Absci Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.
For the three months ended September 30, 2024, Absci generated total revenue of $1.7 million, a substantial increase of 129% from $744,000 in the same period of 2023. However, for the nine months ended September 30, 2024, total revenue decreased by 28% to $3.9 million, down from $5.4 million in the prior year. The technology development revenue for the third quarter was $1.7 million, up from $744,000 in 2023, while it decreased for the nine-month period from $5.4 million to $3.9 million.
Operating expenses for the third quarter rose to $30.6 million, an increase of 27% from $24.0 million in the same quarter of 2023. For the nine months, total operating expenses decreased by 14% to $83.0 million, compared to $96.2 million in the previous year. Research and development expenses surged by 63% to $18.0 million for the third quarter, and increased by 27% to $45.5 million for the nine months, primarily due to higher lab operation costs and stock-based compensation.
Absci reported a net loss of $27.4 million for the third quarter of 2024, compared to a net loss of $22.0 million in the same quarter of 2023. For the nine-month period, the net loss was $74.1 million, a decrease from $87.0 million in the prior year, which included a significant goodwill impairment charge of $21.3 million in 2023.
As of September 30, 2024, Absci's total assets increased to $235.2 million from $217.3 million at the end of 2023, with total current assets rising to $150.1 million. Cash and cash equivalents decreased to $38.2 million, while short-term investments surged to $88.9 million from $25.3 million at the end of 2023. Total liabilities decreased to $33.9 million, and total stockholders' equity increased to $201.3 million.
The company has engaged in collaborative arrangements with partners such as PrecisionLife and Memorial Sloan Kettering Cancer Center, focusing on joint research and development activities. Absci's strategic initiatives include enhancing its internal pipeline of drug candidates and expanding its partnerships in the biopharmaceutical sector.
About Absci Corp
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