8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________________________

FORM 8-K

__________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 29, 2021

__________________________________________________

ABCELLERA BIOLOGICS INC.

(Exact name of registrant as specified in its charter)

__________________________________________________

British Columbia	001-39781	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

2215 Yukon Street Vancouver, BC	V5Y 0A1
(Address of registrant’s principal executive office)	(Zip code)

(604) 559-9005

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

__________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common shares	ABCL	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company  X

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02    Results of Operations and Financial Condition

On March 29, 2021, AbCellera Biologics Inc., (the “Company”), issued a press release announcing its financial and operational results for the quarter and year ended December 31, 2020. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01    Regulation FD Disclosure

In connection with its earnings call on March 29, 2021 to discuss its results for the quarter and year ended December 31, 2020, the Company will utilize a corporate presentation, a copy of which is furnished herewith as Exhibit 99.2.

The information in Items 2.02 and 7.01 of this Form 8-K (including the exhibits attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Press Release issued by AbCellera Biologics Inc. on March 29, 2021.
99.2	Corporate presentation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 29, 2021	ABCELLERA BIOLOGICS, INC.
	By:	/s/ Carl L. G. Hansen
		Carl L. G. Hansen, Ph.D.
		Chief Executive Officer

EX-99.1

Exhibit 99.1

AbCellera Reports FullYear 2020 Business Results

● Total revenue of $233 million¹ in 2020, up 1,908% year-over-year

● Total revenue from research fees of $20 million, up 71% year-over-year

● Total programs under contract of 103, up 72% year-over-year

● EPS of $0.53 (basic) and $0.45 (diluted) compared to $0.01 loss per share in 2019

VANCOUVER, British Columbia - March 29, 2021 - AbCellera (NASDAQ: ABCL), a technology company with a centralized operating system for next-generation antibody discovery, today announced financial results for the full year 2020 with the following highlights.

“AbCellera had a breakthrough year, demonstrating strong growth across every area of the business and the effectiveness of our technology and business model through our discovery of the first monoclonal antibody therapy for COVID-19,” said Carl Hansen, Ph.D., President and CEO of AbCellera. “Each program improves our platform, and we continue to invest in new technologies that enhance and expand our capabilities to discover high-quality, potent antibodies for our partners. With our strong cash position, profitability, and cash generation, we are aggressively executing on building our centralized operating system to help bring new antibody therapies to patients faster and more efficiently.”

2020 Business Highlights

● Strong financial performance led by $233 million in total revenue, including $213 million in milestones and royalties.

● Generated $119 million in net earnings, up from a $2 million loss in 2019.

● Expanded partnership business to 103 cumulative programs under contract with 27 partners generating $20 million in research fees (71% growth over $12 million in 2019).

● Established strong liquidity position with approximately $720 million raised from gross equity financings ($75 million series A2, $90 million convertible note, and $555 million IPO proceeds), and $23 million in positive cash flow from operations to end the year with $594 million in cash and cash equivalents, and $212 million in accrued accounts receivable.  AbCellera’s strong cash position will be used to build capacity, expand platform capabilities, and pursue business development initiatives.

● Secured $126 million from the Government of Canada for future infrastructure investments, including CMC and GMP manufacturing capabilities.

● Acquired Trianni for $90 million to add new capabilities that expand diversity and reduce program timelines by sourcing fully human antibodies from rodents.

● Acquired the OrthoMab™ bispecific platform to integrate capabilities for engineering bispecific antibodies.

● Achieved notable COVID-19 program milestones, including bamlanivimab entering clinical trials and receiving authorization in 15 countries across North America, the European Union, the Middle East, and Africa.

● Announced the appointment of John Montalbano and Peter Thiel to the Board of Directors.

Key Business Metrics²

As of December 31, 2020, AbCellera had 103 discovery programs (up 72% from 60 in 2019) that are either completed, in progress or under contract with 27 partners (up from 22 in 2019). AbCellera has started discovery on a cumulative total of 52 of these programs (up from 43 in 2019).

