Absci Corp · Q2 2024 earnings

Briefing

Reported financial and operating results, demonstrating progress in internal and partnered programs.

Absci reported a decrease in revenue to $1.3 million compared to $3.4 million in the same period last year, driven by the mix of partnered and internal programs. The net loss was $24.8 million, an improvement from the $41.7 million net loss in the prior year, which included a non-cash goodwill impairment charge. The company's cash, cash equivalents, and short-term investments totaled $145.2 million.

• Released positive results from non-human primate studies for ABS-101, showing 2-3x extended half-life compared to antibodies in clinical development.
• Additional CMC studies confirmed ABS-101 can be formulated at a high concentration of 200 mg/mL, supporting subcutaneous formulation development.
• Entered into a collaboration with Memorial Sloan Kettering Cancer Center to co-develop up to six novel oncology therapeutics using generative AI.
• Advanced ABS-101 through IND-enabling studies and expects to initiate Phase 1 clinical studies in early 2025.

Headline financials

Revenue & EPS history

Absci anticipates signing drug creation partnerships with at least four Partners in 2024, including one or more multi-program partnerships. Absci continues to expect a gross use of cash, cash equivalents, and short-term investments of approximately $80 million for the fiscal year ending December 31, 2024. Based on the company's current plans, Absci believes its existing cash, cash equivalents, and short-term investments will be sufficient to fund its operations into the first half of 2027.