AbCellera Biologics Inc.

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•companies and technologies in our industry that compete with our business;

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•companies and technologies in our industry that compete with our business and our internal drug candidates;

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•our ability to manage and grow our business by introducing our antibody discovery and development capabilities to new partners and expanding our relationships with existing partners;

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•our ability to manage and grow our business by advancing our internal pipeline of drug candidates through clinical development and introducing our antibody discovery and development capabilities to new partners and expanding our relationships with existing partners;

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•our partners’ ability to achieve projected discovery and development milestones and other anticipated key events, including commercial sales resulting in royalties owed to us, in the expected timelines or at all;

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•our ability to achieve projected discovery, preclinical development, and clinical milestones for our internal programs, including the topline data from the Phase 2 trial anticipated in the third quarter of 2026 for ABCL635, as well as our partners’ ability to achieve projected discovery and development milestones and other anticipated key events, including commercial sales resulting in royalties owed to us, in the expected timelines or at all;

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•our ability to provide our partners with a full solution from target identification to investigational new drug, or Investigational New Drug (“IND”), application submission;

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•our ability to leverage our full platform capabilities - from target identification to investigational new drug, or Investigational New Drug (“IND”), application submission and to clinical development - to advance our internal pipeline of drug candidates, as well as to support our partners;

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•our partners’ ability to develop and commercialize a molecule discovered by us, on a timely basis or at all;

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•our ability to develop and commercialize the drugs we discover, both internally and with our partners, on a timely basis or at all;

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•our expectations regarding the completion of our good manufacturing practices, or GMP, facility and our manufacturing capabilities;

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•our expectations regarding our good manufacturing practices, or GMP, facility and our manufacturing capabilities to support our clinical trials;

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•our ability to establish and maintain intellectual property protection for our technologies and workflows and avoid or defend against claims of patent infringement;

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•our ability to establish and maintain intellectual property protection for our internal drug candidates, technologies and workflows and avoid or defend against claims of patent infringement;

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•the volatility of the trading price of our common shares;

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•the volatility of the trading price of our common shares, including in response to the market's reaction to near-term clinical milestones;

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•business disruptions affecting our operations and the development of our antibody discovery and development capabilities;

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•business disruptions affecting our operations, the advancement of our internal pipeline, and the development of our antibody discovery, preclinical development and clinical development capabilities;

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Additionally, inflation generally affects us by increasing our employee-related costs and certain other expenses. Our financial condition and results of operations may also be impacted by other factors we may not be able to control, such as global supply chain disruptions, potential trade tariffs in Canada and the U.S., uncertain global economic conditions, global trade disputes or political instability as further discussed in the section “Risk Factors” in this Quarterly Report.

Current wording

Additionally, military conflicts, specifically the escalating conflict in the Middle East beginning in 2026, can adversely affect our business and financial statements. This dynamic situation has disrupted global supply chains, increased energy and operational costs, created capital market volatility, and heightened cybersecurity risks. A protraction or escalation of hostilities could further intensify these impacts. Beyond these conflicts, broader macroeconomic inflation generally affects us by increasing our employee-related costs and certain other expenses. Our financial condition and results of operations may also be impacted by other factors we may not be able to control, such as global supply chain disruptions, potential trade tariffs in Canada and the U.S., uncertain global economic conditions, global trade disputes or political instability, as further discussed in the section “Risk Factors” in this Quarterly Report.

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We are a team of scientists, engineers, and business professionals focused on discovering and developing first-in-class and best-in-class antibody-based medicines for indications with high unmet medical need. To address the barriers of conventional antibody drug development, we have built the capabilities to discover and develop antibody-based medicines in the areas of endocrinology, women’s health, immunology, and oncology. To maximize the value and impact of our work, we are advancing a pipeline of internal programs and strategically partnering with companies that have novel science, innovative technology, or a strong track record of bringing programs through clinical development.

Current wording

AbCellera is a clinical-stage biotechnology company focused on discovering and developing antibody-based medicines for indications with high unmet medical need. To maximize the value and impact of our work, we are advancing a pipeline of internal programs and strategically partnering with companies that have novel science, innovative technology, or a strong track record of bringing programs through clinical development.

