Absci Corp recently released its 10-K report. The company describes itself as a clinical-stage biopharmaceutical business using an AI-native platform to design antibody therapeutics, with its work centered on combining generative models and lab validation. Its lead internal program is ABS-201, and its pipeline also includes ABS-101, ABS-301 and ABS-501, while its collaboration list includes PrecisionLife, Memorial Sloan Kettering Cancer Center, Twist Bioscience, Owkin, Oracle and AMD. Absci was founded in 2011 and is based in Vancouver, Washington.
In Item 7, Absci said it advanced its first two programs from AI design to IND, or foreign equivalent, in about two years, at roughly $15 million per program, versus an industry average of 4 to 6 years and more than $50 million. The company said ABS-201 is an anti-prolactin receptor antibody with an extended half-life, being developed for androgenetic alopecia and endometriosis. For androgenetic alopecia, Absci said the HEADLINE Phase 1/2a trial has dosed the first three single ascending dose cohorts and has shown a favorable safety profile to date, with interim proof-of-concept data expected in the second half of 2026. For endometriosis, the company said a Phase 2 trial is planned for the fourth quarter of 2026, subject to data from HEADLINE and regulatory considerations.
Absci said revenue for 2025 was $2.8 million, down from $4.5 million in 2024. The decline reflected the timing of project-based milestones and the mix of ongoing partnered programs; three partners accounted for 95% of 2025 partner program revenue, versus two partners accounting for 99% in 2024.
Research and development expense rose to $81.4 million in 2025 from $63.9 million in 2024, an increase of $17.6 million, or 27%. The company said $13.1 million of that increase came from external preclinical and clinical development costs tied to internally developed programs, including ABS-101 and ABS-201, while personnel costs and stock-based compensation added $1.9 million.
Selling, general and administrative expense fell to $35.1 million from $36.2 million, a decrease of $1.1 million, or 3%, mainly because personnel and stock-based compensation dropped by $1.5 million. Depreciation and amortization declined to $11.7 million from $13.4 million, down $1.6 million, or 12%, mainly because of lab equipment disposals.
Absci recorded a $5.1 million gain in 2025 from settling contingent consideration tied to its 2021 Totient merger. Operating loss widened to $120.3 million from $108.9 million, and net loss increased to $115.2 million from $103.1 million. Interest expense fell to $209,000 from $565,000, while other income, net, slipped to $5.4 million from $6.4 million.
At Dec. 31, 2025, Absci reported $144.3 million of cash, cash equivalents and marketable securities, and an accumulated deficit of $624.8 million. The company said its headquarters and primary R&D facilities are in a 77,974-square-foot site in Vancouver, Washington, with an AI research lab in New York, an innovation center in Zug, Switzerland and an R&D presence in Belgrade, Serbia.
Absci also disclosed a January 2025 strategic collaboration with AMD focused on optimizing Instinct accelerators and ROCm software for AI drug creation, including de novo antibody design models. AMD invested $20.0 million through a PIPE purchase of 5,714,285 shares of Absci common stock. The market has reacted to these announcements by moving the company's shares -0.98% to a price of $3.02. Check out the company's full 10-K submission here.
