Key Takeaways
- AbCellera (ABCL) now has 120 active antibody discovery programs with pharmaceutical partners.
- 7 of AbCellera’s discovered antibodies are now in Phase 2 or later clinical trials.
- The company holds royalty rights to all commercialized products discovered on its platform.
- Revenue declined 18% YoY in Q1 as pandemic-era bamlanivimab royalties fully rolled off.
AbCellera Biologics has built what may be the world’s most productive antibody discovery platform a combination of microfluidics, AI-driven sequence analysis, and high-throughput screening that can identify promising antibody candidates weeks or months faster than traditional methods. Founded in Vancouver by Carl Hansen out of the University of British Columbia, the company went public in 2020 at $20 per share and briefly touched $64 during the pandemic as royalties from bamlanivimab (the COVID-19 antibody therapy discovered on its platform) flooded in.
The Platform Scorecard
| Stage | Programs | Change YoY |
|---|---|---|
| Discovery / Preclinical | 98 | +22 |
| Phase 1 | 15 | +4 |
| Phase 2 | 6 | +2 |
| Phase 3 | 1 | Unchanged |
| Total Active | 120 | +28 |
The Post-Bamlanivimab Revenue Trough
AbCellera’s near-term revenue challenge is bridging the gap between the end of pandemic-era royalties (which peaked at $477M in 2021) and the commercialization of its next generation of platform-discovered drugs. Q1 2026 revenue was $18.2M primarily platform fees and R&D service revenue versus $22.2M in Q1 2025. The company has $1.2B in cash and no debt, giving it ample runway while the pipeline matures.