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absci . Absci Reports Third Quarter 2021 Financial and Operating Results November 9 , 2021 VANCOUVER , Wash . , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- Absci Corporation ( Nasdaq : ABSI ) , the drug and target discovery company harnessing deep learning Al and synthetic biology to expand the therapeutic potential of proteins , today reported financial and operating results for the quarter ended September 30 , 2021 . " At Absci , our team of Unlimiters is building technology to enable better , faster , smarter biologic drug and target discovery and cell line development , " said Sean McClain , founder and CEO . " 2021 continues to be a transformative year for our organization , with the business experiencing tremendous momentum , highlighted by strategic acquisitions and partnerships , important additions to the team in key roles , and our debut as a public company - all on top of the scientific innovation we do each and every day . We continue to have success in integrating our recent acquisitions , and we are already generating exciting opportunities from our expanded platform , including signing our first major multi - program discovery deal last month . " Third Quarter 2021 and Recent Highlights • Hired additional experienced employees , including vital areas of data science , artificial intelligence , intellectual property , and research and development . Absci's team now includes nearly 220 Unlimiters . • Continued integrating our acquisitions , further developing Al - enabled discovery capabilities and beginning to capitalize on drug discovery opportunities enabled through Absci's expanded platform . • Announced a partnership with EQRX to discover and develop next - generation protein - based drugs . The partnership will leverage Absci's Drug Creation TM technology for discovery and development activities , along with EQRx's clinical development expertise and commercial capabilities , to advance next - generation , protein - based therapeutics at more affordable costs for patients . EQRx and Absci will collaborate to jointly engineer and develop several clinical candidates across multiple therapeutic areas , including oncology and immunology . Third Quarter 2021 Financial Results Revenue was $ 1.5 million for the three months ended September 30 , 2021 compared to $ 0.9 million for the three months ended September 30 , 2020 . Research and development expenses were $ 10.7 million for the third quarter of 2021 , as compared to $ 2.7 million for the corresponding prior year period . This increase was primarily driven by additional investments in platform expansion , including data initiatives and Al capabilities . Selling , general , and administrative expenses were $ 9.7 million for the third quarter of 2021 , as compared to $ 1.3 million for the corresponding prior year period . This increase was primarily due to personnel - related costs and other expenses related to being a publicly traded company . Net loss was $ 23.6 million for the third quarter of 2021 , as compared to $ 3.7 million for the corresponding prior year period , which includes a non - cash charge of $ 3.6 million related to the revaluation of convertible notes and preferred stock warrants . Cash and cash equivalents were $ 279.3 million as of September 30 , 2021. On July 26 , 2021 , Absci completed its initial public offering , raising approximately $ 210 million of net proceeds , after deducting underwriting discounts and commissions and offering expenses . Webcast Information Absci will host a conference call to discuss the third quarter 2021 financial results before market open on Tuesday , November 9 , 2021 at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time . A webcast of the conference call can be accessed at http://investors.absci.com . The webcast will be archived and available for replay for at least 90 days after the event . About Absci Absci is the drug and target discovery company harnessing deep learning and synthetic biology to expand the therapeutic potential of proteins . We built our Integrated Drug CreationTM Platform to identify novel drug targets , discover optimal biotherapeutic candidates , and generate the cell lines to manufacture them in a single efficient process . Biotech and pharma innovators partner with us to create the next generation of protein - based drugs , including those that may be impossible to make with other technologies . Our goal is to enable the development of better medicines by Translating Ideas into DrugsFor more information visit www.absci.com and follow us on social media : Twitter : @Abscibio , LinkedIn : @absci . Availability of Other Information about Absci Investors and others should note that we routinely communicate with investors and the public using our website ( www.absci.com ) and the " Investors " section of our website ( investors.absci.com ) , including without limitation , through the posting of investor presentations , SEC filings , press releases , public conference calls and webcasts on these websites . The information that we post on these websites could be deemed to be material information . As a result , investors , the media , and others interested in Absci are encouraged to review this information on a regular basis . The contents of our website , or any other website that may be accessed from our website , shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 , as amended . Forward - Looking Statements Certain statements in this press release that are not historical facts are considered forward - looking within the meaning of Section 27A of the Securities Act of 1933 , as amended , and Section 21E of the Securities Exchange Act of 1934 , as amended , including statements containing the words " will , "