Absci Corporation Q2 FY2025 earnings call

• Initiated Phase I clinical trials for ABS-101 in May, evaluating safety, tolerability, etc., with interim results expected later this year in Australia. • Progress on a potentially first-in-class bispecific antibody leveraging ABS-101. • ABS-201, an antip-prolactin receptor antibody for androgenetic alopecia, advancing towards clinic with Phase I/IIa trial anticipated in early 2026 and interim data in late 2026. • Other programs like ABS-301 (potential first-in-class antibody for immuno-oncology), ABS-501 (potential best-in-class anti-HER2 antibody) in development. • AI integrated drug creation platform advanced, with AMD's $20 million strategic investment and ongoing collaboration. • Raised approximately $64 million in July through public offering and at-the-market facility to strengthen balance sheet. • Ongoing partnerships and discussions with prospective partners for drug creation partnerships.

Revenue in the second quarter was $600,000. There are no multiple product segments with specific revenue contributions detailed other than the overall quarterly revenue figure.

• Anticipate signing one or more drug creation partnerships, including with a large pharma company this year. • Expect interim Phase I readout for ABS-101 later in 2025. • Plan to close at least one new large pharma deal in 2025. • ABS-201 program on track for interim efficacy and proof-of-concept readout in the second half of 2026. • Cash runway into the first half of 2028 with strengthened balance sheet.

• Forward-looking statements involve material risks and uncertainties that could cause actual results to differ from anticipated. Risks detailed in the press release and SEC filings.

Q: Can you remind us what kind of data, how many patients and length of follow-up we can expect from the first TL1A data readout later this year?

A: We planned to dose approximately 40 healthy volunteers for the ABS-101 Phase I study, expect pharmacokinetic and pharmacodynamic data at interim readout plus first read on immunogenic study.

Q: What's the current plan for ABS-201 from a formulation and dosing perspective?

A: Intend to deliver subcutaneous formulation, expect 6-month treatment cycle with 2 or 3 doses over 6 months delivered subcutaneously, with IV for single ascending dose and subcu for multiple ascending dose in efficacy readout.

Q: What are the next preclinical milestones for early oncology programs ABS-301 and 501?

A: Next preclinical milestones are additional in vivo work, and they would transition into partnering strategy once DC package is complete later this year or early next year.

Q: Should we expect to start seeing revenue recognition from partners?

A: Yes, but revenue from partnership agreements is milestone oriented and lumpy, similar to asset-based transactions with large upfront and milestone payments thereafter.

Q: What is the bar for good data in terms of hair density and terminal hair count improvement for ABS-201?

A: Target area headcount is the #1 efficacy endpoint, study is being designed to deliver efficacy readout against this endpoint, details to be shared at R&D Day.

Q: Is ABS-201 trial open-label or controlled?

A: It will definitely be a controlled study.

Q: How much capacity do you have for additional programs and partnerships?

A: Look at capacity on a quarterly basis, in good shape for existing partners and new large pharma partnership this year, AI platform creates efficiencies to leverage manpower better.

Q: Development plan for ABS-201 and timeline to commercialization?

A: After Phase I/IIa trial, plan to do worldwide Phase II, Phase III trial, anticipating approval in 2030-2031.

Q: Plan to focus on specific therapeutic categories?

A: Continue to work with partners in different indications, but internal pipeline focus on I&I and metabolism/cardiometabolic diseases, updates at R&D Day.