0001628280-23-018165 | 10-Q | XBRL Viewer

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Investments- Fair Values of Investments in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position
Fair value, less than 12 months	$ 54,009	$ 61,845
Unrealized loss, less than 12 months	(9)	(43)
Fair value, 12 months or greater	0	0
Unrealized loss, 12 months or greater	0	0
U.S. treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position
Fair value, less than 12 months	54,009	61,845
Unrealized loss, less than 12 months	(9)	(43)
Fair value, 12 months or greater	0	0
Unrealized loss, 12 months or greater	$ 0	$ 0

UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		92,648,036
Beginning balance at Dec. 31, 2021	$ 366,107	$ 9	$ 557,136	$ (191,025)	$ (13)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		187,151
Issuance of shares under stock plans, net of shares withheld for tax payments	213		213
Stock-based compensation	3,680		3,680
Foreign currency translation adjustments	(10)				(10)
Unrealized gain on investments	0
Net loss	(29,494)			(29,494)
Ending balance (in shares) at Mar. 31, 2022		92,835,187
Ending balance at Mar. 31, 2022	$ 340,496	$ 9	561,029	(220,519)	(23)
Beginning balance (in shares) at Dec. 31, 2022	92,411,103	92,411,103
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	570,454	(295,929)	(120)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		171,899
Issuance of shares under stock plans, net of shares withheld for tax payments	229		229
Stock-based compensation	2,652		2,652
Repurchase and forfeiture of common stock (in shares)		(101,030)
Foreign currency translation adjustments	(14)				(14)
Unrealized gain on investments	39				39
Net loss	$ (23,355)			(23,355)
Ending balance (in shares) at Mar. 31, 2023	92,481,972	92,481,972
Ending balance at Mar. 31, 2023	$ 253,965	$ 9	$ 573,335	$ (319,284)	$ (95)

Fair Value Measurements - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Escrow deposit	$ 15.0

Intangibles, net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets are as follows (in thousands):



	March 31, 2023						December 31, 2022
	Gross Assets		Accumulated Amortization		Net		Gross Assets		Accumulated Amortization		Net
Denovium Engine	2,507		(1,101)		1,406		2,507		(975)		1,532
Monoclonal antibody library	46,300		(4,218)		42,082		46,300		(3,640)		42,660
Developed software platform and the related methods patents	8,300		(1,008)		7,292		8,300		(870)		7,430
Intangible assets, net	$	57,107	$	(6,327)	$	50,780	$	57,107	$	(5,485)	$	51,622

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense for the Company’s intangible assets as of March 31, 2023 are estimated as follows (in thousands):



Years Ending December 31:
2023 (nine months remaining)	$	2,528
2024	3,370
2025	3,370
2026	2,897
2027	2,868

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Share based Compensation

Total stock-based compensation expense related to all of the Company’s stock-based awards was recorded in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):



	For the Three Months Ended March 31,
		2023		2022
Research and development		$	1,193	$	1,423
Selling, general and administrative		1,473		2,357
Total stock-based compensation expense		$	2,666	$	3,780

Schedule of Stock Option Activity

Activity for stock options is shown below:


	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2022	11,429,399	$	4.49	8.4	$	2,949
Granted	6,744,860	2.05
Exercised	(54,774)	1.10			36
Canceled/Forfeited	(545,645)	3.72
Expired	(60,273)	7.25
Outstanding at March 31, 2023	17,513,567	3.58		8.9	1,861
Exercisable at March 31, 2023	3,697,451	$	3.81	7.1	$	1,376
Vested and expected to vest as of March 31, 2023	17,513,567	$	3.58	8.9	$	1,861

Schedule of Determination of Fair Value

The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:



	For the Three Months Ended March 31,
		2023	2022
Expected term (in years)		5.3-6.1	5.7-7.0
Volatility		79%-80%	63%-67%
Risk-free interest rate		3.4%-4.2%	0.8%-2.2%
Dividend Yield		—%	—%

Schedule of Nonvested Share Activity

Activity for the shares of restricted stock is shown below:


			Number of shares
Unvested as of December 31, 2022			1,013,308

Forfeitures			(101,030)
Vested			(120,751)
Unvested as of March 31, 2023			791,527

Property and equipment, net - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.7	$ 2.1

Long-term debt and other borrowings - Narrative (Details) - Equipment Financing - Secured Debt $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument
Proceeds from financing arrangements	$ 12.0
Minimum
Debt Instrument
Debt instrument term (in months)	42 months
Imputed interest rate (as a percent)	8.00%
Maximum
Debt Instrument
Debt instrument term (in months)	48 months
Imputed interest rate (as a percent)	10.00%

