Absci Corporation reported Q2 2024 results and significant progress in its drug development programs. The company's lead candidate ABS-101 demonstrated 2-3x extended half-life compared to antibodies in clinical development in non-human primate studies. Additionally, CMC studies confirmed ABS-101's ability to be formulated at 200 mg/mL concentration, supporting subcutaneous formulation development.The company entered a collaboration with Memorial Sloan Kettering Cancer Center to develop up to six novel oncology therapeutics using Absci's Integrated Drug Creation platform. Revenue was $1.3 million in Q2 2024, down from $3.4 million in Q2 2023. Net loss was $24.8 million compared to $41.7 million in the prior year period.Absci maintains its 2024 guidance, expecting to sign at least four drug creation partnerships and anticipating approximately $80 million in cash usage. With $145.2 million in cash and investments as of June 30, 2024, the company projects runway into first half of 2027. Phase 1 clinical studies for ABS-101 are expected to begin in early 2025, with interim data expected in H2 2025.

Absci Corporation reported Q2 2024 results and significant progress in its drug development programs. The company's lead candidate ABS-101 demonstrated 2-3x extended half-life compared to antibodies in clinical development in non-human primate studies. Additionally, CMC studies confirmed ABS-101's ability to be formulated at 200 mg/mL concentration, supporting subcutaneous formulation development.The company entered a collaboration with Memorial Sloan Kettering Cancer Center to develop up to six novel oncology therapeutics using Absci's Integrated Drug Creation platform. Revenue was $1.3 million in Q2 2024, down from $3.4 million in Q2 2023. Net loss was $24.8 million compared to $41.7 million in the prior year period.Absci maintains its 2024 guidance, expecting to sign at least four drug creation partnerships and anticipating approximately $80 million in cash usage. With $145.2 million in cash and investments as of June 30, 2024, the company projects runway into first half of 2027. Phase 1 clinical studies for ABS-101 are expected to begin in early 2025, with interim data expected in H2 2025.