervalued stocks. Find overlooked prospects with solid fundamentals before the crowd notices through the screener containing 21 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ABCL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

AbCellera (NASDAQ:ABCL) shares jumped 22% on Monday after the biotechnology company announced positive topline results from a Phase 2 clinical trial evaluating ABCL635 as a potential treatment for moderate-to-severe vasomotor symptoms associated with menopause. The study achieved its primary efficacy endpoints, demonstrating statistically significant reductions in both the frequency and severity of moderate-to-severe vasomotor symptoms at week four following a single dose compared with placebo. The trial also produced improvements in sleep and patients’ global impression of change, providing additional encouraging signals for the investigational therapy. The randomised, double-blind and placebo-controlled Phase 2 trial enrolled 92 postmenopausal women who were experiencing approximately 10 moderate or severe hot flashes per day. Participants received either a single 600 mg subcutaneous dose of ABCL635 or a placebo. At week four, women treated with ABCL635 experienced a reduction of 8.8 moderate-to-severe vasomotor symptom events per day from baseline, compared with a decrease of 3.5 events among participants receiving placebo. That translated into a placebo-adjusted treatment difference of 5.3 events per day. The therapy also demonstrated an improvement in symptom severity. ABCL635 reduced severity by 1.4 points at week four, compared with a 0.3-point reduction for placebo, resulting in a placebo-adjusted difference of 1.1 points. ABCL635 was generally well tolerated throughout the four-week treatment period, with no serious adverse events, severe adverse events or adverse events resulting in participants discontinuing the study. The most commonly reported adverse events among patients receiving ABCL635 were headache, fatigue and injection-site reactions. The combination of statistically significant efficacy results and a favourable safety profile provided the catalyst for the sharp rise in AbCellera shares following the announcement. AbCellera is developing ABCL635 as a long-acting, non-hormonal therapy targeting the neurokinin 3 receptor. The treatment is administered through a subcutaneous injection and is being developed as a potential alternative for women experiencing moderate-to-severe vasomotor symptoms associated with menopause. The Phase 2 findings provide important clinical validation for the programme, particularly as a single dose continued to demonstrate benefits at the four-week assessment. AbCellera held a conference call on Monday to discuss the trial findings and provide additional context around the development programme. With the study meeting its primary endpoints while showing improvements in additional patient measures, investors responded strongly to the clinical update, sending AbCellera (NASDAQ:ABCL) shares approximately 22% higher during Monday’s session. AbCellera stock price

Phase 2 results showed best-in-class reductions in both frequency and severity of moderate-to-severe vasomotor symptoms after a single dose ABCL635 significantly improved sleep and patient global impression of change ABCL635 demonstrated a favorable tolerability profile AbCellera to host a conference call and live webcast today at 4:30 a.m. PT / 7:30 a.m. ET VANCOUVER, British Columbia, August 10, 2026--(BUSINESS WIRE)--AbCellera (Nasdaq: ABCL) today announced positive top-line results from the Phase 2 portion of its Phase 1/2 clinical trial evaluating ABCL635, an investigational neurokinin 3 receptor (NK3R) antagonist antibody. ABCL635 is being developed as a non-hormonal, long-acting, subcutaneous treatment for moderate-to-severe vasomotor symptoms (VMSM-S), commonly known as hot flashes, due to menopause. The study met the primary efficacy endpoints achieving statistically significant reductions in both frequency and severity of VMSM-S at week 4 compared to placebo after a single dose. ABCL635 was also observed to significantly improve sleep and patient global impression of change (PGI-C). "The four-week data for the Phase 2 study of ABCL635 demonstrate a new efficacy benchmark for the reduction of hot flashes both in frequency and severity, as well as improvements in sleep. These symptoms can profoundly impact women's daily lives when left unmanaged," said Dr. JoAnn V. Pinkerton, M.D., Women’s Midlife Professor of Obstetrics and Gynecology at the University of Virginia School of Medicine. "If validated in Phase 3, ABCL635 could offer a new treatment option with a more convenient dosing regimen and potentially less toxicity." The randomized, double-blind, placebo-controlled, multicenter Phase 2 portion of the ABCL635 study enrolled 92 postmenopausal women experiencing a mean of approximately 10 moderate or severe hot flashes per day. The participants were randomized 1:1 to receive either a single subcutaneous 600 mg dose of ABCL635 or placebo. ABCL635 reduced VMSM-S frequency compared to placebo, with an 8.8 mean reduction in the number of moderate and severe events per day from baseline at week 4 (Day 29) compared to 3.5, showing a mean placebo-adjusted treatment difference of 5.3 (pM-S frequency was 83% for the ABCL635 treatment group versus a 33% reduction for placebo, leading to a mean placebo-adjusted treatment difference of 50%. ABCL635 also resulted in improvement in VMSM-S severity compared to placebo, with a mean reduction of 1.4 points at week 4 compared to 0.3, and a mean placebo-adjusted treatment difference of 1.1 (pM-S severity from baseline to week 4 was 58% in the ABCL635 group compared to 12% in the placebo group, leading to a mean placebo-adjusted treatment difference of 46%. Meaningful improvements were also observed in patient sleep scores and patient global impression of change. ABCL635 was well-tolerated throughout the four-week treatment period with no serious adverse events, severe adverse events, or adverse events that led to study discontinuation. The most common adverse events in the ABCL635 treatment group and higher than placebo were headache, fatigue, and injection site reaction. "These positive results