The Vancouver-based pharma company has begun the first tests in humans of a drug candidate it calls ABCL635, which is meant to help with the hot flashes that can come with menopause. The testing of a drug of AbCellera’s own creation “completes our transition to a clinical-stage biotechnology company,” CEO Carl Hansen said in an announcement. AbCellera is also recruiting patients for the first trial of a potential eczema medication. (The Logic)

Talking point: AbCellera has primarily worked as a partner with established companies, using its drug-discovery technology to help find new antibody-based treatments; its work with Eli Lilly on COVID-19 treatments helped it enjoy a short-lived bonanza. The news of clinical trials for AbCellera’s own drugs came in a quarterly report saying it lost US$34.7 million on revenue of US$17.1 million—but it’s sitting on US$753 million in liquidity. It also added nine research projects with partners in the past year, for a lifetime tally of 102.