Intangibles, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Years Ending December 31:
2023 (nine months remaining)	$ 2,528
2024	3,370
2025	3,370
2026	2,897
2027	$ 2,868

Revenue recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue recognition (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 1.3		$ 1.1
Contract liabilities	0.4		$ 0.4
Revenue recognized from customer contract liability	$ 0.1	$ 0.4

Net loss per share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	13,770,552	9,485,792
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	34,546	28,785
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	876,859	2,481,050

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total Cost	$ 67,966	$ 67,926
Less accumulated depreciation and amortization	(17,800)	(15,203)
Property and equipment, net	50,166	52,723
Construction in progress
Property, Plant and Equipment
Total Cost	39	293
Lab Equipment
Property, Plant and Equipment
Total Cost	34,400	34,168
Software
Property, Plant and Equipment
Total Cost	298	298
Furniture, Fixtures and Other
Property, Plant and Equipment
Total Cost	6,308	6,307
Leasehold Improvements
Property, Plant and Equipment
Total Cost	$ 26,921	$ 26,860

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Debt Securities:	$ 138,346	$ 109,526
Money market funds
Assets:
Debt Securities:	5,497	5,050
Certificates of deposit
Assets:
Debt Securities:	58,169	27,740
U.S. treasury bills
Assets:
Debt Securities:	74,680	76,736
Fair Value, Recurring
Assets:
Total assets	138,346	109,526
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	5,497	5,050
Fair Value, Recurring \| Certificates of deposit
Assets:
Debt Securities:	58,169	27,740
Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	74,680	76,736
Level 1 \| Fair Value, Recurring
Assets:
Total assets	138,346	109,526
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 1 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	5,497	5,050
Level 1 \| Fair Value, Recurring \| Certificates of deposit
Assets:
Debt Securities:	58,169	27,740
Level 1 \| Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	74,680	76,736
Level 2 \| Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 2 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	0	0
Level 2 \| Fair Value, Recurring \| Certificates of deposit
Assets:
Debt Securities:	0	0
Level 2 \| Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	0	0
Level 3 \| Fair Value, Recurring
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Level 3 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	0	0
Level 3 \| Fair Value, Recurring \| Certificates of deposit
Assets:
Debt Securities:	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	$ 0	$ 0

Stock-based compensation - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 2,666	$ 3,780
Research and development
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	1,193	1,423
Selling, general and administrative
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 1,473	$ 2,357

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the Company’s wholly-owned subsidiaries and entities under its control. The Company has eliminated all intercompany transactions and accounts. There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 30, 2022.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,409	$ 59,955
Restricted cash	15,027	15,023
Short-term investments	132,849	104,476
Receivables under development arrangements, net	1,326	1,550
Prepaid expenses and other current assets	4,706	5,859
Total current assets	165,317	186,863
Operating lease right-of-use assets	5,106	5,319
Property and equipment, net	50,166	52,723
Intangibles, net	50,780	51,622
Goodwill	21,335	21,335
Restricted cash, long-term	1,882	1,864
Other long-term assets	1,222	1,282
TOTAL ASSETS	295,808	321,008
Current liabilities:
Accounts payable	1,933	2,412
Accrued expenses	18,089	20,481
Long-term debt	3,078	2,946
Operating lease obligations	1,712	1,690
Financing lease obligations	2,030	2,296
Deferred revenue	359	445
Total current liabilities	27,201	30,270
Long-term debt - net of current portion	7,190	7,984
Operating lease obligations - net of current portion	6,881	7,317
Finance lease obligations - net of current portion	347	750
Deferred tax, net	224	238
Other long-term liabilities	0	35
TOTAL LIABILITIES	41,843	46,594
Commitments (See Note 8)
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 92,481,972 and 92,411,103 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	9	9
Additional paid-in capital	573,335	570,454
Accumulated deficit	(319,284)	(295,929)
Accumulated other comprehensive loss	(95)	(120)
TOTAL STOCKHOLDERS' EQUITY	253,965	274,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 295,808	$ 321,008

