Absci (ABSI) Q4 2024 earnings summary

Executive summary

• Achieved significant progress in 2024, advancing proprietary internal programs and adding new partners, including AMD, Owkin, Twist Bioscience, Invetx, and Memorial Sloan Kettering Cancer Center.

• Unveiled ABS-201 for androgenic alopecia and shared new data on ABS-101, ABS-301, and ABS-501.

• Demonstrated breakthroughs in AI-driven de novo antibody design, including a collaboration with Caltech targeting the HIV Caldera region.

• Strengthened AI platform capabilities through a strategic partnership with AMD, which included a $20 million investment and enhanced compute resources.

• Focus remains on advancing internal pipeline and operational efficiencies.

Financial highlights

• Q4 2024 revenue was $0.7 million, up from $0.3 million in Q4 2023; full-year 2024 revenue was $4.5 million, down from $5.7 million in 2023.

• R&D expenses for Q4 2024 were $18.4 million, with full-year R&D at $63.9 million, driven by internal program advancement and increased stock compensation.

• SG&A expenses for Q4 2024 were $8.8 million, with full-year SG&A at $36.2 million, both down year-over-year.

• Gross cash use for 2024 was approximately $72 million, below the $75 million outlook.

• Ended 2024 with $112.4 million in cash, cash equivalents, and short-term investments.

Outlook and guidance

• ABS-101 phase I clinical studies to begin in H1 2025, with interim readout expected in H2 2025.

• ABS-201 in IND-enabling studies, with phase I trials anticipated to start in early 2026 and interim efficacy readout possible next year.

• Anticipates signing one or more new partnerships in 2025, including a large pharma collaboration.

• Existing cash resources expected to fund operations into the first half of 2027.