Absci Corporation Reports 31% Revenue Growth but Increased Net Loss in Q1 2025

Absci Corporation reported its financial results for the first quarter of 2025, revealing a total revenue of $1.2 million, a 31% increase from $898,000 in the same period last year. This growth was attributed to the timing of project-based milestones achieved in ongoing partnered programs. However, the company also recorded a net loss of $26.3 million, compared to a net loss of $22.0 million in the first quarter of 2024. The increase in losses was primarily driven by a 34% rise in research and development expenses, which totaled $16.4 million, reflecting the company's ongoing investment in its Integrated Drug Creation platform and drug creation programs.

In terms of operational metrics, Absci's partner program revenue continues to be concentrated, with two partners accounting for approximately 95% of total revenue in the latest quarter. The company has made significant strides in expanding its workforce and capabilities, with a total employee headcount of 127,559,352 shares of common stock outstanding as of April 30, 2025. The company is also actively pursuing strategic collaborations, including a recent partnership with Advanced Micro Devices, Inc. (AMD), which involved a $20 million investment in exchange for shares, aimed at optimizing the performance of AMD's technology to support Absci's AI-driven drug creation efforts.

Absci's balance sheet as of March 31, 2025, showed total assets of $232.4 million, up from $213.6 million at the end of 2024. The increase was driven by higher cash and cash equivalents, which rose to $47.0 million from $41.2 million, alongside a significant increase in short-term investments. The company reported an accumulated deficit of $535.9 million, indicating the ongoing challenges it faces in achieving profitability. The management anticipates continued significant expenses as it advances its internal programs and expands its operational capabilities.

Looking ahead, Absci expects to incur substantial costs related to the development of its internally developed programs and the scaling of its Integrated Drug Creation platform. The company is focused on enhancing its technology and expanding its partnerships to drive revenue growth. However, it acknowledges the inherent uncertainties in biologic drug development and the potential for delays in clinical trials and regulatory approvals, which could impact its financial performance. The company remains committed to its strategic objectives while navigating the competitive landscape of the biopharmaceutical industry.