Test-ing, Test-ing, Is This Thing On?

Research evidence excerpt

Test-ing, Test-ing, Is This Thing On?

Biotechnology

AbCellera Biologics Inc. (ABCL)

EQUITY RESEARCH Company Update

May 11, 2026

Test-ing, Test-ing, Is This Thing On? Price: 5.25

Price Target: $11.00 (From $7.00) We remain Overweight and are increasing our price target from $7 to $11

Rating: Overweight (increased PoS for VMS program to 75% from 60%) following 1Q26 earnings

Key Statistics: and initial Phase 1 data for lead NK3R antibody ABCL635 in vasomotor

Symbol NASDAQ: ABCL symptoms (VMS) associated with menopause.

52-Week Range 1.94 - 6.52

Market Cap 1,603.2 Recall, as reviewed in our recent initiation here, testosterone reduction in

ADV (3 mo) 4,496,638 healthy males is a target engagement biomarker of NK3R inhibition. FDA-

Shares Out (M) 305.4 approved small molecule inhibitor of NK3R, Veozah, reduces testosterone

in male HVs by <50% at authorized doses on a placebo-adjusted basis.

Research Analysts: Veozah also has a boxed warning for hepatotoxicity and left efficacy on the

Steve Seedhouse table in Phase 3, presumably to try and avoid tox. 212-915-1240

Steve.Seedhouse@cantor.com With that backdrop, ABCL's Phase 1 testosterone data announced after

Nick Econom close today look terrific. 312-469-7407

Nick.Econom@cantor.com ●Max T reduction is better for '635 than Veozah. ABCL's antibody

Timur Ivannikov reached >75% pbo-adjusted reduction in T by week 1 at 900mg (highest

312-469-7406 dose). Although this dose wasn't advanced into MAD and Phase 2 Timur.Ivannikov@cantor.com

(600mg is top dose going forward), repeat dosing of 600mg may

REV ($M) achieve similar steady state exposure (at least trough exposure) as

FYE Dec 2025A 2026E 2027E 900mg single dose achieves over 4 weeks. And the maximal effect