Loading...
•
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.
Absci
Absci
Absci Revenue by Segment
Revenue by Segment
Partner program Revenue
CapyFin.com 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.