Bamlanivimab, being developed by partner Eli Lilly and Company (Lilly), is the first antibody discovered by AbCellera to have reached the clinic and commercial markets. Bamlanivimab is the first monoclonal antibody therapy for COVID-19 in the world to reach human testing and to be authorized for emergency use.

	Year Ended December 31,				Change
Metric	2019		2020		%
Number of discovery partners		22		27		23	%
Programs under contract, cumulative		60		103		72	%
Program starts, cumulative		43		52		21	%
Programs in the clinic		-		1	N/M

Discussion of 2020 Financial Results

	Year Ended December 31,				Change
	2019		2020		Amount		%
	(in thousands, except percentages)
Revenue
Research fees	$	11,612	$	19,848	$	8,236		71	%
Milestone payments		-		15,000		15,000	N/A
Royalty revenue		-		198,307		198,307	N/A
Total revenue	$	11,612	$	233,155	$	221,543		1908	%

● Revenue - Total revenue was$233.2 million in 2020, up 1,908% from $11.6 million in 2019. Research fees increased by $8.2 million, or 71%, as a result of growth in our partnership business. The success of bamlanivimab generated our first milestone payments of $15.0 million and our first royalty revenue of $198.3 million.

● Royalty fees - Royalty fees to the National Institutes of Health, attributable entirely to royalty payments on bamlanivimab, were $27.1 million as compared to $0 in 2019.

¹  All financials are reported in USD.

²  See definitions of Key Business Metrics

● Research & Development (R&D) expenses - R&D expenses were $29.4 million in2020, as compared to $10.1 million in 2019, reflecting investments in the technology platform and increased partnership activity. R&D expenses included non-recurring charges of $4.0 million for IPR&D related to the acquisition of the OrthoMab platform and $4.3 million related to Liability Classified Options in connection with the company’s conversion to USD as functional currency.  

● Sales & Marketing (S&M) expenses - S&M expenses were $3.8 million in 2020, as compared to $1.3 million in 2019, driven by an expansion of the team.

● General & Administrative (G&A) expenses - G&A expenses were $11.9 million in 2020, as compared to $2.7 million in 2019, with the increase driven by investments to support the growth of the company and preparations to be a listed company, as well as non-recurring charges of $1.9 million supporting financing activities.

● Net Earnings - Net earningsin 2020 were $118.9 million, or $0.53 per share and $0.45 per share on a basic and diluted basis, respectively, as compared to a net loss of $2.2 million, or $0.01 per share on both a basic and diluted basis in 2019.

● Liquidity- AbCellera ended 2020 with $594.1 million of cash and cashequivalents and $212.3 million in accrued accounts receivable, most of which have subsequently been received. AbCellera ended the year with $2.4 million in debt from a Government of Canada zero interest repayable funding program. The company retired all other debt agreements in the year and incurred a non-recurring $4.2 million expense charge for interest and cancellation fees for early retirement.

Conference Call and Webcast

AbCellera will host a conference call and live webcast to discuss these results today at 2:00 p.m. Pacific Daylight Time (5:00 p.m. Eastern Daylight Time).

The live webcast of the earnings conference call can be accessed on the Events and Presentations section of AbCellera’s Investor Relations website at https://investors.abcellera.com. A replay of the webcast will be available through the same link following the conference call.

About AbCellera Biologics Inc.

AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce costs, and tackle the toughest problems in drug development. To learn more, please visit us at www.abcellera.com.  

Definition of Key Business Metrics

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make

strategic decisions. We believe that the following metrics are important to understand our current business. These metrics may change or may be substituted for additional or different metrics as our business develops. For example, as our business matures and to the extent programs are discontinued, we anticipate updating these metrics to reflect such changes.

Number of discovery partnersrepresents the unique number of partners with whom we have executed partnership contracts. We view this metric as an indication of the competitiveness of our technology stack and our current level of market penetration. The metric also relates to our opportunities to secure programs under contract.

Programs under contractrepresent the number of antibody development programs that are under contract for delivery of discovery research activities. A program under contract is counted when a contract is executed with a partner under which we commit to discover antibodies against one selected target. A target is any relevant antigen for which a partner seeks our support in developing binding antibodies. We view this metric as an indication of commercial success and technological competitiveness. It further relates to revenue from technology access fees. The cumulative number of programs under contract with downstream participation is related to our ability to generate future revenue from milestone payments and royalties.

