Exhibit 99.1 Absci Reports Business Updates and Fourth Quarter and Full Year 2023 Financial and Operating Results Initiated IND-enabling studies for ABS-101, a potential best-in-class anti-TL1A antibody Entered into 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 VANCOUVER, Wash. and NEW YORK, March 21, 2024 – Absci Corporation (Nasdaq: ABSI), a data-first generativ ...

HONG KONG, March 6, 2024 /PRNewswire/ -- Even with the ever-changing situation, technological innovation is still the most critical component for biopharmaceutical companies' long-term development. This continuous innovation keeps companies up to date and promotes the evolution of R&D and the success of commercialization. Recently, Viva Biotech's portfolio companies have new updates. Keep reading for more details. AceLink Therapeutics Announces Publication of Phase 1 Clinical Trial Data Evaluating AL01211 i ...

VANCOUVER, Wash., March 01, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (NASDAQ:ABSI) ("Absci"), a data-first generative AI drug creation company, today announced the closing of its underwritten public offering of 19,205,000 shares of its common stock at a public offering price of $4.50 per share, before deducting underwriting discounts and commissions. The shares of common stock include 2,505,000 shares pursuant to the option granted by Absci to the underwriters, which was exercised in full. The gross proce ...

Absci Corporation (ABSI) shares rallied 10% in the last trading session to close at $5.16. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 18.4% gain over the past four weeks.Last month, the company initiated IND-enabling studies for ABS-101, an anti-TL1A antibody developed using its de novo generative AI foundation model. This might have been driving the share price rally.This company is expected to post qua ...

VANCOUVER, Wash., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (NASDAQ:ABSI) ("Absci"), a data-first generative AI drug creation company, today announced the pricing of an underwritten public offering of 16,700,000 shares of its common stock at a public offering price of $4.50 per share, before deducting underwriting discounts and commissions. In addition, Absci has granted the underwriters a 30-day option to purchase up to an additional 2,505,000 shares of its common stock on the same terms and cond ...

VANCOUVER, Wash., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (NASDAQ:ABSI) ("Absci"), a data-first generative AI drug creation company, announced today that it has commenced an underwritten public offering of $75.0 million of shares of its common stock. Absci also intends to grant the underwriters a 30-day option to purchase up to an additional $11.25 million of shares of its common stock. All of the shares in the proposed offering are to be sold by Absci. Absci intends to use the net proceeds from ...

Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Is Absci Corporation (ABSI) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question.Absci Corporation is a member of our Medical group, which includes 1073 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 i ...

Core Insights - Absci has appointed Sir Menelas "Mene" Pangalos to its Board of Directors and as co-chair of its Scientific Advisory Board, effective January 1, 2024, to enhance its AI-enabled drug discovery efforts [1][2] - Sir Pangalos brings over 25 years of experience in drug discovery and development, having previously served as Executive Vice President of BioPharmaceuticals R&D at AstraZeneca, where he significantly improved R&D productivity [1][2] - Absci's innovative 'zero-shot' generative AI model is positioned to reshape drug discovery, with recent collaborations including an AI-designed antibody for oncology and a partnership with Almirall for dermatological therapeutics [2] Company Overview - Absci is a generative AI drug creation company that integrates AI with scalable wet lab technologies to accelerate drug development and improve therapeutic outcomes [3] - The company's Integrated Drug Creation™ platform allows for the screening of billions of cells weekly, enabling rapid progression from AI-designed antibodies to wet lab-validated candidates in as little as six weeks [3] - Absci's headquarters is located in Vancouver, WA, with additional facilities in New York City and Zug, Switzerland [3]

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 September 30, 2023 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 85-3383487 (Sta ...

