Overview

Abpro Holdings, Inc. is a biotechnology company headquartered in Woburn, Massachusetts, focused on developing next-generation antibody therapeutics to improve the lives of patients with severe and life-threatening diseases. The company is leveraging its proprietary DiversImmune® and MultiMabTM antibody discovery and engineering platforms to develop a pipeline of antibodies, both independently and through collaborations.

Merger

On November 13, 2024, Atlantic Costal Acquisition Corp. II (“ACAB”) consummated a merger with Abpro Corporation (“Legacy Abpro”), with Legacy Abpro becoming a wholly owned subsidiary of the newly named Abpro Holdings, Inc. (“New Abpro”). Concurrent with the merger, certain investors purchased $11.2 million in shares of New Abpro common stock in a private placement.

Impact of Macroeconomic Events

Economic uncertainty and global market disruptions, such as the ongoing conflicts in Ukraine and Israel, have led to significant volatility and supply chain challenges. While Abpro’s operations have not been materially impacted to date, the company acknowledges the potential for further negative effects on its business, financial condition, and results of operations.

Recent Developments

On March 3, 2025, the Board removed Ian Chan as Chief Executive Officer and appointed Miles Suk as the new CEO.

Results of Operations

For the Years Ended December 31,	2024	2023	Change	%
Revenue:
Research and development services	$183	$-	$183	100%
Collaboration revenue	$-	$99	$(99)	-100%
Royalty	$-	$23	$(23)	-100%
Total revenue	$183	$122	$61	50%
Operating expenses:
Research and development	$2,983	$4,266	$(1,283)	-30%
General and administrative	$7,121	$7,602	$(481)	-6%
Total operating expenses	$10,104	$11,868	$(1,764)	-15%
Loss from operations	$(9,921)	$(11,746)	$1,825	-16%
Other income, net	$2,689	$40	$2,649	6623%
Net loss	$(7,232)	$(11,706)	$4,474	-38%

Revenue

Abpro’s revenue primarily consists of research and development services, which increased by $0.2 million in 2024 compared to 2023 due to work performed for Celltrion related to the ABP-102 program. Collaboration revenue and royalties were $0 in 2024 after generating $0.1 million and $0.02 million, respectively, in 2023.

Operating Expenses

Research and development expenses decreased by $1.3 million in 2024, primarily due to a reduction in costs for the SARS-CoV-2 neutralizing antibody program, partially offset by increased expenses for the ABP-102 program. General and administrative expenses decreased by $0.5 million, mainly due to the cancellation of accrued bonuses from prior years.

Other Income, Net

Other income, net increased significantly to $2.7 million in 2024, primarily due to the reversal of a $3.5 million liability to a research and development provider. This was partially offset by losses on the fair value changes of certain financial instruments.

Liquidity, Capital Resources and Going Concern

Abpro has financed its operations primarily through the sale of equity and debt, as well as proceeds from the merger and PIPE financing. As of December 31, 2024, the company had an accumulated deficit of $116.1 million and expects to incur operating losses in the foreseeable future. The company’s current cash and cash equivalents will be insufficient to fund operations for at least the next 12 months, raising substantial doubt about its ability to continue as a going concern. Abpro is planning to raise additional capital through equity or debt financing to meet its operating needs.

Future Funding Requirements

Abpro expects its expenses to increase as it advances the preclinical and clinical development of its product candidates, particularly ABP-102 and ABP-201. The company will require significant additional funding to support its operations and development activities. Abpro may seek to raise capital through equity offerings, debt financings, collaborations, or other arrangements, but there can be no assurance that any required future funding can be successfully completed on a timely basis or on terms acceptable to the company.