Absci Corp
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
ABSI$10.17+8.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001672688-25-000084
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001672688-26-000088
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 114 previous paragraphs and 95 current paragraphs.
52 unchanged; 27 reworded; 15 added; 33 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
We are a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody therapeutics. Our integrated drug creation platform combines Origin-1, our generative design model, with rapid validation using our lab-in-the-loop. We focus on underexplored mechanisms where unmet medical need is high and competition is low.
Current report
We have advanced our first two programs from AI design to IND (or foreign equivalent) in around 2 years with a total investment of approximately $15 million per program, compared to an industry average of 4–6 years at a cost of greater than $50 million. This combination of underexplored target selection and capital-efficient execution is central to our strategy.
Current report
Our lead product candidate, ABS-201, is an anti-prolactin receptor (PRLR) antibody engineered with an extended half-life to support a patient-friendly dosing interval. We believe PRLR is an underexplored target with the potential to provide durable, disease-modifying effects. If successfully developed, ABS-201 could establish a new treatment category in indications where current options remain inadequate. ABS-201 is being developed for two indications, androgenetic alopecia (AGA) or pattern hair loss (PHL) and endometriosis, each with large affected populations and significant unmet need.
Current report
Pipeline Programs
Current report
Our pipeline is composed of programs which leverage our differentiated capabilities inde novo design, multi-parametric lead optimization, and reverse immunology. These programs have been designed to address areas with significant unmet medical needs with potential ‘first-in-class’, ‘best-in-class’, or ‘disease modifying’ profiles.
Current report
ABS-201 for the Treatment of AGA
Current report
ABS-201 is being evaluated in the HEADLINE™ Phase 1/2a clinical trial (NCT07317544) for AGA, a condition affecting approximately 80 million people in the United States. Our own patient and clinician surveys, as well as those of other parties, show broad dissatisfaction with current standard of care, which is limited by variable efficacy, poor compliance, and a lack of durable approaches. No approved therapy provides durable hair regrowth. This trial is designed to evaluate the safety, tolerability and preliminary efficacy of ABS-201 in healthy volunteers with and without AGA. The trial is a randomized, double-blind, placebo-controlled study expected to enroll up to 227 male and female healthy volunteers at multiple sites in Australia.
Current report
As of May 7, 2026, we have dosed all four planned healthy volunteer single ascending dose (SAD) cohorts with a favorable safety profile to date, and we have initiated dosing of the first multiple ascending dose (MAD) cohort of AGA participants. We currently expect to initiate two additional MAD cohorts in the second quarter of 2026, each planned to enroll approximately 49 healthy volunteers with AGA. Interim proof-of- concept data, including data on exploratory efficacy endpoints, are expected in the second half of 2026 and full proof-of-concept data in early 2027.
Current report
ABS-201 for the Treatment of Endometriosis
Current report
Published literature suggests that PRL and PRLR may play a role in the development of endometrial lesions and associated pain in patients with endometriosis. As such, inhibition of PRLR signaling may influence pathways associated with lesion development and pain perception. As a result, ABS-201 may have the potential to affect both lesion growth and pain-related pathways. We intend to evaluate, and if possible, rely on the data generated from the HEADLINE trial, together with other available information, as part of our assessment of potential next steps for the ABS-201 program. We believe that this study will provide supporting first-in-human safety, tolerability, and PK data to support a Phase 2 clinical trial evaluating ABS-201 in patients with endometriosis. Based on these and other considerations, we anticipate initiating a Phase 2 clinical trial evaluating ABS-201 in endometriosis in the fourth quarter of 2026, subject to review of available data, regulatory considerations and other factors, with potential proof-of-concept data in the second half of 2027.
Current report
ABS-202
Current report
ABS-202 is a second novel anti-PRLR antibody program, designed using our generative AI platform, currently in preclinical development as a potential treatment for an undisclosed immunology and inflammation indication.
Current report
Preclinical Stage Programs
Current report
We are advancing early-stage oncology and immunology and inflammation programs. We continue to use our platform to develop additional early-stage programs addressing challenging targets in various indications with areas of significant unmet medical need. We plan to provide more information about these additional programs selectively and to seek partnerships or out-licenses for select programs as they advance.
Current report
Financial results
Removed paragraphs (33)
Previous report
We are a clinical-stage biopharmaceutical company advancing potential breakthrough antibody therapeutics with generative AI. Our Integrated Drug Creation platform comprises, in part, cutting edge generative AI models aimed at designing better antibody therapeutics, including against hard-to-drug targets.
