ABCELLERA BIOLOGICS INC., 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 19, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39781    
Entity Registrant Name AbCellera Biologics Inc.    
Entity Incorporation, State or Country Code A1    
Entity Address, Address Line One 150 W 4th Avenue    
Entity Address, City or Town Vancouver    
Entity Address, State or Province BC    
Entity Address, Postal Zip Code V5Y 1G6    
City Area Code 604    
Local Phone Number 559-9005    
Title of 12(b) Security Common shares, no par value per share    
Trading Symbol ABCL    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 789,227,743
Entity Common Stock, Shares Outstanding   303,160,487  
Documents Incorporated by Reference
The registrant’s definitive proxy statement relating to the annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year ended December 31, 2025 and is incorporated by reference in Part III to the extent described herein.
    
Entity Central Index Key 0001703057    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 85
Auditor Name KPMG LLPChartered Professional Accountants
Auditor Location Vancouver, Canada
v3.25.4
Consolidated Balance Sheets
$ in Thousands, $ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Current assets:    
Cash and cash equivalents $ 128,500 $ 156,325
Marketable securities 405,313 469,289
Total cash, cash equivalents, and marketable securities 533,826 625,614
Accounts and accrued receivable 58,293 33,616
Restricted cash 25,000 25,000
Other current assets 111,113 67,140
Total current assets 728,232 751,370
Long-term assets:    
Property and equipment, net 428,003 340,429
Intangible assets, net 38,381 42,113
Goodwill 47,806 47,806
Investments in equity accounted investees 62,580 82,297
Other long-term assets 51,948 96,538
Total long-term assets 628,718 609,183
Total assets 1,356,950 1,360,553
Current liabilities:    
Accounts payable and other current liabilities 50,781 55,004
Contingent consideration payable 0 8,087
Deferred revenue 13,526 13,521
Total current liabilities 64,307 76,612
Long-term liabilities:    
Operating lease liability 137,403 60,743
Deferred government contributions 174,453 149,893
Deferred tax liability 9,115 10,052
Other long-term liabilities 4,768 7,169
Total long-term liabilities 325,739 227,857
Total liabilities 390,046 304,469
Commitments and contingencies
Shareholders' equity:    
Common shares: no par value, unlimited authorized shares at December 31, 2024 and December 31, 2025: 295,757,002 and 300,600,710 shares issued and outstanding at December 31, 2024 and December 31, 2025, respectively 802,341 777,171
Additional paid-in capital 198,279 166,361
Accumulated other comprehensive loss (4,234) (4,378)
Accumulated earnings (deficit) (29,482) 116,930
Total shareholders' equity 966,904 1,056,084
Total liabilities and shareholders' equity $ 1,356,950 $ 1,360,553
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, no par value (in USD per share) $ 0 $ 0
Common stock, shares issued (in shares) 300,600,710 295,757,002
Common stock, shares outstanding (in shares) 300,600,710 295,757,002
v3.25.4
Consolidated Statements of Loss and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenue $ 75,128 $ 28,833 $ 38,025
Operating expenses:      
Research and development [1] 186,829 167,259 175,658
Sales, general and administrative [1] 83,231 85,490 75,179
Depreciation, amortization, and impairment 22,171 90,850 24,395
Total operating expenses 292,231 343,599 275,232
Loss from operations (217,103) (314,766) (237,207)
Other (income) expense:      
Interest income (28,329) (38,473) (42,247)
Grants and incentives (13,890) (13,620) (14,155)
Other (Note 15) 2,711 (62,278) (6,776)
Total other income (39,508) (114,371) (63,178)
Loss before income tax (177,595) (200,395) (174,029)
Income tax recovery (31,183) (37,538) (27,631)
Net loss (146,412) (162,857) (146,398)
Foreign currency translation adjustment 144 (2,658) (329)
Comprehensive loss $ (146,268) $ (165,515) $ (146,727)
Net loss per share      
Basic (in dollars per share) $ (0.49) $ (0.55) $ (0.51)
Diluted (in dollars per share) $ (0.49) $ (0.55) $ (0.51)
Weighted-average common shares outstanding      
Basic (in shares) 298,707,082 294,327,532 289,166,486
Diluted (in shares) 298,707,082 294,327,532 289,166,486
Research fees      
Revenues:      
Total revenue $ 27,208 $ 26,284 $ 35,556
Milestone payments      
Revenues:      
Total revenue 1,000 1,500 1,500
Licensing and royalty revenue      
Revenues:      
Total revenue $ 46,920 $ 1,049 $ 969
[1] Exclusive of depreciation, amortization, and impairment
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid-in Capital
Accumulated Earnings (Deficit)
Accumulated Other Comprehensive Loss
Beginning balances (in shares) at Dec. 31, 2022   286,851,595      
Beginning balances at Dec. 31, 2022 $ 1,233,277 $ 734,365 $ 74,118 $ 426,185 $ (1,391)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares)   3,973,375      
Shares issued and restricted stock units (“RSUs”) vested under stock option plan 1,584 $ 18,834 (17,250)    
Stock-based compensation 64,184   64,184    
Foreign currency translation adjustment (329)       (329)
Net loss (146,398)     (146,398)  
Ending balances (in shares) at Dec. 31, 2023   290,824,970      
Ending balances at Dec. 31, 2023 1,152,318 $ 753,199 121,052 279,787 (1,720)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares)   4,932,032      
Shares issued and restricted stock units (“RSUs”) vested under stock option plan 1,700 $ 23,972 (22,272)    
Stock-based compensation 67,581   67,581    
Foreign currency translation adjustment (2,658)       (2,658)
Net loss (162,857)     (162,857)  
Ending balances (in shares) at Dec. 31, 2024   295,757,002      
Ending balances at Dec. 31, 2024 1,056,084 $ 777,171 166,361 116,930 (4,378)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued and restricted stock units ("RSUs") vested under stock option plan (in shares)   4,843,708      
Shares issued and restricted stock units (“RSUs”) vested under stock option plan 806 $ 25,170 (24,364)    
Stock-based compensation 56,282   56,282    
Foreign currency translation adjustment 144       144
Net loss (146,412)     (146,412)  
Ending balances (in shares) at Dec. 31, 2025   300,600,710      
Ending balances at Dec. 31, 2025 $ 966,904 $ 802,341 $ 198,279 $ (29,482) $ (4,234)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (146,412) $ (162,857) $ (146,398)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation of property and equipment 18,439 12,537 12,758
Amortization and impairment of intangible assets 3,732 78,312 11,637
Amortization of operating lease right-of-use assets 6,650 6,149 6,499
Stock-based compensation 55,792 67,581 64,183
Fair value (gain) loss on contingent consideration and investments 4,529 (64,727) (8,018)
Other (3,331) (19,708) 2,237
Changes in operating assets and liabilities:      
Research fees and grants receivable (55,623) (75,119) (45,933)
Income taxes (payable) receivable (29,843) 6,651 30,464
Accounts payable and accrued liabilities 3,457 10,635 (15,104)
Deferred revenue (2,195) (7,931) (13,976)
Deferred grant income (3,638) 33,967 39,521
Other assets 17,148 5,954 18,253
Net cash used in operating activities (131,295) (108,556) (43,877)
Cash flows from investing activities:      
Purchases of property and equipment (42,772) (78,396) (76,947)
Purchase of marketable securities (436,044) (765,086) (1,021,510)
Proceeds from marketable securities 506,072 937,882 910,937
Receipt of grant funding 21,343 35,708 25,311
Distribution from equity accounted investees 30,113 0 0
Investment in and loans to equity accounted investees (7,137) (19,626) (13,690)
Proceeds from repayment of loan from joint venture partner 33,268 0 0
Long-term investments and other assets (17,093) 10,927 (45,209)
Net cash provided by (used in) investing activities 87,750 121,409 (221,108)
Cash flows from financing activities:      
Payment of liability for in-licensing agreement and other (15,649) (729) (1,234)
Proceeds from long-term liabilities and other 29,731 13,498 11,590
Net cash provided by financing activities 14,082 12,769 10,356
Effect of exchange rate changes on cash and cash equivalents 1,097 (2,617) 589
Increase (decrease) in cash and cash equivalents (28,366) 23,005 (254,040)
Cash and cash equivalents and restricted cash, beginning of period 183,615 160,610 414,650
Cash and cash equivalents and restricted cash, end of period 155,249 183,615 160,610
Restricted cash included in other assets 1,736 2,290 2,290
Total cash, cash equivalents, and restricted cash shown on the balance sheet 153,513 181,325 158,320
Supplemental disclosure of non-cash investing and financing activities      
Property and equipment in accounts payable 1,995 12,767 13,625
Right-of-use assets obtained in exchange for operating lease obligation $ 76,118 $ 1,898 $ 1,199
v3.25.4
Nature of operations
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of operations Nature of operations
AbCellera Biologics Inc.’s (the “Company”) is a clinical-stage biotechnology company focused on discovering and developing antibody medicines for indications with high unmet medical need. The Company aims to bring antibody drug candidates from target to clinic by combining expertise, technologies, and infrastructure for antibody drug discovery and development. The Company uses its capabilities to develop its own pipeline of future antibody drugs and has a diversified portfolio of royalty (and equivalent) stakes in future antibody drugs with partners.
v3.25.4
Basis of presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation Basis of presentation
These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany transactions and balances have been eliminated.
All amounts expressed in these consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for share and per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” and “CAD” are to Canadian dollars. Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported totals for assets, liabilities, shareholders’ equity, cash flows, or net loss.
v3.25.4
Significant accounting policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant accounting policies Significant accounting policies
Principles of consolidation
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities (“VIE”) when the Company possesses both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. Intercompany accounts and transactions have been eliminated.
The Company entered into a participation agreement with a segregated accounts company for purposes of Director and Officer’s insurance. The Company contributed $25.0 million to the segregated account, representing the Company’s maximum loss exposure under the participation agreement, for security for a letter of credit issued to a third-party insurer. While the agreement is cancellable by the Company, the funds cannot be transferred to other parts of the Company, therefore the funds are presented in current assets on the consolidated balance sheets as Restricted Cash.
Use of estimates
The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Areas of significant estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations and determining whether an option for additional goods or services represents a material right, the impairment assessment of intangible assets and goodwill, and the estimates associated with stock-based compensation awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could significantly differ from those estimates.
Revenue recognition
The Company accounts for revenue from contracts with customers, which includes the identification and assessment of the goods and/or services promised within a contract to evaluate which promises are distinct from each other.
The terms of our arrangements generally include the payment of one or more of the following: (i) non-refundable, up-front fixed fees, (ii) fixed fees for ‘discovery’ research support, (iii) fixed technology assignment fees, (iv) fixed payments based on the achievement of specified development and/or commercial milestones, (v) royalties on net sales by
the customer of licensed drugs, and in some cases, (vi) early termination penalties, and (vii) reimbursements for costs incurred to fulfill the contract with the customer at cost or at cost plus an agreed upon mark-up.
Promises that are not distinct at contract inception are combined into a single performance obligation. An option to acquire additional goods and/or services is evaluated on both quantitative and qualitative aspects to determine if such an option provides a material right to the customer that it would not have received without entering into the contract. If so, the option is accounted for as a separate performance obligation. If not, the option is considered a marketing offer and is accounted for as a separate contract upon the customer’s election.
The transaction price generally includes fixed fees due at contract inception as well as fixed fees payable at the beginning and end of different phases of the discovery research support services performed. Where a fixed fee due at contract inception is an option to obtain additional goods or services and is considered to be a material right, we allocate the transaction price to the optional goods or services we expect to provide to the corresponding consideration we expect to receive. The Company utilizes either the expected value method or the most likely amount method to estimate the amount of variable consideration to include in the transaction price, as most appropriate in the circumstances. With respect to development and commercial milestone payments, at the inception of the arrangement, the Company evaluates whether the associated event is considered probable of achievement and estimates the amount to be included in the transaction price using the most likely amount method. In determining the transaction price the Company constrains the transaction price for variable consideration to limit its inclusion so that it only includes the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
The Company allocates the transaction price to each performance obligation identified in the contract based on relative observable standalone selling prices. Revenue is recognized based on the amount of the transaction price that is allocated to each respective performance obligation when or as the performance obligation is satisfied by transferring a promised good and/or service to the customer. The Company generally uses output methods to measure the progress toward satisfaction of performance obligations that are satisfied over time. Where there is not a directly observable output to measure progress, an input which serves as a reasonable proxy for measuring progress is used. Due to different types of end customers and nature of work involved, revenue contracts require formal inspection and approval of experiments and research plans at each stage of work, therefore, the output method is the most faithful depiction of the Company’s performance.
Royalty revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by our corporate partners occur. For the licenses of our intellectual property, the Company recognizes revenue from non-refundable, up-front fees when the license is transferred to the customer and the customer is able to use and benefit from the license. In December 2025, the Company entered into a settlement and patent license agreement with Bruker Corporation, resolving the patent litigation between the two companies globally. As part of the settlement, Bruker will pay AbCellera $36.0 million up front as well as future royalty payments on sales of Bruker's Beacon® Optofluidic platform products worldwide through the life of the Bruker licensed patents. The Company recognized $36.0 million in licensing and royalty revenue in our consolidated statements of loss for the year ended December 31, 2025 and a corresponding receivable recognized within accounts and accrued receivables in our consolidated balance sheets as of December 31, 2025.
Collaborative arrangements
We may enter into collaborative and other similar arrangements with respect to the development and commercialization of potential drug candidates. Collaborative arrangements are contractual agreements with third parties that involve a joint operating activity, typically a research and/or commercialization effort, where both we and our partner are active participants in the activity and are exposed to the significant risks and rewards of the activity. Our rights and obligations under our collaborative arrangements vary and typically involve the partners to jointly perform research and development activities and/or participate together in commercializing, marketing, promoting, manufacturing and/or distributing a drug product. These arrangements typically include milestone as well as royalty or profit-share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements from or payments to the collaboration partner.
The Company considers the nature and contractual terms of arrangements and assesses whether an arrangement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards dependent on the commercial success of the activity as described under ASC 808, Collaborative Arrangements (ASC 808). For arrangements determined to be within the scope of ASC 808 where a collaborative partner is not a customer for certain research and development activities, the Company accounts for payments received for the reimbursement of research and development costs as a contra-expense in the period such expenses are incurred. If payments from the collaborative partner to the Company represent consideration from a customer in exchange for distinct
goods and services provided, then the Company accounts for those payments within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606).
The Company applied ASC 606 to all collaborative arrangements to date.
Segmented and enterprise-wide information
The Company’s focus is on the discovery and development of antibody drugs, and manages its business as one reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews consolidated financial information on a company-wide basis for purposes of allocating resources and assessing financial performance. The accounting policies of the segment are the same as those described in Note 3.
The CODM uses consolidated net loss, as reported on the consolidated statements of loss and comprehensive loss, to evaluate the loss generated from segment assets in deciding the resources to be allocated towards the Company’s overall portfolio of downstream stakes and internal programs. Consolidated net loss is also used to monitor budget versus actual results in assessing performance of the Company and in establishing, in part, management compensation. The measure of segment assets is reported on the consolidated balance sheets as total assets.
In 2023, $36.0 million and $2.0 million of revenues originated from services performed in Canada and the U.S., respectively, and in 2024, $26.2 million and $2.7 million of revenues originated from services performed in Canada and the U.S., respectively. In 2025, $64.0 million and $11.1 million of revenues originated from services performed in Canada and the U.S., respectively.
Of the Company’s long-term assets at December 31, 2024, $505.1 million were located in Canada, $85.7 million in the U.S., and $18.4 million in other countries. Of the Company’s long-term assets at December 31, 2025, $532.1 million were located in Canada, $81.0 million in the U.S., and $15.6 million in other countries. In 2025, the Company's additions to property and equipment, contributions to joint ventures, and research and development expenses incurred in Canada were $36.6 million, $9.0 million, and $164.0 million, respectively, and nil, nil, and $22.8 million in foreign countries.
Government contributions
The Company receives government contributions that are comprised of non-repayable, conditionally repayable, and repayable portions which are dependent upon the Company’s co-investment expenditures over the term of the agreements, and are accounted for when it is probable that the grant will be received, and all associated conditions will be complied with.
Non-repayable and conditionally repayable portions, where the conditions for repayment are non-probable, are accounted for as government grants. Government grants for expenditures on eligible research, development and capital expenditures are recognized ratably over the benefit period of the related expenditure for which the grants are intended to compensate in grants and incentives in other income.
