In This Article:
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Revenue: $1.7 million for Q3 2024.
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Research and Development Expenses: $18 million for Q3 2024, up from $11 million in the prior year period.
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Selling, General, and Administrative Expenses: $9.3 million for Q3 2024, down from $9.5 million in the prior year period.
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Cash, Cash Equivalents, and Short-term Investments: $127.1 million as of September 30, 2024, compared to $145.2 million as of June 30, 2024.
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Expected Gross Use of Cash for 2024: Approximately $75 million, revised down from $80 million.
Release Date: November 12, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Absci Corp (NASDAQ:ABSI) achieved a significant milestone in its collaboration with AstraZeneca by delivering AI-designed antibody sequences within six months.
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The company announced a new partnership with Twist Bioscience to design a novel antibody using generative AI, expanding its collaborative network.
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Absci Corp (NASDAQ:ABSI) plans to initiate Phase 1 clinical studies of its ABS-101 program in the first half of 2025, with an interim data readout expected in the second half of 2025.
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The company has a robust pipeline of proprietary programs, including ABS-101, ABS-201, and ABS-301, all generated using its integrated drug creation platform.
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Absci Corp (NASDAQ:ABSI) ended the quarter with $127.1 million in cash, cash equivalents, and short-term investments, providing a strong financial position to fund operations into the first half of 2027.
Negative Points
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Revenue for the third quarter of 2024 was only $1.7 million, indicating limited income from partner programs.
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Research and development expenses increased significantly to $18 million, up from $11 million in the prior year period, driven by increased lab operations and stock compensation expenses.
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There was a slight delay in the ABS-301 program due to issues at the contract research organization (CRO), affecting the timeline for data readouts.
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The company experienced a decrease in cash, cash equivalents, and short-term investments from $145.2 million as of June 30, 2024, to $127.1 million by the end of the quarter.
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Absci Corp (NASDAQ:ABSI) continues to rely heavily on partnerships for revenue, which may pose a risk if new partnerships are not secured as anticipated.
Q & A Highlights
Q: Can you remind us of the economics of the AstraZeneca partnership and when we can expect further updates? Does this validate Absci's platform potential? A: Sean McClain, CEO: The partnership is a great validation of our platform, delivering a binder in six months. Zach Jonasson, CFO: The deal is valued at $247 million, including upfront fees, milestones, and undisclosed royalties. It's a traditional drug creation partnership structure.