Absci Reports Business Updates and Third Quarter 2024 Financial and Operating Results
Absci (ABSI) reported Q3 2024 financial results and business updates. Revenue increased to $1.7 million from $0.7 million year-over-year. Net loss widened to $27.4 million from $22.0 million in Q3 2023. The company delivered AI-designed antibody sequences to AstraZeneca, meeting their first milestone, and entered a new collaboration with Twist Bioscience. R&D expenses increased to $18.0 million from $11.0 million YoY. Cash position stands at $127.1 million, expected to fund operations into first half of 2027. The company reduced its expected cash use for 2024 to $75 million from $80 million previously.
Absci (ABSI) ha riportato i risultati finanziari e gli aggiornamenti aziendali del terzo trimestre 2024. I ricavi sono aumentati a 1,7 milioni di dollari rispetto a 0,7 milioni di dollari anno su anno. La perdita netta si è ampliata a 27,4 milioni di dollari, rispetto a 22,0 milioni di dollari nel terzo trimestre del 2023. L'azienda ha fornito sequenze di anticorpi progettate con intelligenza artificiale ad AstraZeneca, raggiungendo il primo obiettivo, ed è entrata in una nuova collaborazione con Twist Bioscience. Le spese per ricerca e sviluppo sono aumentate a 18,0 milioni di dollari rispetto a 11,0 milioni di dollari rispetto all'anno precedente. La posizione di cassa è di 127,1 milioni di dollari, prevista per finanziare le operazioni nel primo semestre del 2027. L'azienda ha ridotto il proprio utilizzo di cassa previsto per il 2024 a 75 milioni di dollari, rispetto agli 80 milioni precedentemente stimati.
Absci (ABSI) reportó los resultados financieros y las actualizaciones comerciales del tercer trimestre de 2024. Los ingresos aumentaron a 1.7 millones de dólares desde 0.7 millones de dólares en comparación con el año anterior. La pérdida neta se amplió a 27.4 millones de dólares desde 22.0 millones de dólares en el tercer trimestre de 2023. La empresa entregó secuencias de anticuerpos diseñadas por inteligencia artificial a AstraZeneca, alcanzando su primer hito, y entró en una nueva colaboración con Twist Bioscience. Los gastos en investigación y desarrollo aumentaron a 18.0 millones de dólares desde 11.0 millones de dólares año tras año. La posición de caja se sitúa en 127.1 millones de dólares, y se espera que financie operaciones hasta la primera mitad de 2027. La compañía redujo su uso de caja previsto para 2024 a 75 millones de dólares desde los 80 millones anteriores.
Absci (ABSI)는 2024년 3분기 재무 결과 및 사업 업데이트를 보고했습니다. 수익은 지난해 0.7백만 달러에서 1.7백만 달러로 증가했습니다. 순손실은 2023년 3분기 2200만 달러에서 2740만 달러로 확대되었습니다. 이 회사는 AstraZeneca에 AI 설계를 통한 항체 서열을 제공하여 첫 번째 이정표를 달성했으며 Twist Bioscience와 새로운 협력에 들어갔습니다. 연구 개발 비용은 지난해 1100만 달러에서 1800만 달러로 증가했습니다. 현금 잔고는 1억 2710만 달러로, 2027년 상반기까지 운영 비용을 충당할 것으로 기대됩니다. 이 회사는 2024년 현금 사용 예상치를 이전의 8000만 달러에서 7500만 달러로 축소했습니다.
Absci (ABSI) a annoncé les résultats financiers et les mises à jour commerciales du troisième trimestre 2024. Les revenus ont augmenté à 1,7 million de dollars contre 0,7 million de dollars l'année précédente. La perte nette s'est creusée à 27,4 millions de dollars contre 22,0 millions de dollars au troisième trimestre 2023. L'entreprise a livré des séquences d'anticorps conçues par intelligence artificielle à AstraZeneca, atteignant ainsi son premier objectif, et a entamé une nouvelle collaboration avec Twist Bioscience. Les dépenses de recherche et développement ont augmenté à 18,0 millions de dollars contre 11,0 millions de dollars l'année précédente. La position de liquidités est de 127,1 millions de dollars, ce qui devrait financer les opérations jusqu'au premier semestre 2027. L'entreprise a réduit son utilisation de liquidités prévue pour 2024 à 75 millions de dollars contre 80 millions de dollars précédemment.