Investments- Narratives (Details) - U.S. treasury bills $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Assets
Proceeds from maturities, prepayments and calls of debt securities	$ 42.0
Realized gain (loss)	$ 0.0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities
Net loss	$ (23,355)	$ (29,494)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,504	2,906
Deferred income taxes	(14)	616
Stock-based compensation	2,652	3,740
Change in fair value of contingent consideration	0	750
Accretion of discount on short-term investments	(832)	0
Other	(338)	0
Changes in operating assets and liabilities:
Receivables under development arrangements	247	1,074
Prepaid expenses and other current assets	1,153	1,801
Operating lease right-of-use assets and liabilities	(201)	(86)
Other long-term assets	60	0
Accounts payable	(482)	637
Accrued expenses and other liabilities	(2,427)	(4,531)
Deferred revenue	(86)	1,438
Net cash used in operating activities	(20,119)	(21,149)
Cash Flows From Investing Activities
Purchases of property and equipment	(280)	(6,857)
Investment in short-term investments	(69,073)	0
Proceeds from maturities of short-term investments	42,000	0
Proceeds from sales of property and equipment	52	0
Net cash used in investing activities	(27,301)	(6,857)
Cash Flows From Financing Activities
Principal payments on long-term debt	(662)	(600)
Principal payments on finance lease obligations	(671)	(671)
Proceeds from issuance of common stock, net of issuance costs	229	213
Net cash used in financing activities	(1,104)	(1,058)
Net decrease in cash, cash equivalents, and restricted cash	(48,524)	(29,064)
Cash, cash equivalents and restricted cash - Beginning of year	76,842	279,926
Cash, cash equivalents, and restricted cash - End of period	28,318	250,862
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Cash paid for amounts included in the measurement of operating lease liabilities	596	565
Property and equipment purchases included in accounts payable	$ 126	$ 3,282

Investments

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Investments

InvestmentsCash equivalents, marketable securities and deposits are classified as available-for-sale and are, therefore, recorded at fair value on the condensed consolidated balance sheet, with any unrealized gains and losses reported in accumulated other comprehensive income (loss), which is reflected as a separate component of stockholders’ equity in the Company’s condensed consolidated balance sheet, until realized. The Company

considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

The amortized cost and fair value of investments are as follows (in thousands):



	March 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	5,497	$	—	$	—	$	5,497
Certificates of deposit	58,169		—		—		58,169
U.S. treasury bills	74,682		7		(9)		74,680
Total	$	138,348	$	7	$	(9)	$	138,346
Classified as:
Cash equivalents							$	5,497
Short-term investments							132,849
Long-term investments							—
Total							$	138,346



	December 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	5,050	$	—	$	—	$	5,050
Certificates of deposit	27,740		—		—		27,740
U.S. treasury bills	76,777		2		(43)		76,736
Total	$	109,567	$	2	$	(43)	$	109,526
Classified as:
Cash equivalents							$	5,050
Short-term investments							104,476
Long-term investments							—
Total							$	109,526

Investments held as of March 31, 2023 consist of cash equivalents with contractual maturities of three months or less and U.S. treasury bills with original maturities between four and six months. Proceeds from maturities of U.S. treasury bills were $42.0 million for the three months ended March 31, 2023. There were no realized gains and losses on securities for the three months ended March 31, 2023. Unrealized gains and losses on securities were primarily due to changes in interest rates.

The fair values of investments in an unrealized loss position are as follows (in thousands):




	March 31, 2023
	Less than 12 Months				12 Months or Greater
	Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. treasury bills	$	54,009	$	(9)	—		—
Total	$	54,009	$	(9)	$	—	$	—




	December 31, 2022
	Less than 12 Months				12 Months or Greater
	Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. treasury bills	$	61,845	$	(43)	—		—
Total	$	61,845	$	(43)	$	—	$	—

The Company does not intend to sell securities that are in an unrealized loss position and believes that it is not more likely than not that it will be required to sell these securities before recovery of amortized cost. The Company held no investments as of March 31, 2022.

Stock-based compensation - Stock Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	11,429,399
Granted (in shares)	6,744,860
Exercised (in shares)	(54,774)
Canceled/Forfeited (in shares)	(545,645)
Expired (in shares)	(60,273)
Ending balance (in shares)	17,513,567	11,429,399
Exercisable (in shares)	3,697,451
Vested and expected to vest (in shares)	17,513,567
Weighted Average Exercise Price per Share
Beginning balance (in usd per share)	$ 4.49
Granted (usd per share)	2.05
Exercised (usd per share)	1.10
Canceled/Forfeited (usd per share)	3.72
Expired (usd per share)	7.25
Ending balance (in usd per share)	3.58	$ 4.49
Exercisable, weighted average price (in usd per share)	3.81
Vested and expected to vest weighted average price (in usd per share)	$ 3.58
Weighted Average Remaining Contractual Term (in years)	8 years 10 months 24 days	8 years 4 months 24 days
Exercisable, weighted average remaining contractual term (in years)	7 years 1 month 6 days
Vested and expected to vest, contractual term (in years)	8 years 10 months 24 days
Intrinsic value, shares outstanding	$ 1,861	$ 2,949
Cancelled, intrinsic value	36
Exercisable, aggregate intrinsic value	1,376
Vested and expected to vest, aggregate intrinsic value	$ 1,861

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40646
Entity Registrant Name	ABSCI CORP
Entity Incorporation, State	DE
Entity Tax Identification Number	85-3383487
Entity Address, Street	18105 SE Mill Plain Blvd
Entity Address, City	Vancouver
Entity Address, State	WA
Entity Address, Postal Zip Code	98683
City Area Code	360
Local Phone Number	949-1041
Title of each class	Common Stock. $0.0001 par value
Trading Symbol(s)	ABSI
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,503,336
Amendment Flag	false
Current Fiscal Year End	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001672688

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Financial Accounting Standards Board (“FASB”) has defined fair value to establish a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy.

If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy.

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):



	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities:
Money market funds	$	5,497	$	—	$	—	$	5,497
Certificates of deposit	58,169		—		—		58,169
U.S. treasury bills	74,680		—		—		74,680


Total assets	$	138,346	$	—	$	—	$	138,346
Liabilities:



Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750



	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Debt Securities:
Money market funds	$	5,050	$	—	$	—	$	5,050
Certificates of deposit	27,740		—		—		27,740
U.S. treasury bills	76,736		—		—		76,736


Total assets	$	109,526	$	—	$	—	$	109,526
Liabilities:
Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750

The following table provides reconciliation for all liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 (in thousands):



	Contingent consideration		Total liabilities
Balance at December 31, 2022	$	12,750	$	12,750

Change in fair value during 2023	—		—

Balance at March 31, 2023	$	12,750	$	12,750

We review trading activity and pricing for our available-for-sale securities as of the measurement date.

The contingent consideration liability is related to the acquisition of Totient, Inc. and is included in accrued expenses on the condensed consolidated balance sheet as of March 31, 2023. The fair value estimate is based on a probability-weighted approach. Changes in fair value of the contingent consideration liability are included within research and development expense on the condensed consolidated statement of operations. The contingent consideration of $15.0 million held in escrow shall be paid upon the achievement of specific milestones and is included in restricted cash on the condensed consolidated balance sheet as of March 31, 2023.

There are significant judgments, assumptions and estimates inherent in the determination of the fair value of each of the instruments described above. In the future, depending on the valuation approaches used and the expected timing and weighting of each, the inputs described above, or other inputs, may have a greater or lesser impact on the Company’s estimates of fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Net loss per share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net loss per share

Net loss per shareBasic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):



	For the Three Months Ended March 31,
		2023		2022
Numerator:



Net loss		$	(23,355)	$	(29,494)

Denominator:
Weighted-average common shares outstanding		91,479,452		90,272,205

Net loss per share, basic and diluted		$	(0.26)	$	(0.33)

The common stock issuable upon the conversion or exercise of the following dilutive securities has been excluded from the diluted net loss per share calculation because their effect would have been anti-dilutive. Diluted net loss per share, therefore, does not differ from basic net loss per share for the periods presented.

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):



	For the Three Months Ended March 31,
		2023	2022

Stock options		13,770,552	9,485,792
Restricted stock units		34,546	28,785
Unvested restricted stock		876,859	2,481,050

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	92,481,972	92,411,103
Common stock, shares, outstanding (in shares)	92,481,972	92,411,103

Intangibles, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, net

Intangible assets are as follows (in thousands):



	March 31, 2023						December 31, 2022
	Gross Assets		Accumulated Amortization		Net		Gross Assets		Accumulated Amortization		Net
Denovium Engine	2,507		(1,101)		1,406		2,507		(975)		1,532
Monoclonal antibody library	46,300		(4,218)		42,082		46,300		(3,640)		42,660
Developed software platform and the related methods patents	8,300		(1,008)		7,292		8,300		(870)		7,430
Intangible assets, net	$	57,107	$	(6,327)	$	50,780	$	57,107	$	(5,485)	$	51,622

Amortization expense related to intangible assets was $0.8 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively, and is reflected within depreciation and amortization expense on the condensed consolidated statement of operations and comprehensive loss.

