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]

Q3 2025 BUSINESS UPDATE November 6, 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, includi ...

Financial Data and Key Metrics Changes - The company reported revenue of approximately $17 million for the quarter, a significant increase from $7 million in the same quarter of 2024, primarily driven by licensing fees of $10 million related to the Triany platform [14][12] - Research and development expenses were approximately $39 million, a slight decrease from the previous year's $41 million, reflecting ongoing investments in internal and co-development programs [15][16] - The net loss for the quarter was roughly $35 million, compared to a loss of $37 million in the same quarter of last year, resulting in a loss of $0.12 per share [16][12] Business Line Data and Key Metrics Changes - The company initiated five partner-initiated programs in the second quarter, bringing the cumulative total to 102 programs with downstream participation [13] - ABCL635 and ABCL575 received clinical trial authorizations, marking them as the first Absella-led molecules to reach the clinic, increasing the total number of molecules in the clinic to 18 [13][12] Market Data and Key Metrics Changes - The company ended the quarter with approximately $750 million in total available liquidity, including $580 million in cash and equivalents and $170 million in committed government funding [19][12] - The company is focused on advancing its two lead programs through Phase I clinical studies and building its preclinical pipeline [19] Company Strategy and Development Direction - The company aims to transition from a platform company to a clinical-stage biotech, with a focus on advancing its antibody therapy pipeline [5][6] - Key priorities for the remainder of the year include executing clinical studies for ABCL635 and ABCL575, advancing ABCL688 into IND enabling studies, and enhancing clinical manufacturing capabilities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market opportunity for ABCL635, noting that a significant portion of the eligible population for menopausal treatments either cannot or prefers not to use hormone therapy [34][33] - The company anticipates initial safety and efficacy data from the ABCL635 trial in mid-2026, which will be crucial for future development [8][42] Other Important Information - The company has initiated a Phase I clinical trial for ABCL575, targeting moderate to severe atopic dermatitis, with dosing expected to begin shortly [9][12] - The company has advanced ABCL688 into IND enabling studies, with plans to submit an IND in mid-2026 [11][12] Q&A Session Summary Question: Risks to the development path for June from a regulatory perspective - Management acknowledged a delay with elenzanatant but indicated no concerns about approvability and expects progress towards approval later this year [23][24] Question: Specifics on the ABCL635 Phase I trial - The trial will include both menopausal women and healthy male volunteers, with an expected enrollment of around 60 patients in the initial phases and up to 80 in the proof of concept study [32][33] Question: Partnership and licensing revenue expectations - Management clarified that the higher licensing revenue was a one-off payment related to the Triani acquisition and not expected to recur [38][37] Question: Key efficacy data to look for in the ABCL635 Phase I study - Early assessments will include biomarkers such as LH, FSH, and testosterone, with efficacy measures expected in the proof of concept study [41][42] Question: Plans for U.S. sites in future trials - Currently, the focus is on a Canadian site for the Phase I study, with plans to engage with the FDA for Phase II studies that may include U.S. sites [55][54] Question: Autoimmune indications for ABCL688 - Management refrained from disclosing specific details but expressed high confidence in the program and its potential [58][59]

Business Updates - The company has completed its transition into a clinical-stage biotech and is on track to complete key priorities[4] - Phase 1 clinical trials for ABCL635 (for vasomotor symptoms) were initiated in June 2025[4, 5, 6] - Phase 1 clinical trials for ABCL575 (immunology & inflammation) were initiated in July 2025[4, 7] - ABCL688, a development candidate for autoimmunity, has been nominated for CTA-enabling studies[4, 14] Financials - The company has approximately $750 million in available liquidity to execute its strategy[4, 17] - The company has approximately $580 million in total cash, cash equivalents, and marketable securities[18, 28] - The company has approximately $170 million in total available government funding[16] - Q2 2025 revenue was $39.2 million, a decrease of $1.7 million compared to $40.9 million in Q2 2024[23] - Q2 2025 net loss was $34.7 million, equivalent to ($0.12) per share[25, 26] - Q2 2025 Research and Development expenses were $19.0 million, a decrease of $1.2 million compared to $20.2 million in Q2 2024[23]