AbCellera (ABCL) stock jumped 32% to $9.12 on Monday after its experimental menopause drug delivered strong Phase 2 results.

The company's stock had already more than doubled in 2026 heading into Monday, largely on expectations for the data readout. The result marks a significant validation of AbCellera's push beyond its core AI-powered antibody discovery platform into developing its own internal drug candidates.

ABCL635 is a non-hormonal, long-acting treatment administered as a single subcutaneous injection. It targets the neurokinin 3 (NK3) receptor, which is involved in triggering hot flashes. The NK3 receptor pathway has emerged as a clinically validated approach to treating menopausal vasomotor symptoms, with the FDA's 2023 approval of Astellas's Veozah (fezolinetant) establishing the class as a viable non-hormonal option.

The Phase 2 trial enrolled 92 postmenopausal women who were experiencing about 10 moderate or severe hot flashes per day. Participants received either a single 600mg subcutaneous dose of ABCL635 or placebo.

The study met its primary efficacy endpoints at week four, meaning it achieved the pre-set statistical targets required for the trial to be considered successful.

Trial Results

On hot flash frequency, ABCL635 reduced moderate-to-severe episodes by 8.8 events per day from baseline. The placebo group recorded a reduction of 3.5 events per day, resulting in a placebo-adjusted treatment difference of 5.3 events per day.

On symptom severity, the drug reduced scores by 1.4 points at week four, compared with 0.3 points for placebo, for a placebo-adjusted difference of 1.1 points.

Patients taking ABCL635 also reported better sleep and an overall improvement in how they felt, based on the patient global impression of change measure.

The trial was randomized, double-blind, and placebo-controlled, the standard design for this type of study.

Safety Profile

ABCL635 was well tolerated over the four-week treatment period. There were no serious adverse events, no severe adverse events, and no patients discontinued the study because of side effects.

The most common side effects in the ABCL635 group were headache, fatigue, and injection site reaction.

AbCellera held a conference call on Monday to discuss the results with investors and analysts.

The company is positioning ABCL635 as a non-hormonal option, which may be relevant for patients who cannot or prefer not to use hormone-based treatments. Demand for non-hormonal alternatives has grown as awareness of potential risks associated with traditional hormone therapy limits its use for some patients.

ABCL stock closed at $9.12 on Monday, up 32% for the session.