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We focus on the development of antibody-based drugs and are committed to improving discovery and development. We aim to build a competitive advantage in bringing antibody therapeutics from target into clinical testing by combining expertise, technologies, and infrastructure to build integrated capabilities for antibody drug discovery and development. We think deeply about capital allocation and strive to maximize long-term value while mitigating the risks that are inherent in drug development. We look for opportunities where we believe low-risk investments in building technology and operational efficiency can create a sustained competitive advantage and drive long-term value by making biologics drug development faster and more efficient.

Current wording

We focus on the development of antibody drugs and are committed to improving discovery and development. We aim to build a competitive advantage in bringing antibody drugs from target into clinical testing by combining expertise, technologies, and infrastructure to build integrated capabilities for antibody drug discovery and development. We think deeply about capital allocation and strive to maximize long-term value while mitigating the risks that are inherent in drug development. We look for opportunities where we believe low-risk investments in building technology and operational efficiency can create a sustained competitive advantage and drive long-term value by making antibody drug development faster and more efficient.

Previous wording

We are leveraging our capabilities and technology platforms to develop internal programs and advance a pipeline of AbCellera programs with first-in-class and/or best-in-class potential. We evaluate these programs individually to determine the advisability of entering into preclinical and clinical development ourselves, entering into collaborations with partners, or out-licensing programs to optimize their development and clinical and commercial potential.

Current wording

We are leveraging our platform and to develop internal programs and advance a pipeline of AbCellera-led programs with first-in-class potential. We evaluate these programs individually to determine whether to pursue preclinical and clinical development in-house, enter into collaborations with partners, or out-license to optimize their development and clinical and commercial potential.

Previous wording

We focus a substantial portion of our resources on research and development efforts towards strengthening our discovery and development capabilities and developing a pipeline of internal and co-development programs. We expect to continue to make significant investments in this area for the foreseeable future and expect to continue to incur significant expenses in connection with our ongoing activities, including as we:

Current wording

We expect to continue to make significant investments in this area for the foreseeable future and expect to continue to incur significant expenses in connection with our ongoing activities, including as we:

Previous wording

•invest in research and development activities to improve our antibody discovery and development capabilities, including investments in completing the construction of our small-scale manufacturing facility;

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•invest in research and development activities to improve our antibody discovery and development capabilities;

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•pursue internal and co-development programs in preclinical and clinical development;

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•advance our internal programs in preclinical and clinical development;

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During the second quarter of 2025, we achieved a critical regulatory milestone with the submission of Clinical Trial Applications (CTAs) to Health Canada for two of our therapies: ABCL635 and ABCL575. ABCL635 is being developed as a potential non-hormonal treatment for moderate-to-severe vasomotor symptoms (VMS; hot flashes) associated with menopause, while ABCL575 targets moderate-to-severe atopic dermatitis with potential broader applications in inflammatory and autoimmune conditions. In May 2025, we received No Objection Letters from Health Canada, authorizing both CTAs. We have initiated dosing participants in Phase 1 clinical trials for both programs in Canada during the second half of 2025.

Current wording

In 2025, we achieved critical regulatory and clinical trial milestone for ABCL635 and ABCL575 by submitting Clinical Trial Applications (CTAs) to Health Canada, receiving No Objection Letters from Health Canada, authorizing both CTAs, and initiating dosing participants in clinical trials for both programs in Canada during the second half of 2025.

Previous wording

The Phase 1 clinical trial of ABCL635 is a randomized, placebo-controlled, double-blind Phase 1 study in healthy men and postmenopausal women with or without VMS. Its purpose is to evaluate safety, pharmacokinetics, pharmacodynamics, as well as frequency and severity of VMS with subcutaneous doses of ABCL635, and data from this study is expected to be presented in mid 2026. The Phase 1 clinical trial of ABCL575 is a randomized, placebo-controlled, double-blind study to assess safety and tolerability in healthy participants following subcutaneous doses of ABCL575. ABCL575 is an OX40-ligand-targeting antibody engineered to support a dosing interval of once every 6 months.

