AbCellera Biologics Inc.

AI-generated fair value estimate for this company.

Method: Sum-of-parts: (1) net cash & investments per share = ($540.10M cash minus $135.62M debt = $404.49M) / 324.05M shares = $1.25; (2) risk-adjusted NPV of the partnered antibody royalty/milestone pipeline = 104 cumulative partner programs x ~10% probability-weighted success rate x $40M average discounted NPV per eventual approval = ~$416M / 324.05M shares = $1.28; (3) risk-adjusted NPV of internal lead candidate ABCL635 = 35% probability x $900M NPV-if-approved = ~$315M / 324.05M shares = $0.97. Total = $3.50 per share.

Reasoning: AbCellera has no stable positive free cash flow (TTM FCF of -$119.67M) so a conventional DCF is not applicable; a conservative sum-of-parts of net cash plus probability-weighted NPVs for its partnered royalty pipeline and one clinically de-risked internal asset gives a defensible, intentionally conservative floor value.