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Abpro Holdings, Inc.

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Business Summary

Abpro Holdings, Inc. is a biotechnology company focused on developing next-generation antibody therapeutics for severe and life-threatening diseases, primarily in immuno-oncology, ophthalmology, and infectious disease. The company leverages its proprietary DiversImmune® and MultiMab™ antibody discovery and engineering platforms to develop novel antibodies both independently and through collaborations. The company's common stock, ABPO, currently trades on the OTC Pink Limited Market as of February 23, 2026, after being delisted from Nasdaq due to non-compliance with listing requirements .

The core business model revolves around the discovery and engineering of novel antibodies using its proprietary DiversImmune® and MultiMab™ platforms. DiversImmune® is an antibody discovery platform designed to rapidly generate diverse, high-affinity, and high-specificity antibodies against difficult-to-access targets, including human proteins, by utilizing genetically engineered hyperimmune mice. MultiMab™ is an engineering platform that allows for the flexible combination of these antibody building blocks into "fit for purpose" novel full-length multi-specific antibody constructs, such as the TetraBi antibody format. The company generates revenue through collaboration agreements, which typically include non-refundable upfront license fees, milestone payments, and royalties on future product sales.

The company's two lead product candidates, ABP-102 and ABP-201, utilize the TetraBi antibody format, which binds to two different targets with two distinct binding sites per target. ABP-102 is a next-generation T-cell engager targeting HER2 and CD3 for HER2+ solid tumors, including breast and gastric cancers. It is designed for selective killing and cytokine release on HER2-high target cells with reduced activity on HER2-low cells to minimize "on-target, off-tumor" toxicity. ABP-102 is being developed and commercialized through a worldwide strategic partnership with Celltrion Inc. The U.S. FDA cleared the Investigational New Drug (IND) application for ABP-102 / CT-P72 on January 6, 2026, enabling the initiation of a Phase 1 clinical trial. Under the collaboration agreement, Abpro is eligible for net sales milestone payments of up to $1.75 billion and development milestone payments of up to $4.0 million . The global HER2+ market is projected to reach $12.1 billion by 2030 , at a CAGR of 1.5% .

ABP-201 is a TetraBi antibody designed to simultaneously inhibit VEGF and ANG-2 for vascular diseases of the eye, such as diabetic macular edema (DME) and wet age-related macular degeneration (Wet AMD). It features four high-affinity binding sites for increased potential potency and a natural antibody structure for potentially improved dosing. ABP-201 is being developed and commercialized through a territorial partnership with Abpro Bio, a subsidiary of Abpro Bio Co. Ltd, covering China, Japan, South Korea, Southeast Asia, the Middle East, and the Commonwealth of Independent States. Abpro is potentially eligible for net sales milestones of up to $485 million and development milestones of up to $56.5 million from this partnership. The combined worldwide sales of Eylea and Lucentis, current standard-of-care VEGF-targeted agents, exceeded $10.5 billion in 2022 .

Other pipeline programs include ABP-110, a TetraBi antibody targeting GPC3 and CD3 for hepatocellular carcinoma (HCC), for which Abpro holds worldwide exclusive rights under a patent license from the National Cancer Institute (NCI). The global liver cancer therapeutics market is projected to reach $12.9 billion by 2030 . ABP-150 is a TetraBi antibody targeting claudin 18.2 and CD3 for gastric cancers, developed under a collaboration agreement with Nanjing Chia Tai Tianqing Pharmaceutical Co., Ltd (NJCTTQ), with NJCTTQ holding exclusive commercialization rights in China and Thailand, and Abpro retaining rights in the rest of the world. The global gastric cancer market is projected to reach $13.1 billion by 2029 .

For the fiscal year ended December 31, 2025, the company reported no material revenues , a decrease from $0.183 million in research and development services revenue in 2024. Total operating expenses decreased by $1.652 million , or 16% , to $8.452 million in 2025 from $10.104 million in 2024. Research and development expenses decreased by $1.994 million , or 67% , to $0.989 million in 2025 from $2.983 million in 2024. General and administrative expenses increased by $0.342 million , or 5% , to $7.463 million in 2025 from $7.121 million in 2024. The net loss for 2025 was $2.892 million , an improvement from a net loss of $7.232 million in 2024. Diluted EPS was $(1.30) in 2025, compared to $(22.31) in 2024. As of December 31, 2025, cash and equivalents were $67 thousand , down from $2.850 million in 2024. The accumulated deficit as of December 31, 2025, was $119.0 million .

