AbCellera Biologics Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Licensing and royalty revenue was 62% and Research fees was 36% of revenue; Licensing and royalty revenue rose from 3% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, Canada was 85% and United States was 15% of revenue; United States rose from 5% in the fiscal year to Dec 2023.

Quarters: AbCellera Biologics Inc.'s SEC filings, named by the month they end. Fiscal years: AbCellera Biologics Inc.'s annual reports to the SEC.

How it makes money

Margins over the past years, from the annual income statement.

Each margin is that line of the income statement divided by revenue. Fiscal year: AbCellera Biologics Inc.'s annual reports to the SEC.

How much goes into research?

AbCellera Biologics spent $186M on research and development in the four quarters to Sep 2026, 274.5% of its revenue, against 517.5% a year earlier. Over the year its research spending rose 1.9% and its revenue rose 92.1%.

From AbCellera Biologics Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

How long can the cash last?

AbCellera Biologics had $764M in cash and short-term investments at the end of Sep 2026. It burned $33M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 93 quarters. Its diluted share count is up 8% from two years earlier.

From AbCellera Biologics Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report AbCellera Biologics sells to Bruker; it names no suppliers.

 

ABCLAbCellera Biologics

Customers

Bruker BRKR

Partners

BBeedieJointly construct office and laboratory headquarters50% joint venture; $39.4 million loan receivable at December 31, 2025

Bruker BRKRLicense patents for Beacon Optofluidic products$36.0 million upfront plus future royalties; December 2025 agreement

AbbVie ABBVMulti-target antibody discovery and development

Biogen BIIBNeuroscience antibody discovery and development

Regeneron REGNMulti-target antibody discovery and development

Incyte INCYOncology antibody discovery and development

RRQ BiotechnologyInfectious disease antibody discovery and development

Rallybio RLYBMulti-target antibody discovery and development

EEmpiricoMulti-target antibody discovery and development

EEverest MedicinesMulti-target antibody discovery and development

Moderna MRNADevelop RNA-encoded antibodies

TTachyonOncology antibody discovery and development

Gilead GILDMulti-target antibody discovery and development

AAbderaOncology antibody discovery and development

IInvetxAnimal health antibody discovery and development

Kodiak Sciences KODOphthalmology antibody discovery and development

IIGM BiosciencesOncology and immunology antibody development

Denali Therapeutics DNLINeurological disease antibody discovery and development

Novartis NVSMulti-target antibody discovery and development

Autolus Therapeutics AUTLCAR-T cell therapy antibody development

Teva TEVAAntibody discovery and development

Pfizer PFEMembrane protein antibody discovery and developmentEli Lilly LLYPartner COVID-19 antibody asset

Alloy TherapeuticsLicense antibody discovery technology

DDayhuJointly own office and laboratory headquarters50% joint venture

DDechra PharmaceuticalsAnimal health antibody development

GigaGen GRFSLicense Trianni platform for oncology antibodies

NNovaRock BiotherapeuticsLicense Trianni antibody discovery platform

Changes since the previous annual report (10-K filed Feb 27, 2025)

DDechra PharmaceuticalsNamed for the first time, as a partner

Eli Lilly LLYNamed for the first time, as a partner

Only the companies AbCellera Biologics names in its 10-K filed Feb 24, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 55.9x, above the peer median of 15.2x. Revenue is down 76% from a year ago.

Above the peer median of 15.2x. The market pays more per $1 of revenue than for peers.

AbCellera Biologics Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $17.17, 48% above the current price; 92% of 13 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 12 analysts (92%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $7.00 to $16.17 (+131%), while ABCL went from $3.62 to $11.62 (+221%). No firm raised or cut its target in the past three months. 1 upgrade and no downgrades over the year; the latest: Benchmark moved it to Buy from Hold on Jul 7, 2026.

The day after each of these reports the stock moved +5.3% (Dec 2025, beat); −5.5% (Mar 2026, beat); +7.2% (Jun 2026, missed); +4.9% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.17 a share, and revenue of $7.5M, down 83% on a year earlier.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $18M exceeds operating cash flow of −$15M, leaving free cash flow of −$33M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 11.3, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 fund whose copy leaves ABCL out (on the exchange, not in the app yet): Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 4 held ABCL at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 2 cut, 1 sold all and 1 held the same. The largest of them is Tudor Investment Corp Et Al, 2.06M shares worth $16.2M at Jun 30, 2026, 9.3% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ABCL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $2.0M of ABCL on the open market in the 12 months to Nov 10, 2026; none sold. The largest was Michael R Hayden (Director), who bought $1.1M in 2 purchases.

From the Form 4s filed with the SEC about AbCellera Biologics Inc. (22 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 3 other transactions (option exercises and gifts). Also not counted: 2 trades by holders of more than 10% who are neither officers nor directors.