In its latest earnings report, drug creation company Absci announced a loss of $23.4 million for the first quarter of 2023. The loss is less than the $29.5 million loss reported during the same period last year, however.
The Vancouver company, which creates biologic drugs using artificial intelligence, reported its revenue up to $1.3 million for its first quarter, compared with $800,000 during the first quarter of 2022.
The earnings report stated the increase was due to a partnered program mix and progress timing, including on a research collaboration with pharmaceutical giant Merck that faced administrative delays.
Absci’s research and development expenses dropped to $12.7 million in its first quarter, compared with $15.8 million during 2022’s first quarter. The company reported expenses decreased because of lower laboratory operational costs. Its other expenses were also down. Selling, general and administrative expenses were down to $9.6 million, compared with $10.9 million reported the previous year. The company announced late last summer that it was laying off an undisclosed number of staff because of the economy.
The biotech company trades on the Nasdaq as ABSI. Its stock closed Monday at $1.28 per share, up from where it closed Friday at $1.25 per share.
