AbCellera Biologics (ABCL) is shifting from a pure antibody discovery platform to a proprietary drug development company. A collaboration with Jazz Pharmaceuticals, announced on June 17, 2026, includes $84 million in upfront payments and up to $792 million per program in milestones for discovering T-cell engaging multispecific antibodies. Promising interim Phase 1 data for ABCL635, a lead internal program for hot flashes, positions it as a key near-term catalyst, with topline results expected in Q4 2026. As of July 24, 2026, AbCellera's stock was at $5.31, with a market capitalization of $1.62 billion and a 52-week range of $2.75 to $8.44.