AI antibody discovery · Pharma partnerships
AbCellera Biologics
An AI antibody-discovery company that sells discovery work to pharma (Eli Lilly, AbbVie, Jazz and others) for upfronts, research fees, milestones and royalties. FY2025 revenue $75.1M (including a $36.0M Bruker patent settlement); H1 2026 $12.4M. Jazz paid a $56.0M upfront in June 2026. Its own antibody ABCL635 posted positive Phase 2 results in August 2026. Funded by $540M of cash and securities plus Canadian government contributions.
Business categories AI Drug Discovery & Precision Medicine · Biopharma & Life Sciences · primary
ABCL Updated Oct 9, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, AbCellera Biologics is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 14 dated sources, 6 of them primary filings (as of 2026-10-09).
Annual return · 2026-09-04'22-29.2%'23-43.6%'24-48.7%'25+16.7%YTD+234.2%
Money in ▸Pharma (Lilly · Jazz · royalties)●Revenue $75.1Jazz Pharmaceuticals●upfront $56Bruker Cellular Analysis (특허 합의)●Revenue $36Lilly (Eli)●AbbVie●Milestones · royalties (104 programs)◐
AbCellera BiologicsFY2025 revenue $75.1M
▸ Money outDayhu JV (본사 임차료)●cost $2.5Wet lab · sequencing · clinical (undisclosed)◐cost $12.2
Financials & Segments
- Total revenue · FY2025 revenue $75.1M (research fees $27.2M; licensing/royalties $46.9M), H1 2026 $12.4M, cash and securities $540.1M (end-June)
- Customer concentration · 104 cumulative partner programs; 35 with downstreams and 12 molecules in the clinic (Jun 2026). Lilly, AbbVie, Jazz. 2025 includes a one-off $36.0M Bruker patent settlement.
- Segments · Partnerships/milestones/royalties · Own pipeline
Revenue from
- Pharma (Lilly · Jazz · royalties) High confidence· Revenue $75.1 · FY2025 · AbCellera FY2025 revenue (research fees $27.2M + milestones $1.0M + licensing/royalties $46.9M)
Aggregate partner revenue. FY2025 total $75.1M (research fees $27.2M, milestones $1.0M, licensing and royalties $46.9M including the $36.0M patent settlement). H1 2026 $12.4M. Lilly, AbbVie and Jazz are split out as separate edges.Mentions EN Analyst consensus (via MarketBeat) Published Sep 29, 2026: AbCellera (ABCL) analyst ratings and price-target consensus (Moderate Buy, avg $13.38)Confirms KO TheBio Published Jun 18, 2026: Jazz to develop next-generation TCE multispecific antibodies with Canada's AbCelleraConfirms EN SEC EDGAR (AbCellera 10-K) Published Feb 27, 2025: AbCellera Biologics Inc. Form 10-K FY2024Confirms EN Investing.com Published Jan 1, 2025: Jazz-AbCellera cancer-antibody partnership ($56M upfront)Confirms EN AbCellera IR Published Jul 31, 2024: AbCellera and Lilly Expand Collaboration to Develop Antibody Medicines - Jazz Pharmaceuticals High confidence· upfront $56 · 2026 Q2 · 10-Q non-refundable upfront (two programs), $28.0M more contingent
A June 2026 research, option and license deal for next-generation T-cell-engaging multispecifics. $56.0M non-refundable upfront received in Q2, with $28.0M more due when a third program starts. Recognized as research is performed (Q2 revenue was $4.1M).Confirms KO TheBio Published Jun 18, 2026: Jazz to develop next-generation TCE multispecific antibodies with Canada's AbCellera - Bruker Cellular Analysis (특허 합의) High confidence· Revenue $36 · FY2025 · 10-K patent settlement upfront (within $46.9M licensing and royalty revenue)
Settled the patent-infringement suit filed in 2020 in December 2025: a $36.0M upfront (recognized in 2025 revenue) plus royalties on Beacon optofluidic platform sales for the life of the patents. - Lilly (Eli) High confidence
Began with COVID-19 antibodies (bamlanivimab and bebtelovimab under EUA) in 2020 and expanded in July 2024 into a multi-target pact across immunology, cardiovascular and neuroscience. AbCellera receives upfront and research payments with rights to milestones and royalties on net sales; amounts undisclosed.Confirms EN AbCellera IR Published Jul 31, 2024: AbCellera and Lilly Expand Collaboration to Develop Antibody MedicinesMentions KO BioSpectator Published Mar 12, 2024: Biogen strikes discovery deal with AI firm AbCellera for brain-penetrant novel-target antibodiesConfirms KO Medical Times Published Mar 18, 2020: Lilly starts joint development of COVID-19 antibody therapy - AbbVie High confidence
