0001628280-23-038983 | 10-Q | XBRL Viewer

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Investments- Narratives (Details) - U.S. treasury bills - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Assets
Proceeds from maturities of debt securities	$ 54,000,000	$ 50,000,000	$ 189,900,000	$ 50,000,000
Realized gain (loss)	$ 0	$ 0	$ 0	$ 0

Property and equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

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



	September 30,		December 31,
	2023		2022
Construction in progress	$	—	$	293
Lab Equipment	34,324		34,168
Software	298		298
Furniture, Fixtures and Other	6,417		6,307
Leasehold Improvements	27,049		26,860
Total Cost	68,088		67,926
Less accumulated depreciation and amortization	(22,875)		(15,203)
Property and equipment, net	$	45,213	$	52,723

Depreciation expense was $2.7 million and $8.0 million for the three and nine months ended September 30, 2023, respectively. Depreciation expense was $2.6 million and $6.9 million for the three and nine months ended September 30, 2022, respectively.

For details regarding the interim impairment assessment performed for long-lived assets see Note 6: Goodwill and Intangibles, net.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		92,938,477
Amendment Flag	false
Current Fiscal Year End	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001672688

Stock-based compensation - Unvested Rollforward (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2023 shares
Nonvested, Number of Shares
Beginning balance, unvested (in shares)	1,013,308
Forfeitures (in shares)	(101,030)
Vested (in shares)	(426,917)
Ending balance, unvested (in shares)	485,361

Stock-based compensation - Determination of Fair Value (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Assumptions and Methodology
Risk-free interest rate, minimum (as a percent)	4.10%	2.60%	3.40%	0.80%
Risk-free interest rate, maximum (as a percent)	4.30%	3.30%	4.30%	3.30%
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Minimum
Fair Value Assumptions and Methodology
Expected term (in years)	5 years 9 months 18 days	5 years 10 months 24 days	5 years 3 months 18 days	5 years 6 months
Volatility (as a percent)	80.00%	64.00%	79.00%	63.00%
Maximum
Fair Value Assumptions and Methodology
Expected term (in years)	6 years 1 month 6 days	6 years 10 months 24 days	6 years 1 month 6 days	7 years
Volatility (as a percent)	81.00%	65.00%	81.00%	67.00%

Long-term debt and other borrowings	9 Months Ended
Long-term debt and other borrowings	Sep. 30, 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 from 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 September 30, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022 (in thousands):



	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities:
Money market funds	$	2,857	$	—	$	—	$	2,857

U.S. treasury bills	51,437		—		—		51,437


Total assets	$	54,294	$	—	$	—	$	54,294
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 nine months ended September 30, 2023 (in thousands):



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

Change in fair value during 2023	—		—

Balance at September 30, 2023	$	12,750	$	12,750

The Company reviews trading activity and pricing for its 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 September 30, 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 September 30, 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

Investments

9 Months Ended

Sep. 30, 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):



	September 30, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	2,857	$	—	$	—	$	2,857

U.S. treasury bills	51,439		2		(4)		51,437
Total	$	54,296	$	2	$	(4)	$	54,294
Classified as:
Cash equivalents							$	10,548
Short-term investments							43,746

Total							$	54,294



	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 September 30, 2023 consist of cash equivalents with original maturities of three months or less and U.S. treasury bills with original maturities between three and six months. Proceeds from maturities of available for sale securities were $54.0 million and $189.9 million for the three and nine months ended September 30, 2023, respectively. Proceeds from maturities of available for sale securities were $50.0 million for the three and nine months ended September 30, 2022. There were no realized gains and losses on securities for the three and nine months ended September 30, 2023 and September 30, 2022. 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):




	September 30, 2023
	Less than 12 Months				12 Months or Greater
	Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. treasury bills	$	25,772	$	(4)	$	—	$	—
Total	$	25,772	$	(4)	$	—	$	—




	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.