Future amortization expense for the Company’s intangible assets as of March 31, 2023 are estimated as follows (in thousands):



Years Ending December 31:
2023 (nine months remaining)	$	2,528
2024	3,370
2025	3,370
2026	2,897
2027	2,868

Stock-based compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Stock-based compensationThe Company grants stock options, restricted stock units, and stock appreciation rights (“SARs”) under the 2021 Stock Option and Incentive Plan (“2021 Plan”) as awards to incentivize employee service. On January 1,

2023, the number of shares of common stock reserved for future issuance under the 2021 Plan was increased by 4,620,555 shares pursuant to an automatic annual increase. As of March 31, 2023, 7,356,956 shares were available for issuance under the 2021 Plan.



	For the Three Months Ended March 31,
		2023		2022
Research and development		$	1,193	$	1,423
Selling, general and administrative		1,473		2,357
Total stock-based compensation expense		$	2,666	$	3,780

Stock Options

Stock options generally vest 25% after one year from the date of the grant with the remainder vesting monthly over the following three-year period. Certain options have alternative vesting schedules including ratably over 1-4 years and immediate vesting. The Company recognizes forfeitures as they occur and uses the straight-line expense recognition method. Activity for stock options is shown below:


	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands $)
Outstanding at December 31, 2022	11,429,399	$	4.49	8.4	$	2,949
Granted	6,744,860	2.05
Exercised	(54,774)	1.10			36
Canceled/Forfeited	(545,645)	3.72
Expired	(60,273)	7.25
Outstanding at March 31, 2023	17,513,567	3.58		8.9	1,861
Exercisable at March 31, 2023	3,697,451	$	3.81	7.1	$	1,376
Vested and expected to vest as of March 31, 2023	17,513,567	$	3.58	8.9	$	1,861

The aggregate intrinsic value of outstanding stock options as of March 31, 2023 was calculated based on the fair value of common stock of $1.75 per share.

The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2023 and 2022 was $1.46 and $4.49, respectively. The grant date fair value of options vested during the three months ended March 31, 2023 and 2022 was $3.5 million and $0.8 million, respectively. As of March 31, 2023, total unrecognized stock-based compensation related to stock options was $31.2 million, which the Company expects to recognize over a remaining weighted average period of 3.0 years.

Determination of Fair Value

The estimated grant-date fair value of all the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions:



	For the Three Months Ended March 31,
		2023	2022
Expected term (in years)		5.3-6.1	5.7-7.0
Volatility		79%-80%	63%-67%
Risk-free interest rate		3.4%-4.2%	0.8%-2.2%
Dividend Yield		—%	—%

Restricted Stock

Activity for the shares of restricted stock is shown below:


			Number of shares
Unvested as of December 31, 2022			1,013,308

Forfeitures			(101,030)
Vested			(120,751)
Unvested as of March 31, 2023			791,527

As of March 31, 2023, there was $1.8 million of unrecognized compensation expense related to the outstanding shares of restricted stock expected to be recognized over a remaining weighted-average period of 1.8 years.

Stock Appreciation Rights

In January 2021, the Company issued SARs that are contingent upon a liquidity event that is not probable of occurrence; accordingly, no compensation expense has been recognized for these awards. The aggregate intrinsic value of the 394,736 SARs outstanding as of March 31, 2023 is $0.7 million based on the Company’s closing stock price of $1.75 per share as reported on the Nasdaq Global Select Market on such date.

Under the Company’s 2020 Stock Option and Grant Plan and 2021 Plan, the Company has also granted a limited quantity of cash-settled SARs to certain employees and consultants based outside the United States. As of March 31, 2023, 202,570 of these SARs were outstanding with a weighted average exercise price of $4.34 per share. The fair value is remeasured at the end of each reporting period based on the Company’s stock price, with remeasurements reflected as an adjustment to compensation expense in the condensed consolidated statements of operations and comprehensive loss for such period. As of March 31, 2023 and December 31, 2022, the Company had recognized no liability for SARs classified within other long-term liabilities on the condensed consolidated balance sheets.

Employee Stock Purchase Plan

In July 2021, the Company’s Board of Directors adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”), which was subsequently approved by the Company’s stockholders and became effective in connection with the Company’s initial public offering. The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their regular compensation at a discount of 85% of the fair market value of the Company’s common stock on the first day or last day, whichever is less, of the applicable offering period, subject to any plan limitations. A total of 903,750 shares of common stock were reserved for issuance under the 2021 ESPP. On January 1, 2023, the number of shares of common stock reserved for issuance under the 2021 ESPP was increased by 924,111 shares pursuant to an automatic annual increase. As of March 31, 2023, 1,713,090 shares were available for issuance under the 2021 ESPP.

