# EDGAR Filing Document

**Accession Number:** 0001703057
**File Stem:** 0001703057-26-000027
**Filing Date:** 2026-5
**Character Count:** 42370
**Document Hash:** b6ca25f937c9774973542dbce124e58c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001703057-26-000027.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001703057-26-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260511

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AbCellera Biologics Inc.
- **CENTRAL INDEX KEY:** 0001703057
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39781
- **FILM NUMBER:** 26963316

**BUSINESS ADDRESS:**
- **STREET 1:** 150 W 4TH AVENUE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V5Y 1G6
- **BUSINESS PHONE:** (604) 559-9005

**MAIL ADDRESS:**
- **STREET 1:** 150 W 4TH AVENUE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V5Y 1G6

?xml version='1.0' encoding='ASCII'? abcl-20260511

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**__________________________________________**

**FORM 8-K**

**__________________________________________**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): May 11, 2026**

**__________________________________________**

**AbCellera Biologics Inc.**

**(Exact name of registrant as specified in its charter)**

**__________________________________________**

---

| | | |
|:---|:---|:---|
| **British Columbia** | **001-39781** | **Not Applicable** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification Number)** |

---

---

| | |
|:---|:---|
| **150 W 4th Avenue** <br>**Vancouver, BC** | **V5Y 1G6** |
| **(Address of registrant's principal executive office)** | **(Zip code)** |

---

**(604) 559-9005**

**(Registrant's telephone number, including area code)**

**(Former name or former address, if changed since last report)**

**__________________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common shares | ABCL | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On May 11, 2026, AbCellera Biologics Inc. (the "Company"), issued a press release announcing its financial and operational results for the quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD**

On May 11, 2026, AbCellera Biologics Inc. (the "Company"), issued a press release announcing positive interim Phase 1 data for ABCL635 from its randomized, double-blind, placebo-controlled study designed to evaluate safety, tolerability, pharmacokinetics, and pharmacodynamics of single and multiple doses in healthy volunteers. In connection with its earnings call on May 11, 2026, to discuss its results for the quarter ended March 31, 2026, the Company will utilize a corporate presentation, a copy of which is furnished herewith as Exhibit 99.2.

The information in Items 2.02 and 7.01 of this Form 8-K (including the exhibits attached hereto) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press Release issued by AbCellera Biologics Inc. on](q12026earningspressrelease.htm)[May 11](q12026earningspressrelease.htm)[, 2026.](q12026earningspressrelease.htm)</u> |
| 99.2 | <u>[Corporate Presentation.](a2026q1fybusinessupdatem.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded as Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 11, 2026 | **ABCELLERA BIOLOGICS INC.** | **ABCELLERA BIOLOGICS INC.** |
|  | By: | /s/ Carl L. G. Hansen |
|  |  | **Carl L. G. Hansen, Ph.D.** |
|  |  | **Chief Executive Officer and Director**<br>*(Principal Executive Officer)* |

---

## Exhibit 99.1

NEWS RELEASE

AbCellera Reports Q1 2026 Business Results & Announces Positive Interim Phase 1 Clinical Data for ABCL635

**5/11/2026**

    

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• ABCL635 demonstrated a favorable tolerability profile, with no observed liver toxicity, and achieved potent and sustained reductions in biomarkers of target engagement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Ended Q1 2026 with total available liquidity of approximately $655 million.*

VANCOUVER, British Columbia--(BUSINESS WIRE)-- AbCellera (Nasdaq: ABCL) today announced financial results for the first quarter of 2026 and positive interim results from the Phase 1 portion of its ongoing Phase 1/2 clinical trial of ABCL635. ABCL635 is a potential first-in-class antibody targeting the neurokinin 3 receptor (NK3R) for the treatment of moderate-to-severe vasomotor symptoms (VMS) associated with menopause. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

"We are excited to share interim Phase 1 data that show ABCL635 achieved robust NK3R target engagement at doses that were well-tolerated in healthy volunteers and a pharmacokinetic profile that may support a once monthly dosing regimen. We look forward to the efficacy readout from the Phase 2 data in Q3, which we believe will be highly de-risking for the program," said Carl Hansen, Ph.D., founder and CEO of AbCellera. "Through 2026 we are focused on delivering data readouts for our clinical programs, advancing ABCL688 and ABCL386 into IND-enabling studies, and selecting at least one additional development candidate. We continue to maintain our strong cash position, ending the quarter with approximately $655 million dollars in available liquidity to execute on our strategy."

