AbCellera

Vancouver’s AbCellera has launched its first human trial of ABCL635, a menopause-related drug targeting hot flashes. The milestone marks the company’s transition to a clinical-stage biotech firm, CEO Carl Hansen said.

AbCellera is also enrolling patients in a trial for a potential eczema treatment. Known for its partnerships—most notably with Eli Lilly on COVID-19 treatments—AbCellera reported a Q2 loss of US$34.7 million on US$17.1 million in revenue. Despite the loss, the company has US$753 million in liquidity and added nine new partner projects this year, bringing its total to 102.

Want to know more? Check out the source code on The Logic.

Peter Thiel, a prominent Silicon Valley investor, announced his departure from Vancouver-based biotech company AbCellera’s board for personal reasons, effective March 7.

Thiel, who joined the board in November 2020 and is an investor in the company, lauded AbCellera for advancing biotech, despite its complexity and critical importance. AbCellera, once buoyed by pandemic-driven revenue from its COVID-19 antibody therapies, reported a significant loss in 2023.

The company’s net loss was US$146.4 million, a stark contrast to the US$485 million revenue in 2022, dropping to US$38 million. Despite the financial downturn and a 10% staff reduction, AbCellera continues to invest in its future with a new headquarters and manufacturing facility in Vancouver.

Want to know more? Check out the source code on The Logic.