represent a significant milestone for women’s health and for AbCellera," said Sarah Noonberg, M.D., Ph.D., Chief Medical Officer of AbCellera. "By successfully targeting the NK3 receptor with an antibody, we have demonstrated potential best-in-class vasomotor symptom relief over four weeks with a single subcutaneous dose. These data indicate that ABCL635 could offer menopausal women a well-tolerated, long-acting treatment that has the potential to markedly improve their quality of life." AbCellera will hold an investor conference call at 4:30 a.m. Pacific Time (7:30 a.m. Eastern Time) today, August 10, 2026. A live audio webcast of the investor conference may be accessed through a link that will be posted on AbCellera’s Investor Relations website. A replay will be available through the same link following the conference call. About ABCL635 ABCL635 is a potential best-in-class investigational antibody drug for the non-hormonal, long-acting treatment of moderate-to-severe VMS, commonly known as hot flashes, due to menopause. ABCL635 specifically targets NK3R, a clinically validated G protein-coupled receptor (GPCR) expressed on KNDy neurons in the infundibular nucleus of the hypothalamus. ABCL635 is AbCellera’s first pipeline program from the GPCR and ion channel platform to advance into the clinic, in July 2025. Additional details are available at www.abcellera.com/pipeline. The Phase 2 trial of ABCL635 (NCT07118891) is a multicenter, randomized, double-blind, placebo-controlled trial in postmenopausal women with moderate-to-severe VMS due to menopause evaluating safety and efficacy of ABCL635. About VMS Hot flashes and night sweats, known as VMS, are the most common menopausal symptoms, impacting up to 80% of women. The majority rate their VMS as moderate to severe, characterized by intense feelings of heat that lead to sweating, chills, and interrupted sleep. VMS are the most frequent reason for seeking medical care for menopause. VMS can persist for many years after the final menstrual period, and the impact is felt across many aspects of everyday life, including sleep, concentration, energy and mood, work, social activities, and relationships. It is estimated that approximately 12 million women in the US experience moderate-to-severe VMS, of which more than six million seek treatment. About AbCellera Biologics Inc. AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody-based medicines in the areas of endocrinology, women’s health, immunology, oncology, and more. For more information, please visit www.abcellera.com. AbCellera Forward-looking Statements This document contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this document other than statements of historical fact are forward-looking statements, including statements regarding the safety and efficacy profile and therapeutic potential of, and our ability to develop, commercialize and achieve market acceptance of, ABCL635. In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. Significant risks for ABCL635 include that (i) ABCL635 is an investigational agent subject to potential negative safety and efficacy findings in future clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (ii) adverse results can unexpectedly occur at any stage prior to regulatory approval; (iii) data reported from ongoing clinical trials are necessarily interim data only and the final results will change; and (iv) the timing of clinical trials and availability of clinical data may be delayed or unsuccessful due to regulatory delays, slower than anticipated patient enrollment, or other reasons. These risks, uncertainties, other factors, and definition of our business metrics are described under "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this document represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260810931321/en/ Contacts InquiriesMedia: Tiffany Chiu; [email protected], +1(236)521-6774Partnering: Murray McCutcheon, Ph.D.; [email protected], +1(604)559-9005Investor Relations: Peter Ahn; [email protected], +1(778)729-9116

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. AbCellera Biologics Inc (NASDAQ:ABCL) completed enrollment for the phase 2 study of ABCL-635 in treating hot flashes well ahead of schedule, with a top-line data readout expected very soon. The company has secured significant new business development deals, including T-cell engager collaborations with Vertex and Jazz Pharmaceuticals, adding over $110 million in upfront cash. AbCellera Biologics Inc (NASDAQ:ABCL) maintains a strong liquidity position with over $565 million in cash and equivalents, plus roughly $110 million in committed government funding, providing a runway of at least three years. The phase 1 data for ABCL-635 showed robust and sustained target engagement with a clean safety profile, including no perceptible increase in liver enzymes, which could be a key differentiator from existing small molecule treatments. The company's T-cell engager platform has matured over five years, now including diverse CD3 binders, co-stimulatory antibodies, and scalable workflows, positioning it as a key asset for strategic partnerships. AbCellera Biologics Inc (NASDAQ:ABCL) added two experienced independent directors to its board, bringing complementary expertise in oncology, women's health, immunology, and endocrinology. AbCellera Biologics Inc (NASDAQ:ABCL) reported a net loss of roughly $55 million for Q2 2026, a significant increase from the $35 million loss in the same quarter of 2025. Total revenue for the quarter dropped to approximately $4 million, down from $17 million in the prior year quarter, reflecting a decline in partnership revenue. The company missed its internal goal of moving another program into IND-enabling activities in the first half of 2026, indicating potential delays in pipeline advancement. Research and development expenses increased by approximately $7 million year-over-year, reflecting higher investment in internal programs and putting pressure on the bottom line. The upcoming phase 2 data for ABCL-635 carries key scientific risks, including the unresolved question of whether blocking NK3R in the pre-optic nucleus is necessary for efficacy, which could impact the drug's potential. The company acknowledged