Absci(US:ABSI) Globenewswireยท2025-08-12 20:05Core Insights - Absci Corporation has strengthened its balance sheet by raising approximately $64 million in gross proceeds in July 2025, ensuring sufficient cash, cash equivalents, and short-term investments to fund operations into the first half of 2028 [1][7][11] - The company has expanded its collaboration with Almirall, electing a second target focused on dermatological indications, following the successful delivery of AI-designed functional antibodies [5][2] - The ongoing clinical trials for ABS-101 and ABS-201 are progressing, with key milestones anticipated in the near future [2][5] Financial Performance - For the second quarter of 2025, Absci reported revenue of $0.6 million, a decrease from $1.3 million in the same period of 2024 [8] - Research and development expenses increased to $20.5 million in Q2 2025 from $15.3 million in Q2 2024, driven by advancements in internal programs [9] - Selling, general, and administrative expenses decreased to $8.5 million in Q2 2025 from $9.3 million in Q2 2024, primarily due to a reduction in stock compensation expense [10] - The net loss for Q2 2025 was $30.6 million, compared to a net loss of $24.8 million in Q2 2024 [10] Pipeline and Collaborations - ABS-101 is currently in a Phase 1 clinical trial, with interim data readout expected in the second half of 2025 [5][6] - ABS-201, targeting androgenetic alopecia, is on track to enter clinical trials in early 2026, with an interim efficacy readout anticipated in the second half of 2026 [5][6] - The collaboration with AMD aims to scale Absci's AI Drug Creation platform, supported by a $20 million strategic equity investment from AMD [5] Asset Overview - As of June 30, 2025, Absci's cash, cash equivalents, and short-term investments totaled $117.5 million, down from $134.0 million as of March 31, 2025 [11] - The company has a total asset value of $209.9 million as of June 30, 2025, with total liabilities of $36.5 million [20][21]