Absci Corporation has recently released its 10-K report, showcasing its operations as a generative AI drug creation company in the United States. The company utilizes an integrated drug creation platform to identify novel drug targets and create biotherapeutic candidates. Founded in 2011 and headquartered in Vancouver, Washington, Absci aims to engineer better biologics with design-in functionality and best-in-class properties.
In its 10-K report, Absci emphasizes its data-first generative AI drug creation approach, combining AI with scalable wet lab technologies to create better biologics for patients, faster. The company's Integrated Drug Creation platform is designed to improve upon traditional biologic drug discovery by using AI to optimize multiple drug characteristics simultaneously, potentially shortening time to clinic and increasing the probability of success. Absci's AI models accelerate the design and optimization of antibody candidates with potentially novel, best-in-class attributes, with the ability to create billions of antibody designs and screen millions of ranked antibody sequences in weeks.
The company's total revenue for the years ended December 31, 2023 and 2022 was $5.7 million, including an increase in technology development revenue of $1.2 million due to project-based milestones achieved. However, Absci incurred a net loss of $110.6 million for the year ended December 31, 2023, which included a non-cash goodwill impairment charge of $21.3 million. As of December 31, 2023, the company had an accumulated deficit of $406.5 million and cash and cash equivalents and short-term investments totaling $97.7 million.
In September 2023, Absci announced a plan to realign internal investments and operations to further focus on and allocate resources to its internal pipeline of drug creation programs and Integrated Drug Creation platform, leading to a reduction in its global workforce of 15%. The company's key factors affecting its results of operations and future performance include establishing new partnerships, increasing the number of programs under existing partnerships, creating a proprietary asset pipeline, and driving commercial adoption of its Integrated Drug Creation platform capabilities.
Absci continues to identify key business metrics to evaluate its business, including the number of partners, cumulative programs, and active programs. As of December 31, 2023, the company had 24 unique partners, 59 cumulative programs, and 16 active programs, reflecting its ability to execute business development activities and the robustness of its technology and commercial success of its platform.
Following these announcements, the company's shares moved 4.3%, and are now trading at a price of $5.31. For the full picture, make sure to review Absci's 10-K report.
