Abpro Holdings, Inc.

Overview

• Biotechnology company developing next-generation multispecific antibody therapeutics for severe and life-threatening diseases.
• Core focus areas: immuno-oncology, ophthalmology, and infectious disease.
• Completed a reverse recapitalization with Atlantic Coastal Acquisition Corp. II (ACAB) on November 13, 2024; ACAB became Abpro Holdings, Inc., and legacy Abpro is a wholly owned subsidiary.
• Nasdaq delisted on February 23, 2026; securities trade on OTC Pink under the ticker ABPO. A Nasdaq appeal was filed March 18, 2026.
• The merger is accounted for as a reverse recapitalization, with legacy Abpro as the accounting acquirer for financial reporting.

Lead product candidates and pipeline

• ABP-102

  • Target: HER2 and CD3 T-cell engagement (bispecific, TetraBi format).
  • Indications: HER2-positive solid tumors (e.g., breast, gastric).
  • Status: FDA IND cleared January 6, 2026; Phase 1/2 planned for 1H 2026 under a Celltrion collaboration.
  • Key properties: bivalent HER2 binding with a bifunctional CD3 domain; affinity-tuned for tumor HER2 expression; designed for selective tumor activation and improved safety profile.

• ABP-201

  • Target: VEGF and ANG-2 (dual targeting) for ocular vascular diseases.
  • Indications: Wet AMD and related ocular vascular diseases (e.g., DME).
  • Status: IND-enabling studies underway; Phase 1 planned for 2H 2026 under an Abpro Bio collaboration (Abpro Bio holds territorial rights in Asia and other regions).
  • Platform arrangement: fourth-site (4x binding) design intended to support less frequent dosing through high binding capacity.

• ABP-110

  • Target: GPC3/CD3 for hepatocellular carcinoma.
  • Status: Pre-clinical development with ongoing toxicology and PK work.

• ABP-150

  • Target: Claudin-18.2/CD3 for gastric cancer.
  • Status: Pre-clinical development; collaboration with NJCTTQ grants China/Thailand rights, with Abpro retaining global rights elsewhere.

• Additional CD3-targeting T-cell engagers are planned using the DiversImmune® and MultiMab™ platforms.

Platforms and approach

• DiversImmune®: antibody discovery platform producing high-affinity, high-specificity antibody building blocks against conventional and challenging targets.
• MultiMab™: antibody engineering platform for assembling bi- and multi-specific antibodies, with emphasis on:
  • Bivalent binding for avidity
  • Fc region design for half-life and safety
  • Symmetrical, non-mispairing architecture to simplify manufacturing
• ABP-102 and ABP-201 reflect the company’s focus on multivalent, multispecific constructs to improve efficacy, safety, dosing convenience, and manufacturing efficiency.

Collaborations and licensing

• Celltrion (Korea): global development and commercialization partnership for ABP-102. Transaction terms include up to $1.75 billion in development/sales milestones; Celltrion funds upfront and ongoing development costs; 50/50 profit split after certain conditions; worldwide patent prosecution costs shared.
• Abpro Bio: territorial collaboration for ABP-201 covering Asia, Middle East, and CIS. Abpro Bio pays royalties in its territories and milestone payments up to approximately $540 million; Abpro retains rights outside those territories.
• NJCTTQ: collaboration for ABP-150 with exclusive China and Thailand rights; low single-digit royalties payable in both directions and potential milestones up to approximately $405 million in those territories; additional milestone rights for NJCTTQ in other jurisdictions.
• NIH/NCI: ABP-110 is in-licensed from NCI; the U.S. government retains certain march-in rights that may affect licensing and manufacturing.
• AstraZeneca/MedImmune (AbMed): in-license related to ABP-201 and related families; license terms include royalties and ongoing obligations, and disclosures note breaches of certain license agreements with ongoing discussions and potential settlements.
• Collaboration agreements carry risks, including partner termination, delays, and potential requirements for Abpro to fund development independently.