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
	2023		2022			2023		2022
Research and development	978		1,240			$	3,414	$	4,360
Selling, general and administrative	1,575		2,352			4,859		7,258
Total stock-based compensation expense	$	2,553	$	3,592		$	8,273	$	11,618

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	10,567,181	2.00
Exercised	(420,625)	1.10			250
Canceled/Forfeited	(3,009,430)	3.93
Expired	(373,474)	6.23
Outstanding at September 30, 2023	18,193,051	3.18		8.6	$	489
Exercisable at September 30, 2023	4,687,385	$	4.08	6.8	$	407
Vested and expected to vest as of September 30, 2023	18,193,051	$	3.18	8.6	$	489

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 September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
Expected term (in years)	5.8-6.1	5.9-6.9	5.3-6.1	5.5-7.0
Volatility	80%-81%	64%-65%	79%-81%	63%-67%
Risk-free interest rate	4.1%-4.3%	2.6%-3.3%	3.4%-4.3%	0.8%-3.3%
Dividend Yield	—%	—%	—%	—%

Schedule of Non-vested 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			(426,917)
Unvested as of September 30, 2023			485,361

Stock-based compensation - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 2,553	$ 3,592	$ 8,273	$ 11,618
Research and development
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	978	1,240	3,414	4,360
Selling, general and administrative
Share-based Payment Arrangement, Expensed
Total stock-based compensation expense	$ 1,575	$ 2,352	$ 4,859	$ 7,258

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 at Dec. 31, 2021	$ 366,107	$ 9	$ 557,136	$ (191,025)	$ (13)
Beginning balance (in shares) at Dec. 31, 2021		92,648,036
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	213		213
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		187,151
Stock-based compensation	3,680		3,680
Foreign currency translation adjustments	(10)				(10)
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 at Dec. 31, 2021	366,107	$ 9	557,136	(191,025)	(13)
Beginning balance (in shares) at Dec. 31, 2021		92,648,036
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustments	(77)
Unrealized gain on investments	116
Net loss	$ (85,433)
Ending balance (in shares) at Sep. 30, 2022	92,884,775
Ending balance at Sep. 30, 2022	$ 292,942	$ 9	569,365	(276,458)	26
Beginning balance at Mar. 31, 2022	340,496	$ 9	561,029	(220,519)	(23)
Beginning balance (in shares) at Mar. 31, 2022		92,835,187
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	215		215
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		195,418
Stock-based compensation	4,200		4,200
Forfeiture of common stock		(249,618)
Foreign currency translation adjustments	(40)				(40)
Unrealized gain on investments	2				2
Other (in shares)		1
Net loss	(28,680)			(28,680)
Ending balance (in shares) at Jun. 30, 2022		92,780,988
Ending balance at Jun. 30, 2022	316,193	$ 9	565,444	(249,199)	(61)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	$ 162
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)	103,787
Stock-based compensation	$ 3,759
Foreign currency translation adjustments	(27)
Unrealized gain on investments	114
Net loss	$ (27,259)
Ending balance (in shares) at Sep. 30, 2022	92,884,775
Ending balance at Sep. 30, 2022	$ 292,942	9	569,365	(276,458)	26
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	570,454	(295,929)	(120)
Beginning balance (in shares) at Dec. 31, 2022	92,411,103	92,411,103
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	$ 229		229
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		171,899
Stock-based compensation	2,652		2,652
Forfeiture of common stock		(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
Ending balance at Mar. 31, 2023	253,965	$ 9	573,335	(319,284)	(95)
Beginning balance at Dec. 31, 2022	$ 274,414	$ 9	570,454	(295,929)	(120)
Beginning balance (in shares) at Dec. 31, 2022	92,411,103	92,411,103
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustments	$ 22
Unrealized gain on investments	39
Net loss	$ (87,021)
Ending balance (in shares) at Sep. 30, 2023	92,936,980	92,936,980
Ending balance at Sep. 30, 2023	$ 196,416	$ 9	579,416	(382,950)	(59)
Beginning balance at Mar. 31, 2023	253,965	$ 9	573,335	(319,284)	(95)
Beginning balance (in shares) at Mar. 31, 2023		92,481,972
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	116		116
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		108,621
Stock-based compensation	3,041		3,041
Foreign currency translation adjustments	(42)				(42)
Unrealized gain on investments	(9)				(9)
Net loss	(41,672)			(41,672)
Ending balance (in shares) at Jun. 30, 2023		92,590,593
Ending balance at Jun. 30, 2023	215,399	$ 9	576,492	(360,956)	(146)
Increase (Decrease) in Stockholders' Equity
Issuance of shares under stock plans, net of shares withheld for tax payments	380		380
Issuance of shares under stock plans, net of shares withheld for tax payments (in shares)		346,387
Stock-based compensation	2,544		2,544
Foreign currency translation adjustments	78				78
Unrealized gain on investments	9				9
Net loss	$ (21,994)			(21,994)
Ending balance (in shares) at Sep. 30, 2023	92,936,980	92,936,980
Ending balance at Sep. 30, 2023	$ 196,416	$ 9	$ 579,416	$ (382,950)	$ (59)

