Absci Corp. Reports $4.5 Million Revenue Decline and $103.1 Million Net Loss for Fiscal Year 2024

Absci Corp. reported total revenue of $4.5 million for the fiscal year ending December 31, 2024, a decrease of $1.2 million (21%) compared to the $5.7 million reported in 2023. This decrease is attributed to the timing of project-based milestones achieved within their drug creation agreements and the overall mix of ongoing partnered programs. The company incurred a net loss of $103.1 million in 2024, compared to a net loss of $110.6 million in 2023. The 2023 net loss included a non-cash goodwill impairment charge of $21.3 million. Research and development expenses increased by 33% to $63.9 million in 2024, while selling, general, and administrative expenses decreased by 4% to $36.2 million.

Significant changes in the company's financial performance were primarily driven by fluctuations in partner program revenue and increased research and development spending. Research and development expense increases were largely due to the advancement of drug creation programs, including IND-enabling studies for ABS-101, increased stock-based compensation, and increased asset impairment expense. The decrease in selling, general, and administrative expenses resulted from lower personnel costs and other administrative costs, partially offset by a rise in stock-based compensation. As of December 31, 2024, Absci Corp. held $112.4 million in cash, cash equivalents, and short-term investments, and had an accumulated deficit of $509.6 million.

During the year, Absci Corp. completed a public offering of common stock, raising net proceeds of $80.8 million, and also utilized an at-the-market offering program, generating net proceeds of $1.6 million by year-end and an additional $21.7 million subsequently. A private investment in public equity (PIPE) transaction with Advanced Micro Devices, Inc. (AMD) also contributed $20 million in net proceeds. The company's strategy focuses on building a diverse portfolio of internally developed programs and strengthening its position as a partner of choice for drug creation. As of December 31, 2024, Absci Corp. had 157 employees.

The company's internally developed programs include ABS-101, currently in preclinical development for inflammatory bowel disease (IBD), with a potential regulatory filing in the first half of 2025 and an interim clinical readout anticipated in the second half of 2025; and ABS-201, in preclinical development for androgenic alopecia (AGA), with a potential regulatory filing expected in the first half of 2026. Absci Corp. also has several undisclosed internal pipeline programs in early discovery phases. The company's outlook anticipates continued significant expenses related to internal program development, partnerships, technology enhancements, and personnel. The company does not anticipate paying cash dividends in the foreseeable future.

Absci Corp. highlighted several key risks in its filing, including the inherent uncertainties of biologic drug development, the competitive landscape, reliance on third-party partners and suppliers, the need for additional capital, and the potential volatility of its common stock price. The company also noted the complexities and costs associated with operating as a public company and complying with relevant regulations. The company's financial statements and supplementary data are included in the filing.