Manufacturing and commercialization

• The company does not maintain internal cGMP manufacturing capabilities and relies on contract manufacturing organizations (CMOs) for clinical and potential commercial supply.
• Abpro has no current plan to build its own manufacturing infrastructure and intends to continue using external partners.

Intellectual property

• ABP-102: two patent families covering compositions, uses, and manufacturing; filings in major jurisdictions; expected expiry around 2042 (subject to extensions and adjustments).
• ABP-110: licensed from NIH/NCI; one patent family with issued and foreign patents; expected expiry around 2033 (subject to extensions).
• ABP-150: one patent family with pending and issued patents; expected expiry around 2041 (subject to extensions).
• ABP-201: one patent family; expected expiry around 2042 (subject to extensions).
• MedImmune/AstraZeneca licenses include three patent families; some families are not expected to cover ABP-201 and some IP has expired or is expected to expire before commercialization.
• The company faces typical IP risks, including patent term limits, potential invalidation, and the need to secure or maintain licenses across jurisdictions.

Regulatory and clinical pathway

• All product candidates are in early-stage development. ABP-102 has cleared an IND and is moving toward Phase 1/2; ABP-201 is in IND-enabling stages with a planned Phase 1 in Wet AMD; ABP-110 and ABP-150 are pre-clinical.
• The company plans to pursue standard U.S. and international regulatory pathways, including potential accelerated or alternative programs where appropriate and available.

Financial snapshot and capital

• Revenue: no product revenue to date; the company expects milestone payments under collaboration agreements.
• Net loss:
  • 2025: $2.9 million
  • 2024: $7.2 million
• Accumulated deficit: approximately $119.0 million as of December 31, 2025.
• Financing:
  • Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd. for up to $50 million; material activity in 2025–Feb 2026 with subsequent delisting affecting SEPA use.
  • Convertible notes converted in 2025; approximately $6.7 million in net proceeds raised under SEPA in Jan–Feb 2026.
• Employees: as of March 30, 2026, 1 full-time employee and 2 part-time employees.
• Management: CEO transition in 2025 with Miles Suk appointed as CEO; the CEO role operated under a consulting arrangement in 2025.
• Facilities: principal offices in Burlington, MA; lease held on a month-to-month basis (less than 12 months as of August 2025).
• Stock and capitalization:
  • 1-for-30 reverse stock split effective October 31, 2025, with retroactive adjustments to all share data.
  • Outstanding shares: ~2.7 million at 12/31/2025; ~5.9 million by February 2026 after SEPA activity.
• Market status: Nasdaq delisted February 23, 2026; trading on OTC Pink under ABPO; Nasdaq appeal filed March 18, 2026.

Operations, market position, and outlook

• Strategy emphasizes a fast-to-clinic approach using DiversImmune and MultiMab to rapidly generate and assemble antibody constructs.
• Primary near-term clinical goals: advance ABP-102 into first-in-human studies in 2026 and initiate ABP-201 early clinical development in 2026–2027, contingent on funding.
• Expected revenue sources include collaboration milestones, royalties, and potential future product sales if candidates are commercialized.
• The business is capital-intensive with ongoing R&D costs and will require additional financing to support operations and clinical development.

Summary

Abpro Holdings, Inc. is a small, early-stage biotech company focused on multispecific antibody therapeutics built on the DiversImmune discovery and MultiMab engineering platforms. Lead candidates ABP-102 (HER2/CD3) and ABP-201 (VEGF/ANG-2) are progressing toward clinical testing, with an IND cleared for ABP-102 and planned Phase 1/2 activity in 2026. The company operates with limited staff, outsources manufacturing, and has not generated product revenue to date. Abpro maintains multiple collaborations and licensing arrangements and continues active financing and corporate restructuring following a reverse recapitalization and subsequent Nasdaq delisting.