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]

iLexx Absci Corporation (NASDAQ:ABSI) is a biotech stock that uses its IDCP technology, combining extensive datasets, advanced AI algorithms, and wet lab validation. This produces high-quality drug candidates quickly, in as little as six weeks. ABSI’s streamlined process reduces costs and should improve its research progress success rate. Additionally, the company’s innovative approach has attracted major partnerships that yielded over $900 million in deal value and royalties in 2H2023 and has promising ...

VANCOUVER, Wash. and NEW YORK, July 10, 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 second quarter after market close on Wednesday, August 14, 2024. Absci management will webcast a corresponding conference call beginning at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss its business developments, financial and operating results, and ...

VANCOUVER, Wash. and NEW YORK, June 12, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (NASDAQ:ABSI), a data-first generative AI drug creation company, today announced the company will be participating in the upcoming Morgan Stanley 3rd Annual Life Sciences AI Summit on June 26-27 in New York, NY. Interested parties may contact their Morgan Stanley representative to request registration details for this live event. About Absci Absci is a data-first generative AI drug creation company that combines AI with scala ...

Core Insights - The pharmaceutical industry is increasingly leveraging artificial intelligence (AI) for drug discovery and development, with varying impacts on individual stocks [1] Group 1: Company-Specific Insights - **Schrodinger (SDGR)**: The company utilizes a physics-based computational platform for drug discovery, generating $36.6 million in revenues, primarily from software licensing, which improved by 3.7% [2][3] - **Absci (ABSI)**: Focuses on generative AI for drug creation and has a collaboration with AstraZeneca worth up to $247 million, although it continues to report low revenues [5][6] - **Bristol-Myers Squibb (BMY)**: Engages in multiple AI collaborations to enhance drug discovery and clinical trial success, including a partnership with VantAI that could yield $674 million in milestone payments [7][8] - **Eli Lilly (LLY)**: Benefits from successful weight loss drugs and is exploring AI's potential in drug discovery, with AI producing novel therapeutic candidates [10][11] - **Novartis (NVS)**: Actively involved in over 150 AI projects and has partnered with Microsoft and Nvidia, reporting 11% top-line growth and a 22% increase in operating income [12][13] - **Pfizer (PFE)**: Experienced a decline in share price post-pandemic but has potential for recovery through AI-driven drug development, notably with Paxlovid [14][15] - **Novo Nordisk (NVO)**: Investing in AI through a collaboration to build a supercomputer in Denmark, aimed at accelerating drug discovery and addressing societal challenges [16][17]

Absci Corporation. (NASDAQ:ABSI) Q1 2024 Earnings Conference Call May 14, 2024 8:30 AM ET Company Participants Alex Khan – Vice President, Finance and Investor Relations Sean McClain – Founder and Chief Executive Officer Zach Jonasson – Chief Financial Officer and Chief Business Officer Christian Stegmann – SVP of Drug Creation Conference Call Participants Kripa Devarakonda – Truist Securities George Farmer – Scotia Bank Jacqueline Kisa – TD Cowen Steve Dechert - KeyBanc Capital Markets Li Chen – H.C. Wainw ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number 001-40646 ABSCI CORPORATION (Exact name of registrant as specified in its charter) Delaware 8 ...

Exhibit 99.1 Absci Reports Business Updates and First Quarter 2024 Financial and Operating Results Initiated IND-enabling studies for ABS-101 in February Continuing to advance ABS-201 and ABS-301 through preclinical studies VANCOUVER, Wash. and NEW YORK, May 14, 2024 – Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today reported financial and operating results for the quarter ended March 31, 2024. "During the first quarter, we made significant strides in advancing both ...

Absci Corporation (ABSI) is scheduled to report first-quarter 2024 results on May 14.Let's see how things might have shaped up prior to the announcement.Factors to ConsiderAbsci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients.The company primarily generates revenues from drug-creation activities. ABSI is still early in the adoption phase of its drug creation model.Hence, investors will mostly focus on pipeline up ...