AbCellera Biologics FY Conference Summary Company Overview - **Company Name**: AbCellera Biologics - **Ticker**: NasdaqGS:ABCL - **Founded**: 2012, from the University of British Columbia - **Headquarters**: Vancouver, Canada, with additional facilities in Sydney, Australia, and Montreal, Canada - **Employees**: Approximately 500 in Vancouver and 50 in Sydney - **Public Offering**: Went public in 2020, raising over $600 million Financial Highlights - **Total Liquidity**: Approximately $680 million as of Q3 2023 - **Funding**: Secured about $1.5 billion in non-dilutive funding, including $1 billion from a partnership with Eli Lilly for COVID-19 antibody development and $400 million from Canadian government support Business Model Transition - Shifted from a partnership-focused model to internal development of clinical assets - Over 100 therapeutic antibody programs worked on since 2014, with 16 molecules moving into clinical stages - New strategy emphasizes building a pipeline of first-in-class and differentiated molecules Pipeline Development - **Lead Asset**: AbCell 635, an antibody for treating vasomotor symptoms associated with menopause, currently in Phase 2 trials - **Additional Candidates**: - AbCell 575: A half-life extended OX40 ligand in Phase 1 - AbCell 386: New oncology candidate - AbCell 688: Targets GPCRs and ion channels for autoimmune conditions - **Clinical Readouts**: Anticipated data readout for AbCell 635 in Q3 2026 and for AbCell 575 at the end of 2026 Market Opportunity - Significant market for menopause treatments, with approximately 6 million women in the U.S. experiencing moderate to severe hot flashes - Differentiation from existing therapies includes a more convenient dosing regimen (once-monthly injection) and a potentially better safety profile compared to oral therapies Competitive Landscape - Current competitors include small molecules like fezolinetant and elinzanetant, which have safety concerns such as liver toxicity - AbCell 635 aims to avoid these issues by not metabolizing in the liver and not antagonizing NK1R, potentially leading to a better safety profile Clinical Development Strategy - Focus on high unmet medical needs and strong scientific rationale for selecting targets - Emphasis on indication-agnostic development, seeking to leverage technology for various therapeutic areas - Plans to initiate late-stage studies for AbCell 635 and other candidates based on positive clinical data Operational Insights - Established a GMP manufacturing facility to enhance bioresilience and reduce reliance on external CDMOs - Recruitment of skilled labor for manufacturing has been a challenge but has been successfully addressed Future Outlook - Anticipated continued investment in the pipeline with a focus on advancing clinical candidates - Expected cash burn of approximately $120 million annually, with sufficient liquidity to support operations for the next three years Key Takeaways - AbCellera is transitioning to a clinical-stage company with a robust pipeline and significant financial backing - The company is well-positioned to capitalize on unmet medical needs in women's health, particularly in menopause treatment - Upcoming clinical readouts are critical for the company's future trajectory and potential market impact