Press release
Absci Reports Business Updates and Fourth Quarter and Full Year 2024 Financial and Operating Results
Unveiled updates across proprietary pipeline and demonstrated new breakthroughs by AI platform at 2024 R&D Day Entered into collaboration with AMD, including
About this update from Absci Corporation
[{"type":"text","content":"Unveiled updates across proprietary pipeline and demonstrated new breakthroughs by AI platform at 2024 R&D Day Entered into collaboration with AMD, including $20 million strategic investment in Absci Achieved 2024 outlook for drug creation partnerships through collaborations with Owkin, Twist Bioscience, Invetx, and Memorial Sloan Kettering Cancer Center Cash, cash equivalents, and short-term investments sufficient to fund operations into the first half of 2027 VANCOUVER, Wash. and NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today reported financial and operating results for the quarter and full year ended December 31, 2024. \"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. \"In December, we unveiled for the first time our potentially category-defining ABS-201 program for androgenic alopecia and showcased new breakthroughs in de novo antibody design demonstrated by our leading AI platform. And now, we are on the verge of becoming a clinical-stage biotech company, with ABS-101 expected to initiate Phase 1 studies in the coming months, which would mark a significant milestone for Absci.\" Recent Highlights Showcased pipeline updates and platform achievements at 2024 R&D Day, including target and primary indication for ABS-201 (anti-PRLR for androgenic alopecia), new preclinical data for ABS-101 (anti-TL1A), and breakthroughs in de novo design demonstrated by Absci's AI platform in collaboration with the California Institute of Technology.In January 2025, entered into strategic collaboration with AMD to deploy AMD Instinct™ accelerators and ROCm™ software to power critical AI drug discovery workloads, including Absci's advanced de novo antibody design models. As part of this strategic partnership, AMD also made a $20 million equity investment in Absci.Established additional new Drug Creation partnerships, including with Owkin to co-develop therapeutic candidates addressing novel targets in immuno-oncology and other indications, and with Invetx to leverage Absci’s leading generative AI Drug Creation models to design a novel antibody Half-Life Extension platform for animal health applications. Inte...