ABSIAbsci Corp

Services-Commercial Physical & Biological Research

Revenue: $3M; 38% YoY
Operating margin: -4297.0%; 79% YoY
EBITDA: −$109M; 14% YoY
Market cap: $1.3B
Employees: 140; $20K revenue each
Net debt / EBITDA: —; −$104M net debt
AI in 10-K: 13.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
654% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
70% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$20K · 4th pct
Bottom quartile of its SIC industry
Quiet on AINo
13.7 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$801K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4M	$5M	$6M	$5M	$3M	38%
Operating income	−$75M	−$107M	−$116M	−$109M	−$120M	10%
Net income	−$101M	−$105M	−$111M	−$103M	−$115M	12%
Operating cash flow	−$61M	−$81M	−$65M	−$72M	−$93M	28%
Capex	$38M	$16M	$860K	$404K	$1M	174%
Stock-based comp	$11M	$13M	$11M	$19M	$18M	5.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 14, 2026	Redmile Group, LLC	SCHEDULE 13D/A	4.9%	Passive
Mar 26, 2026	Redmile Group, LLC	SCHEDULE 13D/A	5.4%	Passive
Apr 29, 2025	Redmile Group, LLC	SCHEDULE 13D/A	6.5%	Passive
Mar 5, 2024	Redmile Group, LLC	SC 13D/A	7.4%	Passive
May 8, 2023	Casdin Capital, LLC	SC 13D/A	4.8%	Passive
Mar 20, 2023	Casdin Capital, LLC	SC 13D/A	6.0%	Passive
Feb 13, 2023	Casdin Capital, LLC	SC 13D/A	7.0%	Passive
Jul 21, 2022	Casdin Capital, LLC	SC 13D/A	8.3%	Passive
Aug 2, 2021	Redmile Group, LLC	SC 13D	8.7%	Passive
Jul 29, 2021	Casdin Capital, LLC	SC 13D	8.5%	Passive

Insider trading

Open-market buys, 12 mo: $933K · 5
Open-market sells, 12 mo: $132K · 2
Net: $801K

Pay vs performance

No pay-versus-performance disclosure yet.