The company's financial position has weakened, with total debt nearly doubling to $140.2M in 2026Q1 while retained earnings shifted from a $279.8M surplus in 2023Q4 to a $72.6M deficit.
| Total Current Assets | 664.6M | 728.23M | 751.37M | 871.99M | 1.03B | 929.8M | 813.33M | 12.64M | 15.16M |
| Cash & Short-Term Investments | 504.73M | 560.33M | 625.61M | 760.59M | 886.49M | 722.98M | 594.12M | 7.55M | 10.44M |
| Cash Only | 77.06M | 155.01M | 156.32M | 133.32M | 386.54M | 476.14M | 594.12M | 7.55M | 10.44M |
| Short-Term Investments | 427.67M | 405.31M | 469.29M | 627.26M | 499.95M | 246.84M | 0 | 0 | 0 |
| Accounts Receivable | 115.72M | 153.4M | 92.13M | 64.38M | 38.59M | 160.58M | 213.73M | 2.12M | 1.4M |
| Days Sales Outstanding | 670.32 | 745.27 | 1.17K | 618 | 29.02 | 156.21 | 334.59 | 66.76 | 58.05 |
| Inventory | 0 | 6.34M | 0 | 1.11M | 1.53M | 1.67M | 1.41M | 163K | 0 |
| Days Inventory Outstanding | 34.88 | 80.24 | - | - | 8.42 | 13.41 | 18.93 | - | - |
| Other Current Assets | 44.14M | 8.17M | 33.63M | 45.91M | 89.82M | 39.28M | 0 | 2.25M | 2.76M |
| Total Non-Current Assets | 642.52M | 628.72M | 609.18M | 616.11M | 515.42M | 388.77M | 192.21M | 10.85M | 6.33M |
| Property, Plant & Equipment | 422.81M | 428M | 340.43M | 287.7M | 217.25M | 111.62M | 17.92M | 8.48M | 6.33M |
| Fixed Asset Turnover | 0.19x | 0.18x | 0.08x | 0.13x | 2.23x | 3.36x | 13.01x | 1.37x | 1.40x |
| Goodwill | 47.81M | 47.81M | 47.81M | 47.81M | 47.81M | 47.81M | 31.5M | 0 | 0 |
| Intangible Assets | 37.46M | 38.38M | 42.11M | 120.42M | 131.5M | 148.39M | 115.15M | 0 | 0 |
| Long-Term Investments | 311.56M | 62.58M | 82.3M | 65.94M | 72.52M | 50.31M | 20.03M | 0 | 0 |
| Other Non-Current Assets | 69.14M | 51.95M | 96.54M | 94.24M | 41.03M | 23.23M | 1.71M | 2.37M | 0 |
| Total Assets | 1.31B | 1.36B | 1.36B | 1.49B | 1.54B | 1.32B | 1.01B | 23.49M | 21.49M |
| Asset Turnover | 0.06x | 0.06x | 0.02x | 0.03x | 0.32x | 0.28x | 0.23x | 0.49x | 0.41x |
| Asset Growth % | -6.41% | -0.26% | -8.57% | -3.43% | 16.86% | 31.13% | 4181.06% | 9.29% | - |
| Total Current Liabilities | 47.29M | 64.31M | 76.61M | 119.01M | 118.32M | 120.68M | 103.49M | 7.89M | 6.43M |
| Accounts Payable | 20.81M | 25.23M | 34.35M | 25.51M | 14.83M | 14.92M | 7.32M | 1.64M | 1.52M |
| Days Payables Outstanding | 604.76 | 319.5 | - | - | 81.47 | 119.68 | 98.43 | - | - |
| Short-Term Debt | 5.87M | 5.82M | 0 | 0 | 0 | 0 | 190K | 2.47M | 2.53M |
| Deferred Revenue (Current) | 71.02M | 13.53M | 21.18M | 18.96M | 21.61M | 7.54M | 7.53M | 0 | 2.33M |
| Other Current Liabilities | 12.87M | 8.98M | 8.09M | 60.68M | 69.84M | 54.85M | 9.08M | 3.37M | 50.12K |
| Current Ratio | 14.05x | 11.32x | 9.81x | 7.33x | 8.67x | 7.70x | 7.86x | 1.60x | 2.36x |
| Quick Ratio | 14.05x | 11.23x | 9.81x | 7.32x | 8.65x | 7.69x | 7.85x | 1.58x | 2.36x |
| Cash Conversion Cycle | 100.44 | 506.02 | - | - | -44.03 | 49.94 | 255.09 | - | - |
| Total Non-Current Liabilities | 145.63M | 151.29M | 227.86M | 216.76M | 189.31M | 172.16M | 71.54M | 5.34M | 3.45M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 1.36M | 911.22K |
| Capital Lease Obligations | 545.95M | 137.4M | 60.74M | 71.22M | 76.67M | 36.41M | 3.71M | 2.64M | 0 |
| Deferred Tax Liabilities | 28.91M | 9.12M | 10.05M | 30.61M | 33.18M | 37.37M | 26.16M | 0 | 0 |
| Other Non-Current Liabilities | 11.32M | 4.77M | 1.47M | 10.82M | 19.14M | 37.62M | 13.57M | 1.34M | 277.13K |
| Total Liabilities | 192.92M | 215.59M | 304.47M | 335.78M | 307.63M | 292.84M | 175.03M | 13.24M | 9.88M |
| Total Debt | 140.18M | 143.22M | 65.36M | 77.38M | 82.26M | 40.06M | 6.78M | 6.89M | 3.44M |
| Net Debt | 63.12M | -11.79M | -90.96M | -55.94M | -304.28M | -436.08M | -587.34M | -662K | -7M |
| Debt / Equity | 0.15x | 0.13x | 0.06x | 0.07x | 0.07x | 0.04x | 0.01x | 0.67x | 0.30x |
| Debt / EBITDA | -0.77x | - | - | - | 0.33x | 0.18x | 0.04x | - | 20.86x |
| Net Debt / EBITDA | -0.35x | - | - | - | -1.22x | -1.97x | -3.64x | - | -42.43x |
| Interest Coverage | - | - | - | - | 56.13x | 42.47x | 25.24x | -9.58x | 2.46x |
| Total Equity | 938.08M | 1.14B | 1.06B | 1.15B | 1.23B | 1.03B | 830.51M | 10.25M | 11.61M |
| Equity Growth % | -20.16% | 8.07% | -8.35% | -6.56% | 20.23% | 23.51% | 8000.94% | -11.69% | - |
| Book Value per Share | 3.10 | 3.82 | 3.59 | 3.98 | 3.92 | 3.22 | 3.16 | 0.04 | 0.08 |