**Q1 2026 Business Summary and Program Updates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ABCL635 and ABCL575 continued to progress through clinical trials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ABCL386 and ABCL688 are progressing through IND-enabling activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Generated a net loss of $43.2 million, compared to a net loss of $45.6 million in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Ended the quarter with approximately $655 million in total available liquidity to execute on our strategy.

------

**Clinical Update: ABCL635 Interim Phase 1 Data**

*Study Design*

The Phase 1 trial of ABCL635 (NCT07118891) is a randomized, double-blind, placebo-controlled study designed to evaluate single and multiple doses of ABCL635 in healthy volunteers. A total of 40 healthy men and postmenopausal women were enrolled in the single ascending dose (SAD) part and treated with single doses ranging from 30 mg to 900 mg. The multiple ascending dose (MAD) part enrolled a total of 16 postmenopausal women who received multiple once monthly doses ranging from 300 mg to 600 mg.

*Study Results*

The interim Phase 1 data supported advancing ABCL635 into Phase 2. Data from the MAD part remain blinded, with safety follow-up visits ongoing. The unblinded interim data from the SAD part demonstrated the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **A favorable tolerability profile**: ABCL635 was well-tolerated across all doses, with no serious adverse events or elevations in liver enzymes. Treatment-emergent adverse events were generally mild and transient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **A pharmacokinetic profile that supports monthly dosing**: ABCL635 exhibited an estimated half-life of ~24 days, supporting the potential for a once monthly subcutaneous dose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Strong suppression of biomarkers of target engagement:** To confirm target engagement of NK3R on kisspeptin, neurokinin B, and dynorphin (KNDy) neurons in the infundibular nucleus of the hypothalamus, testosterone, a clinically validated surrogate biomarker of NK3R antagonism, was measured in male volunteers. ABCL635 demonstrated sustained and dose-dependent suppression of testosterone over a four-week period.

Based on these data, AbCellera advanced ABCL635 into a Phase 2 study, as announced earlier this year. The Phase 2 is a multicenter, randomized, double-blind, placebo-controlled trial with approximately 80 postmenopausal women designed to evaluate the efficacy of ABCL635 in reducing the frequency and severity of moderate-to-severe VMS.

**Business Metrics** 

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **March 31, 2026** |
| **Partner-led programs with downstreams** | **44** | **40** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the clinic | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In discovery or preclinical development | 39 | 35 |
| **Molecules in the clinic with downstreams** | **14** | **14** |

---

Beginning in Q1 2026, AbCellera is reporting new business metrics to focus on programs and molecules with downstream participation which are believed to be progressing. At the end of Q1 2026, partners led 40 programs which 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 14 molecules in the clinic understood to be progressing on March 31, 2026.

**Discussion of Q1 2026 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Revenue –** Total revenue was $8.3 million, compared to $4.2 million in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Research & Development (R&D) Expenses –** R&D expenses were $46.7 million, compared to $42.5 million in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Sales, General, & Administrative (SG&A) Expenses –** SG&A expenses were $12.3 million, compared to $19.1 million in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*●* **Net Loss –** Net loss of $43.2 million, or $(0.14) per share on a basic and diluted basis, compared to net loss of $45.6 million, or $(0.15) per share on a basic and diluted basis, in Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Liquidity –** $531 million of total cash, cash equivalents, and marketable securities and approximately $124 million in available non-dilutive government funding, bringing total available liquidity to approximately $655 million to execute on AbCellera's strategy.

