Absci Reports Business Updates and Fourth Quarter and Full Year 2024 Financial and Operating Results
Absci (NASDAQ: ABSI) reported its Q4 and full year 2024 financial results, highlighting significant progress in its AI Integrated Drug Creation platform. The company secured a $20 million strategic investment from AMD and established new partnerships with Owkin, Twist Bioscience, Invetx, and Memorial Sloan Kettering Cancer Center.
Key pipeline updates include ABS-101's advancement toward Phase 1 clinical studies in H1 2025, and ABS-201's development for androgenic alopecia targeting a potential U.S. market of 80 million individuals. The company's financial position shows Q4 2024 revenue of $0.7 million and a net loss of $29.0 million. Full-year 2024 results include revenue of $4.5 million and a net loss of $103.1 million.
With $112.4 million in cash and investments as of December 31, 2024, Absci expects to fund operations into the first half of 2027.
Absci (NASDAQ: ABSI) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, evidenziando progressi significativi nella sua piattaforma di Creazione di Farmaci Integrata con AI. L'azienda ha ottenuto un investimento strategico di 20 milioni di dollari da AMD e ha stabilito nuove partnership con Owkin, Twist Bioscience, Invetx e il Memorial Sloan Kettering Cancer Center.
Le principali novità della pipeline includono l'avanzamento di ABS-101 verso gli studi clinici di Fase 1 nella prima metà del 2025 e lo sviluppo di ABS-201 per l'alopecia androgenetica, mirando a un potenziale mercato statunitense di 80 milioni di individui. La posizione finanziaria dell'azienda mostra un fatturato del Q4 2024 di 0,7 milioni di dollari e una perdita netta di 29,0 milioni di dollari. I risultati dell'intero anno 2024 includono un fatturato di 4,5 milioni di dollari e una perdita netta di 103,1 milioni di dollari.
Con 112,4 milioni di dollari in contante e investimenti al 31 dicembre 2024, Absci prevede di finanziare le operazioni fino alla prima metà del 2027.
Absci (NASDAQ: ABSI) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, destacando un progreso significativo en su plataforma de Creación de Medicamentos Integrada con IA. La empresa aseguró una inversión estratégica de 20 millones de dólares de AMD y estableció nuevas asociaciones con Owkin, Twist Bioscience, Invetx y el Memorial Sloan Kettering Cancer Center.
Las actualizaciones clave de la cartera incluyen el avance de ABS-101 hacia los estudios clínicos de Fase 1 en la primera mitad de 2025, y el desarrollo de ABS-201 para la alopecia androgénica, apuntando a un mercado potencial en EE. UU. de 80 millones de individuos. La posición financiera de la empresa muestra ingresos del Q4 2024 de 0,7 millones de dólares y una pérdida neta de 29,0 millones de dólares. Los resultados del año completo 2024 incluyen ingresos de 4,5 millones de dólares y una pérdida neta de 103,1 millones de dólares.
Con 112,4 millones de dólares en efectivo e inversiones al 31 de diciembre de 2024, Absci espera financiar operaciones hasta la primera mitad de 2027.
Absci (NASDAQ: ABSI)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며 AI 통합 약물 창출 플랫폼에서의 중요한 발전을 강조했습니다. 이 회사는 AMD로부터 2천만 달러의 전략적 투자를 확보하고 Owkin, Twist Bioscience, Invetx 및 Memorial Sloan Kettering Cancer Center와 새로운 파트너십을 체결했습니다.
주요 파이프라인 업데이트에는 ABS-101의 2025년 상반기 임상 1상 연구로의 진전을 포함하며, ABS-201은 8천만 명의 잠재적 미국 시장을 목표로 하는 안드로겐 탈모 치료를 개발 중입니다. 회사의 재무 상태는 2024년 4분기 수익이 70만 달러이며, 순손실이 2천9백만 달러로 나타났습니다. 2024년 전체 결과는 450만 달러의 수익과 1억3천1백만 달러의 순손실을 포함합니다.
2024년 12월 31일 기준으로 1억1천2백40만 달러의 현금 및 투자를 보유한 Absci는 2027년 상반기까지 운영 자금을 조달할 것으로 예상하고 있습니다.
