AbCellera Biologics Inc
ABCLHealthcare|Biotechnology|Canada
$6.79
-0.49 (-6.72%)
DCF (FCF)
$1.87
Tangible Book
$2.81
Financials
Financial Snapshot
Market Cap
$2.07B
Enterprise Value
$364.6M
Revenue (TTM)
$79.2M
Net Income (TTM)
$-144.0M
Cash & Equivalents
—
Net Cash/Share
$0.45
Free Cash Flow (TTM)
$-189.2M
Operating CF (TTM)
$-153.3M
Debt/Equity
0.15
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$38.3M
Monthly Burn
$12.8M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $10.4M | $7.6M | $594.1M | $723.0M | $886.5M | $760.6M | $625.6M | $533.8M | $504.7M | |
| Operating Cash Flow | $3.6M | $2.7M | $22.7M | $244.6M | $277.4M | $-43.9M | $-108.6M | $-131.3M | $-153.3M | |
| Free Cash Flow | $-1.7M | $-1.3M | $8.0M | $186.1M | $204.7M | $-120.8M | $-187.0M | $-174.1M | $-189.2M | |
| Capital Expenditure | $-5.3M | $-4.0M | $-14.7M | $-58.5M | $-72.7M | $-76.9M | $-78.4M | $-42.8M | $-36.0M | |
| Financing Cash Flow | $12.2M | $195.0K | $683.7M | $-3.9M | $-1.6M | $10.4M | $12.8M | $14.1M | $15.3M |
R&D Spending
R&D (TTM)
$191.0M
R&D Intensity
241.1%
R&D Growth YoY
+2.2%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.8M | $11.6M | $233.2M | $375.2M | $485.4M | $38.0M | $28.8M | $75.1M | $79.2M | |
| R&D Expense | $5.8M | $10.1M | $29.4M | $62.1M | $107.9M | $175.7M | $167.3M | $186.8M | $191.0M | |
| R&D % of Revenue | 65.7% | 87.1% | 12.6% | 16.5% | 22.2% | 462.0% | 580.1% | 248.7% | 241.1% | |
| SG&A | $2.9M | $4.0M | $15.8M | $48.8M | $66.8M | $75.2M | $85.5M | $83.2M | $76.5M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.8M | $11.6M | $233.2M | $375.2M | $485.4M | $38.0M | $28.8M | $75.1M | $79.2M | |
| Cost of Goods Sold | $0.00 | $0.00 | $27.1M | $45.5M | $66.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $8.8M | $11.6M | $206.0M | $329.7M | $419.0M | $38.0M | $28.8M | $75.1M | $79.2M | |
| R&D | $5.8M | $10.1M | $29.4M | $62.1M | $107.9M | $175.7M | $167.3M | $186.8M | $191.0M | |
| SG&A | $2.9M | $4.0M | $15.8M | $48.8M | $66.8M | $75.2M | $85.5M | $83.2M | $76.5M | |
| Operating Income | $841.0K | $-2.3M | $164.4M | $221.9M | $227.1M | $-223.1M | $-301.1M | $-203.2M | $-197.9M | |
| Interest Expense | $-212.0K | $-209.0K | $-6.5M | $-5.2M | $-4.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $309.0K | $-2.2M | $157.8M | $219.1M | $239.1M | $-174.0M | $-200.4M | $-177.6M | $-174.1M | |
| Net Income | $309.0K | $-2.2M | $118.9M | $153.5M | $158.5M | $-146.4M | $-162.9M | $-146.4M | $-144.0M | |
| EPS (Diluted) | 0.00 | -0.01 | 0.45 | 0.48 | 0.50 | -0.51 | -0.55 | -0.49 | -0.48 | |
| EBITDA | $1.4M | $-155.0K | $169.6M | $239.1M | $260.2M | $-192.2M | $-204.1M | $-174.4M | $-167.0M | |
| Shares Out. (M) | 237.72 | 237.72 | 263.13 | 318.29 | 314.83 | 289.17 | 294.33 | 298.71 | 303.07 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.4M | $7.6M | $594.1M | $476.1M | $386.5M | $133.3M | $156.3M | $128.5M | $77.1M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $246.8M | $499.9M | $627.3M | $469.3M | $405.3M | $427.7M | |
| Total Current Assets | $15.2M | $12.6M | $813.3M | $929.8M | $1.03B | $872.0M | $751.4M | $728.2M | $664.6M | |
| Total Assets | $21.5M | $23.5M | $1.01B | $1.32B | $1.54B | $1.49B | $1.36B | $1.36B | $1.31B | |
| Total Current Liabilities | $6.4M | $7.9M | $103.5M | $120.7M | $118.3M | $119.0M | $76.6M | $64.3M | $47.3M | |
| Long-Term Debt | $911.0K | $1.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $9.9M | $13.2M | $175.0M | $292.8M | $307.6M | $335.8M | $304.5M | $390.0M | $369.0M | |
| Stockholders' Equity | $11.6M | $10.3M | $830.5M | $1.03B | $1.23B | $1.15B | $1.06B | $966.9M | $938.1M | |
