Absci Corporation (Nasdaq: ABSI), a generative AI drug creation
company, today reported financial and operating results for the
quarter ended September 30, 2023.
"Our recent achievements further demonstrate the
value and power of our AI Integrated Drug Creation™ platform, as we
entered into an innovative new collaboration with Almirall and
proudly unveiled our internal pipeline of drug creation assets,"
said Sean McClain, Founder and CEO. "With these significant new
partnered programs, the four wholly-owned assets we are currently
advancing, and our expectation of additional new partnered programs
this year, I believe we are well positioned to execute on our near-
and longer-term objectives."
Recent Highlights
-
Entered into a partnership with Almirall aimed to develop and
commercialize AI-designed therapeutics to fight chronic and
debilitating dermatological diseases. Under the terms of the
partnership, Absci will apply its de novo generative AI technology
to create and commercialize therapeutic candidates for two
dermatological targets. In addition to product royalties, Absci is
eligible to receive up to $664 million in upfront fees, R&D,
and post-approval milestone payments across the two programs if all
milestones are successfully completed.
-
Unveiled AI drug creation pipeline of four wholly-owned asset
programs focused on cytokine biology, including three potential
best-in-class and one potential first-in-class assets. Each of
these four programs has the potential to reach investigational new
drug (IND) filing stage in 2025, with the first in early 2025.
-
Advancing internal drug creation programs and expect to disclose
data on ABS-101, a potential best-in-class TL1A antagonist, in
early 2024.
Third Quarter 2023 Financial
Results
Revenue was $0.7 million for the three months
ended September 30, 2023 compared to $2.4 million for the
three months ended September 30, 2022. This decrease was
driven by partnered program mix and progress timing.
Research and development expenses were $11.0
million for the third quarter of 2023 compared to $15.5 million for
the corresponding prior year period. This decrease was primarily
driven by lower laboratory operational costs, increased
efficiencies, and a prioritized focus within Absci's R&D
efforts.
Selling, general, and administrative expenses
were $9.5 million for the third quarter of 2023 compared to $11.4
million for the corresponding prior year period. This decrease was
primarily due to reductions in personnel and insurance costs.
Net loss was $22.0 million for the third quarter
of 2023, as compared to $27.3 million for the corresponding prior
year period.
Cash, cash equivalents, and short-term
investments as of September 30, 2023 was $113.5 million,
compared to $124.6 million as of June 30, 2023.
2023 Outlook
Absci continues to anticipate at least ten new
Active Programs in 2023, based on the company's current partnership
pipeline. Absci also expects to generate more cash from execution
on partnered programs this year and going forward, as compared to
prior years, given the shift from cell line development to
discovery programs.
Following the previously announced
organizational realignment, Absci expects a gross use of cash, cash
equivalents, and short-term investments, exclusive of partnered
program and equipment financing receipts, of approximately $80
million for the fiscal year ending December 31, 2023, below prior
year use of $105 million. Absci also continues to focus its
investments and operations on strategic initiatives and near-term
inflection points, providing cash and cash equivalents and
short-term investments into late 2025, consistent with previous
disclosures.
About Absci
Absci is a generative AI drug creation company
that combines AI with scalable wet lab technologies to create
better biologics for patients, faster. Our Integrated Drug
Creation™ platform unlocks the potential to accelerate time to
clinic and increase the probability of success by simultaneously
optimizing multiple drug characteristics important to both
development and therapeutic benefit. With the data to learn, the AI
to create, and the wet lab to validate, we can screen billions of
cells per week, allowing us to go from AI-designed antibodies to
wet lab-validated candidates in as little as six weeks. Our vision
is to deliver breakthrough therapeutics at the click of a button,
for everyone. Absci’s headquarters is in Vancouver, WA, with our AI
Research Lab in New York City and an Innovation Center in Zug,
Switzerland. Visit www.absci.com and follow us on LinkedIn
(@absci), X (Twitter) (@Abscibio), and YouTube.
