August 11 2022 - 08:00AM
GlobeNewswire Inc.
Alert
Share On Facebook
Absci Corporation (Nasdaq: ABSI), the drug and target discovery company harnessing deep learning AI and synthetic biology to expand the therapeutic potential of proteins, today reported financial and operating results for the quarter ended June 30, 2022.
"As we pass the halfway point of 2022, our team continues to make excellent progress toward our stated objectives," said Sean McClain, founder and CEO. "Since becoming a public company one year ago, we have signed 13 discovery programs and continue to see momentum with adoption of our technology, reflected in the discovery deals we've signed each of the last three quarters. With ten new Active Programs for drug discovery activities signed year-to-date, we have already exceeded our guidance for the year. Furthermore, in light of current market conditions, we've recently undertaken a diligent strategic review of our operations to refine our focus on drug discovery value creation. This has led to some difficult staffing decisions as we've prioritized activities, but it has afforded us an extended cash runway and positioned us optimally to achieve our vision of fully in silico protein-based drug discovery."
Recent Highlights
Exceeded annual guidance of at least eight new Active Programs for 2022 with ten Active Programs for drug discovery activities signed year-to-date, bringing the total current number of Active Programs to 19.
Entered into a multi-program collaboration agreement with an undisclosed biotech partner operating in stealth-mode. The partner is focused on discovery and development of antibody-drug-conjugates initially for oncology indications and has developed novel, proprietary warhead linker chemistries that it will target to specified sites on subject antibodies by exploiting Absci’s Bionic™ protein non-standard amino acid incorporation technology.
Presented results of development of AI models for antibody optimization in an oral talk at the PEGS conference in May; the research was additionally selected for presentation at the 2022 International Conference on Machine Learning Workshop on Computational Biology in July. This research, along with our plan for continued manuscripts, further demonstrates our progress and leading role in the field of AI/ML drug discovery.
Strengthened executive leadership team, adding Denise Dettore as Chief People Officer and Jack Gold as Chief Marketing Officer.
Strategic Reorganization
Absci recently undertook a strategic review of operations to refine our focus on drug discovery value creation, yielding a comprehensive corporate reorganization. Absci is focusing on initiatives that reinforce progress toward our business inflection points, extending cash and cash equivalents sufficient to fund our operations into late 2025.
Internal R&D efforts will prioritize continued development of our AI-powered drug discovery platform and enhancement of our Bionic™ protein non-standard amino acid incorporation technology. As a result of this reorganization, Absci has undertaken actions to streamline its workforce, resulting in a reduction of headcount, in addition to the elimination of certain planned hires and capital expenditures.
Second Quarter 2022 Financial Results
Cash and cash equivalents as of June 30, 2022 was $206.0 million, as compared to $252.6 million as of December 31, 2021.
Research and development expenses were $16.2 million for the second quarter of 2022, as compared to $11.0 million for the second quarter of 2021. This increase was primarily driven by growth in our team and related personnel costs, increased lab operation costs, and additional investments in platform expansion, including data initiatives and AI capabilities.
Selling, general, and administrative expenses were $10.5 million for the second quarter of 2022, as compared to $5.2 million for the second quarter of 2021. This increase was primarily due to personnel-related costs and other expenses related to operating as a publicly traded company.
Net loss was $28.7 million for the second quarter of 2022, as compared to $41.2 million for the second quarter of 2021.
2022 Outlook
Absci now expects a net decrease in cash, cash equivalents, and restricted cash of approximately $110 million for 2022. This includes one-time, time-based disbursements totaling $10.5 million from restricted cash associated with the Denovium and Totient acquisitions.
About Absci
Absci is the drug and target discovery company harnessing deep learning AI and synthetic biology to expand the therapeutic potential of proteins. We built our Integrated Drug Creation™ Platform to identify novel drug targets, discover optimal biotherapeutic candidates, and generate the cell lines to manufacture them in a single efficient process. Biotech and pharma innovators partner with us to create the next generation of protein-based drugs, including those that may be impossible to make with other technologies. Our goal is to enable the development of better medicines by Translating Ideas into Drugs™. For more information visit www.absci.com and follow us on social media: Twitter: @Abscibio, LinkedIn: @absci, and subscribe to our Absci YouTube channel.
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. The information that we post on these websites 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, or any other website that may be accessed from our website, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Forward-Looking Statements
Recent ABSI News
- Absci to Participate in Upcoming Investor Conferences • GlobeNewswire Inc. • 08/21/2024 12:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 08:08:37 PM
- Absci Reports Business Updates and Second Quarter 2024 Financial and Operating Results • GlobeNewswire Inc. • 08/14/2024 08:01:00 PM
- Absci Collaborates with Global Cancer Center to Discover Novel Therapeutics Using Generative AI • GlobeNewswire Inc. • 08/12/2024 12:00:00 PM
- Absci to Report Business Updates and Second Quarter 2024 Financial and Operating Results on August 14, 2024 • GlobeNewswire Inc. • 07/10/2024 12:00:00 PM
- Absci Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 07/03/2024 08:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 11:47:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:40:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:40:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:39:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:36:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 08:06:11 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/13/2024 08:10:35 PM
- Absci to Participate in the Morgan Stanley 3rd Annual Life Sciences AI Summit • GlobeNewswire Inc. • 06/12/2024 12:00:00 PM
- Absci to Participate in the Goldman Sachs 45th Annual Global Healthcare Conference • GlobeNewswire Inc. • 05/28/2024 12:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/14/2024 11:35:39 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 11:32:37 AM
- Absci Reports Business Updates and First Quarter 2024 Financial and Operating Results • GlobeNewswire Inc. • 05/14/2024 11:30:00 AM
- Absci to Report Business Updates and First Quarter 2024 Financial and Operating Results on May 14, 2024 • GlobeNewswire Inc. • 04/16/2024 12:00:00 PM
- Absci to Participate in the 23rd Annual Needham Virtual Healthcare Conference • GlobeNewswire Inc. • 03/28/2024 08:05:00 PM
- Absci Reports Business Updates and Fourth Quarter and Full Year 2023 Financial and Operating Results • GlobeNewswire Inc. • 03/21/2024 11:30:00 AM
- Absci Announces Closing of Public Offering of Common Stock Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares • GlobeNewswire Inc. • 03/01/2024 09:01:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:06:00 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 02/28/2024 01:34:42 PM
- Absci Announces Pricing of Public Offering of Common Stock • GlobeNewswire Inc. • 02/28/2024 03:20:52 AM
ELEMENT79 ANNOUNCES UPLISTING TO OTCQB VENTURE MARKET • ELMGF • Aug 26, 2024 10:03 AM
North Bay Resources Announces Gold Assays up to 2.2 Ounces per Ton, Fran Gold Project, British Columbia • NBRI • Aug 26, 2024 10:00 AM
PickleJar Unveils Latest Venue Managed Services Innovations in Upcoming Webinar • PKLE • Aug 23, 2024 1:11 PM
Element79 Gold Corp Provides Update on Nevada Portfolio • ELMGF • Aug 23, 2024 8:00 AM
Maybacks Adds Award Winning Show to Its Lineup Discusses Maybacks Opportunity • AHRO • Aug 22, 2024 11:30 AM
North Bay Resources Announces First Gold Concentrate at Mt. Vernon Gold Mine, Assays 12 oz/ton Gold, 17.5 oz/ton Platinum, and 8 oz./ton Silver, Sierra County, California • NBRI • Aug 22, 2024 10:28 AM