Current wording

The Phase 1/2 clinical trial of ABCL635 is a randomized, placebo-controlled, double-blind study in healthy men and postmenopausal women with or without vasomotor symptoms (VMS). Its purpose is to evaluate safety, pharmacokinetics, pharmacodynamics, as well as frequency and severity of VMS with subcutaneous doses of ABCL635. In January 2026, following an interim assessment of the safety, tolerability, and pharmacodynamic data collected from healthy volunteers in the Phase 1 portion of the study, we announced the dosing of first patients in the Phase 2 portion of the ongoing Phase 1/2 clinical trial.

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We advanced a third program, ABCL688, into IND/CTA-enabling studies in the second quarter of 2025. ABCL688 is a potential antibody therapy for an undisclosed indication in autoimmunity and is the second program from our GPCR and ion channel platform to advance into IND/CTA-enabling studies. We anticipate submission of an IND/CTA for ABCL688 in 2026. The programs align with the Company's strategy of building value, both through strategic partnerships, and through internal discovery and development of potential first-in-class and best-in-class antibody therapies.

Current wording

We advanced a third program, ABCL688, into IND/CTA-enabling studies in the second quarter of 2025. ABCL688 is an antibody drug candidate for an undisclosed indication in autoimmunity and is the second program from our GPCR and ion channel platform to advance into IND/CTA-enabling studies. We anticipate submission of an IND/CTA for ABCL688 in 2027. The programs align with the Company's strategy of building value, both through partnerships, and through internal discovery and development of potential first-in-class antibody drugs.

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The following table summarizes our key operating results for the three and nine months ended September 30, 2024 and September 30, 2025. All figures are in U.S. dollars and amounts are expressed in thousands, except loss per share data:

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The following table summarizes our key operating results for the three months ended March 31, 2025 and March 31, 2026. All figures are in U.S. dollars and amounts are expressed in thousands, except loss per share data:

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(1)Exclusive of depreciation, amortization, and impairment

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(1)Exclusive of depreciation and amortization

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•Pursuing drug discovery and development opportunities internally. As our discovery and development capabilities have matured, we are increasingly in a position to pursue attractive, well-validated targets ourselves, e.g. in the GPCR, ion channel, and TCE spaces. Such programs have the potential to yield first-in-class drug candidates in indications with substantial unmet medical need which we would wholly own. We plan on investing significant resources in the preclinical and clinical development of internal programs which will impact our financial results. The investments in each program are undertaken at risk and may ultimately not yield a return.

Current wording

•Pursuing drug discovery and development opportunities internally. As our discovery and development capabilities have matured, we are increasingly in a position to pursue attractive, well-validated targets ourselves, e.g. in the GPCR, ion channel, and TCE spaces. Such programs have the potential to yield first-in-class drug candidates in indications with substantial unmet medical need which we can pursue internally. We plan on investing significant resources in the preclinical and clinical development of internal programs that will impact our financial results. The investments in each program are undertaken at risk and may ultimately not yield a return.

Previous wording

•Successfully out-licensing drug candidates from our internal programs. We believe that our internal programs may result in drug candidates of interest to other drug developers with capabilities complimentary to our own. Where these capabilities can be expected to enhance the value of our drug candidate, we may seek to out-license. Successful out-licensing agreements could generate substantial up-front payments in addition to later milestone payments and royalties. Our financial performance may therefore be impacted by our ability to produce and out-license such drug candidates from our internal programs.

Current wording

•Successfully out-licensing drug candidates from our internal programs. We believe that our internal programs may result in drug candidates of interest to other drug developers with capabilities complementary to our own. Where these capabilities can be expected to enhance the value of our drug candidate, we may seek to out-license. Successful out-licensing agreements could generate substantial upfront payments in addition to later milestone payments and royalties. Our financial performance may therefore be impacted by our ability to produce and out-license such drug candidates from our internal programs.

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•Our partners successfully developing and commercializing the antibodies that we discover. We estimate that, based on the terms of our existing contracts and estimates of historical rates of success of antibody drug development, the vast majority of the potential value for each program is represented by potential future milestone payments and royalties rather than research fees. As a result, we believe our business and our future results of operations will be highly reliant on the degree to which our partners successfully develop and commercialize the antibodies that we discover based on contracts with our partners. As our partners continue to advance development of the antibodies that we have discovered, we expect to start receiving additional milestone payments and royalties if any partners commence commercial sales of such antibodies.

