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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Absci reported revenue of $3M in the fiscal year ended Dec 2025, down 38.2% from the year before. Operating income was −$120M, an operating margin of −4297.0%, and net income was −$115M. Operating cash flow of −$93M less capital expenditure of $1M left free cash flow of −$94M. It held more cash than debt (net cash $20M).
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4.8 | 5.7 | 5.7 | 4.5 | 2.8 |
| Research & development | 44.6 | 58.9 | 48.1 | 63.9 | 81.4 |
| Selling, general & admin | 28.8 | 40.6 | 37.8 | 36.2 | 35.1 |
| Operating income | −75.2 | −107 | −116 | −109 | −120 |
| Interest expense | 3.4 | 1.0 | 1.0 | 0.6 | 0.2 |
| Pre-tax income | −110 | −105 | −110 | −103 | −115 |
| Income tax | −8.9 | −0.5 | 0.1 | 0.1 | 0.1 |
| Net income | −101 | −105 | −111 | −103 | −115 |
| Diluted EPS | −2.08 | −1.15 | −1.20 | −0.94 | −0.84 |
| Diluted shares | 49.7 | 90.8 | 92.0 | 110 | 137 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 253 | 60.0 | 72.4 | 41.2 | 20.0 |
| Receivables | – | – | 2.2 | 0.0 | – |
| Current assets | 273 | 187 | 121 | 134 | 150 |
| Net PP&E | 52.1 | 52.7 | 41.3 | 29.2 | 20.9 |
| Goodwill | 21.3 | 21.3 | 0.0 | – | – |
| Total assets | 426 | 321 | 217 | 214 | 216 |
| Payables | 8.4 | 2.4 | 1.5 | 2.9 | 2.8 |
| Deferred revenue | 1.4 | 0.4 | 3.2 | 1.1 | 0.7 |
| Current liabilities | 33.9 | 30.3 | 29.6 | 28.7 | 22.8 |
| Long-term debt | 3.5 | 10.9 | 7.9 | 4.0 | 0.0 |
| Total liabilities | 60.1 | 46.6 | 41.1 | 34.5 | 26.8 |
| Shareholders' equity | 366 | 274 | 176 | 179 | 189 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −60.6 | −81.3 | −64.6 | −72.4 | −92.9 |
| Capital expenditure | 38.0 | 16.2 | 0.9 | 0.4 | 1.1 |
| Free cash flow | −98.6 | −97.5 | −65.5 | −72.8 | −94.0 |
| Depreciation & amortisation | 6.7 | 13.0 | 14.0 | 13.4 | 11.7 |
| Stock-based compensation | 10.6 | 12.5 | 11.4 | 19.5 | 18.3 |
| Acquisitions | 28.1 | 8.0 | 0.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.2% | −0.5% | −20.7% | −38.2% |
| Operating margin | −1573.4% | −1857.5% | −2020.2% | −2401.6% | −4297.0% |
| Net margin | −2111.3% | −1825.4% | −1933.6% | −2274.1% | −4113.7% |
| Return on equityBlank when equity is negative | −27.6% | −38.2% | −62.8% | −57.6% | −60.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −19.2% | −36.7% | −61.5% | −58.9% | −62.2% |
| Free cash flow margin | −2062.8% | −1696.8% | −1145.4% | −1605.8% | −3358.3% |
| Cash conversion (CFO ÷ net income) | 0.60x | 0.78x | 0.58x | 0.70x | 0.81x |
| Receivable days | – | – | 140 | 0 | – |
| Interest cover | −21.9x | −110x | −114x | −193x | −576x |
| Debt ÷ equity | 0.01x | 0.04x | 0.04x | 0.02x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −249 | −49.0 | −64.4 | −37.2 | −20.0 |
| Current ratio | 8.07x | 6.17x | 4.08x | 4.67x | 6.57x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.