“This has been a momentous year for Absci,” said
“Along the way, we’ve shared our progress and vision with investors, and with their support we completed two financing rounds since January, including our IPO in July. I could not be more proud of what we have accomplished, or more excited about what lies ahead as we pursue our vision of changing the world, one protein at a time.”
Second Quarter 2021 and Recent Highlights
- Completed initial public offering raising net proceeds of approximately
$210 million . - Announced acquisition of Totient, expanding the Integrated Drug Creation™ Platform to include antibody and target discovery technology.
- Hired over 100 new employees since year-end 2020, and strengthened executive leadership team with additions of
Nikhil Goel as Chief Business Officer andSarah Korman , PhD, JD, as General Counsel. - Built out and relocated to new state-of-the-art 77,000 square foot campus in
Vancouver, Washington . - Entered into a global technology development and license agreement with PhaseBio [Nasdaq: PHAS] to advance a successful ongoing Active Program for creation of a customized cell line to enable high-yield commercial production of a PhaseBio clinical candidate. The agreement entitles
Absci to contingent milestone payments and royalties on sales upon PhaseBio's exercise of its option for an exclusive license to the producing cell line developed byAbsci . - Signed a global technology development and license agreement with
Alpha Cancer Technologies Inc. The agreement extends the existing technology development partnership and entitlesAbsci to contingent milestone payments and royalties on net sales of products comprising recombinant human alpha-fetoprotein manufactured using the producing cell line developed byAbsci .
Second Quarter 2021 Financial Results
Revenue was
Research and development expenses were
Selling, general, and administrative expenses were
Net loss was
Cash and cash equivalents were
About
Forward-Looking Statements
Certain statements in this press release that are not historical facts are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements containing the words “will,” "pursues," “anticipates,” “plans,” “believes,” “forecast,” “estimates,” “expects,” and “intends,” or similar expressions. We intend these forward-looking statements, including statements regarding operating plans, development and partnership efforts, and our ability to receive milestone payments and royalties, to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, and we make this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. We can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved, and, furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks and uncertainties relating to our partners' ability to develop and commercialize product candidates generated using our platform and our ability to secure milestone payments and royalties; along with those risks set forth in our Quarterly Report on Form 10-Q filed with the
Investor Contact:
investors@absci.com
Media Contact:
press@absci.com
Condensed Consolidated Statements of Operations (unaudited)
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
(In thousands, except for share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | ||||||||||||||||
Technology development revenue | $ | 592 | $ | 517 | $ | 1,532 | $ | 1,042 | ||||||||
Collaboration revenue | 136 | 47 | 259 | 94 | ||||||||||||
Total revenues | 728 | 564 | 1,791 | 1,136 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 11,040 | 2,252 | 18,090 | 4,159 | ||||||||||||
Selling, general and administrative | 5,179 | 861 | 9,864 | 1,832 | ||||||||||||
Depreciation and amortization | 1,201 | 265 | 1,677 | 449 | ||||||||||||
Total operating expenses | 17,420 | 3,378 | 29,631 | 6,440 | ||||||||||||
Operating loss | (16,692 | ) | (2,814 | ) | (27,840 | ) | (5,304 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (2,009 | ) | (189 | ) | (2,464 | ) | (287 | ) | ||||||||
Other income (expense), net | (28,114 | ) | (5 | ) | (27,950 | ) | (75 | ) | ||||||||
Total other expense, net | (30,123 | ) | (194 | ) | (30,414 | ) | (362 | ) | ||||||||
Loss before income taxes | (46,815 | ) | (3,008 | ) | (58,254 | ) | (5,666 | ) | ||||||||
Income tax benefit | 5,617 | — | 6,094 | — | ||||||||||||
Net loss | (41,198 | ) | (3,008 | ) | (52,160 | ) | (5,666 | ) | ||||||||
Adjustment of redeemable preferred units and stock | — | (13,967 | ) | — | (25,121 | ) | ||||||||||
Cumulative undeclared preferred stock dividends | (1,047 | ) | — | (2,042 | ) | — | ||||||||||
Net loss applicable to common stockholders and unitholders | $ | (42,245 | ) | $ | (16,975 | ) | $ | (54,202 | ) | $ | (30,787 | ) | ||||
Net loss per share attributable to common stockholders and unitholders: Basic and diluted | $ | (2.39 | ) | $ | (1.12 | ) | $ | (3.13 | ) | $ | (2.02 | ) | ||||
Weighted-average common shares and units outstanding: Basic and diluted | 17,641,147 | 15,215,747 | 17,312,437 | 15,215,747 | ||||||||||||
Condensed Consolidated Balance Sheets (unaudited)
(In thousands, except for share and per share data) | 2021 | 2020 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 99,450 | $ | 69,867 | ||||
Restricted cash | 10,501 | — | ||||||
Receivables under development arrangements | 545 | 1,594 | ||||||
Prepaid expenses and other current assets | 1,895 | 1,773 | ||||||
Total current assets | 112,391 | 73,234 | ||||||
Operating lease right-of-use assets | 7,638 | 4,476 | ||||||
Property and equipment, net | 37,802 | 8,909 | ||||||
Intangibles, net | 56,677 | — | ||||||
Goodwill | 22,893 | — | ||||||
Restricted cash | 16,846 | 1,841 | ||||||
Other assets | 2,823 | 109 | ||||||
TOTAL ASSETS | $ | 257,070 | $ | 88,569 | ||||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND OTHER STOCKHOLDERS' DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,004 | $ | 2,116 | ||||
Accrued expenses | 14,000 | 1,569 | ||||||
Loans payable | — | 632 | ||||||
Long-term debt, current | 1,577 | 903 | ||||||
Operating lease obligations, current | 1,419 | 770 | ||||||
Financing lease obligations, current | 1,984 | 1,475 | ||||||
Deferred revenue, current | 1,775 | 2,630 | ||||||
Total current liabilities | 29,759 | 10,095 | ||||||
Convertible promissory notes | 150,107 | — | ||||||
Long-term debt - net of current portion | 3,352 | 4,141 | ||||||
Operating lease obligations - net of current portion | 8,978 | 3,813 | ||||||
Finance lease obligations - net of current portion | 3,203 | 2,766 | ||||||
Deferred tax, net | 5,228 | — | ||||||
Deferred revenue | 839 | — | ||||||
Other long-term liabilities | 18,489 | 749 | ||||||
TOTAL LIABILITIES | 219,955 | 21,564 | ||||||
Commitments (See Note 7) | ||||||||
Redeemable convertible preferred stock, | 161,377 | 156,433 | ||||||
OTHER STOCKHOLDERS' DEFICIT | ||||||||
Common stock, | 2 | 2 | ||||||
Additional paid-in capital | 17,972 | 635 | ||||||
Accumulated deficit | (142,225 | ) | (90,065 | ) | ||||
Accumulated other comprehensive income (loss) | (11 | ) | — | |||||
TOTAL OTHER STOCKHOLDERS' DEFICIT | (124,262 | ) | (89,428 | ) | ||||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND OTHER STOCKHOLDERS' DEFICIT | $ | 257,070 | $ | 88,569 | ||||
Source:
2021 GlobeNewswire, Inc., source