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Mar 31, 2024
Absci Q1 2024 Earnings Report
Absci reported financial results for the first quarter of 2024, highlighting progress in internal and partnered programs.
Key Takeaways
Absci reported a revenue of $0.9 million and a net loss of $22.0 million for the first quarter of 2024. The company continues to advance its internal pipeline programs and expects to sign additional drug creation partnerships. Cash, cash equivalents, and short-term investments totaled $161.5 million as of March 31, 2024.
Initiated IND-enabling studies for ABS-101 in February 2024.
Advanced ABS-201 and ABS-301 programs through preclinical studies.
Completed an underwritten public offering of common stock raising gross proceeds of approximately $86.4 million in March 2024.
Anticipates signing additional drug creation partnerships with at least four Partners in 2024.
Forward Guidance
Absci expects 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 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.
Positive Outlook
- Advancing internal pipeline of programs.
- Focusing on current and future partnered programs.
- Achieving ongoing platform improvements.
- Achieving operational efficiencies.
- Existing cash, cash equivalents, and short-term investments will be sufficient to fund its operations into the first half of 2027.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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