Net loss per share - Company’s Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss, basic	$ (23,355)	$ (29,494)
Net loss, diluted	$ (23,355)	$ (29,494)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	91,479,452	90,272,205
Weighted-average common shares outstanding, diluted (in shares)	91,479,452	90,272,205
Net loss per share, basic (in usd per share)	$ (0.26)	$ (0.33)
Net loss per share, diluted (in usd per share)	$ (0.26)	$ (0.33)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ References + Details

Stock-based compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Jan. 01, 2023	Jul. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Issuance price (in usd per share)			$ 1.75
Fair value of vested options			$ 3.5	$ 0.8
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)			17,513,567		11,429,399
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)			$ 3.58		$ 4.49
Deferred compensation expense			$ 0.0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized for issuance (in shares)	4,620,555
Shares available for grant (in shares)			7,356,956
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation, maximum annual contributions per employee (as a percent)		15.00%
Share based compensation, discount on fair market value (as a percent)		85.00%
Shares authorized (in shares)	924,111	903,750	1,713,090
Stock options \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value of shares granted (in usd per share)			$ 1.46	$ 4.49
Share based compensation expense not yet recognized, options			$ 31.2
Share based compensation expense not yet recognized, recognition period (in years)			3 years
Stock options \| 2020 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (as a percent)			25.00%
Certain Options \| 2020 Plan \| Tranche Two \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			1 year
Certain Options \| 2020 Plan \| Tranche Two \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			4 years
SARs \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)			394,736
Intrinsic value, shares outstanding			$ 0.7
SARs \| 2020 And 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)			202,570
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)			$ 4.34
Unvested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)			791,527		1,013,308
Unvested restricted stock \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense not yet recognized other than options			$ 1.8
Share based compensation expense not yet recognized, recognition period (in years)			1 year 9 months 18 days

Organization and nature of operations	3 Months Ended
Organization and nature of operations	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Absci Corporation (the “Company”) is a generative AI drug creation company harnessing deep learning and synthetic biology to expand the therapeutic potential of proteins. Absci leverages its integrated drug creation platform (the “Integrated Drug Creation Platform”) to identify novel drug targets and create promising biotherapeutic candidates. The Company was organized in the State of Oregon in August 2011 as a limited liability company and converted to a limited liability company (“LLC”) in Delaware in April 2016. In October 2020, the Company converted from a Delaware LLC to a Delaware corporation. The Company’s headquarters are located in Vancouver, Washington. Unaudited Interim Financial Information We prepared our interim condensed consolidated financial statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2022. We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 where we include additional information about our critical accounting estimates.

Stock-based compensation - Unvested Rollforward (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2023 shares
Nonvested, Number of Shares
Beginning balance, unvested (in shares)	1,013,308
Repurchased (in shares)	(101,030)
Vested (in shares)	(120,751)
Ending balance, unvested (in shares)	791,527

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingenciesAs of March 31, 2023, future lease payments are secured by irrevocable standby letters of credit totaling $1.9 million. The irrevocable standby letters of credit are expected to be pledged for the full lease terms which extend through 2024 and 2028 for each of the Company’s facility leases.The Company is not currently party to any material claims or legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss or a potential range of loss is both probable and reasonably estimable.

Investments -Amortized and Fair Value of our Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Amortized cost	$ 138,348	$ 109,567
Gross unrealized gains	7	2
Gross unrealized losses	(9)	(43)
Fair market value	138,346	109,526
Cash equivalents
Assets
Fair market value	5,497	5,050
Short-term investments
Assets
Fair market value	132,849	104,476
Long-term investments
Assets
Fair market value	0	0
Money market funds
Assets
Amortized cost	5,497	5,050
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair market value	5,497	5,050
Certificates of deposit
Assets
Amortized cost	58,169	27,740
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair market value	58,169	27,740
U.S. treasury bills
Assets
Amortized cost	74,682	76,777
Gross unrealized gains	7	2
Gross unrealized losses	(9)	(43)
Fair market value	$ 74,680	$ 76,736

