absi-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to __________

Commission file number 001-40646

ABSCI CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						85-3383487
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

18105 SE Mill Plain Blvd Vancouver, WA						98683
(Address of Principal Executive Offices)						(Zip Code)

(360) 949-1041

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock. $0.0001 par value

ABSI

The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had outstanding 155,905,056 shares of $0.0001 par value common stock as of April 30, 2026.

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		Page No.
Part I Financial Information (Unaudited)		7
Item 1.	Unaudited Condensed Consolidated Financial Statements	7
	Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	7
	Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025	8
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025	9
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	10
	Notes to Unaudited Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	25
Item 4.	Controls and Procedures	25

Part II Other Information		26
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83
Signatures		84

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RISK FACTOR SUMMARY

Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below in Item 1A. - “Risk Factors” and should be carefully considered, together with other information in this Quarterly Report on Form 10-Q and our other filings with the U.S. Securities and Exchange Commission, or the SEC, before making investment decisions regarding our common stock.

•Our plans and expectations regarding the initiation, timing, progress, results, and costs of both of our internally developed programs and partnered programs, including current and future preclinical studies and clinical trials, and the period during which the results of such studies and trials will become available, are subject to a high degree of uncertainty.

•Our short operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability.

•We have incurred significant losses since inception, we expect to incur losses in the future and we may not be able to generate sufficient revenue to achieve and maintain profitability.

•We will need to raise additional capital to fund our operations, pre-clinical and clinical development of our internally developed programs, and to improve our Integrated Drug Creation platform. If we are unable to raise additional capital on terms acceptable to us or at all, we may not be able to continue to develop our internally developed programs and/or compete successfully with our Integrated Drug Creation platform, which would harm our business, operations, and financial condition.

•Biologic drug development is inherently uncertain, and it is possible that our technology may not succeed in discovering appropriate product candidates. Even if we do succeed, it is possible that none of the product candidates created using our Integrated Drug Creation platform will achieve development or regulatory milestones, including marketing approval, or become viable commercial technologies, on a timely basis or at all, which would harm our ability to generate revenue.

•Positive results from early preclinical studies or preliminary results from clinical trials of our product candidates are not necessarily predictive of the results of later preclinical studies and any future clinical trials of our product candidates. If we cannot replicate the positive results from our earlier preclinical studies of our product candidates in our later preclinical studies, clinical trials and future clinical trials, we may be unable to successfully develop, obtain regulatory approval for and commercialize our product candidates.

•If we or our partners experience any of a number of possible unforeseen or negative events in connection with preclinical or clinical development, regulatory approval or commercialization of product candidates generated through our platform, this could negatively affect our revenue opportunity for that program, and/or have broader deleterious effects on our reputation and future partnership prospects.

•Preclinical and clinical development is uncertain. Our or our partners' preclinical and clinical product candidates may experience delays or may never advance to and/or through clinical trials, which would adversely affect our or our partners’ ability to obtain regulatory approvals or commercialize these product candidates on a timely basis or at all, which would have an adverse effect on our business.

•The markets in which we operate, including those for Integrated Drug Creation platform technology and our Internally Developed Programs, are highly competitive, and if we are unable to compete effectively, our business and prospects could be adversely affected.

•We rely and expect to continue to rely on third parties to conduct our preclinical studies and clinical trials. If those third parties do not perform as contractually required, fail to satisfy legal or regulatory requirements, miss expected deadlines or the relationship terminates prematurely, our internally developed programs could be delayed, more costly or unsuccessful, and such programs may never obtain regulatory approval or commercialization.

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•If we do not achieve our projected development goals in the timeframes we announce and expect, the clinical development of our programs, commercialization of our programs, and validation of our Integrated Drug Creation platform may be delayed and our expenses may increase and, as a result, our stock price may decline.

•Our commercial success depends on the technological capabilities of our Integrated Drug Creation platform and the advancement of our Internally Developed Programs.

•We are substantially dependent on the successful application of our Integrated Drug Creation platform to identify, design and advance product candidates for our internally developed programs. Our ability to generate and progress these programs, and in some cases enter into potential collaboration or licensing arrangements for further development, depends in part on the performance and continued development of our platform technologies.

•Our partnership strategy significantly depends on the eventual approval and commercialization of product candidates developed under our partnerships for which we may have no control over the clinical development plan, regulatory strategy or commercialization efforts.

•We rely on a limited number of suppliers for laboratory equipment and materials and may not be able to find replacements or transition to alternative suppliers on a timely basis, or at all.

