Bull case
AbCellera Biologics is attractive because it combines a differentiated antibody-discovery platform with a broad pipeline of two clinical candidates, two IND/CTA-enabling programs, and more than 20 active discovery efforts, positioning it to address high-unmet-need targets and novel modalities. The recent Jazz agreement adds $56 million upfront, plus a possible $28 million for a third program and future option, milestone, royalty, and sales payments, supporting near- and medium-term revenue growth while cash and marketable securities reached $565 million in 2Q26. Its outlook is further strengthened by ABCL635’s upcoming Phase 2 VMS data, where superior severity efficacy and a better safety profile versus Veozah/Lynkuet could open a large, growing market already showing strong demand, including ~$94 million in Veozah sales this quarter, up 53% y/y.