Current wording

•Our partners successfully developing and commercializing the antibodies that we discover. We estimate that, based on the terms of our existing contracts and estimates of historical rates of success of antibody drug development, the vast majority of the potential value for each program is represented by potential future milestone payments and royalties rather than research fees. As a result, we believe our business and our future results of operations will be highly impacted by the degree to which our partners successfully develop and commercialize the antibodies that we have discovered based on contracts with our partners. As our partners continue to advance development of the antibodies that we have discovered, we expect to start receiving additional milestone payments and royalties if any partners commence commercial sales of such antibodies.

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•Engaging with strategic partners. Our potential to grow revenue, in both the near and long-term, is dependent on successfully engaging with strategic partners. For existing strategic partners, we seek to expand our relationships with them to collaborate on additional programs initiated by them as well as to create a basis for potentially out-licensing some of our internal programs. Our teams are selective in determining which partners we choose to engage with, focusing on the opportunities with the strong potential to generate significant value in the long-term.

Current wording

•Engaging with partners. Our potential to grow revenue, in both the near and long-term, is dependent on successfully engaging with partners. We seek to expand our relationships with existing partners also as a basis for potentially out-licensing some of our internal programs. Our teams are selective in determining which partners we choose to engage with, focusing on the opportunities with the strong potential to generate significant value in the long-term.

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•Investing in enhancements to our discovery and development capabilities. Our ability to maintain and expand our partnerships is dependent on the advantages our discovery and development capabilities deliver to our partners and our internal programs. We intend to maintain our leading position through investments in research and development to refine and add capabilities in areas such as computation, protein engineering, immunization technologies, genetically engineered rodents and cell line selection. Specifically, we are currently completing our investments in integrated preclinical development and antibody manufacturing. We have also successfully executed and will continue to look for strategic technology acquisitions to improve, broaden and deepen our capabilities and expertise in antibody discovery and development, or those that offer opportunities to expand our business into adjacent therapeutic modalities. We intend to continue to devote resources to continue to improve our discovery differentiation which will impact our financial performance.

Current wording

•Investing in enhancements to our discovery and development capabilities. Our ability to generate a pipeline of potential first-in-class internal programs and expand our partnerships is dependent on the strength and advantages of our discovery and development capabilities. We intend to maintain our leading position through selective investments in research and development to refine and add capabilities, including in manufacturing. We have also successfully executed and will continue to look for strategic technology acquisitions to improve, broaden and deepen our capabilities and expertise in antibody discovery and development, or those that offer opportunities to expand our business into adjacent therapeutic modalities. We intend to continue to devote resources to continue to improve our discovery differentiation which will impact our financial performance.

Previous wording

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops as further described below with respect to changes in this and upcoming reports.

Current wording

We regularly review the following business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops as further described below with respect to changes in this and upcoming reports.

Previous wording

Partner-initiated program starts with downstreams represent the number of unique partner-initiated programs where we stand to participate financially in downstream success for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of the selection and initiation of projects by our partners and the resulting potential for near-term payments. Cumulatively, partner-initiated program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties (or royalty equivalents) in the mid- to long-term.

Current wording

The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We exclude from the metric all programs where, based on our reasonable efforts to monitor program status, we have reason to believe that no further resources are being, or will be, invested by our partner to advance the program towards eventually producing a marketed drug.

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Molecules in the clinic represent the count of unique molecules for which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached “open” status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long-term.

Current wording

Molecules in the clinic with downstreams represent the count of unique molecules for (i) which an Investigational New Drug, or IND, New Animal Drug, or equivalent under other regulatory regimes, application has reached “open” status or has otherwise been approved based on an antibody that was discovered either by us or by a partner using licensed AbCellera technology and (ii) which, to the best of our knowledge, our partners are progressing towards drug approval on the reporting date. Where the date of such application approval is not known to us, the date of the first public announcement of a clinical trial will be used for the purpose of this metric. We determine whether a program is progressing towards drug approval based on the best information available to us at the reporting date.