a pronounced placebo response in similar trials, which could affect the perceived efficacy of ABCL-635 in the upcoming readout. Warning! GuruFocus has detected 3 Warning Signs with ABCL. Is ABCL fairly valued? Test your thesis with our free DCF calculator. Q: What is your view on a clinically meaningful improvement in VMS severity, and will threshold analysis for VMS frequency data (e.g., proportion of patients with 90% or 100% reduction) be included with the top-line data?A: Carl Hansen (President and CEO): Success is defined by a clean safety profile, consistent with phase 1 data, and efficacy comparable to approved small molecules. On frequency, we are looking for at least a 20% response relative to placebo, with a reduction of at least 2 hot flashes per day. On severity, we expect it to track with frequency and be comparable to small molecules, though we haven't set a definitive bar. Historically, severity is easier to hit than frequency, so our focus is on the frequency side. Q: Why not move directly into phase 3 label-enabling studies in cancer indications (e.g., breast cancer or men on androgen deprivation therapy) instead of starting with phase 2 studies?A: Carl Hansen (President and CEO): Moving first into the oncology patient population, which is significantly different, is the necessary first step before later-stage trials. We expect to initiate this relatively soon as we prepare for the larger study on VMS associated with menopause. There will be a gap between the readout and finalizing the trial setup, so we are sequencing as quickly as possible. Q: If the upcoming data confirms a clean liver profile for ABCL-635, what are your plans for phase 3 liver monitoring to establish definitive differentiation, and could this capture the first-line non-hormonal market?A: Carl Hansen (President and CEO): Safety is a key differentiator. Both approved small molecules require liver monitoring, which is inconvenient. We believe this is associated with small molecule metabolism and not expected with an antibody. Phase 1 data showed no perceptible increase in liver enzymes. We will continue monitoring enzyme levels, but scientifically, there is no reason to expect issues. Additionally, the small molecule has a somnolence side effect linked to NK1R binding, while our antibody is entirely specific to NK3R, so we don't expect that. Improved safety and once-monthly dosing are paramount for this product. Q: Can you discuss the percentage of internal resources dedicated to the TCE platform versus other platforms like GPCR and ion channels?A: Carl Hansen (President and CEO): Our TCE work is a longstanding effort, with the last 5 years spent building the foundation. Much of that work is now in the bank, giving us extra bandwidth to take on additional programs. There won't be a big change in resource allocation to TCE, but it will shift from building capabilities to executing on them for internal and partner programs. While I don't have a hard number, significantly more effort is on the GPCR and ion channel side, but TCE remains a strong pillar of the pipeline. Q: Looking at historical data for elinzanetant and fezolinetant, it seems severity may be exposure-driven. How are you thinking about ABCL-635's differentiation with its extended half-life?A: Carl Hansen (President and CEO): Both severity and frequency are important regulatory endpoints that need to be hit, and they correlate well. Dose escalation of fezolinetant showed improved efficacy in both frequency and severity, with the severity response lasting longer. I would be cautious about speculating too much, but we are anxiously awaiting the data to dig deeper into this. Q: Without disclosing targets, what technical features are required to create an acceptable therapeutic profile for TCEs in autoimmune diseases, particularly around depth and duration of cell depletion, cytokine release, and repeat dosing?A: Carl Hansen (President and CEO): You've highlighted the important things for cell depleters in autoimmunity: deep depletion, safety, and tolerability. However, it all depends on the target and the exact application, so without getting into details, I can't give a very detailed answer on that specific question. Q: What are your expectations for the placebo arm in the phase 2 trial, and what aspects of the trial design are meant to mitigate placebo response?A: Carl Hansen (President and CEO): All trials have shown a pronounced placebo response, and we expect ours to be in a comparable range. To reduce it, we've implemented good clinical operations, including a period where patients aren't told exactly what numbers are needed before enrollment. We feel confident about execution, but the exact placebo response is a big question we'll know shortly. Q: Will the phase 2 top-line data be out to 4 weeks in all patients, or will there be data out to 12 weeks in some patients? Also, how are you thinking about the phase 3 target patient populationexclusively non-hormonal alternatives or also refractory to HRT?A: Carl Hansen (President and CEO): The top-line data will be 4 weeks in all patients, and we won't report data on a subset out to 12 weeks. Historically, there's good follow-through between 4-week and 12-week data. The phase 2 was done with a single dose, so we're getting an effective dose-response curve. For phase 3, it's early to discuss design. At base case, there are over a million women in the US alone who are contraindicated for hormones. Additionally, there's a substantial number of patients with hot flashes from cancer therapy (prostate and breast cancer) where hormones aren't an option, plus those not tolerant to HRT. We'll consider all this once we have the data. Q: Can you provide additional color on the blinded safety data emerging from the trial, including overall adverse event rates and discontinuation rates?A: Carl Hansen (President and CEO): We haven't disclosed any safety data beyond what was shared on the last call. There's nothing that has given us pause or damaged our thesis. We'll wait for unblinding to have a close look, but things are on track. Q: What's your latest take on the debate about whether inhibiting NK3R in the median preoptic nucleus is crucial versus just suppressing the kisspeptin neurons