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Dec 31, 2023
Absci Q4 2023 Earnings Report
Absci reported its financial results for the fourth quarter and year ended December 31, 2023.
Key Takeaways
Absci reported Q4 2023 revenue of $0.3 million and a net loss of $23.5 million. The company highlighted its progress in AI-driven biologic drug discovery, including the initiation of IND-enabling studies for ABS-101 and a new collaboration with AstraZeneca.
Initiated IND-enabling studies for ABS-101, a potential best-in-class anti-TL1A antibody.
Entered into a collaboration with AstraZeneca for up to $247M in deal value, plus royalties.
Strengthened balance sheet raising approximately $86M in gross proceeds through underwritten common stock offering.
Presented positive preclinical data for ABS-101, which exhibited properties consistent with a potentially superior product profile.
Forward Guidance
Absci anticipates signing additional drug creation partnerships with at least four Partners in 2024, including one or more multi-program partnerships. 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.
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