Financial Performance - Total revenues for the three months ended June 30, 2023, were $3,367,000, compared to $1,002,000 for the same period in 2022, representing a 236% increase [18]. - Technology development revenue increased to $3,367,000 for the three months ended June 30, 2023, from $636,000 in the prior year, a growth of 429% [18]. - Total operating expenses rose to $46,355,000 for the three months ended June 30, 2023, compared to $29,889,000 in the same period of 2022, an increase of 55% [18]. - The net loss for the three months ended June 30, 2023, was $41,672,000, compared to a net loss of $28,680,000 for the same period in 2022, reflecting a 45% increase in losses [18]. - The company reported an operating loss of $42,988,000 for the three months ended June 30, 2023, compared to an operating loss of $28,887,000 in the same period of 2022 [18]. - Comprehensive loss for the three months ended June 30, 2023, was $41,723,000, compared to a comprehensive loss of $28,718,000 for the same period in 2022 [18]. - The net loss for the six months ended June 30, 2023, was $65,027,000, compared to a net loss of $58,174,000 for the same period in 2022, representing an increase in loss of approximately 11% [24]. - Basic and diluted net loss per share for the three months ended June 30, 2023, was $(0.45), compared to $(0.32) for the same period in 2022 [78]. Assets and Liabilities - Total current assets decreased from $186,863 thousand as of December 31, 2022, to $148,037 thousand as of June 30, 2023, representing a decline of approximately 20.8% [15]. - Total liabilities decreased from $46,594 thousand to $38,754 thousand, a decline of about 16.8% [15]. - Total stockholders' equity decreased from $274,414 thousand to $215,399 thousand, a decline of about 21.5% [15]. - As of June 30, 2023, total assets measured at fair value amounted to $63,562,000, a decrease from $109,526,000 as of December 31, 2022 [70][73]. - The company held $15.0 million in escrow contingent upon the achievement of specific milestones [75]. Cash Flow - Net cash used in operating activities for the first half of 2023 was $39,353,000, a decrease from $43,728,000 in the same period of 2022, indicating improved cash flow management [24]. - The company reported a total of $42,851,000 in net cash provided by investing activities for the six months ended June 30, 2023, compared to a net cash used of $18,080,000 in the prior year [24]. - As of June 30, 2023, the company held cash equivalents and short-term investments totaling $63,562,000, a decrease from $109,526,000 at the end of 2022, primarily due to increased investments in short-term securities [35]. Expenses - Research and development expenses were $12,112,000 for the three months ended June 30, 2023, down from $16,241,000 in the same period of 2022, a decrease of 25% [18]. - Selling, general, and administrative expenses decreased to $9,410,000 for the three months ended June 30, 2023, from $10,507,000 in the prior year, a reduction of 10% [18]. - Total stock-based compensation expense for the three months ended June 30, 2023, was $3.054 million, a decrease from $4.247 million for the same period in 2022 [55]. Goodwill and Impairment - The company experienced a goodwill impairment of $21,335,000 for the three months ended June 30, 2023 [18]. - The company reported a goodwill impairment of $21,335,000 for the six months ended June 30, 2023, indicating a significant decline in market capitalization [24]. - As of June 30, 2023, the net carrying value of goodwill was $0, down from $21.3 million as of December 31, 2022, reflecting a complete impairment [45]. - The Company recognized a non-cash, pre-tax goodwill impairment charge of $21.3 million for the three months ended June 30, 2023, indicating that the recorded goodwill was fully impaired as of that date [45]. - The Company performed a quantitative impairment evaluation of goodwill using both income and market approaches, with significant assumptions including forecasted revenues and a discount rate reflecting the weighted average cost of capital [44]. Investments and Securities - The company’s investments in U.S. treasury bills as of June 30, 2023, had a fair market value of $63,539,000, with unrealized losses of $14,000 due to interest rate changes [35]. - The aggregate intrinsic value of outstanding stock options as of June 30, 2023, was calculated based on the fair value of common stock at $1.52 per share [57]. - The Company had 17,020,870 stock options outstanding as of June 30, 2023, with a weighted average exercise price of $3.50 per share [57]. Tax and Legal Matters - The effective income tax rate from continuing operations was 0.0% for the six months ended June 30, 2023 [81]. - The company has $1.8 million of unrecognized tax benefits as of June 30, 2023 [82]. - The company does not expect a significant increase or decrease in unrecognized tax benefits within the next twelve months [82]. - The Company is not currently party to any material claims or legal proceedings, indicating a stable legal environment [51]. Future Projections - The company aims to leverage its Integrated Drug Creation platform to shorten preclinical development of biologics, anticipating growth in the biologics market [6]. - The company is focused on attracting new partners and entering into technology development agreements to enhance revenue potential from milestone and royalty obligations [6]. - Future amortization expense for intangible assets is estimated to be $1.686 million for the remaining six months of 2023 and $3.370 million for each of the years 2024 and 2025 [49]. - As of June 30, 2023, the Company had $1.3 million of unrecognized compensation expense related to outstanding shares of restricted stock expected to be recognized over a remaining weighted-average period of 1.5 years [63].