Absci provides FY23 outlook

The company said, “Absci continues to anticipate at least ten new Active Programs in 2023, based on the company’s current partnership pipeline. Absci also expects to generate more cash from execution on partnered programs this year and going forward, as compared to prior years, given the shift from cell line development to discovery programs. Following the previously announced organizational realignment, Absci expects a gross use of cash, cash equivalents, and short-term investments, exclusive of partnered program and equipment financing receipts, of approximately $80 million for the fiscal year ending December 31, 2023, below prior year use of $105 million. Absci also continues to focus its investments and operations on strategic initiatives and near-term inflection points, providing cash and cash equivalents and short-term investments into late 2025, consistent with previous disclosures.”