Absci reports Q1 net loss $22M, cash $161.5M; advances ABS-101 to IND-enabling studies

Absci Corp

2024-Q1 EPS reported -$0.22 revenue$898,000

Q1 2024 revenue $0.9M (down from $1.3M YoY); net loss $22.0M vs $23.4M prior year.
Cash, equivalents & short-term investments $161.5M as of Mar 31, 2024, up from $97.7M Dec 31, 2023; includes $86.4M gross from March offering.
IND-enabling studies initiated for ABS-101 (anti-TL1A antibody) in Feb 2024; expects Phase 1 start early 2025, interim data H2 2025.
Anticipates selecting development candidate for ABS-201 (dermatology) in H2 2024; ABS-301 (immuno-oncology) advancing.
Expects to sign at least four drug creation partnerships in 2024; cash runway into H1 2027.

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 0.95

Absci Corp reported the quarter ended March 31, 2024 results: revenue $0.9 million, net income $22.0 million.

Period: the quarter ended March 31, 2024
Revenue: $0.9 million
Net income: $22.0 million
Result: reported results

Exact text from the filing

Revenue was $0.9 million for the three months ended March 31, 2024 compared to $1.3 million for the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001628280-24-023060

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