Post 1Q26: Clean Ph1 Data De-risk Target Engagement & Paint a Clear Path to Ph2

研报英文原文证据摘录

Post 1Q26: Clean Ph1 Data De-risk Target Engagement & Paint a Clear Path to Ph2

ly SC dosing.

Revenue $28,833 $75,128 $30,973↑

Safety also checked the right boxes, particularly with no liver toxicity

signal. ABCL635 was generally well tolerated, with no serious AEs, severe AEs, Consensus Estimates

discontinuations, or liver-related AEs reported. Overall AE rates were balanced versus 2024A 2025A 2026E

placebo, and the only potential signal was self-limiting headache in the 900mg cohort, EPS $(0.69)

with management highlighting reassuring tolerability at 600mg. While we would Valuation

expect investors to look for longer-duration safety follow-up before fully underwriting a

2024A 2025A 2026E

cleaner liver profile, the absence of liver enzyme issues remains an important potential

P/E NM NM NMdifferentiator versus oral NK3R antagonists.

QTR. EPS Q1 Q2 Q3 Q4

Management’s commentary on translatability to Ph 2 was appropriately

cautious, as we think about framing today's read-through to efficacy. AbCellera 2024A $(0.14) $(0.13) $(0.17) $(0.12)

management emphasized that testosterone suppression is a biomarker of NK3R 2025A $(0.15) $(0.12) $(0.19) $(0.03)

engagement rather than a direct efficacy readout, and noted that small-molecule 2026E $(0.14)a $(0.15) $(0.17) $(0.17)

correlations may not fully translate to an antibody, particularly given NK3R expression

in the preoptic nucleus where AbCellera does not have a direct target-engagement

measure. We do not view this as thesis-changing, but it may keep investors focused on

the 3Q26 Ph 2 readout as the true de-risking event. If ABCL635 can deliver efficacy

comparable to oral agents with no liver monitoring and monthly SC dosing, we

believe the product profile remains compelling.

Key Changes