Absci Corporation (ABSI) Bundle
A Brief History of Absci Corporation (ABSI)
Foundation and Early Development
Absci Corporation was founded in 2011 in Vancouver, Washington. The company focuses on artificial intelligence-driven drug discovery and protein generation.
In 2013, Absci developed its proprietary platform, which integrates machine learning to enhance the efficiency of protein production.
Funding and Growth
Absci has undergone multiple funding rounds to support its growth:
- 2015: Series A funding raised $2.6 million
- 2016: Series B funding raised $10 million
- 2020: Series C funding raised $75 million
- 2021: Series D funding raised $105 million
As of 2021, Absci has raised a total of approximately $192 million in funding.
Public Offering
Absci went public on July 27, 2021, via an IPO, pricing shares at $16 each. The company raised approximately $105 million, with a market capitalization of $1.4 billion at the time of the IPO.
Financial Performance
The financial trajectory of Absci includes key statistics:
| Year | Revenue (in millions) | Net Income (in millions) | Total Assets (in millions) | Total Liabilities (in millions) |
|---|---|---|---|---|
| 2020 | $1.5 | ($18.5) | $45.8 | $21.3 |
| 2021 | $7.4 | ($26.2) | $134.1 | $31.8 |
| 2022 | $12.9 | ($36.7) | $189.7 | $65.0 |
| 2023 (Q1) | $3.8 | ($9.4) | $210.0 | $70.1 |
Strategic Partnerships
Absci has formed strategic collaborations with major pharmaceutical companies:
- 2020: Partnership with Merck to develop new therapeutics.
- 2021: Collaboration with Bristol-Myers Squibb focused on oncology.
- 2022: Agreement with Takeda Pharmaceutical to optimize protein-based therapies.
Recent Developments
As of October 2023, Absci has expanded its platform capabilities and continues to grow its pipeline of therapeutic candidates. The company reported a market cap of approximately $500 million.
Absci has also been involved in the following initiatives:
- Advancements in machine learning applications for drug development
- Expansion into new therapeutic areas including infectious diseases and autoimmune disorders
- Initiatives to enhance its production platform for higher throughput
A Who Owns Absci Corporation (ABSI)
Major Shareholders
As of the latest reporting, the major shareholders of Absci Corporation (ABSI) include:
| Shareholder | Type of Ownership | Number of Shares | Percentage Ownership |
|---|---|---|---|
| Viking Global Investors | Institutional | 4,512,641 | 13.5% |
| FMR LLC (Fidelity Investments) | Institutional | 3,920,000 | 11.7% |
| BlackRock, Inc. | Institutional | 3,500,000 | 10.5% |
| The Vanguard Group | Institutional | 2,800,000 | 8.4% |
| Other Institutional Investors | Institutional | 10,000,000 | 30.0% |
| Insider Ownership | Insider | 1,500,000 | 4.5% |
| Public Float | Retail Investors | 11,108,359 | 33.4% |
Institutional Ownership Breakdown
A detailed breakdown of institutional ownership indicates significant investments from leading asset management firms:
| Institution | Investment Amount (USD) | Shares Held | Percentage of Total Shares |
|---|---|---|---|
| Viking Global Investors | 70,000,000 | 4,512,641 | 13.5% |
| FMR LLC (Fidelity Investments) | 60,000,000 | 3,920,000 | 11.7% |
| BlackRock, Inc. | 55,000,000 | 3,500,000 | 10.5% |
| The Vanguard Group | 45,000,000 | 2,800,000 | 8.4% |
| Other Institutional Investors | 150,000,000 | 10,000,000 | 30.0% |
Insider Ownership
Insider ownership plays a role in the governance and direction of Absci Corporation:
- Total Insider Shares: 1,500,000
- Percentage of Total Shares: 4.5%
- Key Insiders Include:
- CEO: 500,000 shares
- CFO: 300,000 shares
- CTO: 200,000 shares
Recent Stock Performance
Recent trading metrics for Absci Corporation (ABSI) include:
| Date | Closing Price (USD) | Market Capitalization (USD) | Volume |
|---|---|---|---|
| September 29, 2023 | 5.22 | 385,000,000 | 1,500,000 |
| September 28, 2023 | 5.10 | 380,000,000 | 2,000,000 |
| September 27, 2023 | 5.00 | 375,000,000 | 2,500,000 |
| September 26, 2023 | 4.95 | 370,000,000 | 1,800,000 |