Absci (NASDAQ: ABSI) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, mettant en avant des progrès significatifs dans sa plateforme de Création de Médicaments Intégrée par IA. L'entreprise a sécurisé un investissement stratégique de 20 millions de dollars de la part d'AMD et a établi de nouveaux partenariats avec Owkin, Twist Bioscience, Invetx et le Memorial Sloan Kettering Cancer Center.
Les mises à jour clés de la pipeline incluent l'avancement d'ABS-101 vers des études cliniques de Phase 1 au premier semestre 2025, et le développement d'ABS-201 pour l'alopécie androgénique visant un marché potentiel de 80 millions d'individus aux États-Unis. La position financière de l'entreprise montre un chiffre d'affaires de 0,7 million de dollars au Q4 2024 et une perte nette de 29,0 millions de dollars. Les résultats de l'année complète 2024 incluent un chiffre d'affaires de 4,5 millions de dollars et une perte nette de 103,1 millions de dollars.
Avec 112,4 millions de dollars en liquidités et investissements au 31 décembre 2024, Absci prévoit de financer ses opérations jusqu'au premier semestre 2027.
Absci (NASDAQ: ABSI) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht und erhebliche Fortschritte in seiner KI-integrierten Arzneimittelentwicklungsplattform hervorgehoben. Das Unternehmen sicherte sich eine strategische Investition in Höhe von 20 Millionen Dollar von AMD und etablierte neue Partnerschaften mit Owkin, Twist Bioscience, Invetx und dem Memorial Sloan Kettering Cancer Center.
Wichtige Aktualisierungen der Pipeline umfassen den Fortschritt von ABS-101 in Richtung Phase-1-Studien in der ersten Hälfte von 2025 und die Entwicklung von ABS-201 zur Behandlung der androgenen Alopezie, die einen potenziellen US-Markt von 80 Millionen Personen anvisiert. Die finanzielle Lage des Unternehmens zeigt Umsätze von 0,7 Millionen Dollar im 4. Quartal 2024 und einen Nettoverlust von 29,0 Millionen Dollar. Die Ergebnisse für das gesamte Jahr 2024 umfassen einen Umsatz von 4,5 Millionen Dollar und einen Nettoverlust von 103,1 Millionen Dollar.
Mit 112,4 Millionen Dollar in bar und Investitionen zum 31. Dezember 2024 erwartet Absci, die Betriebe bis zur ersten Hälfte des Jahres 2027 zu finanzieren.
- Secured $20M strategic investment from AMD
- Cash runway extended into first half of 2027
- ABS-101 advancing to Phase 1 clinical trials in H1 2025
- Achieved 2024 partnership goals with multiple new collaborations
- Below-expected cash burn of $72M vs. $75M outlook
- Q4 2024 net loss increased to $29.0M from $23.5M in Q4 2023
- Full year 2024 revenue declined to $4.5M from $5.7M in 2023
- R&D expenses increased 32.8% to $63.9M in 2024
- Q4 revenue remains low at $0.7M despite partnerships
Insights
Absci's Q4 and full year 2024 results reveal a company in transition with solid financial positioning despite ongoing R&D investments. The $20 million strategic investment from AMD provides both capital reinforcement and technological validation. While quarterly revenue improved to
The company's cash position of $112.4 million is particularly encouraging, providing runway into H1 2027 - approximately 2+ years of operational capability without additional financing needs. This stability allows Absci to focus on pipeline advancement without immediate capital raising pressure. Q4 net losses widened to
The year-over-year reduction in annual net loss to
Absci stands at a pivotal inflection point, poised to transform from a preclinical AI drug discovery company into a clinical-stage biotechnology firm with ABS-101 (anti-TL1A antibody) entering Phase 1 trials in H1 2025. The company's announcement contains multiple value-creating catalysts that substantially de-risk their platform and pipeline.
The AMD collaboration delivers dual benefits: computational infrastructure support for AI drug discovery workloads and third-party validation of Absci's technological approach. Their emerging portfolio shows impressive diversification with four distinct programs:
- ABS-101: Anti-TL1A with favorable internalization profile suggesting reduced immunogenicity compared to competitors
- ABS-201: Anti-PRLR for androgenic alopecia targeting a substantial 80 million potential patients in the US market
- ABS-301: Novel immuno-oncology candidate showing promising initial target validation
- ABS-501: AI-designed anti-HER2 antibody demonstrating efficacy against trastuzumab-resistant tumors
Particularly noteworthy is ABS-201's potential in the hair loss market, where current treatments have efficacy or concerning side effects. The company's successful execution on partnership objectives (Owkin, Twist, Invetx, MSKCC) demonstrates continued external interest in their AI platform capabilities. With multiple data readouts and clinical progression expected through 2025-2026, Absci has established a cadence of potential value-inflection points supported by sufficient capital runway.
