AbCellera launches $200,000,000 share offering, then prices it at $9.75

Launch and pricing

AbCellera Biologics Inc. filed a preliminary prospectus supplement on August 11, 2026 for a $200,000,000 offering of common shares and pre-funded warrants, a day after it announced Phase 2 results for its lead drug. Pre-funded warrants are paid for up front apart from a nominal exercise price, and let investors take warrants in place of common shares. Here the exercise price is $0.00001 per share. The last reported sale price on the Nasdaq Global Select Market on August 10, 2026 was $9.32 per share.

Filings dated August 12, 2026 give the final terms. AbCellera priced 17,435,897 common shares at $9.75 per share, and pre-funded warrants to purchase up to 3,076,926 common shares at $9.74999 each. The company called the offering oversubscribed. Gross proceeds are expected to be approximately $200.0 million. Underwriting discounts and commissions are $11,999,999.61, which leaves proceeds before expenses of $187,999,993.87, and the company estimates net proceeds at approximately $187.0 million. Delivery was expected on or about August 14, 2026. The last reported sale price on August 12 was $10.36 per share, above the offering price.

Banks and counsel

Jefferies LLC and J.P. Morgan Securities LLC are the representatives of the underwriters and the joint book-running managers. The underwriting agreement dated August 12, 2026 allocates the shares as follows: Jefferies LLC and J.P. Morgan Securities LLC each take 5,753,847 common shares and 1,015,385 pre-funded warrants, Cantor Fitzgerald & Co. and UBS Securities LLC each take 2,615,384 shares and 461,539 warrants, and BMO Capital Markets Corp. takes 697,435 shares and 123,078 warrants. The underwriters are obliged to buy all of the securities if any are purchased. AbCellera agreed to indemnify them against certain liabilities, including those under the Securities Act. The company, its executive officers, directors and certain shareholders agreed to a lock-up of 60 days after the date of the supplement, which Jefferies and J.P. Morgan can release at any time.

Dilution

The prospectus puts net tangible book value at $811.7 million, or $2.65 per share, at June 30, 2026, based on 306,469,632 common shares outstanding. After the offering the company would have 323,905,529 common shares outstanding, assuming none of the pre-funded warrants is exercised. New investors face immediate dilution of $6.67 per share. Options for 66,333,117 shares at a weighted-average exercise price of $4.83 per share and 9,841,340 restricted share units are outstanding and excluded from that count.

The trial behind the raise

The company announced on August 10, 2026 what it called positive top-line results from the Phase 2 portion of the Phase 1/2 trial of ABCL635, an antibody against the NK3R receptor for hot flashes due to menopause. The study enrolled 92 postmenopausal women, randomized 1:1 to a single 600 mg subcutaneous dose or placebo. At week 4, ABCL635 cut moderate and severe hot flashes by a mean of 8.8 per day from baseline, against 3.5 on placebo, a placebo-adjusted difference of 5.3. Severity fell by 1.4 points against 0.3. The company reports statistically significant results on both primary endpoints and no serious adverse events, but this was one dose followed for four weeks in a small group. The most common adverse events above placebo were headache, fatigue and injection site reaction.

It plans to use net proceeds, with existing cash, cash equivalents and marketable securities, for its internal pipeline including ABCL635, working capital and general corporate purposes. The Phase 1 study of ABCL575 is due to read out in Q4 2026, and the company says it has no plans to pursue ABCL575 past Phase 1.

Losses

For 2025 AbCellera reported revenue of $75.1 million and a net loss of $146.4 million, against a net loss of $162.9 million for 2024. Research and development expense was $186.8 million, and it used $131.3 million in operations. Cash and cash equivalents were $120.1 million at June 30, 2026.

Report an error

Companies in this story

ABCLAbCellera Biologics Inc.NASDAQ · CanadaOpen the starter desk