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Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common Shares
As of December 31, 2024 and 2025, the Company’s articles of the corporation, as amended and restated, authorized the Company to issue unlimited voting common shares, each with no par value per share.
As of each balance sheet date, common shares consisted of the following:
December 31, 2024December 31, 2025
Shares authorizedShares issued and outstandingShares authorizedShares issued and outstanding
Common sharesUnlimited295,757,002Unlimited300,600,710
Each voting common share entitles the holder to one vote on all matters submitted to a vote of the Company’s shareholders. Common shareholders are entitled to receive dividends, if any, as may be declared by the board of directors. Through December 31, 2025, no cash dividends had been declared or paid by the Company.
Stock-based compensation
Seventh Amended and Restated Stock Option Plan:
We maintain the AbCellera Biologics Inc. Seventh Amended and Restated Stock Option Plan, our Pre-IPO Plan, which was approved by our board of directors on November 18, 2020. The Pre-IPO Plan allows for the grant of options
(and for U.S. participants, either incentive stock options and/or nonstatutory stock options) to employees, directors, and consultants, subject in each case to compliance with applicable tax laws.
Our 2020 Share option and Incentive Plan, or 2020 Plan, became effective on the date immediately prior to the date on which our initial S-1 registration statement was declared effective by the SEC on December 10, 2020. As a result, we do not expect to grant any additional awards under the Pre-IPO Plan following that date. Any awards granted under the Pre-IPO Plan will remain subject to the terms of our Pre-IPO Plan and applicable award agreements.
2020 Share Option and Incentive Plan:
Our 2020 Plan was approved by our board of directors on November 18, 2020, and approved by our shareholders on December 1, 2020, and became effective on the date immediately prior to the date on which our initial S-1 registration statement was declared effective by the SEC on December 10, 2020. The 2020 Plan replaced our Pre-IPO Plan, as our board of directors will not make additional awards under the Pre-IPO Plan.
The shares we issue under the 2020 Plan will be authorized but unissued shares or shares that we reacquire and typically vest over four years. The common shares underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by us prior to vesting, satisfied without any issuance of shares, expire or are otherwise terminated (other than by exercise) under the 2020 Plan and the Pre-IPO Plan will be added back to the common shares available for issuance under the 2020 Plan.
The maximum aggregate number of common shares that may be issued as incentive share options may not exceed the Initial Limit cumulatively increased on January 1, 2022, and on each January 1 thereafter by the lesser of (i) the Annual Increase for such year or (ii) 21,280,000 common shares. As of December 31, 2025, the number of shares available for issuance under the 2020 Plan was 31,911,780 which includes awards granted and outstanding under the Pre-IPO Plan that are forfeited after December 10, 2020.
The following table summarizes the Company’s stock options granted under the Pre-IPO Plan:
Number of
Shares		Weighted-
Average Exercise
Price		Weighted-
Average Contractual Term (years)
Outstanding as of December 31, 202426,732,456$0.99 4.30
Granted—— 
Exercised(2,643,237)0.22 
Forfeited0— 
Outstanding as of December 31, 202524,089,219$1.07 3.60
Options exercisable as of December 31, 202524,089,219$1.07 3.60

The following table summarizes the Company’s stock options granted under the 2020 Plan:
Number of
Shares		Weighted-
Average Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)
Outstanding as of December 31, 202424,008,664$9.93 8.11
Granted14,576,2413.05 
Exercised(52,067)4.62 
Forfeited(2,156,797)6.50 
Outstanding as of December 31, 202536,376,041$7.38 7.76
Options exercisable as of December 31, 202515,877,440$11.46 6.61
The intrinsic value of options exercised during 2023, 2024, and 2025 was $18.5 million, $14.7 million and $8.7 million, respectively. As of December 31, 2025, there was $49.2 million of unrecognized compensation cost related to unvested stock options granted under the Plans, which is expected to be recognized over a weighted average period of 2.3 years.
Restricted Share Units
The Company grants Restricted Share Units (RSUs) to certain employees that vest over a period of four years, in the amount of one-quarter each year on the anniversary of the grant date and a contractual term of ten years. RSUs are equity-settled on each vesting date, subject to the grantee’s continued employment with the Company on the vesting date. The fair value of RSUs granted was calculated by using the Company’s closing stock price on the grant date.
The following table summarizes the Company’s RSUs granted under the 2020 Plan:
 
Number of Shares
Weighted- Average Grant Date Fair Value
Outstanding as of December 31, 20246,629,833$7.53 
Granted5,302,7623.12 
Vested and settled(2,148,404)9.12 
Forfeited(946,807)5.22 
Outstanding as of December 31, 20258,837,384$4.75 
The intrinsic value of RSUs vested and settled during 2023, 2024, and 2025 was $8.0 million, $5.4 million, and $6.8 million, respectively. As of December 31, 2025, there was $27.7 million of unamortized RSU expense that will be recognized over a weighted average period of 2.3 years.
Stock-based compensation expense was classified in the consolidated statements of loss and comprehensive loss as follows:
Year ended December 31,
202320242025
Research and development expenses$31,781 $30,779 $30,147 
Sales, general, and administrative expenses32,403 36,802 25,645 
$64,184 $67,581 $55,792 

The fair value of each option award is determined on the date of grant using the Black-Scholes option pricing model. The weighted-average valuation assumptions for stock options granted in the period are as follows:

Year ended December 31,
202320242025
Average risk-free interest rate1
3.73 %3.94 %4.41 %
Expected volatility2
70.0 %70.0 %70.0 %
Average expected term (years)3
6.256.226.20
Expected dividend yield4
0.0 %0.0 %0.0 %
Weighted average fair value of options granted5
$5.78 $3.42 $2.04 
(1)This rate is from federal government marketable bonds for each option grant during the year, having a term that most closely resembles the expected term of the option.
(2)Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have sufficient history of its own volatility, the Company has identified several public entities of similar complexity and stage of development and calculates historical volatility using the volatility of these companies.
(3)This is the period of time that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company uses the simplified method to calculate the average expected term, which represents the average of the vesting period and the contractual term.
(4)No dividends are expected to be paid by the Company.
(5)Options are granted with an exercise price equal to the fair market value of the Company’s common stock on the grant date.