in the infundibular nucleus?A: Carl Hansen (President and CEO): This is the key remaining scientific risk. Phase 1 data showed profound suppression of testosterone, deeper than small molecules, lasting the entire dosing interval. This reads through to the kisspeptin neurons, which are believed to be the most important. If those are the only neurons that matter, we'd expect For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in AbCellera Biologics Inc.? Here are five stocks we like better. ABCL635 data is expected very soon: AbCellera completed enrollment and initial dosing ahead of schedule in its Phase I study for menopause-related hot flashes. The four-week top-line results will assess safety and efficacy, with the company seeking at least a 20% placebo-adjusted reduction in symptoms and no meaningful liver-enzyme increase. Partnership momentum is growing: Recent T-cell engager collaborations with Vertex and Jazz provide $112 million in near-term upfront payments and potential downstream milestones exceeding $2 billion, with Jazz’s broader opportunity potentially surpassing $4 billion. Pipeline investment is weighing on financial results: Q2 revenue fell to about $4 million while the net loss widened to roughly $55 million as R&D spending increased. AbCellera ended the quarter with $567 million in cash and marketable securities plus committed government funding, which it expects can support at least three years of pipeline investment. Argenx's 28% Surge & Promising Product Propel Investor Confidence AbCellera Biologics (NASDAQ:ABCL) said it expects to report top-line data “very soon” from its Phase I study of ABCL635, an antibody being evaluated for moderate-to-severe vasomotor symptoms, or hot flashes, associated with menopause. President and Chief Executive Officer Dr. Carl Hansen said enrollment and initial dosing in the study of post-menopausal women were completed in June, ahead of schedule. The company previously reported interim Phase I data in healthy male volunteers that showed target engagement, which supported advancing the program into the patient study. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Hansen said positive results could substantially de-risk ABCL635 and support late-stage development in menopause-related vasomotor symptoms, as well as clinical studies in vasomotor symptoms associated with cancer treatments. During the question-and-answer session, Hansen said AbCellera is seeking a clean safety profile and efficacy comparable with that of approved small-molecule treatments. On hot-flash frequency, the company is looking for a placebo-adjusted response “on the order of 20% at least,” along with a reduction of at least two hot flashes per day. → 3 Drone Stocks That Should Soar After the Summer Slump The forthcoming top-line release will include four-week data for all patients, Hansen said. It will not include 12-week data for a subset of patients. The Phase I study used a single dose of ABCL635, and the company expects the treatment effect to diminish by 12 weeks as drug levels decline. AbCellera has emphasized potential safety and convenience differentiation for ABCL635. Hansen said the company has not observed a perceptible increase in liver enzymes in the data reviewed to date. He noted that approved small-molecule treatments have liver-monitoring requirements, while AbCellera believes an antibody should avoid liver effects associated with small-molecule metabolism. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Hansen also said ABCL635 is designed to be specific to the NK3R target and is not expected to produce somnolence associated with binding to NK1R. The company is considering once-monthly dosing as a potential convenience advantage. Still, Hansen characterized the role of blocking NK3R in the medial preoptic nucleus as a remaining scientific question for the program. He said the company’s earlier Phase I data demonstrated profound and sustained testosterone suppression, indicating target engagement in KNDy neurons believed to be key drivers of vasomotor symptoms. The upcoming patient data will help answer whether activity in other areas of the brain is also needed for clinical efficacy. AbCellera said it sees an opportunity among women who cannot use hormone therapy, as well as patients experiencing hot flashes related to breast-cancer and prostate-cancer treatment. Hansen estimated that more than 1 million women in the U.S. could benefit from a non-hormonal option, though he said it was too early to discuss the precise design of a potential Phase III program. Elsewhere in the internal pipeline, Hansen said ABCL688 and ABCL386 continue through investigational-new-drug-enabling activities and are expected to enter Phase I/II studies in 2027. The company plans to disclose additional information when those programs reach the clinic. AbCellera’s Phase I study of ABCL575 has completed dosing and remains on track for a fourth-quarter readout. The company said it intends to complete Phase I studies for ABCL575 but currently does not plan to advance the program beyond that stage. Hansen also said the company did not meet its prior goal of moving another program into IND-enabling activities during the first half of 2026, though he said discovery work was making progress. The company highlighted new business-development activity around its T-cell engager, or TCE, platform. Hansen said AbCellera has spent five years building capabilities in TCE discovery, including antibody panels, costimulatory antibodies, protein-engineering workflows, in vitro assays and translational models. AbCellera recently entered TCE collaborations with Vertex Pharmaceuticals and Jazz Pharmaceuticals, following an earlier TCE collaboration with AbbVie. Vertex: The collaboration focuses on TCEs for autoimmune diseases and other conditions. AbCellera will receive $28 million in upfront payments and is eligible for additional milestone payments and tiered royalties on net sales. The agreement also includes a potential option for AbCellera to conduct process development and clinical manufacturing. Jazz: The agreement includes three confirmed discovery programs and $84 million in near-term upfront payments. AbCellera has received $56 million for the first two