{"slug":"abcellera","name":"AbCellera","name_en":"AbCellera Biologics","ticker":"ABCL","updated_at":"2026-07-12T08:25:42.511016+00:00","canonical":"https://valuechain.wiki/abcellera","same_as":["https://finance.yahoo.com/quote/ABCL","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1703057"],"kicker":"나스닥 · AI 항체 발굴 · 제약 파트너십","kicker_en":"NASDAQ · AI antibody discovery · pharma partnerships","lead":"AI 기반 항체 신약 발굴 기업. 일라이릴리·바이오젠·애브비·리제네론·재즈 등과 104개 협업 프로그램, 임상 진입 19개 분자를 두고 마일스톤·로열티를 받는다. 2025년 매출 ~$33.7M, 유동성 $7억. AI 플랫폼 유래 항체(ABCL635)가 임상 2상에 진입했다. 제약에 발굴을 파는 노드.","lead_en":"An AI antibody-discovery firm. It runs 104 partner programs with Eli Lilly, Biogen, AbbVie, Regeneron and Jazz, with 19 molecules in the clinic, earning milestones and royalties. 2025 revenue ~$33.7M, $700M liquidity. An AI-platform antibody (ABCL635) reached Phase 2. A node selling discovery to pharma.","segments":{"parts":[{"desc":"104개 파트너 프로그램(릴리·재즈 등)의 선급·마일스톤·로열티가 매출 본체 — 재즈 $56M 선급.","name":"협업·마일스톤·로열티"},{"desc":"AI 플랫폼 유래 항체(ABCL635 임상 2상) — 다운스트림 로열티의 상방 옵션.","name":"자체 파이프라인"}],"total":"2025 매출 ~$33.7M, 유동성 $700M","concentration":"104개 프로그램. 릴리·재즈."},"segments_en":{"parts":[{"desc":"Upfronts, milestones and royalties from 104 partner programs (Lilly, Jazz, etc.) are the revenue core — Jazz $56M upfront.","name":"Partnerships/milestones/royalties"},{"desc":"AI-platform antibodies (ABCL635 in Phase 2) — the upside option for downstream royalties.","name":"Own pipeline"}],"total":"2025 revenue ~$33.7M, $700M liquidity","concentration":"104 programs; Lilly, Jazz."},"returns_yearly":{"2022":-29.2,"2023":-43.6,"2024":-48.7,"2025":16.7,"2026":98.8},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"AI 기반 항체 신약 발굴 플랫폼으로, 일라이릴리·바이오젠·애브비·리제네론·재즈 등과 104개 협업 프로그램을 돌리며 선급·마일스톤·로열티를 받는 '발굴을 파는' 사업 구조다. 임상 진입 분자가 19개, AI 플랫폼 유래 항체(ABCL635)가 임상 2상에 진입해 다운스트림 로열티의 옵션 가치가 쌓이고 있으나, 2025년 매출은 ~$33.7M에 그쳐 파트너 마일스톤 타이밍에 실적이 크게 출렁인다. 유동성 $7억으로 자체 파이프라인 임상을 버티는 구조라, 관전 포인트는 협업 프로그램의 임상 진척과 첫 로열티 실현 시점이다. 그래프상 상류는 습식랩·시퀀싱·임상 비용이고, 하류는 릴리·재즈 등 제약 파트너다.","analysis_en":"An AI antibody-discovery platform that runs 104 partner programs with Eli Lilly, Biogen, AbbVie, Regeneron and Jazz, earning upfronts, milestones and royalties — a business of selling discovery. With 19 molecules in the clinic and an AI-platform antibody (ABCL635) in Phase 2, downstream royalty option value is accumulating, but 2025 revenue of just ~$33.7M means results swing sharply on partner-milestone timing. With $700M liquidity funding its own pipeline trials, the watch points are clinical progress across partner programs and the timing of the first royalty. Upstream on the graph are wet-lab, sequencing and clinical costs; downstream are pharma partners like Lilly and Jazz.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"제약 (릴리·재즈·로열티)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"AbCellera FY2025 총매출($27M 파트너드+$48M 라이선스·로열티)","scale":"M","value":75.1,"period":"FY2025","basis_en":"AbCellera FY2025 revenue ($27M partnered + $48M licensing/royalties)"},"note":"일라이릴리·재즈 등과 협업, 선급·마일스톤·로열티(재즈 $56M 선급).","note_en":"Partnerships with Eli Lilly, Jazz and others, with upfronts, milestones and royalties (Jazz $56M upfront).","sources":[{"stance":"confirms","publisher":"더바이오","publisher_en":"TheBio","kind":"news","lang":"ko","published_at":"2026-06-18","url":"https://www.thebionews.net/news/articleView.html?idxno=25611","title":"재즈, 加 앱셀레라와 차세대 TCE 다중항체 개발","title_en":"Jazz to develop next-generation TCE multispecific antibodies with Canada's AbCellera","excerpt":"재즈, 加 앱셀레라와 차세대 TCE 다중항체 개발","excerpt_en":""},{"stance":"confirms","publisher":"AbCellera IR","publisher_en":"AbCellera IR","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://investors.abcellera.com/news/news-releases/2026/AbCellera-Reports-Full-Year-2025-Business-Results/default.aspx","title":"AbCellera FY2025 실적·파이프라인 업데이트","title_en":"AbCellera Reports Full Year 2025 Business Results","excerpt":"FY2025 매출 $75.1M(파트너드 $27M+라이선스·로열티 $48M), 순손실 $146.4M, 유동성 약 $700M. 