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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.
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.
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