Program starts represent the number of unique programs under contract for which we have commenced the discovery effort. The discovery effort commences on the later of (i) the day on which we receive sufficient reagents to start discovery of antibodies against a target and (ii) the day on which the kick-off meeting for the program is held. We view this metric as an indication of our operational capacity to execute on programs under contract. It is also an indication of the selection and initiation of discovery projects by our partners and the resulting near-term potential to earn research fees. Cumulatively, program starts with downstream participation indicate our total opportunities to earn downstream revenue from milestone fees and royalties in the mid- to long-term.

Programs in the clinic represent the count of unique programs for which an Investigational New Drug, or IND, New Animal Drug or Pre-Market Approval, or PMA, application, or equivalents under other regulatory regimes, has been filed based on an antibody that was discovered by us. Where the date of such application is not known to us, the date of the first public announcement of clinical trials will be used instead for the purpose of this metric. We view this metric as an indication of our near- and mid-term potential revenue from milestone fees and potential royalty payments in the long term.

AbCellera Forward-looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our

business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Source: AbCellera Biologics Inc.

Inquiries

Media: Jessica Yingling, Ph.D.; media@abcellera.com, +1(236)521-6774

Business Development: Kevin Heyries, Ph.D.; bd@abcellera.com, +1(604)559-9005

Investor Relations: Melanie Solomon; ir@abcellera.com, +1(778)729-9116

AbCellera Biologics Inc.

Condensed Consolidated Statement of Operations

(Expressed in thousands of U.S. dollars except share and per share data)

	2019			2020
Revenue
Research fees	$	11,612		$	19,848
Milestone payments		-			15,000
Royalty revenue		-			198,307
Total revenue		11,612			233,155
Operating expenses
Royalty fees		-			27,143
Research and development3		10,113			29,393
Sales and marketing3		1,263			3,842
General and administrative3		2,749			11,910
Depreciation and amortization		1,604			4,836
Total operating expenses		15,729			77,124
Income (loss) from operations		(4,117	)		156,031
Other (income) expense
Interest income		(155	)		(293	)
Interest and other expense		209			6,511
Foreign exchange (gain) loss		(186	)		300
Grants and incentives		(1,774	)		(8,320	)
Total other (income) expense		(1,906	)		(1,802	)
Net earnings (loss) before income tax		(2,211	)		157,833
Provision for income tax		-			38,915
Net earnings (loss) and comprehensive income (loss) for the period	$	(2,211	)	$	118,918
Net earnings (loss) per share to common shareholders
Basic	$	(0.01	)	$	0.53
Diluted	$	(0.01	)	$	0.45
Weighted-average common shares outstanding
Basic		151,327,560			159,195,023
Diluted		151,327,560			263,129,765

³  Exclusive of depreciation and amortization

AbCellera Biologics Inc.

Condensed Consolidated Balance Sheet

(Expressed in thousands of U.S. dollars except share data)

	December 31, 2019			December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	7,553		$	594,116
Accounts receivable		2,124			903
Accrued accounts receivable		1,152			212,336
Other current assets		1,811			5,970
Total current assets		12,640			813,325
Long term assets
Property and equipment, net		8,480			17,923
Intangible assets		-			115,153
Goodwill		-			31,500
Equity investee		-			19,247
Other long-term assets		585			8,388
Loans to related parties		1,783			-
Total long-term assets		10,848			192,211
Total assets	$	23,488		$	1,005,536
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities	$	2,579		$	20,005
Current portion of contingent consideration payable		-			13,411
Income taxes payable		-			36,152
Accrued royalties payable		-			27,143
Deferred revenue		3,236			6,589
Current portion of long-term debt		2,080			190
Total current liabilities		7,895			103,490
Long-term liabilities
Operating lease liability		2,642			3,715
Long-term debt		1,363			2,198
Deferred revenue and grant funding		1,336			25,894
Contingent consideration payable		-			9,148
Deferred tax liability		-			26,161
Other long-term liabilities		-			4,422
Total long-term liabilities		5,341			71,538
Total liabilities	$	13,236		$	175,028
Shareholders' equity
Common shares: no par value, unlimited authorized shares at December 31, 2019 and 2020: 151,681,382 and 269,497,768 shares issued and outstanding at December 31, 2019 and 2020 respectively		5,122			710,387
Convertible preferred shares unlimited authorized shares at December 31, 2019 and 2020: 2,105,264 and nil issued and outstanding at December 31, 2019 and 2020 respectively		7,546			-
Additional paid-in capital		2,300			5,919
Accumulated earnings (deficit)		(4,716	)		114,202
Total shareholders' equity		10,252			830,508
Total liabilities and shareholders' equity	$	23,488		$	1,005,536

