Here's Why Absci Corp Shares Are Falling

Absci Corp ABSI shares are trading lower by 9.2% at $6.79 after the company reported fourth-quarter earnings results.

Absci reported quarterly losses of 28 cents per share. The company also reported $1.45 million in sales this quarter. This is a 47% decrease over sales of $2.73 million in the same period last year.

"Our progress this quarter capped off a remarkable year for Absci from start to finish," said Sean McClain, Founder and CEO. "In the last few months alone, we announced collaborations with EQRx and Merck including six drug discovery programs in total. And earlier today we shared data around some of our groundbreaking AI models for therapeutic protein design and optimization. These achievements, enabled by our proprietary assay data and platform, advance the state-of-the-art, and we are collaborating with NVIDIA Corporation NVDA to further develop and scale our in silico models. Our AI and data generation capabilities have generated a robust pipeline of partnering opportunities, and our innovation continues to drive business development discussions. I am inspired by the state of our company today and optimistic about our future, given the opportunities I see ahead of us."

Absci is the an AI-powered synthetic biology company unlocking the potential of proteins as the next generation of therapeutics. It enables the creation of novel biologics by unifying biologic drug discovery and cell line development into one simultaneous process.

Absci has a 52-week high of $31.53 and a 52-week low of $5.63.