AbCellera Biologics (ABCL) rose as much as 10.3% to $6.53 on August 7 before closing up 6.13%, as investors reacted to second-quarter earnings and an upcoming clinical data readout.

The company said it will release top-line Phase 2 results for ABCL635 before market open on August 10, 2026. An investor call and webcast are scheduled for 4:30 a.m. PT that day.

ABCL635 is a potential first-in-class non-hormonal antibody targeting the NK3 receptor. It is designed to reduce the frequency and severity of vasomotor symptoms in postmenopausal women. The drug entered clinical development in July 2025. Non-hormonal options for menopausal VMS have drawn increased interest since findings from the Women’s Health Initiative linked traditional hormone therapy to elevated risks of breast cancer and cardiovascular events, leaving a portion of the roughly 60 million postmenopausal women in the U.S. seeking alternatives. The NK3 receptor target has gained clinical validation with the FDA’s 2023 approval of Astellas’s fezolinetant (Veozah), a small-molecule NK3 antagonist, though ABCL635’s antibody-based approach would represent a mechanistically distinct option if successful.

AbCellera posted on X:

AbCellera to Announce Top-Line Results from the Phase 2 Trial of ABCL635 for the Treatment of Moderate-to-Severe VMS Due to Menopause on Monday, August 10, 2026 pic.twitter.com/haJhACRwFq — AbCellera (@AbCelleraBio) August 7, 2026

The Phase 2 trial enrolled approximately 80 postmenopausal women in a randomized, double-blind, placebo-controlled design. The study carries the identifier NCT07118891.

The upcoming data release will be the first Phase 2 readout from AbCellera’s GPCR and ion channel platform, making it a key milestone for the company.

Q2 results show weak revenue and a wider loss

AbCellera’s second-quarter financial results were weak. Revenue fell 76.3% year over year to $4.05 million from $17.08 million in Q2 2025. Net loss widened 59.7% to $55.4 million.

Basic loss per share was $0.18, compared with a loss of $0.12 per share a year earlier. Research and development spending totaled approximately $46 million in the quarter.

Even so, the pipeline continued to advance. AbCellera now has nine products in Phase 1 and one in Phase 2, compared with 11 in Phase 1 and none in Phase 2 a year earlier.

ABCL575 completed Phase 1 dosing, and the company expects a readout in the fourth quarter of 2026.

Cash remains a support for the balance sheet

Despite the losses, AbCellera ended the quarter with $567 million in cash and more than $675 million in total available liquidity.

Partnerships with Jazz Pharmaceuticals and Vertex, focused on T cell engager programs, brought in more than $110 million in upfront cash payments.

Some critics have noted that these payments are one-time deal proceeds rather than recurring revenue, while milestones and royalties have not yet scaled enough to offset ongoing losses.

The most recent analyst rating on ABCL is Buy, with a $12.00 price target. The company’s market capitalization is approximately $1.74 billion.

Investors are now focused on the August 10 Phase 2 results for ABCL635, which will provide the first clinical efficacy signal for AbCellera’s platform in a therapeutic area where demand for non-hormonal options continues to grow.