| Retained Earnings | $-2.5M | $-4.7M | $114.2M | $267.7M | $426.2M | $279.8M | $116.9M | $-29.5M | $-72.6M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.6M | $2.7M | $22.7M | $244.6M | $277.4M | $-43.9M | $-108.6M | $-131.3M | $-153.3M | |
| Capital Expenditure | $-5.3M | $-4.0M | $-14.7M | $-58.5M | $-72.7M | $-76.9M | $-78.4M | $-42.8M | $-36.0M | |
| Free Cash Flow | $-1.7M | $-1.3M | $8.0M | $186.1M | $204.7M | $-120.8M | $-187.0M | $-174.1M | $-189.2M | |
| Investing Cash Flow | $-5.3M | $-5.8M | $-119.8M | $-332.2M | $-352.6M | $-221.1M | $121.4M | $87.8M | $54.7M | |
| Financing Cash Flow | $12.2M | $195.0K | $683.7M | $-3.9M | $-1.6M | $10.4M | $12.8M | $14.1M | $15.3M | |
| Issuance of Stock | $2.6M | $0.00 | $522.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $2.9M | $580.0K | $105.5M | $7.3M | $2.8M | $11.6M | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-931.0K | $-399.0K | $-20.3M | $-1.8M | $-323.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $615.0K | $890.0K | $8.4M | $30.6M | $49.5M | $64.2M | $67.6M | $55.8M | $53.0M | |
| Net Change in Cash | $10.4M | $-2.9M | $586.6M | $-93.0M | $-86.5M | $-254.0M | $23.0M | $-28.4M | $-82.8M |
Dilution Tracker
Shares Outstanding
303M
5-Year Share Growth
-4.8%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 237.72 | 237.72 | 263.13 | 318.29 | 314.83 | 289.17 | 294.33 | 298.71 | 303.07 | |
| YoY Change % | — | 0.0% | 10.7% | 21.0% | -1.1% | -8.2% | 1.8% | 1.5% | 1.5% | |
| Stock Issuance | $2.6M | $0.00 | $522.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $615.0K | $890.0K | $8.4M | $30.6M | $49.5M | $64.2M | $67.6M | $55.8M | $53.0M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 88.4% | 87.9% | 86.3% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 9.5% | -20.2% | 70.5% | 59.1% | 46.8% | -586.6% | -1044.4% | -270.5% | -249.8% | |
| Net Margin % | 3.5% | -19.0% | 51.0% | 40.9% | 32.7% | -385.0% | -564.8% | -194.9% | -181.8% | |
| EBITDA Margin % | 16.3% | -1.3% | 72.7% | 63.7% | 53.6% | -505.3% | -708.0% | -232.1% | -210.9% | |
| FCF Margin % | -19.7% | -11.2% | 3.4% | 49.6% | 42.2% | -317.7% | -648.4% | -231.7% | -238.9% | |
| ROE % | 2.7% | -20.2% | 28.3% | 16.5% | 14.0% | -12.3% | -14.7% | -14.5% | -14.7% | |
| ROA % | 1.4% | -9.8% | 23.1% | 13.2% | 11.1% | -9.7% | -11.4% | -10.8% | -10.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 20.76 / 165.61
Industry Med.27.51
P/S25.72
Historical4.52 / 19.72 / 512.17
Industry Med.9.49
P/B2.20
Historical0.57 / 1.62 / 175.30
Industry Med.2.93
EV/EBITDA-10.23
Historical-50.05 / -1.08 / 2202.26
Industry Med.13.02
EV/Revenue21.58
Historical2.12 / 8.44 / 547.59
Industry Med.8.59
P/FCF—
Historical9.33 / 20.75 / 1591.89
Industry Med.27.13
Intrinsic Value Models
DCF (FCF Based)
$1.87
Tangible Book
$2.81
Net Current Assets
$0.970
Net-Net Working Capital
$0.55
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | 89.42 | 29.79 | 20.26 | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 45.42 | 12.13 | 6.57 | 43.59 | 29.90 | 13.57 | 25.72 | |
| PB Ratio | 0.00 | 0.00 | 13.06 | 3.95 | 2.36 | 1.44 | 0.82 | 1.06 | 2.20 | |
| EV/EBITDA | 0.00 | 0.00 | 60.46 | 14.08 | 8.08 | -5.09 | -1.50 | -3.66 | -10.23 | |
| EV/Revenue | 0.00 | 0.00 | 43.98 | 8.98 | 4.33 | 25.70 | 10.62 | 8.48 | 21.58 |
Analyst Estimates & Quality
Altman Z-Score
3.48
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
-0.70
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $32.01M | $34.36M | $40.44M |
| Net Income | $-197.79M | $-242.75M | $-284.54M |
| EPS | -0.66 | -0.73 | -0.84 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -0.38 | 0.00 | 0.00 |
| Operating CF | $-115.17M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovery and development of antibody drugs | $75.1M |
By Geography
| Segment | 2025 |
|---|---|
| Canada | $64.0M |
| United States | $11.1M |