AbCellera Biologics

Strategy has pivoted from partner‑only to a barbell of maintained partnerships plus selective internal programs where AbCellera keeps larger economics.

Multi‑year platform and facility investments are now substantially complete, reducing forward capex intensity versus the build phase. 2025 R&D of 186.8 million dollars included roughly 21 million dollars of specific investments in internal programs; stock‑based compensation was 56.3 million dollars and basic shares rose to 300.6 million, which is tolerable but bears monitoring.

We view the Bruker IP settlement as a prudent monetization that adds a small royalty stream. We would prefer to see disciplined use of cash for advancing the highest‑expected‑value internal assets and, absent attractive reinvestment opportunities, restraint on dilution.

Track record on M&A/tooling adds (Trianni, TetraGenetics, OrthoMab) is strategically coherent.