Previous report
Antibody therapeutics represent a growing market and significant medical opportunity, yet the biopharmaceutical industry faces challenges in bringing these potentially life-changing medicines to patients. Leveraging our synthetic biology roots, we expect our Integrated Drug Creation platform to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit. Through these efforts, we aim to shorten time to clinic, while increasing the probability of success. Our approach expands the possibilities in biopharmaceuticals — shifting from a paradigm of drug discovery to drug creation — with the goal of bringing best-in-class and first-in-class antibody therapeutics to the patients who need them.
Previous report
Our business model is focused on monetizing our Integrated Drug Creation platform by generating internally developed programs that are later partnered or out-licensed following certain value inflection points (anywhere from preclinical through clinical development) or by partnering with third parties who wish to leverage our Integrated Drug Creation platform for early discovery efforts in a variety of deal structures. Our Integrated Drug Creation platform enables our core competencies in three broad areas: target selection and discovery; AI-guided antibody drug creation, such as de novo antibody design; and AI-guided lead optimization. Recently, in collaboration with the California Institute of Technology, we demonstrated the successful de novo design of an antibody that targets a previously difficult-to-drug epitope in the HIV “caldera” region.
Previous report
Internally developed programs: We believe that by developing our own pipeline, we will create optionality for enhanced monetization and validation of our Integrated Drug Creation platform. Moreover, our pipeline reflects internally developed programs which highlight our differentiated capabilities, including inde novo antibody design, multi-parametric lead optimization, and reverse immunology, with an initial focus on cytokine biology. With the ability to selectively choose both novel and fast-follower targets, in addition to develop potentially best-in-class attributes, we aim to take our internally developed programs to certain value inflection points before considering partnering or out-licensing opportunities.
Previous report
As of November 12, 2025, we have identified five wholly owned, internally developed programs focusing on cytokine biology, as well as several undisclosed internal pipeline programs currently in early discovery phases.
Previous report
ABS-101
Previous report
Our first development candidate, ABS-101 is in development as a potential treatment for Inflammatory Bowel Disease (IBD). In May 2025, we initiated the Phase 1 clinical trial in healthy volunteers. In November 2025, we reported interim results of the ongoing Phase 1 clinical trial in healthy volunteers that demonstrated extended half-life as compared to first-generation anti-TL1A competitor programs, but not versus next-generation programs. There was no apparent impact of ADA on PK and the overall safety profile was favorable with no serious adverse events reported to date. The phase 1 trial is on track to complete in the first quarter of 2026. However, we will not pursue further internal clinical development of ABS-101 following the completion of the ongoing phase 1 trial, and will seek a partner for this asset, including exploring the possibility of first-in-class indications outside of IBD with such potential partners.
Previous report
ABS-201
Previous report
Our second development candidate, ABS-201 is in development as a potential treatment for androgenic alopecia (AGA). Preclinical development of ABS-201 is ongoing and we submitted a regulatory filing for a Phase 1 clinical trial for ABS-201 to Human Research Ethics Committee (HREC) in Australia, which was approved in October 2025. We anticipate dosing the first participant in the Phase 1 clinical trial in December 2025, with an interim data read-out in the second half of 2026. In addition, we anticipate initiating a Phase 2 clinical trial for ABS-201 in patients with endometriosis in late 2026, with a potential interim data readout in the second half of 2027.
Previous report
Partnered programs:
Previous report
•Drug creation programs: We enter into collaborations with third parties who are seeking to leverage our platform to solve challenging problems. We work closely with our partners on single and multi-target programs to develop product candidates against targets they have selected. We aim to expand and diversify our portfolio of partnered programs through these collaborations, each of which may include up-front fees and research fees, as well as potential clinical and/or commercial milestones and royalties.
Previous report
•Co-development programs: We enter into co-development partnerships with third parties who may offer perceived synergies with our Integrated Drug Creation platform. Our co-development programs are based on a clear alignment to take these programs through to certain value inflection points before considering partnering or out-licensing opportunities. Our co-development partnerships may be directed to either single and multi-target programs and may include mutual cost-sharing and/or technology contributions. We aim to further expand and diversify our portfolio of partnered programs through these co-development partnerships. By sharing both the risks and rewards of these programs, we ensure both parties are motivated for success.
