AbCellera Biologics Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
ABCL$11.88+6.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001703057-26-000028
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001703057-26-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 106 current paragraphs.
73 unchanged; 28 reworded; 3 added; 2 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
In June 2026, we entered into a preclinical research collaboration, option, and license agreement with Jazz Pharmaceuticals PLC (Jazz) to discover and develop next-generation T-cell engaging (TCE) multispecific antibodies. Under the agreement, we received a $56.0 million non-refundable upfront payment in the quarter to perform discovery and early-stage research activities for two initial programs, with an additional $28.0 million due upon the initiation of a third program within 12 months. Jazz holds exclusive options to develop and commercialize each program. If Jazz exercises these options, we are eligible to receive up to $792.0 million per program in option fees and milestone payments, as well as tiered royalties on net sales ranging from mid-single digits to low double-digits. The agreement also provides a mechanism to mutually initiate up to two additional programs, and for us to conduct certain investigational new drug (IND)-enabling studies and manufacture clinical supply for any program under the collaboration.
Current report
In July 2026, we entered into a collaboration agreement with Vertex Pharmaceuticals Inc. (Vertex) to research, develop, manufacture, and commercialize multispecific T-cell engagers for autoimmune diseases and other conditions. Under the terms of the agreement, we will lead discovery and early development activities, and Vertex will fund all research and development costs while retaining the right to develop and commercialize resulting therapeutic multispecific antibodies. We received $28.0 million in total upfront payments upon the execution of the agreement and are eligible to receive preclinical, development, regulatory, and commercial milestone payments, plus tiered royalties on net sales. Additionally, the parties may mutually agree to have us perform cell-line development, process development, and clinical manufacturing through Phase 1 for any program under the collaboration.
Current report
Interest and Other (Income) Expense
Removed paragraphs (2)
Previous report
As noted in our Annual Report on Form 10-K filed with the SEC on February 24, 2026, we updated our business metrics to better reflect the value and number of active programs currently in our portfolio. Previously reported business metrics "partner-initiated program starts with downstreams" and “molecules in the clinic” have been discontinued and we report on the number of partner-led programs with downstreams and molecules in the clinic with downstreams to better reflect the number of unique programs currently in our portfolio and to include only those where we may earn future revenues. We believe this updated metric provides a more accurate representation of our current commercial opportunities.
Previous report
Interest and Other
Reworded paragraphs (28)
Previous wording
•our expectations regarding the success, clinical advancement, and market acceptance of our internal pipeline of drug candidates, including expectations regarding the preliminary, topline, or early-stage clinical data for ABCL635, as well as our antibody discovery and development capabilities;
Current wording
•our expectations regarding the success, clinical advancement, and market acceptance of our internal pipeline of drug candidates, including expectations regarding the preliminary, top-line, or early-stage clinical data for ABCL635, as well as our antibody discovery and development capabilities;
Previous wording
•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;
Current wording
•our ability to achieve projected discovery, preclinical development, and clinical milestones for our internal programs, including the top-line data from the Phase 2 trial anticipated in August 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;
Previous wording
•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;
Current wording
•our ability to leverage our full platform capabilities - from target identification to 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;
Previous 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.
Current wording
We are leveraging our platform 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
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.
Current wording
We previously achieved critical regulatory and clinical trial milestones for ABCL635 and ABCL575, and initiated dosing participants in clinical trials for both programs in Canada during the second half of 2025.
Previous 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.
Current wording
For ABCL635, the Phase 1/2 clinical trial 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.
Previous wording
In May 2026, we announced positive interim Phase 1 data for ABCL635. Treatment with ABCL635 achieved potent and sustained reduction in biomarkers of target engagement, demonstrated a favourable safety profile with all doses well-tolerated and no observed liver toxicity or serious adverse events, and pharmacokinetic data supports monthly dosing. The Phase 2 study is currently enrolling with topline data readout anticipated in Q3 2026.