For repayable portions, the Company considers the contractual terms of the repayable portion of a below-market-rate government contribution, and has determined that the interest rate is affected by legal restrictions prescribed by a governmental agency. Therefore, the Company does not impute interest on the repayable portion of the government contribution, and it is measured equal to the proceeds received or accrued.
The determination of the amount of the claim and the corresponding receivable and liability amounts require management's judgement and interpretation of eligible expenditures and repayment conditions in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies.
Functional currency
The reporting currency of the Company and its subsidiaries is the U.S. dollar. The functional currency of the Company and its subsidiaries is the U.S. dollar, and for the Dayhu JV and Beedie JV, is the Canadian dollar.
Transactions in foreign currencies are translated to the functional currency at exchange rates at the date of the transactions. Period-end balances of monetary assets and liabilities in foreign currencies are translated to the functional currency using the period-end foreign currency rates. Foreign currency gains and losses are recognized in the consolidated statements of loss and comprehensive loss.
The functional currency of the Dayhu JV and Beedie JV, our equity method investments, is Canadian dollars and are translated into U.S. dollars using the period-end exchange rate for assets and liabilities and the average exchange rates during the period for revenues, expenses, gains and losses. Foreign exchange gains or losses arising from the translation of these joint ventures’ assets and liabilities are included in foreign currency translation adjustment in the consolidated statements of loss and comprehensive loss.
Cash and cash equivalents and restricted cash
Cash and cash equivalents are defined as cash on hand and deposits held with banks with maturity dates of less than three months. Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific commercial arrangements, are presented as restricted cash on the consolidated balance sheets. As of December 31, 2024, we had $127.1 million cash, $29.2 million cash equivalents and $27.3 million restricted cash. Of the total restricted cash at December 31, 2024, $25.0 million is presented as a current asset, $2.1 million is included within other current assets, and $0.2 million is included within other long-term assets on the consolidated balance sheets. As of December 31, 2025, we had $99.3 million cash, $29.3 million cash equivalents, and $26.7 million restricted cash. Of the total restricted cash at December 31, 2025, $25.0 million is presented as a current asset, $1.5 million is included within other current assets, and $0.2 million is included within other long-term assets on the consolidated balance sheets.
Marketable securities
The Company’s marketable securities consist of U.S. government agency securities, certificates of deposit, commercial paper, corporate bonds, and asset-backed securities, as well as Canadian term deposits. The Company has classified and accounted for these marketable securities as held-for-trading and they are reported at fair value with $2.1 million, $0.8 million, and $0.8 million of unrealized fair value gains for the year ended December 31, 2023, 2024, and 2025, respectively, recorded as a component of other on the consolidated statements of loss and comprehensive loss.
Non-marketable securities
Non-marketable securities not accounted for under the equity method are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Non-marketable securities of $32.3 million at December 31, 2024 and $32.5 million at December 31, 2025 are included as part of other long-term assets on the consolidated balance sheets. Adjustments are determined primarily based on a market approach as of the transaction date. For the years ended December 31, 2023, 2024, and 2025, $1.8 million, $16.6 million, and $0.2 million fair value gains were recognized within other on the consolidated statements of loss and comprehensive loss, respectively. The fair value gain recognized in 2024 was due to the disposal of a non-marketable security.
Accounts receivable
The Company has trade receivables which are recorded at the invoiced amount. The Company evaluates the collectability of accounts receivable on a regular basis based on an economic assessment of market conditions and review of customer financial history. The expected credit loss provision recorded as of December 31, 2023, 2024, and 2025 was immaterial.
Property and equipment
Property and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements to property and equipment are capitalized and repairs and maintenance costs are expensed as incurred.
Excluding land and assets not yet placed into service, property and equipment are amortized using the straight-line method over the estimated useful lives of the property and equipment as follows:
AssetRate
Building and building improvements
20-40 years
Equipment
3-10 years
Leasehold improvements are included within building and building improvements and are amortized over the shorter of the lease term or estimated useful life. Estimated useful lives are periodically assessed to determine if changes are appropriate. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are removed from the accounts and any resulting gains or losses are included in loss from
operations in the period of disposal. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service.
Intangible assets
Costs incurred to acquire patents and to prosecute and maintain intellectual property rights are expensed as incurred to sales, general, and administrative expense due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties are capitalized and amortized over the remaining life of the patent, if related to approved drugs or if there are alternative future uses for the underlying technology. No patent or intellectual property costs have been capitalized to date. Acquired in process research and development (IPR&D) represents the fair value assigned to research and development assets that have not reached technological feasibility. IPR&D is classified as an indefinite-lived intangible asset and is not amortized. All research and development costs incurred subsequent to the acquisition of IPR&D are expensed as incurred.
Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the assets as follows:
AssetUseful Life
License
3-10 years
Technology
3-20 years
The Company reviews the useful life for the intangible assets on an annual basis considering the current facts and circumstances available and may change due to legal, regulatory or contractual provisions that may limit the useful life, the effects of obsolescence, competition and other relevant economic factors.
Impairment of long-lived assets and goodwill
The Company assesses the recoverability of its long-lived assets, including property and equipment and intangible assets subject to amortization, for indicators of impairment on each reporting date. If events or changes in circumstances indicate impairment, the Company measures recoverability by a comparison of the asset group's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. When quoted market prices are not available, the Company uses the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset group as an estimate of fair value. No indicators of impairment of long-lived assets were identified at the respective balance sheet dates.
Indefinite-lived intangible assets are tested annually for impairment as of October 1, and between annual tests if indicators of potential impairment exist. The Company has the option of performing a qualitative assessment to first determine whether the quantitative impairment test is necessary. This involves an assessment of qualitative factors to determine the existence of events or circumstances that would indicate whether it is more likely than not that the carrying amount of the indefinite-lived intangible asset is less than its fair value. If the qualitative assessment indicates it is not more likely than not that the carrying amount is less than its fair value, a quantitative impairment test is not required. Where a quantitative impairment test is required, the procedure is to compare the indefinite-lived intangible asset’s fair value with its carrying amount. An impairment loss is recognized as the difference between the indefinite-lived intangible asset’s carrying amount and its fair value.
Goodwill is evaluated for impairment on an annual basis as of October 1, or more frequently if an indicator of impairment is present. We have one operating segment and reporting unit, therefore our review of goodwill impairment is performed at the entity-wide level. As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is not more likely than not that the fair value of the reporting unit that includes the goodwill is less than its carrying value, a quantitative impairment test is not required. Where a quantitative impairment test is required, the procedure is to compare the indefinite-lived intangible asset’s fair value with its carrying amount. An impairment loss is recognized as the difference between the indefinite-lived intangible asset’s carrying amount and its fair value. The Company further concluded there were no impairment indicators related to goodwill as at December 31, 2024 and 2025. As at December 31, 2024, and December 31, 2025, the goodwill balance was $47.8 million. There were no additions to goodwill in 2024 or 2025 and accumulated impairment as at December 31, 2024 and December 31, 2025 was nil.
Leases
The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset. Lease payments are remeasured when a contingency upon which some or all of the variable lease payments to be paid over the remainder of the lease is resolved. Lease payments on short-term operating leases with lease terms twelve months or less are recognized on a straight-line basis over the lease term. The Company has elected to not separate non-lease elements embedded in its lease agreements. For the years ended December 31, 2024, and December 31, 2025, all of our leases are classified as operating leases.
Research and development costs
Research and development costs are expensed in the period incurred. These costs are related to spending for internal program development and partner projects and include required materials, salaries and benefits including stock-based compensation, and third-party research and development service contracts. These costs exclude depreciation and amortization.
Income taxes
The Company accounts for income taxes under the deferred asset and liability method, which requires the recognition of deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) for the expected future tax consequences of existing differences between the financial statement and tax bases of assets and liabilities, and net operating loss and tax credit carryforwards for tax purposes. The DTAs and DTLs are computed using enacted tax rates and the effect of a change in enacted tax rates on DTAs and DTLs is recognized in income in the period of enactment.
The Company recognizes DTAs to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including, but not limited to, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Valuation allowances are established for certain deferred tax assets to reduce the DTA to a level which, more-likely-than-not, will be realized. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in the Company’s judgement, do not meet a more-likely-than-not threshold based on the technical merits of the positions. The Company realizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
The Company files consolidated federal income tax returns in the United States, which includes eligible subsidiaries. In addition, we file income tax returns in state, local and foreign jurisdictions as applicable. The Company's income tax provision is calculated and allocated under the separate return method.
Income tax credit (“ITC”) policy
The Company earns income tax credits in jurisdictions in which it incurs eligible research and development expenditures. The Company uses the flow-through method to account for ITCs. Under this method, the ITCs subject to income tax accounting are recognized as a reduction to income tax expense in the year they are earned.
Stock-based compensation
The Company accounts for awards of stock options and shares to directors, employees, consultants, and non-employees using the fair value method. Under this method, stock-based compensation expense is measured at the fair value at the date of grant and is expensed over the award’s vesting period. The requisite service period generally equals the vesting period of the awards.
Equity classified awards are measured using their grant date fair value. For equity classified awards, a corresponding increase in additional paid-in capital is recorded when stock-based compensation is recognized. When stock options are exercised, share capital is credited by the sum of the consideration received and the related portion of the stock-based compensation previously recorded in additional paid-in capital. The effects of forfeitures of options and share awards are accounted for as they occur.
Equity method investments
The Company accounts for its investments in equity-accounted joint ventures using the equity method. Under the equity method, the initial cost of the investment is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions, while distributions received from equity method investees are classified in the consolidated statements of cash flows using the nature of the distribution approach. The Company does not control the equity-accounted investments and as a result, the Company does not have the unilateral ability to determine whether cash generated by its equity-accounted investees is retained within the equity-investee or is distributed to the Company and other owners. In addition, equity-accounted investees do not control the timing of such distributions to the Company and other owners. The Company evaluates its investments in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in other income in the Company’s consolidated statements of loss and comprehensive loss.
Net loss per share
Basic net loss per share is computed by dividing the net loss in the period by the weighted-average number of common shares outstanding for the period. Diluted net earnings per share is computed by dividing the net earnings in the period by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. Potential dilutive common shares are excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect. For purpose of this calculation, outstanding stock options and restricted share units (RSUs) are considered potential dilutive common shares.
Changes in significant accounting policies
Recent accounting pronouncements adopted
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as expanded disclosures on income taxes paid by jurisdictions and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This standard has been applied prospectively for the year ended December 31, 2025, and enhances existing disclosures included in Note 13.
Recent accounting pronouncements not yet adopted
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Disclosures about Expenses. This ASU enhances the transparency of expense information presented in a company's financial statements by requiring disaggregation of certain expense categories and providing additional disclosures about the nature of these expenses. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years.
The Company is currently evaluating the impact of ASU 2024-03 on its financial statements. While the Company expects the adoption of this ASU could result in increased disclosures related to its expenses, it does not anticipate the amendments will have a material impact on its consolidated financial statements.
v3.25.4
Net loss per share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net loss per share Net loss per share
Basic and diluted net loss per share was calculated as follows:
Year Ended December 31,
Basic and diluted loss per share202320242025
Net loss$(146,398)$(162,857)$(146,412)
Weighted-average common shares outstanding289,166,486294,327,532298,707,082
Net loss per share - basic and diluted$(0.51)$(0.55)$(0.49)
The Company’s potentially dilutive securities, which include stock options and restricted share units (“RSUs”), have been excluded from the computation of diluted net loss per share for the years ended December 31, 2023, 2024, and 2025 as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares
outstanding for the years ended December 31, 2023, 2024, and 2025 used to calculate both basic and diluted net loss per share is the same.
The Company excluded 50,087,088, 58,251,724, and 70,922,117 potential common shares for the years ended December 31, 2023, 2024, and 2025, respectively, from the computation of diluted net loss per share because including them would have had an anti-dilutive effect.
v3.25.4
Other current assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other current assets Other current assets
December 31,
20242025
Taxes receivable$26,534 $55,695 
Prepaid expenses and other8,626 9,670 
Materials and supplies— 6,336 
Loans receivable from JV partner (Note 8)31,980 39,412 
Total other current assets$67,140 $111,113 
v3.25.4
Property and equipment, net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and equipment, net Property and equipment, net
Property and equipment, net consisted of the following:
December 31,
20242025
Land$53,405 $53,405 
Building and improvements175,805 193,160 
Equipment84,288 102,935 
Operating lease right-of-use assets (Note 8)66,649 136,117 
Property and equipment380,147 485,617 
Less: accumulated depreciation(39,718)(57,614)
Property and equipment, net$340,429 $428,003 
As of December 31, 2024 and December 31, 2025, property and equipment includes leasehold improvements and construction in progress in the amount of $103.2 million and $1.3 million, respectively, and construction deposits of $14.4 million and $2.2 million, respectively, that have not commenced depreciation. The decrease in construction in progress as of December 31, 2025 reflects the completion of our manufacturing facility which is now ready for its intended use and resulted in a transfer of costs to building and improvements and equipment. Depreciation expense on property and equipment for the years ended December 31, 2023, 2024 and 2025 was $12.8 million, $12.5 million and $18.4 million, respectively.
v3.25.4
Intangible assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets Intangible assets
Intangible Assets
Intangible assets consisted of the following:
December 31, 2024December 31, 2025
Gross
carrying
amount		Accumulated
amortization		Net book
value		Gross
carrying
amount		Accumulated
amortization		Net book
value
License$38,433 $29,111 $9,322 $16,620 $8,968 $7,652 
Technology52,700 19,909 32,791 52,700 21,971 30,729 
 $91,133 $49,020 $42,113 $69,320 $30,939 $38,381 
Amortization expense related to intangible assets for the years ended December 31, 2023, 2024 and 2025 was $11.6 million, $14.3 million and $3.7 million, respectively.
For the year ended December 31, 2024, the Company recorded a full impairment charge of the carrying value of $32.0 million (or $23.3 million, net of deferred income tax) associated with the IPR&D acquired through the 2021 acquisition of TetraGenetics and a full impairment charge of the carrying value of $32.0 million (or $23.3 million, net of deferred income tax) associated with the IPR&D acquired through the 2020 acquisition of Trianni. Details of a corresponding impact reducing the contingent consideration associated with the TetraGenetics acquisition are disclosed in Note 15.
The impairment charges were due to our ongoing internal program prioritization which also resulted in the discontinuance of the development of next-generation transgenic mice. Depreciation and amortization expense and impairment charges are reflected within depreciation, amortization, and impairment expense on the consolidated statements of loss and comprehensive loss.
Amortization expense on intangible assets subject to amortization is estimated to be as follows for each of the next five years ended December 31:
Amortization
Expense
2026$3,732 
20273,732 
20283,732 
20293,732 
20302,632 
$17,560 
v3.25.4
Investments in equity accounted investees, and other assets
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in equity accounted investees, and other assets Investments in equity accounted investees, and other assets
The Company has entered into two separate 50% joint ventures, with Dayhu (“Dayhu JV”) and Beedie (“Beedie JV”), as part of the construction of new office and laboratory headquarters. These joint ventures are considered related parties as the Company exercises significant influence over their operating and financial policies. The Company has recorded $1.8 million, $1.7 million, and $1.8 million of proportionate income with respect to the Dayhu JV and nil, nil, and $1.4 million of proportionate income with respect to the Beedie JV for the years ended December 31, 2023, 2024, and 2025, respectively.
Dayhu JV
As of December 31, 2024 and December 31, 2025, the equity investment balance was $41.0 million and $10.8 million, respectively, of which substantially all the assets in the Dayhu JV are comprised of property and equipment. As of December 31, 2024 and December 31, 2025, the Company recorded a right-of-use asset of $48.5 million and $45.9 million, respectively, and an operating lease liability of $46.3 million and $46.7 million, respectively, associated with an office lease with the Dayhu JV. In the years ended December 31, 2023, 2024 and 2025, the Company incurred lease expense of $5.3 million, $5.3 million, and $5.1 million, respectively, to the Dayhu JV included within operating expenses.
The Company issued CAD $46.0 million ($34.0 million) to Dayhu (New Dayhu Loan), to fund the construction of the new office and laboratory headquarters. The New Dayhu Loan is at a rate referenced to a Canadian bank prime rate adjusted for applicable margins as defined in the agreement and has a maturity of December 31, 2025, with a call provision, callable by the Company after September 30, 2023, including customary make whole provisions. The loan is secured by the underlying land and existing and future assets of the Dayhu JV. At December 31, 2024, the loan balance was $32.0 million and included in other current assets. In the fourth quarter of 2025, the loan was repaid and the balance was nil at December 31, 2025.