A multi-year pact for up to five targets in December 2022, expanded in January 2025 to oncology T-cell engagers (TCE). Upfront and research payments plus milestones and tiered royalties; amounts undisclosed. No Korean-language coverage found yet.Confirms EN Business Wire Published Jan 13, 2025: AbCellera Expands Collaboration with AbbVie to Develop Novel T Cell Engagers for OncologyConfirms EN Business Wire Published Dec 15, 2022: AbCellera and AbbVie Partner to Advance New Antibody Therapies - Milestones · royalties (104 programs) Medium confidence
Downstream milestones and royalties from 104 cumulative partner programs. At end-June 2026, 35 partner-led programs with downstreams and 12 molecules in the clinic (down from 44 and 14 at end-2025).Mentions EN SEC EDGAR (AbCellera 8-K) Published Aug 10, 2026: AbCellera Form 8-K: positive ABCL635 Phase 2 top-line resultsConfirms EN SEC EDGAR (AbCellera 10-K) Published Feb 27, 2025: AbCellera Biologics Inc. Form 10-K FY2024
Pays to
- Dayhu JV (본사 임차료) High confidence· cost $2.5 · 2026 H1 · 10-Q lease expense to Dayhu JV (operating expenses)
Leases its headquarters from the joint venture. Lease expense $2.5M in H1 2026, lease liability $44.2M at end-June. Leases expire from 2037. - Wet lab · sequencing · clinical (undisclosed) Medium confidence· cost $12.2 · FY2026 약정 · 10-K clinical/CRO/manufacturing commitments (within one year)
$12.2M of commitments due within a year to clinical-trial organizations, CROs and internal manufacturing (end-2025). Counterparties undisclosed.
Investors
- 캐나다·BC 주정부 (비희석 출연금) High confidence· funding $347.9 · 2020~2025 · 10-K cumulative non-dilutive government financing (CAD $475.6M)
CAD $475.6M ($347.9M) of non-dilutive government funding since 2020: CAD $175.6M from the federal SRF (formerly SIF) in 2020 and CAD $300M from Canada and British Columbia in 2023. Covenants require consent if anyone acquires 20%+ and restrict dividends.
Investments
- Beedie JV (신규 연구동, 지분 50%) High confidence· equity investment $53.8 · 2026-06-30 · 10-Q equity-method investment balance
A 50% joint venture building 220,000 sq ft of lab and office space in Vancouver. Equity-method balance $53.8M at end-June 2026; to be leased or sublet on completion. - Dayhu JV (본사 사옥, 지분 50%) High confidence· equity investment $10.8 · 2025-12-31 · 10-K equity-method investment balance
A 50% joint venture owning the 167,000 sq ft headquarters completed in 2024. After a December 2025 loan secured on the building and a distribution, the equity balance fell from $41.0M to $10.8M.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Cardinal Health, Inc. | lead2 | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +21.1 |
| McKesson Corporation | lead2 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +14.8 |
| Cencora, Inc. | lead2 | +44.1 | +26.3 | +25.3 | +10.4 | +51.5 | -1.4 |
| Celltrion | lead2 | -52.3 | +13 | +10.1 | +5.4 | +22 | -5.9 |
| AbbVie | lead1 | +32.4 | +24 | -0.2 | +18.9 | +33.1 | +23.9 |
| Lilly (Eli) | lead1 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +10.3 |
| AbCellera Biologics | node | · | -29.2 | -43.6 | -48.7 | +16.7 | +234.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
AbCellera Biologics operates across NASDAQ, AI antibody discovery, pharma partnerships. It is up +234.2% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. A node selling discovery to pharma.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $9 · Price $11.43 (09-04) · Upside -21%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| JonesTrading · Debanjana Chatterjee | Buy | $13 | Jun 26, 2026 | Report ↗ |
| BMO Capital Markets · Evan Seigerman | Outperform | $7 | Jun 18, 2026 | Report ↗ |
| Stifel Nicolaus · Stephen Willey | Buy | $8 | May 12, 2026 | Report ↗ |
After strong ABCL635 Phase 1 data, Stifel and JonesTrading led a wave of target hikes; coverage is now uniformly Buy with an average target near $10.5.
Analyses covering this node
- The application is still a story, the infrastructure demand is already measured: techbio as the first case Jun 23, 2026
← All companiesMarkdown · JSON · Customers · Suppliers · Ripple · Consensus