Previous report
To date, we have had over 25 partnered programs and anticipate entering into additional partnerships.
Previous report
Our evolving business model is underpinned by our Integrated Drug Creation platform which supports a strategic diversification of our program portfolio through internally developed programs, partnered drug creation programs and co-development programs. This strategic diversification allows us the potential to balance our program portfolio between internally developed programs for which we have more control and may provide more significant economic returns, and partnered programs which broaden our reach into therapeutic areas where our partner has established capabilities and expertise. Thus, the cornerstone of this business model evolution lies in the diversification of risk and potential return on investment. Our business model not only secures a focused set of therapeutic areas, but also gives us greater optionality, enhancing our ability to pivot and adapt as the programs progress. We believe we will grow and diversify our portfolio of programs through our model, ultimately driving innovation and delivering value for all stakeholders.
Previous report
•execute an effective business development strategy to drive adoption of our Integrated Drug Creation platform by new and existing partners and, as relevant, to identify partners for internally developed programs;
Previous report
Key factors affecting our results of operations and future performance
Previous report
We believe that our future financial performance will be primarily driven by multiple factors as described below, each of which presents growth opportunities for our business. These factors also pose important challenges that we must successfully address in order to sustain our growth and improve our results of operations. Our ability to successfully address these challenges is subject to various risks and uncertainties, including those described in the “Risk Factors” sections of this Quarterly Report on Form 10-Q and those described in the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 18, 2025.
Previous report
•Build out our internally developed programs: We will continue to selectively develop our own programs and intend to advance them to certain value inflection points anywhere from preclinical validation through clinical development, prior to out-licensing for further clinical advancement by a partner or other third party, or potentially through commercialization. We may also utilize significant resources in the design and execution of clinical trials to support our internally developed programs.
Previous report
•Establish and maintain partnerships: Our potential to grow revenue and long-term earnings will require us to successfully identify, establish and maintain programs with new and existing partners.
Previous report
•Successfully complete our drug creation activities with partners and enter into licensing agreements: Our business model relies upon entering into licensing agreements with our partners to advance the product candidates we generate through preclinical validation and clinical development to commercialization. Both our ability to successfully complete drug creation activities to meet the needs of a partner, and the partner’s prioritization of the relevant program, impact the likelihood and timing of any election by a partner to enter into a follow-on licensing agreement. There is no assurance that a partner will elect to license our intellectual property for the development of any product candidates.
Previous report
•Developing and commercializing product candidates generated with our Integrated Drug Creation platform: Our business model is dependent on the eventual progression of product candidates discovered or initially developed utilizing our Integrated Drug Creation platform into clinical trials by us or our partners and through commercialization by us, our partners, or other third parties. Given the nature of our relationships with our partners, we often do not fully control the progression, clinical development, regulatory strategy, public disclosure or eventual commercialization, if approved, of our partnered programs. As a result, our future success and our potential eligibility to receive milestone payments and royalties are significantly dependent on our partners’ efforts over which we have no control. The timing and scope of any approval that may be required by the U.S. Food and Drug Administration (FDA), or any other regulatory body, for drugs that are developed based on molecules discovered and/or manufactured using our Integrated Drug Creation platform can significantly impact our results of operations and future performance.
Previous report
•Continued significant investments in our research and development of new technologies and expansion of our Integrated Drug Creation platform: We are seeking to further refine and expand the scope of our capabilities, which may or may not be successful. This includes, but is not limited to, novel target identification, de novo discovery, and application of artificial intelligence across our Integrated Drug Creation platform. We expect to incur significant expenses to advance our discovery, research and development efforts or to invest in and/or acquire complementary technologies, but these efforts may not be successful.
Previous report
•Drive commercial adoption of our Integrated Drug Creation platform capabilities: Driving the adoption of our Integrated Drug Creation platform across existing and new markets will require significant investment. We plan to further invest in research and development to support the expansion of our capabilities, including to discover and validate new product candidates for existing partners or help expand our capabilities to support new markets.
Previous report
We expect depreciation expense to fluctuate in future periods in line with continued growth in absolute dollars as we purchase additional equipment.
Previous report
Research and development expenses increased by $10.6 million, or 23%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily attributable to the advancement of our drug creation programs representing $9.9 million of this increase, including direct costs associated with external preclinical and clinical development, and an increase of $2.2 million of personnel costs and stock-based compensation, offset by a decrease of $1.6 million in other lab costs.
