Core Insights - Absci Corporation has successfully delivered AI-designed antibody sequences to AstraZeneca, marking the achievement of the first milestone in their collaboration [2][3] - The company has entered a new partnership with Twist Bioscience to design a novel therapeutic using generative AI, aiming to accelerate the development of a key biological target [2][3] - Absci continues to advance its internal pipeline programs, including ABS-101, ABS-201, and ABS-301, with plans to initiate Phase 1 clinical studies for ABS-101 in the first half of 2025 [3] Financial Performance - For Q3 2024, Absci reported revenues of $1.7 million, an increase from $0.7 million in Q3 2023, driven by progress in partnered programs [6] - Research and development expenses rose to $18.0 million in Q3 2024 from $11.0 million in Q3 2023, primarily due to increased lab operations and costs associated with IND-enabling studies for ABS-101 [7] - The net loss for Q3 2024 was $27.4 million, compared to a net loss of $22.0 million in Q3 2023 [8] Cash Position and Outlook - Absci expects a gross use of cash, cash equivalents, and short-term investments of approximately $75 million for the fiscal year ending December 31, 2024, down from a previous estimate of $80 million [4] - As of September 30, 2024, the company had cash, cash equivalents, and short-term investments totaling $127.1 million, a decrease from $145.2 million as of June 30, 2024 [9] - The company believes its existing cash resources will be sufficient to fund operations into the first half of 2027 [5]

VANCOUVER, Wash. and NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today announced the company will report business updates and financial and operating results for the third quarter before market open on Tuesday, November 12, 2024. Absci management will webcast a corresponding conference call beginning at 8:00 a.m. Eastern Time / 5:00 a.m. Pacific Time to discuss its business developments, financial and operating results, and ...

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VANCOUVER, Wash. and NEW YORK, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today announced the company will be participating in the following upcoming investor conferences. Morgan Stanley 22nd Annual Global Healthcare ConferenceFireside chat on Thursday, September 5th at 5:35 p.m. Eastern Time Citi 2024 Global TMT Conference Fireside chat on Friday, September 6th at 8:20 a.m. Eastern Time H.C. Wainwright 26th Annual Global Investment ...

Absci Corporation (NASDAQ:ABSI) Q2 2024 Earnings Conference Call August 14, 2024 4:30 PM ET Company Participants Alex Khan - VP, Finance and IR Sean McClain - Founder and CEO Zach Jonasson - CFO and Chief Business Officer Christian Stegmann - SVP of Drug Creation Conference Call Participants Steven Mah - TD Cowen Srikripa Devarakonda - Truist George Farmer - Scotiabank Scott Schoenhaus - KeyBanc Operator Good day and thank you for standing by. Welcome to the Absci Second Quarter 2024 Business Update Confere ...

分组1 - Absci Corporation reported a quarterly loss of $0.22 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.19, and an improvement from a loss of $0.27 per share a year ago [1] - The company's revenues for the quarter ended June 2024 were $1.27 million, missing the Zacks Consensus Estimate by 37.93%, and down from $3.37 million in the same quarter last year [1] - Absci Corporation has not surpassed consensus EPS and revenue estimates over the last four quarters [1] 分组2 - The stock has underperformed, losing about 7.6% since the beginning of the year, while the S&P 500 has gained 13.9% [2] - The company's earnings outlook is mixed, with a current consensus EPS estimate of -$0.19 on revenues of $1.81 million for the coming quarter, and -$0.80 on revenues of $7.42 million for the current fiscal year [4] - The Medical - Biomedical and Genetics industry, to which Absci belongs, is currently in the top 29% of Zacks industries, indicating a favorable industry outlook [5]