In December 2025, the Dayhu JV refinanced its real estate assets by entering into a mortgage agreement for CAD $84.0 million ($61.2 million) with a commercial lender. The loan bears interest at a fixed rate referenced to the five year Canadian government bond adjusted for applicable margins as defined in the agreement and has a term of five years, with principal repayments calculated based on a 30-year amortization period. The loan is secured by the Dayhu JV's building and assets. In addition, the Company provided a limited guarantee of the Dayhu JV's obligations under the loan, capped at CAD $42.0 million ($30.6 million), which matches a corresponding guarantee provided by the Dayhu JV partner.
In connection with this financing, the Dayhu JV made a cash distribution to the Company of CAD $41.6 million ($30.1 million). This distribution was recorded as a reduction in the carrying value of the investment in equity accounted investees. As of December 31, 2025, the scheduled principal payments on the CAD $84.0 million ($61.2 million) Dayhu
JV mortgage for each of the next five years are approximately CAD $1.4 million ($1.0 million) per year with a remaining balance at the end of the five year term of CAD $76.7 million ($55.9 million).
Beedie JV
At December 31, 2024 and December 31, 2025, the equity investment balance was $41.3 million and $51.8 million, respectively, of which substantially all the assets in the Beedie JV are comprised of property and equipment. In May 2025, the Company commenced a 20-year (and optional two additional five-year term extensions) lease for the office and laboratory space representing undiscounted future lease payments of approximately $6.0 million for each of the next five years, and $113.6 million for the remaining term thereafter. Upon lease commencement, the Company recognized a lease liability of $66.4 million, with a corresponding right-of-use asset of the same amount, using a 6.8% discount rate. In the year ended December 31, 2025, the Company incurred lease expense of $4.5 million to the Beedie JV included within operating expenses. As of December 31, 2025, the right-of-use asset and operating lease liability was $71.5 million and $75.7 million, respectively.
In June 2022, the Company made a commitment to our partner Beedie for a land loan of up to CAD $7.5 million ($5.8 million) plus a construction loan for up to 80% of Beedie’s share of construction costs. The commitment is at a rate referenced to market yields as defined in the agreement, and repayable upon substantial completion of construction in early 2026, or upon the triggering of certain repayment events as defined in the agreement. The loan is secured by the underlying land and existing and future assets of the Beedie JV. The loan receivable balance, which relates to the land and construction loan, was $29.6 million at December 31, 2024 included in other long-term assets, and $39.4 million at December 31, 2025 included in other current assets.
v3.25.4
Current accounts payable and other current liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Current accounts payable and other current liabilities Current accounts payable and other current liabilities
December 31,
20242025
Accounts payable and accrued liabilities$34,350 $25,228 
Current portion of operating lease liability4,621 5,815 
Payroll liabilities8,375 10,755 
Current portion of deferred government contribution7,658 8,983 
Total accounts payable and other current liabilities$55,004 $50,781 
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common Shares
As of December 31, 2024 and 2025, the Company’s articles of the corporation, as amended and restated, authorized the Company to issue unlimited voting common shares, each with no par value per share.
As of each balance sheet date, common shares consisted of the following:
December 31, 2024December 31, 2025
Shares authorizedShares issued and outstandingShares authorizedShares issued and outstanding
Common sharesUnlimited295,757,002Unlimited300,600,710
Each voting common share entitles the holder to one vote on all matters submitted to a vote of the Company’s shareholders. Common shareholders are entitled to receive dividends, if any, as may be declared by the board of directors. Through December 31, 2025, no cash dividends had been declared or paid by the Company.
Stock-based compensation
Seventh Amended and Restated Stock Option Plan:
We maintain the AbCellera Biologics Inc. Seventh Amended and Restated Stock Option Plan, our Pre-IPO Plan, which was approved by our board of directors on November 18, 2020. The Pre-IPO Plan allows for the grant of options
(and for U.S. participants, either incentive stock options and/or nonstatutory stock options) to employees, directors, and consultants, subject in each case to compliance with applicable tax laws.
Our 2020 Share option and Incentive Plan, or 2020 Plan, became effective on the date immediately prior to the date on which our initial S-1 registration statement was declared effective by the SEC on December 10, 2020. As a result, we do not expect to grant any additional awards under the Pre-IPO Plan following that date. Any awards granted under the Pre-IPO Plan will remain subject to the terms of our Pre-IPO Plan and applicable award agreements.
2020 Share Option and Incentive Plan:
Our 2020 Plan was approved by our board of directors on November 18, 2020, and approved by our shareholders on December 1, 2020, and became effective on the date immediately prior to the date on which our initial S-1 registration statement was declared effective by the SEC on December 10, 2020. The 2020 Plan replaced our Pre-IPO Plan, as our board of directors will not make additional awards under the Pre-IPO Plan.
The shares we issue under the 2020 Plan will be authorized but unissued shares or shares that we reacquire and typically vest over four years. The common shares underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by us prior to vesting, satisfied without any issuance of shares, expire or are otherwise terminated (other than by exercise) under the 2020 Plan and the Pre-IPO Plan will be added back to the common shares available for issuance under the 2020 Plan.
The maximum aggregate number of common shares that may be issued as incentive share options may not exceed the Initial Limit cumulatively increased on January 1, 2022, and on each January 1 thereafter by the lesser of (i) the Annual Increase for such year or (ii) 21,280,000 common shares. As of December 31, 2025, the number of shares available for issuance under the 2020 Plan was 31,911,780 which includes awards granted and outstanding under the Pre-IPO Plan that are forfeited after December 10, 2020.
The following table summarizes the Company’s stock options granted under the Pre-IPO Plan:
Number of
Shares		Weighted-
Average Exercise
Price		Weighted-
Average Contractual Term (years)
Outstanding as of December 31, 202426,732,456$0.99 4.30
Granted—— 
Exercised(2,643,237)0.22 
Forfeited0— 
Outstanding as of December 31, 202524,089,219$1.07 3.60
Options exercisable as of December 31, 202524,089,219$1.07 3.60

The following table summarizes the Company’s stock options granted under the 2020 Plan:
Number of
Shares		Weighted-
Average Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)
Outstanding as of December 31, 202424,008,664$9.93 8.11
Granted14,576,2413.05 
Exercised(52,067)4.62 
Forfeited(2,156,797)6.50 
Outstanding as of December 31, 202536,376,041$7.38 7.76
Options exercisable as of December 31, 202515,877,440$11.46 6.61
The intrinsic value of options exercised during 2023, 2024, and 2025 was $18.5 million, $14.7 million and $8.7 million, respectively. As of December 31, 2025, there was $49.2 million of unrecognized compensation cost related to unvested stock options granted under the Plans, which is expected to be recognized over a weighted average period of 2.3 years.
Restricted Share Units
The Company grants Restricted Share Units (RSUs) to certain employees that vest over a period of four years, in the amount of one-quarter each year on the anniversary of the grant date and a contractual term of ten years. RSUs are equity-settled on each vesting date, subject to the grantee’s continued employment with the Company on the vesting date. The fair value of RSUs granted was calculated by using the Company’s closing stock price on the grant date.
The following table summarizes the Company’s RSUs granted under the 2020 Plan:
 
Number of Shares
Weighted- Average Grant Date Fair Value
Outstanding as of December 31, 20246,629,833$7.53 
Granted5,302,7623.12 
Vested and settled(2,148,404)9.12 
Forfeited(946,807)5.22 
Outstanding as of December 31, 20258,837,384$4.75 
The intrinsic value of RSUs vested and settled during 2023, 2024, and 2025 was $8.0 million, $5.4 million, and $6.8 million, respectively. As of December 31, 2025, there was $27.7 million of unamortized RSU expense that will be recognized over a weighted average period of 2.3 years.
Stock-based compensation expense was classified in the consolidated statements of loss and comprehensive loss as follows:
Year ended December 31,
202320242025
Research and development expenses$31,781 $30,779 $30,147 
Sales, general, and administrative expenses32,403 36,802 25,645 
$64,184 $67,581 $55,792 

The fair value of each option award is determined on the date of grant using the Black-Scholes option pricing model. The weighted-average valuation assumptions for stock options granted in the period are as follows:

Year ended December 31,
202320242025
Average risk-free interest rate1
3.73 %3.94 %4.41 %
Expected volatility2
70.0 %70.0 %70.0 %
Average expected term (years)3
6.256.226.20
Expected dividend yield4
0.0 %0.0 %0.0 %
Weighted average fair value of options granted5
$5.78 $3.42 $2.04 
(1)This rate is from federal government marketable bonds for each option grant during the year, having a term that most closely resembles the expected term of the option.
(2)Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have sufficient history of its own volatility, the Company has identified several public entities of similar complexity and stage of development and calculates historical volatility using the volatility of these companies.
(3)This is the period of time that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company uses the simplified method to calculate the average expected term, which represents the average of the vesting period and the contractual term.
(4)No dividends are expected to be paid by the Company.
(5)Options are granted with an exercise price equal to the fair market value of the Company’s common stock on the grant date.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The disaggregated revenue categories are presented on the consolidated statements of loss and comprehensive loss.
Deferred Revenue
Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying consolidated balance sheets based on the expected timing of satisfaction of the underlying goods and/or services.
Deferred revenue outstanding at each respective period is as follows:
December 31,
20242025
Deferred revenue$19,221 $17,026 
During the years ended December 31, 2023, 2024 and 2025, the Company recognized $17.0 million, $20.6 million and $11.8 million, respectively, of revenue that had been included in deferred revenue in the previous year.
Of the deferred revenue balance related to various agreements, approximately $13.5 million is expected to be recognized in revenue in the next 12 months.
v3.25.4
Government Contributions
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Government Contributions Government Contributions
In May of 2020, the Company received a funding commitment from the Government of Canada under Innovation, Science and Economic Development’s (ISED) Strategic Response Fund (SRF), formerly Strategic Innovation Fund (SIF), for a total of CAD $175.6 million ($125.6 million), collectively “Government Contribution 1”, which is intended to support research and development efforts related to the discovery of antibodies to treat COVID-19, and to build technology and manufacturing infrastructure for antibody drugs against future pandemic threats.
In May of 2023, the Company entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia for a total of CAD $300.0 million ($222.3 million), collectively “Government Contribution 2”. These investments are intended to build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research.
Under these contribution agreements, the Company has agreed to certain financial and non-financial covenants and other obligations, including cross-default provisions associated with other Canadian funding, and restrictive covenants on dividend payments or other shareholder distributions that would prevent the Company from satisfying its obligations under the arrangement. The Company has granted notice and consent rights to the counterparties upon certain events related to a change in control (as defined in the agreements) of the Company. Other obligations in relation to Government Contribution 2 include the maintenance of certain gross capital expenditures in Canada, certain research and development expenditures in Canada, and the achievement of certain employment headcount requirements in Canada.
Pursuant to the agreements, certain customary events of default, such as the Company’s breach of its covenants and obligations under the respective agreements, its insolvency, winding up or dissolution, and other similar events, may permit the Governments of Canada and British Columbia to declare an event of default under the respective agreements. Upon an event of default, subject to applicable cure, the Governments of Canada and British Columbia may exercise a number of remedies, including suspending or terminating funding under the respective agreements, demanding repayment of funding previously received and/or terminating the respective agreements. The government contributions and their associated conditional repayments are not secured by any of AbCellera’s assets or those of the projects.
Government Contribution 1
From inception to December 31, 2025, the Company incurred CAD $175.6 million ($134.6 million) in expenditures, of which CAD $58.7 million ($46.1 million) relates to the maximum claim amount under phase 1 of the agreement. Such amounts are not repayable. The maximum claim amount under phase 2 of the funding commitment is CAD $116.9 million ($88.5 million) where repayment is conditional on achieving certain revenue thresholds during the
seven years starting the year after the completion of the funded project. Repayment will be calculated as a percentage rate of the Company’s revenue, with payment made on an annual basis during the repayment period of fifteen years. The Company has made the full investment and has received the maximum available funding under the agreement as of December 31, 2025.
Government Contribution 2
In May of 2023, the Government of Canada committed up to CAD $225.0 million ($166.7 million) of which CAD $56.2 million ($41.6 million) is non-repayable, CAD $78.8 million ($58.4 million) is repayable, and CAD $90.0 million ($66.7 million) is conditionally repayable. Both the repayable and conditionally repayable amounts are repayable starting in 2033. The repayable funding is payable over fifteen years and the conditionally repayable portion repaid based on a computed percentage rate of the Company’s revenue over a period of up to fifteen years, at a factor of up to 1.4 times the original conditionally repayable grant. The agreement will expire on the later of April 30, 2047, or the date of the last repayment, unless earlier terminated. For the years ended December 31, 2024 and December 31, 2025, the Company incurred expenditures of CAD $38.3 million ($27.8 million) and CAD$53.5 million ($38.6 million), respectively, in regards to the funding commitment.
In May of 2023, the Government of British Columbia committed up to CAD $75.0 million ($55.6 million) which includes partial reimbursement of certain eligible expenditures up to CAD $37.5 million ($27.8 million) towards eligible infrastructure investments paid over five years; and a CAD $37.5 million ($27.8 million) conditional portion paid upon achievement of certain defined milestones, including upon the Company’s undertaking of certain clinical trial activities in British Columbia. Up to a maximum of CAD $64.0 million ($48.0 million) may become payable starting in 2032, over up to fifteen years, conditional to the Company achieving revenue exceeding a given threshold. The agreement will expire on the earlier of 2047, or the date of the last payment, unless earlier terminated, as prescribed in the agreement. For the years ended December 31, 2024 and December 31, 2025, the Company incurred expenditures of CAD $18.7 million ($13.8 million) and CAD $1.0 million ($0.7 million), respectively, in regards to the funding commitment.
Impact to Consolidated Financial Statements
At December 31, 2024 and 2025, the Company recognized the following on the consolidated balance sheets:
December 31, 2024
Deferred Government Contribution
Accounts Receivable
Government Grant1
Total
Non-repayable
Conditionally Repayable2
Repayable
Government Contribution 1 (Canada)$12,262 $5,593 $80,114 $— $85,707 
Government Contribution 2 (Canada)17,016 7,098 — 36,978 44,076 
Government Contribution 2 (British Columbia)21,413 — 26,781 — 26,781 
Other Government Grants— 987 — — 987 
Total$50,691 $13,678 $106,895 $36,978 $157,551 
Current$21,709 $4,125 $3,533 $— $7,658 
Long-term$28,982 $9,553 $103,362 $36,978 $149,893 
1 Government Contributions are amortized into other income over the weighted average life of approximately 8 years.
2 No amounts have been accrued related to the repayment terms as the conditions are estimated to be non-probable.
December 31, 2025
Deferred Government Contribution
Accounts Receivable
Government Grant1
Total
Non-repayable
Conditionally Repayable2
Repayable
Government Contribution 1 (Canada)$— $2,003 $78,032 $— $80,035 
Government Contribution 2 (Canada)15,343 10,701 — 66,499 77,200 
Government Contribution 2 (British Columbia)18,249 — 25,215 — 25,215 
Other Government Grants— 986 — — 986 
Total$33,592 $13,690 $103,247 $66,499 $183,436 
Current$20,916 $2,652 $6,331 $— $8,983 
Long-term$12,676 $11,038 $96,916 $66,499 $174,453 
1 Government Contributions are amortized into other income over the weighted average life of approximately 24 years.
2 No amounts have been accrued related to the repayment terms as the conditions are estimated to be non-probable.
v3.25.4
Income taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
a. For financial reporting purposes, loss before income taxes includes the following components:
 December 31,
 202320242025
Canadian$(146,322)$(189,474)$(188,462)
Foreign(27,707)(10,921)10,867 
Total$(174,029)$(200,395)$(177,595)

The recovery for income taxes consists of:
December 31,
202320242025
Current   
Canadian$(29,591)$(18,460)$(30,044)
Foreign— 671 (201)
(29,591)(17,789)(30,245)
Deferred and other   
Canadian4,526 749 — 
Foreign(2,566)(20,498)(938)
 1,960 (19,749)(938)
Income tax recovery$(27,631)$(37,538)$(31,183)
December 31,
202320242025
Current tax recovery$(29,591)$(17,789)$(30,245)
Deferred tax expense (recovery)1,960 (19,749)(938)
Total tax recovery$(27,631)$(37,538)$(31,183)
b. The consolidated effective income tax rate differs from the expected Canadian statutory tax rate.