| Total Shareholders' Equity | 938.08M | 1.14B | 1.06B | 1.15B | 1.23B | 1.03B | 830.51M | 10.25M | 11.61M |
| Common Stock | 816.53M | 802.34M | 777.17M | 753.2M | 734.37M | 722.43M | 710.39M | 5.12M | 5.07M |
| Retained Earnings | -72.65M | -29.48M | 116.93M | 279.79M | 426.19M | 267.67M | 114.2M | -4.72M | -2.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.42M | -4.23M | -4.38M | -1.72M | -1.39M | 280K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapidly depleting cash reserves
As reported in financial statements, AbCellera's total assets have contracted from $1.5B in 2023Q4 to $1.3B by 2026Q1, reflecting a weakening balance sheet trajectory driven by persistent operational losses and the exhaustion of capital previously accumulated during the pandemic-era royalty peak.
The consistent decline in total assets suggests that the company is consuming its capital base to fund ongoing R&D and infrastructure expansion. Investors should monitor whether this downward trend in asset value stabilizes as the company pivots toward its internal pipeline, or if it signals a structural inability to maintain its current scale.
According to recent SEC filings, AbCellera's total debt has nearly doubled from $77.4M in 2023Q4 to $140.2M in 2026Q1, indicating a shift toward debt-based financing to support operations as internal cash generation remains insufficient to cover the company's high fixed-cost structure.
While the debt-to-equity ratio remains relatively low at 0.15, the rapid accumulation of debt in a period of negative earnings warrants caution regarding the company's long-term solvency. This reliance on debt appears to be a necessity-driven response to the depletion of cash reserves rather than a strategic move to optimize capital structure.
Based on AbCellera's reported figures, cash and equivalents plummeted from $155.0M in 2025Q4 to $77.1M in 2026Q1, representing a sharp contraction in liquidity that significantly reduces the company's runway to fund its capital-intensive discovery platform without further external financing.
Although the current ratio remains high at 14.05, this metric is heavily skewed by the composition of current assets and does not accurately reflect the immediate cash burn risk. The rapid decline in cash reserves suggests that the company may face liquidity constraints in the near term if milestone payments do not materialize as expected.
As detailed in historical balance sheets, AbCellera's retained earnings have deteriorated from a positive $279.8M in 2023Q4 to a deficit of $72.6M by 2026Q1, highlighting the erosion of shareholder equity caused by sustained operating losses and the lack of profitable growth.
The transition from positive retained earnings to a deficit underscores the fundamental challenge of the company's current business model in a post-pandemic environment. This trend suggests that the company is effectively burning through its accumulated capital, which may necessitate future dilutive equity raises if operational profitability is not achieved.
Based on the provided financial data, net PPE has grown from $287.7M in 2023Q4 to $422.8M in 2026Q1, a trend that may mislead investors by suggesting asset growth while simultaneously masking the underlying cash burn required to maintain these specialized facilities.
The significant investment in physical infrastructure appears to be a double-edged sword, as it increases the company's fixed-cost burden while failing to generate commensurate revenue growth. This capital-intensive strategy warrants further investigation into whether these assets will provide a sustainable competitive advantage or if they represent a sunk cost that further pressures the company's liquidity.
Quick answers to the most common questions about buying ABCL stock.
As of 2025, AbCellera Biologics Inc. (ABCL) had total assets of $1.36B including $728.2M in current assets.
AbCellera Biologics Inc. (ABCL) carries total debt of $143.2M, offset by $560.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AbCellera Biologics Inc. (ABCL) has total shareholders' equity (book value) of $1.14B ($3.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AbCellera Biologics Inc. (ABCL) reported a current ratio of 11.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.