Absci Corporation
ABSI Healthcare Biotechnology
Absci Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.8 million, down 38.2% from fiscal 2024. In the quarter to June 2026, revenue fell 46.4%, EPS grew 12.5%, free cash flow fell 71.7% and total debt fell 93.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Absci Corporation (ABSI) Beneish M-score
Absci Corporation's Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2023 | −3.24 | (0.34) |
| FY2022 | −2.90 | (0.24) |
| FY2021 | −2.66 | (3.13) |
| FY2020 | 0.47 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 0.62 | — | 0.55 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.57 | — | −0.27 | |
| Total accruals to total assets | (0.10) | — | −0.48 | |
| Leverage index | 0.75 | — | −0.25 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| QURE uniQure N.V. compare | −3.0× |
| RARE Ultragenyx Pharmaceutical Inc. compare | −2.7× |
| NTLA Intellia Therapeutics, Inc. compare | −2.7× |
| IMCR Immunocore Holdings PLC Sponsored ADR compare | −2.4× |
| ANAB AnaptysBio, Inc. compare | −2.3× |
| KRSA Korsana Biosciences, Inc. compare | −2.0× |
| ABSI Absci Corporation | — |
| MAZE Maze Therapeutics, Inc. compare | — |
| GPCR Structure Therapeutics Inc. Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI