AbCellera Biologics

Revenue is intrinsically volatile. After COVID‑era royalties, 2023–2024 revenue troughed, and 2025 rebounded to 75.1 million dollars primarily due to a one‑time legal settlement that contributed 60 percent of the year’s revenue in Q4. Core discovery fees and milestones remain modest and episodic; royalty receipts are small today and prospective.

Clinical catalysts are slated for 2H26 (ABCL635 Phase 1/2 topline in Q3 2026; ABCL575 Phase 1 topline in Q4 2026), but readouts can be binary. Geographic and regulatory risk is modest given Canadian base and U.S. listing, though a few historical partnerships involve non‑U.S. counterparties.

Net‑net, near‑term financials are hard to forecast with confidence.