Absci

Capital is being deployed into platform R&D and first clinical programs, which is appropriate for strategy but dilutive for owners. Shares outstanding rose from 115.4 million to 151.5 million during 2025, and stock-based compensation expense was 18.3 million.

The company used an at-the-market program, issuing 10.4 million shares for 35.7 million net proceeds; total equity issuance netted ~103.3 million in 2025. We credit disciplined spend on capex and retiring some obligations, but the model currently depends on external equity and leaves little room for opportunistic buybacks.