Absci Reports Business Updates and Third Quarter 2024 Financial and Operating Results

Core Insights - Absci Corporation has successfully delivered AI-designed antibody sequences to AstraZeneca, marking the achievement of the first milestone in their collaboration [2][3] - The company has entered a new partnership with Twist Bioscience to design a novel therapeutic using generative AI, aiming to accelerate the development of a key biological target [2][3] - Absci continues to advance its internal pipeline programs, including ABS-101, ABS-201, and ABS-301, with plans to initiate Phase 1 clinical studies for ABS-101 in the first half of 2025 [3] Financial Performance - For Q3 2024, Absci reported revenues of $1.7 million, an increase from$0.7 million in Q3 2023, driven by progress in partnered programs [6] - Research and development expenses rose to $18.0 million in Q3 2024 from$11.0 million in Q3 2023, primarily due to increased lab operations and costs associated with IND-enabling studies for ABS-101 [7] - The net loss for Q3 2024 was $27.4 million, compared to a net loss of$22.0 million in Q3 2023 [8] Cash Position and Outlook - Absci expects a gross use of cash, cash equivalents, and short-term investments of approximately $75 million for the fiscal year ending December 31, 2024, down from a previous estimate of$80 million [4] - As of September 30, 2024, the company had cash, cash equivalents, and short-term investments totaling $127.1 million, a decrease from$145.2 million as of June 30, 2024 [9] - The company believes its existing cash resources will be sufficient to fund operations into the first half of 2027 [5]