Vancouver-based biotechnology company Absci on Wednesday reported a net loss of $29.5 million, or 33 cents per diluted share, on revenues of $819,000 for its fiscal first quarter ended March 31. That compares with a loss of $11 million on revenues of $1.1 million in the same quarter last year.
In a statement, the company, which applies artificial intelligence and machine learning to development of pharmaceutical products, said it was experiencing success on several research and development fronts.
“Our technology achievements are supporting the most robust business development pipeline we’ve seen to date,” said Sean McClean, founder and CEO. The company has entered into a research collaboration with Merck and signed three new active programs for drug discovery, keeping the company on track toward its goal of establishing eight new programs this year.
The company reiterated its previous guidance of expecting a net decrease in cash of about $120 million over the course of the year. The company stated it had $226 million in cash and equivalents on hand as of March 31.
Shares of the company, which trade on the Nasdaq exchange, closed at $3.49 Wednesday, down 51 cents. Earnings were announced before the markets opened.
