Absci Corporation, a data-first generative artificial intelligence (AI) drug creation company, has recently released its 10-Q report. The company's Integrated Drug Creation platform aims to engineer better biologics with design-in functionality and best-in-class properties. Absci's approach expands the possibilities in biopharmaceuticals, shifting from a paradigm of drug discovery to drug creation, with the goal of bringing best-in-class and first-in-class antibody therapeutics to the patients who need them. The company's business model is to use its platform for rapid creation of biologic drug candidates by establishing partnerships with stakeholders in the drug discovery and development life cycle and developing its own proprietary asset pipeline.
In the 10-Q report, Absci reported total revenue of $0.9 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively, due to the timing of project-based milestones achieved and the mix of ongoing programs utilizing its Integrated Drug Creation platform. The company incurred a net loss of $22.0 million and $23.4 million for the three months ended March 31, 2024 and 2023, respectively. Research and development expenses decreased by $0.4 million, or 3%, for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. As of March 31, 2024, Absci had an accumulated deficit of $428.5 million and cash and cash equivalents and short-term investments totaling $161.5 million. The company expects to continue to incur significant expenses in connection with its ongoing activities.
Absci operates its corporate headquarters and primary research and development facilities in Vancouver, Washington, in a 77,974 square foot facility that includes general administrative office space and laboratory space. The company's AI Research Lab is located in New York, New York, and its Innovation Center is located in Zug, Switzerland. Additionally, Absci has a research and development presence in Belgrade, Serbia.
The company believes that its future financial performance will be primarily driven by factors such as establishing new partnerships, increasing the number of programs under existing partnerships, creating its proprietary asset pipeline, successfully completing its drug creation activities and entering licensing arrangements with its partners, and driving commercial adoption of its Integrated Drug Creation platform capabilities. Additionally, Absci continues to identify key business metrics to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections, and make strategic decisions. As of March 31, 2024, the company had 24 unique partners with whom it has executed drug creation agreements and 16 active drug creation programs across various therapeutic areas.
Today the company's shares have moved -2.7% to a price of $4.92. If you want to know more, read the company's complete 10-Q report here.