Goodwill and intangibles, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 21,300	$ 0	$ 21,335	$ 0
Amortization expense related to intangible assets	$ 800		$ 800	$ 2,500	$ 2,500

Stock-based compensation - Stock Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	11,429,399
Granted (in shares)	10,567,181
Exercised (in shares)	(420,625)
Canceled/Forfeited (in shares)	(3,009,430)
Expired (in shares)	(373,474)
Ending balance (in shares)	18,193,051	11,429,399
Exercisable (in shares)	4,687,385
Vested and expected to vest (in shares)	18,193,051
Weighted Average Exercise Price per Share
Beginning balance (in usd per share)	$ 4.49
Granted (usd per share)	2.00
Exercised (usd per share)	1.10
Canceled/Forfeited (usd per share)	3.93
Expired (usd per share)	6.23
Ending balance (in usd per share)	3.18	$ 4.49
Exercisable, weighted average price (in usd per share)	4.08
Vested and expected to vest weighted average price (in usd per share)	$ 3.18
Weighted Average Remaining Contractual Term (in years)	8 years 7 months 6 days	8 years 4 months 24 days
Exercisable, weighted average remaining contractual term (in years)	6 years 9 months 18 days
Vested and expected to vest, contractual term (in years)	8 years 7 months 6 days
Intrinsic value, shares outstanding	$ 489	$ 2,949
Intrinsic value, exercised	250
Exercisable, aggregate intrinsic value	407
Vested and expected to vest, aggregate intrinsic value	$ 489

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, continuing operations (as a percent)	0.10%	0.00%
Unrecognized tax benefits	$ 2.1

Summary of significant accounting policies	9 Months Ended
Summary of significant accounting policies	Sep. 30, 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, 2023.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes The Company's effective income tax rate from continuing operations was 0.1% and 0.0% for the nine months ended September 30, 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 September 30, 2023, the Company has $2.1 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Technology development revenue	$ 744	$ 2,004	$ 5,380	$ 3,094
Collaboration revenue	0	365	0	1,096
Total revenues	744	2,369	5,380	4,190
Operating expenses
Research and development	11,029	15,525	35,798	47,593
Selling, general and administrative	9,505	11,407	28,508	32,803
Depreciation and amortization	3,513	3,404	10,515	9,451
Goodwill impairment	0	0	21,335	0
Total operating expenses	24,047	30,336	96,156	89,847
Operating loss	(23,303)	(27,967)	(90,776)	(85,657)
Other income (expense)
Interest expense	(229)	(279)	(806)	(685)
Other income, net	1,572	675	4,613	948
Total other income (expense), net	1,343	396	3,807	263
Loss before income taxes	(21,960)	(27,571)	(86,969)	(85,394)
Income tax (expense) benefit	(34)	312	(52)	(39)
Net loss	$ (21,994)	$ (27,259)	$ (87,021)	$ (85,433)
Net loss per share: basic (in usd per share)	$ (0.24)	$ (0.30)	$ (0.95)	$ (0.94)
Net loss per share: diluted (in usd per share)	$ (0.24)	$ (0.30)	$ (0.95)	$ (0.94)
Weighted-average common shares outstanding: basic (in shares)	92,217,234	91,105,265	91,844,221	90,686,517
Weighted-average common shares outstanding: diluted (in shares)	92,217,234	91,105,265	91,844,221	90,686,517
Comprehensive loss:
Net loss	$ (21,994)	$ (27,259)	$ (87,021)	$ (85,433)
Foreign currency translation adjustments	78	(27)	22	(77)
Unrealized gain on investments	9	114	39	116
Comprehensive loss	$ (21,907)	$ (27,172)	$ (86,960)	$ (85,394)
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]			License and Service [Member]

Goodwill and intangibles, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Years Ending December 31:
2023 (three months remaining)	$ 843
2024	3,370
2025	3,370
2026	2,897
2027	$ 2,868

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingenciesAs of September 30, 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.