Stock-based compensation - Determination of Fair Value (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Assumptions and Methodology
Risk-free interest rate, minimum	3.40%	0.80%
Risk-free interest rate, maximum	4.20%	2.20%
Dividend Yield	0.00%	0.00%
Minimum
Fair Value Assumptions and Methodology
Expected term (in years)	5 years 3 months 18 days	5 years 8 months 12 days
Volatility	79.00%	63.00%
Maximum
Fair Value Assumptions and Methodology
Expected term (in years)	6 years 1 month 6 days	7 years
Volatility	80.00%	67.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Technology development revenue	$ 1,269	$ 454
Collaboration revenue	0	365
Total revenues	1,269	819
Operating expenses
Research and development	12,657	15,827
Selling, general and administrative	9,593	10,889
Depreciation and amortization	3,504	2,906
Total operating expenses	25,754	29,622
Operating loss	(24,485)	(28,803)
Other income (expense)
Interest expense	(321)	(195)
Other income, net	1,458	125
Total other income (expense), net	1,137	(70)
Loss before income taxes	(23,348)	(28,873)
Income tax expense	(7)	(621)
Net loss	$ (23,355)	$ (29,494)
Net loss per share attributable to common stockholders: basic (in usd per share)	$ (0.26)	$ (0.33)
Net loss per share attributable to common stockholders: diluted (in usd per share)	$ (0.26)	$ (0.33)
Weighted-average common shares outstanding: basic (in shares)	91,479,452	90,272,205
Weighted-average common shares outstanding: diluted (in shares)	91,479,452	90,272,205
Comprehensive loss:
Net loss	$ (23,355)	$ (29,494)
Foreign currency translation adjustments	(14)	(10)
Unrealized gain on investments	39	0
Comprehensive loss	$ (23,330)	$ (29,504)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):



	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities:
Money market funds	$	5,497	$	—	$	—	$	5,497
Certificates of deposit	58,169		—		—		58,169
U.S. treasury bills	74,680		—		—		74,680


Total assets	$	138,346	$	—	$	—	$	138,346
Liabilities:



Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750



	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Debt Securities:
Money market funds	$	5,050	$	—	$	—	$	5,050
Certificates of deposit	27,740		—		—		27,740
U.S. treasury bills	76,736		—		—		76,736


Total assets	$	109,526	$	—	$	—	$	109,526
Liabilities:
Contingent consideration	$	—	$	—	$	12,750	$	12,750
Total liabilities	$	—	$	—	$	12,750	$	12,750

Schedule of Fair Value Using Significant Unobservable Inputs (Level 3)

The following table provides reconciliation for all liabilities measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 (in thousands):



	Contingent consideration		Total liabilities
Balance at December 31, 2022	$	12,750	$	12,750

Change in fair value during 2023	—		—

Balance at March 31, 2023	$	12,750	$	12,750

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Property and equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment consist of the following (in thousands):



	March 31,		December 31,
	2023		2022
Construction in progress	$	39	$	293
Lab Equipment	34,400		34,168
Software	298		298
Furniture, Fixtures and Other	6,308		6,307
Leasehold Improvements	26,921		26,860
Total Cost	67,966		67,926
Less accumulated depreciation and amortization	(17,800)		(15,203)
Property and equipment, net	$	50,166	$	52,723

Depreciation expense was $2.7 million and $2.1 million for the three months ended March 31, 2023 and 2022, respectively.

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Amortized and Fair Value of our Investments

The amortized cost and fair value of investments are as follows (in thousands):



	March 31, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	5,497	$	—	$	—	$	5,497
Certificates of deposit	58,169		—		—		58,169
U.S. treasury bills	74,682		7		(9)		74,680
Total	$	138,348	$	7	$	(9)	$	138,346
Classified as:
Cash equivalents							$	5,497
Short-term investments							132,849
Long-term investments							—
Total							$	138,346



	December 31, 2022
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	5,050	$	—	$	—	$	5,050
Certificates of deposit	27,740		—		—		27,740
U.S. treasury bills	76,777		2		(43)		76,736
Total	$	109,567	$	2	$	(43)	$	109,526
Classified as:
Cash equivalents							$	5,050
Short-term investments							104,476
Long-term investments							—
Total							$	109,526

Schedule of Fair Values of Investments in an Unrealized Loss Position

The fair values of investments in an unrealized loss position are as follows (in thousands):




	March 31, 2023
	Less than 12 Months				12 Months or Greater
	Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. treasury bills	$	54,009	$	(9)	—		—
Total	$	54,009	$	(9)	$	—	$	—




	December 31, 2022
	Less than 12 Months				12 Months or Greater
	Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. treasury bills	$	61,845	$	(43)	—		—
Total	$	61,845	$	(43)	$	—	$	—