Availability of Other Information About
Absci
Investors and others should note that we
routinely communicate with investors and the public using our
website (www.absci.com) and our investor relations website
(investors.absci.com), including without limitation, through the
posting of investor presentations, SEC filings, press releases,
public conference calls and webcasts on these websites, as well as
on X (Twitter), LinkedIn and YouTube. The information that we post
on these websites and social media outlets could be deemed to be
material information. As a result, investors, the media, and others
interested in Absci are encouraged to review this information on a
regular basis. The contents of our website and social media
postings, or any other website that may be accessed from our
website or social media postings, shall not be deemed incorporated
by reference in any filing under the Securities Act of 1933, as
amended.
Forward-Looking Statements
Certain statements in this press release that
are not historical facts are considered forward-looking within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including statements containing the words “will,” “pursues,”
“anticipates,” “plans,” “believes,” “forecast,” “potential,”
“estimates,” “extends,” “expects,” and “intends,” or similar
expressions. We intend these forward-looking statements, including
statements regarding our expectations regarding business
operations, financial performance, and results of operations,
including our expectations and guidance regarding the success of
our partnership with Almirall and our eligibility to receive
payments under our partnerships, cash, cash equivalents, and
short-term investments, our projected cash usage, needs, and
runway, our expectations regarding the count of new Active
Programs, our technology development efforts and the application of
those efforts, including accelerating drug development timelines,
increasing probability of successful drug development, our drug
discovery and development activities related to partnered programs
and our internal therapeutic assets, and the progress and success
of our wholly-owned pipeline programs, including the timing for IND
submissions and the disclosure of data relate to these programs, to
be covered by the safe harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act, and we make this
statement for purposes of complying with those safe harbor
provisions. These forward-looking statements reflect our current
views about our plans, intentions, expectations, strategies, and
prospects, which are based on the information currently available
to us and on assumptions we have made. We can give no assurance
that the plans, intentions, expectations, or strategies will be
attained or achieved, and, furthermore, actual results may differ
materially from those described in the forward-looking statements
and will be affected by a variety of risks and factors that are
beyond our control, including, without limitation, risks and
uncertainties relating to our ability to effectively collaborate on
research, drug discovery, and development activities with our
partners or potential partners and to enter into new partnerships
and maintain our existing partnerships, and challenges inherent in
discovery and development of therapeutic assets; along with those
risks set forth in our most recent periodic report filed with the
U.S. Securities and Exchange Commission, as well as discussions of
potential risks, uncertainties, and other important factors in our
subsequent filings with the U.S. Securities and Exchange
Commission. Except as required by law, we assume no obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise.
Investor Contact:Alex KhanVP,
Finance & Investor Relationsinvestors@absci.com
Media Contact:press@absci.com
absci@methodcommunications.com
Absci
CorporationUnaudited Condensed Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
(In thousands, except for share and per share
data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Technology development