Net loss per share

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:



Net loss	$	(21,994)	$	(27,259)	$	(87,021)	$	(85,433)

Denominator:
Weighted-average common shares outstanding	92,217,234		91,105,265		91,844,221		90,686,517

Net loss per share, basic and diluted	$	(0.24)	$	(0.30)	$	(0.95)	$	(0.94)

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 September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022

Stock options	17,618,318	11,125,698	16,210,430	10,471,807
Restricted stock units	96,367	52,942	51,336	50,056
Unvested restricted stock	527,932	1,745,926	702,412	2,110,865
Employee stock purchase plan	105,842	—	89,520	—

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total Cost	$ 68,088	$ 67,926
Less accumulated depreciation and amortization	(22,875)	(15,203)
Property and equipment, net	45,213	52,723
Construction in progress
Property, Plant and Equipment
Total Cost	0	293
Lab Equipment
Property, Plant and Equipment
Total Cost	34,324	34,168
Software
Property, Plant and Equipment
Total Cost	298	298
Furniture, Fixtures and Other
Property, Plant and Equipment
Total Cost	6,417	6,307
Leasehold Improvements
Property, Plant and Equipment
Total Cost	$ 27,049	$ 26,860

Net loss per share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Company’s Basic and Diluted Net Loss Per Share Attributable to Common 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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:



Net loss	$	(21,994)	$	(27,259)	$	(87,021)	$	(85,433)

Denominator:
Weighted-average common shares outstanding	92,217,234		91,105,265		91,844,221		90,686,517

Net loss per share, basic and diluted	$	(0.24)	$	(0.30)	$	(0.95)	$	(0.94)

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 September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022

Stock options	17,618,318	11,125,698	16,210,430	10,471,807
Restricted stock units	96,367	52,942	51,336	50,056
Unvested restricted stock	527,932	1,745,926	702,412	2,110,865
Employee stock purchase plan	105,842	—	89,520	—

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Debt Securities:	$ 54,294	$ 109,526
Money market funds
Assets:
Debt Securities:	2,857	5,050
Certificates of deposit
Assets:
Debt Securities:		27,740
U.S. treasury bills
Assets:
Debt Securities:	51,437	76,736
Fair Value, Recurring
Assets:
Total assets	54,294	109,526
Liabilities:
Contingent consideration	12,750	12,750
Total liabilities	12,750	12,750
Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	2,857	5,050
Fair Value, Recurring \| Certificates of deposit
Assets:
Debt Securities:		27,740
Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	51,437	76,736
Level 1 \| Fair Value, Recurring
Assets:
Total assets	54,294	109,526
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Level 1 \| Fair Value, Recurring \| Money market funds
Assets:
Debt Securities:	2,857	5,050
Level 1 \| Fair Value, Recurring \| Certificates of deposit
Assets:
Debt Securities:		27,740
Level 1 \| Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	51,437	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
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
Level 3 \| Fair Value, Recurring \| U.S. treasury bills
Assets:
Debt Securities:	$ 0	$ 0

Commitments and Contingencies (Details)	Sep. 30, 2023 USD ($)
Standby Letters of Credit
Line of Credit Facility
Maximum borrowing capacity	$ 1,900,000

Revenue recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue recognition (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0.6		$ 0.6		$ 1.1
Contract liabilities	0.3		0.3		$ 0.4
Revenue recognized from customer contract liability	$ 0.0	$ 0.4	$ 0.4	$ 1.2

Investments- Fair Values of Investments in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position
Fair value, less than 12 months	$ 25,772	$ 61,845
Unrealized loss, less than 12 months	(4)	(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	25,772	61,845
Unrealized loss, less than 12 months	(4)	(43)
Fair value, 12 months or greater	0	0
Unrealized loss, 12 months or greater	$ 0	$ 0

Goodwill and intangibles, net - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Gross Assets	$ 21,335	$ 21,335
Accumulated Impairment	(21,335)	0
Goodwill	$ 0	$ 21,335

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Investments -Amortized and Fair Value of our Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Amortized cost	$ 54,296	$ 109,567
Gross unrealized gains	2	2
Gross unrealized losses	(4)	(43)
Fair market value	54,294	109,526
Cash equivalents
Assets
Fair market value	10,548	5,050
Short-term investments
Assets
Fair market value	43,746	104,476
Long-term investments
Assets
Fair market value		0
Money market funds
Assets
Amortized cost	2,857	5,050
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair market value	2,857	5,050
Certificates of deposit
Assets
Amortized cost		27,740
Gross unrealized gains		0
Gross unrealized losses		0
Fair market value		27,740
U.S. treasury bills
Assets
Amortized cost	51,439	76,777
Gross unrealized gains	2	2
Gross unrealized losses	(4)	(43)
Fair market value	$ 51,437	$ 76,736

Goodwill and intangibles, net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill assets are as follows (in thousands):



