Absci Corp Q4 FY2024 earnings call

2024 was a successful year for Absci with advancements in internal programs, delivery on partner programs, and addition of 4 new partners. The AI integrated drug creation platform showed significant progress, including collaboration with AMD for optimized compute solutions. Key programs highlighted include ABS-201 for androgenic alopecia (IND-enabling, Phase 1 trials expected in early 2026), ABS-101 anti-TL1A program (Phase 1 studies in first half 2025, interim readout in second half 2025), and partnerships with Owkin (co-development of immuno-oncology therapeutics) and Invetx (AI-driven antibody half-life extension for animal health). Financials for Q4 2024: revenue $0.7M, R&D expenses $18.4M, SG&A $8.8M; full year 2024 gross cash use $72M, cash balance $112.4M.

Plan to advance proprietary internal asset programs. Anticipate signing one or more partnerships, including with a large pharma company. ABS-101 Phase 1 clinical studies in first half 2025, interim readout in second half 2025. ABS-201 Phase 1 trials anticipated in early 2026, interim efficacy readout in 2026. Existing cash expected to fund operations into first half of 2027.

Forward-looking statements involve material risks and uncertainties that could cause actual results to differ from anticipated, as detailed in SEC filings.

Q: For Absci-101, plans for additional preclinical studies and ABS-201 preclinical updates A: Christian Stegmann mentioned wrapping up IED-enabling work for ABS-101, will disclose toxicology data; ABS-201 in IND-enabling phase, data to be disclosed, aiming for clinic early 2026 Q: Partner program updates, large pharma partnership A: Sean McClain said focused on large pharma platform deal, potential out-licensing of ABS-101, transactions to extend cash runway Q: Design and endpoints for Absci-101 Phase I study, bispecific program A: Sean and Christian discussed SAD and MAD studies for ABS-101, bispecific program in development, readout expected in 2025 Q: HIV program progress, 2025 spend and cash burn A: Collaboration with Caltech and Gates Foundation on HIV program, balance sheet funds operations into 2027 Q: Anti-TL1A assay competition, clinical performance A: Christian Stegmann discussed Sanofi Teva data, inclusion/exclusion criteria, potential to dose higher with Absci-101 Q: Pipeline expansion and AI model strengthening, pharma conversations evolution A: Sean and Zach talked about lab in the loop process, de novo design models driving pharma discussions, unlocking undruggable targets