On November 28, 2023, AbCellera Biologics Inc. announced a reorganization and associated reduction in its workforce to better focus its efforts towards the clinical development of new antibody medicines for patients. The reorganization is consistent with long-term plans to prioritize strategic partnerships and internal drug development, and to increase operational efficiency across the business. The workforce reduction impacts approximately 10% of the Company's workforce.

The Company estimates that it will incur approximately USD 2.5 million in cash expense in connection with the workforce reduction. With over USD 1 billion in available liquidity, AbCellera has sufficient capital to execute on its strategy beyond the next 3 years. This Item 8.01 contains "forward-looking" statements and estimates, including estimated restructuring costs.

These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including whether anticipated cost reductions will be achieved and other risks detailed in the Risk Factors" section of most recent periodic report filed with the SEC. These statements represent its estimates and assumptions only as of the date of this Current Report.