	September 30, 2023						December 31, 2022
	Gross Assets		Accumulated Impairment		Net		Gross Assets		Accumulated Impairment		Net
Goodwill	$	21,335	$	(21,335)	$	—	$	21,335	$	—	$	21,335

Schedule of Finite-Lived Intangible Assets

Intangible assets are as follows (in thousands):



	September 30, 2023						December 31, 2022
	Gross Assets		Accumulated Amortization		Net		Gross Assets		Accumulated Amortization		Net
Denovium Engine	2,507		(1,350)		1,157		2,507		(975)		1,532
Monoclonal antibody library	46,300		(5,377)		40,923		46,300		(3,640)		42,660
Developed software platform and the related methods patents	8,300		(1,285)		7,015		8,300		(870)		7,430
Intangible assets, net	$	57,107	$	(8,012)	$	49,095	$	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 September 30, 2023 is estimated as follows (in thousands):



Years Ending December 31:
2023 (three months remaining)	$	843
2024	3,370
2025	3,370
2026	2,897
2027	2,868

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022 (in thousands):



	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Debt Securities:
Money market funds	$	2,857	$	—	$	—	$	2,857

U.S. treasury bills	51,437		—		—		51,437


Total assets	$	54,294	$	—	$	—	$	54,294
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 nine months ended September 30, 2023 (in thousands):



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

Change in fair value during 2023	—		—

Balance at September 30, 2023	$	12,750	$	12,750

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash Flows From Operating Activities
Net loss	$ (21,994)	$ (23,355)	$ (27,259)	$ (29,494)	$ (87,021)	$ (85,433)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,513		3,404		10,515	9,451
Deferred income taxes					11	13
Stock-based compensation					8,237	11,516
Goodwill impairment	0		0		21,335	0
Accretion of discount on short-term investments					(2,275)	0
Other					(490)	853
Changes in operating assets and liabilities:
Receivables under development arrangements					723	965
Prepaid expenses and other current assets					1,460	3,436
Operating lease right-of-use assets and liabilities					(635)	(467)
Other long-term assets					(255)	0
Accounts payable					(380)	(1,224)
Accrued expenses and other liabilities					(839)	(1,207)
Deferred revenue					(100)	(674)
Net cash used in operating activities					(49,714)	(62,771)
Cash Flows From Investing Activities
Purchases of property and equipment					(843)	(15,615)
Acquisitions, net of cash acquired					0	(8,000)
Investment in short-term investments					(122,196)	(73,853)
Proceeds from maturities of short-term investments					185,897	0
Proceeds from sales of property and equipment					128	15
Proceeds from property insurance settlements					0	650
Net cash provided by (used in) investing activities					62,986	(96,803)
Cash Flows From Financing Activities
Proceeds from issuance of long-term debt					0	9,407
Principal payments on long-term debt					(2,168)	(4,086)
Principal payments on finance lease obligations					(1,805)	(2,067)
Proceeds from issuance of common stock, net of issuance costs					725	590
Net cash (used in) provided by financing activities					(3,248)	3,844
Net increase (decrease) in cash, cash equivalents, and restricted cash					10,024	(155,730)
Cash, cash equivalents and restricted cash - Beginning of year		$ 76,842		$ 279,926	76,842	279,926	$ 279,926
Cash, cash equivalents, and restricted cash - End of period	$ 86,866		$ 124,196		86,866	124,196	$ 76,842
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Right-of-use assets obtained in exchange for operating lease obligation					0	109
Cash paid for amounts included in the measurement of operating lease liabilities					1,783	1,717
Property and equipment purchases included in accounts payable					$ 0	$ 261

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	92,936,980	92,411,103
Common stock, shares, outstanding (in shares)	92,936,980	92,411,103

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 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, 2023.

Stock-based compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

The 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 September 30, 2023, 6,077,827 shares were available for issuance under the 2021 Plan.



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022			2023		2022
Research and development	978		1,240			$	3,414	$	4,360
Selling, general and administrative	1,575		2,352			4,859		7,258
Total stock-based compensation expense	$	2,553	$	3,592		$	8,273	$	11,618

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	10,567,181	2.00
Exercised	(420,625)	1.10			250
Canceled/Forfeited	(3,009,430)	3.93
Expired	(373,474)	6.23
Outstanding at September 30, 2023	18,193,051	3.18		8.6	$	489
Exercisable at September 30, 2023	4,687,385	$	4.08	6.8	$	407
Vested and expected to vest as of September 30, 2023	18,193,051	$	3.18	8.6	$	489

The aggregate intrinsic value of outstanding stock options as of September 30, 2023 was calculated based on the Company’s closing stock price of $1.32 per share as reported on the Nasdaq Global Select Market on such date.