**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 ABCL635**

ABCL635 is a potential first-in-class antibody drug for the non-hormonal treatment of moderate-to-severe VMS, commonly known as hot flashes, associated with 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 the first program from AbCellera's GPCR and ion channel platform to advance into the pipeline, entering the clinic in July 2025. Additional details are available at www.abcellera.com/pipeline.

**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 press release 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 current beliefs and assumptions and on information currently available to management. All statements contained in this release 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, and plans and objectives for future operations. 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 press release 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.

------

**AbCellera Biologics Inc.**

**Condensed Consolidated Statements of Loss and Comprehensive Loss**

**(All figures in U.S. dollars. Amounts are expressed in thousands except share and per share data.)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2026** |
| Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research fees | $4068 | $8124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Licensing and royalty revenue | 167 | 191 |
| Total revenue | 4235 | 8315 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)</sup> | 42496 | 46662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales, general, and administrative<sup>(1)</sup> | 19068 | 12334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5331 | 6838 |
| Total operating expenses | 66895 | 65834 |
| Loss from operations | (62660) | (57519) |
| Other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other | (5523) | (3643) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grants and incentives | (4153) | (4339) |
| Total other income | (9676) | (7982) |
| Loss before income tax | (52984) | (49537) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax recovery | (7363) | (6372) |
| Net loss | $(45621) | $(43165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (2620) | 1815 |
| Comprehensive loss | $(48241) | $(41350) |
| Net loss per share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.15) | $(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.15) | $(0.14) |
| Weighted-average common shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 297692663 | 303074605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 297692663 | 303074605 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Exclusive of depreciation and amortization

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**AbCellera Biologics Inc.**

**Condensed Consolidated Balance Sheets**

**(All figures in U.S. dollars. Amounts are expressed in thousands except share data.)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **March 31, 2026** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $128513 | $77063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 405313 | 427669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and marketable securities | 533826 | 504732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and accrued receivable | 58293 | 36761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 111113 | 98103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 728232 | 664596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 428003 | 422806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 38381 | 37460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 47806 | 47806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity accounted investees | 62580 | 65308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 51948 | 69136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term assets | 628718 | 642516 |
| **Total assets** | $1356950 | $1307112 |
| **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other current liabilities | $50781 | $39551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 13526 | 7743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 64307 | 47294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 137403 | 134309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred government contributions | 174453 | 176105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 13883 | 11321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 325739 | 321735 |
| Total liabilities | 390046 | 369029 |
| Commitments and contingencies |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares: no par value, unlimited authorized shares at December 31, 2025 and March 31, 2026: 300,600,710 and 303,945,581 shares issued and outstanding at December 31, 2025 and March 31, 2026, respectively | 802341 | 816533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 198279 | 196616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4234) | (2419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (29482) | (72647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 966904 | 938083 |
| **Total liabilities and shareholders' equity** | $1356950 | $1307112 |

---

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**AbCellera Biologics Inc.**

**Condensed Consolidated Statement of Cash Flows**

**(Expressed in thousands of U.S. dollars.)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2026** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(45621) | $(43165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 4409 | 5918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 922 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 1274 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 14786 | 12013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2213 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research fees and grants receivable | (1133) | 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | (4408) | (4970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (3409) | (9406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 13313 | (8033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred grant income | (1220) | (2356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7320 | (1741) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (11554) | (33523) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (10636) | (3831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of marketable securities | (164990) | (166308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from marketable securities | 190027 | 143802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt of grant funding | 1018 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments and other assets | (7484) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 7935 | (25081) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term liabilities and other | 5970 | 7192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 5970 | 7192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 590 | (38) |
| Increase (decrease) in cash and cash equivalents | 2941 | (51450) |
| Cash and cash equivalents and restricted cash, beginning of period | 183615 | 155249 |
| Cash and cash equivalents and restricted cash, end of period | $186556 | $103799 |
| Restricted cash included in other assets | 2290 | 1736 |
| Total cash, cash equivalents, and restricted cash shown on the balance sheet | $184266 | $102063 |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| Property and equipment in accounts payable | 10960 | 706 |
| Right-of-use assets obtained in exchange for operating lease obligation | 3361 | – |

---

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**Inquiries**

Media: Tiffany Chiu; media@abcellera.com, +1(236)521-6774 <br>Partnering: Murray McCutcheon, Ph.D.; partnering@abcellera.com, +1(604)559-9005<br>Investor Relations: Peter Ahn; ir@abcellera.com, +1(778)729-9116

Source: AbCellera Biologics Inc.