Previous report
Selling, general, and administrative expenses decreased by $0.8 million, or 9%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily attributable to a decrease in stock-based compensation of $1.1 million offset by an increase in personnel costs of $0.4 million.
Previous report
Interest expense
Previous report
Interest expense was less than $0.1 million for the three months ended September 30, 2025 compared to $0.1 million for the three months ended September 30, 2024, representing a decrease of $0.1 million, or 65%. Interest expense was $0.2 million for the nine months ended September 30, 2025, compared to $0.5 million for the nine months ended September 30, 2024, representing a decrease of $0.3 million, or 61%. These decreases were primarily attributable to decreased finance lease and long-term debt obligations.
Previous report
Other income, net, was $4.1 million for the nine months ended September 30, 2025, compared to $5.5 million for the nine months ended September 30, 2024, representing a decrease of $1.4 million, or 26%, primarily attributable to realized and unrealized gains and losses on foreign currency transactions and a decrease in investment income from cash, cash equivalents and investments.
Previous report
Equipment financing
Previous report
In 2022, we received a total of $12.0 million of proceeds from equipment financing arrangements. Terms of the agreements require monthly payments over 42-48 month periods with imputed interest rates ranging from 8%-10%. As of September 30, 2025, the combined outstanding balance on these agreements is $1.4 million.
Previous report
Net cash used in operations increased by $8.3 million year-over-year primarily due to increased research and development costs, including external preclinical and clinical development costs related to our internally developed programs.
Previous report
In the nine months ended September 30, 2024, net cash provided by financing activities was $81.5 million primarily from proceeds of $80.8 million from the issuance of common stock from a public offering and proceeds of $3.8 million from the issuance of common stock from option exercises and our 2021 ESPP, partially offset by principal payments of $3.1 million made for financed equipment.
Reworded paragraphs (27)
Previous wording
Revenue was $0.4 million and $2.2 million for the three and nine months ended September 30, 2025, respectively, compared to $1.7 million and $3.9 million for the three and nine months ended September 30, 2024 due to the number of ongoing partnered programs and respective timing of project-based milestones achieved. We incurred a net loss of $28.7 million and $85.6 million for the three and nine months ended September 30, 2025, compared to a net loss of $27.4 million and $74.1 million for the three and nine months ended September 30, 2024. Research and development expenses increased by $10.6 million, or 23%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Current wording
Revenue was $0.2 million for the three months ended March 31, 2026 compared to $1.2 million for the three months ended March 31, 2025. The decrease in revenue is due to the number of ongoing partnered programs and respective timing of project-based milestones achieved. We incurred a net loss of $29.6 million for the three months ended March 31, 2026 compared to a net loss of $26.3 million for the three months ended March 31, 2025. Research and development expenses increased by $2.9 million, or 18%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Previous wording
As of September 30, 2025, we had an accumulated deficit of $595.2 million and cash and cash equivalents and marketable securities totaling $152.5 million.
Current wording
As of March 31, 2026, we had an accumulated deficit of $654.4 million and cash equivalents and marketable securities totaling $125.7 million.
Previous wording
•develop our internally developed programs across diverse indications, including the advancement of these product candidates through preclinical and clinical development;
Current wording
•develop ABS-201 and other internally developed programs across diverse indications, including the advancement of these product candidates through preclinical and clinical development;
Previous wording
•continue to engage in discovery, research and development efforts and scale our activities to meet potential demand from both new and existing partners;
Current wording
•continue to engage in discovery, research and development efforts and scale our activities through our existing and potential new partnerships;
Previous wording
•attract, retain and motivate highly qualified personnel.
Current wording
•attract, retain and motivate highly qualified personnel to join Absci in our mission.
Previous wording
In January 2025, we entered into a strategic collaboration with Advanced Micro Devices, Inc. (AMD) with a goal to optimize the performance of AMD Instinct TM accelerators and ROCm TMsoftware to support our AI drug creation, including our de novo antibody design models. Additionally, AMD invested $20.0 million through the purchase of 5,714,285 shares of our common stock a private investment in public equity (PIPE) at a premium over the market price.
Current wording
In January 2025, we entered into a strategic collaboration with Advanced Micro Devices, Inc. (AMD) with a goal to optimize the performance of AMD Instinct TM accelerators and ROCm TMsoftware to support our AI drug creation, including ourde novo antibody design models. Additionally, AMD invested $20.0 million through the purchase of 5,714,285 shares of our common stock a private investment in public equity (PIPE) at a premium over the market price.
