AbCellera Biologics

Balance sheet is a clear strength. As of December 31, 2025, AbCellera reported 561 million dollars of cash, cash equivalents, and marketable securities, plus access to about 135 million dollars of available non‑dilutive government funding, implying roughly 700 million dollars in liquidity.

There is no traditional financial debt at the parent level, though lease liabilities and deferred government contributions are material, and a JV mortgage was raised at the real estate JV with a limited guarantee. 2025 operating cash flow of negative 131.3 million dollars and capex of 42.8 million dollars imply TTM free cash flow near negative 174 million dollars, but management states liquidity funds the plan well beyond three years.

The capital position should comfortably absorb clinical readouts and internal program progression.