Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
AbCellera is a Vancouver antibody-discovery company that earned nearly a billion dollars of royalties on two COVID antibodies, watched that revenue vanish when the virus mutated, and has spent the four years since reinventing itself as a clinical-stage drug developer. On August 10, 2026 its lead drug, an injectable antibody for menopausal hot flashes called ABCL635, produced Phase 2 results that were, by the numbers, the best we have seen in the class. The stock has quadrupled from its lows, and management sensibly sold $200 million of new shares three days after the data. We admire much of what we found. The founder owns about 18 percent of the company and has sold stock exactly once. The balance sheet is a fortress. Management says what it means and admits its misses.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-05), 8-K (2026-07-29), 8-K (2026-06-17).
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