Absci Reports Business Updates and Fourth Quarter and Full Year 2024 Financial and Operating Results

Unveiled updates across proprietary pipeline and demonstrated new breakthroughs by AI platform at 2024 R&D Day

Entered into collaboration with AMD, including $20 million strategic investment in Absci

Achieved 2024 outlook for drug creation partnerships through collaborations with Owkin, Twist Bioscience, Invetx, and Memorial Sloan Kettering Cancer Center

Cash, cash equivalents, and short-term investments sufficient to fund operations into the first half of 2027

VANCOUVER, Wash. and NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today reported financial and operating results for the quarter and full year ended December 31, 2024.

"Looking back on 2024, it is inspiring to see the significant progress our AI Integrated Drug Creation platform has made, and the tangible results of those advances," said Sean McClain, Founder and CEO. "In December, we unveiled for the first time our potentially category-defining ABS-201 program for androgenic alopecia and showcased new breakthroughs in de novo antibody design demonstrated by our leading AI platform. And now, we are on the verge of becoming a clinical-stage biotech company, with ABS-101 expected to initiate Phase 1 studies in the coming months, which would mark a significant milestone for Absci."

Recent Highlights

   -- Showcased pipeline updates and platform achievements at 2024 R&D Day, 
      including target and primary indication for ABS-201 (anti-PRLR for 
      androgenic alopecia), new preclinical data for ABS-101 (anti-TL1A), and 
      breakthroughs in de novo design demonstrated by Absci's AI platform in 
      collaboration with the California Institute of Technology. 
 
   -- In January 2025, entered into strategic collaboration with AMD to deploy 
      AMD Instinct$(TM)$ accelerators and ROCm(TM) software to power critical AI 
      drug discovery workloads, including Absci's advanced de novo antibody 
      design models. As part of this strategic partnership, AMD also made a $20 
      million equity investment in Absci. 
 
   -- Established additional new Drug Creation partnerships, including with 
      Owkin to co-develop therapeutic candidates addressing novel targets in 
      immuno-oncology and other indications, and with Invetx to leverage 
      Absci's leading generative AI Drug Creation models to design a novel 
      antibody Half-Life Extension platform for animal health applications. 

Internal Pipeline Updates, Anticipated Program Progress, and 2025 Outlook

   -- ABS-101 (potential best-in-class anti-TL1A antibody): At Absci's R&D Day 
      in December 2024, the company shared new data illustrating that ABS-101 
      shows reduced internalization of TL1A complexes in in vitro THP-1 
      immunogenicity tests compared to a competitor molecule with a high 
      clinical anti-drug antibody $(ADA.AU)$ rate, which suggests a lower chance of 
      ABS-101 developing ADAs in clinical settings. In January, Absci also 
      unveiled new data from ABS-101's non-human primate PK/PD study, 
      demonstrating confirmatory prolonged target engagement, dose dependency 
      of target engagement (including a ceiling effect), and significant 
      improved target engagement as compared to competitor molecules at a 
      comparative dosing regimen. Absci plans to initiate Phase 1 clinical 
      studies for ABS-101 in the first half of 2025, with an interim data 
      readout in the second half of 2025. 
 
   -- ABS-201 (potential best-in-class anti-PRLR antibody): ABS-201 is a 
      potential best-in-class anti-PRLR antibody in development for androgenic 
      alopecia, an indication with significant clinical unmet need and a large 
      potential patient population of approximately 80 million individuals in 
      the U.S. alone. Absci has nominated a development candidate with a 
      preclinical profile suggesting high affinity and potency, favorable 
      safety and immunogenicity, extended half-life for convenient infrequent 
      dosing, and excellent developability and manufacturability. ABS-201 has 
      the potential to offer a safe option as compared to current standard of 
      care, and a preclinical model demonstrates improved hair regrowth 
      compared to minoxidil. Absci anticipates initiation of a Phase 1 clinical 
      trial for ABS-201 in early 2026. 
 
   -- ABS-301 (potential first-in-class antibody for undisclosed 
      immuno-oncology target): ABS-301 is a fully human antibody designed to 
      bind to a novel target discovered through Absci's Reverse Immunology 
      platform. Absci recently presented data for this program showing that 
      expression of ABS-301's target suggests broad potential in squamous cell 
      carcinomas and beyond. For this program, Absci has optimized an antibody 
      lead with high affinity and potency, and has successfully completed the 
      first in vivo target validation study. The findings from the study 
      demonstrate that signaling through the pathway drives a potent anti-tumor 
      response, providing strong rationale for advancing into in vivo efficacy 
      studies with ABS-301. These results support continued preclinical 
      development and further exploration of ABS-301's therapeutic potential. 
 
   -- ABS-501 (potential best-in-class novel AI-designed anti-HER2 antibody): 
      For this program, Absci has identified antibody leads using its zero-shot 
      de novo AI technology with the following characteristics: novel epitope 
      interactions, increased or equivalent affinity to trastuzumab in 
      preclinical settings, efficacious against a trastuzumab-resistant 
      xenograft tumor expressing wild-type HER2, and good developability. 
 