## Exhibit 99.2

![](a2026q1fybusinessupdatem001.jpg)

CO PY RI GH T© A BC EL LE RA MAY 11, 2026 Q1 2026 BUSINESS UPDATE

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![](a2026q1fybusinessupdatem002.jpg)

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 presentation 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. DISCLAIMER This presentation 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 presentation 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, and plans and objectives for future operations. Certain data in this presentation are derived from cross-study comparisons and 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. 2 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 B us in es s U pd at e

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![](a2026q1fybusinessupdatem003.jpg)

3 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Advance pipeline to key data readout for ABCL635 and set up for additional three INDs in 2027 Nominate at least 1 additional development candidate for IND-enabling activities 2026 PRIORITIES ABCL635 Phase 2 clinical trial topline readout in Q3 2026 ABCL575 Phase 1 clinical trial topline readout in Q4 2026 ABCL688 progressing through IND-enabling activities ABCL386 progressing through IND-enabling activities

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![](a2026q1fybusinessupdatem004.jpg)

4 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e ABCL635 is a potential first-in-class antibody for the non-hormonal treatment of vasomotor symptoms (hot flashes) First GPCR-targeting antibody from our platform to advance into our internal pipeline Additional opportunities in oncology Target Neurokinin 3 receptor (NK3R) Indication Moderate-to-severe vasomotor symptoms (VMS) associated with menopause Target Type G protein-coupled receptor (GPCR) Status Phase 2

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5 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e ABCL635 could help to address a large unmet need for the treatment of VMS associated with menopause Symptoms: Sudden and intense feeling of heat that leads to sweating, chills, and interrupted sleep.2 Investment Thesis ABCL635 aims to provide a treatment option that has: ● Comparable efficacy to approved small molecules ● A differentiated safety profile without the need for liver enzyme monitoring ● Dosing convenience with a once monthly subcutaneous (SC) self-injection Market Opportunity 1M+ women could benefit from safe and effective non-hormonal treatments.3 Clinical Need 4+ years is the median duration for vasomotor symptoms post final menstrual period.1 ~12M women in the US experience moderate-to-severe VMS.3 >6M of which seek treatment.3 20% for whom hormone therapy is unsuitable due to contraindications or other factors.4 through selective antagonism of NK3R with a high-affinity antibody Reduce VMS frequency & severity 1. Avis et al., JAMA Intern Med., 2015. 2. Nappi et al., Menopause, 2021. 3. Management estimate based on US census data, 2023; Todorova et al., Menopause, 2023; Nappi et al., Menopause, 2021; Stute et al., Maturitas, 2022. 4. Management estimate based on Nappi et al., Menopause, 2021; Stute et al., Maturitas, 2022. 5. Management estimate based on Wholesale Acquisition Cost of Veozah and Lynkuet (accessed from Micromedex Red Book) and above sources. Actual market size may differ. $6B+ Total Addressable Market estimated for non-hormonal treatments given small-molecule gross prices of >$5K per patient per year.5

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6 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e ABCL635 Phase 1 in healthy volunteers is a randomized, double-blind, placebo-controlled, first-in-human study Part A: Single ascending dose (SAD) Part B: Multiple ascending dose (MAD) Participants N = 40 N = 16 40 healthy men and postmenopausal women, 40-65 year old N=8 per cohort, 6 active : 2 placebo 16 postmenopausal women with or w/o VMS, 40-65 year old N=8 per cohort, 6 active : 2 placebo Endpoints Safety, Pharmacokinetics (PK), Pharmacodynamics (PD) Study Design A1 30 mg SC A2 100 mg SC A3 300 mg SC A5 900 mg SC A4 600 mg SC B1 300 mg SC 3 doses Q4W B2 600 mg SC 3 doses Q4W Q4W: once every 4 weeks; SC: subcutaneous. Clinicaltrials.gov ID: NCT07118891. Unblinded data available for all SAD cohorts Interim blinded data for MAD cohorts, final safety follow-up ongoing