Previous wording
Our revenue currently consists primarily of fees earned from our partners in conjunction with drug creation agreements utilizing our Integrated Drug Creation platform, which are presented as partner program revenue in our results of operations. These fees are earned and paid at various points throughout the terms of these agreements including upfront, upon the achievement of specified project-based milestones, and throughout the program.
Current wording
Our revenue currently consists primarily of fees earned from our partners in conjunction with drug creation agreements utilizing our Integrated Drug Creation platform, which are presented as partner program revenue in our results of operations. These fees are earned and paid at various points throughout the terms of these agreements including upfront, upon the achievement of specified project-based milestones, and throughout the program. Future revenue may also be earned from our partners’ achievements of certain clinical, regulatory, and commercial milestones and through royalties as a percentage of net product sales.
Previous wording
We expect that our revenue will fluctuate from period to period due to, for example, the timing of executing additional partnerships, the contractual structure of future partnerships, the measurement of progress towards completion of each program, the uncertainty of the timing of milestone achievements and dependence on our partners’ program-related decisions. We expect revenue to increase over time as we grant licenses to our partners for the clinical and commercial use of product candidates, and as the partnered product candidates advance into and through clinical development and commercialization.
Current wording
We expect that our revenue will fluctuate from period to period due to the timing of executing additional partnerships, the contractual structure of existing and future partnerships, the measurement of progress towards completion of each program, the uncertainty of achieving technical milestones, and dependence on our partners’ program-related decisions.
Previous wording
We expect research and development expenses to increase in absolute dollars over the long term as we develop and advance our internally developed programs, enter into additional partnerships, and continue to invest in technology enhancements.
Current wording
We expect research and development expenses to increase in absolute dollars over the long term as we develop and advance our internally developed programs through pre-clinical and clinical activities, enter into additional partnerships, and continue to invest in technology enhancements.
Previous wording
Selling, general, and administrative expenses include personnel-related costs (comprised of salaries, benefits and share-based compensation) for executive, business development, legal, finance, human resources, information technology and other administrative functions. Business development expenses include costs associated with attending conferences and other promotion efforts for our Integrated Drug Creation platform. General and administrative expenses include certain professional service expenses, such as external legal, accounting, and other consultants, as well as certain technology costs and allocated facility costs. These expenses are exclusive of depreciation and amortization.
Current wording
Selling, general, and administrative expenses include personnel-related costs (comprised of salaries, benefits and share-based compensation) for executive, business development, legal, finance, human resources, information technology and other administrative functions. General and administrative expenses include certain professional service expenses, such as external legal, accounting, and other consultants, as well as insurance, certain technology costs, and allocated facility costs. These expenses are exclusive of depreciation and amortization.
Previous wording
As we grow our operations, we expect personnel-related costs to increase in absolute dollars and we expect to continue to actively manage other general and administrative expenses.
Current wording
As we expand our clinical development and regulatory operations and require further administrative support, and also prepare for a potential future commercial launch of a product candidate, we expect personnel-related costs may increase in absolute dollars and we expect to continue to actively manage other general and administrative expenses.
Previous wording
Comparison of the Three and Nine Months Ended September 30, 2025 and 2024
Current wording
Comparison of the Three Months Ended March 31, 2026 and 2025
Previous wording
Partner program revenue decreased by $1.3 million, or 78%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 and decreased by $1.7 million, or 44%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, driven by a combination of the timing of achieving project-based milestones and the mix of ongoing program activity under our drug creation agreements. For the three and nine months ended September 30, 2025 two partners represented approximately 93% and three partners represented 98% of total partner program revenue, respectively. For the three and nine months ended September 30, 2024, two partners represented approximately 100% of partner program revenue.
Current wording
Partner program revenue decreased by $1.0 million, or 82%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, driven by a combination of the timing of achieving project-based milestones and the mix of ongoing program activity under our drug creation agreements. During the three months ended March 31, 2026, two partners represented 100% of total partner program revenue. During the three months ended March 31, 2025, two partners represented approximately 95% of total partner program revenue.
