AbCellera Biologics' stock plummeted 11.65% during intraday trading on Tuesday, extending significant pre-market losses.

The sharp decline follows the release of the company's first-quarter 2026 financial results. Despite beating analyst expectations for both earnings per share and revenue, investor sentiment turned negative due to concerns over the company's ongoing substantial losses and increased research spending.

The company reported a net loss of $43.2 million for the quarter, and research and development expenses climbed to $46.7 million from $42.5 million a year ago. Additionally, the number of downstream programs led by partners decreased to 40 from 44 at the end of the previous quarter. While the company announced positive interim Phase 1 clinical data for its ABCL635 candidate, investors focused on the challenging financial metrics.