AbCellera Biologics
ABCL on Nasdaq. AbCellera sells antibodies to pharmaceutical, biotechnology, and nonprofit and government partners. Market value $4.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.97 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 28 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$13.15 a share, 379% above its 1-year low
Over the past year the price has ranged from $2.74 to $15.02.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $120 million in the past 12 months, a shortfall of $174 million in the year to December 2025.
| Revenue | |||||
| Revenue | $375m | $485m | $38m | $29m | $75m |
| Operating margin | |||||
| Operating margin | 54.5% | 44.6% | -623.8% | -1091.7% | -289.0% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.29bn | 0.29bn | 0.30bn | 0.30bn | 0.31bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsShrinking, 33.1% a year
- Buying back its own sharesNo, 7% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 million last quarter, down 76% on a year ago.
- A loss of $55 million, compared with a loss of $35 million a year ago.
- It loses 340 cents on each $1 of sales, compared with 848 cents a year earlier.
- Over the past 12 months it spent $120 million more cash than it brought in, compared with $139 million a year earlier.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7m |
| December 2024 | $5m |
| March 2025 | $4m |
| June 2025 | $17m |
| September 2025 | $9m |
| December 2025 | $45m |
| March 2026 | $8m |
| June 2026 | $4m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$51m |
| December 2024 | -$34m |
| March 2025 | -$46m |
| June 2025 | -$35m |
| September 2025 | -$57m |
| December 2025 | -$9m |
| March 2026 | -$43m |
| June 2026 | -$55m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
None of the long-term investors we follow own it. 151 funds in all.
Largest holders overall
- Baker Bros. Advisors LP$259mAdded
- Capital World Investors$107m
- TWO Sigma Investments, LP$82m
- TD Waterhouse Canada$73m
- Bank of America$48mAdded
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS$34mCut
- ArrowMark Colorado Holdings$32m
- BlackRock$30mCut
- Driehaus Capital Management$22mCut
- Tudor Investment Corp ET AL$16mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Baker Bros. Advisors LPPassive investorat least 10.8%(filed with 3 related holders)Since 30 April 2026
| Holder | Stake | Since | |
|---|---|---|---|
Baker Bros. Advisors LP Passive investor | at least 10.8% (filed with 3 related holders) | 30 April 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $2m of shares on the open market.
- Hayden Michael RDirectorBought
- Date
- 24 August 2026
- Shares
- 53,613
- Price
- $10.64
- Value
- $570,442
- Montalbano John S.DirectorBought
- Date
- 18 August 2026
- Shares
- 10,000
- Price
- $11.03
- Value
- $110,300
- Booth AndrewChief Financial OfficerBought
- Date
- 14 August 2026
- Shares
- 37,200
- Price
- $10.32
- Value
- $383,904
- Hayden Michael RDirectorBought
- Date
- 12 August 2026
- Shares
- 46,387
- Price
- $10.37
- Value
- $481,033
- Montalbano John S.DirectorBought
- Date
- 14 May 2026
- Shares
- 20,000
- Price
- $4.77
- Value
- $95,400
- Booth AndrewChief Financial OfficerBought
- Date
- 27 February 2026
- Shares
- 42,600
- Price
- $3.42
- Value
- $145,692
- Montalbano John S.DirectorBought
- Date
- 26 November 2025
- Shares
- 50,000
- Price
- $3.57
- Value
- $178,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 August 2026 | Hayden Michael R Director | Bought | 53,613 | $10.64 | $570,442 |
| 18 August 2026 | Montalbano John S. Director | Bought | 10,000 | $11.03 | $110,300 |
| 14 August 2026 | Booth Andrew Chief Financial Officer | Bought | 37,200 | $10.32 | $383,904 |
| 12 August 2026 | Hayden Michael R Director | Bought | 46,387 | $10.37 | $481,033 |
| 14 May 2026 | Montalbano John S. Director | Bought | 20,000 | $4.77 | $95,400 |
| 27 February 2026 | Booth Andrew Chief Financial Officer | Bought | 42,600 | $3.42 | $145,692 |
| 26 November 2025 | Montalbano John S. Director | Bought | 50,000 | $3.57 | $178,500 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 10 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On November 24, 2025, the Audit Committee of the Board of Directors (the "Audit Committee") of AbCellera Biologics Inc. (the "Company") approved the dismissal of KPMG LLP ("KPMG") as the Company's independent registered public accounting firm,”
From an 8-K filed 28 November 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 33.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.