We adopted ASU 2023-09 prospectively. See Note 3 for additional details on the adoption of ASU 2023-09. A reconciliation of the Canadian federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements for the year ended December 31, 2025 is as follows:
Year ended December 31, 2025
Loss before income taxes$(177,595)
Canadian Federal statutory income tax rate (i)(44,399)25.0 %
Domestic Federal
Change due to SR&ED(6,002)3.4 %
Changes in valuation allowance12,321 (6.9)%
Stock-based compensation11,863 (6.6)%
Other252 (0.1)%
Provincial taxes net of Federal benefit (ii)(1,134)0.6 %
Foreign Tax Effects
United States
Change in valuation allowance(2,775)1.6 %
Other1,101 (0.6)%
Other Foreign Jurisdictions
Change in valuation allowance and other(2,410)1.2 %
Effective tax rate$(31,183)17.5 %
(i)The federal tax rate of 25% which is the federal statutory rate of Canada, net of the general rate reduction.
(ii)Provincial taxes in British Columbia and Quebec contributed to the majority of the tax effect in this category.

Cash taxes paid net of refund received by the Company during 2025 in all jurisdictions was immaterial.
A reconciliation of the combined Canadian federal and provincial statutory income tax rates to our effective tax rate for the years ended December 31, 2023 and 2024 is as follows :
 December 31,
 20232024
Net loss before income taxes$(174,029)$(200,395)
Combined statutory tax rate27 %27 %
Expected income tax recovery at statutory rates(46,988)(54,107)
Stock-based compensation17,08118,226
Change in valuation allowance11,48515,205
Tax rate differential(1,042)1,077
Prior year tax assessments and adjustments(344)774
Change due to SR&ED(7,428)(8,224)
Gain on contingent consideration—(12,771)
Capital treatment of items—2,205
Other(395)77
Income tax recovery$(27,631)$(37,538)
c. Deferred income tax assets (“DTAs”) and liabilities (“DTLs”) result from the temporary differences between assets and liabilities recognized for financial statement and income tax purposes. The significant components of the Company’s deferred income tax assets and liabilities were as follows:
 December 31,
 20242025
Deferred tax assets
Government contributions$33,308 $36,928 
Operating lease liability15,648 38,662 
Net operating losses carried forward15,631 2,130 
Research and development expenditures and related credits33,566 56,049 
Other5,388 1,064 
 103,541 134,833 
Deferred tax liabilities
Property and equipment$(20,777)$(30,594)
Intangibles(9,592)(8,645)
Operating lease right-of-use assets(15,862)(36,740)
Other(17,453)(11,738)
 (63,684)(87,717)
 39,857 47,116 
Less: valuation allowance(49,909)(56,231)
Net deferred tax liability(10,052)(9,115)
   
Deferred tax asset— — 
Deferred tax liability(10,052)(9,115)
Net deferred tax liability$(10,052)$(9,115)
d. The Company had $27.1 million and $51.1 million of net-operating losses and R&D expenditure pools, and $8.5 million and $24.0 million of tax carryforward credits to apply against future taxes in Canada as of December 31, 2024 and 2025, respectively.
e. The Company had operating losses carried forward related to U.S. operations of approximately $19.4 million, $17.9 million and $4.8 million as of December 31, 2023, 2024 and 2025, respectively.
U.S net-operating losses totaling $4.8 million may be carried forward indefinitely.
f. In Australia, the Company has immaterial tax carryforward credits.
g. As of December 31, 2025, the Company has immaterial accumulated undistributed earnings generated by foreign subsidiaries. The Company has not provided a deferred liability for the income taxes associated with its foreign investments because it is the Company’s intention to indefinitely reinvest in its foreign investments.
h. The Company did not realize any previously unrecognized tax benefits with respect to uncertain tax positions during the years ended December 31, 2023, 2024, and 2025. There were no unrecognized tax benefits with respect to uncertain tax positions for the years ended December 31, 2023, 2024 and 2025.
The Company is subject to taxation primarily in Canada, the United States, and Australia. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, the limitation period for examination by a jurisdiction may be extended under various provisions. Generally, tax years ranging from 2021 to 2025 remain open to income tax examination. Other than routine audits done by tax authorities, management is not aware of any other material income tax assessments arising from examinations currently in progress by any taxing jurisdiction.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company primarily leases office and laboratory facilities in Vancouver and Montreal, Canada, and Sydney, Australia.
The Company's operating leases have a fixed term with a remaining life between one year and twenty years, with renewal options included in the contracts ranging from five to ten years. The leases have varying contract terms, escalation clauses and renewal options. Generally, there are no significant restrictions placed upon the lessee by entering into these leases, other than restrictions on use of property, sub-letting and alterations.
The balance sheet classification of the Company's lease liabilities was as follows:
December 31, 2024December 31, 2025
Operating lease liabilities:
Current portion, included in accounts payable and other liabilities$4,621 $5,815 
Long-term portion60,743 137,403 
Total operating lease liabilities$65,364 $143,218 

At December 31, 2025, the future minimum lease payments of the Company’s operating lease liabilities were as follows:
 Amount
2026$14,243 
202714,165 
202814,745 
202914,868 
203014,857 
Thereafter160,412 
As of December 31, 2025, the weighted-average remaining lease term is 15.4 years and the weighted-average discount rate used to determine the operating lease liabilities was approximately 6.0%.
The Company incurred total operating lease expenses, including fixed lease payments, of $9.5 million, $9.1 million and $11.3 million, and variable lease payments of $1.1 million, $0.7 million and $0.5 million during the years ended December 31, 2023, 2024 and 2025, respectively, and are included within operating expenses.
v3.25.4
Financial Instruments
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
Fair Value Measurements
The Company categorizes its financial assets and liabilities measured at fair value into a three-level hierarchy established by U.S. GAAP that prioritizes those inputs to valuation techniques used to measure fair value based on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities; Level 2 inputs, other than quoted prices included within Level 1, are observable for the asset or liability either directly or indirectly; and Level 3 inputs are not observable in the market.
The Company’s financial instruments consist of cash and cash equivalents, restricted cash, marketable securities, accounts receivable, loans receivable, accounts payable and other liabilities, and contingent consideration payable. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and other liabilities, and loans receivable, approximate their fair values, and are primarily classified as Level 2.
Contingent Consideration
Contingent consideration relates to potential earn-out payments and future successful milestone payouts from previous business acquisitions. Contingent consideration is recorded at fair value on the acquisition date and adjusted on a recurring basis for changes in its fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated payments and changes in assumed discount periods and rates and are included in other income on the consolidated statements of loss. The inputs are unobservable in the market and are therefore categorized as Level 3 inputs. There were no changes to the valuation technique and inputs used in these fair value measurements since acquisition.
The following table presents the changes in fair value of the liability for contingent consideration:
December 31, 2024
Liability at beginning of the year
Decrease in fair value of liability for contingent consideration
Repayment of contingent consideration
Liability at end of the year
Contingent consideration(i)
$55,388 $(47,301)$— $8,087 
(i) The fair value measurement was determined by estimating the expected future cash flows. The significant assumptions include the amount and timing of projected future cash flows, risk adjusted for various factors including probability of success, discounted at ranging from 12.8% to 22%, which measures the risks inherent in each relevant future cash flows stream. In the year ended December 31, 2024, the fair value of the contingent consideration was adjusted to reflect the expected value due to the impact from the Company's ongoing internal program prioritization and expected achievement of a milestone required for an earn-out payment associated with a specific license. Changes in the fair value of the liability for contingent consideration are recognized as a non-cash fair value gain through other income.
In the second quarter of 2025, the remaining contingent consideration of $8.7 million was paid in its entirety.
In-Process Research and Development Assets
As discussed in Note 7, the estimated fair values in support of the TetraGenetics full impairment charge in 2024 were categorized within Level 3 of the fair value hierarchy and were determined using an income-based approach, which was based on a probability-adjusted present value of the future estimated after-tax cash flows attributable to the intangible assets. The significant assumptions inherent in estimating the fair values, from the perspective of a market participant, include a probability-adjusted success rate of its continued development through to clinical trials, future revenue, operating and development costs, milestone and regulatory success, obsolescence, and profitability. A de-risked discount rate of 12.8% for TetraGenetics was used to present value the probability of success risk adjusted after-tax cash flows attributable to the IPR&D.
Marketable Securities
As part of the Company’s cash management strategy, the Company holds a diversified portfolio of high credit quality marketable securities that are available to support the Company’s operations. As of December 31, 2025, our marketable securities were rated A- (or its equivalent) or higher by at least two of the major rating agencies with a weighted average life of approximately 0.5 years.
Level 2 marketable securities in the fair value hierarchy were based on quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. There were no transfers between Level 1, Level 2 and Level 3 during the period.
The following table presents information about the Company’s marketable securities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements at December 31, 2024:
Level 1Level 2Level 3Total
Marketable securities
U.S. government agencies$90,601 $— $— $90,601 
Certificate of deposit— 90,632 — 90,632 
Commercial paper— 53,757 — 53,757 
Corporate bonds— 130,088 — 130,088 
Asset backed securities— 104,211 — 104,211 
$90,601 $378,688 $— $469,289 
Fair Value Measurements at December 31, 2025:
Level 1Level 2Level 3Total
Marketable securities
U.S. government agencies$66,074 $— $— $66,074 
Certificate of deposit— 106,381 — 106,381 
Commercial paper— 25,776 — 25,776 
Corporate bonds— 145,942 — 145,942 
Asset backed securities— 61,140 — 61,140 
 $66,074 $339,239 $— $405,313 
v3.25.4
Commitments and contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company does not have contingency reserves established for any litigation liabilities and any of the costs related to such legal proceedings are expensed as incurred. Note 3 discloses the settlement of the patent infringement litigation with Bruker Corporation in December 2025.
The Company may enter into certain agreements with partners in the ordinary course of operations that may include contractual milestone payments related to the achievement of pre-specified research, development, regulatory and commercialization events and indemnification provisions, which are common in such agreements. Pursuant to such agreements, the Company may be obligated to make research and development and regulatory milestone payments upon the occurrence of certain events and upon receipt of royalty payments in the low single-digits to mid-twenties percent based on certain net sales targets. The Company expensed nil for the years ended December 31, 2023, 2024, and 2025.
Excluding the lease arrangements as accounted for in Note 14 – Leases, the Company has $12.2 million of commitments related ongoing clinical trials with third-party organizations, contract research organizations, and internal manufacturing capabilities all of which the Company expects to incur within one year.
v3.25.4
Financial Risk Management
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Financial Risk Management Financial Risk Management
Concentration of Credit Risk
Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts and accrued receivable. Cash and cash equivalents, marketable securities, and restricted cash are invested with the primary objective being the preservation of capital and maintenance of liquidity. The guidelines on the diversification of the marketable securities portfolio and credit quality of financial instruments that the Company holds minimizes the exposure to concentration of credit risk. The Company further limits its exposure to credit loss by placing its cash and cash equivalents with multiple high credit quality financial institutions.
The Company’s exposure to credit risk for accounts and accrued receivables is indicated by the carrying value of its accounts receivable and accrued receivables. We review our trade receivables and accrued revenue, and reserve for amounts if collectability is no longer reasonably assured based on an assessment of various factors including historical loss rates and expectations of forward-looking loss estimates. Any adjustments made to our historical loss experience reflect current differences in asset-specific risk characteristics and current economic conditions. At December 31, 2024 and 2025, accounts and accrued receivable amounts were due from 16 and 7 customers, respectively.
Interest Rate Risk
The Company’s exposure to interest rate risk is primarily attributable to its cash and cash equivalents, restricted cash, marketable securities, and long-term operating lease liability.
As of December 31, 2025, the Company had cash and cash equivalents of $128.5 million, restricted cash of $26.7 million, and marketable securities of $405.3 million, a majority of which was maintained in high credit quality and liquid bank accounts, term deposits, and held-for-trading marketable securities. The Company’s interest rate risk is affected by changes in the general level of interest rates, particularly because the majority of the Company’s investments are short-term
in nature. Due to interest rates available to the Company, the short-term duration of the Company’s cash and cash equivalent holdings and marketable securities, and the low risk profile of the marketable securities, a 100 basis points change in interest rates would not have a material effect on the fair market value of cash, cash equivalents, restricted cash, and marketable securities. The Company also has the ability to hold the marketable securities until maturity, and therefore, the Company would not expect the Company’s operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest rates.
The Company does not enter into investments for speculative purposes and has not used any derivative financial instruments to manage interest rate exposure.
The Company is further exposed to the risk that the fair value of the operating lease liability will vary as a result of changes in market interest rates. In order to manage funding needs or capital structure goals, the Company may enter into arrangements that are subject to either fixed market interest rates set at the time of issue or floating rates determined by ongoing market conditions. Debt subject to variable interest rates exposes the Company to variability in interest expense, while debt subject to fixed interest rates exposes the Company to variability in the fair value of debt. To manage interest rate exposure, the Company may access various sources of financing and manages borrowings in line with debt ratings, liquidity needs, maturity schedule, and currency and interest rate profiles.
Foreign Currency Risk
The Company holds cash primarily in U.S. and Canadian dollars. The Company had Canadian denominated cash and cash equivalents of CAD $55.6 million and CAD $61.8 million as of December 31, 2024 and 2025, respectively.
The Company incurs certain operating expenses, makes capital project investments, and carries accounts payable in currencies other than the U.S. dollar, primarily in Canadian dollars, and the functional currency of the Dayhu JV and Beedie JV is the Canadian dollar. Accordingly, the Company is subject to foreign exchange risk due to fluctuations in exchange rates. The Company does not use derivative instruments to hedge exposure to foreign exchange risk. The operating results and financial position of the Company are reported in U.S. dollars in the Company’s consolidated financial statements. The fluctuation of the U.S. dollar relative to the Canadian dollar will have an impact on the reported balances for net assets, net earnings and shareholders’ equity in the Company’s consolidated financial statements.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company maintains an Enterprise Risk Management (ERM) program that is designed to identify, analyze and manage risks, including risks from cybersecurity threats. This program scores, ranks, and reports risks to Company management based on the likelihood and impact the risk has relative to the strategic objectives and financial standing of the Company.
The Company maintains a cybersecurity risk management program that includes, but is not limited to, periodic risk assessments and employee awareness training initiatives, as well as the employment of security analytical and assessment tools. We also maintain a cybersecurity incident response plan designed to help the Company defend against evolving cybersecurity threats, which sets out criteria for incident classification and procedures to escalate incidents to the appropriate stakeholders. Internally, we regularly monitor and assess the various components of our cybersecurity infrastructure, with the support of third-party consultants.
The Company has also established a process to identify and assess potential risks arising from cybersecurity threats associated with our use of critical third-party service providers. This process includes, as appropriate, conducting assessments of third-party providers' cybersecurity capabilities and reviewing third party providers’ processes for alignment with our internal cybersecurity requirements.
Risks from cybersecurity threats have, to date, not materially affected us, our business strategy, results of operations or financial condition. We discuss how cybersecurity incidents could materially affect us in our risk factor disclosures in Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company maintains an Enterprise Risk Management (ERM) program that is designed to identify, analyze and manage risks, including risks from cybersecurity threats. This program scores, ranks, and reports risks to Company managemen
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Chief Legal and Compliance Officer (CLO), and our dedicated information technology (IT) team, lead the Company's overall cybersecurity efforts. Together, our CLO and IT team have over 40 years of industry experience in implementing and managing information technology and information security systems, and members of our IT team maintain Certified Information Security Manager certifications. The CLO oversees the Company’s cybersecurity risk management through regular meetings with the IT team to discuss, as appropriate, cybersecurity risks and prevention measures. Cybersecurity incidents are escalated based on defined incident severity criteria to management. As part of our ERM process, our CLO and other senior management positions, as appropriate, report identified cybersecurity risks to the Audit Committee and the Board of Directors (Board).
Management is responsible for the day-to-day management of risks we face, while the Board as a whole and through its committees, provides guidance on the oversight of risk management.
The Audit Committee reviews the effectiveness of the Company’s governance and management of cybersecurity risks, including those relating to business continuity, regulatory compliance and data management. The Audit Committee, at least annually, reviews and considers the results of our ERM process, including as it relates to risks from cybersecurity threats, and provides updates, as appropriate or required, to management and the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Chief Legal and Compliance Officer (CLO), and our dedicated information technology (IT) team, lead the Company's overall cybersecurity efforts. Together, our CLO and IT team have over 40 years of industry experience in implementing and managing information technology and information security systems, and members of our IT team maintain Certified Information Security Manager certifications. The CLO oversees the Company’s cybersecurity risk management through regular meetings with the IT team to discuss, as appropriate, cybersecurity risks and prevention measures. Cybersecurity incidents are escalated based on defined incident severity criteria to management. As part of our ERM process, our CLO and other senior management positions, as appropriate, report identified cybersecurity risks to the Audit Committee and the Board of Directors (Board).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Cybersecurity incidents are escalated based on defined incident severity criteria to management. As part of our ERM process, our CLO and other senior management positions, as appropriate, report identified cybersecurity risks to the Audit Committee and the Board of Directors (Board).