programs and expects another $28 million when the third program begins within 12 months. The company is eligible for more than $2 billion in potential downstream payments and mid-single-digit to low-double-digit tiered royalties. With two possible additional programs, the potential value could exceed $4 billion. Hansen said AbCellera does not expect a major change in its resource allocation to TCEs, but its work is shifting from building foundational capabilities to executing internal and partner programs. He said the company continues to devote significantly more effort to its GPCR and ion-channel activities than to TCEs. Chief Financial Officer Andrew Booth reported approximately $4 million in second-quarter revenue, compared with roughly $17 million in the same quarter of 2025. Revenue during the latest quarter consisted primarily of research fees. Research and development expenses totaled about $46 million, up approximately $7 million from a year earlier, reflecting investment in internal programs. Sales, general and administrative expenses declined to about $14 million from $22 million, which Booth attributed to the conclusion of intellectual-property litigation and changes to teams following the company’s focus on its internal pipeline. AbCellera reported a net loss of roughly $55 million, or $0.18 per share, compared with a loss of about $35 million a year earlier. The company ended the quarter with $567 million in total cash and marketable securities, including approximately CAD$420 million invested in short-term marketable securities. Booth said AbCellera also has roughly $110 million in committed government funding available, resulting in more than CAD$675 million of available liquidity when unused secured government funding is included. The company believes it has sufficient liquidity to fund at least the next three years of pipeline investments. AbCellera also appointed Dr. Victor Sandor and Dr. Lynn Seely as independent directors. Hansen said the two executives bring development experience spanning oncology, women’s health, immunology and endocrinology. AbCellera Biologics Inc (NASDAQ: ABCL) is a biotechnology company specializing in the discovery and development of therapeutic antibodies. The company's technology platform integrates single-cell screening, microfluidics, high-throughput sequencing and artificial intelligence to rapidly identify and optimize antibody candidates against a wide range of disease targets. By combining experimental data with machine learning, AbCellera accelerates early-stage drug discovery and improves the efficiency of lead candidate selection. AbCellera primarily operates through partnerships with pharmaceutical and biotechnology firms, offering its antibody discovery services on a fee-for-service and milestone-driven basis. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "AbCellera Biologics Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

VANCOUVER, British Columbia, August 05, 2026--(BUSINESS WIRE)--AbCellera (Nasdaq: ABCL) today announced financial results for the second quarter of 2026. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. "Last quarter we completed enrollment for the Phase 2 study of ABCL635, and we expect to announce top-line data very soon," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "Since our last business update we signed two new collaborations, one with Jazz and one with Vertex, that leverage our T-cell engager platform to advance programs into the clinic and are adding over $100 million in upfront cash to our balance sheet." Q2 2026 Business Summary and Program Updates ABCL635 top-line data readout from the Phase 2 trial expected in August 2026. ABCL386 and ABCL688 are progressing through IND-enabling activities. Announced collaboration with Jazz Pharmaceuticals plc to discover and develop next-generation T-cell engagers (TCEs) for multiple gastrointestinal cancers and other solid tumors. AbCellera is receiving $84 million in total upfront payments, with $56 million for the first two research programs and $28 million for a third program, which will initiate within 12 months. AbCellera is eligible to receive up to $792 million per program in option fees and development, regulatory, and commercial sales milestone payments along with tiered royalties on net sales ranging from mid-single digits to low double digits. Completed dosing for the Phase 1 study of ABCL575, with top-line data readout expected in Q4 2026. Announced the appointments of Dr. Victor Sandor and Dr. Lynn Seely as independent directors to AbCellera’s board of directors. Generated a net loss of $55.4 million, compared to a net loss of $34.7 million in Q2 2025. Ended the quarter with over $565 million in total cash balances and marketable securities, providing over $675 million in total available liquidity to execute on AbCellera’s strategy. Subsequent Event On July 29, 2026 announced a collaboration with Vertex Pharmaceuticals Incorporated to research, develop, manufacture, and commercialize multispecific TCEs for autoimmune diseases and other conditions. AbCellera will receive $28 million in total upfront payments and is eligible to receive preclinical, development, regulatory, and commercial milestone payments, along with tiered royalties on net sales. Discussion of Q2 2026 Financial Results Revenue – Total revenue was $4.1 million, compared to $17.1 million in Q2 2025. Research & Development (R&D) Expenses – R&D expenses were $46.0 million, compared to $39.2 million in Q2 2025. Sales, General, & Administrative (SG&A) Expenses – SG&A expenses were $13.9 million, compared to $22.0 million in Q2 2025. Net Loss – Net loss of $55.4 million, or $(0.18) per share on a basic and diluted basis, compared to net loss of $34.7 million, or $(0.12) per share on a basic and diluted basis, in Q2 2025. Available Liquidity – over $565 million in total cash balances and marketable securities, and $110 million in available non-dilutive government funding, bringing total available liquidity to over $675 million to execute on AbCellera's strategy. Business Metrics At the end of Q2 2026, partners led 35 programs that AbCellera believes to be progressing and where AbCellera holds a downstream stake (down from 44 on December 31, 2025). In