AbCellera Biologics Inc. (ABCL): A Bull Case Theory 

We came across a bullish thesis on AbCellera Biologics Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on ABCL. AbCellera Biologics Inc.’s share was trading at $5.98 as of October 2nd. ABCL’s trailing P/E was 19.92 according to Yahoo Finance.

Abcellera is emerging as a highly promising biotechnology platform with the potential for exponential earnings growth over the next year, contingent on the success of its three proprietary molecules currently in clinical trials. These molecules, designed with highly specific receptor selectivity, offer applications far beyond the conditions being tested, providing significant operating leverage if approved. The company’s approach—developing antibodies that target precise pathways without affecting others—addresses a key limitation seen in alternative treatments, such as liver toxicity or off-target effects, positioning Abcellera as a potential leader in safe and highly effective therapeutics.

Management’s execution has been notable, particularly in leveraging acquired capabilities from Tetragenetics to target GPCR receptors and ion channels, exemplified by programs like ABCL688. While Abcellera currently generates minimal revenue, its strong balance sheet underpins its platform’s continued development, allowing the company to compound its scientific capabilities and expand potential applications at marginal cost. CEO Carl Hansen’s commentary on NK3R and OX40 ligand pathways underscores the platform’s ability to unlock substantial value across multiple disease areas, including autoimmune and inflammatory conditions.

As AI increasingly informs molecule selection, Abcellera’s platform may become an irreplaceable tool in drug discovery, analogous to Palantir’s role in enterprise AI. While inherently high-risk and binary in outcome, the company’s focus on precision therapeutics, strong scientific foundation, and expansive future applications create a compelling long-term thesis. Even with a current price-to-sales ratio above 45, the market is aware of its capabilities, but the true upside lies in clinical success, which could transform Abcellera into a foundational platform for targeted therapies, offering extraordinary potential returns for investors.

Previously we covered a bullish thesis on AbCellera Biologics Inc. (ABCL) by Jack Prescott in January 2025, which highlighted the company’s antibody discovery platform, strategic partnerships, and strong cash position. The company’s stock price has appreciated approximately by 103% since our coverage. The thesis still stands as AbCellera’s clinical-stage molecules could unlock exponential growth. Antonio Linares shares a similar perspective but emphasizes receptor selectivity and molecule-specific potential.

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Disclosure: None.