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Jun 30, 2024
Absci Q2 2024 Earnings Report
Reported financial and operating results, demonstrating progress in internal and partnered programs.
Key Takeaways
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.
Absci
Absci
Absci Revenue by Segment
Revenue by Segment
Partner program Revenue
CapyFin.com Forward Guidance
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.
Positive Outlook
- Advance at least one additional internal asset program to a lead stage in 2024.
- Initiate Phase 1 clinical studies for ABS-101 in early 2025, with an interim data readout expected in the second half of 2025.
- Complete mode-of-action validation studies for ABS-301 in the second half of 2024.
- Select a development candidate for ABS-201 in the second half of 2024.