Cybersecurity Risk Role of Management [Text Block]
Management is responsible for the day-to-day management of risks we face, while the Board as a whole and through its committees, provides guidance on the oversight of risk management.
The Audit Committee reviews the effectiveness of the Company’s governance and management of cybersecurity risks, including those relating to business continuity, regulatory compliance and data management. The Audit Committee, at least annually, reviews and considers the results of our ERM process, including as it relates to risks from cybersecurity threats, and provides updates, as appropriate or required, to management and the Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Chief Legal and Compliance Officer (CLO), and our dedicated information technology (IT) team, lead the Company's overall cybersecurity efforts. Together, our CLO and IT team have over 40 years of industry experience in implementing and managing information technology and information security systems, and members of our IT team maintain Certified Information Security Manager certifications. The CLO oversees the Company’s cybersecurity risk management through regular meetings with the IT team to discuss, as appropriate, cybersecurity risks and prevention measures. Cybersecurity incidents are escalated based on defined incident severity criteria to management. As part of our ERM process, our CLO and other senior management positions, as appropriate, report identified cybersecurity risks to the Audit Committee and the Board of Directors (Board).
Management is responsible for the day-to-day management of risks we face, while the Board as a whole and through its committees, provides guidance on the oversight of risk management.
The Audit Committee reviews the effectiveness of the Company’s governance and management of cybersecurity risks, including those relating to business continuity, regulatory compliance and data management. The Audit Committee, at least annually, reviews and considers the results of our ERM process, including as it relates to risks from cybersecurity threats, and provides updates, as appropriate or required, to management and the Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Together, our CLO and IT team have over 40 years of industry experience in implementing and managing information technology and information security systems, and members of our IT team maintain Certified Information Security Manager certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] As part of our ERM process, our CLO and other senior management positions, as appropriate, report identified cybersecurity risks to the Audit Committee and the Board of Directors (Board).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of consolidation
Principles of consolidation
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities (“VIE”) when the Company possesses both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. Intercompany accounts and transactions have been eliminated.
The Company entered into a participation agreement with a segregated accounts company for purposes of Director and Officer’s insurance. The Company contributed $25.0 million to the segregated account, representing the Company’s maximum loss exposure under the participation agreement, for security for a letter of credit issued to a third-party insurer. While the agreement is cancellable by the Company, the funds cannot be transferred to other parts of the Company, therefore the funds are presented in current assets on the consolidated balance sheets as Restricted Cash.
Use of estimates
Use of estimates
The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Areas of significant estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations and determining whether an option for additional goods or services represents a material right, the impairment assessment of intangible assets and goodwill, and the estimates associated with stock-based compensation awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could significantly differ from those estimates.
Revenue recognition
Revenue recognition
The Company accounts for revenue from contracts with customers, which includes the identification and assessment of the goods and/or services promised within a contract to evaluate which promises are distinct from each other.
The terms of our arrangements generally include the payment of one or more of the following: (i) non-refundable, up-front fixed fees, (ii) fixed fees for ‘discovery’ research support, (iii) fixed technology assignment fees, (iv) fixed payments based on the achievement of specified development and/or commercial milestones, (v) royalties on net sales by
the customer of licensed drugs, and in some cases, (vi) early termination penalties, and (vii) reimbursements for costs incurred to fulfill the contract with the customer at cost or at cost plus an agreed upon mark-up.
Promises that are not distinct at contract inception are combined into a single performance obligation. An option to acquire additional goods and/or services is evaluated on both quantitative and qualitative aspects to determine if such an option provides a material right to the customer that it would not have received without entering into the contract. If so, the option is accounted for as a separate performance obligation. If not, the option is considered a marketing offer and is accounted for as a separate contract upon the customer’s election.
The transaction price generally includes fixed fees due at contract inception as well as fixed fees payable at the beginning and end of different phases of the discovery research support services performed. Where a fixed fee due at contract inception is an option to obtain additional goods or services and is considered to be a material right, we allocate the transaction price to the optional goods or services we expect to provide to the corresponding consideration we expect to receive. The Company utilizes either the expected value method or the most likely amount method to estimate the amount of variable consideration to include in the transaction price, as most appropriate in the circumstances. With respect to development and commercial milestone payments, at the inception of the arrangement, the Company evaluates whether the associated event is considered probable of achievement and estimates the amount to be included in the transaction price using the most likely amount method. In determining the transaction price the Company constrains the transaction price for variable consideration to limit its inclusion so that it only includes the amount for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
The Company allocates the transaction price to each performance obligation identified in the contract based on relative observable standalone selling prices. Revenue is recognized based on the amount of the transaction price that is allocated to each respective performance obligation when or as the performance obligation is satisfied by transferring a promised good and/or service to the customer. The Company generally uses output methods to measure the progress toward satisfaction of performance obligations that are satisfied over time. Where there is not a directly observable output to measure progress, an input which serves as a reasonable proxy for measuring progress is used. Due to different types of end customers and nature of work involved, revenue contracts require formal inspection and approval of experiments and research plans at each stage of work, therefore, the output method is the most faithful depiction of the Company’s performance.
Royalty revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by our corporate partners occur. For the licenses of our intellectual property, the Company recognizes revenue from non-refundable, up-front fees when the license is transferred to the customer and the customer is able to use and benefit from the license. In December 2025, the Company entered into a settlement and patent license agreement with Bruker Corporation, resolving the patent litigation between the two companies globally. As part of the settlement, Bruker will pay AbCellera $36.0 million up front as well as future royalty payments on sales of Bruker's Beacon® Optofluidic platform products worldwide through the life of the Bruker licensed patents. The Company recognized $36.0 million in licensing and royalty revenue in our consolidated statements of loss for the year ended December 31, 2025 and a corresponding receivable recognized within accounts and accrued receivables in our consolidated balance sheets as of December 31, 2025.
Collaborative arrangements
Collaborative arrangements
We may enter into collaborative and other similar arrangements with respect to the development and commercialization of potential drug candidates. Collaborative arrangements are contractual agreements with third parties that involve a joint operating activity, typically a research and/or commercialization effort, where both we and our partner are active participants in the activity and are exposed to the significant risks and rewards of the activity. Our rights and obligations under our collaborative arrangements vary and typically involve the partners to jointly perform research and development activities and/or participate together in commercializing, marketing, promoting, manufacturing and/or distributing a drug product. These arrangements typically include milestone as well as royalty or profit-share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements from or payments to the collaboration partner.
The Company considers the nature and contractual terms of arrangements and assesses whether an arrangement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards dependent on the commercial success of the activity as described under ASC 808, Collaborative Arrangements (ASC 808). For arrangements determined to be within the scope of ASC 808 where a collaborative partner is not a customer for certain research and development activities, the Company accounts for payments received for the reimbursement of research and development costs as a contra-expense in the period such expenses are incurred. If payments from the collaborative partner to the Company represent consideration from a customer in exchange for distinct
goods and services provided, then the Company accounts for those payments within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606).
The Company applied ASC 606 to all collaborative arrangements to date.
Segmented and enterprise-wide information
Segmented and enterprise-wide information
The Company’s focus is on the discovery and development of antibody drugs, and manages its business as one reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews consolidated financial information on a company-wide basis for purposes of allocating resources and assessing financial performance. The accounting policies of the segment are the same as those described in Note 3.
The CODM uses consolidated net loss, as reported on the consolidated statements of loss and comprehensive loss, to evaluate the loss generated from segment assets in deciding the resources to be allocated towards the Company’s overall portfolio of downstream stakes and internal programs. Consolidated net loss is also used to monitor budget versus actual results in assessing performance of the Company and in establishing, in part, management compensation. The measure of segment assets is reported on the consolidated balance sheets as total assets.
In 2023, $36.0 million and $2.0 million of revenues originated from services performed in Canada and the U.S., respectively, and in 2024, $26.2 million and $2.7 million of revenues originated from services performed in Canada and the U.S., respectively. In 2025, $64.0 million and $11.1 million of revenues originated from services performed in Canada and the U.S., respectively.
Of the Company’s long-term assets at December 31, 2024, $505.1 million were located in Canada, $85.7 million in the U.S., and $18.4 million in other countries. Of the Company’s long-term assets at December 31, 2025, $532.1 million were located in Canada, $81.0 million in the U.S., and $15.6 million in other countries. In 2025, the Company's additions to property and equipment, contributions to joint ventures, and research and development expenses incurred in Canada were $36.6 million, $9.0 million, and $164.0 million, respectively, and nil, nil, and $22.8 million in foreign countries.
Government contributions
Government contributions
The Company receives government contributions that are comprised of non-repayable, conditionally repayable, and repayable portions which are dependent upon the Company’s co-investment expenditures over the term of the agreements, and are accounted for when it is probable that the grant will be received, and all associated conditions will be complied with.
Non-repayable and conditionally repayable portions, where the conditions for repayment are non-probable, are accounted for as government grants. Government grants for expenditures on eligible research, development and capital expenditures are recognized ratably over the benefit period of the related expenditure for which the grants are intended to compensate in grants and incentives in other income.
For repayable portions, the Company considers the contractual terms of the repayable portion of a below-market-rate government contribution, and has determined that the interest rate is affected by legal restrictions prescribed by a governmental agency. Therefore, the Company does not impute interest on the repayable portion of the government contribution, and it is measured equal to the proceeds received or accrued.
The determination of the amount of the claim and the corresponding receivable and liability amounts require management's judgement and interpretation of eligible expenditures and repayment conditions in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies.
Cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash
Cash and cash equivalents are defined as cash on hand and deposits held with banks with maturity dates of less than three months. Cash and cash equivalents that are restricted as to withdrawal or usage, in accordance with specific commercial arrangements, are presented as restricted cash on the consolidated balance sheets. As of December 31, 2024, we had $127.1 million cash, $29.2 million cash equivalents and $27.3 million restricted cash. Of the total restricted cash at December 31, 2024, $25.0 million is presented as a current asset, $2.1 million is included within other current assets, and $0.2 million is included within other long-term assets on the consolidated balance sheets. As of December 31, 2025, we had $99.3 million cash, $29.3 million cash equivalents, and $26.7 million restricted cash. Of the total restricted cash at December 31, 2025, $25.0 million is presented as a current asset, $1.5 million is included within other current assets, and $0.2 million is included within other long-term assets on the consolidated balance sheets.
Marketable securities
Marketable securities
The Company’s marketable securities consist of U.S. government agency securities, certificates of deposit, commercial paper, corporate bonds, and asset-backed securities, as well as Canadian term deposits. The Company has classified and accounted for these marketable securities as held-for-trading and they are reported at fair value with $2.1 million, $0.8 million, and $0.8 million of unrealized fair value gains for the year ended December 31, 2023, 2024, and 2025, respectively, recorded as a component of other on the consolidated statements of loss and comprehensive loss.
Non-marketable securities
Non-marketable securities
Non-marketable securities not accounted for under the equity method are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Non-marketable securities of $32.3 million at December 31, 2024 and $32.5 million at December 31, 2025 are included as part of other long-term assets on the consolidated balance sheets. Adjustments are determined primarily based on a market approach as of the transaction date. For the years ended December 31, 2023, 2024, and 2025, $1.8 million, $16.6 million, and $0.2 million fair value gains were recognized within other on the consolidated statements of loss and comprehensive loss, respectively. The fair value gain recognized in 2024 was due to the disposal of a non-marketable security.
Accounts receivable
Accounts receivable
The Company has trade receivables which are recorded at the invoiced amount. The Company evaluates the collectability of accounts receivable on a regular basis based on an economic assessment of market conditions and review of customer financial history. The expected credit loss provision recorded as of December 31, 2023, 2024, and 2025 was immaterial.
Property and equipment
Property and equipment
Property and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements to property and equipment are capitalized and repairs and maintenance costs are expensed as incurred.
Excluding land and assets not yet placed into service, property and equipment are amortized using the straight-line method over the estimated useful lives of the property and equipment as follows:
AssetRate
Building and building improvements
20-40 years
Equipment
3-10 years
Leasehold improvements are included within building and building improvements and are amortized over the shorter of the lease term or estimated useful life. Estimated useful lives are periodically assessed to determine if changes are appropriate. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are removed from the accounts and any resulting gains or losses are included in loss from
operations in the period of disposal. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service.
Intangible assets
Intangible assets
Costs incurred to acquire patents and to prosecute and maintain intellectual property rights are expensed as incurred to sales, general, and administrative expense due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties are capitalized and amortized over the remaining life of the patent, if related to approved drugs or if there are alternative future uses for the underlying technology. No patent or intellectual property costs have been capitalized to date. Acquired in process research and development (IPR&D) represents the fair value assigned to research and development assets that have not reached technological feasibility. IPR&D is classified as an indefinite-lived intangible asset and is not amortized. All research and development costs incurred subsequent to the acquisition of IPR&D are expensed as incurred.
Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the assets as follows:
AssetUseful Life
License
3-10 years
Technology
3-20 years
Impairment of long-lived assets and goodwill
Impairment of long-lived assets and goodwill
The Company assesses the recoverability of its long-lived assets, including property and equipment and intangible assets subject to amortization, for indicators of impairment on each reporting date. If events or changes in circumstances indicate impairment, the Company measures recoverability by a comparison of the asset group's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. When quoted market prices are not available, the Company uses the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset group as an estimate of fair value. No indicators of impairment of long-lived assets were identified at the respective balance sheet dates.
Indefinite-lived intangible assets are tested annually for impairment as of October 1, and between annual tests if indicators of potential impairment exist. The Company has the option of performing a qualitative assessment to first determine whether the quantitative impairment test is necessary. This involves an assessment of qualitative factors to determine the existence of events or circumstances that would indicate whether it is more likely than not that the carrying amount of the indefinite-lived intangible asset is less than its fair value. If the qualitative assessment indicates it is not more likely than not that the carrying amount is less than its fair value, a quantitative impairment test is not required. Where a quantitative impairment test is required, the procedure is to compare the indefinite-lived intangible asset’s fair value with its carrying amount. An impairment loss is recognized as the difference between the indefinite-lived intangible asset’s carrying amount and its fair value.
Goodwill is evaluated for impairment on an annual basis as of October 1, or more frequently if an indicator of impairment is present. We have one operating segment and reporting unit, therefore our review of goodwill impairment is performed at the entity-wide level. As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is not more likely than not that the fair value of the reporting unit that includes the goodwill is less than its carrying value, a quantitative impairment test is not required. Where a quantitative impairment test is required, the procedure is to compare the indefinite-lived intangible asset’s fair value with its carrying amount. An impairment loss is recognized as the difference between the indefinite-lived intangible asset’s carrying amount and its fair value. The Company further concluded there were no impairment indicators related to goodwill as at December 31, 2024 and 2025. As at December 31, 2024, and December 31, 2025, the goodwill balance was $47.8 million. There were no additions to goodwill in 2024 or 2025 and accumulated impairment as at December 31, 2024 and December 31, 2025 was nil.
Leases
Leases
The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset. Lease payments are remeasured when a contingency upon which some or all of the variable lease payments to be paid over the remainder of the lease is resolved. Lease payments on short-term operating leases with lease terms twelve months or less are recognized on a straight-line basis over the lease term. The Company has elected to not separate non-lease elements embedded in its lease agreements. For the years ended December 31, 2024, and December 31, 2025, all of our leases are classified as operating leases.
Research and development costs
Research and development costs
Research and development costs are expensed in the period incurred. These costs are related to spending for internal program development and partner projects and include required materials, salaries and benefits including stock-based compensation, and third-party research and development service contracts. These costs exclude depreciation and amortization.
Income taxes
Income taxes
The Company accounts for income taxes under the deferred asset and liability method, which requires the recognition of deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) for the expected future tax consequences of existing differences between the financial statement and tax bases of assets and liabilities, and net operating loss and tax credit carryforwards for tax purposes. The DTAs and DTLs are computed using enacted tax rates and the effect of a change in enacted tax rates on DTAs and DTLs is recognized in income in the period of enactment.
The Company recognizes DTAs to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including, but not limited to, future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Valuation allowances are established for certain deferred tax assets to reduce the DTA to a level which, more-likely-than-not, will be realized. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in the Company’s judgement, do not meet a more-likely-than-not threshold based on the technical merits of the positions. The Company realizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
The Company files consolidated federal income tax returns in the United States, which includes eligible subsidiaries. In addition, we file income tax returns in state, local and foreign jurisdictions as applicable. The Company's income tax provision is calculated and allocated under the separate return method.
