Revenue and Financial Performance - Technology development revenue for Q3 2024 was $1.701 million, up from $744 thousand in Q3 2023, representing a 128.5% increase[11] - Total revenues for the nine months ended September 30, 2024, were $3.869 million, compared to $5.380 million for the same period in 2023, a decrease of 28.0%[11] - The net loss for Q3 2024 was $27.398 million, compared to a net loss of $21.994 million in Q3 2023, reflecting a 24.0% increase in losses[11] - The company reported a comprehensive loss of $27.033 million for Q3 2024, compared to a comprehensive loss of $21.907 million in Q3 2023[11] - The net loss for the nine months ended September 30, 2024, was $74,123,000, compared to a net loss of $87,021,000 for the same period in 2023, representing a 14.5% improvement[18] - The net loss for the three months ended September 30, 2024, was $27.4 million, compared to a net loss of $22.0 million for the same period in 2023[54] - The net loss for the nine months ended September 30, 2024, was $74.1 million, compared to a net loss of $87.0 million for the same period in 2023[54] Expenses and Liabilities - Research and development expenses for Q3 2024 were $17.985 million, an increase of 63.5% from $11.029 million in Q3 2023[11] - Cash used in operating activities for the nine months ended September 30, 2024, was $55,438,000, compared to $49,714,000 for the same period in 2023, indicating an increase of 11.5%[18] - The company reported a principal payment of $2,489,000 on long-term debt during the nine months ended September 30, 2024[18] - The contingent consideration liability related to the acquisition of Totient, Inc. is $15.0 million, contingent upon achieving specific milestones[52] Shareholder Information - The weighted-average common shares outstanding for Q3 2024 were 113,613,488, up from 92,217,234 in Q3 2023, indicating a 23.2% increase[11] - The weighted-average common shares outstanding for the nine months ended September 30, 2024, was 108,665,095, an increase from 91,844,221 for the same period in 2023[54] - The total potentially dilutive securities not included in the diluted net loss per share calculation amounted to 24,567,869 for the three months ended September 30, 2024, compared to 18,348,459 for the same period in 2023[55] Assets and Investments - Unrealized gains on investments as of September 30, 2024, amounted to $134,000, while unrealized losses were $1,000, resulting in a fair market value of $88,928,000 for total investments[28] - The total assets measured at fair value as of September 30, 2024, amounted to $88.928 million, with $81.973 million classified under Level 2[49] - The company had total liabilities measured at fair value of $12.750 million as of September 30, 2024, all classified under Level 3[49] Stock Options and Compensation - The total stock-based compensation expense for the three months ended September 30, 2024, was $5.508 million, compared to $2.553 million for the same period in 2023, representing a 116% increase[35] - The number of outstanding stock options increased to 19,565,154 as of September 30, 2024, from 17,104,505 at the end of 2023, with a weighted average exercise price of $3.39[38] - The aggregate intrinsic value of outstanding stock options as of September 30, 2024, was $21.553 million, based on a closing stock price of $3.82 per share[38] - The company granted 2,538,737 restricted stock units during the nine months ended September 30, 2024, with a weighted average grant date fair value of $3.95 per share[44] - As of September 30, 2024, there was $7.7 million of unrecognized compensation expense related to outstanding restricted stock units expected to be recognized over a remaining weighted-average period of 1.6 years[44] Strategic Focus and Market Outlook - The company expects to leverage its Integrated Drug Creation platform to shorten preclinical development timelines for biologics[4] - The company anticipates growth in the biologics market, which will support its service and technology offerings[4] - The company plans to expand its relationships with existing partners and introduce its platform to new partners for drug candidate development[4] - The company is focused on advancing internally developed programs through preclinical studies and clinical trials[4] Other Financial Metrics - The company recognized $3,000,000 in revenue from deferred revenue during the nine months ended September 30, 2024, compared to $400,000 in the same period of 2023, showing significant growth[23] - As of September 30, 2024, contract liabilities were $1,800,000, down from $4,100,000 as of December 31, 2023, reflecting a decrease of 56.1%[23] - Proceeds from maturities of available-for-sale securities for the nine months ended September 30, 2024, were $132,100,000, compared to $189,900,000 for the same period in 2023, reflecting a decrease of 30.3%[28] - As of September 30, 2024, the net property and equipment decreased to $32.374 million from $41.328 million as of December 31, 2023, reflecting a depreciation expense of $2.5 million for the quarter[32] - The company recognized a write-down of $1.1 million for laboratory equipment classified as held-for-sale during the third quarter of 2024[33] Market Risks - There have been no material changes in reported market risks or risk management policies since the last annual report[129]

Financial Performance - Revenue for Q3 2024 was $1.7 million, up from $0.7 million in Q3 2023, representing a 142.9% increase driven by partnered programs[11] - Net loss for Q3 2024 was $27.4 million, compared to a net loss of $22.0 million in Q3 2023, reflecting a 24.5% increase in losses[13] - Absci's operating loss for Q3 2024 was $28.9 million, compared to an operating loss of $23.3 million in Q3 2023, indicating a 24.0% increase in operating losses[13] Expenses and Cash Flow - Research and development expenses increased to $18.0 million in Q3 2024 from $11.0 million in Q3 2023, a rise of 63.6% primarily due to increased lab operations and IND-enabling studies for ABS-101[12] - The company expects a gross use of cash for the fiscal year 2024 to be approximately $75 million, revised down from $80 million[9] - Cash, cash equivalents, and short-term investments as of September 30, 2024, were $127.1 million, down from $145.2 million as of June 30, 2024[14] Assets and Liabilities - Total assets increased to $235,231 thousand as of September 30, 2024, up from $217,298 thousand at December 31, 2023, representing a growth of approximately 8.9%[20] - Current assets rose to $150,144 thousand, compared to $120,578 thousand at the end of 2023, marking an increase of about 24.5%[20] - Total liabilities decreased to $33,896 thousand from $41,122 thousand, reflecting a reduction of about 17.5%[20] - Long-term debt, net of current portion, decreased to $2,155 thousand from $4,660 thousand, a reduction of approximately 53.8%[20] - Operating lease obligations, net of current portion, decreased to $4,847 thousand from $5,643 thousand, reflecting a decline of about 14.1%[20] Stockholders' Equity - Stockholders' equity increased to $201,335 thousand, up from $176,176 thousand, indicating a growth of approximately 14.3%[20] - Additional paid-in capital rose significantly to $681,691 thousand from $582,699 thousand, an increase of about 16.9%[20] - The accumulated deficit widened to $(480,618) thousand from $(406,495) thousand, representing an increase of approximately 18.2%[20] - Deferred revenue decreased to $1,781 thousand from $3,174 thousand, a decline of about 44%[20] Future Plans and Developments - Absci plans to initiate Phase 1 clinical studies for ABS-101 in the first half of 2025, with an interim data readout expected in the second half of 2025[5] - The company anticipates selecting a development candidate for ABS-201 in the second half of 2024, targeting an undisclosed dermatological indication[6] - Absci expects to advance at least one additional internal asset program to a lead stage in 2024[8] - The company aims to sign drug creation partnerships with at least four partners in 2024, including potential multi-program partnerships[8]

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 ...

This article is published by Terry Chrisomalis, who runs the Biotech Analysis Central pharmaceutical service on Seeking Alpha Marketplace. If you like what you read here and would like to subscribe to, I'm currently offering a two-week free trial period for subscribers to take advantage of. My service offers a deep-dive analysis of many pharmaceutical companies. The Biotech Analysis Central SA marketplace is $49 per month, but for those who sign up for the yearly plan will be able to take advantage of a 33. ...

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 ...