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Sep 30, 2024
Absci Q3 2024 Earnings Report
Absci's Q3 2024 financial results reflected increased revenue driven by partnered programs and related progress, alongside advancements in internal pipeline programs.
Key Takeaways
Absci reported revenue of $1.7 million for Q3 2024, driven by partnered programs. The company continues to advance its internal pipeline programs and expects to advance at least one additional internal asset program to a lead stage this year. They also anticipate signing drug creation partnerships with at least four partners in 2024. Net loss was $27.4 million for the quarter, and cash, cash equivalents, and short-term investments totaled $127.1 million as of September 30, 2024.
Successfully delivered AI de novo designed antibody sequences to AstraZeneca, fulfilling the first milestone under their collaboration.
Entered into a collaboration with Twist Bioscience to design a novel therapeutic using AI.
Advanced ABS-101, ABS-201, and ABS-301 programs through preclinical studies.
Anticipate advancing at least one additional internal asset program to a lead stage this year.
Forward Guidance
Absci expects to advance its internal pipeline programs and sign drug creation partnerships. The company anticipates a gross use of cash of approximately $75 million for the fiscal year ending December 31, 2024. They believe their existing cash will fund operations into the first half of 2027.
Positive Outlook
- Advancing ABS-101 through IND-enabling studies and plans to initiate Phase 1 clinical studies in the first half of 2025.
- Expecting an interim data readout for ABS-101 in the second half of 2025.
- Anticipating selecting a development candidate for ABS-201 in the second half of 2024.
- Expecting to advance at least one additional internal asset program to a lead stage in 2024.
- Continuing to make progress on existing drug creation partnerships and anticipate signing drug creation partnerships with at least four Partners in 2024.
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