Absci Corporation Reports 82% Revenue Decline and Increased Operating Losses in Q1 2026

Absci Corporation reported its financial results for the first quarter of 2026, revealing a significant decline in revenue and an increase in operating losses compared to the same period in the previous year. The company generated $215,000 in partner program revenue, a decrease of 82% from $1.2 million in the first quarter of 2025. This decline is attributed to the timing of project-based milestones and the mix of ongoing program activities. Absci incurred a net loss of $29.6 million, compared to a net loss of $26.3 million in the prior year, reflecting a 9% increase in losses.

Operating expenses for the quarter totaled $31.1 million, up from $28.9 million in the same period last year, marking a 7% increase. Research and development expenses rose by 18% to $19.3 million, driven primarily by increased costs associated with the external preclinical and clinical development of its lead product candidate, ABS-201. Selling, general, and administrative expenses decreased slightly by 4% to $9.1 million, while depreciation and amortization expenses fell by 11% to $2.7 million.

Absci's accumulated deficit reached $654.4 million as of March 31, 2026, with cash, cash equivalents, and marketable securities totaling $125.7 million. The company continues to rely on equity financing to support its operations, having raised $8 million from the issuance of common stock during the quarter. This was part of an at-the-market offering program that allows the company to sell shares over time. The company also entered into a strategic collaboration with Advanced Micro Devices, Inc. (AMD) in January 2025, which included a $20 million investment from AMD to support Absci's AI-driven drug creation efforts.

Looking ahead, Absci anticipates continued significant expenses as it advances its product candidates through preclinical and clinical development. The company is focused on developing ABS-201 for conditions such as androgenetic alopecia and endometriosis, with plans to initiate a Phase 2 clinical trial for endometriosis in late 2026. Absci's management remains optimistic about the potential of its Integrated Drug Creation platform and aims to leverage partnerships to enhance its capabilities and market presence. However, the company acknowledges the inherent uncertainties in drug development and the need for additional capital to sustain its operations and growth initiatives.