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7 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Abbreviations: SAD=Single Ascending Dose, SC = subcutaneous, BMI = Body Mass Index Data extract: 17APR2026; Cut-off Date: 12APR2026 SAD Safety Population ABCL635 Cohorts A1-A5 Total ABCL635 (N=30) Pooled Placebo (N=10)30 mg (N=6) 100 mg (N=6) 300 mg (N=6) 600 mg (N=6) 900 mg (N=6) Age (median, years) 56 55 53 58 56 56 53 Sex Male 2 (33%) 2 (33%) 3 (50%) 2 (33%) 2 (33%) 11 (37%) 8 (80%) Female 4 (67%) 4 (67%) 3 (50%) 4 (67%) 4 (67%) 19 (63%) 2 (20%) Race Caucasian 6 (100%) 5 (83%) 5 (83%) 6 (100%) 6 (100%) 28 (94%) 9 (90%) Black or African American 0 0 1 (17%) 0 0 1 (3%) 0 Asian 0 1 (17%) 0 0 0 1 (3%) 1 (10%) Other 0 0 0 0 0 0 0 BMI (median, kg/m2) 26 27 27 27 23 26 26 BMI: Body Mass Index; SAD: Single Ascending Dose; SC: subcutaneous. Data cutoff: 12APR2026 Phase 1 SAD: Demographic Characteristics SAD cohorts include healthy 40-65 year old men and postmenopausal women. ● All ABCL635 cohorts included at least 2 male participants ● Generally well balanced across cohorts except for lower weight in 900 mg group ● No important differences expected to impact study conclusions

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8 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e ● No serious or severe adverse events ● No liver-related adverse events ● Injection-related adverse events were infrequent in both groups ● The only potential safety signal observed was self-limiting headache in the 900 mg cohort ● Headache events were generally mild and often occurred during the first 1-2 days ● Blinded safety review from the MAD portion suggests no new safety signals Data cutoff: 12APR2026. Phase 1 SAD: ABCL635 demonstrates favorable tolerability profile Adverse events reported in at least two study participants regardless of relationship Adverse Event Preferred Term ABCL635 Cohorts A1-A5 Total ABCL635 (N=30) n (%) Pooled placebo (N=10) n (%) 30 mg (N=6) n (%) 100 mg (N=6) n (%) 300 mg (N=6) n (%) 600 mg (N=6) n (%) 900 mg (N=6) n (%) Number (%) with at least one adverse event 1 (16.7%) 3 (50.0%) 3 (50.0%) 2 (33.3%) 6 (100%) 15 (50.0%) 5 (50.0%) Headache 0 2 (33.3%) 1 (16.7%) 0 4 (66.7%) 7 (23.3%) 1 (10.0%) Rhinorrhea 1 (16.7%) 0 0 0 3 (50.0%) 4 (13.3%) 1 (10.0%) Nasopharyngitis 1 (16.7%) 2 (33.3%) 1 (16.7%) 0 0 4 (13.3%) 0 Injection site bruising 0 2 (33.3%) 0 0 0 2 (6.7%) 2 (20.0%) Injection site reaction 0 0 1 (16.7%) 0 2 (33.3%) 3 (10%) 0 Diarrhea 0 0 1 (16.7%) 0 0 1 (3.3%) 1 (10.0%) Fatigue 0 0 0 0 1 (16.7%) 1 (3.3%) 1 (10.0%)

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9 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Phase 1 SAD: No liver safety signal observed to date Mean liver function tests (AST, ALT, bilirubin) remained stable across all doses Data are shown as mean ± SEM. The mean upper limit of normal reported across all measurements is shown in the dotted lines. Data cutoff: 12APR2026 Aspartate aminotransferase (AST) Alanine aminotransferase (ALT) Bilirubin Dose Mean upper limit of normal (ULN)

