Workflow
Absci(ABSI) - 2025 Q1 - Quarterly Report
ABSIAbsci(ABSI)2025-05-13 20:09
Transcript

Financial Performance - Partner program revenue increased to 1,179,000forthethreemonthsendedMarch31,2025,comparedto1,179,000 for the three months ended March 31, 2025, compared to 898,000 in the same period of 2024, representing a growth of approximately 31.2%[21] - The net loss for the three months ended March 31, 2025, was 26,346,000,comparedtoanetlossof26,346,000, compared to a net loss of 21,975,000 for the same period in 2024, indicating a year-over-year increase in losses of approximately 19.5%[21] - For the three months ended March 31, 2025, the net loss was 26.346million,comparedtoanetlossof26.346 million, compared to a net loss of 21.975 million for the same period in 2024, representing an increase of approximately 19% in net loss year-over-year[25] - The company reported an operating loss of 27,729,000forQ12025,comparedtoanoperatinglossof27,729,000 for Q1 2025, compared to an operating loss of 23,498,000 in Q1 2024, reflecting a deterioration of about 17.5%[21] - Total operating expenses rose to 28,908,000inQ12025,upfrom28,908,000 in Q1 2025, up from 24,396,000 in Q1 2024, reflecting an increase of about 18.5%[21] - Total stock-based compensation expense for the three months ended March 31, 2025, was 4.943million,comparedto4.943 million, compared to 3.597 million for the same period in 2024, reflecting a 37.5% increase[48] Cash and Assets - Cash and cash equivalents increased to 46,995,000asofMarch31,2025,from46,995,000 as of March 31, 2025, from 41,213,000 as of December 31, 2024, showing a growth of about 14.0%[20] - Total assets grew to 232,447,000asofMarch31,2025,comparedto232,447,000 as of March 31, 2025, compared to 213,608,000 as of December 31, 2024, marking an increase of approximately 8.8%[20] - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash totaling 64.125million,downfrom64.125 million, down from 76.307 million at the end of the first quarter of 2024, a decrease of about 16%[25] - The company’s investments in short-term investments as of March 31, 2025, were valued at 86.988million,comparedto86.988 million, compared to 71.212 million as of December 31, 2024, representing an increase of approximately 22%[35] - The total stockholders' equity as of March 31, 2025, was 198.796million,upfrom198.796 million, up from 179.133 million as of December 31, 2024, reflecting an increase of approximately 11%[23] Expenses and Liabilities - Research and development expenses for Q1 2025 were 16,364,000,upfrom16,364,000, up from 12,236,000 in Q1 2024, indicating a rise of about 33.5%[21] - The company’s accumulated deficit increased to 535,947,000asofMarch31,2025,comparedto535,947,000 as of March 31, 2025, compared to 509,601,000 as of December 31, 2024, reflecting a growth in the deficit of approximately 5.2%[20] - The contingent consideration liability related to the acquisition of Totient, Inc. was 12.750millionasofMarch31,2025,unchangedfromDecember31,2024[41]−Thecompanyhasfinancialcommitmentsof12.750 million as of March 31, 2025, unchanged from December 31, 2024[41] - The company has financial commitments of 2.0 million, 4.6million,4.6 million, 8.3 million, and 2.3millionfortheyears2025through2028underitsagreementwithOracleCloudInfrastructure[43]ShareholderActivity−Theweighted−averagecommonsharesoutstandingincreasedto124,461,439inQ12025from99,393,333inQ12024,representinganincreaseofapproximately25.32.3 million for the years 2025 through 2028 under its agreement with Oracle Cloud Infrastructure[43] Shareholder Activity - The weighted-average common shares outstanding increased to 124,461,439 in Q1 2025 from 99,393,333 in Q1 2024, representing an increase of approximately 25.3%[21] - The company issued common shares, net of issuance costs, totaling 41.689 million during the three months ended March 31, 2025, compared to 80.827millionforthesameperiodin2024,indicatingadecreaseofapproximately4880.827 million for the same period in 2024, indicating a decrease of approximately 48%[25] - The company issued 5,269,192 shares during the three months ended March 31, 2025, generating net proceeds of 21.7 million from its at-the-market offering program[45] - A strategic collaboration with AMD resulted in the sale of 5,714,285 shares for net proceeds of 20.0million,aimedatoptimizingAIdrugcreationtechnologies[46]StrategicFocus−ThecompanycontinuestorelyonitsIntegratedDrugCreationplatformforfuturegrowthandpartnerships,emphasizingtheimportanceofregulatoryapprovalsandmarketacceptanceforitsproductcandidates[11]−Thecompany’sapproachtodrugcreationleveragesgenerativeAIandsyntheticbiology,aimingtoenhancethedesignofantibodytherapeutics[27]−Thecompanyhascollaborativearrangementswithseveralpartners,includingPrecisionLifeandMemorialSloanKetteringCancerCenter,whichinvolvejointresearchanddevelopmentactivities[33]StockOptions−AsofMarch31,2025,totalunrecognizedstock−basedcompensationrelatedtostockoptionswas20.0 million, aimed at optimizing AI drug creation technologies[46] Strategic Focus - The company continues to rely on its Integrated Drug Creation platform for future growth and partnerships, emphasizing the importance of regulatory approvals and market acceptance for its product candidates[11] - The company’s approach to drug creation leverages generative AI and synthetic biology, aiming to enhance the design of antibody therapeutics[27] - The company has collaborative arrangements with several partners, including PrecisionLife and Memorial Sloan Kettering Cancer Center, which involve joint research and development activities[33] Stock Options - As of March 31, 2025, total unrecognized stock-based compensation related to stock options was 28.0 million, expected to be recognized over a remaining weighted average period of 2.3 years[49] - The estimated grant-date fair value of stock options for the three months ended March 31, 2025, was based on a volatility of 90%-92% and a risk-free interest rate of 4.0%-4.4%[50] - The company had 21,758,054 stock options outstanding as of March 31, 2025, with an average exercise price of $3.39 per share[49]