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Comparison of the three and nine months ended September 30, 2024 and September 30, 2025:

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Comparison of the three months ended March 31, 2025 and March 31, 2026:

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Revenue increased by $2.4 million from the three months ended September 30, 2024 compared to the three months ended September 30, 2025 and increased $6.5 million from the nine months ended September 30, 2024 compared to the nine months ended September 30, 2025. The increase in the three months ended September 30, 2025 is attributable to the timing and progress of our research and development efforts. The increase in the nine months ended September 30, 2025 was primarily attributable to licensing revenue recognized, partially offset by no milestones achieved in 2025 and the timing and progress of our research and development efforts.

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Revenue increased by $4.1 million from the three months ended March 31, 2025 compared to the three months ended March 31, 2026. The increase is attributable to the timing and progress of our research and development efforts.

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General and administrative expenses increased by $2.9 million, or 15%, from the three months ended September 30, 2024 compared to the three months ended September 30, 2025. Total compensation expense, inclusive of stock-based compensation, was $12.2 million for thethree months ended September 30, 2024, compared to $8.4 million for thethree months ended September 30, 2025. The decrease in compensation expense is a result of our continued optimization of headcount and a reduction in the total fair value of equity awards granted in 2025. Legal, software, and other general administrative costs were $6.9 million for thethree months ended September 30, 2024, compared to $13.6 million for the three months ended September 30, 2025. The increase was primarily due to the defense of our intellectual property, partially offset by a reduction in software expenses.

Current wording

Sales, general, and administrative expenses decreased by $6.7 million, or (35)%, from the three months ended March 31, 2025 compared to the three months ended March 31, 2026. Total compensation expense, inclusive of stock-based compensation, was $11.0 million for thethree months ended March 31, 2025, compared to $9.0 million for thethree months ended March 31, 2026. The decrease in compensation expense is a result of our continued optimization of headcount in light of our internal pipeline focus. Legal, software, and other general administrative costs were $8.0 million for thethree months ended March 31, 2025, compared to $3.3 million for thethree months ended March 31, 2026. The decrease was primarily due to a legal settlement in December 2025 and a resulting reduction in legal fees incurred in 2026.

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Interest income decreased by$2.8 million, or(30)%, from the three months ended September 30, 2024 compared to the three months ended September 30, 2025 and decreased$7.4 million, or (25)%, from the nine months ended September 30, 2024 compared to the nine months ended September 30, 2025. The decrease was primarily driven by our cash, cash equivalents, and marketable securities balances and interest rate yields in the period.

Current wording

Interest and other income decreased by$1.9 million, or(34)%, from the three months ended March 31, 2025 compared to the three months ended March 31, 2026. The decrease was primarily driven by foreign exchange in the period due to fluctuations in the Canadian and U.S. dollar exchange rate and interest income was driven by our cash, cash equivalents, and marketable securities balances and interest rate yields in the period.

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Grants and incentives decreased by$0.8 million, or (22)%, from the three months ended September 30, 2024 compared to the three months ended September 30, 2025 and increased by$0.5 million, or 5%, from the nine months ended September 30, 2024 and nine months ended September 30, 2025. The change was primarily driven by activity relating to research and development expenditures that are eligible for reimbursement under government programs for the period.

Current wording

Grants and incentives increased by$0.2 million, or 4%, from the three months ended March 31, 2025 compared to the three months ended March 31, 2026. The change was primarily driven by activity relating to research and development expenditures that are eligible for reimbursement under government programs for the period.

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Income tax recovery increased by$0.1 million from the three months ended September 30, 2024 compared to the three months ended September 30, 2025 and decreased by$4.3 million or (17)% from the nine months ended September 30, 2024 compared to nine months ended September 30, 2025. The change was primarily driven by the current net loss and a change in effective income tax rates impacted from the availability of carry-back of losses to recover previously paid taxes.

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Income tax recovery decreased by$1.0 million from the three months ended March 31, 2025 compared to the three months ended March 31, 2026. The decrease was primarily driven by the availability of carry-back of losses to recover previously paid taxes.

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As of September 30, 2025, we had $495.7 million of cash, cash equivalents and marketable securities, comprising $83.2 million in cash and cash equivalents and $412.5 million in marketable securities. The decrease of $129.9 million since December 31, 2024, was primarily from a combination of cash flow used in operations due to our continued research and development activity, execution of internal and partnered programs, building our internal pipeline, and investments in our corporate headquarters andclinical manufacturing facility under construction, partially offset by government contributions received in thenine months ended September 30, 2025.