Unveiled updates across proprietary pipeline and demonstrated new breakthroughs by AI platform at 2024 R&D Day
Entered into collaboration with AMD, including
Achieved 2024 outlook for drug creation partnerships through collaborations with Owkin, Twist Bioscience, Invetx, and Memorial Sloan Kettering Cancer Center
Cash, cash equivalents, and short-term investments sufficient to fund operations into the first half of 2027
VANCOUVER, Wash. and NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today reported financial and operating results for the quarter and full year ended December 31, 2024.
"Looking back on 2024, it is inspiring to see the significant progress our AI Integrated Drug Creation platform has made, and the tangible results of those advances," said Sean McClain, Founder and CEO. "In December, we unveiled for the first time our potentially category-defining ABS-201 program for androgenic alopecia and showcased new breakthroughs in de novo antibody design demonstrated by our leading AI platform. And now, we are on the verge of becoming a clinical-stage biotech company, with ABS-101 expected to initiate Phase 1 studies in the coming months, which would mark a significant milestone for Absci."
Recent Highlights
- Showcased pipeline updates and platform achievements at 2024 R&D Day, including target and primary indication for ABS-201 (anti-PRLR for androgenic alopecia), new preclinical data for ABS-101 (anti-TL1A), and breakthroughs in de novo design demonstrated by Absci's AI platform in collaboration with the California Institute of Technology.
- In January 2025, entered into strategic collaboration with AMD to deploy AMD Instinct™ accelerators and ROCm™ software to power critical AI drug discovery workloads, including Absci's advanced de novo antibody design models. As part of this strategic partnership, AMD also made a
$20 million equity investment in Absci. - Established additional new Drug Creation partnerships, including with Owkin to co-develop therapeutic candidates addressing novel targets in immuno-oncology and other indications, and with Invetx to leverage Absci’s leading generative AI Drug Creation models to design a novel antibody Half-Life Extension platform for animal health applications.
Internal Pipeline Updates, Anticipated Program Progress, and 2025 Outlook
- ABS-101 (potential best-in-class anti-TL1A antibody): At Absci's R&D Day in December 2024, the company shared new data illustrating that ABS-101 shows reduced internalization of TL1A complexes in in vitro THP-1 immunogenicity tests compared to a competitor molecule with a high clinical anti-drug antibody (ADA) rate, which suggests a lower chance of ABS-101 developing ADAs in clinical settings. In January, Absci also unveiled new data from ABS-101's non-human primate PK/PD study, demonstrating confirmatory prolonged target engagement, dose dependency of target engagement (including a ceiling effect), and significant improved target engagement as compared to competitor molecules at a comparative dosing regimen. Absci plans to initiate Phase 1 clinical studies for ABS-101 in the first half of 2025, with an interim data readout in the second half of 2025.
- ABS-201 (potential best-in-class anti-PRLR antibody): ABS-201 is a potential best-in-class anti-PRLR antibody in development for androgenic alopecia, an indication with significant clinical unmet need and a large potential patient population of approximately 80 million individuals in the U.S. alone. Absci has nominated a development candidate with a preclinical profile suggesting high affinity and potency, favorable safety and immunogenicity, extended half-life for convenient infrequent dosing, and excellent developability and manufacturability. ABS-201 has the potential to offer a safe option as compared to current standard of care, and a preclinical model demonstrates improved hair regrowth compared to minoxidil. Absci anticipates initiation of a Phase 1 clinical trial for ABS-201 in early 2026.
- ABS-301 (potential first-in-class antibody for undisclosed immuno-oncology target): ABS-301 is a fully human antibody designed to bind to a novel target discovered through Absci's Reverse Immunology platform. Absci recently presented data for this program showing that expression of ABS-301’s target suggests broad potential in squamous cell carcinomas and beyond. For this program, Absci has optimized an antibody lead with high affinity and potency, and has successfully completed the first in vivo target validation study. The findings from the study demonstrate that signaling through the pathway drives a potent anti-tumor response, providing strong rationale for advancing into in vivo efficacy studies with ABS-301. These results support continued preclinical development and further exploration of ABS-301’s therapeutic potential.
