Absci Q4 2023 Earnings Report
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.
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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.