Absci (ABSI) hat die finanziellen Ergebnisse und Unternehmensupdates für das 3. Quartal 2024 veröffentlicht. Der Umsatz stieg von 0,7 Millionen US-Dollar im Vorjahr auf 1,7 Millionen US-Dollar. Der Nettoverlust vergrößerte sich auf 27,4 Millionen US-Dollar, verglichen mit 22,0 Millionen US-Dollar im 3. Quartal 2023. Das Unternehmen lieferte von KI entworfene Antikörpersequenzen an AstraZeneca und erreichte damit den ersten Meilenstein, und trat in eine neue Zusammenarbeit mit Twist Bioscience ein. Die F&E-Ausgaben stiegen auf 18,0 Millionen US-Dollar, ein Anstieg von 11,0 Millionen US-Dollar im Jahr zuvor. Die Liquiditätsposition beträgt 127,1 Millionen US-Dollar, die voraussichtlich die Betriebskosten bis zur ersten Hälfte des Jahres 2027 decken wird. Das Unternehmen hat seine geplante Barauszahlung für 2024 von zuvor 80 Millionen US-Dollar auf 75 Millionen US-Dollar reduziert.
- Revenue increased 142.9% YoY to $1.7M
- Achieved first milestone in AstraZeneca collaboration
- New partnership established with Twist Bioscience
- Reduced expected cash burn for 2024 by $5M to $75M
- Cash runway extended into first half of 2027
- Net loss increased 24.5% YoY to $27.4M
- R&D expenses increased 63.6% to $18.0M
- Cash position decreased from $145.2M to $127.1M QoQ
Insights
ABSI's Q3 results show mixed signals. Revenue increased to
The strategic partnerships with AstraZeneca and Twist Bioscience demonstrate commercial validation of ABSI's AI platform. The pipeline advancement, particularly ABS-101 moving toward Phase 1 trials in H1 2025, shows promising development trajectory. However, the significant increase in R&D spending and widening losses warrant careful monitoring of cash burn rate despite the improved guidance.
The milestone achievement with AstraZeneca in AI-designed antibody sequences represents a significant technical validation of ABSI's platform. The pipeline progression is noteworthy, with three key programs: ABS-101 (anti-TL1A antibody) advancing to IND-enabling studies, ABS-201 targeting dermatology and ABS-301 in immuno-oncology. The timeline for ABS-101's Phase 1 initiation in H1 2025 and interim data in H2 2025 provides clear development catalysts.
The collaboration with Twist Bioscience adds strategic value by combining complementary AI and synthetic biology capabilities. The company's projection of securing four new drug creation partnerships in 2024, including multi-program deals, suggests strong commercial interest in their technology platform.
Successfully delivered AI de novo designed antibody sequences to AstraZeneca, fulfilling first milestone under collaboration
Entered into collaboration with Twist Bioscience to design a novel antibody using generative AI
VANCOUVER, Wash. and NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today reported financial and operating results for the quarter ended September 30, 2024.
"The recent progress we have made across our portfolio of internal and partnered programs illustrates our commitment to delivering results," said Sean McClain, Founder and CEO. "Through achieving a milestone in our collaboration with AstraZeneca, adding a new partnership with Twist, and continuing to advance each of our own proprietary internal programs, the last few months represent another period of solid execution for Absci."
Recent Highlights
- Successfully delivered AI de novo designed antibody sequences to AstraZeneca in fulfillment of the first milestone under the companies’ AI-driven drug discovery collaboration, first announced in December 2023. The collaboration combines Absci’s Integrated Drug Creation™ platform with AstraZeneca's expertise in oncology with the goal to deliver an AI-designed antibody against an oncology target.
- Entered into a collaboration with Twist Bioscience to design a novel therapeutic using AI. Under the collaboration, the companies will integrate their industry-leading platforms to accelerate the design and development of a novel antibody therapeutic for a key biological target that potentially impacts multiple disease areas.
- Continuing to advance ABS-101, ABS-201, and ABS-301 programs through preclinical studies, and expecting to advance at least one additional internal asset program to a lead stage this year.
Internal Pipeline Updates, Anticipated Program Progress, and 2024 Outlook
- ABS-101 (potential best-in-class anti-TL1A antibody): Last month, at Festival of Biologics Europe 2024, Absci gave a presentation titled "Development of an AI designed therapeutic anti-TL1A antibody for IBD.” A poster containing additional data was also shared at this event, a copy of which can be found on Absci's website. Absci continues to advance ABS-101 through IND-enabling studies, plans to initiate Phase 1 clinical studies for ABS-101 in the first half of 2025, and continues to expect an interim data readout in the second half of 2025.
- ABS-201 (potential best-in-class antibody for undisclosed dermatology target): ABS-201 is designed for an undisclosed dermatological indication with significant unmet need, where the efficacy of the pharmacological standard of care is not satisfactory. Absci anticipates selecting a development candidate for this program in the second half of 2024.
- 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 anticipates completion of mode-of-action validation studies for this program in the first half of 2025.
- Additional Internal Pipeline Programs: In addition to further development of ABS-101, ABS-201, and ABS-301, Absci expects to advance at least one additional internal asset program to a lead stage in 2024.
