Summary of AbCellera Biologics (ABCL) FY Conference Call - June 09, 2025 Company Overview - **Company**: AbCellera Biologics (ABCL) - **Transition**: Shifted from a platform company to a clinical-stage biotech with two internally developed agents authorized for clinical trials [3][4] Key Points and Arguments Financial Position - **Liquidity**: Company has approximately $800 million in liquidity, allowing for continued investment in pipeline development [3] Pipeline Development - **Initial Molecules**: Focus on two molecules, ABCL635 and ABCL575, entering clinical trials in Q3 2025 [3] - **Development Projects**: Over 20 development projects, with more than half targeting complex membrane protein targets [4] Target Selection Framework - **Framework Criteria**: Selection based on validated science, large commercial opportunities, differentiation, and clear development paths [5][6] ABCL635 Specifics - **Indication**: Targeting vasomotor symptoms (VMS) related to menopause, specifically hot flashes [8] - **Market Opportunity**: Estimated annual sales potential over $2 billion, with 30% of women experiencing moderate to severe VMS [10] - **Differentiation**: Antibody approach expected to have fewer safety issues compared to small molecules, with a preference for monthly dosing over daily oral administration [20][21] Market Dynamics - **Menopausal Hormone Therapy (MHT)**: Approximately 40 million women in the U.S. are of menopausal age, with 30% experiencing moderate to severe VMS. About 50% seek treatment, but 20% are contraindicated for MHT [25][26][27] - **Commercial Market**: Significant opportunity exists for alternatives to MHT, especially for the 1.2 million women contraindicated for MHT [28] ABCL575 Overview - **Mechanism**: Targets OX40 ligand, which mediates T cell expansion and survival, potentially offering safety advantages over OX40 receptor targeting [35] - **Indication**: Initially exploring atopic dermatitis, a large unmet medical need with existing successful treatments like Dupixent [38] Competitive Landscape - **Dupixent Comparison**: Dupixent generates $8 billion in sales but has limitations in patient response rates, indicating a potential market for alternative therapies like ABCL575 [41] Clinical Trials and Future Plans - **Phase One Trials**: Expected to start dosing in Q3 2025, with initial data anticipated in the first half of 2026 [49][50] - **Partnership Strategy**: ABCL635 is likely to be advanced independently, while ABCL575 may be better suited for partnership due to its broader indication potential [54][60] Legacy Business and Partnerships - **Ongoing Partnerships**: Continued investment in partnerships, including a recent collaboration with AbbVie on T cell engagers [61] - **GMP Facility**: Investment in a GMP facility expected to be operational by the end of the year, supporting clinical trial material production [62] Additional Important Content - **Patient Preferences**: Surveys indicate a preference for injectable treatments over daily oral medications among menopausal women [21][23] - **Market Segmentation**: There is room for both biologics and oral treatments in the market, with patient choice being a significant factor [32] This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market opportunities, and clinical development plans of AbCellera Biologics.

Core Viewpoint - AbCellera Biologics experienced a significant stock increase of nearly 6% following the announcement of receiving a no objection letter (NOL) from Health Canada for its investigational drug ABCL575, which targets moderate to severe atopic dermatitis [1][2][4]. Group 1: Regulatory Approval - The receipt of the NOL from Health Canada is a crucial milestone for AbCellera, facilitating the advancement of its clinical program [4]. - The company plans to initiate a phase 1 clinical study of ABCL575 in the third calendar quarter of this year, with the drug administered via injection to trial participants [4]. Group 2: Company Overview - AbCellera is actively engaged in over 20 investigational programs across various indications, indicating a robust pipeline [5]. - Despite the positive news, the Canadian market is smaller compared to the U.S., making this development a relatively minor but still significant step for the company [5].

Financial Data and Key Metrics Changes - The company reported revenue of approximately $4 million for Q1 2025, a decrease from $10 million in the same quarter of 2024, primarily due to a shift in focus towards internal and co-development programs [22][23] - The net loss for the quarter was roughly $46 million, compared to a loss of around $41 million in Q1 2024, resulting in a loss of CAD0.15 per share [24][25] - The company ended the quarter with approximately $630 million in cash and equivalents, along with $180 million in available committed government funding, totaling about $810 million in liquidity [21][27] Business Line Data and Key Metrics Changes - The company maintained a cumulative total of 16 molecules that have reached the clinic, with no new molecules advancing in the quarter [22] - The company initiated work on one partner-initiated program, bringing the cumulative total to 97 programs with downstream participation [21] Market Data and Key Metrics Changes - The market opportunity for ABCL635, targeting vasomotor symptoms associated with menopause, is estimated to exceed $2 billion in annual sales, with approximately 30% of women experiencing moderate to severe symptoms [9][10] Company Strategy and Development Direction - The company is focused on advancing its lead programs, ABCL635 and ABCL575, into clinical trials, with plans to complete the CTA process for both programs [18][19] - The company aims to transition from a platform company to a clinical-stage biotech, with over 20 internal and co-development programs in the pipeline [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the biology and differentiation of ABCL635, highlighting the unmet medical need for non-hormonal treatments for vasomotor symptoms [18] - The company plans to start Phase I studies for ABCL635 in Q3 2025, with key readouts expected in mid-2026 [18] Other Important Information - The company is investing in building clinical manufacturing capabilities, expected to be operational by the end of 2025 [27] - The company has received commitments for funding from the Government of Canada's Strategic Innovation Fund and the Government of British Columbia, which will support its GMP facility and internal pipeline advancement [27] Q&A Session Summary Question: What do you expect this asset needs to see in terms of Phase one data to capture a competitive edge? - Management indicated that they will look for safety data and important biomarker data, which will provide early signs of target engagement and efficacy [30][31] Question: What should we expect to see from the upcoming ABCL575 preclinical data? - Management stated that the preclinical data will include early animal work and PK analysis, with expectations for a superior dosing regimen [35] Question: Given the risk around translatability of NKTR engagement, is there a precedent that gives confidence? - Management noted preclinical data from nonhuman primates provides optimism, but emphasized caution in drug development [37][38] Question: How are you thinking about the next development candidates? - Management is looking for high conviction biology with large unmet medical needs and compelling differentiation, likely focusing on GPCR or ion channel targets [40][41] Question: Can you provide context on the pause of Novorok molecules in the clinic? - Management believes the pause is related to fundraising efforts by Novorok, which is common in the current environment [57] Question: Is there consideration for U.S.-based manufacturing redundancies? - Management confirmed that their current manufacturing facility in Canada supports their clinical trials, and they have not yet considered U.S.-based manufacturing [58][59]

Q1 2025 BUSINESS UPDATE MAY 8, 2025 COPYRIGHT © ABCELLERA 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 st ...