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10 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Phase 1 SAD/MAD: ABCL635 exhibited favorable PK profile supportive of monthly dosing Data are shown as mean ± SEM. Values below the lower limit of quantification (LLOQ) were imputed as LLOQ/2. The LLOQ is shown in the dotted line. Data cutoff: 21APR2026. Pharmacokinetics SAD MAD ● Linear pharmacokinetics ● Exposure is approximately dose-proportional ● Mean terminal half-life of ~24 days supportive of monthly (Q4W) dosing

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11 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Testosterone suppression is a biomarker of NK3R antagonism in KNDy neurons \* Data adapted and replotted as placebo-adjusted change from baseline from: Fraser et al., J Clin Endocrinol Metab, 2016. \*\* Veozah USPI 02.2026. Testosterone\* (placebo-corrected change from baseline, %) Fezolinetant, Male volunteers, 0-24 hours, Phase 1 SAD trial Proposed mechanism of action for ABCL635 based on AbCellera nonclinical data; Rance et al., Front Neuroendocrinol, 2013; Fraser et al., J Clin Endocrinol Metab, 2016; Fraser et al., Menopause, 2020. FSH: follicle-stimulating hormone; GnRH: gonadotropin-releasing hormone; KNDy: kisspeptin, neurokinin B, and dynorphin; LH: luteinizing hormone; NKB: neurokinin B. NK3R blockade on KNDy neurons reduces GnRH secretion from the hypothalamus, causing downstream reductions in testosterone Ch an ge in te st os te ro ne (%) Time (hours) 45 mg daily is the approved dose for fezolinetant\*\* Dose 12 mg 46 mg 90 mg 180 mg

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12 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Phase 1 SAD: ABCL635 demonstrates target engagement of NK3R Dose-dependent and sustained testosterone suppression Data are presented as mean ± SEM. Change from baseline testosterone was placebo-corrected by subtracting the mean change from baseline testosterone in placebo-treated subjects at the same time point. ABCL635 data cutoff: 21APR2026. Testosterone (placebo-corrected change from baseline, %) Testosterone\* (placebo-corrected change from baseline, %) ABCL635, Male volunteers (N=11), 0-12 weeks, Phase 1 SAD trial Fezolinetant,\* Male volunteers (N=17), 0-24 hours, Phase 1 SAD trial \* Data adapted and replotted as placebo-adjusted change from baseline from: Fraser et al., J Clin Endocrinol Metab, 2016. \*\* Veozah USPI 02.2026. Time (weeks) Ch an ge in te st os te ro ne (%) Time (hours) Ch an ge in te st os te ro ne (%) 45 mg daily is the approved dose for fezolinetant\*\* Dose 12 mg 46 mg 90 mg 180 mg Dose 30 mg 100 mg 300 mg 600 mg 900 mg

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13 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Data are presented as mean ± SEM. Change from baseline FSH/LH was placebo-corrected by subtracting mean change from baseline FSH/LH in placebo-treated subjects at the same time point. LH dataset excludes one outlier from the 30 mg cohort (Day 5) to optimize visual scale. FSH: follicle-stimulating hormone; LH: luteinizing hormone. Data cutoff: 21APR2026. Placebo-adjusted FSH suppression Placebo-adjusted LH suppression ABCL635, Male volunteers, 0-12 weeks, Phase 1 SAD trial Phase 1 SAD: ABCL635 reduces stimulation of the GnRH axis Dose-dependent and sustained FSH and LH suppression Ch an ge in F SH (%) Ch an ge in L H (%) Time (weeks) Time (weeks) Dose 30 mg 100 mg 300 mg 600 mg 900 mg Dose 30 mg 100 mg 300 mg 600 mg 900 mg

