Absci Corporation (ABSI), a thirteen year old generative AI drug creation company that has never turned a profit, recently appointed Zach Jonasson as its new CFO. Jonasson has been a member of the Board since 2016 and is co0-founder of Phoenix Venture Partners (PVP), Absci’s largest shareholder.

Even after a 391% jump in shares in the last six months, Absci’s stock is down more than 76% since going public in 2021.

The long term performance mirrors two of Jonasson’s other recent ventures:

—Investor in Lucira Health (LHDX), a COVID-19 test company that filed for Chapter 11 liquidation in 2023, two years after going public. Shares of the firm have lost 99.2% of their value.
—CEO and Co-founder of Comera Life Sciences (CMRA), a developer of new generation medicines, warned in 2023 it may liquidate if it’s not successful in selling itself. Shares of the company have lost 99.6% of their value.

In February 2024, PVP sold more than 100,000 shares at $1.43 per share, reducing its stake in Absci by 0.5% to 15.5%.

One month later, Absci sold nearly 20 million shares at $4.50, increasing the share count approximately 20%.

With approximately $150 million in cash, we estimate Absci can continue operating two years at the current cash burn rate.