total, AbCellera held downstream stakes in 12 molecules in the clinic understood to be progressing on June 30, 2026. Conference Call and Webcast AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website. A replay of the webcast will be available through the same link following the conference call. About AbCellera Biologics Inc. AbCellera (Nasdaq: ABCL) is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody-based medicines in the areas of endocrinology, women’s health, immunology, oncology, and more. For more information, please visit www.abcellera.com. AbCellera Forward-Looking Statements This document contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this document other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, plans, objectives for future operations, and the evaluation of our available liquidity to execute on our strategy (including our ability to access our reimbursement based R&D government contributions). The use of certain data derived from cross-study comparisons are not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and differences and are presented for informational purposes. In some cases, you can identify forward-looking statements by the words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties, other factors, and definition of our business metrics are described under "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this document represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805538498/en/ Contacts Inquiries Media: Tiffany Chiu; [email protected], +1(236)521-6774Partnering: Murray McCutcheon, Ph.D.; [email protected], +1(604)559-9005Investor Relations: Peter Ahn; [email protected], +1(778)729-9116

Jazz Pharmaceuticals JAZZ reported second-quarter 2026 adjusted earnings per share (EPS) of $5.71, which missed the Zacks Consensus Estimate of $6.04. This shortfall primarily reflected $77 million in acquired in-process research and development (IPR&D) expenses, which reduced adjusted EPS by 94 cents. In the year-ago quarter, the company posted an adjusted loss of $8.25 per share, largely due to a one-time charge of $905.4 million related to the acquisition of clinical-stage biotech Chimerix. Total revenues rose 16% year over year to $1.21 billion, which beat the Zacks Consensus Estimate of $1.11 billion. This uptick was driven by the better-than-expected sales performance of its oncology and neuroscience products. Shares of Jazz rose in after-hours trading yesterday. The gain was attributed to the stronger-than-expected revenues and raised 2026 sales outlook that outweighed the earnings miss. Year to date, the stock has gained 48% compared with the industry’s 2% growth. Image Source: Zacks Investment Research Net product sales totaled $1.16 billion, up 17% year over year. The reported figure beat both the Zacks Consensus Estimate of $1.08 billion and our model estimate of $1.05 billion. High-sodium oxybate authorized generic (AG) royalty revenues fell 22% year over year to $42 million. Other royalty and contract revenues increased 67% to $10 million, though they remained a relatively small contributor to total revenues. Net product sales for the combined oxybate business, comprising Xyrem and Xywav, rose 11% to nearly $502 million. This figure beat both the Zacks Consensus Estimate of about $455 million and our model estimate of $441 million. Xywav sales increased 13% year over year to $471 million, supported by continued demand in narcolepsy and idiopathic hypersomnia (IH). Jazz added approximately 525 net Xywav patients during the second quarter, marking its highest quarterly increase in a year. The company exited June with around 17,125 active patients, including 11,275 narcolepsy patients and 5,850 IH patients. Management said the uptake of competing high-sodium generics remained limited, supporting its expectation for double-digit Xywav growth in 2026. Xyrem sales continued their downward trajectory, declining 14% year over year to $30.5 million due to patients switching to Xywav and generic erosion. Epidiolex/Epidyolex sales increased 16% year over year to $292 million. Management attributed the performance primarily to strong underlying demand across pediatric and adult treatment settings. Alongside the earnings release, Jazz announced that it had submitted a regulatory filing to the FDA for a capsule formulation of Epidiolex. This version is intended to broaden utilization within the currently approved indications, particularly among adolescent and adult patients for whom the liquid formulation may be less convenient. The company is also expanding the Epidiolex clinical program through studies in developmental and epileptic encephalopathies, juvenile myoclonic epilepsy and adult Lennox-Gastaut syndrome. Oncology sales increased 32% year over year to $362 million. Zepzelca revenues surged 42% to nearly $106 million, driven by adoption in first-line maintenance treatment for extensive-stage small-cell lung cancer (SCLC). This figure beat the Zacks Consensus Estimate of more than $93 million and our model estimate of $81 million. During the conference call, Jazz announced plans to submit a labeling supplement to remove Zepzelca’s second-line metastatic SCLC indication. The proposed removal will not affect its first-line maintenance indication. Rylaze/Enrylaze posted sales of $99.5 million, down 1% year over year. Modeyso generated $48 million in sales compared with $41 million in the previous quarter. More than 600 patients had received the brain tumor treatment through the end of the second quarter since its launch last year. Vyxeos sales declined 30% to more than $31 million, while Defitelio revenues rose 29% to $62 million. Ziihera contributed $15.4 million in the reported quarter versus $13.3 million in the previous quarter. Jazz is preparing for a potential launch in first-line HER2-positive gastroesophageal adenocarcinoma (GEA) following the drug's Aug. 25 regulatory action date. Adjusted gross margin contracted 60 basis points year over year to 92.1%. The decline reflected higher sales of Modeyso and Zepzelca, which carry third-party royalty obligations. Adjusted selling, general and administrative expenses rose 11% to more than $343 million, reflecting higher marketing investments and