The weighted-average grant date fair value of stock options granted during the three and nine months ended September 30, 2023 was $1.39 and $1.43, respectively, per share. The weighted-average grant date fair value of stock options granted during the three and nine months ended September 30, 2022 was $2.05 and $3.79, respectively, per share. The aggregate grant date fair value of options vested during the three and nine months ended September 30, 2023 was $2.6 million and $8.6 million, respectively. The aggregate grant date fair value of options vested during the three and nine months ended September 30, 2022 was $2.5 million and $8.2 million, respectively. As of September 30, 2023, total unrecognized stock-based compensation related to stock options was $24.9 million, which the Company expects to recognize over a remaining weighted average period of 2.8 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 September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
Expected term (in years)	5.8-6.1	5.9-6.9	5.3-6.1	5.5-7.0
Volatility	80%-81%	64%-65%	79%-81%	63%-67%
Risk-free interest rate	4.1%-4.3%	2.6%-3.3%	3.4%-4.3%	0.8%-3.3%
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			(426,917)
Unvested as of September 30, 2023			485,361

As of September 30, 2023, there was $1.0 million of unrecognized compensation expense related to the outstanding shares of restricted stock expected to be recognized over a remaining weighted-average period of 1.3 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 September 30, 2023 is $0.5 million based on the Company’s closing stock price of $1.32 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 September 30, 2023, 195,150 of these SARs were outstanding with a weighted average exercise price of $4.37 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 September 30, 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 September 30, 2023, 1,626,658 shares were available for issuance under the 2021 ESPP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 69,733	$ 59,955
Restricted cash	16,035	15,023
Short-term investments	43,746	104,476
Receivables under development arrangements, net	800	1,550
Prepaid expenses and other current assets	4,399	5,859
Total current assets	134,713	186,863
Operating lease right-of-use assets	4,688	5,319
Property and equipment, net	45,213	52,723
Intangibles, net	49,095	51,622
Goodwill	0	21,335
Restricted cash, long-term	1,098	1,864
Other long-term assets	1,537	1,282
TOTAL ASSETS	236,344	321,008
Current liabilities:
Accounts payable	1,909	2,412
Accrued expenses	19,677	20,481
Long-term debt	3,213	2,946
Operating lease obligations	1,746	1,690
Financing lease obligations	1,083	2,296
Deferred revenue	345	445
Total current liabilities	27,973	30,270
Long-term debt - net of current portion	5,549	7,984
Operating lease obligations - net of current portion	5,995	7,317
Finance lease obligations - net of current portion	162	750
Deferred tax, net	249	238
Other long-term liabilities	0	35
TOTAL LIABILITIES	39,928	46,594
Commitments (See Note 8)
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 92,936,980 and 92,411,103 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	9	9
Additional paid-in capital	579,416	570,454
Accumulated deficit	(382,950)	(295,929)
Accumulated other comprehensive loss	(59)	(120)
TOTAL STOCKHOLDERS' EQUITY	196,416	274,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 236,344	$ 321,008

Net loss per share - Company’s Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss, basic	$ (21,994)	$ (27,259)	$ (87,021)	$ (85,433)
Net loss, diluted	$ (21,994)	$ (27,259)	$ (87,021)	$ (85,433)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	92,217,234	91,105,265	91,844,221	90,686,517
Weighted-average common shares outstanding, diluted (in shares)	92,217,234	91,105,265	91,844,221	90,686,517
Net loss per share, basic (in usd per share)	$ (0.24)	$ (0.30)	$ (0.95)	$ (0.94)
Net loss per share, diluted (in usd per share)	$ (0.24)	$ (0.30)	$ (0.95)	$ (0.94)

- 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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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Goodwill and intangibles, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangibles, net

Goodwill is tested for impairment on an annual basis in the fourth quarter, or sooner if an indicator of impairment exists. The Company may elect to first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of goodwill at the reporting unit level is less than the carrying amount. The qualitative assessment includes consideration of relevant events and circumstances that would affect the Company’s single reporting unit, including macroeconomic, industry and market conditions, overall financial performance, and trends in the market price of the Company’s common stock.

During the second quarter, the Company performed an interim qualitative impairment assessment of goodwill as of June 30, 2023 and concluded that the duration and extent of the sustained decline in the

Company’s stock price and resulting market capitalization below cash and short-term investments for a period of time within the three months ended June 30, 2023 were indicators of impairment that triggered a quantitative assessment.

