Absci Reports Business Updates and Second Quarter 2024 Financial and Operating Results

Core Insights - Absci Corporation reported significant advancements in its drug development pipeline, particularly with ABS-101, which demonstrated a 2-3x extended half-life compared to other antibodies in clinical development [1][3][4] - The company has entered a collaboration with Memorial Sloan Kettering Cancer Center to co-develop up to six novel oncology therapeutics, enhancing its research capabilities [1][3][4] Recent Highlights - Results from non-human primate studies for ABS-101 (anti-TL1A antibody) indicate a potential best-in-class profile, with increased biodistribution and formulation capabilities at a high concentration of 200 mg/mL [3][4] - The collaboration with MSK aims to leverage Absci's Integrated Drug Creation™ platform for innovative oncology programs [3][4] Internal Pipeline Updates - ABS-101 is expected to enter Phase 1 clinical studies in early 2025, with interim data readout anticipated in the second half of 2025 [4] - ABS-201, targeting an undisclosed dermatological indication, is expected to select a development candidate in the second half of 2024 [4] - ABS-301, designed for an undisclosed immuno-oncology target, is set to complete mode-of-action validation studies in the second half of 2024 [4] - Absci plans to advance at least one additional internal asset program to a lead stage in 2024 [4] Financial Results - Revenue for Q2 2024 was $1.3 million, down from $3.4 million in Q2 2023, attributed to a mix of partnered and internal programs [7] - Research and development expenses increased to $15.3 million in Q2 2024 from $12.1 million in Q2 2023, driven by higher lab operations and IND-enabling studies for ABS-101 [7] - The net loss for Q2 2024 was $24.8 million, a decrease from $41.7 million in Q2 2023, which included a non-cash goodwill impairment charge in the prior year [8] Cash Position and Outlook - As of June 30, 2024, cash, cash equivalents, and short-term investments totaled $145.2 million, down from $161.5 million as of March 31, 2024 [8] - The company expects a gross use of cash of approximately $80 million for the fiscal year ending December 31, 2024, sufficient to fund operations into the first half of 2027 [5][6]