(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Absci Corporation | ||||||||
Date: May 11, 2022 | By: | /s/ Sean McClain | ||||||
Sean McClain | ||||||||
Founder and CEO |
Three Months Ended March 31, | |||||||||||||||||
(In thousands, except for share and per share data) | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Technology development revenue | $ | 454 | $ | 940 | |||||||||||||
Collaboration revenue | 365 | 123 | |||||||||||||||
Total revenues | 819 | 1,063 | |||||||||||||||
Operating expenses | |||||||||||||||||
Research and development | 15,827 | 7,050 | |||||||||||||||
Selling, general and administrative | 10,889 | 4,685 | |||||||||||||||
Depreciation and amortization | 2,906 | 476 | |||||||||||||||
Total operating expenses | 29,622 | 12,211 | |||||||||||||||
Operating loss | (28,803) | (11,148) | |||||||||||||||
Other expense | |||||||||||||||||
Interest expense | (195) | (455) | |||||||||||||||
Other income, net | 125 | 164 | |||||||||||||||
Total other expense, net | (70) | (291) | |||||||||||||||
Loss before income taxes | (28,873) | (11,439) | |||||||||||||||
Income tax (expense) benefit | (621) | 477 | |||||||||||||||
Net loss | (29,494) | (10,962) | |||||||||||||||
Cumulative undeclared preferred stock dividends | — | (995) | |||||||||||||||
Net loss applicable to common stockholders | $ | (29,494) | $ | (11,957) | |||||||||||||
Net loss per share attributable to common stockholders: Basic and diluted | $ | (0.33) | $ | (0.70) | |||||||||||||
Weighted-average common shares outstanding: Basic and diluted | 90,272,205 | 16,980,074 | |||||||||||||||
March 31, | December 31, | |||||||||||||
(In thousands, except for share and per share data) | 2022 | 2021 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 226,004 | $ | 252,569 | ||||||||||
Restricted cash | 23,014 | 10,513 | ||||||||||||
Receivables under development arrangements | 350 | 1,425 | ||||||||||||
Prepaid expenses and other current assets | 6,593 | 8,572 | ||||||||||||
Total current assets | 255,961 | 273,079 | ||||||||||||
Operating lease right-of-use assets | 6,266 | 6,538 | ||||||||||||
Property and equipment, net | 54,611 | 52,114 | ||||||||||||
Intangibles, net | 54,150 | 54,992 | ||||||||||||
Goodwill | 21,335 | 21,335 | ||||||||||||
Restricted cash, long-term | 1,844 | 16,844 | ||||||||||||
Other long-term assets | 1,293 | 1,293 | ||||||||||||
TOTAL ASSETS | $ | 395,460 | $ | 426,195 | ||||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 6,739 | $ | 8,385 | ||||||||||
Accrued expenses | 25,641 | 17,434 | ||||||||||||
Long-term debt, current | 2,400 | 2,400 | ||||||||||||
Operating lease obligations | 1,545 | 1,502 | ||||||||||||
Financing lease obligations | 2,766 | 2,785 | ||||||||||||
Deferred revenue | 2,791 | 1,353 | ||||||||||||
Total current liabilities | 41,882 | 33,859 | ||||||||||||
Long-term debt - net of current portion | 531 | 1,124 | ||||||||||||
Operating lease obligations - net of current portion | 8,568 | 8,969 | ||||||||||||
Finance lease obligations - net of current portion | 2,402 | 3,231 | ||||||||||||
Deferred tax, net | 1,359 | 743 | ||||||||||||
Other long-term liabilities | 222 | 12,162 | ||||||||||||
TOTAL LIABILITIES | 54,964 | 60,088 | ||||||||||||
Commitments (See Note 7) | ||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||
Preferred stock, $0.0001 par value | — | — | ||||||||||||
Common stock, $0.0001 par value | 9 | 9 | ||||||||||||
Additional paid-in capital | 561,029 | 557,136 | ||||||||||||
Accumulated deficit | (220,519) | (191,025) | ||||||||||||
Accumulated other comprehensive loss | (23) | (13) | ||||||||||||
TOTAL STOCKHOLDERS' EQUITY | 340,496 | 366,107 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 395,460 | $ | 426,195 | ||||||||||
Cover |
May 11, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 11, 2022 |
Entity Registrant Name | ABSCI CORP |
Entity Incorporation, State | DE |
Entity File Number | 001-40646 |
Entity Tax Identification Number | 85-3383487 |
Entity Address, Street | 18105 SE Mill Plain Blvd |
Entity Address, City | Vancouver |
Entity Address, State | WA |
Entity Address, Postal Zip Code | 98683 |
City Area Code | 360 |
Local Phone Number | 949-1041 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of each class | Common Stock, $0.0001 par value per share |
Trading Symbol(s) | ABSI |
Name of each exchange on which registered | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001672688 |
Amendment Flag | false |
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