Absci Corp (ABSI)

Price$8.82Cached quoteAs of 2026-09-06 14:01 UTC

AI: Overvalued

Price checkThe valuation assumes major treatment success before Absci has proved that patients benefit.

Using 171.6 million shares outstanding and the observed quote, all shares are worth about $1.41 billion. Subtracting $201.1 million of cash and short-term investments and adding $3.7 million of debt leaves roughly $1.21 billion assigned to the operating business. That is about 775 times the last four quarters’ $1.6 million revenue. Because Absci has no approved product or reported patient hair-growth results, the valuation appears to require substantial clinical and commercial success, supporting an Overvalued verdict.

Big pictureAbsci remains a cash-burning drug developer, not a proven sales or profit business.

Revenue fell 38% to $2.8 million in 2025, while the operating loss worsened to $120.3 million and the net loss reached $115.2 million. During the latest four quarters, Absci produced only about $1.6 million of revenue while using roughly $108 million of operating cash. Free cash flow—cash left after running and investing in the business—was negative by approximately $109 million. Results are not conventionally cyclical; unpredictable collaboration milestones and clinical outcomes instead create sharp swings in revenue and value.

Business strengthFresh funding buys time, but repeated share sales have heavily diluted each owner.

At June 30, Absci held $201.1 million of cash and short-term investments against only $3.7 million of debt; current assets of $208.3 million also comfortably exceeded $19.6 million of current liabilities. Management expects funding to last into the second half of 2028. However, shares outstanding climbed from 115.4 million at December 2024 to 171.6 million by July 2026, nearly 49% dilution. Absci paid no dividends or buybacks, while external financing continued to fund losses and 2025 employee share compensation totaled $18.3 million.

What could change the storyPatient results can justify today’s hopes, while weak data could erase much of them.

The strongest bull evidence is ABS-201’s favorable early safety profile and estimated half-life of at least 65 days, potentially allowing only two or three injections over six months. However, safety in 32 early participants does not prove hair regrowth. Clear improvement over placebo in the expected interim patient results, durable benefit in the full 26-week data, or a partnership bringing non-dilutive cash would strengthen value. Weak efficacy, safety problems, or continued annual cash use near $100 million would undermine the roughly $1.21 billion value assigned above net cash.

AI: News

Positive Early Safety DataABS-201 cleared an early safety test, but evidence that it helps patients remains pending.

On June 24, Absci reported blinded interim results from 32 healthy adults across four dose groups. No serious adverse events occurred; all reported events were mild except one moderate headache considered unlikely related to treatment. The estimated half-life was at least 65 days, supporting infrequent dosing, and the trial advanced into repeated dosing among people with pattern hair loss. Shares gained about 36% that day, although the simultaneous financing announcement makes attribution to the trial results alone uncertain.

Strategic Share SaleA large share sale extended funding and brought Eli Lilly in as a major shareholder.

On June 24, Absci priced an offering of about 13.5 million shares, later reporting $93.6 million of net proceeds. Eli Lilly supplied $40 million of the $100 million gross investment and joined Absci’s endometriosis advisory board, but received no rights to ABS-201. The added cash extended management’s expected operating runway into the second half of 2028. This reduced near-term financing risk, while the new shares diluted existing owners and reinforced Absci’s continuing reliance on equity funding.

Quarterly Losses WidenedQuarterly results showed almost no sales, higher losses, and enough funding for planned work.

On August 11, Absci reported second-quarter revenue of $0.3 million, down from $0.6 million, while the net loss widened to $33.2 million from $30.6 million. Research spending rose to $22.6 million from $20.5 million as ABS-201 advanced. One financial outlet recorded a 16.6% after-hours decline, but the next regular session closed about 1% higher, so the reaction did not persist. The underlying concern is clearer: clinical spending is rising while collaboration revenue remains small and milestone-dependent.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$2.8M	$4.5M	$5.7M	$4.5M	$4.0M	$4.1M
Research & development	$81.4M	$63.9M	$48.1M	$58.9M	$44.6M	$11.4M
Operating expenses	$123.1M	$113.4M	$121.2M	$112.5M	$80.0M	$18.1M
Operating income	−$120.3M	−$108.9M	−$115.5M	−$106.8M	−$75.2M	−$13.3M
Operating margin	−4,297.04%	−2,401.59%	−2,020.20%	−2,357.03%	−1,876.73%	−323.08%
EBITDA	−$108.6M	−$95.5M	−$101.5M	−$93.7M	−$68.6M	−$12.2M
EBITDA margin	−3,877.68%	−2,106.29%	−1,775.38%	−2,069.18%	−1,710.75%	−295.60%
Net income	−$115.2M	−$103.1M	−$110.6M	−$104.9M	−$101.0M	−$14.4M
Net profit margin	−4,113.68%	−2,274.06%	−1,933.65%	−2,316.27%	−2,518.33%	−348.63%
Basic EPSper basic share	-$0.84	-$0.94	-$1.20	-$1.15	-$2.08	-$3.19
Diluted EPSper diluted share	-$0.84	-$0.94	-$1.20	-$1.15	-$2.08	-$3.19

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.81%of listed shares

FMR LLC25.41M shares · Jun 30, 2026

View holders

Top 20 reported holders of ABSI
Holder	% owned
FMR LLC	14.81%25.41M shares
ARK Investment Management LLC	7.53%12.93M shares
BlackRock, Inc.	7.10%12.18M shares
McClain Sean	≈5.05%8.66M shares
STATE STREET CORP	4.72%8.1M shares
AMERIPRISE FINANCIAL INC	4.08%6.99M shares
Redmile Group, LLC	3.93%6.74M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.57%6.12M shares
ADVANCED MICRO DEVICES INC	3.33%5.71M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	3.33%5.7M shares
TWO SIGMA INVESTMENTS, LP	3.20%5.49M shares
D. E. Shaw & Co., Inc.	3.05%5.24M shares
GEODE CAPITAL MANAGEMENT, LLC	2.09%3.58M shares
Woodline Partners LP	1.57%2.7M shares
Siren, L.L.C.	1.44%2.47M shares
BVF INC/IL	1.38%2.36M shares
Gem Investment Advisors, LLC	1.27%2.17M shares
BAKER BROS. ADVISORS LP	1.24%2.13M shares
GOLDMAN SACHS GROUP INC	1.01%1.73M shares
Nuveen, LLC	1.00%1.72M shares

Percentages use 171.56M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys7$1.22M disclosed value

Sells (SEC code S)2$132.3K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 13, 2026Form 4	Pangalos Menelas NDirector	BuyCommon Stock	37.5K	$5.36	$200.7K	232.3K
Mar 12, 2026Form 4	Busch AndreasChief Innovation Officer	BuyCommon Stock	100.0K	$2.29	$229.0K	421.4K
Feb 27, 2026Form 4	Pangalos Menelas NDirector	BuyCommon Stock	75.1K	$2.74	$205.8K	189.1K
Feb 2, 2026Form 4	McClain SeanChief Executive Officer	SellCommon Stock	26.8K	$2.99	$80.0K	8.33M
Feb 2, 2026Form 4	Jonasson ZachariahCFO / CBO	SellCommon Stock	17.5K	$2.99	$52.3K	383.5K