Absci Corp. Reports 2024 Earnings and Strategic Advances

Absci Corp. ( (ABSI) ) has released its Q4 earnings. Here is a breakdown of the information Absci Corp. presented to its investors.

Absci Corporation is a data-first generative AI drug creation company that integrates AI with wet lab technologies to accelerate the development of biologics, operating primarily in the biotechnology sector.

In its latest earnings report for the fourth quarter and full year 2024, Absci highlighted significant progress in its AI Integrated Drug Creation platform, strategic collaborations, and financial performance. Notably, the company entered a collaboration with AMD, which included a $20 million strategic investment, and achieved its 2024 outlook for drug creation partnerships.

Key financial metrics from the report include a revenue of $0.7 million for the fourth quarter, an increase from $0.3 million in the same period the previous year. Research and development expenses rose to $18.4 million, driven by advancements in internal programs. The company reported a net loss of $29.0 million for the quarter, compared to $23.5 million in the previous year. For the full year, revenue was $4.5 million, with a net loss of $103.1 million, showing a slight improvement from the previous year’s loss of $110.6 million.

Strategically, Absci showcased several pipeline updates, including the ABS-201 program for androgenic alopecia and ABS-101, which is expected to enter Phase 1 clinical studies soon. The company also reported advancements in its AI platform and ongoing partnerships, with plans to initiate new collaborations in 2025.

Looking ahead, Absci is focused on advancing its internal pipeline and partnerships, with sufficient cash reserves to fund operations into the first half of 2027. The company remains committed to improving its platform and operational efficiencies, aiming to enhance its drug creation capabilities.