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, 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 (State o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 (State or oth ...

Absci's Integrated Drug Creation Platform - Absci is developing an Integrated Drug Creation platform that combines proprietary wet-lab assays capable of generating billions of protein-protein interactions a week for machine learning (ML) training with a scalable wet-lab infrastructure capable of validating 2.8 million unique AI-generated designs a week[17] - Absci's platform aims to accelerate drug discovery by enabling de novo drug creation with 'zero-shot' generative AI, demonstrated across four therapeutic targets[31] - Absci's rapid cycle times allow for rapid iteration and improvement of AI models, reduction of preclinical development timelines, and increased probability of success[22, 24] AI-Driven Antibody Design and Optimization - Absci is the first to design and validate new antibodies with zero-shot generative AI[26] - Absci's AI model generated highly diverse and effective binders from a massive search space[35] - 85% of the top 100 "natural" Trastuzumab variants exhibit higher-affinity than wild-type[50] Novel Target Discovery and Bionic Protein Technology - Absci's workflow identifies antigens targeted by exceptional immune responses, with >6,600 reconstructed antibodies and >250 hits under evaluation[63] - Absci is advancing a high-yielding SoluPro platform that enables selective site-specific non-standard amino acid (nsAA) incorporation into difficult-to-produce biologics[68] Partnerships and Financial Position - Merck has invested $610 million in biobucks for Absci drug discovery pact[103] - Absci has >$180M of cash, cash equivalents and short-term investments[98]

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------|-------------------------------------------------------------|---------------------------- ...

Financial Data and Key Metrics Changes - Revenue for Q3 2021 increased approximately 68% to $1.5 million compared to $900,000 for Q3 2020, slightly below internal forecasts due to timing differences in revenue recognition [38][40] - Research and development expenses rose to $10.7 million from $2.7 million year-over-year, attributed to increased headcount [39] - Selling, general and administrative expenses were $9.7 million for Q3 2021, up from $1.3 million in the prior year, with significant costs related to personnel and public company expenses [40] Business Line Data and Key Metrics Changes - The company had nine active programs with seven partners, indicating a focus on partnerships for drug candidate development [9] - The business model emphasizes partnerships where the company develops drug candidates and cell lines, benefiting from program fees, milestones, and royalties [8] Market Data and Key Metrics Changes - The company is experiencing strong interest from partners in its expanded capabilities, particularly in drug discovery, which is expected to generate greater long-term value [38][60] - The market is excited about the company's discovery platform, with a majority of the current pipeline being discovery-focused [60] Company Strategy and Development Direction - The company aims to revolutionize drug discovery by integrating AI and biology, enhancing its drug creation platform to deliver better drugs to patients faster [8][33] - Recent acquisitions of Denovium and Totient are expected to significantly enhance the company's capabilities in AI-driven drug discovery and antibody development [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's progress and the feedback received from the marketplace, highlighting the potential for future revenue generation from ongoing programs [18][38] - The company is focused on building a robust pipeline for 2022, with expectations of closing additional discovery deals [76] Other Important Information - The company successfully raised over $435 million in financing, including a $210 million IPO, providing the capital needed to execute its vision [17][40] - The company moved into a new 80,000 square foot facility, enhancing its operational capabilities [9] Q&A Session Summary Question: Interest in Totient and diagnostic opportunities - Management acknowledged the potential for diagnostics but indicated that it is not a current focus, emphasizing the evaluation of how far to take assets before partnering [44][46] Question: Insights on EQRx partnership - Management confirmed that the EQRx deal is a multi-target, multi-program collaboration but could not disclose specific targets at this time [48][49] Question: Revenue guidance for next year - Management stated it is too early to provide guidance for next year, citing timing differences in revenue recognition due to the shift from cell line development to discovery deals [50][51] Question: Partnerships with Astellas and PhaseBio - Management indicated that the Astellas partnership involves molecule optimization and that they cannot disclose details about the PhaseBio asset at this time [53][54] Question: Hiring focus and SG&A expenses - The majority of new hires are focused on lab and operations, with SG&A expenses impacted by non-stock compensation and recruiting costs [62][63] Question: Future pipeline and program visibility - Management expressed confidence in a strong pipeline for 2022, with ongoing discussions with partners to close additional deals [75][76]