•Our Integrated Drug Creation platform may not meet the expectations of our partners, which means our business, financial condition, results of operations and prospects could suffer.

•The loss of any member of our senior leadership team or our inability to attract and retain highly skilled scientists and business development professionals could adversely affect our business.

•We depend on our information technology systems, and any significant disruptions to or failure of these systems could result in significant financial, legal, regulatory, business and reputational harm to our business.

•If we are unable to obtain and maintain sufficient intellectual property protection for our technologies and product candidates, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technologies or product candidates similar or identical to ours, and our ability to successfully leverage our technologies or product candidates may be impaired.

•Disruptions to the operations of the FDA, the SEC or other government agencies, including due to funding shortages, government shutdowns, policy changes or staffing reductions, could delay regulatory reviews, approvals or other governmental actions on which our business depends, which could adversely affect our business.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings “Business”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and “Risk Factors”. Forward-looking statements can often be identified by the use of terminology such as “may,” “might,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. In particular, these forward-looking statements include, but are not limited to:

•our plans and expectations regarding the initiation, timing, progress, results, and costs of our internal discovery, research and development programs, including current and future preclinical studies and clinical trials, and the period during which the results of such studies and trials will become available;

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•our ability and timing to advance our product candidates in, and to successfully initiate, conduct, enroll and complete, clinical trials;

•our expectations regarding the therapeutic potential of our product candidates, and the disease indications for which we intend to develop our product candidates;

•the timing and likelihood of, and our ability to obtain and maintain, regulatory clearances of our Investigational New Drug (IND) applications to initiate clinical trials and regulatory approval to commercialize our product candidates;

•our expectations regarding our further development of, successful application of, and the rate and degree of market acceptance of, our Integrated Drug Creation platform, including progress towards fully in silico biologic drug discovery;

•our expectations regarding our ability to leverage our Integrated Drug Creation platform to shorten preclinical development timelines for biologics;

•our expectations regarding the markets for our product candidates, if approved, as well as those product candidates developed by our partners using our services and technologies, including the growth rate of the biologics market;

•our ability to attract new partners and enter into drug creation agreements that contain milestone and royalty obligations in favor of us;

•adverse public perception of the use of AI and product candidates developed using AI may negatively impact demand for, or regulatory approval of, our product candidates and adversely affect investor and marketplace perception of our platform technology;

•our potential to receive revenue from the achievement of milestones and from royalties on net sales under agreements with our partners with respect to products originating from our Integrated Drug Creation platform;

•our ability to enter into commercial license agreements for our partnered programs with those partners who do not currently have milestone payment and royalty obligations to us;

•our ability to manage and grow our business by expanding our relationships with existing partners or introducing our Integrated Drug Creation platform to new partners and developing product candidates for internally developed programs;

•our expectations regarding our current and future partners’ continued development of, and ability to commercialize, biologic drugs generated utilizing our proprietary Integrated Drug Creation platform;

•our strategy, including our strategy to advance internally developed programs through preclinical studies and clinical trials;

•our estimates of our expenses, ongoing losses, future revenue, capital requirements and our need for or ability to obtain additional funding before we can expect to generate additional revenue;

•our estimates of the sufficiency of our cash, cash equivalents and marketable securities;

•our calculations and estimates related to the valuation of our intangible assets;

•our ability to establish, maintain or expand collaborations, partnerships or strategic relationships;

•our ability to provide our partners with a full drug discovery solution and the use of artificial intelligence (AI) across our Integrated Drug Creation platform;

•our ability to obtain, maintain and enforce intellectual property protection for our platform, products and other technologies, the duration of such protection and our ability to operate our business without infringing on the intellectual property rights of others;

•our ability to attract, hire and retain key personnel and to manage our growth effectively;

•our expectations regarding use of our cash, cash equivalents and marketable securities;

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•our financial performance and that of companies in our industry and the financial markets generally;

•the volatility of the trading price of our common stock;

•our competitive position and the development of and projections relating to our competitors or our industry;

•the impact of laws and regulations on our business and operations;

•our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (JOBS Act); and

•global economic conditions, including market volatility, acts of war and civil and political unrest, and our expectations about market trends and effects from inflation and fluctuations in interest rates.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and assumptions that could cause our actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part I, Item 1A of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. Such forward-looking statements speak only as of the date of this report. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or enter into.

You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, performance or achievements may be materially different from what we expect. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

This Quarterly Report on Form 10-Q includes statistical and other industry and market data, which we obtained from our own internal estimates and research, as well as from industry and general publications and research, surveys, and studies conducted by third parties. Industry publications, studies, and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third‑party sources. While we believe our internal company research is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source.

