By Kelly Cloonan

Shares of Absci rose after it said the first human study of its inflammatory bowel disease treatment has started and that it expects to enter into additional partnerships--including one with a large pharmaceutical company--later this year.

The stock advanced 9.8% to $3.25 on Tuesday in after-hours trading. Shares have declined 39% in the past year through the market close.

Absci said it has begun dosing patients as part of its Phase 1 study of ABS-101, an antibody used for the treatment of inflammatory bowel disease. The randomized, placebo-controlled study will evaluate safety and tolerability of the drug. About 40 adult participants are expected to be enrolled, and interim data is due in the second half of this year, the company said.

The clinical-stage biopharmaceutical company said it continues to make progress on its existing drug creation partnerships, including one with a large pharmaceutical that it did not identify. Chief Executive Sean McClain said the company expects to share pivotal updates on those agreements during the course of the year.

Absci also release first quarter results after the close. The company posted a loss of $26.3 million, or 21 cents a share, compared with a loss of $22 million, or 22 cents a share, a year earlier.

Adjusted losses were 21 cents per share, beating the forecast for an adjusted loss of 22 cents per share, according to analysts polled by FactSet.

Revenue rose 31% to $1.2 million, missing the $1.5 million expected by analysts.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

May 13, 2025 19:08 ET (23:08 GMT)

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