The Company performed a quantitative impairment evaluation of goodwill as of June 30, 2023 utilizing both income and market approaches. The income approach utilized the estimated discounted cash flows for the single reporting unit while the market approach utilized comparable company information. The fair value of equity was derived using a discount rate commensurate with the related risk and an estimate of a control premium applied to the Company’s implied enterprise value. The discounted cash flow method requires significant judgments, including estimation of future cash flows, which is dependent on internally developed forecasts, estimation of the long-term rate of growth for the business, and determination of weighted average cost of capital. The models used to estimate the fair value of the single reporting unit are reflective of significant assumptions, including the following:

•Forecasted revenues from current and future programs;

•Probability of the Company’s partners electing licensing options for clinical development, clinical success, and obtaining regulatory approval;

•Forecasted research and development and general and administrative expenses to sustain forecasted program growth which are reflective of efficiencies gained as the business and platform evolve;

•A discount rate reflecting the Company’s weighted average cost of capital and specific entity risk; and

•A control premium based upon recently observed transactions in technology platform-based companies in the life science industry.

The estimates and assumptions used to determine fair value include determinations that are categorized as Level 3 in the fair value hierarchy due to use of internal projections and unobservable measurement inputs. The assumptions used in our impairment analysis are inherently subject to uncertainty and the Company notes that small changes in these assumptions could have a significant impact on the concluded value. In order to further validate the reasonableness of the fair value concluded for the reporting unit, a reconciliation to market capitalization was performed by estimating a reasonable implied control premium and other market factors. The control premium was estimated based upon control premiums observed in recent comparable market transactions. The Company reconciled the estimated fair value of the reporting unit utilizing the market capitalization based on the stock price as of June 30, 2023.

The Company concluded the fair value of the single reporting unit was less than its carrying value and that the Company’s recorded goodwill was fully impaired as of June 30, 2023. The Company recognized a non-cash, pre-tax goodwill impairment charge of $21.3 million during the three months ended June 30, 2023 reported as goodwill impairment on the unaudited condensed consolidated statement of operations and comprehensive loss.

Goodwill assets are as follows (in thousands):



	September 30, 2023						December 31, 2022
	Gross Assets		Accumulated Impairment		Net		Gross Assets		Accumulated Impairment		Net
Goodwill	$	21,335	$	(21,335)	$	—	$	21,335	$	—	$	21,335

In conjunction with, and in advance of, the interim test of goodwill of the single reporting unit, the Company also performed an interim qualitative impairment assessment of long-lived assets as of June 30, 2023 which indicated that the carrying amount of the long-lived assets might not be recoverable. To test these long-lived assets for recoverability, the Company compared the estimated future cash flows (on an undiscounted basis) to be generated from the use and residual value of the entity-wide asset group to its carrying value and concluded that the long-lived assets were not impaired as of June 30, 2023. It is reasonably possible that changes in future operating results, cash flows, or market capitalization, as well as future changes related to the asset group may result in the need to write down the asset group to fair value. The Company will

continue to monitor for events occurring or circumstances changing which may suggest that long-lived assets should be reevaluated.

Intangible assets are as follows (in thousands):



	September 30, 2023						December 31, 2022
	Gross Assets		Accumulated Amortization		Net		Gross Assets		Accumulated Amortization		Net
Denovium Engine	2,507		(1,350)		1,157		2,507		(975)		1,532
Monoclonal antibody library	46,300		(5,377)		40,923		46,300		(3,640)		42,660
Developed software platform and the related methods patents	8,300		(1,285)		7,015		8,300		(870)		7,430
Intangible assets, net	$	57,107	$	(8,012)	$	49,095	$	57,107	$	(5,485)	$	51,622

Amortization expense related to intangible assets was $0.8 million for the three months ended September 30, 2023 and 2022 and $2.5 million for the nine months ended September 30, 2023 and 2022 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 September 30, 2023 is estimated as follows (in thousands):



Years Ending December 31:
2023 (three months remaining)	$	843
2024	3,370
2025	3,370
2026	2,897
2027	2,868

Revenue recognition	9 Months Ended
Revenue recognition	Sep. 30, 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 September 30, 2023 and December 31, 2022, contract assets were $0.6 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 September 30, 2023 and December 31, 2022, contract liabilities were $0.3 million and $0.4 million, respectively. During the three and nine months ended September 30, 2023, the Company recognized $0.0 million and $0.4 million, respectively, as revenue that had been included in deferred revenue at the beginning of the period. During the three and nine months ended September 30, 2022, the Company recognized $0.4 million and $1.2 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Property and equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

