Absci Q1 net loss $29.5M; cash $226M; signs Merck collaboration worth up to $610M

Absci Corp

2022-Q1 EPS reported -$0.33 revenue$819,000

Net loss of $29.5M in Q1 2022 vs $11.0M in Q1 2021; R&D expense $15.8M, SG&A $10.9M.
Cash and equivalents $226.0M as of March 31, 2022, sufficient to fund operations through end of 2024.
Entered Merck collaboration for Bionic Enzyme generation; potential $610M in upfront and milestones plus royalties.
Unveiled AI models for antibody affinity prediction and naturalness scoring; partnered with NVIDIA.
Reiterates guidance of at least 8 new Active Programs in 2022 (60% YoY growth); 3 signed year-to-date.

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