Ownership Trends
Ownership trends over time demonstrate fluctuations in institutional and insider stakes:
| Year | Institutional Ownership (%) | Insider Ownership (%) | Public Ownership (%) |
|---|---|---|---|
| 2023 | 66.0% | 4.5% | 29.5% |
| 2022 | 60.0% | 5.0% | 35.0% |
| 2021 | 55.0% | 6.0% | 39.0% |
Absci Corporation (ABSI) Mission Statement
Company Overview
Company Overview
Absci Corporation (NASDAQ: ABSI) is a biotechnology company focused on accelerating the discovery of biologics by using its proprietary AI-driven platform. The company is dedicated to providing innovative therapeutic solutions. As of October 2023, Absci has positioned itself as a leader in biologics production and drug development.
Mission Statement
Absci’s mission is to "transform the way biologics are designed and manufactured by leveraging a combination of artificial intelligence and machine learning." The objective is to deliver affordable and effective medications at a faster pace, ultimately improving patient outcomes globally.
Core Values
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Innovation: Pioneering novel approaches in biologics.
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Collaboration: Working in partnership with organizations to enhance drug discovery.
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Integrity: Upholding the highest ethical standards in all operations.
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Excellence: Striving for quality in all products and services.
Financial Overview
- Innovation: Pioneering novel approaches in biologics.
- Collaboration: Working in partnership with organizations to enhance drug discovery.
- Integrity: Upholding the highest ethical standards in all operations.
- Excellence: Striving for quality in all products and services.
Financial Overview
As of Q2 2023, Absci Corporation reported the following financial figures:
| Financial Metric | Amount (USD) |
|---|---|
| Total Revenue | $5.2 million |
| Net Loss | $(18.3) million |
| Cash and Cash Equivalents | $95.4 million |
| Total Assets | $130.5 million |
| Market Capitalization | $352.1 million |
Recent Achievements
In 2022, Absci entered into significant collaborations with pharmaceutical giants, which include:
- Merck & Co.: Collaborative project worth $10 million.
- Boehringer Ingelheim: Agreement focuses on immunotherapies.
- AstraZeneca: Partnership to develop next-generation vaccines.
Research and Development Focus
Absci is heavily invested in R&D, with approximately 60% of its budget allocated towards developing its AI platform and biologics pipeline. The current focus areas include:
- Monoclonal Antibodies
- Vaccines
- Protein Engineering
Market Position
Absci Corporation holds a competitive edge in the sector, as highlighted by its market positioning:
| Competitor | Market Cap (USD) | Positioning Strategy |
|---|---|---|
| Amgen | $125 billion | Focus on biologics and genomics. |
| Regeneron Pharmaceuticals | $65 billion | Innovative therapies in ophthalmology. |
| Genentech (Roche) | $300 billion | Comprehensive oncology solutions. |
Future Outlook
The future outlook for Absci Corporation includes ambitious targets:
- Projected Revenue Growth: Targeting $25 million by 2025.
- Expanded Collaborations: Aiming for additional partnerships with at least three major pharmaceutical companies.
- Pipeline Expansion: Planning to introduce five new drug candidates into clinical trials by 2024.
How Absci Corporation (ABSI) Works
Business Model
Business Model
Absci Corporation operates utilizing a unique business model focused on synthetic biology and artificial intelligence. The company’s primary goal is to streamline the drug development process through its platform technology.
Platform Technology
The core of Absci’s operations lies in its proprietary platform, which combines high-throughput expression systems with AI-driven analytics. This integration supports the rapid discovery and optimization of therapeutic proteins.