Income tax credit (“ITC”) policy
Income tax credit (“ITC”) policy
The Company earns income tax credits in jurisdictions in which it incurs eligible research and development expenditures. The Company uses the flow-through method to account for ITCs. Under this method, the ITCs subject to income tax accounting are recognized as a reduction to income tax expense in the year they are earned.
Stock-based compensation
Stock-based compensation
The Company accounts for awards of stock options and shares to directors, employees, consultants, and non-employees using the fair value method. Under this method, stock-based compensation expense is measured at the fair value at the date of grant and is expensed over the award’s vesting period. The requisite service period generally equals the vesting period of the awards.
Equity classified awards are measured using their grant date fair value. For equity classified awards, a corresponding increase in additional paid-in capital is recorded when stock-based compensation is recognized. When stock options are exercised, share capital is credited by the sum of the consideration received and the related portion of the stock-based compensation previously recorded in additional paid-in capital. The effects of forfeitures of options and share awards are accounted for as they occur.
Equity method investments
Equity method investments
The Company accounts for its investments in equity-accounted joint ventures using the equity method. Under the equity method, the initial cost of the investment is adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions, while distributions received from equity method investees are classified in the consolidated statements of cash flows using the nature of the distribution approach. The Company does not control the equity-accounted investments and as a result, the Company does not have the unilateral ability to determine whether cash generated by its equity-accounted investees is retained within the equity-investee or is distributed to the Company and other owners. In addition, equity-accounted investees do not control the timing of such distributions to the Company and other owners. The Company evaluates its investments in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in other income in the Company’s consolidated statements of loss and comprehensive loss.
Net loss per share
Net loss per share
Basic net loss per share is computed by dividing the net loss in the period by the weighted-average number of common shares outstanding for the period. Diluted net earnings per share is computed by dividing the net earnings in the period by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. Potential dilutive common shares are excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect. For purpose of this calculation, outstanding stock options and restricted share units (RSUs) are considered potential dilutive common shares.
Changes in significant accounting polices
Changes in significant accounting policies
Recent accounting pronouncements adopted
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as expanded disclosures on income taxes paid by jurisdictions and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This standard has been applied prospectively for the year ended December 31, 2025, and enhances existing disclosures included in Note 13.
Recent accounting pronouncements not yet adopted
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Disclosures about Expenses. This ASU enhances the transparency of expense information presented in a company's financial statements by requiring disaggregation of certain expense categories and providing additional disclosures about the nature of these expenses. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years.
The Company is currently evaluating the impact of ASU 2024-03 on its financial statements. While the Company expects the adoption of this ASU could result in increased disclosures related to its expenses, it does not anticipate the amendments will have a material impact on its consolidated financial statements.
Functional currency
Functional currency
The reporting currency of the Company and its subsidiaries is the U.S. dollar. The functional currency of the Company and its subsidiaries is the U.S. dollar, and for the Dayhu JV and Beedie JV, is the Canadian dollar.
Transactions in foreign currencies are translated to the functional currency at exchange rates at the date of the transactions. Period-end balances of monetary assets and liabilities in foreign currencies are translated to the functional currency using the period-end foreign currency rates. Foreign currency gains and losses are recognized in the consolidated statements of loss and comprehensive loss.
The functional currency of the Dayhu JV and Beedie JV, our equity method investments, is Canadian dollars and are translated into U.S. dollars using the period-end exchange rate for assets and liabilities and the average exchange rates during the period for revenues, expenses, gains and losses. Foreign exchange gains or losses arising from the translation of these joint ventures’ assets and liabilities are included in foreign currency translation adjustment in the consolidated statements of loss and comprehensive loss.
v3.25.4
Significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property and Equipment
Excluding land and assets not yet placed into service, property and equipment are amortized using the straight-line method over the estimated useful lives of the property and equipment as follows:
AssetRate
Building and building improvements
20-40 years
Equipment
3-10 years
Property and equipment, net consisted of the following:
December 31,
20242025
Land$53,405 $53,405 
Building and improvements175,805 193,160 
Equipment84,288 102,935 
Operating lease right-of-use assets (Note 8)66,649 136,117 
Property and equipment380,147 485,617 
Less: accumulated depreciation(39,718)(57,614)
Property and equipment, net$340,429 $428,003 
Schedule of Definite Lived Intangible Assets
Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the assets as follows:
AssetUseful Life
License
3-10 years
Technology
3-20 years
Intangible assets consisted of the following:
December 31, 2024December 31, 2025
Gross
carrying
amount		Accumulated
amortization		Net book
value		Gross
carrying
amount		Accumulated
amortization		Net book
value
License$38,433 $29,111 $9,322 $16,620 $8,968 $7,652 
Technology52,700 19,909 32,791 52,700 21,971 30,729 
 $91,133 $49,020 $42,113 $69,320 $30,939 $38,381 
v3.25.4
Net loss per share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Earnings Per Share Attributable to Common Shareholders
Basic and diluted net loss per share was calculated as follows:
Year Ended December 31,
Basic and diluted loss per share202320242025
Net loss$(146,398)$(162,857)$(146,412)
Weighted-average common shares outstanding289,166,486294,327,532298,707,082
Net loss per share - basic and diluted$(0.51)$(0.55)$(0.49)
v3.25.4
Other current assets (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
December 31,
20242025
Taxes receivable$26,534 $55,695 
Prepaid expenses and other8,626 9,670 
Materials and supplies— 6,336 
Loans receivable from JV partner (Note 8)31,980 39,412 
Total other current assets$67,140 $111,113 
v3.25.4
Property and equipment, net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Excluding land and assets not yet placed into service, property and equipment are amortized using the straight-line method over the estimated useful lives of the property and equipment as follows:
AssetRate
Building and building improvements
20-40 years
Equipment
3-10 years
Property and equipment, net consisted of the following:
December 31,
20242025
Land$53,405 $53,405 
Building and improvements175,805 193,160 
Equipment84,288 102,935 
Operating lease right-of-use assets (Note 8)66,649 136,117 
Property and equipment380,147 485,617 
Less: accumulated depreciation(39,718)(57,614)
Property and equipment, net$340,429 $428,003 
v3.25.4
Intangible assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Definite Lived Intangible Assets
Definite-lived intangible assets are amortized using the straight-line method over the estimated useful lives of the assets as follows:
AssetUseful Life
License
3-10 years
Technology
3-20 years
Intangible assets consisted of the following:
December 31, 2024December 31, 2025
Gross
carrying
amount		Accumulated
amortization		Net book
value		Gross
carrying
amount		Accumulated
amortization		Net book
value
License$38,433 $29,111 $9,322 $16,620 $8,968 $7,652 
Technology52,700 19,909 32,791 52,700 21,971 30,729 
 $91,133 $49,020 $42,113 $69,320 $30,939 $38,381 
Schedule of Estimated Amortization Expense on Intangible Assets
Amortization expense on intangible assets subject to amortization is estimated to be as follows for each of the next five years ended December 31:
Amortization
Expense
2026$3,732 
20273,732 
20283,732 
20293,732 
20302,632 
$17,560 
v3.25.4
Current accounts payable and other current liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Other Liabilities
December 31,
20242025
Accounts payable and accrued liabilities$34,350 $25,228 
Current portion of operating lease liability4,621 5,815 
Payroll liabilities8,375 10,755 
Current portion of deferred government contribution7,658 8,983 
Total accounts payable and other current liabilities$55,004 $50,781 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Common Shares
As of each balance sheet date, common shares consisted of the following:
December 31, 2024December 31, 2025
Shares authorizedShares issued and outstandingShares authorizedShares issued and outstanding
Common sharesUnlimited295,757,002Unlimited300,600,710
Schedule of Stock Option Activity
The following table summarizes the Company’s stock options granted under the Pre-IPO Plan:
Number of
Shares		Weighted-
Average Exercise
Price		Weighted-
Average Contractual Term (years)
Outstanding as of December 31, 202426,732,456$0.99 4.30
Granted—— 
Exercised(2,643,237)0.22 
Forfeited0— 
Outstanding as of December 31, 202524,089,219$1.07 3.60
Options exercisable as of December 31, 202524,089,219$1.07 3.60

The following table summarizes the Company’s stock options granted under the 2020 Plan:
Number of
Shares		Weighted-
Average Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)
Outstanding as of December 31, 202424,008,664$9.93 8.11
Granted14,576,2413.05 
Exercised(52,067)4.62 
Forfeited(2,156,797)6.50 
Outstanding as of December 31, 202536,376,041$7.38 7.76
Options exercisable as of December 31, 202515,877,440$11.46 6.61
Schedule of Restricted Share Units Activity
The following table summarizes the Company’s RSUs granted under the 2020 Plan:
 
Number of Shares
Weighted- Average Grant Date Fair Value
Outstanding as of December 31, 20246,629,833$7.53 
Granted5,302,7623.12 
Vested and settled(2,148,404)9.12 
Forfeited(946,807)5.22 
Outstanding as of December 31, 20258,837,384$4.75 
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was classified in the consolidated statements of loss and comprehensive loss as follows:
Year ended December 31,
202320242025
Research and development expenses$31,781 $30,779 $30,147 
Sales, general, and administrative expenses32,403 36,802 25,645 
$64,184 $67,581 $55,792 
Schedule of Valuation Assumptions
The fair value of each option award is determined on the date of grant using the Black-Scholes option pricing model. The weighted-average valuation assumptions for stock options granted in the period are as follows:

Year ended December 31,
202320242025
Average risk-free interest rate1
3.73 %3.94 %4.41 %
Expected volatility2
70.0 %70.0 %70.0 %
Average expected term (years)3
6.256.226.20
Expected dividend yield4
0.0 %0.0 %0.0 %
Weighted average fair value of options granted5
$5.78 $3.42 $2.04 
(1)This rate is from federal government marketable bonds for each option grant during the year, having a term that most closely resembles the expected term of the option.
(2)Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have sufficient history of its own volatility, the Company has identified several public entities of similar complexity and stage of development and calculates historical volatility using the volatility of these companies.
(3)This is the period of time that the options granted are expected to remain unexercised. Options granted have a maximum term of ten years. The Company uses the simplified method to calculate the average expected term, which represents the average of the vesting period and the contractual term.
(4)No dividends are expected to be paid by the Company.
(5)Options are granted with an exercise price equal to the fair market value of the Company’s common stock on the grant date.
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Revenue Outstanding
Deferred revenue outstanding at each respective period is as follows:
December 31,
20242025
Deferred revenue$19,221 $17,026 
v3.25.4
Government Contributions (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Government Assistance
At December 31, 2024 and 2025, the Company recognized the following on the consolidated balance sheets:
December 31, 2024
Deferred Government Contribution
Accounts Receivable
Government Grant1
Total
Non-repayable
Conditionally Repayable2
Repayable
Government Contribution 1 (Canada)$12,262 $5,593 $80,114 $— $85,707 
Government Contribution 2 (Canada)17,016 7,098 — 36,978 44,076 
Government Contribution 2 (British Columbia)21,413 — 26,781 — 26,781 
Other Government Grants— 987 — — 987 
Total$50,691 $13,678 $106,895 $36,978 $157,551 
Current$21,709 $4,125 $3,533 $— $7,658 
Long-term$28,982 $9,553 $103,362 $36,978 $149,893 
1 Government Contributions are amortized into other income over the weighted average life of approximately 8 years.
2 No amounts have been accrued related to the repayment terms as the conditions are estimated to be non-probable.
December 31, 2025
Deferred Government Contribution
Accounts Receivable
Government Grant1
Total
Non-repayable
Conditionally Repayable2
Repayable
Government Contribution 1 (Canada)$— $2,003 $78,032 $— $80,035 
Government Contribution 2 (Canada)15,343 10,701 — 66,499 77,200 
Government Contribution 2 (British Columbia)18,249 — 25,215 — 25,215 
Other Government Grants— 986 — — 986 
Total$33,592 $13,690 $103,247 $66,499 $183,436 
Current$20,916 $2,652 $6,331 $— $8,983 
Long-term$12,676 $11,038 $96,916 $66,499 $174,453 
1 Government Contributions are amortized into other income over the weighted average life of approximately 24 years.
2 No amounts have been accrued related to the repayment terms as the conditions are estimated to be non-probable.
v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes For financial reporting purposes, loss before income taxes includes the following components:
 December 31,
 202320242025
Canadian$(146,322)$(189,474)$(188,462)
Foreign(27,707)(10,921)10,867 
Total$(174,029)$(200,395)$(177,595)
Schedule of Expense (Benefit) for Income Taxes
The recovery for income taxes consists of:
December 31,
202320242025
Current   
Canadian$(29,591)$(18,460)$(30,044)
Foreign— 671 (201)
(29,591)(17,789)(30,245)
Deferred and other   
Canadian4,526 749 — 
Foreign(2,566)(20,498)(938)
 1,960 (19,749)(938)
Income tax recovery$(27,631)$(37,538)$(31,183)
December 31,
202320242025
Current tax recovery$(29,591)$(17,789)$(30,245)
Deferred tax expense (recovery)1,960 (19,749)(938)
Total tax recovery$(27,631)$(37,538)$(31,183)
Schedule of Reconciliation Between Expected Tax Rate on Income From Operations and Statutory Tax Rate A reconciliation of the Canadian federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements for the year ended December 31, 2025 is as follows:
Year ended December 31, 2025
Loss before income taxes$(177,595)
Canadian Federal statutory income tax rate (i)(44,399)25.0 %
Domestic Federal
Change due to SR&ED(6,002)3.4 %
Changes in valuation allowance12,321 (6.9)%
Stock-based compensation11,863 (6.6)%
Other252 (0.1)%
Provincial taxes net of Federal benefit (ii)(1,134)0.6 %
Foreign Tax Effects
United States
Change in valuation allowance(2,775)1.6 %
Other1,101 (0.6)%
Other Foreign Jurisdictions
Change in valuation allowance and other(2,410)1.2 %
Effective tax rate$(31,183)17.5 %
(i)The federal tax rate of 25% which is the federal statutory rate of Canada, net of the general rate reduction.
(ii)Provincial taxes in British Columbia and Quebec contributed to the majority of the tax effect in this category.

Cash taxes paid net of refund received by the Company during 2025 in all jurisdictions was immaterial.
A reconciliation of the combined Canadian federal and provincial statutory income tax rates to our effective tax rate for the years ended December 31, 2023 and 2024 is as follows :
 December 31,
 20232024
Net loss before income taxes$(174,029)$(200,395)
Combined statutory tax rate27 %27 %
Expected income tax recovery at statutory rates(46,988)(54,107)
Stock-based compensation17,08118,226
Change in valuation allowance11,48515,205
Tax rate differential(1,042)1,077
Prior year tax assessments and adjustments(344)774
Change due to SR&ED(7,428)(8,224)
Gain on contingent consideration—(12,771)
Capital treatment of items—2,205
Other(395)77
Income tax recovery$(27,631)$(37,538)
Schedule of Deferred Income Tax Assets and Liabilities The significant components of the Company’s deferred income tax assets and liabilities were as follows:
 December 31,
 20242025
Deferred tax assets
Government contributions$33,308 $36,928 
Operating lease liability15,648 38,662 
Net operating losses carried forward15,631 2,130 
Research and development expenditures and related credits33,566 56,049 
Other5,388 1,064 
 103,541 134,833 
Deferred tax liabilities
Property and equipment$(20,777)$(30,594)
Intangibles(9,592)(8,645)
Operating lease right-of-use assets(15,862)(36,740)
Other(17,453)(11,738)
 (63,684)(87,717)
 39,857 47,116 
Less: valuation allowance(49,909)(56,231)
Net deferred tax liability(10,052)(9,115)
   
Deferred tax asset— — 
Deferred tax liability(10,052)(9,115)
Net deferred tax liability$(10,052)$(9,115)
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Operating Lease Liabilities
The balance sheet classification of the Company's lease liabilities was as follows:
December 31, 2024December 31, 2025
Operating lease liabilities:
Current portion, included in accounts payable and other liabilities$4,621 $5,815 
Long-term portion60,743 137,403 
Total operating lease liabilities$65,364 $143,218 
Schedule of Future Minimum Lease Payments
At December 31, 2025, the future minimum lease payments of the Company’s operating lease liabilities were as follows:
 Amount
2026$14,243 
202714,165 
202814,745 
202914,868 
203014,857 
Thereafter160,412 
v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Changes in Fair Value of Liability for Contingent Consideration
The following table presents the changes in fair value of the liability for contingent consideration:
December 31, 2024
Liability at beginning of the year
Decrease in fair value of liability for contingent consideration
Repayment of contingent consideration
Liability at end of the year
Contingent consideration(i)
$55,388 $(47,301)$— $8,087 
(i) The fair value measurement was determined by estimating the expected future cash flows. The significant assumptions include the amount and timing of projected future cash flows, risk adjusted for various factors including probability of success, discounted at ranging from 12.8% to 22%, which measures the risks inherent in each relevant future cash flows stream. In the year ended December 31, 2024, the fair value of the contingent consideration was adjusted to reflect the expected value due to the impact from the Company's ongoing internal program prioritization and expected achievement of a milestone required for an earn-out payment associated with a specific license. Changes in the fair value of the liability for contingent consideration are recognized as a non-cash fair value gain through other income.