Throughout this Quarterly Report on Form 10-Q, the “Company,” “Absci,” “Absci Corporation,” “we,” “us,” and “our,” except where the context requires otherwise, refer to Absci Corporation and its consolidated subsidiaries; “our board of directors” refers to the board of directors of Absci Corporation.

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Part I. Financial Information

Item 1. Financial Statements

ABSCI CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS



	March 31,		December 31,
(In thousands, except for share and per share data)	2026		2025
ASSETS
Current assets:
Cash and cash equivalents	$	8,627	$	20,025

Marketable securities	117,078		124,267

Prepaid expenses and other current assets	6,267		5,281
Total current assets	131,972		149,573
Operating lease right-of-use assets	2,630		2,914
Property and equipment, net	18,778		20,860
Intangibles, net	40,768		41,514
Restricted cash, long-term	1,062		1,053

Other long-term assets	383		383
TOTAL ASSETS	$	195,593	$	216,297
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	17,310	$	19,348


Long-term debt	413		873
Operating lease obligations	1,857		1,805

Deferred revenue	450		739
Total current liabilities	20,030		22,765

Operating lease obligations, net of current portion	2,145		2,624


Deferred revenue, long-term	641		436
Other long-term liabilities	806		1,023
TOTAL LIABILITIES	23,622		26,848

STOCKHOLDERS' EQUITY
Preferred stock	—		—
Common stock	15		15
Additional paid-in capital	826,035		813,627
Accumulated deficit	(654,383)		(624,784)
Accumulated other comprehensive income	304		591
TOTAL STOCKHOLDERS' EQUITY	171,971		189,449
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	195,593	$	216,297

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ABSCI CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS



	For the Three Months Ended March 31,
(In thousands, except for share and per share data)		2026		2025


Partner program revenue		$	215	$	1,179


Operating expenses
Research and development		19,275		16,364
Selling, general and administrative		9,058		9,472
Depreciation and amortization		2,728		3,072

Total operating expenses		31,061		28,908
Operating loss		(30,846)		(27,729)
Other income (expense)
Interest expense		(18)		(79)
Other income, net		1,283		1,458
Total other income, net		1,265		1,379
Loss before income taxes		(29,581)		(26,350)
Income tax expense (benefit)		(18)		4
Net loss		$	(29,599)	$	(26,346)




Net loss per share: Basic and diluted		$	(0.19)	$	(0.21)

Weighted-average common shares outstanding: Basic and diluted		152,961,894		124,461,439

Comprehensive loss:
Net loss		$	(29,599)	$	(26,346)
Foreign currency translation adjustments		(65)		77
Unrealized loss on marketable securities		(222)		(54)
Comprehensive loss		$	(29,886)	$	(26,323)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ABSCI CORPORATION

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY



(In thousands, except for share data)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)			Total Stockholders' Equity
						Shares			Amount
Balances - December 31, 2025			151,515,079	$	15		$	813,627	$	(624,784)	$	591	$	189,449
Issuance of common shares			2,871,218	—			7,957		—		—		7,957
Issuance of shares under stock plans, net of shares withheld for tax payments			963,838	—			59		—		—		59
Stock-based compensation			—	—			4,392		—		—		4,392

Foreign currency translation adjustments			—	—			—		—		(65)		(65)
Unrealized loss on marketable securities			—	—			—		—		(222)		(222)

Net loss			—	—			—		(29,599)		—		(29,599)
Balances - March 31, 2026			155,350,135	$	15		$	826,035	$	(654,383)	$	304	$	171,971
46387



(In thousands, except for share data)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)			Total Stockholders' Equity
						Shares			Amount
Balances - December 31, 2024			115,362,265	$	12		$	688,726	$	(509,601)	$	(4)	$	179,133
Issuance of common shares, net of issuance costs			10,983,477	1			39,158		—		—		39,159
Issuance of shares under stock plans, net of shares withheld for tax payments			1,195,012	—			1,914		—		—		1,914
Stock-based compensation			—	—			4,913		—		—		4,913

Foreign currency translation adjustments			—	—			—		—		77		77
Unrealized loss on marketable securities			—	—			—		—		(54)		(54)

Net loss			—	—			—		(26,346)		—		(26,346)
Balances - March 31, 2025			127,540,754	$	13		$	734,711	$	(535,947)	$	19	$	198,796
46387

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ABSCI CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



