AbCellera Biologics FY Conference Summary Company Overview - **Company**: AbCellera Biologics (NasdaqGS:ABCL) - **Event**: FY Conference on December 03, 2025 - **Key Speaker**: Martin Hogan, Senior Director of Strategic Finance and IR Core Company Insights - AbCellera has a strong technological advantage in discovering antibodies from natural immune systems, developed from research at the University of British Columbia [2][3] - The company has engaged in over 100 programs with various pharma and biotech partners, refining its capabilities in antibody discovery, particularly for difficult targets [3][4] - Transitioned from a platform-focused company to a clinical-stage biotech, establishing downstream capabilities in translational biology, biophysical assessments, and clinical manufacturing [5][6] Internal Programs and Pipeline - **ABCL 635**: A non-hormonal treatment for moderate to severe hot flashes associated with menopause, identified as the most advanced program with a clear development path and significant unmet medical need [12][13] - Approximately 40 million menopausal women in the U.S., with one-third suffering from severe symptoms [14] - Current standard of care is menopause hormone therapy, but many women cannot tolerate it, creating a market opportunity for non-hormonal treatments [15] - **ABCL 575**: A treatment for moderate to severe atopic dermatitis, with potential applications in other inflammatory and autoimmune conditions [19][20] - Differentiates by targeting the OX40 ligand, with expectations of a favorable safety profile and longer half-life compared to competitors [21][22] Clinical Trials - **ABCL 635 Phase 1 Trial**: Designed to evaluate pharmacokinetics (PK), pharmacodynamics (PD), safety, and efficacy signals in both menopausal women and healthy male volunteers [16][17] - **ABCL 575 Phase 1 Trial**: Focuses on confirming the molecule's behavior in terms of PK, PD, and safety, with potential for partnerships based on trial outcomes [23][24] Future Pipeline and Development - **ABCL 688**: Expected to enter the clinic in 2026, targeting autoimmune conditions, with further details to be disclosed upon IND submission [25][26] - The company has over 20 internal programs, with a focus on complex membrane proteins and novel mechanisms, selected based on scientific understanding, unmet medical need, differentiation potential, and clear development paths [27] Financial Position and Capital Allocation - AbCellera is well-capitalized with approximately $680 million in available liquidity, sufficient to support its internal pipeline for over three years [28][29] - The capital will primarily be used for advancing internal programs and making selective additions to the pipeline [29] Partnership Strategy - The company has shifted focus from actively seeking new partnerships to prioritizing internal drug development, while still committed to existing partnerships [9][10] - Selective acceptance of new programs may occur if they align with internal criteria and capabilities [10] Conclusion - AbCellera is positioned for growth with a robust internal pipeline and a strong financial foundation, focusing on innovative treatments for significant medical needs while maintaining strategic partnerships where beneficial [30][31]

AbCellera Biologics Conference Call Summary Company Overview - **Company**: AbCellera Biologics (NasdaqGS: ABCL) - **Date**: November 13, 2025 - **Key Focus**: Transition from a partnership-focused model to developing its own clinical assets [8][12][14] Core Points and Arguments Transition to Internal Development - AbCellera has shifted from primarily building capabilities through partnerships to developing its own clinical assets, completing this transition in 2025 with two wholly owned assets entering the clinic [12][14] - The company aims to retain more economic value from its assets, moving towards co-development models with partners [7][9][12] Partnership Strategy - AbCellera has worked on over 100 programs with partners, focusing on scientific merit, commercial opportunity, and differentiation when selecting partnership opportunities [18][19] - The company continues to engage with strategic partners like Lilly and AbbVie, leveraging its capabilities to enhance their programs [11][21] Clinical Pipeline - **ABCL635**: An antibody targeting the NK3R for treating hot flashes associated with menopause. The company believes it has a significant commercial opportunity due to the large unmet medical need [35][36] - The preferred administration method is a monthly injectable, which over 50% of surveyed women preferred over daily oral options [44] - The clinical development path is straightforward, with a proof of concept study expected to start in early 2026 [60][62] - **ABCL575**: An OX40 ligand antagonist, positioned to potentially outperform existing treatments by targeting upstream pathways [88][90] - **ABCL688**: Another candidate targeting GPCRs, expected to enter clinical trials mid-next year [102][107] Market Dynamics - The market for non-hormonal treatments for menopause is expanding, with competitors like Astellas and Bayer already establishing a presence. AbCellera aims to enter this market with a differentiated product [68][75][80] - The company estimates a $6 billion addressable market for non-hormonal treatments, with significant unmet needs among women contraindicated for hormone replacement therapy [74][76] Financial Position - AbCellera reported over $500 million in cash and equivalents, with total available liquidity around $700 million, providing sufficient resources for at least the next three years [108][109] Additional Important Insights - The company has received government funding to support clinical trials, which has facilitated the establishment of trial sites in Canada without delays [53][54] - The focus on difficult antibody discovery programs has positioned AbCellera as a leader in the field, with a strong reputation among partners [31][32] - The anticipated readouts for the first clinical assets are expected in 2026, which could significantly impact the company's valuation and market perception [14][12]