   -- Drug Creation Partnerships: Absci continues to make further progress on 
      its existing drug creation partnerships and anticipates signing one or 
      more partnerships, including with a Large Pharma company, in 2025. 

Absci continues to focus its investments and operations on advancing its internal pipeline of programs, alongside current and future partnered programs, while achieving ongoing platform improvements and operational efficiencies. 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.

Fourth Quarter 2024 Financial Results

Revenue was $0.7 million for the three months ended December 31, 2024 compared to $0.3 million for the three months ended December 31, 2023.

Research and development expenses were $18.4 million for the three months ended December 31, 2024 compared to $12.3 million for the three months ended December 31, 2023. This increase was primarily driven by advancement of our internal programs, including direct costs associated with IND-enabling studies for ABS-101, and an increase in stock compensation expense.

Selling, general, and administrative expenses were $8.8 million for the three months ended December 31, 2024 compared to $9.3 million for the three months ended December 31, 2023. This decrease was due to lower personnel and other costs, offset by an increase in stock compensation expense.

Net loss was $29.0 million for the three months ended December 31, 2024, as compared to $23.5 million for the three months ended December 31, 2023.

Full Year 2024 Financial Results

Revenue was $4.5 million for the twelve months ended December 31, 2024 compared to $5.7 million for the twelve months ended December 31, 2023.

Research and development expenses were $63.9 million for the twelve months ended December 31, 2024 compared to $48.1 million for the twelve months ended December 31, 2023. This increase was primarily driven by advancement of our internal programs, including direct costs associated with IND-enabling studies for ABS-101, and stock-based compensation.

Selling, general, and administrative expenses were $36.2 million for the twelve months ended December 31, 2024 compared to $37.8 million for the twelve months ended December 31, 2023. This decrease was primarily due to a decrease in personnel and other costs, partially offset by an increase in stock-based compensation.

Net loss was $103.1 million for the twelve months ended December 31, 2024, as compared to $110.6 million for the twelve months ended December 31, 2023.

Cash, cash equivalents, and short-term investments as of December 31, 2024 were $112.4 million, compared to $127.1 million as of September 30, 2024. During the twelve months ending December 31, 2024, Absci's gross use of cash, cash equivalents, and short-term investments, exclusive of partnered program payments, was approximately $72 million, below the company's most recent outlook of approximately $75 million.

Webcast Information

Absci will host a conference call to discuss its fourth quarter and full year 2024 business updates and financial and operating results on Tuesday, March 18, 2025 at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. A webcast of the conference call can be accessed at investors.absci.com. The webcast will be archived and available for replay for at least 90 days after the event.

About Absci

Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. Our Integrated Drug Creation(TM) platform unlocks the potential to accelerate time to clinic and increase the probability of success by simultaneously optimizing multiple drug characteristics important to both development and therapeutic benefit. With the data to learn, the AI to create, and the wet lab to validate, we can screen billions of cells per week, allowing us to go from AI-designed candidates to wet lab-validated candidates in as little as six weeks. Absci's headquarters is in Vancouver, WA, with our AI Research Lab in New York City and an Innovation Center in Zug, Switzerland. Visit www.absci.com and follow us on LinkedIn (@absci), X (Twitter) (@Abscibio), and YouTube.

Forward-Looking Statements

Certain statements in this press release that are not historical facts are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements containing the words "will," "pursues," "anticipates," "plans," "believes," "forecast," "potential," "goal," "estimates," "extends," "expects," and "intends," or similar expressions. We intend these forward-looking statements, including statements regarding our expectations related to business operations, portfolio strategy, financial performance, and results of operations, our expectations and guidance related to the success of our partnerships, the gross use of cash, cash equivalents, and short-term investments, including revised guidance, our projected cash usage, needs, and runway, our expectations regarding the signing and number of additional partners and number of programs included in such partnerships, our technology development efforts and the application of those efforts, including for generalizing our platform, accelerating drug development timelines, improving the economics of drug discovery by lowering costs, and increasing the probability of success for drug development, our ability to execute with our partners to create differentiated antibody therapeutic candidates in an efficient manner, create and execute a successful development and commercialization strategy related to such candidates with current or future partners, and design and develop differentiated therapeutics to treat disease with unmet need, our ability to market our platform technologies to potential partners, our plans related to our R&D Day scheduled for December 12, and our internal asset programs, including our clinical development strategy, the progress and timing for various stages of development including advancement to lead stage, completion of pre-clinical studies, candidate selection, IND enabling studies, initiating clinical trials and the generation and disclosure of data related to these programs, the translation of preclinical results and data into product candidates, and the significance of preclinical results, including in comparison to competitor molecules and in leading to differentiated clinical efficacy or product profiles, to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and we make this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. We can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved, and, furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks and uncertainties relating to obtaining and maintaining necessary approvals from the FDA and other regulatory authorities, replicating in clinical trials promising or positive results observed in preclinical studies, our dependence on third parties to support our internal asset programs, including for the manufacture and supply of preclinical and clinical supplies of our product candidates or components thereof, our ability to effectively collaborate on research, drug discovery and development activities with our partners or potential partners, our existing and potential partners' ability and willingness to pursue the development and commercialization of programs or product candidates under the terms of our partnership agreements, and overall market conditions and regulatory developments that may affect our and our partners' activities under these agreements, along with those risks set forth in our most recent periodic report filed with the U.S. Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the U.S. Securities and Exchange Commission. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Contact:

Alex Khan

VP, Finance & Investor Relations

investors@absci.com

Media Contact:

press@absci.com

absci@methodcommunications.com

 
 
                              Absci Corporation 
                Condensed Consolidated Statements of Operations 
 
 
 
                    For the Three Months Ended      For the Years Ended 
                           December 31,                 December 31, 
                    --------------------------   -------------------------- 
(In thousands, 
except for share 
and per share 
data)                   2024          2023           2024          2023 
                    ------------   -----------   ------------   ----------- 
Revenues 
  Partner program 
   revenue          $        665   $       338   $      4,534   $     5,718 
Total revenues               665           338          4,534         5,718 
Operating 
expenses 
  Research and 
   development            18,377        12,269         63,859        48,067 
  Selling, general 
   and 
   administrative          8,828         9,324         36,174        37,832 
  Depreciation and 
   amortization            3,234         3,484         13,389        13,999 
  Goodwill 
   impairment                 --            --             --        21,335 
                     -----------    ----------    -----------    ---------- 
Total operating 
 expenses                 30,439        25,077        113,422       121,233 
                     -----------    ----------    -----------    ---------- 
Operating loss           (29,774)      (24,739)      (108,888)     (115,515) 
Other income 
(expense) 
  Interest expense          (109)         (204)          (565)       (1,010) 
  Other income, 
   net                       921         1,446          6,417         6,059 
                     -----------    ----------    -----------    ---------- 
Total other 
 income, net                 812         1,242          5,852         5,049 
                     -----------    ----------    -----------    ---------- 
Loss before income 
 taxes                   (28,962)      (23,497)      (103,036)     (110,466) 
Income tax expense           (21)          (48)           (70)         (100) 
                     -----------    ----------    -----------    ---------- 
Net loss            $    (28,983)  $   (23,545)  $   (103,106)  $  (110,566) 
 
Net loss per 
 share: Basic and 
 diluted            $      (0.25)  $     (0.25)  $      (0.94)  $     (1.20) 
                     ===========    ==========    ===========    ========== 
 
Weighted-average 
 common shares 
 outstanding: 
 Basic and 
 diluted             114,929,962    92,573,406    110,239,870    92,028,016 
                     ===========    ==========    ===========    ========== 
 
 
 
 
 
                           Absci Corporation 
                  Condensed Consolidated Balance Sheets 
 
 
                                       December 31,     December 31, 
(In thousands, except for share and 
per share data)                            2024             2023 
                                      --------------   -------------- 
ASSETS 
Current assets: 
  Cash and cash equivalents            $      41,213    $      72,362 
  Restricted cash                             15,947           16,193 
  Short-term investments                      71,212           25,297 
  Accounts receivable, net                        --            2,189 
  Prepaid expenses and other current 
   assets                                      5,459            4,537 
                                          ----------       ---------- 
    Total current assets                     133,831          120,578 
Operating lease right-of-use assets            3,968            4,490 
Property and equipment, net                   29,167           41,328 
Intangibles, net                              44,883           48,253 
Restricted cash, long-term                     1,054            1,112 
Other long-term assets                           705            1,537 
                                          ----------       ---------- 
TOTAL ASSETS                           $     213,608    $     217,298 
                                          ==========       ========== 
LIABILITIES AND STOCKHOLDERS' 
EQUITY 
Current liabilities: 
  Accounts payable                     $       3,529    $       1,503 
  Accrued expenses                             6,842            6,553 
  Contingent consideration                    12,750           12,750 
  Long-term debt                               2,733            3,258 
  Operating lease obligations                  1,608            1,679 

  Financing lease obligations                     78              641 
  Deferred revenue                             1,116            3,174 
                                          ----------       ---------- 
    Total current liabilities                 28,656           29,558 
Long-term debt, net of current 
 portion                                       1,257            4,660 
Operating lease obligations, net of 
 current portion                               4,429            5,643 
Deferred revenue, long-term                       --              966 
Other long-term liabilities                      133              295 
                                          ----------       ---------- 
TOTAL LIABILITIES                             34,475           41,122 
                                          ----------       ---------- 
 
STOCKHOLDERS' EQUITY 
Preferred stock, $0.0001 par value                --               -- 
Common stock, $0.0001 par value                   12                9 
Additional paid-in capital                   688,726          582,699 
Accumulated deficit                         (509,601)        (406,495) 
Accumulated other comprehensive loss              (4)             (37) 
                                          ----------       ---------- 
TOTAL STOCKHOLDERS' EQUITY                   179,133          176,176 
                                          ----------       ---------- 
TOTAL LIABILITIES AND STOCKHOLDERS' 
 EQUITY                                $     213,608    $     217,298 
                                          ==========       ========== 
 
 
 

(END) Dow Jones Newswires

March 18, 2025 16:05 ET (20:05 GMT)