	For the Three Months Ended March 31,
(In thousands)	2026		2025
Cash Flows From Operating Activities
Net loss	$	(29,599)	$	(26,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,728		3,072





Stock-based compensation	4,380		4,913

Accretion of discount on marketable securities	(421)		(699)


Other	(267)		7





Accounts receivable, net	—		(1,384)
Prepaid expenses and other current assets	(862)		924
Operating lease right-of-use assets and liabilities	(143)		(126)
Other long-term assets	—		1
Accounts payable and accrued expenses	(2,040)		(2,181)

Deferred revenue	(83)		(20)
Net cash used in operating activities	(26,307)		(21,839)
Cash Flows From Investing Activities
Purchases of property and equipment	(30)		(25)


Investment in marketable securities	(18,612)		(40,132)
Proceeds from maturities of marketable securities	26,000		25,000
Proceeds from sales of property and equipment	4		113

Net cash provided by (used in) investing activities	7,362		(15,044)
Cash Flows From Financing Activities



Principal payments on long-term debt	(460)		(762)
Principal payments on finance lease obligations	—		(47)
Proceeds from issuance of common stock, net	7,957		41,689


Proceeds from issuance of common stock through employee equity plans, net	59		1,914
Net cash provided by financing activities	7,556		42,794
Net increase (decrease) in cash, cash equivalents, and restricted cash	(11,389)		5,911
Cash, cash equivalents and restricted cash - Beginning of period	21,078		58,214
Cash, cash equivalents, and restricted cash - End of period	$	9,689	$	64,125

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ABSCI CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.Organization and nature of operations

Absci Corporation (the “Company”) is a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody-based therapeutics .

The Company was organized in the State of Oregon in August 2011 as a limited liability company and converted to a limited liability company (“LLC”) in Delaware in April 2016. In October 2020, the Company converted from a Delaware LLC to a Delaware corporation. The Company’s headquarters are located in Vancouver, Washington.

Unaudited interim financial information

The Company prepared its interim condensed consolidated financial statements that accompany these notes in conformity with accounting principles generally accepted in the United States, consistent in all material respects with those applied in its Annual Report on Form 10-K for the year ended December 31, 2025.

The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from its estimates. The interim financial information is unaudited and reflects all normal adjustments that are, in the Company’s opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

2.Summary of significant accounting policies

Basis of presentation

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the Company’s wholly-owned subsidiaries and entities under its control. The Company has eliminated all intercompany transactions and accounts.

There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 24, 2026.

3.Revenue recognition

Contract balances

Contract assets are generated when contractual billing schedules differ from revenue recognition timing and the Company records a contract asset when it has an unconditional right to consideration. As of March 31, 2026 contract assets were $0.1 million. Contract liabilities are recorded as deferred revenue when cash payments are received or due in advance of the satisfaction of performance obligations. As of March 31, 2026 and December 31, 2025, contract liabilities were $1.0 million and $1.2 million, respectively. During the three months ended March 31, 2026, the Company recognized $0.2 million as revenue that had been included in deferred revenue at the beginning of the period. During the three months ended March 31, 2025, the Company recognized $0.4 million, as revenue that had been included in deferred revenue at the beginning of the period. The Company expects the remaining contract liabilities to be recognized as revenue between one to two years.

Concentration of risk

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. For the three months ended March 31, 2026 and 2025, substantially all partner program revenue was attributable to foreign partners.

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ABSCI CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4.Investments

Cash equivalents and marketable securities are classified as available-for-sale and are recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company considers all marketable securities to be current assets as they are available for use in current operations.

The amortized cost and fair value of investments are as follows (in thousands):



	March 31, 2026
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	5,682	$	—	$	—	$	5,682

U.S. treasuries	117,093		51		(66)		117,078
Total	$	122,775	$	51	$	(66)	$	122,760
Classified as:
Cash equivalents							$	5,682
Marketable securities							117,078

Total							$	122,760



	December 31, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	14,410	$	—	$	—	$	14,410

U.S. treasuries	124,059		208		—		124,267
Total	$	138,469	$	208	$	—	$	138,677
Classified as:
Cash equivalents							$	14,410
Marketable securities							124,267

Total							$	138,677

As of March 31, 2026, the Company held $4.8 million of marketable securities with a remaining maturity of greater than one year. There were no realized gains or losses on securities for the three months ended March 31, 2026 and 2025.

5.Fair value measurements

The Financial Accounting Standards Board (“FASB”) has defined fair value to establish a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

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ABSCI CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Level 2: Inputs, other than the quoted prices in active markets

SEC Form 10-Q filed by Absci Corporation