Absci Corp Files 2023 Annual Report (10-K)

TL;DR

<b>Absci Corp has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its business operations and financial standing.</b>

AI Summary

Absci Corp (ABSI) filed a Annual Report (10-K) with the SEC on March 21, 2024. Absci Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 18105 SE Mill Plain Blvd, Vancouver, WA 98683. Absci Corp's SIC code is 8731 for Commercial Physical & Biological Research. The filing was made on March 21, 2024.

Why It Matters

For investors and stakeholders tracking Absci Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Absci Corp's financial performance, operational activities, and strategic direction for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, identify potential risks, and understand its market position within the commercial biological research sector.

Risk Assessment

Risk Level: — Absci Corp shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks and uncertainties of the biotechnology and drug discovery industry, including regulatory hurdles and competitive pressures.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Absci Corp's financial stability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-21 — Filing Date (The date the 10-K was officially filed with the SEC.)
• 98 — Public Document Count (Total number of documents included in the filing.)

Key Players & Entities

• Absci Corp (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-03-21 (date) — Filing date of the report.
• 18105 SE Mill Plain Blvd, Vancouver, WA 98683 (address) — Business and mailing address.
• 8731 (sic_code) — Standard Industrial Classification code for Commercial Physical & Biological Research.

FAQ

Industry Context

Absci Corp operates in the commercial physical and biological research sector, focusing on drug discovery and development services.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational information.

What Investors Should Do

1. Analyze Absci Corp's revenue streams and growth trends from the detailed financial statements.
2. Evaluate the company's cash position and debt levels to understand its financial flexibility.
3. Review the risk factors section to identify potential challenges and their impact on the business.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-21: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing a baseline for future comparisons.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock. $0.0001 par value ABSI The Nasdaq Global Select
• $1 billion — nerally takes 12–15 years and more than $1 billion to bring a drug to market. 5 Table o

Filing Documents

• absi-20231231.htm (10-K) — 1784KB
• exhibit102-2021plan.htm (EX-10.2) — 582KB
• exhibit1042023inducementpl.htm (EX-10.4) — 166KB
• exhibit211subsidiariesofth.htm (EX-21.1) — 5KB
• exhibit231-202310xk.htm (EX-23.1) — 4KB
• exhibit311-202310xk.htm (EX-31.1) — 11KB
• exhibit312-202310xk.htm (EX-31.2) — 11KB
• exhibit321-202310xk.htm (EX-32.1) — 5KB
• exhibit322-202310xk.htm (EX-32.2) — 6KB
• exhibit971compensationreco.htm (EX-97.1) — 31KB
• absi-20231231_g1.jpg (GRAPHIC) — 50KB
• absi-20231231_g2.jpg (GRAPHIC) — 96KB
• absi-20231231_g3.jpg (GRAPHIC) — 135KB
• absi-20231231_g4.jpg (GRAPHIC) — 118KB
• absi-20231231_g5.jpg (GRAPHIC) — 84KB
• 0001628280-24-012366.txt (&nbsp;) — 10187KB
• absi-20231231.xsd (EX-101.SCH) — 42KB
• absi-20231231_cal.xml (EX-101.CAL) — 98KB
• absi-20231231_def.xml (EX-101.DEF) — 181KB
• absi-20231231_lab.xml (EX-101.LAB) — 722KB
• absi-20231231_pre.xml (EX-101.PRE) — 482KB
• absi-20231231_htm.xml (XML) — 1049KB

Risk Factors

Item 1A. Risk Factors 26

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 76 Item 1C Cybersecurity 76

Properties

Item 2. Properties 77

Legal Proceedings

Item 3. Legal Proceedings 77

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 77 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 77

[Reserved]

Item 6. [Reserved] 78

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 79

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 91

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 91

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 116

Controls and Procedures

Item 9A. Controls and Procedures 116

Other Information

Item 9B. Other Information 116

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 116 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 116

Executive Compensation

Item 11. Executive Compensation 117

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 117

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 117 Part IV.

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 118

Form 10-K Summary

Item 16. Form 10-K Summary 120

Signatures

Signatures 121 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings "Business", "Management's Discussion and Analysis of Financial Condition and Results of Operations", and "Risk Factors". Forward-looking statements can often be identified by the use of terminology such as "may," "might," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. In particular, these forward-looking statements include, but are not limited to: our expectations regarding our further development of, successful application of, and the rate and degree of market acceptance of, our Integrated Drug Creation platform, including progress towards fully in silico biologic drug discovery; our expectations regarding our ability to leverage our Integrated Drug Creation platform to shorten preclinical development of biologics; our expectations regarding the markets for our services and technologies, including the growth rate of the biologics market; our ability to attract new partners and enter into drug creation agreements that contain milestone and royalty obligations in favor of us; our potential to receive revenue from the achievement of

Business

Item 1. Business Our Mission Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. With the data to train, the AI to create, and the wet lab to validate, our Integrated Drug Creation platform aims to engineer better biologics with design-in functionality and best-in-class properties. Antibody-based therapeutics represent an extraordinary medical and economic opportunity, yet the biopharmaceutical industry faces significant challenges in bringing these life-changing medicines to patients. Our Integrated Drug Creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit. This has the potential to significantly shorten time to clinic and increase the probability of success. Our approach expands the possibilities in biopharmaceuticals — shifting from a paradigm of drug discovery to drug creation — with the goal of bringing best-in-class and first-in-class antibody therapeutics to the patients who need them. The AI Drug Creation Opportunity Biologic drug discovery is ripe for disruption. Studies of drug discovery and development estimate that it takes an average of 5.5 years to go from discovery to initiation of human clinical trials. Success rates for traditional drug discovery campaigns reaching a marketed product are estimated at less than 5%. Moreover, it generally takes 12–15 years and more than $1 billion to bring a drug to market. 5 Table of Contents Progress in machine learning and artificial intelligence has been building for decades, with increasing application in drug discovery. In May 2023, the U.S. Food and Drug Administration acknowledged that artificial intelligence and machine learning will undoubtedly play a critical role in drug development and recognized its potential to enhance drug develop

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View this 10-K filing on SEC EDGAR