Absci Corporation reported Q2 2024 financial results with technology development revenue of $1.3 million, down 62% from $3.4 million in Q2 2023. Net loss improved to $24.8 million compared to $41.7 million in the prior year quarter, which included a $21.3 million goodwill impairment charge. Research and development expenses increased 26% to $15.3 million, driven by IND-enabling studies for ABS-101.The company strengthened its financial position through a public offering in March 2024, raising net proceeds of $80.8 million. As of June 30, 2024, Absci had $145.2 million in cash, cash equivalents and short-term investments. The company maintains 16 active programs across multiple therapeutic areas with partners including AstraZeneca, Merck and Almirall.Management continues to advance its internal pipeline, with ABS-101 progressing through IND-enabling studies and Phase 1 clinical trials expected to begin in early 2025. The company's Integrated Drug Creation platform combines AI with wet lab technologies to accelerate biologic drug discovery and development. Absci believes its current cash position will fund operations for at least the next 12 months.

Absci Corporation reported Q2 2024 financial results with technology development revenue of $1.3 million, down 62% from $3.4 million in Q2 2023. Net loss improved to $24.8 million compared to $41.7 million in the prior year quarter, which included a $21.3 million goodwill impairment charge. Research and development expenses increased 26% to $15.3 million, driven by IND-enabling studies for ABS-101.The company strengthened its financial position through a public offering in March 2024, raising net proceeds of $80.8 million. As of June 30, 2024, Absci had $145.2 million in cash, cash equivalents and short-term investments. The company maintains 16 active programs across multiple therapeutic areas with partners including AstraZeneca, Merck and Almirall.Management continues to advance its internal pipeline, with ABS-101 progressing through IND-enabling studies and Phase 1 clinical trials expected to begin in early 2025. The company's Integrated Drug Creation platform combines AI with wet lab technologies to accelerate biologic drug discovery and development. Absci believes its current cash position will fund operations for at least the next 12 months.