compensation-related expenses. Adjusted research and development costs also increased 11% to about $185 million, primarily due to higher clinical study expenses related to Ziihera. The quarter included $77 million in acquired IPR&D expenses related to agreements with AbCellera Biologics ABCL and Werewolf Therapeutics HOWL. Jazz raised its 2026 revenue guidance to $4.60-$4.75 billion from $4.25-$4.50 billion. The revision reflects stronger Xywav performance and expected double-digit growth from the epilepsy and oncology franchises. The company now expects rare sleep revenues of $2.03-$2.13 billion. Adjusted SG&A expense guidance was increased to $1.33-$1.37 billion from $1.26-$1.32 billion, while adjusted R&D expense guidance was maintained at $725-$775 million. The adjusted effective tax rate is expected to remain between 11.5% and 13.5%. Jazz Pharmaceuticals PLC price | Jazz Pharmaceuticals PLC Quote Jazz currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jazz Pharmaceuticals PLC (JAZZ) : Free Stock Analysis Report AbCellera Biologics Inc. (ABCL) : Free Stock Analysis Report Werewolf Therapeutics, Inc. (HOWL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Issued on behalf of MindWalk Holdings Corp. MindWalk Holdings Corp. (NASDAQ: HYFT) heads into its fourth-quarter and full-year results with fresh index inclusion, an expanded patent estate, and AI-designed programs aimed at two of medicine's biggest frontiers: GLP-1 metabolic health and infectious disease. AUSTIN, Texas, July 15, 2026 /PRNewswire/ -- Equity Insider News Commentary - Artificial intelligence has moved from the edges of drug discovery to its center. The biggest pharmaceutical companies in the world are now racing to design molecules with machine learning rather than trial and error, and the market has begun to reward the names building the infrastructure underneath that shift. MindWalk Holdings Corp. (NASDAQ: HYFT), a self-described Bio-Native AI company based in Austin, is one of the smaller players staking out a differentiated position, and it is heading into a catalyst-rich stretch. The company will report fourth-quarter and full fiscal year 2026 results on Wednesday, July 22, 2026, with a conference call scheduled for 5:00 p.m. Eastern Time. Key Takeaways A dated catalyst ahead. MindWalk will report Q4 and full fiscal year 2026 results on July 22, 2026, giving investors a near-term look at the company's revenue trajectory and program progress. Fresh institutional visibility. MindWalk was added to the Russell 3000E Index effective after the U.S. market close on June 26, 2026, broadening its eligibility for index-tracking funds. A widening IP moat. The company filed a European patent application covering the high-dimensional data architecture behind its proprietary HYFT® Technology and ReefIQ™ biological context layer. Riding the GLP-1 wave. MindWalk is applying its LensAI™ platform and HYFT patterns to a GLP-1 program aimed at sustaining high-quality signaling alongside complementary healthy-aging pathways. Momentum in the peer group. AI-driven drug discovery names have been among the market's stronger performers this year, a backdrop that puts fresh eyes on the smaller companies pursuing the same thesis. A Different Way to Represent Biology Most AI-drug-discovery companies start with a model and feed it data. MindWalk's pitch is that the representation of biology itself is the hard part, and the place to build a durable advantage. At the core of its approach is HYFT Technology, described by the company as a proprietary, function-aware representation of biology built on roughly 660 million biological patterns, universal fingerprints that encode conserved relationships between sequence, structure, and function. That representation underpins two platforms the company markets to partners: ReefIQ, a biological context layer, and LensAI, which integrates sequence models, structural predictions, and reasoning over its biological representation. The company reinforced that foundation in mid-2026 by filing a European patent application directed to high-dimensional data structures for biological subsequences and property inference, intended to protect the enriched biological representation architecture behind HYFT and ReefIQ. For a company whose entire value proposition rests on a differentiated data layer, protecting that layer across jurisdictions is central to the investment case. MindWalk was formerly known as ImmunoPrecise Antibodies before rebranding to MindWalk Holdings Corp. in September 2025, a change that reflects how two decades of wet-lab antibody science became the foundation for its AI: the curated biology from that lab work is what the HYFT representation is built on, and the wet lab and the platform now feed each other. It reported second-quarter fiscal 2026 revenue of approximately US$3.0 million (about CA$4.1 million as reported), up 54% year over year, with gross profit up 94%, and it divested non-core wet-lab operations in the Netherlands for approximately US$11.7 million in net proceeds to sharpen the focus on its AI platform. All figures are as reported by the company; MindWalk reports in Canadian dollars despite its Nasdaq listing. The Company It Keeps: An AI-Discovery Cohort on the Move MindWalk is a small, early-stage name, and the following companies are much larger and are referenced here only as market and thematic context, not as peers, competitors, or financial comparables to HYFT. What they share is a single thesis that has drawn fresh capital in 2026: that artificial intelligence is becoming the engine of biological discovery. Each has been an outperformer this year, which is part of why the smaller companies pursuing the same idea are getting a second look. All performance figures below are as of mid-July 2026 and will change. Absci (Nasdaq: ABSI) is the closest thematic analog to MindWalk, and the connection is direct: MindWalk CEO Dr. Jennifer Bath appeared alongside Absci on an industry panel about partnering to power the new era of drug discovery. Absci uses generative AI to design protein therapeutics, and its stock has been one of the year's standout movers, rising sharply after it reported positive interim Phase 1 data in June 2026 for ABS-201, an antibody its