AbCellera Biologics Inc.

Condensed Consolidated Statement of Cash Flows

(Expressed in thousands of U.S. dollars)

		2019			2020
Cash flows from operating activities:
Net income (loss)	$	(2,211	)	$	118,918
Cash flows from operating activities
Depreciation of property and equipment		1,604			2,317
Amortization of intangible assets		-			2,519
Amortization of operating lease right-of-use-assets		243			435
Stock-based compensation		890			8,397
Extinguishment of long-term debt		-			3,700
Accretion and other		194			830
Deferred tax expense		-			2,098
Unrealized foreign exchange gains and losses		-			177
Changes in operating assets and liabilities
Accounts and accrued research fees receivable		(1,803	)		(5,467	)
Accrued royalties receivable		-			(197,553	)
Investment tax credit receivable		1,593			-
Income taxes payable		-			36,412
Accounts payable and accrued liabilities		150			6,601
Operating lease liabilities		2,784			(350	)
Deferred revenue		(6	)		21,810
Accrued royalties payable		-			27,143
Other operating assets and liabilities		(744	)		(5,297	)
Net cash provided by operating activities		2,694			22,690
Cash flows from investing activities
Purchases of property and equipment		(3,997	)		(9,673	)
Purchase of intangible assets		-			(5,000	)
Repayment (issuance) of related party loans		(1,783	)		1,783
Acquisition of Trianni		-			(87,643	)
Investment in equity investees		-			(19,247	)
Net cash used in investing activities		(5,780	)		(119,780	)
Cash flows from financing activities
Repayment of long-term debt		(399	)		(19,942	)
Proceeds from long-term debt		193			15,490
Proceeds from convertible debentures		-			89,990
Short-term borrowings		387			(387	)
Issuance of common shares pursuant to exercise of stock options		25			1,000
Net proceeds from issuance of common shares		-			522,840
Proceeds from issuance of preferred shares - series A1 financing		(11	)		-
Proceeds from issuance of preferred shares - series A2 financing		-			74,662
Net cash provided by financing activities	$	195		$	683,653
Increase (decrease) in cash and cash equivalents		(2,891	)		586,563
Cash and cash equivalents, beginning of year		10,444			7,553
Cash and cash equivalents, end of year	$	7,553		$	594,116

EX-99.2

March 29, 2021 2020 BUSINESS UPDATE Exhibit 99.2

This presentation contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this presentation other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this presentation represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law. DISCLAIMER

2020 BUSINESS UPDATE. HIGHLIGHTS ~400K PATIENTS TREATED 72% INCREASE IN # OF PARTNERSHIPS $233M IN REVENUE $594 million in cash and $212 million in accounts receivable at year end. Proved tech & business model Strengthened competitive advantage Positioned for growth with strong liquidity Expanded technology stack with acquisitions OrthoMabTM and Trianni. Secured $126 million for CMC and GMP manufacturing capabilities. COVID-19 program with Eli Lilly brings bamlanivimab into clinical trials 90 days after initiation. Bamlanivimab authorized in 15 countries.

2020 BUSINESS UPDATE. TECHNOLOGY STACK DEEP TECH, COMPLEX INTEGRATION, AT SCALE. Many life sciences companies have technologies that focus on one or a limited number of steps in the process. We believe we uniquely integrate proprietary technologies that address each of these steps.

