ABCL - Quick Take - 1Q26 update - ABCL635 appears safe with favorable PK; eyes on efficacy data in 3Q

Research evidence excerpt

ABCL - Quick Take - 1Q26 update - ABCL635 appears safe with favorable PK; eyes on efficacy data in 3Q

Truist Securities

Equity Research Report May 11, 2026

HEALTHCARE: Tech-enabled Biotech AbCellera Biologics Inc. (ABCL)

ABCL - Quick Take - 1Q26 update - ABCL635 appears safe with Srikripa Devarakonda, Ph.D.

212-303-4173 favorable PK; eyes on efficacy data in 3Q

Srikripa.Devarakonda@truist.com

Alexander Xenakis Bottom Line: We remain Buyers of ABCL following the company’s 1Q26 business update

212-590-0954 where ABCL635 was shown to be safe and well-tolerated among healthy volunteers in the

Alexander.Xenakis@truist.com Ph1 portion of the ongoing Ph1/2 clinical trial. We continue to see near-term upside in ABCL

shares based on what we believe will be positive Ph2 data that may be able to show equal

or better efficacy with improved safety, tolerability, and convenience relative to Lynkuet and

Veozah, potential blockbuster assets in VMS (hot flashes). See more details in our data

Current Price (May 11, $5.25 preview note here. 2026)

Stock Rating BUY Today after the close AbCellera announced interim results from the Ph1 portion evaluating ABCL635 at multiple doses (SAD: 30-mg to 900-mg single injection / MAD: Unchanged

300-mg to 600-mg once-monthly) in healthy volunteers and post-menopausal women.

Price Target $10.00 ABCL635 was well-tolerated across all doses, with no SAEs or elevations in liver enzymes.

Unchanged TEAEs were generally mild and transient and there were no AEs leading to discontinuation

and no dose-limiting toxicity seen in the study. Mean liver function tests (AST, ALT, bilirubin)

remained stable across all doses. In the trial, ABCL635 exhibited a half-life of ~24 days

that potentially supports once-monthly dosing. Additionally, ABCL635 showed suppression