Absci Q2 2024: revenue $1.3M, net loss $24.8M; ABS-101 half-life 2-3x; MSK collab

Absci Corp

2024-Q2 EPS reported -$0.44 revenue$2,168,000

Q2 revenue $1.3M (down from $3.4M YoY); net loss $24.8M vs $41.7M (incl. $21.3M non-cash impairment in prior year).
Cash, cash equivalents and short-term investments $145.2M; expects runway into H1 2027.
ABS-101 NHP data: 2-3x extended half-life vs clinical anti-TL1A antibodies; 200 mg/mL formulation supports subcutaneous.
Entered collaboration with Memorial Sloan Kettering to co-develop up to 6 novel oncology therapeutics using generative AI.
Anticipates Phase 1 start for ABS-101 in early 2025; interim data readout expected H2 2025.

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