Financial Performance - Total revenues for the three months ended June 30, 2024, were $1,270,000, compared to $3,367,000 for the same period in 2023, representing a decrease of approximately 62.3%[14] - Operating loss for the six months ended June 30, 2024, was $(50,219,000), compared to $(67,473,000) for the same period in 2023, showing an improvement of approximately 25.6%[14] - Net loss for the three months ended June 30, 2024, was $(24,750,000), compared to $(41,672,000) for the same period in 2023, indicating a reduction of approximately 40.6%[14] - The net loss for the six months ended June 30, 2024, was $46.725 million, an improvement from a net loss of $65.027 million for the same period in 2023, representing a 28.1% reduction in losses[21] - Comprehensive loss for the three months ended June 30, 2024, was $(24,732,000), compared to $(41,723,000) for the same period in 2023, a decrease of approximately 40.7%[14] Cash and Assets - Cash and cash equivalents decreased from $72,362,000 in December 2023 to $42,936,000 in June 2024, a decline of approximately 40.5%[11] - Total current assets increased from $120,578,000 in December 2023 to $165,186,000 in June 2024, representing an increase of about 37.1%[11] - Total assets rose from $217,298,000 in December 2023 to $255,529,000 in June 2024, an increase of approximately 17.6%[11] - As of June 30, 2024, the company had cash, cash equivalents, and restricted cash totaling $60.585 million, down from $78.016 million at the end of the previous year[21] - The company’s investments in short-term securities amounted to $102.310 million as of June 30, 2024, with proceeds from maturities of available-for-sale securities totaling $89.1 million for the six months ended June 30, 2024[32] Liabilities and Equity - Total liabilities decreased from $41,122,000 in December 2023 to $34,041,000 in June 2024, a reduction of about 17.2%[11] - The accumulated deficit widened from $(406,495,000) to $(453,220,000), indicating an increase in losses of approximately 11.5%[11] - Total stockholders' equity as of June 30, 2024, was $221,488,000, compared to $176,176,000 as of December 31, 2023, reflecting an increase of approximately 25.7%[17] Shareholder Information - The number of shares issued and outstanding increased from 93,087,675 to 113,444,491, representing a growth of about 21.8%[11] - Weighted-average common shares outstanding for the three months ended June 30, 2024, were 112,934,086, compared to 91,827,780 for the same period in 2023, an increase of approximately 23%[14] - Basic and diluted net loss per share for the three months ended June 30, 2024, was $(0.22), compared to $(0.45) for the same period in 2023, a decrease of approximately 51.1%[14] Expenses - Research and development expenses for the three months ended June 30, 2024, increased to $15,261,000 from $12,112,000 in the same period of 2023, reflecting a rise of approximately 26.5%[14] - Total operating expenses for the three months ended June 30, 2024, were $27,991,000, down from $46,355,000 in the same period of 2023, a decrease of approximately 39.5%[14] - Cash used in operating activities for the six months ended June 30, 2024, was $34.706 million, compared to $39.353 million for the same period in 2023, indicating an 11.8% decrease[21] - Total stock-based compensation expense for the six months ended June 30, 2024, was $8.893 million, up from $5.720 million in the same period of 2023, reflecting a 55.5% increase[37] Revenue Recognition - The company recognized $2.2 million in revenue from deferred revenue during the six months ended June 30, 2024, compared to $0.4 million in the same period of 2023, marking a significant increase[27] - Two partners represented 100% of total revenue under technology development arrangements for the six months ended June 30, 2024, compared to approximately 94% in the same period of 2023, indicating a concentration risk[28] Stock Options and Compensation - The company’s stock options outstanding increased to 19,487,460 as of June 30, 2024, from 17,104,505 at the end of 2023, reflecting a growth of 13.9%[39] - The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2024, was $3.22 per share, compared to $1.44 per share in the same period of 2023[40] - The company granted 2,480,085 restricted stock units during the three months ended June 30, 2024, with a weighted average grant date fair value of $5.03 per share[47] - The company recognized $9.7 million of unrecognized compensation expense related to outstanding restricted stock units expected to be recognized over a remaining weighted-average period of 1.7 years[47] Risk Management and Controls - There have been no material changes in reported market risks or risk management policies since the last Annual Report filed on March 21, 2024[136] - Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of the end of the reporting period[138] - No changes in internal control over financial reporting occurred during the three months ended June 30, 2024, that materially affected internal controls[138] - The company is not currently a party to any material litigation or legal proceedings, but may face various claims in the ordinary course of business[139] Future Outlook - The company is focusing on leveraging its Integrated Drug Creation platform to enhance drug discovery and development processes[6] - Future expectations include potential revenue from milestone achievements and royalties from partnerships utilizing the Integrated Drug Creation platform[6]

