aibioMiles Suk steps down as Abpro Holdings chairman but stays on the board
Tickers ABPO
Abpro Holdings said Miles Suk resigned as chairman of its board effective August 25, 2026. The board will appoint a successor chair at its next regularly scheduled meeting.
Key facts
- Company
- Abpro Holdings Inc. (OTC: ABPO)
- News type
- Company Updates
- Primary source
- Abpro Holdings Form 8-K (Item 5.02)
Abpro Holdings, Inc. (ABPO) disclosed in an 8-K that Miles Suk provided notice of his voluntary resignation as chairman of the board on August 25, 2026, effective that day. The filing is dated August 31, 2026 and is signed by the company's interim chief executive officer. Suk will continue to serve as a member of the board after giving up the chair.
The chairman change
The 8-K says Suk's resignation was not the result of any disagreement with the company on any matter relating to its operations, policies or practices. The board will appoint a successor chair at its next regularly scheduled meeting. The filing does not name a successor or give a date for that meeting.
The filing also reports that Suk previously resigned as chief executive officer. Because of that earlier resignation, the company terminated his consulting agreement.
The consulting agreement
Suk is entitled to continued payment of his $300,000 annual consulting fee by the company for 60 days after the termination. As a result, the company will be obligated to pay him $50,000 in compensatory payments during the 60-day period beginning August 19, 2026. Except for standard directors' fees for as long as he remains a director, the company says it has no other compensatory obligations to Suk.
The company
Abpro Holdings describes itself as a biotechnology company developing next-generation antibody therapeutics for severe and life-threatening diseases, primarily in immuno-oncology, ophthalmology and infectious disease. The company uses its proprietary discovery and engineering platforms to develop novel antibodies. Its two lead candidates are ABP-102 and ABP-201, both built on its next generation tetravalent TetraBi antibody format.
ABP-102 is designed to redirect a patient's immune system to fight cancer by engaging T cells through HER2 and CD3. The company plans to develop it first for difficult to treat HER2+ solid tumors, focusing on orphan indications. It is developed and commercialized through a worldwide strategic partnership with Celltrion Inc. (KRX:068270), under a Collaboration Agreement entered into in September 2022 and amended in October 2024. The company received an initial milestone payment of $2.0 million from Celltrion in 2022. It is also eligible for net sales milestone payments of up to $1.75 billion and development milestone payments of up to $4.0 million, none of them assured.
On January 6, 2026, the company and Celltrion were notified that the FDA had cleared the investigational new drug application for ABP-102 / CT-P72. The clearance enables a Phase 1 trial of ABP-102 / CT-P72 in patients with HER2-positive solid tumors.
ABP-201 is designed to block blood vessel formation and normalize damaged vessels through co-targeting VEGF and ANG-2, with a focus on wet age-related macular degeneration. It is developed through a territorial partnership with Abpro Bio, a subsidiary of Abpro Bio Co. Ltd (KOSDAQ:195990).
The shares were listed on the Nasdaq Global Market from November 14, 2024, after the merger with Atlantic Coastal Acquisition Corp. II closed on November 13, 2024. Notice of delisting took effect February 23, 2026.
Financial position
The XBRL data show revenue of $183,000 for 2024. Research and development expense was $989,000 for 2025 and $3.0 million for 2024. Cash from operations was negative $6.0 million in 2025 and negative $9.0 million in 2024. Year-end cash and cash equivalents were $2.9 million for 2024, according to the 10-K filed April 15, 2025. The company reported cash and cash equivalents of $4.2 million as of June 30, 2026, in its 10-Q.
A company in disarray
The change comes at a bad time. The former chief executive has resigned, an interim chief executive now signs filings, and the chairman has stepped back, all after Nasdaq delisted the shares for what the annual report calls numerous continued listing non-compliance matters. The company appealed that determination on March 18, 2026, and the shares trade on the OTC Pink market. The $1.75 billion in net sales milestones is contingent on a drug that has only just cleared an IND for a Phase 1 trial; the company has received $2.0 million so far. Cash was $4.2 million at June 30, 2026, against $6.0 million of operating cash used in 2025. The board has not named a successor chair.