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



	September 30,		December 31,
	2023		2022
Construction in progress	$	—	$	293
Lab Equipment	34,324		34,168
Software	298		298
Furniture, Fixtures and Other	6,417		6,307
Leasehold Improvements	27,049		26,860
Total Cost	68,088		67,926
Less accumulated depreciation and amortization	(22,875)		(15,203)
Property and equipment, net	$	45,213	$	52,723

Fair Value Measurements - Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - Fair Value, Recurring $ in Thousands	9 Months Ended
	Sep. 30, 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

Net loss per share - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	17,618,318	11,125,698	16,210,430	10,471,807
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	96,367	52,942	51,336	50,056
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	527,932	1,745,926	702,412	2,110,865
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	105,842	0	89,520	0

Organization and nature of operations	9 Months Ended
Organization and nature of operations	Sep. 30, 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 The Company prepared its interim condensed consolidated financial statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in its Annual Report on Form 10-K for the year ended December 31, 2022. The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from its estimates. The interim financial information is unaudited and reflects all normal adjustments that are, in the Company’s 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 where the Company includes additional information about its critical accounting estimates.

Property and equipment, net - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2.7	$ 2.6	$ 8.0	$ 6.9

Investments (Tables)

9 Months Ended

Sep. 30, 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):



	September 30, 2023
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair market value
Assets
Money market funds	$	2,857	$	—	$	—	$	2,857

U.S. treasury bills	51,439		2		(4)		51,437
Total	$	54,296	$	2	$	(4)	$	54,294
Classified as:
Cash equivalents							$	10,548
Short-term investments							43,746

Total							$	54,294



	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):




	September 30, 2023
	Less than 12 Months				12 Months or Greater
	Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. treasury bills	$	25,772	$	(4)	$	—	$	—
Total	$	25,772	$	(4)	$	—	$	—




	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)	$	—	$	—

Stock-based compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 01, 2023	Jul. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Issuance price (in usd per share)			$ 1.32		$ 1.32
Fair value of vested options			$ 2.6	$ 2.5	$ 8.6	$ 8.2
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)			18,193,051		18,193,051		11,429,399
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)			$ 3.18		$ 3.18		$ 4.49
Deferred compensation expense			$ 0.0		$ 0.0		$ 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)			6,077,827		6,077,827
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	1,626,658		1,626,658
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)			$ 1.39	$ 2.05	$ 1.43	$ 3.79
Share based compensation expense not yet recognized, options			$ 24.9		$ 24.9
Share based compensation expense not yet recognized, recognition period (in years)					2 years 9 months 18 days
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
Unvested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)			485,361		485,361		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			$ 1.0		$ 1.0
Share based compensation expense not yet recognized, recognition period (in years)					1 year 3 months 18 days
SARs \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares outstanding (in shares)			394,736		394,736
Intrinsic value, shares outstanding			$ 0.5		$ 0.5
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)			195,150		195,150
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price (in usd per share)			$ 4.37		$ 4.37

Long-term debt and other borrowings (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument
Proceeds from financing arrangements	$ 0	$ 9,407
Equipment Financing \| Secured Debt
Debt Instrument
Proceeds from financing arrangements			$ 12,000
Equipment Financing \| Secured Debt \| Minimum
Debt Instrument
Debt instrument term (in months)			42 months
Imputed interest rate (as a percent)			8.00%
Equipment Financing \| Secured Debt \| Maximum
Debt Instrument
Debt instrument term (in months)			48 months
Imputed interest rate (as a percent)			10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Goodwill and intangibles, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net
Gross Assets	$ 57,107	$ 57,107
Accumulated Amortization	(8,012)	(5,485)
Net	49,095	51,622
Denovium Engine
Finite-Lived Intangible Assets, Net
Gross Assets	2,507	2,507
Accumulated Amortization	(1,350)	(975)
Net	1,157	1,532
Monoclonal antibody library
Finite-Lived Intangible Assets, Net
Gross Assets	46,300	46,300
Accumulated Amortization	(5,377)	(3,640)
Net	40,923	42,660
Developed software platform and the related methods patents
Finite-Lived Intangible Assets, Net
Gross Assets	8,300	8,300
Accumulated Amortization	(1,285)	(870)
Net	$ 7,015	$ 7,430

Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Escrow deposit	$ 15.0