ACCELERATE DISCOVERY. SHARE IN THE SUCCESS. 2020 BUSINESS UPDATE. PARTNERSHIP BUSINESS MODEL ROYALTIES MILESTONES Multimillion dollar potential clinical and commercial milestone payments Pre-clinical Phase 1 Phase 2 Phase 3 Approval Commercial Sale ABCELLERA PARTNER BIOTECH, PHARMA Building a diversified portfolio of milestones & royalties (primary value driver) Majority of risk-adjusted value from royalty on commercial therapeutic sales Near-term revenue from research payments (capital efficient) DISCOVERY RESEARCH FEES + + mAb target

2020 BUSINESS UPDATE. TECHNOLOGY ADVANTAGE Proprietary technologies that can generate massive multidimensional antibody datasets AI-POWERED PLATFORM BUILT ON REAL-WORLD DATA. 6 COPYRIGHT © ABCELLERA We believe our technology advantage comes from combining three things: Custom software to aggregate, store and maintain data Artificial intelligence and powerful computational tools to extract actionable information from this data 1 2 3

DEMOCRATIZE THE INDUSTRY. 2020 BUSINESS UPDATE. TECHNOLOGY ADVANTAGE

2020 BUSINESS UPDATE. PARTNERSHIPS MAR APR MAY JUN JULY AUG SEP JAN FEB Multi-target Multi-year Animal health UNLOCK NEW TARGETS. EMPOWER PARTNERS TO MOVE QUICKLY. OCT NOV DEC Multi-target Multi-year Undisclosed 9 targets Multi-year COVID-19 + additional indications Multi-target Multi-year Oncology & immunology Single target Ophthalmology 9 targets Multi-year Oncology Multi-target Multi-year Animal health

Sample received one antibody in human clinical testing by Eli Lilly and Company Together with its partners, AbCellera brought the first treatment developed specifically for COVID-19. Bamlanivimab is currently authorized in 15 countries, including the United States, Canada, Europe and the Middle East for the treatment of mild to moderate COVID-19 in high-risk patients. THE 1ST COVID-19 ANTIBODY TREATMENT TO REACH THE CLINIC IN N. AMERICA. From patient sample to human testing in 90 days ~5,800,000 cells screened in 3 days from one of the first US patients who recovered from COVID-19. 24 leads identified in 23 days by evaluating 250,000 data points 2020 BUSINESS UPDATE. COVID-19 PROGRAM

Reduce hospitalizations by 70% to 80% in patients recently diagnosed with mild to moderate COVID-19 ~400K PATIENTS TREATED WITH BAMLANIVIMAB 2020 BUSINESS UPDATE. COVID-19 PROGRAM Prevent COVID-19 in nursing homes, reducing the risk of contracting COVID-19 by up to 80% Prevent COVID-19-related deaths Bamlanivimab has been evaluated both alone and together with other antibodies in 5,000+ patients across multiple clinical trials. Bamlanivimab alone has been shown to:

Reduces hospitalization & death by 87% in patients recently diagnosed with mild to moderate COVID-19. COMBAT VARIANTS WITH BAMLANIVIMAB COMBINATIONS 2020 BUSINESS UPDATE. COVID-19 PROGRAM Currently being evaluated in the BLAZE-4 study for patients recently diagnosed with mild to moderate COVID-19. Bamlanivimab is being evaluated together with other antibodies in patients recently diagnosed with mild to moderate COVID-19 to address emerging variants. 99% effective against circulating strains in US Predicted to be effective against South African strain bamlanivimab + etesevimab bamlanivimab + VIR-7831 Effective against UK strain

ADVANCING A NEW, NEXT-GEN COVID-19 ANTIBODY. In late January, Eli Lilly moved a next-gen antibody discovered by AbCellera, 1404, into preclinical development. This antibody is: Antibody therapies are a complementary approach to vaccines, both now and in the future. Predicted to neutralize all circulating variant strains of COVID-19, including the South African, UK, New York, Brazilian and California variants Expected to reach clinical testing in 2021 Q2 A potential best-in-class therapeutic 2020 BUSINESS UPDATE. COVID-19 PROGRAM

ACQUISITIONS TO EXPAND THE BREADTH & DEPTH OF OUR TECH STACK 2020 BUSINESS UPDATE. TECHNOLOGY EXPANSION OrthoMabTM bispecific engineering platform, coupled with our discovery engine, has the potential to be best-in-class. Combine any two antibodies to create bispecific antibodies. Trianni next-generation mice are suited for generating antibodies against some of the toughest problems in the industry. Source fully human antibodies from rodents.