The decrease in research and development expenses in 2025 was primarily due to the furlough and subsequent termination of most research and development personnel since October 2024, reflecting a reduction in activities while raising additional capital. General and administrative expenses increased due to costs associated with operating as a public company following the Merger in November 2024. Other income, net, increased to $5.560 million in 2025 from $2.689 million in 2024, primarily driven by the derecognition of a $4.401 million liability for excise taxes payable and a $3.300 million derecognition of Mabwell liability, partially offset by $1.128 million in interest expenses and a $0.773 million loss on the change in fair value of embedded derivative liability related to convertible notes.

Significant operational developments include the Merger with Atlantic Coastal Acquisition Corp. II on November 13, 2024, which resulted in Legacy Abpro becoming a wholly-owned subsidiary and its shares commencing trading on Nasdaq. However, the company was delisted from Nasdaq effective February 23, 2026, and its securities now trade on the OTC Pink Limited Market. A 1-for-30 reverse stock split was effected on October 31, 2025. The IND application for ABP-102 / CT-P72 was cleared by the FDA on January 6, 2026. The company entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd. on November 13, 2024, and utilized it for financing, issuing 881,472 shares of common stock in 2025 from convertible notes and 152,377 shares for approximately $1.0 million in net proceeds. In January and February 2026, an additional 3,162,785 shares were issued for approximately $6.7 million in net proceeds under the SEPA. The company furloughed and then terminated its Chief Medical Officer, Robert J. Markelewicz, Jr., M.D., M.M.Sc., effective November 30, 2025. Miles Suk was appointed CEO effective March 3, 2025. The collaboration agreement with NJCTTQ for ABP-150 expired after its initial five-year term, but low single-digit royalties and a $5 million milestone payable to NJCTTQ based on commercial approval in Abpro's territory will continue to apply.

Business Outlook

The company explicitly states that it does not expect to generate any near-term revenue other than from certain milestone payments under existing collaboration agreements relating to its two lead antibodies . Furthermore, it does not expect to generate any revenue from product sales for the foreseeable future and anticipates incurring significant operating losses due to research and development costs, pre-clinical studies, clinical trials, and the regulatory approval process for its product candidates . The company expects its net losses to increase substantially as it enters clinical development of its lead programs .

A major growth area for Abpro Holdings is the aggressive advancement of its lead product candidates, ABP-102 and ABP-201, into clinical trials. The company plans to initiate a Phase 1/2 clinical trial of ABP-102 in the first half of 2026, focusing on HER2+ breast and gastric cancers . The U.S. FDA cleared the Investigational New Drug (IND) application for ABP-102 / CT-P72 on January 6, 2026, which enables the initiation of this Phase 1 clinical trial . The global HER2+ market is forecast to grow to $12.1 billion by 2030 . Additionally, the company is planning to advance ABP-201 into Phase 1 clinical trials in the second half of 2026 for the treatment of Wet AMD . The combined worldwide sales of Eylea and Lucentis, which ABP-201 aims to compete with, exceeded $10.5 billion in 2022 . The company believes that the successful development of these lead candidates will generate substantial value and provide differentiated products for large markets with significant unmet medical needs .

Another key growth vector involves rapidly following ABP-102 with a broad pipeline of CD3-targeting T-cell engagers and leveraging this approach to other immune cell targets in multiple indications and disease areas . ABP-110, targeting GPC3 on hepatocellular carcinoma, and ABP-150, targeting Claudin 18.2 on gastric cancer, are currently in pre-clinical development. The company expects to initiate clinical trials for ABP-110 in the first half of 2027 and for ABP-150 in the first half of 2027 . The global liver cancer therapeutics market is projected to reach $12.9 billion by 2030 , and the global gastric cancer market is projected to reach $13.1 billion by 2029 . The company also plans to use this "pipeline in a format" strategy with other immune cell targets, including CD137 and CD47 .

