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 leverages its proprietary DiversImmune® and MultiMab™ 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, as well as record inflation, have the potential to materially and adversely affect Abpro’s business, financial condition, and results of operations, though the company’s operations have not been significantly impacted to date.

Recent Developments

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

Results of Operations

For the three months ended March 31, 2025, Abpro reported the following:

Abpro did not generate any revenue during the first quarters of 2025 and 2024, as the company’s ability to generate product revenue is dependent on successfully developing, obtaining regulatory approval, and commercializing its drug candidates.

The decrease in research and development expenses was primarily due to a reduction in personnel and research activities as the company focused on raising additional capital. The increase in general and administrative expenses was driven by higher costs associated with operating as a public company.

Liquidity, Capital Resources and Going Concern

As of March 31, 2025, Abpro had $1,261 in cash, which is not sufficient to allow the company to operate for at least 12 months. The company’s future viability is largely dependent on its ability to raise additional capital through equity and debt financings, collaborations, and research grants.

Abpro has received notices from Nasdaq indicating that the company no longer meets the minimum bid price, market value of publicly held shares, and market value of listed securities requirements for continued listing on the Nasdaq Global Market. The company has 180 days to regain compliance with these requirements.

Management has concluded that there is substantial doubt about the company’s ability to continue as a going concern within one year after the date the financial statements are issued. Abpro plans to continue fundraising efforts and seek alternate revenue sources from collaborations and licensing agreements.

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 likely need to raise additional capital through equity or debt financings, collaborations, or other arrangements to fund its operations and development activities.