Future plans for deepening the tech stack include: THE GOAL: TARGET TO FILL-FINISH IN ONE YEAR. This facility, which is partly funded by a $126M grant by the Government of Canada, will be the first in Canada capable of going from a patient sample to manufacturing antibodies for clinical testing Cell line development GMP manufacturing facility for production of biologics for clinical testing 2020 BUSINESS UPDATE. TECHNOLOGY EXPANSION

THANK YOU ABCELLERITES & OUR FAMILIES 15 COPYRIGHT © ABCELLERA

PARTNERSHIP BUSINESS GROWTH CONTINUED AT A RAPID PACE THROUGH 2020 2020 FULL YEAR FINANCIAL RESULTS* * Historical results are not necessarily indicative of future results. Discovery Partners Programs Under Contract Program Starts # of Cumulative # of Cumulative # of + WITH downstream participation – WITHOUT downstream participation 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 103 60 22 27 43 52 5-year CAGR +28% +56% +42%

2020 FULL YEAR FINANCIAL RESULTS $15.0M $19.8M $11.6M $198.3M 2019 $8.8M 2018 2020 COVID-19 Program Downstream Revenue $213.3M Revenue USD $233.2M REVENUE DRIVEN BY 71% INCREASE IN RESEARCH FEES & COVID-19 PROGRAM +71% 20X

2020 FULL YEAR FINANCIAL RESULTS OPERATING EXPENSES REFLECT CONTINUED STRENGTHENING OF THE PLATFORM & NON-RECURRING COSTS Operating Expenses USD RESEARCH & DEVELOPMENT SALES & MARKETING GENERAL & ADMIN $29.4M 2020 2019 2020 $1.3M $3.8M 2019 $11.9M $1.9M 2019 $2.7M 2020 Preferred share financing and IPO LCO $4.3M $4.0M OrthoMab™ +$2.6M +$7.3M $10.1M +$11M

2020 FULL YEAR FINANCIAL RESULTS THREE OTHER PRE-TAX INCOME STATEMENT ITEMS INCREASED BY >$1 MILLION IN 2020 $2.5M due to amortization of acquired intangible assets over their useful lives $4.2M relates to retired OrbiMed credit agreement and previously retired credit facility (non-recurring) Mostly Government of Canada SIF project cost recovery $1.6M $4.8M $0.2M $6.5M DEPRECIATION & AMORTIZATION INTEREST & OTHER EXPENSE GRANTS & INCENTIVES +$6.3M $1.8M $8.3M +$6.5M +$3.2M 2020 2019 2020 2019 2019 2020

2020 FULL YEAR FINANCIAL RESULTS EARNINGS JUMPED TO $119M: EQUIVALENT TO $0.53 (BASIC), $0.45 (DILUTED) PER SHARE ($2.2M) $118.9M ($0.01) $0.53 NET EARNINGS (LOSS) EARNINGS PER SHARE: BASIC ($0.01) $0.45 Earnings USD 2020 2019 2020 2019 2019 2020 EARNINGS PER SHARE: DILUTED

2020 FULL YEAR FINANCIAL RESULTS SUCCESS IN FINANCING ALLOWED FOR IMPORTANT INVESTMENTS IN 2020 & PROVIDES STRONG LIQUIDITY BEYOND Cash Flows USD $683.7M $7.6M ($90.0M) $22.7M ($119.8M) $594.1M Cash & Equivalents 2019 YE Trianni Acquisition Additionally, $198.3M accrued AR received subsequent to year end $74.7M $90.0M $522.8M Debt Repayment & Other ($3.8M) IPO Series A2 Convertible Debentures Financing Operations Investments Cash & Equivalents 2020 YE

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