Absci Corp. (Nasdaq: ABSI), the Vancouver, Washington-based AI drug creation company, is laying off 15% of its global workforce, according to a recent filing with the Securities and Exchange Commission.
The company announced on Aug. 31 an organizational realignment related to its “continued realization of operational efficiencies from its AI and wet lab integration, coupled with an enhanced focus on its internal pipeline of drug discovery programs,” Absci said in its Form 8-K.
Under the plan, Absci is reducing its workforce by 15%, or 30 employees. The realignment will allow the company to focus on and allocate resources to its internal pipeline of drug discovery programs and AI platform.
The company updated its financial outlook for the year, saying it expects a gross use of cash, cash equivalents and short-term investments of $80 million, compared to prior expectations of $90 million.
Absci’s technology enables the screening of billions of cells per week, using AI to create antibodies and a wet lab to validate them.
Absci reported a $41.6 million net loss for the quarter ending June 30.