Current wording
In May 2026, we announced positive interim Phase 1 data for ABCL635. Treatment with ABCL635 achieved potent and sustained reduction in biomarkers of target engagement, demonstrated a favorable tolerability profile with no observed liver toxicity or serious adverse events reported to date, and pharmacokinetic data supports monthly dosing. Enrollment of the Phase 2 study has been completed and the top-line data readout is expected in August.
Previous wording
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. We anticipate the topline data readout for the Phase 1 study in Q4 2026. At present, we have no plans to pursue development past Phase 1.
Current wording
For ABCL575, the Phase 1 clinical trial is a randomized, placebo-controlled, double-blind study to assess safety and tolerability in healthy participants following subcutaneous doses of ABCL575. Dosing for the Phase 1 study has been completed with the top-line data readout expected in Q4 2026. At present, we have no plans to pursue development past Phase 1.
Previous 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.
Current wording
In 2025, we advanced ABCL688 and ABCL386 into IND/CTA-enabling studies. ABCL688 is an antibody drug candidate for an undisclosed indication in autoimmunity and is the second program from our G protein-coupled receptor (GPCR) and ion channel platform to advance into IND/CTA-enabling studies. We anticipate submission of an IND/CTA for ABCL688 in 2027. ABCL386 is an antibody drug candidate against an undisclosed target in oncology. ABCL386 is in IND/CTA-enabling activities, and we anticipate initiating Phase 1/2 clinical trials in patients in 2027. Both programs align with the Company's strategy of building value, through partnerships, and through internal discovery and development of potential first-in-class antibody drugs.
Previous wording
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:
Current wording
The following table summarizes our key operating results for the three and six months ended June 30, 2025 and June 30, 2026. All figures are in U.S. dollars and amounts are expressed in thousands, except loss per share data:
Previous wording
In January 2026, we announced the dosing of first patients in the Phase 2 portion of the ongoing ABCL635 Phase 1/2 clinical trial, following an interim review of safety, tolerability, and pharmacodynamic data from healthy volunteers from the Phase 1 portion of the study.
Current wording
In January 2026, following an interim review of safety, tolerability, and pharmacodynamic data from healthy volunteers in the Phase 1 portion of the ABCL635 Phase 1/2 clinical trial, we announced the dosing of first patients in the Phase 2 portion of the study.
Previous wording
In May 2026, we announced positive interim Phase 1 data for ABCL635. Treatment with ABCL635 achieved potent and sustained reduction in biomarkers of target engagement, demonstrated a favourable safety profile with all doses well-tolerated and no observed liver toxicity or serious adverse events, and pharmacokinetic data supports monthly dosing. The Phase 2 study of ABCL635 is currently enrolling with topline data readout anticipated in Q3 2026.
Current wording
In May 2026, we announced positive interim Phase 1 data for ABCL635. Treatment with ABCL635 achieved potent and sustained reduction in biomarkers of target engagement, demonstrated a favorable safety profile with all doses well-tolerated and no observed liver toxicity or serious adverse events, and pharmacokinetic data supported monthly dosing. Enrollment of the Phase 2 study has been completed and the top-line data readout is expected in August of 2026.
Previous wording
Comparison of the three months ended March 31, 2025 and March 31, 2026:
Current wording
Comparison of the three and six months ended June 30, 2025 and June 30, 2026:
Previous wording
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.
Current wording
Revenue decreased by $13.0 million from the three months ended June 30, 2025 compared to the three months ended June 30, 2026 and decreased $9.0 million from the six months ended June 30, 2025 compared to the six months ended June 30, 2026. The decrease is attributable to licensing revenue recognized in the second quarter of 2025 and the timing and progress of our research and development efforts. We expect research fee revenues in future periods to be positively impacted as we perform our research obligations and recognize revenue from the upfront payments received under our recent collaborations with Jazz and Vertex, as further detailed in "Recent Developments".