- ABS-501 (potential best-in-class novel AI-designed anti-HER2 antibody): For this program, Absci has identified antibody leads using its zero-shot de novo AI technology with the following characteristics: novel epitope interactions, increased or equivalent affinity to trastuzumab in preclinical settings, efficacious against a trastuzumab-resistant xenograft tumor expressing wild-type HER2, and good developability.
- Drug Creation Partnerships: Absci continues to make further progress on its existing drug creation partnerships and anticipates signing one or more partnerships, including with a Large Pharma company, in 2025.
Absci continues to focus its investments and operations on advancing its internal pipeline of programs, alongside current and future partnered programs, while achieving ongoing platform improvements and operational efficiencies. 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.
Fourth Quarter 2024 Financial Results
Revenue was
Research and development expenses were
Selling, general, and administrative expenses were
Net loss was
Full Year 2024 Financial Results
Revenue was
Research and development expenses were
Selling, general, and administrative expenses were
Net loss was
Cash, cash equivalents, and short-term investments as of December 31, 2024 were
Webcast Information
Absci will host a conference call to discuss its fourth quarter and full year 2024 business updates and financial and operating results on Tuesday, March 18, 2025 at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. A webcast of the conference call can be accessed at investors.absci.com. The webcast will be archived and available for replay for at least 90 days after the event.
About Absci
Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. Our Integrated Drug Creation™ platform unlocks the potential to accelerate time to clinic and increase the probability of success by simultaneously optimizing multiple drug characteristics important to both development and therapeutic benefit. With the data to learn, the AI to create, and the wet lab to validate, we can screen billions of cells per week, allowing us to go from AI-designed candidates to wet lab-validated candidates in as little as six weeks. Absci’s headquarters is in Vancouver, WA, with our AI Research Lab in New York City and an Innovation Center in Zug, Switzerland. Visit www.absci.com and follow us on LinkedIn (@absci), X (Twitter) (@Abscibio), and YouTube.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements containing the words “will,” “pursues,” “anticipates,” “plans,” “believes,” “forecast,” “potential,” “goal,” “estimates,” “extends,” “expects,” and “intends,” or similar expressions. We intend these forward-looking statements, including statements regarding our expectations related to business operations, portfolio strategy, financial performance, and results of operations, our expectations and guidance related to the success of our partnerships, the gross use of cash, cash equivalents, and short-term investments, including revised guidance, our projected cash usage, needs, and runway, our expectations regarding the signing and number of additional partners and number of programs included in such partnerships, our technology development efforts and the application of those efforts, including for generalizing our platform, accelerating drug development timelines, improving the economics of drug discovery by lowering costs, and increasing the probability of success for drug development, our ability to execute with our partners to create differentiated antibody therapeutic candidates in an efficient manner, create and execute a successful development and commercialization strategy related to such candidates with current or future partners, and design and develop differentiated therapeutics to treat disease with unmet need, our ability to market our platform technologies to potential partners, our plans related to our R&D Day scheduled for December 12, and our internal asset programs, including our clinical development strategy, the progress and timing for various stages of development including advancement to lead stage, completion of pre-clinical studies, candidate selection, IND enabling studies, initiating clinical trials and the generation and disclosure of data related to these programs, the translation of preclinical results and data into product candidates, and the significance of preclinical results, including in comparison to competitor molecules and in leading to differentiated clinical efficacy or product profiles, to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and we make this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. We can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved, and, furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks and uncertainties relating to obtaining and maintaining necessary approvals from the FDA and other regulatory authorities, replicating in clinical