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14 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e ABCL635 Phase 1 data supported advancing to Phase 2 Favorable tolerability profile with no observed liver toxicity PK profile supports once monthly subcutaneous dosing Biomarker data suggests strong and sustained engagement of NK3R Demonstrated suppression of testosterone, LH, and FSH All doses tested generally well tolerated Estimated half-life of ~24 days ABCL635 PHASE 2 DOSE SELECTION A 600 mg SC dose administered once best approximates 300 mg SC at steady state\* and is being evaluated in the Phase 2 study SC: subcutaneous. \* Based on a comparison of predicted Cmax at steady state of a 300 mg dose once every 4 weeks, vs. the Cmax from a single dose of 600 mg. SAFETY/TOLERABILITY ENDPOINT PHARMACOKINETIC ENDPOINT PHARMACODYNAMIC ENDPOINT

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15 CO PY RI GH T© A BC EL LE RA Phase 2 Study Design ● Randomized, double-blind, placebo-controlled, multicenter trial in postmenopausal women with moderate-to-severe VMS, 40-75 years old ● Single dose of ABCL635 600 mg SC or matched placebo ● Open-Label Extension is open to all Phase 2 participants after week 12 Q1 2 02 6 Bu si ne ss U pd at e ABCL635 Phase 2 currently enrolling with topline results expected in Q3 2026 Topline Data in Q3 ● Frequency of VMS at week 4 ● Severity of VMS at week 4 ● Safety and tolerability through week 4 ● Additional study data to follow at future medical conferences SC: subcutaneous. PART C: Proof of Concept SC: subcutaneous OLE: Open Label Extension C1 600 mg SC C2 600 mg SC OLE Placebo-controlled treatment period ABCL635 600 mg SC (N=40) Placebo (N=40) Open-Label Extension 600 mg SC Optional open-label extension (OLE) Sc re en in g N = 80 Key inclusion criteria: Comparable to Phase 3 entry criteria for approved NK3R small molecules R

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16 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Q1 Q2 Q3 Q4 Two readouts in 2026 & potential for multiple catalysts in 2027 2026 ABCL635 Menopausal VMS ABCL635 VMS in Oncology ABCL575 Inflammation & Autoimmunity ABCL386 Oncology ABCL688 Autoimmunity New Development Candidate Development candidate selection Phase 1/2 Phase 1 Additionally, 20+ discovery programs in the pipeline anticipated to produce 1-2 development candidates per year IND-enabling IND-enabling 2027 Late stage development of ABCL635 in menopausal VMS Potential Catalysts in 2027 Initiation of Phase 2 studies of ABCL635 in oncology VMS Options for further development or out-licensing of ABCL575 IND submissions and initiation of Phase 1/2 study in patients for ABCL688, ABCL386; and selection of a new development candidate Readout Readout

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17 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Q1 2026 FINANCIALS UPDATE

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18 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e We continue to maintain a strong liquidity position to execute on our strategy. \* As of March 31, 2026 in total available government funding\*~$125M in total cash, cash equivalents, & marketable securities\*~$530M in available liquidity to execute on our strategy\*~$655M

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19 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Q1 2025 Q1 2026 $42.5M $46.7M +$4.2M Q1 2025 Q1 2026 $19.1M $12.3M -$6.7M RESEARCH & DEVELOPMENT SALES, GENERAL & ADMIN Operating expenses reflect R&D investments. Operating Expenses USDRevenue USD MILESTONES RESEARCH FEES LICENSING AND ROYALTY Q1 2025 Q1 2026 $4.2M $8.3M

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20 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Net loss of $43M; equivalent to ($0.14) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC AND DILUTED Q1 2025 Q1 2026 ($45.6M) ($43.2M) Q1 2025 Q1 2026 ($0.15) ($0.14)

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21 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e Approximately $530M in total cash, equivalents, and marketable securities. Cash Flows USD \* Restricted cash (including restricted cash in other assets)

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22 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e THANK YOU

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23 CO PY RI GH T© A BC EL LE RA CO NF ID EN TI AL Q1 2 02 6 Bu si ne ss U pd at e APPENDIX

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24 CO PY RI GH T© A BC EL LE RA Q1 2 02 6 Bu si ne ss U pd at e AbCellera has a portfolio of downstream stakes. 1 Understood to be progressing.

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