0001672688-26-000088
SEC filingRevenue declined sharply due to milestone timing, while net loss widened on increased R&D investment in ABS-201.
Revenue for the first quarter of 2026 was $215,000, an 82% decrease from $1.2 million in the same period last year. This decline was primarily due to the number of ongoing partnered programs and the respective timing of project-based milestones achieved. As a result, revenue recognition fluctuates based on the achievement of specific contractual milestones, which can vary significantly between periods.
Diluted EPS improved to -$0.19 from -$0.21, despite a larger net loss, due to an increase in weighted-average shares outstanding. This share count growth likely reflects equity issuances or exercises of stock-based compensation.
Absci's strategy centers on capital-efficient AI-native drug creation, with ABS-201 as the key near-term catalyst. The company expects to initiate two additional MAD cohorts in Q2 2026 and report interim proof-of-concept data in H2 2026. A Phase 2 trial for ABS-201 in endometriosis is anticipated in Q4 2026. The AMD collaboration, focused on optimizing AI model performance, provides non-dilutive support. However, the risk factors highlight the uncertainty of clinical development, competition from other AI-driven drug discovery platforms, and the need for future capital. The company's ability to achieve milestones and secure partnerships will be critical to its long-term viability.