AbCellera Signs Jazz and Vertex T-Cell Engager Deals

The Tip Desk · August 5, 2026 · 3 min read

The clinical-stage biotech booked $84 million in upfront payments from Jazz and $28 million from Vertex, adding over $100 million in cash as ABCL635 Phase 2 enrollment closed.

AbCellera Biologics (ABCL) completed enrollment in the Phase 2 study of ABCL635 and said it expects to announce top-line data in August 2026, as founder and CEO Carl Hansen, Ph.D., framed the quarter around two new T-cell engager collaborations that together add more than $100 million in upfront cash.

The Vancouver-based company, which describes itself as a clinical-stage biotechnology firm focused on first-in-class antibody-based medicines in endocrinology, women’s health, immunology and oncology, announced a partnership with Jazz Pharmaceuticals plc to discover and develop next-generation T-cell engagers for gastrointestinal cancers and other solid tumors. AbCellera is receiving $84 million in total upfront payments, with $56 million for the first two research programs and $28 million for a third program that will start within 12 months. It is eligible for up to $792 million per program in option fees and development, regulatory and commercial sales milestones, plus tiered royalties on net sales ranging from mid-single digits to low double digits.

On July 29, 2026, after quarter-end, AbCellera announced a collaboration with Vertex Pharmaceuticals Incorporated to research, develop, manufacture and commercialize multispecific T-cell engagers for autoimmune diseases and other conditions. That deal brings $28 million in total upfront payments, with additional preclinical, development, regulatory and commercial milestones and tiered royalties. Hansen said the two collaborations leverage the company’s T-cell engager platform to advance programs into the clinic.

Revenue in the three months ended June 30, 2026, was $4.1 million, compared with $17.1 million a year earlier. Licensing and royalty revenue was $149 thousand, versus $10.4 million in the year-ago quarter, and research fees were $3.9 million, versus $6.6 million.

Research and development expenses were $46.0 million, compared with $39.2 million a year earlier. Sales, general and administrative expenses were $13.9 million, versus $22.0 million. Net loss widened to $55.4 million, or $(0.18) a share on a basic and diluted basis, from a loss of $34.7 million, or $(0.12) a share, in the year-ago quarter. Loss from operations was $62.8 million.

ABCL635, a potential first-in-class antibody targeting the neurokinin 3 receptor for moderate-to-severe vasomotor symptoms associated with menopause, finished Phase 2 enrollment. ABCL575 completed dosing in its Phase 1 study, with a top-line readout expected in the fourth quarter of 2026. ABCL386 and ABCL688 are progressing through IND-enabling activities. Hansen said the company expects the ABCL635 Phase 2 readout in August.

At June 30, 2026, partners led 35 programs that AbCellera believes to be progressing and in which it holds a downstream stake, down from 40 at March 31, 2026, after falling from 44 at year-end 2025. Molecules in the clinic with downstream stakes totaled 12 on June 30, versus 14 at March 31.

Cash, cash equivalents and marketable securities were $540.1 million at June 30, 2026, versus $533.8 million at December 31, 2025. It ended the quarter with over $565 million in total cash balances and marketable securities and $110 million in available non-dilutive government funding, bringing total available liquidity to over $675 million.

AbCellera also announced the appointments of Dr. Victor Sandor and Dr. Lynn Seely as independent directors.