F

Absci Corporation — Earnings Quality Grade F

ABSI · Healthcare

Major red flags

Revenue
$3M
2025
Net Income
-$115M
2025
Gross Margin
Free Cash Flow
-$94M
01

Screening Summary

8
Passed
3
Watch
2
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

AR growth -100.0% vs revenue growth -20.7%

A3Revenue vs CFFO

Revenue -38.2%, CFFO -28.3%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 174.0% is >2x revenue growth -38.2%

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

!
C2Free Cash Flow

FCF is negative ($-0.1B)

C3Accruals Ratio

Accruals ratio = -10.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 22% of equity. Manageable

!
D2Leverage

Interest coverage = -600.1x (<2x). Financial stress

D3Soft Asset Growth

Other assets -18.4% vs revenue -38.2%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

Goodwill+Intangibles change -8% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

-1.73
Distress Zone
0 Distress1.102.605.0+ Safe
0.5863
Liquidity
-2.8885
Cumulative profit
-0.5312
Operating efficiency
7.0564
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25