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Absci Corporation (ABSI+3.75%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a total revenue of $4.5 million for the year, a decrease from $5.7 million in the previous year, primarily due to the timing of project-based milestones and the mix of ongoing program activity under drug creation agreements.
Research and development expenses increased by 33% to $63.9 million, driven by the advancement of drug creation programs and direct costs associated with IND-enabling studies for ABS-101.
Selling, general, and administrative expenses decreased by 4% to $36.2 million, attributed to reduced personnel costs and administrative expenses, partially offset by an increase in stock-based compensation.
Depreciation and amortization expenses were $13.4 million, remaining relatively consistent with the prior year.
The company reported a net loss of $103.1 million, compared to a net loss of $110.6 million in the previous year. The prior year's net loss included a $21.3 million goodwill impairment charge.
Absci's cash, cash equivalents, and short-term investments totaled $112.4 million as of December 31, 2024. The company anticipates these funds will be sufficient to meet its operating expenses and capital expenditure needs over at least the next 12 months.
The company continues to focus on its Integrated Drug Creation platform, with plans to expand its internally developed programs and establish new partnerships to drive revenue growth.
Absci's business model relies on monetizing its platform through internally developed programs and partnerships, aiming to generate revenue from milestone payments and royalties as product candidates advance through development and commercialization.
Key risks identified include the inherent uncertainty of biologic drug development, competition in the biopharmaceutical platform technology market, and reliance on third-party partners for clinical development and commercialization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Absci Corporation annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.