Absci(ABSI) - 2024 Q3 - Quarterly Results

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]