EX-99.2 3 a2025q4fybusinessupdatef.htm EX-99.2
CO PY RI GH T © A BC EL LE RA FEBRUARY 24, 2026 FULL YEAR 2025 BUSINESS UPDATE

These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this presentation represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. 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, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. 2 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e

3 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e We successfully transitioned to a clinical-stage biotech while delivering on all corporate priorities and maintaining our strong liquidity position. ABCL635 Phase 1 clinical trials initiated (June 2025) ABCL575 Phase 1 clinical trials initiated (July 2025) Completed platform investments by the first half of the year Initiated activities at the new clinical manufacturing facility Nominated two development candidates for CTA-enabling studies (ABCL688 & ABCL386) in available liquidity to execute on our strategy ~$700M 2025 FULL YEAR RECAP As of December 31, 2025

4 CO PY RI GH T © A BC EL LE RA MOLECULE TARGET THERAPEUTIC AREA STAGE Discovery IND-Enabling Phase 1 Phase 2 Phase 3 ABCL635 NK3R Endocrinology & Women’s Health ABCL575 OX40L Immunology & Inflammation ABCL688 Undisclosed GPCR / ion channel Autoimmunity ABCL386 Undisclosed Oncology Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Two programs in the clinic, two programs in IND/CTA-enabling activities, and 20+ programs in discovery. INTERNAL PIPELINE 20+ discovery programs in the pipeline 2025 2026 2025 2026 2025 2026 Program progress At Q4 2025At Q4 2024 MOLECULE TARGET THERAPEUTIC AREA STAGE Discovery IND-Enabling Phase 1 Phase 2 Phase 3 ABCL635 NK3R Endocrinology & Women’s Health ABCL575 OX40L Immunology & Inflammation ABCL688 Undisclosed GPCR / ion channel Autoimmunity ABCL386 Undisclosed Oncology 2025 2026 2025 2026

5 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e In Phase 2 clinical trial with readout anticipated in Q3 2026. ABCL635 NK3R Antagonist Success in the Phase 1/2 study would be data that supports our Target Product Profile: Dosing flexibility with a once monthly subcutaneous self-injection A differentiated safety profile with reduced toxicities & side effects Comparable efficacy to approved small molecules INTERNAL PIPELINE

6 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Q1 Q2 Q3 Q4 Two readouts in 2026 & potential for multiple catalysts in 2027. 2026 ABCL635 Menopausal VMS ABCL635 VMS in Oncology ABCL575 Immunology & Inflammation ABCL386 Oncology ABCL688 Autoimmunity New Development Candidate Development candidate selection Phase 1/2 Phase 1 Additionally, 20+ discovery programs in the pipeline anticipated to produce 1-2 development candidates per year IND-enabling IND-enabling 2027 Late stage development of ABCL635 in menopausal VMS Potential Catalysts in 2027 Initiation of Phase 2 studies of ABCL635 in oncology VMS Options for further development or out-licensing of ABCL575 IND submissions and initiation of Phase 1/2 study in patients for ABCL688, ABCL386 and a new development candidate Readout Readout

7 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Advance pipeline to key data readouts for ABCL635 and ABCL575, and set up for additional three INDs in 2027. Nominate at least 1 additional development candidate for IND-enabling activities 2026 PRIORITIES ABCL635 Phase 1 clinical trials topline readout in H2 2026 ABCL575 Phase 1 clinical trials topline readout in H2 2026 ABCL688 progressing through IND-enabling studies ABCL386 progressing through IND-enabling studies

8 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e FULL YEAR 2025 FINANCIALS UPDATE

9 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e We have the capabilities and the capital to execute on our strategy. * As of December 31, 2025 in total available government funding*~$140M in total cash, cash equivalents, & marketable securities*~$560M in available liquidity to execute on our strategy*~$700M

10 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e PARTNER-INITIATED PROGRAM STARTS WITH DOWNSTREAMS Cumulative # of MOLECULES IN THE CLINIC Cumulative # of As of December 31, 2025. Historical results are not necessarily indicative of future results. Continuing portfolio advances with two AbCellera-led programs in the clinic. AbCellera-led Partner-led 2 4 6 8 10 12 14 16 18 20 0 2015 17 18 19 20 21 22 23 24 25 19 16 10 20 30 40 50 60 70 80 90 100 110 0 16 17 18 19 20 21 22 23 24 25 104 2015 Notable Updates on Molecule This Quarter’s Update ABCL635 Phase 2 initiated (January 2026) Undisclosed Dechra/Invetx Pivotal studies initiated AB-3028 Arsenal Bio IND authorized MOLECULES IN THE CLINIC

11 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Partner-initiated programs continue to progress towards the clinic. PARTNER-INITIATED PROGRAMS WITH DOWNSTREAM PARTICIPATION*Cumulative # of *Excludes AbCellera-initiated and Trianni-license program. As of December 31, 2025. Historical results are not necessarily indicative of future results. 104 6 84 50 14 34 37 5 6 Understood to be Progressing In Progress AbCellera Leading or Co-Leading Work Partner Leading Work AbCellera Started Transferred to Partner Clinical Development Preclinical Development Discovery Not Expected to Progress Not Expected to Progress

12 CO PY RI GH T © A BC EL LE RA RESEARCH & DEVELOPMENT SALES, GENERAL & ADMIN Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Operating expenses reflect R&D investments. Operating Expenses USDRevenue USD MILESTONES RESEARCH FEES LICENSING AND ROYALTY $1.0M $46.9M $26.3M $27.2M 2024 $28.8M $75.1M 2025 20252024 $167.3M $186.8M +$19.6M 20252024 $85.5M $83.2M -$2.3M

13 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Net loss of $146M; equivalent to ($0.49) per share (basic & diluted). Earnings USD NET EARNINGS EARNINGS PER SHARE: BASIC AND DILUTED 2024 2025 ($162.9M) ($146.4M) 2024 2025 ($0.55) ($0.49)

14 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e Approximately $560M in total cash, equivalents, and marketable securities. Cash Flows USD * Restricted cash (including restricted cash in other assets)

15 CO PY RI GH T © A BC EL LE RA Fu ll Y ea r 2 02 5 Bu si ne ss U pd at e THANK YOU