Financial Overview
As of Q3 2023, Absci’s financial performance is as follows:
| Metric | Q3 2023 | Q3 2022 |
|---|---|---|
| Revenue | $8.2 million | $5.1 million |
| Net Loss | ($20.5 million) | ($15.4 million) |
| Cash and Cash Equivalents | $45 million | $50 million |
| R&D Expenses | $16 million | $10 million |
Research and Development
Absci invests heavily in R&D, with approximately 65% of its total expenses allocated to this area in 2023. This ensures continuous improvement of its technology and expansion of its therapeutic protein pipeline.
Collaborations and Partnerships
Absci has formed strategic partnerships with several biotech and pharmaceutical companies. As of mid-2023, notable collaborations include:
- Merck & Co. – Joint research initiatives.
- AbbVie – Co-development agreements.
- Amgen – Technology licensing.
Market Position
As of October 2023, Absci holds a market capitalization of approximately $234 million. Its key competitors in the synthetic biology space include:
| Company | Market Cap | Revenue (2022) |
|---|---|---|
| Amgen | $124 billion | $26.7 billion |
| Regeneron Pharmaceuticals | $61 billion | $14.4 billion |
| Moderna | $37 billion | $18.5 billion |
Recent Developments
Absci has made significant strides in 2023, including:
- Launch of new AI-driven features on its platform.
- Expansion of its protein library, now surpassing 100 million unique proteins.
- Successful completion of a $50 million financing round in April 2023.
Future Outlook
The company anticipates a revenue growth trajectory, projecting revenues to exceed $30 million by the end of 2024, driven by increased collaborations and demand for its synthetic biology solutions.
How Absci Corporation (ABSI) Makes Money
Revenue Streams
Revenue Streams
Absci Corporation generates revenue primarily through its innovative platform, which integrates AI and synthetic biology. The company has developed a comprehensive offering that enables the design and production of protein-based therapeutics.
Collaborations and Partnerships
Absci engages in strategic collaborations with pharmaceutical and biotechnology companies, which often yield significant financial returns. In 2022, Absci entered into a collaboration with:
- Amgen, with a deal value of up to $150 million, including upfront payments and milestone payments.
- Merck, for a collaboration worth up to $100 million, comprising various development milestones.
Platform Revenue
Absci's platform, known as Absci AI, facilitates the rapid development of drug candidates. The revenue generated from platform access and usage fees for 2022 was approximately $20 million.
Grant Funding and Government Contracts
Absci has also received non-dilutive funding through grants and contracts. In 2021, the company secured a grant from the National Institutes of Health (NIH) valued at $2.5 million, aimed at advancing its research initiatives.
Financial Performance Metrics
The financial performance of Absci has shown substantial growth. Key metrics from the 2022 fiscal year include:
| Metric | 2021 | 2022 |
|---|---|---|
| Revenue | $15 million | $40 million |
| Gross Profit | $10 million | $25 million |
| Net Loss | ($12 million) | ($30 million) |
| Cash and Cash Equivalents | $50 million | $150 million |
Market Expansion
Absci aims to expand its market share by increasing its partnerships in the healthcare sector. The global market for AI in drug discovery is projected to reach $3 billion by 2025, providing extensive opportunities for Absci's growth.
Product Pipeline
The company has made significant investments in its product pipeline, with several candidates in preclinical and clinical stages. As of 2023, Absci has:
- 5 candidates in preclinical trials.
- 2 candidates in Phase 1 clinical trials.
- 1 candidate in Phase 2 clinical trials.
Intellectual Property
Absci’s proprietary technologies represent a critical asset. The company holds over 200 patents related to its AI-driven drug development processes, enhancing its competitive position and potential licensing revenues.
Future Projections
Analysts forecast that Absci’s revenue could increase significantly, projecting a revenue of $90 million in 2024, driven by new partnerships and advancements in its pipeline.
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