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VANCOUVER, Wash. - Absci Corporation (NASDAQ:ABSI) saw its shares drop 7.4% after the AI-driven drug discovery company reported fourth quarter revenue that missed analyst expectations.
The company posted revenue of $0.7 million for Q4 2024, falling short of the $1.8 million consensus estimate. Adjusted earnings per share came in at -$0.25, $0.03 worse than analysts expected.
For the full year 2024, Absci reported revenue of $4.5 million, down from $5.7 million in 2023. The company’s net loss widened to $103.1 million in 2024 compared to $110.6 million the previous year.
Despite the revenue miss, Absci highlighted progress in its drug development pipeline. The company plans to initiate Phase 1 clinical studies for its lead candidate ABS-101 in the first half of 2025, with interim data expected later that year.
"Looking back on 2024, it is inspiring to see the significant progress our AI Integrated Drug Creation platform has made, and the tangible results of those advances," said Sean McClain, Founder and CEO.
Absci ended 2024 with $112.4 million in cash, cash equivalents, and short-term investments. The company believes this will fund operations into the first half of 2027.
In January 2025, Absci entered a strategic collaboration with AMD (NASDAQ:AMD), including a $20 million equity investment from the chip maker. The partnership aims to leverage AMD’s AI accelerators for Absci’s drug discovery workloads.
While revenue declined YoY, Absci expressed optimism about its pipeline and AI platform advancements. The company anticipates signing one or more new partnerships, potentially including a large pharmaceutical company, in 2025.
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