Absci Q1 2023: Net loss $23.4M; cash $144.3M; zero-shot AI breakthrough; new partnerships

Absci Corp

2023-Q1 EPS reported -$0.26 revenue$1,269,000

Revenue $1.3M (up from $0.8M YoY); net loss narrowed to $23.4M from $29.5M.
Cash and investments $144.3M at March 31, 2023; runway into late 2025.
Achieved first zero-shot generative AI design of de novo therapeutic antibodies; hit rate 5-30x above baselines.
Partnered with Oxford Kennedy Institute (immune diseases) and Aster Insights (oncology) to apply AI platform.
Guidance: at least 10 new Active Programs in 2023; gross cash use ~$90M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Absci Corp reported first quarter ended March 31, 2023 results: revenue $1.3 million, net income Net loss was $23.4 million.

Period: first quarter ended March 31, 2023
Revenue: $1.3 million
Net income: Net loss was $23.4 million
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results Revenue was $1.3 million for the three months ended March 31, 2023 compared to $0.8 million for the three months ended March 31, 2022. This increase was driven by partnered program mix and progress timing. Revenue in the first quarter of 2023 was impacted by timing of progress on the Merck research collaboration based on administrative delays, and Absci expects to recognize revenues from this collaboration throughout 2023. Research and development expenses were $12.7 million for the first quarter of 2023 compared to $15.8 million for the corresponding prior year period. This decrease was primarily driven by lower laboratory operational costs. Selling, general, and administrative expenses were $9.6 million for the first quarter of 2023 compared to $10.9 million for the corresponding prior year period. This decrease was primarily due to a reduction in insurance costs. Net loss was $23.4 million for the first quarter of 2023, as compared to $29.5 milli

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Source: SEC EDGAR

accession 0001628280-23-018159

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