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
The following table presents information about the Company’s marketable securities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values:
Fair Value Measurements at December 31, 2024:
Level 1Level 2Level 3Total
Marketable securities
U.S. government agencies$90,601 $— $— $90,601 
Certificate of deposit— 90,632 — 90,632 
Commercial paper— 53,757 — 53,757 
Corporate bonds— 130,088 — 130,088 
Asset backed securities— 104,211 — 104,211 
$90,601 $378,688 $— $469,289 
Fair Value Measurements at December 31, 2025:
Level 1Level 2Level 3Total
Marketable securities
U.S. government agencies$66,074 $— $— $66,074 
Certificate of deposit— 106,381 — 106,381 
Commercial paper— 25,776 — 25,776 
Corporate bonds— 145,942 — 145,942 
Asset backed securities— 61,140 — 61,140 
 $66,074 $339,239 $— $405,313 
v3.25.4
Significant accounting policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Gain (Loss) on Securities [Line Items]      
Company contributed segregated account representing loss $ 25,000,000.0    
Total revenue 75,128,000 $ 28,833,000 $ 38,025,000
Cash 99,300,000 127,100,000  
Cash equivalents 29,300,000 29,200,000  
Restricted cash 26,700,000 27,300,000  
Restricted cash current 25,000,000 25,000,000  
Restricted cash current within other current assets 1,500,000 2,100,000  
Restricted cash noncurrent 200,000 200,000  
Marketable securities unrealized fair value (losses) gains 800,000 800,000 2,100,000
Non-marketable securities 32,500,000 32,300,000  
Fair value gains $ 200,000 16,600,000 1,800,000
Number of reportable segments | segment 1    
Number of operating segments | segment 1    
Goodwill $ 47,806,000 47,806,000  
Accumulated impairment 0 0  
License      
Gain (Loss) on Securities [Line Items]      
Total revenue 46,920,000 1,049,000 969,000
License | Settled Litigation      
Gain (Loss) on Securities [Line Items]      
Total revenue 36,000,000.0    
Settlement receivable 36,000,000.0    
Canada      
Gain (Loss) on Securities [Line Items]      
Total revenue 64,000,000.0 26,200,000 36,000,000.0
Long-term assets 81,000,000.0 505,100,000  
Additions to property and equipment 36,600,000 9,000,000.0 164,000,000.0
United States      
Gain (Loss) on Securities [Line Items]      
Total revenue 11,100,000 2,700,000 2,000,000.0
Long-term assets 532,100,000 85,700,000  
Other Foreign Countries      
Gain (Loss) on Securities [Line Items]      
Long-term assets 15,600,000 18,400,000  
Research and development expense $ 0 $ 0 $ 22,800,000
v3.25.4
Significant accounting policies - Schedule of Property and Equipment Amortized Using Straight Line Method (Details)
Dec. 31, 2025
Building and building improvements | Minimum  
Property Plant And Equipment [Line Items]  
Equipment Useful Life (in years) 20 years
Building and building improvements | Maximum  
Property Plant And Equipment [Line Items]  
Equipment Useful Life (in years) 40 years
Equipment | Minimum  
Property Plant And Equipment [Line Items]  
Equipment Useful Life (in years) 3 years
Equipment | Maximum  
Property Plant And Equipment [Line Items]  
Equipment Useful Life (in years) 10 years
v3.25.4
Significant accounting policies - Schedule of Definite Lived Intangible Assets (Details)
 12 Months Ended
Dec. 31, 2025
License | Minimum  
Acquired Finite Lived Intangible Assets [Line Items]  
Useful Life (in years) 3 years
License | Maximum  
Acquired Finite Lived Intangible Assets [Line Items]  
Useful Life (in years) 10 years
Technology | Minimum  
Acquired Finite Lived Intangible Assets [Line Items]  
Useful Life (in years) 3 years
Technology | Maximum  
Acquired Finite Lived Intangible Assets [Line Items]  
Useful Life (in years) 20 years
v3.25.4
Net loss per share - Schedule of Basic and Diluted Net Earnings Per Share Attributable to Common Shareholders (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic loss per share      
Net loss $ (146,412) $ (162,857) $ (146,398)
Weighted-average common shares outstanding - basic (in shares) 298,707,082 294,327,532 289,166,486
Net loss per share - basic (in dollars per share) $ (0.49) $ (0.55) $ (0.51)
Diluted loss per share      
Net loss $ (146,412) $ (162,857) $ (146,398)
Weighted-average common shares outstanding - diluted (in shares) 298,707,082 294,327,532 289,166,486
Net loss per share- diluted (in dollars per share) $ (0.49) $ (0.55) $ (0.51)
v3.25.4
Net loss per share - Additional Information (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Total potential common shares excluded 70,922,117 58,251,724 50,087,088
v3.25.4
Other current assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Taxes receivable $ 55,695 $ 26,534
Prepaid expenses and other 9,670 8,626
Materials and supplies 6,336 0
Loans receivable from JV partner (Note 8) 39,412 31,980
Total other current assets $ 111,113 $ 67,140
v3.25.4
Property and equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Operating lease right-of-use assets (Note 8) $ 136,117 $ 66,649
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net Property and equipment, net
Property and equipment $ 485,617 $ 380,147
Less: accumulated depreciation (57,614) (39,718)
Property and equipment, net 428,003 340,429
Land    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 53,405 53,405
Building and improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 193,160 175,805
Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 102,935 $ 84,288
v3.25.4
Property and equipment, net - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]      
Depreciation of property and equipment $ 18,439 $ 12,537 $ 12,758
2021 Acquisition Of Tetra Genetics      
Property Plant And Equipment [Line Items]      
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]   Intangible assets, net  
Leasehold Improvements and Construction in Progress      
Property Plant And Equipment [Line Items]      
Construction in progress 1,300 $ 103,200  
Construction Deposits      
Property Plant And Equipment [Line Items]      
Construction in progress $ 2,200 $ 14,400  
v3.25.4
Intangible assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Indefinite And Finite Lived Intangible Assets [Line Items]    
Gross carrying amount $ 69,320 $ 91,133
Accumulated amortization 30,939 49,020
Net book value 38,381 42,113
License    
Indefinite And Finite Lived Intangible Assets [Line Items]    
Gross carrying amount 16,620 38,433
Accumulated amortization 8,968 29,111
Net book value 7,652 9,322
Technology    
Indefinite And Finite Lived Intangible Assets [Line Items]    
Gross carrying amount 52,700 52,700
Accumulated amortization 21,971 19,909
Net book value $ 30,729 $ 32,791
v3.25.4
Intangible assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]      
Amortization and impairment of intangible assets $ 3.7 $ 14.3 $ 11.6
2021 Acquisition Of Tetra Genetics      
Indefinite-Lived Intangible Assets [Line Items]      
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]   Intangible assets, net  
Impairment charge   $ 32.0  
Impairment charges, net of deferred income tax   23.3  
2020 Acquisition Of Trianni      
Indefinite-Lived Intangible Assets [Line Items]      
Impairment charge   32.0  
Impairment charges, net of deferred income tax   $ 23.3  
v3.25.4
Intangible assets - Schedule of Estimated Amortization Expense on Intangible Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Amortization Expense  
2026 $ 3,732
2027 3,732
2028 3,732
2029 3,732
2030 2,632
Finite lived intangible assets amortization expense $ 17,560
v3.25.4
Investments in equity accounted investees, and other assets (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
May 31, 2025
USD ($)
extension
Jan. 31, 2023
CAD ($)
Jun. 30, 2022
CAD ($)
Dec. 31, 2025
USD ($)
joint_venture
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
CAD ($)
Schedule Of Equity Method Investments [Line Items]                
Number of joint ventures | joint_venture         2      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net       Property and equipment, net Property and equipment, net   Property and equipment, net
Right-of-use asset $ 136,117,000       $ 136,117,000 $ 66,649,000    
Operating lease, liability 143,218,000       143,218,000 65,364,000    
Operating lease expenses         11,300,000 9,100,000 $ 9,500,000  
Lessee, operating lease, liability, to be paid, year one 14,243,000       14,243,000      
Lessee, operating lease, liability, to be paid, year two 14,165,000       14,165,000      
Lessee, operating lease, liability, to be paid, year three 14,745,000       14,745,000      
Lessee, operating lease, liability, to be paid, year four 14,868,000       14,868,000      
Lessee, operating lease, liability, to be paid, year five 14,857,000       14,857,000      
Lessee, operating lease, liability, to be paid, after year five $ 160,412,000       $ 160,412,000      
Maximum                
Schedule Of Equity Method Investments [Line Items]                
Lease, term of contract (in years) 20 years       20 years     20 years
New Daylu Loan                
Schedule Of Equity Method Investments [Line Items]                
Loan receivable, relates to the land $ 30,100,000       $ 30,100,000     $ 41,600,000
Debt amount $ 61,200,000       61,200,000     84,000,000.0
Debt instrument, term (in years) 5 years              
Debt instrument amortization period (in years) 30 years              
Amount guaranteed $ 30,600,000       30,600,000     42,000,000.0
Debt instrument, annual principal payment 1,000,000.0       1,000,000.0     1,400,000
Debt instrument, remaining balance after 5 years $ 55,900,000       $ 55,900,000     $ 76,700,000
Dayhu JV                
Schedule Of Equity Method Investments [Line Items]                
Equity method investments, ownership percent 50.00%       50.00%     50.00%
Income from joint ventures         $ 1,800,000 1,700,000 1,800,000  
Equity investment balance, contributions made in joint venture $ 10,800,000       $ 10,800,000 $ 41,000,000.0    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net       Property and equipment, net Property and equipment, net   Property and equipment, net
Right-of-use asset $ 45,900,000       $ 45,900,000 $ 48,500,000    
Operating lease, liability 46,700,000       46,700,000 46,300,000    
Operating lease expenses         5,100,000 5,300,000 5,300,000  
Dayhu JV | New Daylu Loan                
Schedule Of Equity Method Investments [Line Items]                
Equity method investment, commitment amount     $ 46,000,000.0          
Dayhu JV | New Daylu Loan | Maximum                
Schedule Of Equity Method Investments [Line Items]                
Equity method investment, commitment amount         34,000,000.0      
Loan receivable, relates to the land $ 0       $ 0 32,000,000.0    
Beedie JV                
Schedule Of Equity Method Investments [Line Items]                
Equity method investments, ownership percent 50.00%       50.00%     50.00%
Income from joint ventures         $ 1,400,000 0 $ 0  
Equity investment balance, contributions made in joint venture $ 51,800,000       51,800,000 41,300,000    
Right-of-use asset 71,500,000       71,500,000      
Operating lease, liability 75,700,000       75,700,000      
Operating lease expenses         4,500,000      
Lease, term of contract (in years)   20 years            
Lessee, operating lease, number of extensions | extension   2            
Lessee, operating lease, extension term (in years)   5 years            
Lessee, operating lease, liability, to be paid, year one   $ 6,000,000.0            
Lessee, operating lease, liability, to be paid, year two   6,000,000.0            
Lessee, operating lease, liability, to be paid, year three   6,000,000.0            
Lessee, operating lease, liability, to be paid, year four   6,000,000.0            
Lessee, operating lease, liability, to be paid, year five   6,000,000.0            
Lessee, operating lease, liability, to be paid, after year five   113,600,000            
Right-of-use asset obtained in exchange for operating lease liability   $ 66,400,000            
Lessee, operating lease, discount rate (as percent)   6.80%            
Beedie JV | Maximum                
Schedule Of Equity Method Investments [Line Items]                
Equity method investment, commitment amount       $ 7,500,000 5,800,000      
Loan receivable, relates to the land $ 39,400,000       $ 39,400,000 $ 29,600,000    
Percentage of construction loan       80.00%        
v3.25.4
Current accounts payable and other current liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accounts payable and accrued liabilities $ 25,228 $ 34,350
Current portion of operating lease liability $ 5,815 $ 4,621
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total accounts payable and other current liabilities Total accounts payable and other current liabilities
Payroll liabilities $ 10,755 $ 8,375
Current portion of deferred government contribution 8,983 7,658
Total accounts payable and other current liabilities $ 50,781 $ 55,004
v3.25.4
Shareholders' Equity - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Common stock, par value (in USD per share) | $ / shares $ 0 $ 0  
Common stock, voting rights, votes per share | vote 1    
Cash dividends $ 0    
Share-Based Payment Arrangement, Tranche One      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage 25.00%    
Share-Based Payment Arrangement, Tranche Two      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage 25.00%    
Share-Based Payment Arrangement, Tranche Three      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage 25.00%    
Share Based Compensation Award Tranche Four      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage 25.00%    
2020 Share Option and Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Intrinsic value $ 8,700,000 $ 14,700,000 $ 18,500,000
Unrecognized compensation cost related to unvested stock options granted $ 49,200,000    
Weighted average period for recognition of unamortized share based compensation expense (in years) 2 years 3 months 18 days    
Restricted Share Units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting term (in years) 4 years    
Intrinsic value $ 6,800,000 $ 5,400,000 $ 8,000,000.0
Weighted average period for recognition of unamortized share based compensation expense (in years) 2 years 3 months 18 days    
Term of options granted (in years) 10 years    
Unamortized share based compensation expense $ 27,700,000    
2020 Share Option and Incentive Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting term (in years) 4 years    
Maximum aggregate number of common shares that may be issued as incentive share option. | shares 21,280,000    
Number of shares available for issuance | shares 31,911,780    
v3.25.4
Shareholders' Equity - Schedule of Common Shares (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Common stock, shares authorized Unlimited Unlimited
Common stock, shares outstanding (in shares) 300,600,710 295,757,002
Common stock, shares issued (in shares) 300,600,710 295,757,002
v3.25.4
Shareholders' Equity - Schedule of Stock Option Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pre-IPO Plan    
Number of Shares    
Outstanding, beginning balance (in shares) 26,732,456  
Granted (in shares) 0  
Exercised (in shares) (2,643,237)  
Forfeited (in shares) 0  
Outstanding, ending balance (in shares) 24,089,219 26,732,456
Options exercisable (in shares) 24,089,219  
Weighted- Average Exercise Price    
Outstanding, beginning balance (in USD per share) $ 0.99  
Granted (in USD per share) 0  
Exercised (in USD per share) 0.22  
Forfeited (in USD per share) 0  
Outstanding, ending balance (in USD per share) 1.07 $ 0.99
Weighted- Average Exercise Price, Options exercisable (USD per share) $ 1.07  
Weighted-Average Contractual Term (years) 3 years 7 months 6 days 4 years 3 months 18 days
Weighted-Average Contractual Term, Options exercisable (in years) 3 years 7 months 6 days  
2020 Share Option and Incentive Plan    
Number of Shares    
Outstanding, beginning balance (in shares) 24,008,664  
Granted (in shares) 14,576,241  
Exercised (in shares) (52,067)  
Forfeited (in shares) (2,156,797)  
Outstanding, ending balance (in shares) 36,376,041 24,008,664
Options exercisable (in shares) 15,877,440  
Weighted- Average Exercise Price    
Outstanding, beginning balance (in USD per share) $ 9.93  
Granted (in USD per share) 3.05  
Exercised (in USD per share) 4.62  
Forfeited (in USD per share) 6.50  
Outstanding, ending balance (in USD per share) 7.38 $ 9.93
Weighted- Average Exercise Price, Options exercisable (USD per share) $ 11.46  
Weighted-Average Contractual Term (years) 7 years 9 months 3 days 8 years 1 month 9 days
Weighted-Average Contractual Term, Options exercisable (in years) 6 years 7 months 9 days  
v3.25.4
Shareholders' Equity - Schedule of Restricted Share Units Activity (Details) - 2020 Share Option and Incentive Plan - Restricted Share Units
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares  
Outstanding, beginning balance (in shares) | shares 6,629,833
Granted (in shares) | shares 5,302,762
Vested and settled (in shares) | shares (2,148,404)
Forfeited (in shares) | shares (946,807)
Outstanding, ending balance (in shares) | shares 8,837,384
Weighted- Average Grant Date Fair Value  
Outstanding, beginning balance (in USD per share) | $ / shares $ 7.53
Granted (in USD per share) | $ / shares 3.12
Vested and settled (in USD per share) | $ / shares 9.12
Forfeited (in USD per share) | $ / shares 5.22
Outstanding, ending balance (in USD per share) | $ / shares $ 4.75
v3.25.4
Shareholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 55,792 $ 67,581 $ 64,184
