10-Q · May 7, 2026
Absi Corporation's Q4 2026 results reveal significant challenges, marked by a revenue decline to $0.65 million from $2 million in the same quarter last year, leading to an EPS of -$0.20, which was worse than analysts'…
Earnings analysis · 10-Q
ABSI earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Absci’s Q2 2026 revenue of $318,000 improved sequentially from $215,000 but declined from $593,000 a year earlier and significantly missed the $1.27 million consensus estimate; EPS of negative $0.21 also missed the…
Read full summary
Absci’s Q2 2026 revenue of $318,000 improved sequentially from $215,000 but declined from $593,000 a year earlier and significantly missed the $1.27 million consensus estimate; EPS of negative $0.21 also missed the negative $0.19 estimate. Losses continued to expand, with a six-month net loss of $62.8 million versus $56.9 million in the prior-year period, while R&D expense remained high at $22.6 million for the quarter. Liquidity was strengthened by approximately $93.6 million of net equity proceeds and $201.1 million of cash, cash equivalents and marketable securities, but the absence of downstream licenses, milestone or royalty revenue remains a material business-model risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.21
What stood out
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Sequential revenue recovery, but major miss
Q2 2026 revenue was $318,000, up 47.9% from $215,000 in Q1 2026 but down 46.4% from $593,000 in Q2 2025. Revenue was also below the $1.27 million consensus estimate.
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Liquidity remains substantial
Cash, cash equivalents and marketable securities totaled $201.1 million as of June 30, 2026. Management said these resources and anticipated operating cash flows should fund needs for at least the next 12 months.
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Interim loss continued to expand
The company reported $62.8 million of net losses for the six months ended June 30, 2026, compared with $56.9 million in the prior-year period, an increase of $5.9 million or 10.4%.
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R&D investment remains elevated
R&D expense was $22.6 million in Q2 2026, reflecting continued investment in internally developed programs, including ABS-201, and the Integrated Drug Creation platform.
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Capital raise strengthened funding
The company reported that 13,495,277 shares were issued and sold for net proceeds of approximately $93.6 million, while an additional $84.0 million remained available for future sale under its $100.0 million ATM facility as of June 30, 2026.
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ABS-201 clinical program advanced
ABS-201 was being evaluated in a Phase 1/2a clinical trial, with planned single ascending dose cohorts completed and multiple ascending dose cohorts continuing as of the filing.
What to watch
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No downstream licenses or royalties
As of August 11, 2026, no partner had entered into a license for clinical or commercial use of intellectual property related to a product candidate or cell line, and the company had received no milestone or royalty revenue to date. This leaves revenue dependent on drug-creation activity and partner timing.
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BIOSECURE supply-chain exposure
The BIOSECURE Act was enacted in December 2025, the Department of Defense added WuXi AppTec to its Section 1260H list in June 2026, and the OMB is required to publish its initial biotechnology companies of concern list no later than December 2026. A designation could cause supply-chain disruption, delays and higher costs.
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Foreign-trial and FDA acceptance risk
ABS-201 is being evaluated in Australia, and the company stated that the FDA may not accept foreign clinical-trial data without meeting specified conditions. Rejection of the data could require additional trials and delay commercialization.
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Increasing AI compliance burden
Significant provisions of the EU Artificial Intelligence Act are expected to become effective in August 2026, potentially imposing additional data-quality, transparency, monitoring and human-oversight obligations on the company’s AI activities.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that $201.1 million of cash, cash equivalents and marketable securities, together with anticipated operating cash flows, should fund working capital and capital expenditure needs for at least the next 12 months; the earnings update indicated operating plans are funded into the second half of 2028.
Earlier filings 4
10-K · March 24, 2026
Absci positions itself as an AI-native, capital-efficient antibody developer, highlighting its Integrated Drug Creation platform and lab-in-a-loop to move candidates rapidly from design to IND. The company advanced two…
10-Q · November 12, 2025
Absci reported partner program revenue of $378,000 for Q3 2025 (down sharply vs $1,701,000 in Q3 2024 and $593,000 in Q2 2025). The company posted an operating loss of $30.2M and a net loss of $28.7M (EPS $(0.20)),…
10-K · March 18, 2025
Absci positions itself as a data-first generative-AI + synthetic‑biology “Integrated Drug Creation” platform that says it can take AI-designed antibodies to wet‑lab validated candidates in as little as six weeks and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.