revenue |
|
$ |
744 |
|
|
$ |
2,004 |
|
|
$ |
5,380 |
|
|
$ |
3,094 |
|
|
Collaboration
revenue |
|
|
— |
|
|
|
365 |
|
|
|
— |
|
|
|
1,096 |
|
|
Total revenues |
|
|
744 |
|
|
|
2,369 |
|
|
|
5,380 |
|
|
|
4,190 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
11,029 |
|
|
|
15,525 |
|
|
|
35,798 |
|
|
|
47,593 |
|
|
Selling, general and
administrative |
|
|
9,505 |
|
|
|
11,407 |
|
|
|
28,508 |
|
|
|
32,803 |
|
|
Depreciation and
amortization |
|
|
3,513 |
|
|
|
3,404 |
|
|
|
10,515 |
|
|
|
9,451 |
|
|
Goodwill
impairment |
|
|
— |
|
|
|
— |
|
|
|
21,335 |
|
|
|
— |
|
|
Total operating
expenses |
|
|
24,047 |
|
|
|
30,336 |
|
|
|
96,156 |
|
|
|
89,847 |
|
|
Operating loss |
|
|
(23,303 |
) |
|
|
(27,967 |
) |
|
|
(90,776 |
) |
|
|
(85,657 |
) |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(229 |
) |
|
|
(279 |
) |
|
|
(806 |
) |
|
|
(685 |
) |
|
Other income,
net |
|
|
1,572 |
|
|
|
675 |
|
|
|
4,613 |
|
|
|
948 |
|
|
Total other income (expense),
net |
|
|
1,343 |
|
|
|
396 |
|
|
|
3,807 |
|
|
|
263 |
|
|
Loss before income
taxes |
|
|
(21,960 |
) |
|
|
(27,571 |
) |
|
|
(86,969 |
) |
|
|
(85,394 |
) |
|
Income tax (expense)
benefit |
|
|
(34 |
) |
|
|
312 |
|
|
|
(52 |
) |
|
|
(39 |
) |
|
Net loss |
|
$ |
(21,994 |
) |
|
$ |
(27,259 |
) |
|
$ |
(87,021 |
) |
|
$ |
(85,433 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:Basic and diluted |
|
$ |
(0.24 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.95 |
) |
|
$ |
(0.94 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding:Basic and diluted |
|
|
92,217,234 |
|
|
|
91,105,265 |
|
|
|
91,844,221 |
|
|
|
90,686,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Absci
CorporationUnaudited Condensed Consolidated
Balance Sheets
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
(In thousands, except for share and per share
data) |
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
69,733 |
|
|
$ |
59,955 |
|
Restricted
cash |
|
|
16,035 |
|
|
|
15,023 |
|
Short-term
investments |
|
|
43,746 |
|
|
|
104,476 |
|
Receivables under development arrangements,
net |
|
|
800 |
|
|
|
1,550 |
|
Prepaid expenses and other current
assets |
|
|
4,399 |
|
|
|
5,859 |
|
Total current
assets |
|
|
134,713 |
|
|
|
186,863 |
|
Operating lease right-of-use
assets |
|
|
4,688 |
|
|
|
5,319 |
|
Property and equipment,
net |
|
|
45,213 |
|
|
|
52,723 |
|
Intangibles,
net |
|
|
49,095 |
|
|
|
51,622 |
|
Goodwill |
|
|
— |
|
|
|
21,335 |
|
Restricted cash,
long-term |
|
|
1,098 |
|
|
|
1,864 |
|
Other long-term
assets |
|
|
1,537 |
|
|
|
1,282 |
|
TOTAL ASSETS |
|
$ |
236,344 |
|
|
$ |
321,008 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
1,909 |
|
|
$ |
2,412 |
|
Accrued
expenses |
|
|
19,677 |
|
|
|
20,481 |
|
Long-term debt |
|
|
3,213 |
|
|
|
2,946 |
|
Operating lease
obligations |
|
|
1,746 |
|
|
|
1,690 |
|
Financing lease
obligations |
|
|
1,083 |
|
|
|
2,296 |
|
Deferred
revenue |
|
|
345 |
|
|
|
445 |
|
Total current
liabilities |
|
|
27,973 |
|
|
|
30,270 |
|
Long-term debt - net of current
portion |
|
|
5,549 |
|
|
|
7,984 |
|
Operating lease obligations - net of current
portion |
|
|
5,995 |
|
|
|
7,317 |
|
Finance lease obligations - net of current
portion |
|
|
162 |
|
|
|
750 |
|
Deferred tax,
net |
|
|
249 |
|
|
|
238 |
|
Other long-term
liabilities |
|
|
— |
|
|
|
35 |
|
TOTAL
LIABILITIES |
|
|
39,928 |
|
|
|
46,594 |
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
Preferred stock, $0.0001 par
value |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par
value |
|
|
9 |
|
|
|
9 |
|
Additional paid-in
capital |
|
|
579,416 |
|
|
|
570,454 |
|
Accumulated
deficit |
|
|
(382,950 |
) |
|
|
(295,929 |
) |
Accumulated other comprehensive
loss |
|
|
(59 |
) |
|
|
(120 |
) |
TOTAL STOCKHOLDERS'
EQUITY |
|
|
196,416 |
|
|
|
274,414 |
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
$ |
236,344 |
|
|
$ |
321,008 |
|
|
|
|
|
|
AbSci (NASDAQ:ABSI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
AbSci (NASDAQ:ABSI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024