AbCellera's experimental menopause drug shows significant reduction in hot flashes in Phase 2 trial, shares surge 40%

AbCellera Biologics Inc. shares surged up to 41% on August 10, 2026, after its experimental menopause drug, ABCL635, met both primary endpoints in a Phase 2 trial. The non-hormonal antibody, delivered as a single subcutaneous injection, reduced moderate-to-severe hot flash frequency by 83% at week four, compared to 33% for placebo. ABCL635 was well tolerated with no serious adverse events or liver toxicity signals, positioning it as a strong potential competitor to daily oral pills like Astellas' Veozah.

ABCL635 Phase 2 trial results

• ▪AbCellera Biologics Inc. reported positive top-line four-week results from a Phase 2 clinical trial of its experimental non-hormonal menopause drug ABCL635, which met both primary endpoints on symptom frequency and severity.
• ▪The Phase 2 clinical trial of ABCL635 randomized 92 postmenopausal women experiencing moderate-to-severe hot flashes across 13 locations in four Canadian provinces.
• ▪The Phase 2 trial evaluated a single 600-milligram subcutaneous dose of ABCL635 compared to a placebo, with patients followed for 12 weeks.

Hot flash reduction efficacy data

• ▪Patients treated with ABCL635 experienced a mean reduction of 8.8 moderate-to-severe hot flashes per day at week four, compared to a reduction of 3.5 events per day for the placebo group, representing a placebo-adjusted reduction of 5.3 events.
• ▪In the Phase 2 trial, a single dose of ABCL635 reduced moderate-to-severe hot flash frequency by 83% at week four compared to a 33% reduction for the placebo group.
• ▪At week four, mean hot flash severity scores declined by 1.4 points in the ABCL635 group compared to 0.3 points in the placebo group, resulting in a placebo-adjusted difference of 1.1 points.
• ▪In the ABCL635 treatment group, 37% of patients experienced no moderate or severe hot flashes during the four-week period, and 61% experienced a reduction of 90% or more.

Adverse events tolerability data

• ▪Patients treated with ABCL635 in the Phase 2 trial showed no elevated liver enzymes or bilirubin values, with only one mild, resolved transaminase elevation reported.
• ▪ABCL635 was well tolerated in the Phase 2 trial, with no serious or severe adverse events or treatment discontinuations reported.
• ▪The most common side effects reported by patients treated with ABCL635 in the Phase 2 trial were mild headaches, fatigue, and injection-site reactions.

Competitive positioning vs existing therapies

• ▪Unlike Astellas' Veozah, which carries a boxed warning for liver damage and requires monitoring, ABCL635 did not show liver toxicity signals in its Phase 2 trial.
• ▪The placebo-adjusted hot flash frequency reduction of 5.3 events for ABCL635 compared favorably to the historical Phase 3 results of oral competitors, including Astellas' Veozah and Bayer's Lynkuet.
• ▪ABCL635 is designed as a long-acting, once-monthly subcutaneous injection targeting the neurokinin 3 receptor (NK3R), whereas existing competitors are daily oral pills.

Stock market reaction

• ▪Following the announcement of the Phase 2 trial results on August 10, 2026, AbCellera Biologics Inc. shares rose between 30% and 41% in intraday trading, reaching a market value of almost $3 billion.
• ▪Prior to the August 10, 2026 surge, AbCellera Biologics Inc. stock had closed at $6.93 on Friday, August 7, 2026, and had already doubled in value since the beginning of 2026.

AbCellera corporate financials

• ▪AbCellera Biologics Inc. ended the second quarter of 2026 with more than $565 million in cash and marketable securities and over $675 million in total available liquidity.
• ▪For the second quarter of 2026, AbCellera Biologics Inc. reported revenue of $4.1 million, missing Wall Street estimates of $7.9 million, and a net loss of $0.18 per share.