Research and development expenses      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 30,147 30,779 31,781
Sales, general, and administrative expenses      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 25,645 $ 36,802 $ 32,403
v3.25.4
Shareholders' Equity - Schedule of Weighted-Average Valuation Assumptions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Dividends paid $ 0    
Stock Options      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Average risk-free interest rate (as percent) 4.41% 3.94% 3.73%
Expected volatility (as percent) 70.00% 70.00% 70.00%
Average expected term (in years) 6 years 2 months 12 days 6 years 2 months 19 days 6 years 3 months
Expected dividend yield (as percent) 0.00% 0.00% 0.00%
Weighted average fair value of options granted (in USD per share) $ 2.04 $ 3.42 $ 5.78
Term of options granted (in years) 10 years    
v3.25.4
Revenue - Schedule of Deferred Revenue Outstanding (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue $ 17,026 $ 19,221
v3.25.4
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]      
Contract with customer liability, revenue recognized $ 11.8 $ 20.6 $ 17.0
Various Other Agreements | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01      
Disaggregation Of Revenue [Line Items]      
Revenue, remaining performance obligation $ 13.5    
Revenue, remaining performance obligation, expected timing of satisfaction period (in months) 12 months    
v3.25.4
Government Contributions - Additional Information (Details)
$ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
CAD ($)
Dec. 31, 2025
CAD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CAD ($)
Dec. 31, 2024
USD ($)
May 31, 2023
USD ($)
May 31, 2020
CAD ($)
May 31, 2020
USD ($)
Government Funding [Line Items]                
Government assistance operating expense statement of income or comprehensive income extensible enumeration not disclosed flag   Government Contribution 1 Government Contribution 1          
Transaction duration (in years)   24 years 24 years 8 years 8 years      
Government Contribution 1                
Government Funding [Line Items]                
Funding commitment received             $ 175.6 $ 125.6
Expenditures incurred   $ 175.6 $ 134.6          
Revenue thresholds duration (in years)   7 years 7 years          
Annual basis revenue repayment duration (in years)   15 years 15 years          
Government Contribution 1 | Canada | Non-repayable                
Government Funding [Line Items]                
Expenditures incurred   $ 58.7 $ 46.1          
Government Contribution 1 | Canada | Conditionally Repayable                
Government Funding [Line Items]                
Expenditures incurred   116.9 88.5          
Government Contribution 2                
Government Funding [Line Items]                
Funding commitment received $ 300.0         $ 222.3    
Government Contribution 2 | Canada                
Government Funding [Line Items]                
Funding commitment received $ 225.0         166.7    
Repayment period (in years) 15 years              
Conditional repayment period (in period) 15 years              
Government assistance, number of times repayable grant 1.4              
Government assistance revenue   53.5 38.6 $ 38.3 $ 27.8      
Government Contribution 2 | Canada | Non-repayable                
Government Funding [Line Items]                
Funding commitment received $ 56.2         41.6    
Government Contribution 2 | Canada | Conditionally Repayable                
Government Funding [Line Items]                
Funding commitment received 90.0         66.7    
Government Contribution 2 | Canada | Repayable                
Government Funding [Line Items]                
Funding commitment received 78.8         58.4    
Government Contribution 2 | BRITISH COLUMBIA                
Government Funding [Line Items]                
Funding commitment received 75.0         55.6    
Government assistance revenue   $ 1.0 $ 0.7 $ 18.7 $ 13.8      
Government assistance, funding commitment, partial reimbursement expenditures 37.5         27.8    
Transaction duration (in years)   5 years 5 years          
Government assistance, funding commitment, conditional paid upon achievement of milestones 37.5         27.8    
Government Contribution 2 | BRITISH COLUMBIA | Conditionally Repayable                
Government Funding [Line Items]                
Funding commitment received $ 64.0         $ 48.0    
Repayment period (in years)   15 years 15 years          
v3.25.4
Government Contributions - Schedule of Funding and Associated Conditional Repayments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Government Funding [Line Items]    
Accounts Receivable $ 33,592 $ 50,691
Deferred Government Contribution 183,436 157,551
Accounts Receivable, Current 20,916 21,709
Deferred Government Contribution, Current $ 8,983 $ 7,658
Government Assistance Liability Current Statement Of Financial Position Extensible Enumeration Not Disclosed Flag   Current
Government Assistance, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current  
Government Assistance Noncurrent Statement Of Financial Position Extensible Enumeration Not Disclosed Flag Long-term Long-term
Accounts Receivable, Long-term $ 12,676 $ 28,982
Deferred Government Contribution, Long-term $ 174,453 $ 149,893
Transaction duration (in years) 24 years 8 years
Government Assistance Statement Of Financial Position Extensible Enumeration Not Disclosed Flag Total Total
Government Assistance Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag Total Total
Non-repayable    
Government Funding [Line Items]    
Deferred Government Contribution $ 13,690 $ 13,678
Deferred Government Contribution, Current 2,652 4,125
Deferred Government Contribution, Long-term 11,038 9,553
Conditionally Repayable    
Government Funding [Line Items]    
Deferred Government Contribution 103,247 106,895
Deferred Government Contribution, Current 6,331 3,533
Deferred Government Contribution, Long-term 96,916 103,362
Repayable    
Government Funding [Line Items]    
Deferred Government Contribution 66,499 36,978
Deferred Government Contribution, Current 0 0
Deferred Government Contribution, Long-term $ 66,499 $ 36,978
Government Contribution 1 | Canada    
Government Funding [Line Items]    
Government Assistance Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Government Contribution 1 (Canada) Government Contribution 1 (Canada)
Accounts Receivable $ 0 $ 12,262
Deferred Government Contribution 80,035 85,707
Government Contribution 1 | Non-repayable | Canada    
Government Funding [Line Items]    
Deferred Government Contribution 2,003 5,593
Government Contribution 1 | Conditionally Repayable | Canada    
Government Funding [Line Items]    
Deferred Government Contribution 78,032 80,114
Government Contribution 1 | Repayable | Canada    
Government Funding [Line Items]    
Deferred Government Contribution $ 0 $ 0
Government Contribution 2 | Canada    
Government Funding [Line Items]    
Government Assistance Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Government Contribution 2 (Canada) Government Contribution 2 (Canada)
Accounts Receivable $ 15,343 $ 17,016
Deferred Government Contribution $ 77,200 $ 44,076
Government Contribution 2 | BRITISH COLUMBIA    
Government Funding [Line Items]    
Government Assistance Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Government Contribution 2 (British Columbia) Government Contribution 2 (British Columbia)
Accounts Receivable $ 18,249 $ 21,413
Deferred Government Contribution $ 25,215 26,781
Transaction duration (in years) 5 years  
Government Contribution 2 | Non-repayable | Canada    
Government Funding [Line Items]    
Deferred Government Contribution $ 10,701 7,098
Government Contribution 2 | Non-repayable | BRITISH COLUMBIA    
Government Funding [Line Items]    
Deferred Government Contribution 0 0
Government Contribution 2 | Conditionally Repayable | Canada    
Government Funding [Line Items]    
Deferred Government Contribution 0 0
Government Contribution 2 | Conditionally Repayable | BRITISH COLUMBIA    
Government Funding [Line Items]    
Deferred Government Contribution 25,215 26,781
Government Contribution 2 | Repayable | Canada    
Government Funding [Line Items]    
Deferred Government Contribution 66,499 36,978
Government Contribution 2 | Repayable | BRITISH COLUMBIA    
Government Funding [Line Items]    
Deferred Government Contribution 0 0
Other Government Grants    
Government Funding [Line Items]    
Accounts Receivable 0 0
Deferred Government Contribution 986 987
Other Government Grants | Non-repayable    
Government Funding [Line Items]    
Deferred Government Contribution 986 987
Other Government Grants | Conditionally Repayable    
Government Funding [Line Items]    
Deferred Government Contribution 0 0
Other Government Grants | Repayable    
Government Funding [Line Items]    
Deferred Government Contribution $ 0 $ 0
v3.25.4
Income taxes - Schedule of Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Canadian $ (188,462) $ (189,474) $ (146,322)
Foreign 10,867 (10,921) (27,707)
Loss before income tax $ (177,595) $ (200,395) $ (174,029)
v3.25.4
Income taxes - Schedule of Expense (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Canadian $ (30,044) $ (18,460) $ (29,591)
Foreign (201) 671 0
Current tax expense (benefit) (30,245) (17,789) (29,591)
Deferred and other      
Canadian 0 749 4,526
Foreign (938) (20,498) (2,566)
Deferred tax expense (benefit) (938) (19,749) 1,960
Income tax recovery $ (31,183) $ (37,538) $ (27,631)
v3.25.4
Income taxes - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Current tax recovery $ (30,245) $ (17,789) $ (29,591)
Deferred tax expense (recovery) (938) (19,749) 1,960
Income tax recovery $ (31,183) $ (37,538) $ (27,631)
v3.25.4
Income taxes - Schedule of Reconciliation of Canadian Federal Statutory Income Tax Rates to Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Net loss before income taxes $ (177,595) $ (200,395) $ (174,029)
Canadian Federal statutory income tax rate   (54,107) (46,988)
Change due to SR&ED (6,002) (8,224) (7,428)
Change in valuation allowance 12,321 15,205 11,485
Stock-based compensation 11,863    
Other 252 77 (395)
Provincial taxes net of Federal benefit (1,134)    
Income tax recovery $ (31,183) $ (37,538) $ (27,631)
Percent      
Canadian Federal statutory income tax rate   27.00% 27.00%
Change due to SR&ED 3.40%    
Changes in valuation allowance (6.90%)    
Stock-based compensation (6.60%)    
Other (0.10%)    
Provincial taxes net of Federal benefit 0.60%    
Effective tax rate 17.50%    
Canada      
Amount      
Canadian Federal statutory income tax rate $ (44,399)    
Percent      
Canadian Federal statutory income tax rate 25.00%    
United States      
Amount      
Change in valuation allowance $ (2,775)    
Other $ 1,101    
Percent      
Changes in valuation allowance 1.60%    
Other (0.60%)    
Other Foreign Jurisdictions      
Amount      
Change in valuation allowance and other $ (2,410)    
Percent      
Change in valuation allowance and other 1.20%    
v3.25.4
Income taxes - Schedule of Canadian Federal and Provincial Statutory Income Tax Rates Reconciliation of Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Net loss before income taxes $ (177,595) $ (200,395) $ (174,029)
Combined statutory tax rate   27.00% 27.00%
Expected income tax recovery at statutory rates   $ (54,107) $ (46,988)
Stock-based compensation   18,226 17,081
Change in valuation allowance 12,321 15,205 11,485
Tax rate differential   1,077 (1,042)
Prior year tax assessments and adjustments   774 (344)
Change due to SR&ED (6,002) (8,224) (7,428)
Gain on contingent consideration   (12,771) 0
Capital treatment of items   2,205 0
Other 252 77 (395)
Income tax recovery $ (31,183) $ (37,538) $ (27,631)
v3.25.4
Income taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Government contributions $ 36,928 $ 33,308
Operating lease liability 38,662 15,648
Net operating losses carried forward 2,130 15,631
Research and development expenditures and related credits 56,049 33,566
Other 1,064 5,388
Deferred tax assets gross 134,833 103,541
Deferred tax liabilities    
Property and equipment (30,594) (20,777)
Intangibles (8,645) (9,592)
Operating lease right-of-use assets (36,740) (15,862)
Other (11,738) (17,453)
Deferred Tax Liabilities, Gross (87,717) (63,684)
Deferred Tax assets, net of valuation allowance 47,116 39,857
Less: valuation allowance (56,231) (49,909)
Net deferred tax liability (9,115) (10,052)
Deferred tax asset 0 0
Deferred tax liability $ (9,115) $ (10,052)
v3.25.4
Income taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Line Items]      
Deferred tax assets, operating loss carryforwards, foreign $ 4,800 $ 17,900 $ 19,400
Net operating losses carried forward 2,130 15,631  
Total unrecognized tax benefits 0 0 $ 0
Canadian      
Income Tax Disclosure [Line Items]      
Net operating losses and R&D expenditure pools 51,100 27,100  
Tax credit carryforward, amount $ 24,000 $ 8,500  
Canadian | Minimum      
Income Tax Disclosure [Line Items]      
Tax years subject to income tax examinations 2021    
Canadian | Maximum      
Income Tax Disclosure [Line Items]      
Tax years subject to income tax examinations 2025    
Foreign      
Income Tax Disclosure [Line Items]      
Net operating losses carried forward $ 4,800    
v3.25.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Weighted-average remaining lease term (in years) 15 years 4 months 24 days    
Weighted-average discount rate (as percent) 6.00%    
Operating lease expenses $ 11.3 $ 9.1 $ 9.5
Variable lease, payment $ 0.5 $ 0.7 $ 1.1
Minimum      
Lessee, Lease, Description [Line Items]      
Lease, term of contract (in years) 1 year    
Lease, renewal term (in years) 5 years    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease, term of contract (in years) 20 years    
Lease, renewal term (in years) 10 years    
v3.25.4
Leases - Schedule of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating lease liabilities:    
Current portion, included in accounts payable and other liabilities $ 5,815 $ 4,621
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and other current liabilities Accounts payable and other current liabilities
Long-term portion $ 137,403 $ 60,743
Total operating lease liabilities $ 143,218 $ 65,364
v3.25.4
Leases - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Lessee, Operating Lease, Description [Abstract]  
2026 $ 14,243
2027 14,165
2028 14,745
2029 14,868
2030 14,857
Thereafter $ 160,412
v3.25.4
Financial Instruments - Schedule of Changes in Fair Value of Liability for Contingent Consideration (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2025
Discount Rate | Minimum    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Discount rate (as percent)   0.128
Discount Rate | Maximum    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Discount rate (as percent)   0.22
Level 3 | Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Liability at beginning of the year $ 55,388  
Decrease in fair value of liability for contingent consideration (47,301)  
Repayment of contingent consideration 0  
Liability at end of the year $ 8,087  
v3.25.4
Financial Instruments - Additional Information (Details)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Combination [Line Items]        
Term of securities (in years) 6 months      
TetraGenetics Inc | Discount Rate        
Business Combination [Line Items]        
Discount rate (as percent) 0.128      
Level 3 | Contingent Consideration        
Business Combination [Line Items]        
Contingent consideration   $ 8,700 $ 8,087 $ 55,388
v3.25.4
Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities $ 405,313 $ 469,289
U.S. government agencies    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 66,074 90,601
Certificate of deposit    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 106,381 90,632
Commercial paper    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 25,776 53,757
Corporate bonds    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 145,942 130,088
Asset backed securities    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 61,140 104,211
Level 1    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 66,074 90,601
Level 1 | U.S. government agencies    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 66,074 90,601
Level 2    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 339,239 378,688
Level 2 | Certificate of deposit    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 106,381 90,632
Level 2 | Commercial paper    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 25,776 53,757
Level 2 | Corporate bonds    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities 145,942 130,088
Level 2 | Asset backed securities    
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Marketable securities $ 61,140 $ 104,211
v3.25.4
Commitments and contingencies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Royalty expense $ 0.0 $ 0.0 $ 0.0
Short-term lease commitment $ 12.2    
v3.25.4
Financial Risk Management (Details)
$ in Thousands, $ in Millions
Dec. 31, 2025
USD ($)
customer
Dec. 31, 2025
CAD ($)
customer
Dec. 31, 2024
USD ($)
customer
Dec. 31, 2024
CAD ($)
customer
Risks and Uncertainties [Abstract]        
Restricted cash $ 26,700   $ 27,300  
Accounts and accrued royalty receivable due, number of customers | customer 7 7 16 16
Cash and cash equivalents $ 128,500 $ 61.8 $ 156,325 $ 55.6
Marketable securities $ 405,313   $ 469,289  
Interest rate (basis point) 1.00% 1.00%