Previous wording
The following tables summarize our operating expenses for the three and nine months ended September 30, 2025 and 2024 (In thousands, except for percentages):
Current wording
The following tables summarize our operating expenses for the three months ended March 31, 2026 and 2025 (In thousands, except for percentages):
Previous wording
Research and development expenses increased by $1.3 million, or 7%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily attributable to the advancement of our drug creation programs representing $2.2 million of this increase, including direct costs associated with external preclinical and clinical development, an increase of $0.3 million of personnel costs and stock-based compensation, offset by a decrease of $1.3 million in other lab costs.
Current wording
Research and development expenses increased by $2.9 million, or 18%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily attributable to an increase of $1.6 million in direct costs associated with external preclinical and clinical development of ABS-201, an increase of $2.1 million of other drug creation and platform costs, and a $0.2 million increase in other lab costs. This increase was offset by a decrease of $0.9 million of personnel costs and stock-based compensation.
Previous wording
Selling, general, and administrative expenses decreased by $0.9 million, or 3%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily attributable to a decrease of $1.1 million in personnel and stock-based compensation costs.
Current wording
Selling, general, and administrative expenses decreased by $0.4 million, or 4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily attributable to a decrease of $0.3 million in personnel and stock-based compensation costs.
Previous wording
Depreciation and amortization expense decreased by $0.5 million, or 15% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 and decreased by $1.2 million, or 12%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to disposals of lab equipment.
Current wording
Depreciation and amortization expense decreased by $0.3 million, or 11%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to disposals of lab equipment.
Previous wording
Other income, net, was $1.6 million for the three months ended September 30, 2025 compared to $1.7 million for the three months ended September 30, 2024, representing a decrease of $0.1 million, or 4%, primarily attributable to realized and unrealized gains and losses on foreign currency transactions and a decrease in investment income from cash, cash equivalents, and investments.
Current wording
Other income, net, was $1.3 million for the three months ended March 31, 2026, compared to $1.5 million for the three months ended March 31, 2025, representing a decrease of $0.2 million, or 12%, primarily attributable to realized and unrealized gains and losses on foreign currency transactions and a decrease in investment income from cash, cash equivalents and marketable securities.
Previous wording
As of September 30, 2025, we had $152.5 million of cash, cash equivalents and marketable securities.
Current wording
As of March 31, 2026, we had $125.7 million of cash, cash equivalents and marketable securities.
Previous wording
We have incurred net operating losses since inception. As of September 30, 2025, our accumulated deficit was $595.2 million. To date, we have funded operations through issuances and sales of equity securities and debt, in addition to revenue generated from our drug creation agreements. We believe that our cash, cash equivalents and marketable securities will be sufficient to meet our operating expenses, working capital and capital expenditure needs over at least the next 12 months following the date of this filing.
Current wording
We have incurred net operating losses since inception. As of March 31, 2026, our accumulated deficit was $654.4 million. To date, we have funded operations through issuances and sales of equity securities and debt, in addition to revenue generated from our drug creation agreements. We believe that our cash, cash equivalents and marketable securities will be sufficient to meet our operating expenses, working capital and capital expenditure needs over at least the next 12 months following the date of this filing.
Previous wording
In August 2025, the Company entered into a Sales Agreement with TD Securities (USA) LLC, as Sales Agent (the “Sales Agreement”), with respect to an “at the market offering” program under which the Company may offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $100.0 million through the Sales Agent. The Company has agreed to pay the Sales Agent a commission of up to 3.0% of the gross proceeds of any shares sold under the Sales Agreement. Upon execution, the Sales Agreement terminated and superseded the Prior Sales Agreement in its entirety. During the nine months ended September 30, 2025, the Company did not issue any shares of common stock under the Sales Agreement.
Current wording
In August 2025, we entered into a Sales Agreement with TD Securities (USA) LLC, as Sales Agent (the “Sales Agreement”), with respect to an “at the market offering” program under which we may offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $100.0 million through the Sales Agent. We have agreed to pay the Sales Agent a commission of up to 3.0% of the gross proceeds of any shares sold under the Sales Agreement. Upon execution, the Sales Agreement terminated and superseded the prior sales agreement entered into in June 2023 in its entirety. During the three months ended March 31, 2026, we issued 2,871,218 shares and received $8.0 million in net proceeds from the sale of securities pursuant to the Sales Agreement.
Previous wording
In the nine months ended September 30, 2025, net cash used in operating activities was $63.7 million and consisted primarily of a net loss of $85.6 million adjusted for non-cash items, including depreciation and amortization expense of $8.9 million, stock-based compensation expense of $14.1 million, and a net decrease in operating assets and liabilities in the amount of $1.2 million.