Operationally, the company plans to continue investing in its DiversImmune® and MultiMab™ platforms to maintain its competitive advantage . This includes expanding its collection of high-affinity and high-specificity antibody building blocks and applying its "fit for purpose" antibody engineering approach to construct novel multi-valent, multi-specific therapeutic product candidates . The company intends to complement its discovery and development strengths with clinical expertise and commercial capabilities to build a fully integrated company as it advances product candidates into clinical development . The company does not have, and does not currently plan to acquire or develop, the infrastructure, facilities, or capabilities to manufacture cGMP bulk drug substance or filled drug product for human clinical trials, intending to utilize third-party contract manufacturing organizations (CMOs) for these needs . The company will hire additional research and development personnel as funding becomes available .

The company plans to continue exploring and executing strategic collaborations, in addition to its existing partnerships with Celltrion, Abpro Bio, and NJCTTQ . The strategy is to pursue strategic and geographic-oriented partnerships that provide near-term economic benefits while retaining product rights to key strategic markets .

The company will require additional financing to fund its future operations and drug development . It expects to finance its cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances, and marketing, distribution, or licensing arrangements with third parties . The timing and amount of operating expenditures will depend on the scope, number, initiation, progress, timing, costs, design, duration, and results of clinical trials and nonclinical studies for its product candidates, particularly the planned Phase 1/2 clinical trial for ABP-102 and Phase 1 clinical trials for ABP-201 . Other factors influencing funding requirements include the cost of regulatory reviews, intellectual property protection, commercial-scale manufacturing, and establishing sales, marketing, and distribution capabilities .

Risk Factors

Abpro Holdings faces substantial risks, including significant doubt about its ability to continue as a going concern due to ongoing operating losses and a lack of financing commitments . The company has an accumulated deficit of $119.0 million as of December 31, 2025 , and incurred a net loss of $2.892 million for the year ended December 31, 2025. Drug development is a highly uncertain undertaking, with all product candidates in early stages of development and none having been tested in human subjects . The company is in breach of its license agreement with MedImmune/AstraZeneca relating to ABP-201, which could lead to termination of the license . The company was delisted from Nasdaq effective February 23, 2026, and its securities now trade on the OTC Pink Limited Market, which may result in reduced liquidity, greater volatility, and decreased ability to raise capital .

The market may not be receptive to the company's product candidates based on its novel therapeutic modality, and it may not generate any revenue from sales or licensing . Intense competition from multinational pharmaceutical and biotechnology companies with significantly greater financial, clinical, and marketing resources could render the company's products obsolete or non-competitive . The company relies on third-party manufacturing and supply partners, and any limitations, interruptions, or unsatisfactory quality could delay or prevent development . There is a significant risk of product liability, and the company currently does not have product liability insurance . The company's internal computer systems or those of its contractors may fail or suffer security breaches, disrupting product development programs .

Regulatory risks include the lengthy and expensive clinical development process with uncertain outcomes, and the possibility of being unable to obtain U.S. or foreign regulatory approval . Even if approved, products will be subject to ongoing regulatory obligations and review, potentially leading to significant additional expense, labeling restrictions, or market withdrawal . Healthcare legislative reform measures, such as the One Big Beautiful Bill Act (OBBBA) enacted on July 4, 2025, are expected to reduce coverage availability and increase reimbursement pressure, potentially limiting the addressable reimbursed patient population and adversely affecting pricing . Non-compliance with U.S. and foreign anti-corruption and anti-money laundering laws could subject the company to criminal and/or civil liability . The company's ability to utilize its federal net operating loss carryforwards of approximately $92.7 million as of December 31, 2025, may be limited by "ownership changes" under Sections 382 and 383 of the Internal Revenue Code .

