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Absci Corporation (ABSI-4.06%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in technology development revenue to $1.7 million from $0.7 million in the same quarter the previous year. However, for the nine months ended September 30, 2024, revenue decreased to $3.9 million from $5.4 million in the prior year.
Research and development expenses for the quarter were $17,985,000, up from $11,029,000 in the same quarter of the previous year. This increase was primarily due to higher lab operations costs and an impairment charge for assets classified as held-for-sale.
Selling, general, and administrative expenses decreased slightly to $9,256,000 from $9,505,000 in the previous year, mainly due to reduced personnel costs and administrative expenses, offset by an increase in stock-based compensation.
Absci reported a net loss of $27,398,000 for the quarter, compared to $21,994,000 in the previous year. For the nine months ended September 30, 2024, the net loss was $74,123,000, compared to $87,021,000 in the prior year.
Cash, cash equivalents, and short-term investments totaled $127.1 million as of September 30, 2024. The company believes these funds will be sufficient to meet its operating expenses and capital expenditure needs over the next 12 months.
The company continues to focus on developing its internal pipeline of drug candidates and expanding its proprietary Integrated Drug Creation platform. Absci's business model relies on partnerships for drug creation and licensing agreements with potential milestone payments and royalties.
Absci's management has identified key business metrics to evaluate performance, including the number of active programs and partners. As of September 30, 2024, Absci had 22 active programs and 25 cumulative partners.
Absci's forward-looking statements in the filing highlight expectations for further development of its Integrated Drug Creation platform and potential market growth for its services and technologies.
The company is not currently a party to any material litigation or legal proceedings. Absci acknowledges various risks and uncertainties that could affect its future financial and operating results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Absci Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.