First Look At '635 Checks The Box – All Eyes Now On Ph2 Efficacy Update In Q3

Research evidence excerpt

First Look At '635 Checks The Box – All Eyes Now On Ph2 Efficacy Update In Q3

TD Cowen AbCellera Biologics

Global Research May 11, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

AbCellera's differentiated antibody-focused discovery engine combines their platform of ■ Ph2 data for ABCL635 in Q3

patent-protected tools and workflows with CMC/GMP biologics manufacturing capabilities. ■ Ph1 data for ABCL575 in Q4

The validated platform leverages B-cells' abilities to generate antibodies against specific ■ Ph1/2 start for ABCL-688 & ABCL386 in

antigens, allowing them to target historically difficult-to-treat indications, which is a key 2027

point of differentiation vs peers. This is especially true given the potential scarcity value for ■ 5 Clinical programs by YE27

end-to-end antibody platforms pairing discovery and CMC/GMP biologics manufacturing.

Previous and ongoing clinical studies offer important validation to the platform, and we expect

upcoming clinical trial initiations and readouts should continue to bolster investor confidence in

AbCellera's platform and ability to execute.

Base Case Assumptions Upside Scenario Downside Scenario

■ New Partnerships & Program starts ■ New partnerships and program starts ■ New partnerships and program starts

■ Clinical programs progressing accelerate beyond expectations driving are slower than expected and/or fail in

■ Multiple new CTAs filed annually in platform value development

2026-2027 ■ Pre-partnered programs advance toward ■ Increased spending limits cash runway

the clinic ■ Pre-partnered programs are not

■ Data from ongoing internal pipeline and successful

TCE programs meaningfully differentiates ■ GPCR and TCE programs are not

from peers and yields multiple lucrative competitive

partnerships