Absci Q3 2024 Earnings Report
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.
Absci
Absci
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.