Absci(US:ABSI)2025-11-12 21:13Revenue and Loss - Partner program revenue for Q3 2025 was $378,000, a decrease of 77.8% compared to $1.7 million in Q3 2024[19] - Net loss for Q3 2025 was $28.7 million, compared to a net loss of $27.4 million in Q3 2024, indicating a 4.8% increase in losses[19] - The company reported a comprehensive loss of $28.5 million for Q3 2025, compared to a comprehensive loss of $27.0 million in Q3 2024[19] - The net loss for the nine months ended September 30, 2025, was $85,621,000, compared to a net loss of $74,123,000 for the same period in 2024, indicating an increase in losses of about 15.5%[24] Operating Expenses - Total operating expenses for Q3 2025 were $30.5 million, slightly down from $30.6 million in Q3 2024[19] - Total operating expenses for Q3 2025 were $30.532 million, compared to $30.596 million in Q3 2024[57] - The Company reported a significant increase in expenses for drug creation programs, totaling $5.669 million in Q3 2025, up from $4.144 million in Q3 2024[57] Cash and Assets - Cash and cash equivalents rose to $41.2 million as of September 30, 2025, compared to $9.5 million at the end of 2024[18] - Total assets increased to $245.0 million as of September 30, 2025, up from $213.6 million at the end of 2024[18] - The company reported a cash balance of $26,871,000 at the end of the period, down from $55,149,000 at the same time last year, marking a decrease of approximately 51%[24] Stockholders' Equity and Deficit - As of September 30, 2025, total stockholders' equity increased to $210,340,000 from $179,133,000 on December 31, 2024, reflecting a growth of approximately 17.4%[21] - The accumulated deficit as of September 30, 2025, was $509.6 million, an improvement from $595.2 million at the end of 2024[18] - The total accumulated deficit increased to $595,222,000 as of September 30, 2025, from $509,601,000 on December 31, 2024, reflecting a rise of about 16.8%[21] Share Issuance and Stock Options - The company issued 21,778,560 common shares in 2025, raising $60,649,000 net of issuance costs, compared to 19,205,000 shares issued in 2024 for $80,827,000[21] - The company issued 16,670,000 shares and received $46.7 million in net proceeds from a shelf registration statement in July 2025[43] - As of September 30, 2025, there were 21,905,416 stock options outstanding, with a weighted average exercise price of $3.29 per share[50] Stock-Based Compensation - Stock-based compensation expenses for the nine months ended September 30, 2025, totaled $14,064,000, slightly down from $14,384,000 in 2024[24] - Total stock-based compensation expense for Q3 2025 was $4.396 million, a decrease of 20.2% from $5.508 million in Q3 2024[49] - For the nine months ended September 30, 2025, total stock-based compensation expense was $14.093 million, slightly down from $14.401 million in the same period of 2024[49] Future Projections and Risks - The company anticipates potential delays in commercialization and increased expenses if projected development goals are not met[10] Other Financial Metrics - Cash used in operating activities for the nine months ended September 30, 2025, was $63,743,000, up from $55,438,000 in 2024, representing an increase of approximately 15%[24] - The company experienced a net cash decrease of $31,343,000 in the nine months ended September 30, 2025, compared to a decrease of $34,518,000 in the same period of 2024[24] - The intrinsic value of outstanding stock options as of September 30, 2025, was $9.804 million[50] - Unrecognized stock-based compensation related to stock options was $22.0 million, expected to be recognized over a remaining weighted average period of 2.1 years[50] - The number of unvested restricted stock units as of September 30, 2025, was 4,420,360, with an unrecognized compensation expense of $5.9 million[52] Partner Program and Collaborations - Two partners represented approximately 93% of total partner program revenue for the three months ended September 30, 2025[31] - The company received $0.8 million in cost-sharing payments related to collaborative arrangements during the three months ended September 30, 2025, with no such payments in the same period of 2024[32] - During the three months ended September 30, 2025, the company recognized $0.2 million in revenue from deferred revenue, compared to $0.8 million during the same period in 2024[30] Securities and Investments - Proceeds from maturities of available-for-sale securities were $39.0 million for the three months ended September 30, 2025, compared to $43.0 million for the same period in 2024[35] - The company held $32.6 million of marketable securities with a remaining maturity of greater than one year as of September 30, 2025[35] - The contingent consideration liability related to the acquisition of Totient, Inc. was valued at $12.75 million as of September 30, 2025[39] - In October 2025, the Company agreed to settle a contingent consideration liability for approximately $7.6 million related to the acquisition of Totient[59]