platform designed. Absci demonstrates the market's appetite for the exact category MindWalk operates in: AI that designs biology rather than just analyzing it. AbCellera Biologics (Nasdaq: ABCL) shows how an AI-powered discovery platform can turn into clinical momentum. The Vancouver-based company hit a 52-week high in late June 2026 and has been one of the sector's strongest performers year to date, up roughly 76%, after a first-quarter revenue beat and positive interim Phase 1 data for its lead program. AbCellera's arc, from an antibody-discovery engine into a company advancing its own pipeline, is a useful reference for how the market rewards a platform that begins converting computational capability into clinical assets, the same transition MindWalk is positioning its HYFT platform to make. Viking Therapeutics (Nasdaq: VKTX) is not an AI company, but it sits squarely on the demand wave MindWalk is aiming at. Viking is one of the most closely watched names in GLP-1 and metabolic disease, and its shares have climbed year to date as its obesity pipeline has advanced. The relevance to MindWalk is thematic: MindWalk's LensAI platform has been applied to a GLP-1 program designed to sustain high-quality GLP-1 signaling while engaging complementary resilience pathways implicated in healthy aging. Viking illustrates the scale of investor interest in the metabolic-health frontier that MindWalk's AI work is oriented toward. NVIDIA (Nasdaq: NVDA) is the layer beneath all of it. Every Bio-Native AI ambition ultimately runs on compute, and NVIDIA has extended its reach directly into the field: in June 2026 it announced its BioNeMo Agent Toolkit, tools for AI agents to accelerate scientific discovery. NVIDIA is up year to date and remains the central beneficiary of the AI-infrastructure buildout. Its move into agentic tools for biology underscores that the discovery workflows MindWalk is building, agentic AI operating on a function-aware representation of biology, sit right in the path of where the largest technology company in the space is investing. What July 22 Could Show The upcoming report gives investors a concrete checkpoint. The questions that matter are whether the platform revenue that grew 54% year over year in the second quarter has continued to build, how the balance sheet looks after the Netherlands divestiture, and what management signals about partner engagement and the GLP-1 and infectious-disease programs. MindWalk has also structured its AI-generated assets into a Cayman Islands-based segregated portfolio designed to finance each program individually without diluting parent-company equity, an unusual structure the company argues protects the intellectual property behind each asset while preserving flexibility to fund or spin out programs over time. None of this removes the risk inherent in a small-cap, development-stage AI company whose value rests on early platform traction and its ability to keep funding the work. But the combination of a dated near-term catalyst, fresh index inclusion, an expanding patent estate, and exposure to two of the most heavily funded themes in the market, AI-driven discovery and GLP-1 metabolic health, is the kind of setup that tends to draw attention. The July 22 results will offer the next real data point. CONTINUED… Stay ahead of the next MindWalk Holdings update and follow the story into the July 22 earnings report. About MindWalk Holdings Corp. MindWalk Holdings Corp. (Nasdaq: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences and agentic AI require, integrating AI, data, and advanced wet-lab capabilities into one connected discovery ecosystem. At its core is HYFT Technology, a proprietary, function-aware representation of biology that underpins its ReefIQ and LensAI platforms. The company was formerly known as ImmunoPrecise Antibodies Ltd. and changed its name to MindWalk Holdings Corp. in September 2025. It is headquartered in Austin, Texas. Dr. Jennifer Bath serves as President and Chief Executive Officer. Article SourceEquity [email protected] DISCLAIMER / DISCLOSURE Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed for Market Equities Limited, ("MEL"), which wholly owns and operates Equity Insider. MEL has been paid a fee for MindWalk Holdings ("HYFT") advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of HYFT, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. MEL and its owner/operators do not own any shares of HYFT, but reserve the right to buy and sell shares of HYFT at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MEL has been reviewed and approved on behalf of HYFT by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. FORWARD-LOOKING STATEMENTS This communication contains forward-looking statements within the meaning of applicable U.S. and Canadian securities laws, including statements regarding MindWalk Holdings Corp.'s anticipated financial results and earnings call timing, platform development, partner engagement, patent protection, index inclusion, and its GLP-1, infectious-disease, and other AI-generated programs. Forward-looking statements are not guarantees of future performance and involve substantial risks and uncertainties, including technology performance, market acceptance, partnerships, competition, regulatory outcomes, and capital markets conditions. Company-reported figures are stated in Canadian dollars unless otherwise noted and are subject to the company's own reporting. Actual results may differ materially. The Company assumes no obligation to update forward-looking statements except as required by law. HYFT®, HYFT Technology, ReefIQ™, and LensAI™ are trademarks or registered trademarks of MindWalk Holdings Corp. The comparable companies referenced (ABSI, ABCL, VKTX, NVDA) are provided solely as market and thematic context and are not peers, competitors, or comparables of MindWalk Holdings Corp. All third-party stock performance figures are as of mid-July 2026 and are subject to change. View original content to download multimedia:https://www.prnewswire.com/news-releases/as-ai-rewrites-drug-discovery-this-bio-native-ai-company-just-joined-the-russell-3000e-and-reports-earnings-july-22-302826193.html View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/15/c4955.html