Previous wording
Total research and development expenses increased by $4.2 million, or 10%, from the three months ended March 31, 2025, compared to the three months ended March 31, 2026. Of the total increase, external clinical costs were $3.8 million for the three months ended March 31, 2026 compared to nil for the three months ended March 31, 2025, as ABCL575 and ABCL635 entered the clinic in the end of the second quarter of 2025. Preclinical and discovery costs decreased by $1.9 million period-over-period to $8.0 million, primarily driven by prior-period preclinical spend from ABCL635 and ABCL575 IND/CTA-enabling activities. Total compensation expense, including stock-based compensation, was $23.5 million for the three months ended March 31, 2026 and remained substantially unchanged compared to the prior period. Similarly, unallocated internal costs of $11.3 million for the three months ended March 31, 2026 remained consistent period over period.
Current wording
Total research and development expenses increased by $6.8 million, or 17%, from the three months ended June 30, 2025, compared to the three months ended June 30, 2026. Of the total increase, external clinical program costs were $5.1 million for the three months ended June 30, 2026 compared to $0.8 million for the three months ended June 30, 2025, as ABCL575 and ABCL635 entered the clinic towards the end of the second quarter of 2025. Preclinical and discovery costs were $6.9 million and remained consistent period over period. Total compensation expense, including stock-based compensation, was $22.2 million for the three months ended June 30, 2026 and remained substantially unchanged compared to the prior period. Similarly, unallocated internal costs of $11.7 million for the three months ended June 30, 2026 were consistent period over period.
Previous 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.
Current wording
Sales, general, and administrative expenses decreased by $8.1 million, or (37)%, from thethree months ended June 30, 2025 compared to the three months ended June 30, 2026 anddecreased by $14.9 million, or(36)%, from the six months ended June 30, 2025 compared to thesix months ended June 30, 2026. Total compensation expense, inclusive of stock-based compensation, was $11.3 million for the three months ended June 30, 2025, compared to $8.8 million for thethree months ended June 30, 2026 and $22.3 million for thesix months ended June 30, 2025, compared to$17.9 million for the six months ended June 30, 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 $10.7 million for the three months ended June 30, 2025, compared to $5.0 million for thethree months ended June 30, 2026 and$18.8 million for thesix months ended June 30, 2025 compared to$8.3 million for the six months ended June 30, 2026. The decrease was primarily due to a legal settlement in December 2025 and a resulting reduction in legal fees incurred in 2026.
Previous wording
Depreciation and amortization expense increased by$1.5 million, or 28%, from the three months ended March 31, 2025 compared to the three months ended March 31, 2026. The increase was primarily due to the commencement of depreciation of our clinical manufacturing facility that was put in service in December 2025.
Current wording
Depreciation and amortization expense increased by$1.5 million, or 28%, from the three months ended June 30, 2025 compared to the three months ended June 30, 2026 and increased by$3.0 million, or 28%, from thesix months ended June 30, 2025 compared to the six months ended June 30, 2026. The increase was primarily due to the commencement of depreciation of our clinical manufacturing facility that was put in service in December 2025.
Previous 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.
Current wording
Interest and other income decreased by$9.6 million, or(100)%, from the three months ended June 30, 2025 compared to the three months ended June 30, 2026 and decreased by$11.5 million, or (76)%, from thesix months ended June 30, 2025 compared to the six months ended June 30, 2026. The decrease was primarily driven by foreign exchange in the period due to fluctuations in the Canadian and U.S. dollar exchange rate, interest income driven by our cash, cash equivalents, and marketable securities balances and interest rate yields in the period, and other fair value adjustments.
Previous 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.
Current wording
Grants and incentives increased by$0.2 million, or 4%, from the three months ended June 30, 2025 compared to the three months ended June 30, 2026 and increased by$0.3 million, or 4%, from thesix months ended June 30, 2025 compared to the six months ended June 30, 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.
Previous wording
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.
