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what it is
Absci uses AI and wet labs to help design biologic drugs for partners while also trying to build its own medicine pipeline.
how it gets paid
FY2024 revenue was ~$4.5M (down from ~$5.7M in 2023), per the 2024 Form 10‑K—essentially all from collaboration and discovery agreements, not product sales.
what just happened
Q4 revenue can print below $1M when collaboration milestones slip—lumpy timing matters more than a single quarter’s growth rate.
At a glance
B balance sheet — gets the job done, barely
-$0.94 fy2024 eps est
~$4.5M FY2024 revenue (10‑K)
deeply negative operating margin
2.1 beta
xvary composite: 47/100 — below average
What they do
Absci uses AI and wet labs to help design biologic drugs for partners while also trying to build its own medicine pipeline.
Absci tries to compress years of lab work into one platform. Its Integrated Drug Creation platform (one system for target finding, molecule design, screening, and manufacturing setup) means your partner can stay in one workflow instead of stitching vendors together. That pitch has landed 4 named collaborators as of September 30, 2025, and the company does it with 157 employees.
How they make money
$4.5M
FY2024 revenue · down ~21% vs. 2023
collaboration & discovery revenue
~$4.5M
~−21%
The products that matter
ai-powered protein design
Generative AI Drug Design Platform
~$359M valuation · ~$4.5M FY2024 revenue
This is the entire investment story: sub‑$5M in filed FY2024 sales versus a nine‑figure cost base, so most of the equity value is optionality on partnerships and internal programs.
platform bet
phase 1/2a clinical program
ABS‑201 (androgenic alopecia)
Phase 1/2a initiation · 2025
ABS‑201 (anti‑PRLR) is Absci’s push beyond pure platform fees—getting a company‑owned antibody into the clinic matters because it turns AI claims into a testable asset (still early).
first proof point
Key numbers
$4.5M
FY2024 revenue
That is the whole filed sales base, so a ~$359M market cap implies a triple‑digit revenue multiple—valuation is almost entirely future partnerships and pipeline.
deep loss
operating margin
At ~$4.5M of revenue vs. full‑year R&D and G&A in the tens of millions, GAAP operating margin is massively negative—ratios are not economically meaningful until revenue scales.
~$4M
long-term debt
Debt is a small slice of capital; the balance sheet is not the main problem. The income statement and milestone timing are.
2.1
beta
Beta measures how violently a stock moves versus the market → 2.1 means roughly double the swings → your ride will not be calm.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt ~$4M long‑term debt (small vs. equity)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ABSI right now.
source: institutional data · return history unavailable
What just happened
FY2024 filed
FY2024 revenue was ~$4.5M—down YoY—so the story is still burn, milestones, and partnerships.
Per the 2024 Form 10‑K, revenue was $4.5M vs. $5.7M in 2023. Q4 prints can land near ~$0.7M when collaborations are quiet. Diluted EPS is deeply negative; treat quarterly EPS beats/misses as noise next to cash runway.
$4.5M
fy2024 rev
~$0.7M
q4 rev (approx.)
deep loss
op. margin
the number that mattered
The YoY revenue decline on a ~$4.5M base matters because Absci has no consumer scale—every partnership dollar is lumpy.
source: Absci 2024 Form 10‑K · Q4 revenue cross‑checked vs. earnings coverage
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What could go wrong
the top risk here is the ai platform never turning clinical progress into a commercial drug business.
med
platform commercialization failure
A ~$359M valuation supported by ~$4.5M of filed revenue only works if the platform eventually produces assets the market cares about. If the science does not convert into repeatable drug candidates, most of the valuation story disappears.
impact: it attacks the entire reason the stock trades at a premium to its current business.
med
cash burn and dilution
The company is expected to lose $0.94 per share this year and pays no dividend because cash goes back into R&D. That is standard for biotech. It also means future capital raises stay on the table.
impact: your ownership can shrink even if the science keeps moving forward.
med
collaboration revenue stays too small
All reported revenue comes from collaborations, and that base fell ~21% last year to ~$4.5M. If partnerships are not scaling, the market gets less evidence that outside customers see real value in the platform.
impact: a shrinking revenue base leaves the stock priced on hope alone.
All of these risks sit under the same math: a ~$359M market cap, ~$4.5M of filed revenue, no marketed drug, and a stock with ~2.1 beta.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
does the december 2025 clinical start turn into real follow-through
Entering Phase 1/2a gave the story its first concrete clinical timestamp. What you want next is evidence the program progresses, not just that it launched.
revenue trend
can collaboration revenue stop shrinking
Revenue declined ~21% last year to ~$4.5M. If the platform is gaining commercial credibility, this line should eventually stop moving the wrong way.
valuation
the 72x sales framing only works if the story keeps getting better
When the current business is this small, each operational update has to justify why the market cap is already $359M.
volatility
2.1 beta means headlines can do more than fundamentals
A 5 / 100 stability score tells you this can swing hard on thin news flow. Position sizing is not the point here. Knowing what kind of stock you own is.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for ABSI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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