Management Priorities

Management's message to shareholders conveys a commitment to developing next-generation antibody therapeutics to improve patient lives, emphasizing the use of proprietary discovery and engineering platforms in immuno-oncology, ophthalmology, and infectious disease. Despite acknowledging significant operating losses and an accumulated deficit of $119.0 million as of December 31, 2025, management has concluded there is substantial doubt about the company's ability to continue as a going concern within one year from the financial statements' issuance date . The company plans to continue fundraising and seeking alternate revenues from collaboration and license agreements, and if adequate funds are not available, it may initiate steps to slow cash burn . Management highlights the recent FDA clearance of the Investigational New Drug (IND) application for ABP-102 / CT-P72 on January 6, 2026, enabling the initiation of a Phase 1 clinical trial in the first half of 2026 . The company also plans to advance ABP-201 into Phase 1 clinical trials in the second half of 2026 . Key strategic priorities include aggressively advancing lead product candidates into the clinic, rapidly following ABP-102 with a broad pipeline of CD3-targeting T-cell engagers, leveraging proprietary platforms to grow the pipeline, continuing to explore and execute strategic collaborations, and building a fully integrated discovery-to-commercial antibody therapeutics company.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Overview
  2. [2] Item 1, Business — ABP-102
  3. [3] Item 1, Business — ABP-102
  4. [4] Item 1, Business — ABP-102: Next generation T-cell engager targeting HER2 and CD3 for HER2+ solid tumors
  5. [5] Item 1, Business — ABP-102: Next generation T-cell engager targeting HER2 and CD3 for HER2+ solid tumors
  6. [6] Item 1, Business — ABP-201
  7. [7] Item 1, Business — ABP-201
  8. [8] Item 1, Business — ABP-201: Ligand trap targeting VEGF and ANG-2 for vascular diseases of the eye
  9. [9] Item 1, Business — ABP-110
  10. [10] Item 1, Business — ABP-150
  11. [11] Item 7, MD&A — Revenue
  12. [12] Item 7, MD&A — Revenue
  13. [13] Item 7, MD&A — Total operating expenses
  14. [14] Item 7, MD&A — Total operating expenses
  15. [15] Item 7, MD&A — Total operating expenses
  16. [16] Item 7, MD&A — Total operating expenses
  17. [17] Item 7, MD&A — Research and Development Expenses
  18. [18] Item 7, MD&A — Research and Development Expenses
  19. [19] Item 7, MD&A — Research and Development Expenses
  20. [20] Item 7, MD&A — Research and Development Expenses
  21. [21] Item 7, MD&A — General and Administrative Expenses
  22. [22] Item 7, MD&A — General and Administrative Expenses
  23. [23] Item 7, MD&A — General and Administrative Expenses
  24. [24] Item 7, MD&A — General and Administrative Expenses
  25. [25] Item 7, MD&A — Net loss
  26. [26] Item 7, MD&A — Net loss
  27. [27] Item 8, Consolidated Statements of Operations — Loss per share, Basic and diluted
  28. [28] Item 8, Consolidated Statements of Operations — Loss per share, Basic and diluted
  29. [29] Item 8, Consolidated Balance Sheets — Cash
  30. [30] Item 8, Consolidated Balance Sheets — Cash
  31. [31] Item 7, MD&A — Liquidity, Capital Resources and Going Concern
  32. [32] Item 7, MD&A — Other Income, Net
  33. [33] Item 7, MD&A — Other Income, Net
  34. [34] Item 7, MD&A — Other Income, Net
  35. [35] Item 7, MD&A — Other Income, Net
  36. [36] Item 7, MD&A — Other Income, Net
  37. [37] Item 7, MD&A — Other Income, Net
  38. [38] Item 1, Business — Recent Developments
  39. [39] Item 5, Sales of Unregistered Securities
  40. [40] Item 5, Sales of Unregistered Securities
  41. [41] Item 1, Business — Recent Developments
  42. [42] Item 1, Business — Recent Developments
  43. [43] Item 1, Business — NJCTTQ
  44. [44] Item 1A, Risk Factors — Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We are a pre-clinical stage biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and we may never achieve or maintain profitability, which could result in a decline in the market value of our Common Stock.
  45. [45] Item 1A, Risk Factors — Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We are a pre-clinical stage biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and we may never achieve or maintain profitability, which could result in a decline in the market value of our Common Stock.
  46. [46] Item 1A, Risk Factors — Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We are a pre-clinical stage biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and we may never achieve or maintain profitability, which could result in a decline in the market value of our Common Stock.
  47. [47] Item 1, Business — Our Strategy
  48. [48] Item 1, Business — ABP-102
  49. [49] Item 1, Business — ABP-102: Next generation T-cell engager targeting HER2 and CD3 for HER2+ solid tumors
  50. [50] Item 1, Business — Our Strategy
  51. [51] Item 1, Business — ABP-201: Ligand trap targeting VEGF and ANG-2 for vascular diseases of the eye
  52. [52] Item 1, Business — Our Strategy
  53. [53] Item 1, Business — Our Strategy
  54. [54] Item 1, Business — ABP-110
  55. [55] Item 1, Business — ABP-150
  56. [56] Item 1, Business — ABP-110
  57. [57] Item 1, Business — ABP-150