Exhibit 99.1 Absci Reports Business Updates and Second Quarter 2024 Financial and Operating Results Released results from non-human primate studies for ABS-101, demonstrating 2-3x extended half-life as compared to antibodies in clinical development Entered into collaboration with Memorial Sloan Kettering Cancer Center to co-develop up to six novel oncology therapeutics VANCOUVER, Wash. and NEW YORK, August 14, 2024 – Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today r ...

Core Insights - Absci Corporation reported significant advancements in its drug development pipeline, particularly with ABS-101, which demonstrated a 2-3x extended half-life compared to other antibodies in clinical development [1][3][4] - The company has entered a collaboration with Memorial Sloan Kettering Cancer Center to co-develop up to six novel oncology therapeutics, enhancing its research capabilities [1][3][4] Recent Highlights - Results from non-human primate studies for ABS-101 (anti-TL1A antibody) indicate a potential best-in-class profile, with increased biodistribution and formulation capabilities at a high concentration of 200 mg/mL [3][4] - The collaboration with MSK aims to leverage Absci's Integrated Drug Creation™ platform for innovative oncology programs [3][4] Internal Pipeline Updates - ABS-101 is expected to enter Phase 1 clinical studies in early 2025, with interim data readout anticipated in the second half of 2025 [4] - ABS-201, targeting an undisclosed dermatological indication, is expected to select a development candidate in the second half of 2024 [4] - ABS-301, designed for an undisclosed immuno-oncology target, is set to complete mode-of-action validation studies in the second half of 2024 [4] - Absci plans to advance at least one additional internal asset program to a lead stage in 2024 [4] Financial Results - Revenue for Q2 2024 was $1.3 million, down from $3.4 million in Q2 2023, attributed to a mix of partnered and internal programs [7] - Research and development expenses increased to $15.3 million in Q2 2024 from $12.1 million in Q2 2023, driven by higher lab operations and IND-enabling studies for ABS-101 [7] - The net loss for Q2 2024 was $24.8 million, a decrease from $41.7 million in Q2 2023, which included a non-cash goodwill impairment charge in the prior year [8] Cash Position and Outlook - As of June 30, 2024, cash, cash equivalents, and short-term investments totaled $145.2 million, down from $161.5 million as of March 31, 2024 [8] - The company expects a gross use of cash of approximately $80 million for the fiscal year ending December 31, 2024, sufficient to fund operations into the first half of 2027 [5][6]

Core Insights - Absci Corporation has announced a collaboration with Memorial Sloan Kettering Cancer Center (MSK) to develop novel therapeutics using generative AI for up to six programs [1] - The collaboration aims to leverage Absci's Integrated Drug Creation™ platform alongside MSK's expertise in oncology to advance cancer treatment [1] - Absci has established multiple partnerships with global pharmaceutical leaders and research institutes, enhancing its drug development capabilities [1] Company Overview - Absci is a generative AI drug creation company that integrates AI with scalable wet lab technologies to accelerate the development of biologics [2] - The Integrated Drug Creation™ platform allows Absci to optimize multiple drug characteristics simultaneously, significantly increasing the probability of success in drug development [2] - The company can screen billions of cells weekly, enabling rapid progression from AI-designed antibodies to wet lab-validated candidates in as little as six weeks [2] Collaboration Details - The partnership with MSK is part of Absci's broader strategy to collaborate with leading research institutions and pharmaceutical companies to develop innovative therapies [1] - Absci's existing collaborations include partnerships with AstraZeneca, Almirall, Merck, and NVIDIA, indicating a strong network within the pharmaceutical industry [1] - The collaboration with MSK is expected to enhance cancer research and the development of new therapies for patients [1]