Vancouver-based drug creation company Absci reported its revenues were up in its latest quarterly financial statement released Monday.
The company reported its revenue at $3.4 million in its second financial quarter of 2023, up from the same quarter in 2022. The company brought in $1 million at that time last year. Expenses were down from this time last year.
Still, the report showed a loss of $41.7 million in its most recent quarter, compared with $28.7 million for the second quarter last year.
The financial statement comes the week after Absci announced it would be partnering with the California Institute of Technology to develop affordable and scalable HIV therapeutic vaccinations.
Absci uses artificial intelligence in its biologic discovery process, potentially allowing the process to go more quickly than through traditional discovery processes.
The company also announced Monday that Zach Jonasson is set to take over as chief financial officer and chief business officer. Jonasson is co-founder and managing general partner at venture capital firms Phoenix Venture Partners and Convergent Ventures. He led both firms’ life science investment strategies.
Before moving into investing, Jonasson co-founded Comera Life Sciences and Crop Enhancement.
Jonasson, who has a doctorate, served as board chairman for Absci from 2016 to 2021 and currently serves on the company’s board. He will step down from his board position and at the venture capital firms to take on the full-time position at Absci.
In Monday’s statement announcing the leadership change, Absci CEO Sean McClain called Jonasson an ideal addition to the company’s leadership team, pointing to his experience scaling companies and knowledge of the company.
“I look forward to working with Absci’s exceptional team to transform the drug discovery process to a drug creation discipline, utilizing world-leading generative (artificial intelligence) and the company’s unique data engine to generate better therapeutics for patients at scale,” Jonasson said.
Jonasson is set to replace Absci’s current CFO Greg Schiffman, who is retiring.
Absci’s stock, which is traded on the Nasdaq as ABSI, closed Monday at $1.77 per share, up from where it closed Friday at $1.68 per share.