  58. [58] Item 1, Business — Our Strategy
  59. [59] Item 1, Business — Our Strategy
  60. [60] Item 1, Business — Our Strategy
  61. [61] Item 1, Business — Our Strategy
  62. [62] Item 1, Business — Manufacturing
  63. [63] Item 1, Business — Recent Developments
  64. [64] Item 1, Business — Our Strategy
  65. [65] Item 1, Business — Our Strategy
  66. [66] Item 1A, Risk Factors — Our management has concluded that uncertainties around our ability to raise additional capital, combined with our cash on hand, raises substantial doubt about our ability to continue as a going concern. We will require additional financing to fund our future operations. Any failure to obtain additional capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our operations.
  67. [67] Item 7, MD&A — Future Funding Requirements
  68. [68] Item 7, MD&A — Future Funding Requirements
  69. [69] Item 7, MD&A — Future Funding Requirements
  70. [70] Item 1A, Risk Factors — Our management has concluded that uncertainties around our ability to raise additional capital, combined with our cash on hand, raises substantial doubt about our ability to continue as a going concern. We will require additional financing to fund our future operations. Any failure to obtain additional capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our operations.
  71. [71] Item 1A, Risk Factors — Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We are a pre-clinical stage biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and we may never achieve or maintain profitability, which could result in a decline in the market value of our Common Stock.
  72. [72] Item 1A, Risk Factors — Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We are a pre-clinical stage biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and we may never achieve or maintain profitability, which could result in a decline in the market value of our Common Stock.
  73. [73] Item 1A, Risk Factors — Our product candidates are in early stages of development and have never been tested in a human subject. Our product candidates may fail in development or suffer delays that materially and adversely affect their commercial viability.
  74. [74] Item 1A, Risk Factors — Through our AbMed subsidiary, we have in-licensed certain intellectual property rights relating to ABP-201 from MedImmune Limited, or MedImmune (now AstraZeneca), and are in breach of the terms of our license agreement with MedImmune/AstraZeneca.
  75. [75] Item 1A, Risk Factors — Our failure to meet Nasdaq’s continued listing requirements could result in a delisting of our shares.
  76. [76] Item 1A, Risk Factors — The market may not be receptive to our product candidates based on our novel therapeutic modality, and we may not generate any revenue from the sale or licensing of product candidates.
  77. [77] Item 1A, Risk Factors — We face competition from entities that have developed or may develop product candidates for the treatment of the diseases that we are initially targeting, including companies developing novel treatments and technology platforms. If these companies develop technologies or product candidates more rapidly than we do or their technologies are more effective, our ability to develop and successfully commercialize product candidates may be adversely affected.
  78. [78] Item 1A, Risk Factors — Because we may rely on third-party manufacturing and supply partners for pre-clinical and clinical development materials, our supply may become limited or interrupted or may not be of satisfactory quantity or quality.
  79. [79] Item 1A, Risk Factors — Our business entails a significant risk of product liability and our ability to obtain sufficient insurance coverage could have a material and adverse effect on our business, financial condition, results of operations and prospects.
  80. [80] Item 1A, Risk Factors — Our internal computer systems, or those of CROs or other contractors or consultants we currently use or may use in the future, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  81. [81] Item 1A, Risk Factors — We may be unable to obtain U.S. or foreign regulatory approval and, as a result, be unable to commercialize our product candidates, resulting in substantial harm to our business.
  82. [82] Item 1A, Risk Factors — Even if we receive regulatory approval for any of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products.
  83. [83] Item 1A, Risk Factors — Healthcare legislative reform measures may have a material adverse effect on our business and results of operations.
  84. [84] Item 1A, Risk Factors — We are subject to U.S. and foreign anti-corruption and anti-money laundering laws with respect to our operations and non-compliance with such laws can subject us to criminal and/or civil liability and harm our business.
  85. [85] Item 1A, Risk Factors — Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  86. [86] Item 1A, Risk Factors — Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  87. [87] Item 7, MD&A — Liquidity, Capital Resources and Going Concern
  88. [88] Item 7, MD&A — Liquidity, Capital Resources and Going Concern
  89. [89] Item 7, MD&A — Liquidity, Capital Resources and Going Concern
  90. [90] Item 1, Business — ABP-102
  91. [91] Item 1, Business — Our Strategy

Analysis on 5/19/2026