Release Date: May 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Absci Corp (ABSI, Financial) successfully raised approximately $86.4 million through an underwritten public offering of common stock, enhancing their financial flexibility.
- The company has made significant progress in its internal pipeline, notably with the ABS. one oh one program, which has moved into IND-enabling studies.
- Absci Corp (ABSI) has established valuable partnerships with industry leaders such as Merck and AstraZeneca, which helps leverage their platform and advance drug discovery programs.
- The company's platform has demonstrated the ability to create differentiated antibody candidates in a time and cost-efficient manner, with the development of ABS. one one costing less than $5 million over 14 months.
- Absci Corp (ABSI) has a robust pipeline of potential partners and anticipates forming additional drug creation partnerships in 2024, including multi-program partnerships.
Negative Points
- Despite advancements, Absci Corp (ABSI) reported relatively low revenue of $900,000 in the first quarter of 2024, indicating potential challenges in monetizing its technologies.
- The company faces significant competition in the biotech sector, particularly in developing novel antibodies, which could impact the commercial success of its products.
- Research and development expenses remain high, totaling $12.2 million for the first quarter of 2024, which could strain financial resources if not managed effectively.
- Absci Corp (ABSI) is reliant on the success of its internal programs and partnerships to generate revenue, which introduces risk if these initiatives do not meet expectations.
- The regulatory and development pathway for new drug candidates is complex and uncertain, potentially delaying or halting the progress of Absci Corp (ABSI)'s pipeline projects.
Q & A Highlights
Q: Can you discuss the differentiated properties of ABS. one one, particularly in terms of targeting monomer versus trimer?
A: (Christian Stegmann - Absci Corp - SVP, Drug Creation) Yes, our AI-guided antibody design strategy is focused on epitope-specific targeting using 3D structures. We've designed antibodies that do not discriminate between monomer and trimer binding, targeting both states equally. This approach may have significant implications in clinical trials, especially since certain monomers are expressed differentially in various patient populations.
Q: With the advancements in generative AI models and new data, do you anticipate further improvements in efficiency and reductions in drug development timelines?
A: (Sean McClain - Absci Corp - CEO, Founder, Director) Absolutely. As our AI models become more accurate and we refine our architectures, we expect to see a decrease in both the time and cost associated with developing drug candidates. This improvement is a key metric for us, and we anticipate ongoing enhancements in these areas.
Q: What can we expect from the nonhuman primate studies of ABS. one one later this year?
A: (Christian Stegmann - Absci Corp - SVP, Drug Creation) We anticipate these studies will confirm the extended half-life of our antibody, thus de-risking the pharmacokinetic profile in humans. Additionally, we will measure known pharmacodynamic markers to potentially demonstrate an extended effect, which could further de-risk efficacy.
Q: Can you provide insights into the third-party CRO you are using for your IND-enabling studies?
A: (Sean McClain - Absci Corp - CEO, Founder, Director) We are currently using Ruchi. Given ongoing discussions and potential new legislation, we are engaging with other CROs and have backup strategies to mitigate any potential risks.
Q: How are discussions progressing with potential partners, especially concerning your goal of securing four new partners this year?
A: (Christian Stegmann - Absci Corp - SVP, Drug Creation) Our pipeline of discussions is robust, covering large pharma, mid and small biotech, and leading academic institutions. We aim for partners that bring deep knowledge of target biology, which we see as fertile ground for collaboration. We feel well on track to meet our partnership goals for the year.
Q: Could you give more details on the competitive landscape and differentiation factors of ABS. two one in its undisclosed disease area?
A: (Christian Stegmann - Absci Corp - SVP, Drug Creation) While we haven't disclosed the specific indication yet, it targets a high unmet medical need area where current treatments are unsatisfactory. We plan to employ extended half-life technology to enhance patient convenience, aiming for a best-in-class efficacy and convenience profile.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
