Abpro Holdings, Inc.

What they do

Abpro is a biotechnology company developing next-generation antibody therapeutics for severe and life-threatening diseases. It uses its proprietary DiversImmune and MultiMab antibody discovery and engineering platforms to build a pipeline in immuno-oncology, ophthalmology and infectious disease. Its two lead candidates, ABP-102 and ABP-201, use its tetravalent TetraBi format that binds two targets with two distinct binding sites per target.

Revenue drivers

• Product and license revenue — The company generated no revenue in the three months ended June 30, 2026 or 2025; reported annual revenue was only $122,000 in 2023 and $183,000 in 2024.
• ABP-102 (HER2 x CD3) — A TetraBi antibody designed to redirect T cells to HER2-positive solid tumors; Phase 1 trials are led by Celltrion and no product revenue has been recorded.
• ABP-201 (VEGF x ANG-2) — A TetraBi antibody intended to treat vascular disease of the eye, focused on wet age-related macular degeneration; it remains preclinical and generates no revenue.

Recent performance

For the three months ended June 30, 2026, Abpro reported a net loss of $940,000 versus a $2,984,000 net loss in the prior-year period. Total operating expenses fell 48% to $1,175,000, driven by a 97% drop in research and development expense to $9,000 and a 40% decline in general and administrative expense to $1,166,000. Other income, net, was $235,000 compared with $723,000 of other expense a year earlier. The company reported no revenue in either period. Annual net losses were $7.2 million in 2024 and $2.9 million in 2025, with operating cash use of $9.0 million and $6.0 million, respectively.

Strategy

Abpro continues to advance its TetraBi antibody pipeline, primarily ABP-102 in HER2-positive solid tumors through Celltrion-led Phase 1 trials and ABP-201 for wet AMD. Following the Nasdaq delisting effective February 23, 2026, management said the delisting does not affect operations but may hurt liquidity and the ability to raise capital, including under a SEPA. The company expects its common stock and warrants to continue quoting on the OTC Pink Limited Market under ABPO and ABPWW. Management cautions that OTC Pink trading may involve limited information, reduced transparency and liquidity, and greater volatility. No product or license revenue has been generated to date.

Risks

• Nasdaq delisting and OTC trading — The company was delisted from Nasdaq effective February 23, 2026 after failing to meet the minimum equity standard, and its securities now trade on the OTC Pink Limited Market.
• No revenue and recurring losses — Abpro generated no revenue in the first half of 2026 and reported a $940,000 net loss for the three months ended June 30, 2026.
• Capital constraints — The company had $4.2 million of cash at June 30, 2026 and negative shareholder equity of $3.5 million, limiting its ability to fund development.
• Dependence on partners and clinical success — The Phase 1 trials for lead candidate ABP-102 are led by Celltrion, so timelines and outcomes are outside Abpro's full control.

Outlook

Management has not provided revenue guidance, and the company generated no revenue in the most recent quarter. It expects its common stock and warrants to continue trading on the OTC Pink Limited Market under ABPO and ABPWW. The company said it can provide no assurances that broker-dealers will make a market in its securities or that trading levels, liquidity, or quotation prices will be maintained. It also noted the delisting may adversely affect its ability to raise capital on favorable terms, if at all.