Current wording
Income tax recovery increased by$1.9 million from the three months ended June 30, 2025 compared to the three months ended June 30, 2026 and increased by$0.9 million from thesix months ended June 30, 2025 compared to the six months ended June 30, 2026. The increase was primarily driven by the availability of carry-back of losses to recover previously paid taxes.
Previous 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.
Current wording
As of June 30, 2026, we had $540.1 million of cash, cash equivalents and marketable securities, comprising $120.1 million in cash and cash equivalents and $420.0 million in marketable securities. The increase of $6.3 million since December 31, 2025, was primarily driven by the full receipt of a $36.0 million litigation settlement, of which was receivable at December 31, 2025, and a $56.0 million upfront paymentto discover and develop next-generation T-cell engaging (TCE) multispecific antibodies. This was partially offset by 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.
Previous 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.
Current wording
We intend to continue to 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.
Previous 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.
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 total cash balances (cash, cash equivalents, and restricted cash), marketable securities, 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.
Previous 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.
Current wording
($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 June 30, 2026, our government contribution agreements provided an estimated CAD$156.1 million ($110.0 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 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.
Current wording
Net cash used in operating activities decreased from $44.0 million in thesix months ended June 30, 2025 to $7.6 million in thesix months ended June 30, 2026. The decrease in cash flows used in operations was primarily attributable toa $56.0 million upfront payment receivedto discover and develop next-generation TCE multispecific antibodies, the full receipt of a $36.0 million litigation settlement that was receivable at December 31, 2025, and working capital movements, partially offset by upfront payments received in Q1 2025 that did not recur in the current period.
Previous wording
Net cash provided by investing activities was $7.9 million forthree months ended March 31, 2025, compare to$25.1 million used in investing activities in thethree months ended March 31, 2026. The change in investing activities was primarily attributable to a reduction in proceeds from marketable securities, partially offset by a decrease in purchases of property and equipment and other long-term assets in the three months ended March 31, 2026.
Current wording
Net cash used by investing activities decreased from $23.9 million in thesix months ended June 30, 2025 to$13.7 million in thesix months ended June 30, 2026. The decrease in cashflows used by investing activities was primarily attributable to a $36.2 million reductionin purchases of property and equipment and other long-term assets, partially offset by a$26.5 million reductionin net proceeds from marketable securities as cash was used to purchase additional marketable securities in the current period.
Previous wording
Net cash provided by financing activities increased from $6.0 million in thethree months ended March 31, 2025 to $7.2 million in the three months ended March 31, 2026. The increase was primarily attributable to proceeds from other long-term liabilities.
Current wording
Net cash provided by financing activities increased from $2.6 million in thesix months ended June 30, 2025 to $13.6 million in the six months ended June 30, 2026. The increase was primarily attributable to proceeds from government contributions and other long-term liabilities.
Previous wording
Detailed information about our critical accounting policies and estimates is set forth in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these policies during thethree months ended March 31, 2026.
Current wording
Detailed information about our critical accounting policies and estimates is set forth in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these policies since then.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Total research and development expenses increased by $10.9 million, or 13%, from the six months ended June 30, 2025, compared to the six months ended June 30, 2026. Of the total increase, external clinical program costs were $9.0 million for the six months ended June 30, 2026 compared to $0.7 million for the six months ended June 30, 2025, as ABCL575 and ABCL635 entered the clinic in the end of the second quarter of 2025. Preclinical and discovery costs decreased by $2.2 million period-over-period to $15.0 million, primarily driven by prior-period preclinical spend from ABCL635 and ABCL575 IND/CTA-enabling activities. Total compensation expense, including stock-based compensation, was $45.7 million for the six months ended June 30, 2026 and remained substantially unchanged compared to the prior period. Unallocated internal costs of $23.0 million for the six months ended June 30, 2026 increased by $3.6 million compared to the six months ended June 30, 2025 due to clinical manufacturing activities and the use of materials and supplies.
Current report — wording carried from elsewhere
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