The stock dropped 3% to $5.59 after the AI-driven drug creation company posted a $29.6 million loss and revenue of $215,000, both worse than a year earlier.
Absci lost 19 cents a share versus 21 cents a year earlier, while analysts had expected a 20-cent loss and $1.4 million in revenue.
Research and development expenses rose to $19.3 million from $16.4 million, though the shares remain up 58% so far this year.
With revenue collapsing, can Absci's promising hair loss drug succeed before the company's cash runs out?
Absci's stock is soaring despite huge losses. Is this a bet on the future of medicine or a speculative bubble about to pop?