ABCL

Antibody-discovery platform — single-cell microfluidics + deep-sequencing + ML to identify and optimize antibody candidates rapidly. Canadian-listed (CAD reporting). Pipeline transition underway: from pure platform-royalty model toward direct internal candidates. Lead ABCL635 on track for Phase 2 top-line Q3 2026. Cash position CAD 531M + CAD 124M in government funding available.

• •2026-Q1 — Cash + marketables CAD 531M (down CAD 30M sequentially); CAD 655M total liquidity including government funding; net loss narrowed slightly Y/Y
• •2026 — Interim Phase 1 data for ABCL635 (lead program) showed well-tolerated profile + dose-dependent testosterone suppression; on track for Phase 2 top-line Q3 2026
• •2026-1H — Plan to select a 5th internal development candidate; ABCL575 + ABCL688 + ABCL386 progressing through IND-enabling work
• •Snapshot 2026-05-18: mcap ~$980M (USD equivalent of CAD listing)
• •Setup tension: Multiple shots on goal (5+ programs in clinic by year-end) but Canadian-listed status caps liquidity premium vs US peers; the platform-vs-pipeline transition makes near-term revenue lumpy