누적 파트너 개시 프로그램 104개(96→104), 임상 진입 분자 19개. 릴리 협력 확장(면역·심혈관·신경).","excerpt_en":"FY2025 revenue $75.1M ($27M partnered + $48M licensing/royalties), net loss $146.4M, ~$700M liquidity. 104 cumulative partner-initiated programs (up from 96), 19 molecules in clinic. Lilly collaboration expanded (immunology, cardiovascular, neuroscience)."},{"stance":"confirms","publisher":"SEC/StockTitan","publisher_en":"SEC/StockTitan","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.stocktitan.net/sec-filings/ABCL/10-k-ab-cellera-biologics-inc-files-annual-report-a6d1b7c6684c.html","title":"AbCellera 10-K(파이프라인·$700M·로열티)","title_en":"AbCellera 10-K (pipeline, $700M, royalties)","excerpt":"일라이릴리·재즈 등과 협업, 선급·마일스톤·로열티(재즈 $56M 선급).","excerpt_en":"Partnerships with Eli Lilly, Jazz and others, with upfronts, milestones and royalties (Jazz $56M upfront)."},{"stance":"confirms","publisher":"SEC EDGAR (AbCellera 10-K)","publisher_en":null,"kind":"filing","lang":"en","published_at":"2025-02-27","url":"https://www.sec.gov/Archives/edgar/data/1703057/000162828025008689/abcl-20241231.htm","title":"AbCellera Biologics Inc. Form 10-K FY2024","title_en":null,"excerpt":"AbCellera Biologics Inc. Form 10-K FY2024","excerpt_en":""},{"stance":"confirms","publisher":"Investing.com","publisher_en":"Investing.com","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.investing.com/news/company-news/jazz-pharmaceuticals-abcellera-partner-on-cancer-antibodies-93CH-4746964","title":"재즈·앱셀레라 암 항체 협업($56M 선급)","title_en":"Jazz-AbCellera cancer-antibody partnership ($56M upfront)","excerpt":"일라이릴리·재즈 등과 협업, 선급·마일스톤·로열티(재즈 $56M 선급).","excerpt_en":"Partnerships with Eli Lilly, Jazz and others, with upfronts, milestones and royalties (Jazz $56M upfront)."},{"stance":"confirms","publisher":"AbCellera IR","publisher_en":null,"kind":"news","lang":"en","published_at":"2024-07-31","url":"https://investors.abcellera.com/news/news-releases/2024/AbCellera-and-Lilly-Expand-Collaboration-to-Develop-Antibody-Medicines/default.aspx","title":"AbCellera and Lilly Expand Collaboration to Develop Antibody Medicines","title_en":null,"excerpt":"AbCellera and Lilly Expand Collaboration to Develop Antibody Medicines","excerpt_en":""}]},{"direction":"revenue","counterparty":"마일스톤·로열티 (104개 프로그램)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"104개 파트너 프로그램의 다운스트림 마일스톤·로열티.","note_en":"Downstream milestones and royalties from 104 partner programs.","sources":[{"stance":"confirms","publisher":"SEC/StockTitan","publisher_en":"SEC/StockTitan","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.stocktitan.net/sec-filings/ABCL/10-k-ab-cellera-biologics-inc-files-annual-report-a6d1b7c6684c.html","title":"AbCellera 10-K(파이프라인·$700M·로열티)","title_en":"AbCellera 10-K (pipeline, $700M, royalties)","excerpt":"104개 파트너 프로그램의 다운스트림 마일스톤·로열티.","excerpt_en":"Downstream milestones and royalties from 104 partner programs."},{"stance":"confirms","publisher":"SEC EDGAR (AbCellera 10-K)","publisher_en":null,"kind":"filing","lang":"en","published_at":"2025-02-27","url":"https://www.sec.gov/Archives/edgar/data/1703057/000162828025008689/abcl-20241231.htm","title":"AbCellera Biologics Inc. Form 10-K FY2024","title_en":null,"excerpt":"AbCellera Biologics Inc. Form 10-K FY2024","excerpt_en":""}]},{"direction":"cost","counterparty":"습식랩·시퀀싱·임상 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"단일세포 스크리닝·습식랩·임상.","note_en":"Single-cell screening, wet-lab and clinical work.","sources":[{"stance":"confirms","publisher":"SEC/StockTitan","publisher_en":"SEC/StockTitan","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.stocktitan.net/sec-filings/ABCL/10-k-ab-cellera-biologics-inc-files-annual-report-a6d1b7c6684c.html","title":"AbCellera 10-K(파이프라인·$700M·로열티)","title_en":"AbCellera 10-K (pipeline, $700M, royalties)","excerpt":"단일세포 스크리닝·습식랩·임상.","excerpt_en":"Single-cell screening, wet-lab and clinical work."}]}]}