Absci Corp Q1 FY2025 earnings call

• Initiated first-in-human clinical trial for ABS-101, a potential best-in-class anti-TL1A antibody, with Phase I trial in progress, expecting interim results later in 2025. • ABS-201, a potential anti-prolactin receptor antibody for androgenic alopecia, progressing towards clinic with Phase I trial expected in early 2026 and interim efficacy data anticipated later that year. • Other programs: ABS-301 (potential first-in-class antibody for immuno-oncology), ABS-501 (potential best-in-class anti-HER2 antibody). • FDA's proposal to reduce animal tests aligns with Absci's AI-based drug discovery approach. • Robust business development discussions with potential partners, anticipating signing drug creation partnerships including with large pharma this year.

No specific financial performance details by product segments provided in terms of absolute revenue and contribution percentages.

• Expect to sign one or more drug creation partnerships, including with a large pharma company, this year. • Existing cash, cash equivalents, and short-term investments expected to fund operations into the first half of 2027. • ABS-101 interim data expected in the second half of 2025. • ABS-201 Phase I trial expected in early 2026 with interim efficacy readout anticipated later that year.

• Forward-looking statements involve material risks and uncertainties that could cause actual results to differ from anticipated. • Dependence on the success of Absci's AI platform for drug discovery and development. • Competition in the biotech industry. • Regulatory changes that could impact clinical trial timelines and approvals.

Q: Regarding ABS-101, what are you hoping to see in the Phase I top line in the second half of the year?

A: Looking to see a nice safety profile, target engagement similar to JPMorgan Healthcare Conference data, validate extended half-life, observe low immunogenicity, and demonstrate target engagement via elevation of total soluble TL1A.

Q: Regarding ABS-201, do you think this product can potentially be self-administered in the future?

A: Yes, believe it can be self-administered, but initially working with dermatologists for effective administration.

Q: On the combo strategy with ABS-101, can you elaborate?

A: TL1A combo-based strategy likely to increase efficacy and durability, with bispecific strategy involving a novel arm.

Q: On ABS-301, when can we expect the development candidate to be shared?

A: Continuing to advance, recently showed target validation data, progressing towards drug candidate nomination, with in vivo studies ongoing.

Q: On ABS-201 interim data readout, what kind of data is expected?

A: Interim proof-of-concept readout from SAD and MAD portions of study, expected in second half of 2026.

Q: On partnerships with AstraZeneca and milestones, any qualitative indication?

A: Can't give specific commentary on partnerships under NDA, but general successes in other partnerships with platform applications.

Q: On ABS-501, how it fits in competitive landscape?

A: In-house developed, with novel epitope interactions, efficacy against trastuzumab-resistant tumors, and good developability.

Q: On future partnerships and cost structure?

A: Expect enhanced deal terms with pharma due to platform success and advancements, and ongoing evaluation of cost structure to leverage AI platform efficiencies.

Q: On ABS-101 Phase II design, will it include open-label and randomized arms?

A: Not disclosed yet, will share more as interim data emerges.

Q: On leveraging AI for toxicity modeling and FDA shift?

A: Yes, Absci's AI platform, like naturalness model, aligns with FDA's shift, providing advantage in reducing immunogenicity and ensuring favorable developability.

Q: On bispecific strategy with novel target for ABS-101, what's the advantage?

A: Target has pro-inflammatory mechanism relevant in autoimmune diseases, bispecific combination with TL1A antibody could be differentiating from other combinations.