Current wording
In the three months ended March 31, 2026, net cash used in operating activities was $26.3 million and consisted primarily of a net loss of $29.6 million adjusted for non-cash items, including depreciation and amortization expense of $2.7 million, stock-based compensation expense of $4.4 million, and a net increase in operating assets and liabilities in the amount of $3.1 million.
Previous wording
In the nine months ended September 30, 2024, net cash used in operating activities was $55.4 million and consisted primarily of a net loss of $74.1 million adjusted for non-cash items, including depreciation and amortization expense of $10.2 million, stock-based compensation expense of $14.4 million, impairment of $1.1 million for asset that met the held for sale criteria during the period and a net increase in operating assets and liabilities in the amount of $4.2 million.
Current wording
In the three months ended March 31, 2025, net cash used in operating activities was $21.8 million and consisted primarily of a net loss of $26.3 million adjusted for non-cash items, including depreciation and amortization expense of $3.1 million, stock-based compensation expense of $4.9 million, and a net increase in operating assets and liabilities in the amount of $2.8 million.
Previous wording
In the nine months ended September 30, 2024, net cash used in investing activities was $60.6 million primarily from purchases of marketable securities of $159.5 million, partially offset by maturities of marketable securities of $99.0 million.
Current wording
In the three months ended March 31, 2026, net cash provided by (used in) investing activities was $7.4 million primarily from purchases of marketable securities of $18.6 million, partially offset by cash provided by maturities of marketable securities of $26.0 million.
Previous wording
In the nine months ended September 30, 2025, net cash used in investing activities was $69.7 million primarily from purchases of marketable securities of $134.9 million, partially offset by cash provided by maturities of marketable securities of $65.2 million.
Current wording
In the three months ended March 31, 2025, net cash provided by (used in) investing activities was $15.0 million primarily from purchases of marketable securities of $40.1 million, partially offset by maturities of marketable securities of $25.0 million.
Previous wording
In the nine months ended September 30, 2025, net cash provided by financing activities was $102.1 million. The net cash provided resulted primarily from aggregate proceeds of $102.3 million from the issuance of common stock pursuant to the PIPE with AMD, the issuance of common stock pursuant to our July 2025 underwritten offering and pursuant to the ATM, and proceeds of $2.5 million from the issuance of common stock from stock option exercises and our 2021 ESPP, partially offset by principal payments of $2.7 million made for financed equipment.
Current wording
In the three months ended March 31, 2025, net cash provided by financing activities was $42.8 million. The net cash provided resulted primarily from aggregate proceeds of $41.7 million from the issuance of common stock pursuant to the PIPE with AMD and pursuant to the Prior Sales Agreement, and proceeds of $1.9 million from the issuance of common stock through employee equity plans, partially offset by principal payments of $0.8 million made for financed equipment.
Previous wording
There were no material changes in our critical accounting policies and estimates during the nine months ended September 30, 2025.
Current wording
There were no material changes in our critical accounting policies and estimates during the three months ended March 31, 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In the three months ended March 31, 2026, net cash provided by financing activities was $7.6 million. The net cash provided resulted primarily from aggregate proceeds of $8.0 million from the issuance of common stock pursuant to the Sales Agreement, and proceeds of $0.1 million from the issuance of common stock through employee equity plans.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In June 2023, the Company entered into a Sales Agreement with Cowen and Company, LLC, as Sales Agent (the “Prior Sales Agreement”), with respect to an “at the market offering” program under which the Company had the ability to offer and sell, from time to time, shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $100.0 million through the Sales Agent. The Company agreed to pay the Sales Agent a commission up to 3.0% of the gross sales proceeds of any shares sold under the Prior Sales Agreement. During the nine months ended September 30, 2025, the Company has issued 10,377,752 shares and received $35.7 million in net proceeds from the sale of securities pursuant to the Prior Sales Agreement.
Previous report — wording carried elsewhere
On March 1, 2024, we sold an aggregate of 19,205,000 shares of our common stock, pursuant to an underwriting agreement with Morgan Stanley & Co. LLC and Cowen and Company, LLC at a public offering price of $4.50 per share, before underwriting discounts and commissions. We received total net proceeds from the offering of $80.8 million after deducting underwriting discounts and commissions and offering expenses payable by us.