Release Date: August 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Absci Corp (ABSI, Financial) announced a new collaboration with Memorial Sloan Kettering Cancer Center to develop up to six therapeutic programs.
- The company reported significant progress on its internal programs, including ABS-101, ABS-201, and ABS-301.
- ABS-101 demonstrated 2x to 3x extended half-life in non-human primate studies compared to antibodies in clinical development.
- ABS-101 showed increased biodistribution in non-human primates, potentially leading to faster therapeutic benefits.
- The company has a robust pipeline and expects to sign partnerships with at least three more partners in 2024.
Negative Points
- Revenue for the second quarter of 2024 was only $1.3 million, indicating limited income from current operations.
- Research and development expenses increased to $15.3 million, up from $12.1 million in the prior year period.
- The company reported a decrease in cash, cash equivalents, and short-term investments from $161.5 million to $145.2 million.
- Selling, general, and administrative expenses remained high at $9.3 million for the quarter.
- The company expects a gross use of cash, cash equivalents, and short-term investments of approximately $80 million for 2024.
Q & A Highlights
Q: Regarding ABS-101, the non-human primate data shows a two to three times additional half-life and bioavailability. Is this based on head-to-head data with competitor molecules or publications?
A: (Sean McClain, CEO) It is a head-to-head comparison with clinical competitors. (Christian Stegmann, SVP, Drug Creation) We compared ABS-101 with RVT-3101 and MK-7240, showing a two-to-three-fold improvement in plasma half-life over these molecules.
Q: Can you provide more details on the Memorial Sloan Kettering (MSK) partnership, including IP sharing and data contributions?
A: (Zachariah Jonasson, CFO) This is a 50-50 cost-sharing co-development platform for six programs. MSK will bring target validation capabilities, and we will collaborate on drug creation and early development. IP and publication decisions will be made jointly.
Q: What characteristic of ABS-101 do you think will be tough for competitors to replicate?
A: (Christian Stegmann, SVP, Drug Creation) The combination of high affinity, extended plasma half-life, good CMC properties, and improved immunogenicity profile makes ABS-101 highly differentiated.
Q: Can you discuss the toxicity and dosing in the non-human primate studies for ABS-101?
A: (Christian Stegmann, SVP, Drug Creation) Our GLP toxicology studies are ongoing, and we will disclose results once concluded. We have not yet disclosed the doses used in these studies.
Q: Do you anticipate disclosing the target for ABS-201 upon choosing a development candidate later this year?
A: (Zachariah Jonasson, CFO) Yes, we plan to disclose the target once the development candidate is selected, either at the end of this year or early next year.
Q: When will you have more data on the increased bio-distribution of ABS-101 in non-human primates?
A: (Christian Stegmann, SVP, Drug Creation) The ultimate proof will be in the clinic during our first-in-human study, where we will observe the pharmacokinetic properties in humans.
Q: How is the demand environment for partnerships with large pharma and biotech?
A: (Zachariah Jonasson, CFO) We see high interest in our differentiated AI platform, even in a tough biotech environment. Pharma and institutes like MSK are looking for technologies that can create differentiated assets.
Q: Should we think of your epitope capabilities as disease-agnostic, or are there specific disease areas where your platform excels?
A: (Zachariah Jonasson, CFO) Our platform is disease-agnostic, focusing on the structure of the target. We have partnerships in oncology, dermatology, and discussions around neuro programs, showing the technology's broad applicability.
Q: Did MSK come to you with initial targets, or was the partnership initiated through your BD team?
A: (Zachariah Jonasson, CFO) The partnership was initiated through BD interactions. MSK did not come with initial targets; we are now starting the process of selecting targets together.
Q: Will MSK have publication rights for the work done in this partnership?
A: (Zachariah Jonasson, CFO) Publication decisions will be made jointly through a steering committee. We plan to publish on the science but will be careful about timing.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
