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- **Clinical Momentum**: Phase I trials for ABCL635 and ABCL575 on track for 2026 readouts; $680M liquidity supports pipeline expansion.
- **Leadership Shift**: Dr. Sarah Noonberg appointed CMO to accelerate clinical development; Geoff Nichol departs after platform transition.
- **Revenue Transition**: Q3 revenue $9M (up 29% YoY), but R&D expenses rise to $55M as internal programs dominate focus.
- **Strategic Focus**: 103 partner programs in pipeline, with long-term value from downstream milestones; 4th internal candidate expected by year-end.
- **Competitive Position**: ABCL635 targets underserved VMS population; ABCL575 aims for 6-month dosing vs. 1-month competitors.

**【CEO Summary Section】**
- AbCellera transitioned from a platform company to a clinical-stage biotech, with Phase I trials for ABCL635 and ABCL575 progressing on track for 2026 readouts.
- Launched clinical manufacturing facility and completed platform investments, with $680 million in available liquidity.
- Appointed Dr. Sarah Noonberg as Chief Medical Officer to lead clinical pipeline development, while SVP of Development Geoff Nichol stepped down.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $9 million (vs. $7 million in Q3 2024), driven by research fees, but expected to trend lower as focus shifts to internal programs.
- R&D expenses: $55 million (up $14 million YoY), with $15 million invested in 2 internal programs.
- Net loss: $57 million (vs. $51 million YoY), with $523 million in cash and marketable securities.
- Government funding commitments: $160 million available for internal pipeline advancement.

**【Q&A Key Highlights】**
- **Partner-Initiated Programs**: 103 programs in pipeline, with clinical development lagging due to partner timelines (e.g., 6-year delay for some molecules). Long-term value expected from downstream milestones and royalties.
- **CMO Role**: Dr. Noonberg's expertise in clinical development and broad modality experience will accelerate pipeline maturation.
- **ABCL635 Data Disclosure**: Single disclosure post-proof-of-concept (mid-2026), seeking safety and efficacy comparable to fezolinetant for VMS treatment.
- **ABCL575 Enrollment**: On track, with focus on PK/half-life supporting 6-month dosing hypothesis.
- **Pipeline Progress**: On track to advance 4th internal candidate into IND-enabling studies by year-end.
- **Competitive Landscape**: ABCL635 targets 20% of women ineligible for MHT; competitors include VEOZAH and Lynkuet. ABCL575 differentiated by potential for less frequent dosing than amlitelimab.

AbCellera Biologics Inc. (ABCL) Q3 2025 Earnings Call Transcript

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