Long-term debt and other borrowings	3 Months Ended
Long-term debt and other borrowings	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term debt and other borrowings	Long-term debt and other borrowings Equipment Financing In 2022, the Company received a total of $12.0 million of proceeds from equipment financing arrangements. Terms of the agreements require monthly payments over 42-48 month maturities with imputed interest rates ranging 8%-10%. All outstanding principal and accrued and unpaid interest are due and payable at maturity. These loans are secured by certain tangible assets of the Company, include certain financial covenants, and contain subjective acceleration clauses that allow for outstanding amounts under the agreement to become immediately due in the event of a material adverse change in the Company's business condition or change in control. The Company was in compliance with all applicable financial covenants as of March 31, 2023. The carrying amount of the long-term debt approximates fair value.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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+ Details

Intangibles, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 0.8	$ 0.8

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the Company’s wholly-owned subsidiaries and entities under its control. The Company has eliminated all intercompany transactions and accounts. There have been no material changes in the accounting policies from those disclosed in the audited consolidated financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 30, 2022.

Intangibles, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets, Net
Gross Assets	$ 57,107	$ 57,107
Accumulated Amortization	(6,327)	(5,485)
Net	50,780	51,622
Denovium Engine
Finite-Lived Intangible Assets, Net
Gross Assets	2,507	2,507
Accumulated Amortization	(1,101)	(975)
Net	1,406	1,532
Monoclonal antibody library
Finite-Lived Intangible Assets, Net
Gross Assets	46,300	46,300
Accumulated Amortization	(4,218)	(3,640)
Net	42,082	42,660
Developed software platform and the related methods patents
Finite-Lived Intangible Assets, Net
Gross Assets	8,300	8,300
Accumulated Amortization	(1,008)	(870)
Net	$ 7,292	$ 7,430

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

Property and equipment consist of the following (in thousands):



	March 31,		December 31,
	2023		2022
Construction in progress	$	39	$	293
Lab Equipment	34,400		34,168
Software	298		298
Furniture, Fixtures and Other	6,308		6,307
Leasehold Improvements	26,921		26,860
Total Cost	67,966		67,926
Less accumulated depreciation and amortization	(17,800)		(15,203)
Property and equipment, net	$	50,166	$	52,723

Revenue recognition	3 Months Ended
Revenue recognition	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Contract balances Contract assets are generated when contractual billing schedules differ from revenue recognition timing and the Company records a contract asset when it has an unconditional right to consideration. As of March 31, 2023 and December 31, 2022, contract assets were $1.3 million and $1.1 million, respectively. Contract liabilities are recorded in deferred revenue when cash payments are received or due in advance of the satisfaction of performance obligations. As of March 31, 2023 and December 31, 2022, contract liabilities were $0.4 million and $0.4 million, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized $0.1 million and $0.4 million, respectively, as revenue that had been included in deferred revenue at the beginning of the period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=49130388

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, continuing operations (as a percent)	(0.00%)	2.20%
Unrecognized tax benefits	$ 1.5

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The Company's effective income tax rate from continuing operations was 0.0% and 2.2% for the three months ended March 31, 2023 and 2022, respectively. The difference between the effective rate and the statutory rate is primarily attributed to the change in the valuation allowance against net deferred tax assets. The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. When applicable, the income tax provision also includes adjustments for discrete tax items. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. The Company recognizes the effect of income tax positions only if those positions are “more likely than not” of being sustained. As of March 31, 2023, the Company has $1.5 million of unrecognized tax benefits. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense within the condensed consolidated financial statements. The Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Details)	Mar. 31, 2023 USD ($)
Standby Letters of Credit
Line of Credit Facility
Maximum borrowing capacity	$ 1,900,000

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Company’s Basic and Diluted Net Loss Per Share Attributable to Common Unitholders and Stockholders

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):



	For the Three Months Ended March 31,
		2023		2022
Numerator:



Net loss		$	(23,355)	$	(29,494)

Denominator:
Weighted-average common shares outstanding		91,479,452		90,272,205

Net loss per share, basic and diluted		$	(0.26)	$	(0.33)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares):



	For the Three Months Ended March 31,
		2023	2022

Stock options		13,770,552	9,485,792
Restricted stock units		34,546	28,785
Unvested restricted stock		876,859	2,481,050

Fair Value Measurements - Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - Fair Value, Recurring $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	$ 12,750
Change in the fair value	0
Ending balance	12,750
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning balance	12,750
Change in the fair value	0
Ending balance	$ 12,750