On November 28, 2023, AbCellera Biologics Inc. (the ?Company?) 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 ten (10) percent of the Company?s workforce.

The Company estimates that it will incur approximately US$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.