10-K · February 24, 2026
AbCellera completed its multi‑year platform build in 2025, opened a 130,000‑square‑foot clinical manufacturing facility and transitioned to an internal, clinical‑stage pipeline (two clinical candidates and two…
Earnings analysis · 10-Q
ABCL earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
AbCellera reported a strong Q1 2026, with revenue of $8.3 million and an EPS of -$0.14, outpacing estimates. This marks a significant recovery from prior quarters, attributed to advancements in its research programs and…
Read full summary
AbCellera reported a strong Q1 2026, with revenue of $8.3 million and an EPS of -$0.14, outpacing estimates. This marks a significant recovery from prior quarters, attributed to advancements in its research programs and a robust liquidity position. However, ongoing operating losses and high R&D expenses continue to pose challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.14
- Gross margin
- 100.0%
What stood out
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Significant Revenue Growth
Q1 2026 revenue increased by 96% year-over-year to $8.3 million compared to $4.2 million in Q1 2025.
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EPS Surprise
Reported EPS of -$0.14 beat expectations of -$0.20 by a margin of $0.06.
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Robust Liquidity Position
Liquidity stands at $504.7 million, including $77.1 million in cash and cash equivalents.
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Decreased Operating Expenses
Total operating expenses fell slightly to $65.8 million from $66.9 million year-over-year.
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Improved Gross Margin
Gross margin for Q1 2026 was 100%, consistent with previous quarters.
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Positive Phase 1 Data
Recent positive Phase 1 clinical trial data for ABCL635 indicates effective treatment with a favorable safety profile.
What to watch
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Continued Operating Losses
Operating loss decreased to $57.5 million in Q1 2026, but losses persist as R&D expenses rose to $46.7 million.
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High R&D Expenses
Research and development expenses increased by 10% year-over-year to $46.7 million, raising concerns about sustainability.
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Market Reliance on Clinical Trials
The company's future success heavily depends on the outcomes of ongoing clinical trials, particularly for ABCL635.
Management's outlook
Guidance deferred to earnings press release / call.
Earlier filings 4
10-Q · August 7, 2025
AbCellera reported Q2 revenue of $17,084,000 (up from $7,323,000 in Q2 2024) and GAAP diluted loss per share of $(0.12). Revenue strength was driven by a $10,445,000 licensing revenue recognition; operating loss…
10-Q · November 4, 2024
AbCellera reported Q3 (three months ended September 30, 2024) revenue of $6,507,000 and GAAP diluted loss per share of $(0.17). Revenue was roughly flat year-over-year (Q3 2023: $6,599,000) while operating loss widened…
10-Q · May 7, 2024
AbCellera reported quarterly revenue of $9.954 million and GAAP net loss per share of $(0.14). Revenue declined from $12.192 million a year earlier while operating expenses fell (total operating expenses $64.848…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.