trials promising or positive results observed in preclinical studies, our dependence on third parties to support our internal asset programs, including for the manufacture and supply of preclinical and clinical supplies of our product candidates or components thereof, our ability to effectively collaborate on research, drug discovery and development activities with our partners or potential partners, our existing and potential partners’ ability and willingness to pursue the development and commercialization of programs or product candidates under the terms of our partnership agreements, and overall market conditions and regulatory developments that may affect our and our partners’ activities under these agreements, along with those risks set forth in our most recent periodic report filed with the U.S. Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the U.S. Securities and Exchange Commission. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Contact:
Alex Khan
VP, Finance & Investor Relations
investors@absci.com
Media Contact:
press@absci.com
absci@methodcommunications.com
| Absci Corporation Condensed Consolidated Statements of Operations | ||||||||||||||||
| For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
| (In thousands, except for share and per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | ||||||||||||||||
| Partner program revenue | $ | 665 | $ | 338 | $ | 4,534 | $ | 5,718 | ||||||||
| Total revenues | 665 | 338 | 4,534 | 5,718 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 18,377 | 12,269 | 63,859 | 48,067 | ||||||||||||
| Selling, general and administrative | 8,828 | 9,324 | 36,174 | 37,832 | ||||||||||||
| Depreciation and amortization | 3,234 | 3,484 | 13,389 | 13,999 | ||||||||||||
| Goodwill impairment | — | — | — | 21,335 | ||||||||||||
| Total operating expenses | 30,439 | 25,077 | 113,422 | 121,233 | ||||||||||||
| Operating loss | (29,774 | ) | (24,739 | ) | (108,888 | ) | (115,515 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense | (109 | ) | (204 | ) | (565 | ) | (1,010 | ) | ||||||||
| Other income, net | 921 | 1,446 | 6,417 | 6,059 | ||||||||||||
| Total other income, net | 812 | 1,242 | 5,852 | 5,049 | ||||||||||||
| Loss before income taxes | (28,962 | ) | (23,497 | ) | (103,036 | ) | (110,466 | ) | ||||||||
| Income tax expense | (21 | ) | (48 | ) | (70 | ) | (100 | ) | ||||||||
| Net loss | $ | (28,983 | ) | $ | (23,545 | ) | $ | (103,106 | ) | $ | (110,566 | ) | ||||
| Net loss per share: Basic and diluted | $ | (0.25 | ) | $ | (0.25 | ) | $ | (0.94 | ) | $ | (1.20 | ) | ||||
| Weighted-average common shares outstanding: Basic and diluted | 114,929,962 | 92,573,406 | 110,239,870 | 92,028,016 | ||||||||||||
| Absci Corporation Condensed Consolidated Balance Sheets | ||||||||
| December 31, | December 31, | |||||||
| (In thousands, except for share and per share data) | 2024 | 2023 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 41,213 | $ | 72,362 | ||||
| Restricted cash | 15,947 | 16,193 | ||||||
| Short-term investments | 71,212 | 25,297 | ||||||
| Accounts receivable, net | — | 2,189 | ||||||
| Prepaid expenses and other current assets | 5,459 | 4,537 | ||||||
| Total current assets | 133,831 | 120,578 | ||||||
| Operating lease right-of-use assets | 3,968 | 4,490 | ||||||
| Property and equipment, net | 29,167 | 41,328 | ||||||
| Intangibles, net | 44,883 | 48,253 | ||||||
| Restricted cash, long-term | 1,054 | 1,112 | ||||||
| Other long-term assets | 705 | 1,537 | ||||||
| TOTAL ASSETS | $ | 213,608 | $ | 217,298 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,529 | $ | 1,503 | ||||
| Accrued expenses | 6,842 | 6,553 | ||||||
| Contingent consideration | 12,750 | 12,750 | ||||||
| Long-term debt | 2,733 | 3,258 | ||||||
| Operating lease obligations | 1,608 | 1,679 | ||||||
| Financing lease obligations | 78 | 641 | ||||||
| Deferred revenue | 1,116 | 3,174 | ||||||
| Total current liabilities | 28,656 | 29,558 | ||||||
| Long-term debt, net of current portion | 1,257 | 4,660 | ||||||
| Operating lease obligations, net of current portion | 4,429 | 5,643 | ||||||
| Deferred revenue, long-term | — | 966 | ||||||
| Other long-term liabilities | 133 | 295 | ||||||
| TOTAL LIABILITIES | 34,475 | 41,122 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 12 | 9 | ||||||
| Additional paid-in capital | 688,726 | 582,699 | ||||||
| Accumulated deficit | (509,601 | ) | (406,495 | ) | ||||
| Accumulated other comprehensive loss | (4 | ) | (37 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 179,133 | 176,176 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 213,608 | $ | 217,298 | ||||
FAQ
What are the key financial metrics for Absci (ABSI) in Q4 2024?
When will Absci's ABS-101 and ABS-201 programs enter clinical trials?
What is the market potential for Absci's ABS-201 program?
How much did AMD invest in Absci and what is the partnership about?
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