Current wording

As of March 31, 2026, we had $504.7 million of cash, cash equivalents and marketable securities, comprising $77.1 million in cash and cash equivalents and $427.7 million in marketable securities. The decrease of $29.1 million since December 31, 2025, was primarily from a combination of cash flow used in operations due to our continued research and development activity for internal programs in discovery, preclinical, and clinical development as well as for partnered programs. This was partially offset by the first $18.0 million installment of a $36.0 million litigation settlement, with the remaining $18.0 million expected in the second quarter of 2026.

Previous wording

While we have generated positive operating cash flows in the past, we intend to significantly invest in our business, and as a result may continue to incur operating losses in future periods. We will continue to use our significant available liquidity from our cash, cash equivalents, and marketable securities to fund and invest in research and development efforts towards expanding our capabilities and expertise, execute and build our internal pipeline, and the expansion of our corporate headquarters, clinical manufacturing facility and related infrastructure, including optimization of long-term office-lease arrangements, including our intention to assign or fully sublease theoffice and laboratory space constructed through the Beedie JV.

Current wording

We intend to continue to significantly invest in our business, and as a result may continue to incur operating losses in future periods. We will continue to use our available liquidity from our cash, cash equivalents, and marketable securities to fund and invest in research and development efforts towards expanding our capabilities and expertise, grow and advance our internal pipeline. Simultaneously, we intend to optimize our long-term office-lease arrangements and intend to assign or fully sublease the office and laboratory space constructed through the Beedie JV.

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In 2025, we are on track to complete our final large platform investments in our clinical manufacturing facility and our corporate headquarters. With the completion of these large platform investments, we expect a significant reduction in investing cash flows, shifting our capital allocation from building capabilities to using them as we execute our strategy of building on our pipeline of first-in-class and best-in-class medicines. Based on our current business plan, we believe that our available liquidity from existing cash, cash equivalents, marketable securities, loan receivables, and government contributions, will be sufficient to meet our working capital and capital expenditure needs and do not anticipate the need of additional external funding over at least the next 36 months following the date of this report.

Current wording

We substantially completed our final large platform investments in our clinical manufacturing facility and our corporate headquarters in 2025. With the completion of these large platform investments, we expect a reduction in investing cash outflows, shifting our capital allocation from building capabilities to using them as we execute our strategy of building on our internal pipeline. Based on our current business plan, we believe that our available liquidity from existing cash, cash equivalents, marketable securities, loan receivables, and government contributions, will be sufficient to meet our working capital and capital expenditures over at least the next 36 months following the date of this report.

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In May of 2023, we entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia. Under the agreements, up to $166.7 million ($225.0 million CAD) and $55.6 million ($75.0 million CAD) was committed by the Government of Canada and the Government of British Columbia, respectively, to build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research. See the notes to our condensed consolidated financial statements for further information related to the government contributions.

Current wording

In May of 2023, we entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia. Under the agreements, up to $166.7 million ($225.0 million CAD) and $55.6 million ($75.0 million CAD) was committed by the Government of Canada and the Government of British Columbia, respectively, to build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research. At March 31, 2026, our government contribution agreements provided an estimated CAD$173.9 million ($125.0 million) in total available funding eligible for future claims. See the notes to our condensed consolidated financial statements for further information related to the government contributions.

Previous wording

Net cash used in operating activities decreased from $100.6 million in thenine months ended September 30, 2024 to $96.6 million in thenine months ended September 30, 2025. The decrease in cash flows used in operations was primarily attributable to an increase in deferred revenues and working capital movements including a reduction in accounts and grants receivable in nine months ended September 30, 2025.

Current wording

Net cash used in operating activities increased from $11.6 million in thethree months ended March 31, 2025 to $33.5 million in thethree months ended March 31, 2026. The increase in cash flows used in operations was primarily attributable to working capital movements including the timing of payments related to our preclinical and clinical activities and upfront payments received in Q1 2025 that did not recur in the current period, partially offset by a reduction in accounts and grants receivable in three months ended March 31, 2026.