AbCellera is a clinical-stage biotech company building a pipeline of wholly owned antibody drug candidates. AbCellera's core strategy is to use its proprietary discovery platform to generate first-in-class or best-in-class antibodies, advance them through early clinical trials, and then either out-license assets to larger pharma companies or, in some cases, continue toward commercialization. AbCellera's lead program, ABCL635, is a potential first-in-class antibody targeting NK3R for the non-hormonal treatment of hot flashes associated with menopause, with Phase 1/2 topline data expected in Q3 2026. Its second clinical program, ABCL575, targets OX40L and is being developed for atopic dermatitis and other inflammation conditions, with topline data expected Q4 2026. Two additional programs in autoimmunity and oncology are in IND-enabling studies, with Phase 1/2 trials anticipated in 2027. AbCellera has invested roughly $1B over 15 years to build a vertically integrated platform spanning antibody discovery through clinical manufacturing, with particular strength in targeting GPCRs and ion channels — complex proteins that are difficult to drug with antibodies. AbCellera sells nothing today and generates modest declining revenue from a legacy business performing antibody discovery for pharma partners in exchange for research fees and downstream royalties. AbCellera has started 104 partner-initiated programs with downstream participation, with partners including Eli Lilly, AbbVie, Regeneron, and Gilead. AbCellera holds roughly $700M in available liquidity, including substantial non-dilutive Canadian government funding, which it expects to fund operations beyond three years.