- Drug Creation Partnerships: Absci continues to make further progress on its existing drug creation partnerships, and continues to anticipate signing drug creation partnerships with at least four Partners in 2024, including one or more multi-program partnerships.
Absci now expects a gross use of cash, cash equivalents, and short-term investments of approximately
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.
Third Quarter 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 September 30, 2024 were
Webcast Information
Absci will host a conference call to discuss its third quarter 2024 business updates and financial and operating results on Tuesday, November 12, 2024 at 8:00 a.m. Eastern Time / 5:00 a.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 Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
| (In thousands, except for share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | |||||||||||||||||
| Technology development revenue | $ | 1,701 | $ | 744 | $ | 3,869 | $ | 5,380 | |||||||||
| Total revenues | 1,701 | 744 | 3,869 | 5,380 | |||||||||||||
| Operating expenses | |||||||||||||||||
| Research and development | 17,985 | 11,029 | 45,482 | 35,798 | |||||||||||||
| Selling, general and administrative | 9,256 | 9,505 | 27,346 | 28,508 | |||||||||||||
| Depreciation and amortization | 3,355 | 3,513 | 10,155 | 10,515 | |||||||||||||
| Goodwill impairment | — | — | — | 21,335 | |||||||||||||
| Total operating expenses | 30,596 | 24,047 | 82,983 | 96,156 | |||||||||||||
| Operating loss | (28,895 | ) | (23,303 | ) | (79,114 | ) | (90,776 | ) | |||||||||
| Other income (expense) | |||||||||||||||||
| Interest expense | (130 | ) | (229 | ) | (456 | ) | (806 | ) | |||||||||
| Other income, net | 1,664 | 1,572 | 5,496 | 4,613 | |||||||||||||
| Total other income, net | 1,534 | 1,343 | 5,040 | 3,807 | |||||||||||||
| Loss before income taxes | (27,361 | ) | (21,960 | ) | (74,074 | ) | (86,969 | ) | |||||||||
| Income tax expense | (37 | ) | (34 | ) | (49 | ) | (52 | ) | |||||||||
| Net loss | $ | (27,398 | ) | $ | (21,994 | ) | $ | (74,123 | ) | $ | (87,021 | ) | |||||
| Net loss per share: Basic and diluted | $ | (0.24 | ) | $ | (0.24 | ) | $ | (0.68 | ) | $ | (0.95 | ) | |||||
| Weighted-average common shares outstanding: Basic and diluted | 113,613,488 | 92,217,234 | 108,665,095 | 91,844,221 | |||||||||||||
| Absci Corporation Unaudited Condensed Consolidated Balance Sheets | ||||||||
| September 30, | December 31, | |||||||
| (In thousands, except for share and per share data) | 2024 | 2023 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 38,195 | $ | 72,362 | ||||
| Restricted cash | 15,799 | 16,193 | ||||||
| Short-term investments | 88,873 | 25,297 | ||||||
| Receivables under development arrangements, net | 1,500 | 2,189 | ||||||
| Prepaid expenses and other current assets | 5,777 | 4,537 | ||||||
| Total current assets | 150,144 | 120,578 | ||||||
| Operating lease right-of-use assets | 4,223 | 4,490 | ||||||
| Property and equipment, net | 32,374 | 41,328 | ||||||
| Intangibles, net | 45,726 | 48,253 | ||||||
| Restricted cash, long-term | 1,155 | 1,112 | ||||||
| Other long-term assets | 1,609 | 1,537 | ||||||
| TOTAL ASSETS | $ | 235,231 | $ | 217,298 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,672 | $ | 1,503 | ||||
| Accrued expenses | 18,248 | 19,303 | ||||||
| Long-term debt | 3,274 | 3,258 | ||||||
| Operating lease obligations | 1,573 | 1,679 | ||||||
| Financing lease obligations | 140 | 641 | ||||||
| Deferred revenue | 1,781 | 3,174 | ||||||
| Total current liabilities | 26,688 | 29,558 | ||||||
| Long-term debt, net of current portion | 2,155 | 4,660 | ||||||
| Operating lease obligations, net of current portion | 4,847 | 5,643 | ||||||
| Finance lease obligations, net of current portion | — | 76 | ||||||
| Deferred tax liability, net | 175 | 186 | ||||||
| Deferred revenue, long-term | — | 966 | ||||||
| Other long-term liabilities | 31 | 33 | ||||||
| TOTAL LIABILITIES | 33,896 | 41,122 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 11 | 9 | ||||||
| Additional paid-in capital | 681,691 | 582,699 | ||||||
| Accumulated deficit | (480,618 | ) | (406,495 | ) | ||||
| Accumulated other comprehensive income (loss) | 251 | (37 | ) | |||||
| TOTAL STOCKHOLDERS' EQUITY | 201,335 | 176,176 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 235,231 | $ | 217,298 | ||||
FAQ
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