AbCellera Biologics Inc.

Good afternoon and welcome to Abcelera's full year 2025 business update conference call. My name is Chelsea and I will facilitate the audio portion of today's interactive broadcast. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. At this time, I would like to turn the call over to Trin Stimart, Abcelera's Chief Legal and Compliance Officer. You may proceed.

Thank you. Hello, everyone, and thank you for joining us today for Abcelera's full year 2025 earnings call. I'm Trin Stimart, Abcelera's Chief Legal and Compliance Officer. Dr. Carl Hansen, Abcelera's President and CEO, and Andrew Booth, Abcelera's Chief Financial Officer, will be speaking on today's call. Also, Sarah Noonberg, our Chief Medical Officer, is on the call with us. During this call, we may make projections and forward-looking statements based on our current expectations and in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual results could differ materially due to factors as outlined in our latest Form 10-K and subsequent Forms 10-Q and 8-K filed with the Securities and Exchange Commission. Abcelera is not obligated to update any forward-looking statements, whether due to new information, future events, or otherwise. Our presentation today, our earnings press release, and our SEC filings are available on our investor relations website. The information we provide about our pipeline is intended for the investment community and is not promotional. As we transition to our prepared remarks, please note that all dollars mentioned during the call are U.S. dollars. After our prepared remarks, we will open the lines for questions and answers. Now, I turn the call over to Carl.

Thanks, Trinh, and thank you everyone for joining us today. Today, I'll review the progress Abcelera made in 2025 and share my perspective on the state of our business and the unique setup for strong value creation in 2026 and 2027. A year ago, as we started 2025, I emphasized Abcelera's overarching goal of becoming a vertically integrated clinical stage biotech, and that to successfully make this transition, we would need to deliver on four priorities. First, initiation of phase one trials for our first two programs. Second, nomination of at least one new development candidate. Third, completion of our platform investments. And fourth, initiation of activities at our new clinical manufacturing facility. We successfully delivered on all these objectives and exceeded one priority by nominating not one, but two development candidates. And we finished the year with around 700 million in available liquidity. Now, as we start 2026, we have in place an integrated platform that gives a competitive advantage in antibody discovery and development, a growing pipeline with multiple first-in-class programs and important near-term clinical readouts, and the capital that is needed to continue executing on our strategy. Our transition to a clinical stage biotech is complete, and our focus has fully shifted from building our platform to building our pipeline. We achieved a great deal in 2025. At the beginning of the year, our pipeline consisted of two preclinical programs, ABCL 635 and ABCL 575. Today, both programs are in clinical testing And in January, we announced that our lead program, ABCL635, had advanced into a randomized, double-blind, placebo-controlled Phase II study. In 2025, we also added two new programs to our pipeline. ABCL688 is an antibody drug candidate for an undisclosed indication in autoimmunity. Announced at our Q2 earnings, this is the third program added to our pipeline and the second program that's derived from our GPCR and ion channel platforms. A fourth program, ABCL386, was nominated as a development candidate in Q4 and is a potential first-in-class antibody drug candidate in oncology. ABCL688 and ABCL386 are both in IND-enabling activities, and we expect to submit INDs or CTAs for both programs and to initiate Phase I-II studies in patients in 2027. Behind these first four programs, we have more than 20 programs in discovery, and we anticipate advancing a fifth program into IND-enabling activities in the first half of 2026. The most important data disclosure in 2026 will be the Phase 2 readout of ABCL635, which is anticipated for Q3. This readout has potential to be highly de-risking and to tell us whether or not we are likely to have our first winner. In the positive scenario, Success will be data that supports our target product profile, which includes efficacy at least comparable to Linquit and Bioza, a differentiated safety profile, and an advantage in dosing convenience with once-monthly subcutaneous self-injection. We believe this profile would support a product that has blockbuster potential. Of course, drug development is uncertain, and it is possible that we fail to see efficacy comparable to small molecules. As we started development, we identified a key scientific risk in achieving sufficient target engagement of candy neurons in the infundibular nucleus. Based on biomarker data from the Phase I portion of our study, we believe that ABCL635 can achieve high target engagement in those neurons. Accordingly, our estimated probability of success has increased. We believe the largest remaining uncertainty is that our understanding of the biology of hot flashes is incomplete, and this question, will be answered by the ongoing Phase 2 portion of the study. If we get a positive readout, we intend to move ABCL635 quickly into late-stage development. In the case of a negative readout, our progression to a late-stage clinical company will be delayed. However, in either scenario, we are committed to advancing the other programs in our pipeline with a focus on developing first-in-class opportunities. Looking at the overall pipeline, We anticipate two clinical readouts in 2026 and the potential for multiple catalysts in 2027. By mid-2027, we expect to have five clinical stage programs across a range of compelling indications in large markets. As mentioned previously, pending positive data from the Phase II study of ABCL635, we intend to proceed with late-stage studies for hot flashes associated with menopause, and in addition, we would also look to initiate Phase II studies of ABCL635 for hot flashes associated with cancer treatment. These pipeline developments will play out over the next 18 months. Looking at 2026, our key priorities are to deliver top line readouts for ABCL635 Phase II and ABCL575 Phase I studies, to advance ABCL688 and ABCL386 through IND-enabling activities, and to add one new development candidate to our pipeline. With approximately $700 million in total liquidity, we believe we have the capital to see these programs through to value inflections and to continue to press our advantage in discovery and to build a pipeline through internal innovation. And with that, I will hand it over to Andrew to discuss our financials. Andrew?