ABSI - Earnings call transcript Q3 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the Absci Q3 2024 Business Update Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alex Khan, VP Finance and Investor Relations. Please go ahead.

Alexander Khan

you. Thank released XXXX. results Absci ended the and XX, September financial today, for operating quarter Earlier

haven't this company's for at you archived for to after send If replay received days e-mail at webcast be would if an call. investor will this added least like of you on this XX to be investors@absci.com. Absci's investors.absci.com the to distribution call please news list, An release available or website relations

and Sean Absci's McClain, Q&A Chief Absci's Creation Joining Zach me CEO; Business Stegmann, Jonasson, remarks. Officer and Christian will today SVP Chief and are following prepared for Financial Founder Drug also Officer; join of

of like and on this or laws. These the Before I'd to anticipated we and during you statements involve make call material that begin, you that not forward-looking results undue forward-looking statements. management actual should from risks could are cause differ those statements meaning federal will that reliance uncertainties events place securities remind the materially to within

Sean. call XXXX. With other to call conference statements broadcast November because Additional This and of Absci live either any information in with Forward-Looking reports turn intention future the that, by uncertainties entitled and could only time-sensitive or pipeline to that or time Exchange Absci section as the differ obligation by factors Statements I'll the to results is documents and to Absci update the accurate required disclaims press issued otherwise. cause or forward-looking Securities law, today appear release filed the product projections I new revise Except any information and regarding time and Commission. from XX, the financial over or these of or events risks, and information, as contains

Sean McClain

entered progress business and wholly morning, everyone, R&D latest additional we call. share Today some have information quarter Day of into ahead portfolio discovery against next month. Toward of a partnered excited combines update and goal joining we to XXXX and AstraZeneca with expertise an made owned, year, of Thanks, both third the programs, of an the our with Alex. Absci's potential antibody to This thank new integrated platform collaboration the deliver discuss a with oncology target. we our throughout accelerating in collaboration for are oncology of cancer treatment the end for of our drug creation AstraZeneca's us you last Good AI-designed candidate. some

starting under We our creation sequences antibody first designed to having after novo recently platform. drug this announced de the X AI proud are integrated using achievement our approximately milestone have of just months collaboration program, delivered

the be with progress of collaborators, our another In addition with are and collaboration Twist to we adding pleased we partners, to our to diverse on partner have new made list Bioscience. other AstraZeneca

generative novel using As AI. announced, design with collaborating Absci we recently a Twist antibody to is

We our scientific Twist are partnership with and unveil and this asset as We to we call. One new program, innovative R&D this this on share and month on our in very XXXX later be today, be XXth, the Day on excited will from December hosting excited to are details Zach series working additional in new distinguished speakers. leadership internal team, of York program. X our additional about guest asset share hear from programs to event, At as our New well City. information you'll existing executive a plan

compared demonstrating available generation extended potential full antibody. A starting to ABS-XXX, with to I'd primate programs, For In on half-life profile. generation best-in-class and formulate development. potential clinical Xx X to presentation of program's antibodies this of further few studies of an antibodies CMC first Europe as we TLXA a supporting replay month to an of each NHPs then, titled And moment last non-human months current our ABS-XXX of in bio as proprietary best-in-class our from is results verifies ago, studies, program, the person, provide to AI-Designed of compared XXXX, formulation. And in have studies like shared live supports our of those of first milliliter, our Absci distribution has observed attending also TLXA development high our milligrams ability in further before to this clinical increased the at in to Therapeutic overview website. state not Antibody take Festival ABS-XXX and broadcast But development for a which subcutaneous now of a per concentrations at be presented anti-TLXA IBD. Development an Biologics XXX the will

within and Additional data at website be for at copy found conference. deck our the ABS-XXX the the program on corporate can shared of was a this Absci's and updated event shared poster

the We ABS-XXX program's clinical and XXXX. of second ability advance truly to to product in are studies IND-enabling ABS-XXX initiate continue I our as XXXX profile. and a demonstrate planned We confident of readout through in Phase data potentially in plan to the an to half differentiated half interim studies expect first of continue

additional program with some to as target care and dermatology its program, this satisfactory. undisclosed to where potential development clinic. not we from as and this we underappreciated second anticipate markets to is sharing and month. that ABS-XXX, pharmacological program indication next Turning for for year, believe R&D need Day you best-in-class indications And selecting efficacy this dermatological forward unmet candidate standard target ABS-XXX our We continue at we the be data significant this of of potential is the information program, with designed a including to an is could the all potentially for the look our

designed a of action XXXX with platform. immunology to Finally, ABS-XXX, reverse discovered in first the completion target of human share half program. program shortly to for our Absci's through anticipate of ABS-XXX data first-in-class mode against We potential validation immuno-oncology ABS-XXX studies for fully after. plans this novel is a bind antibody

focused excited all remain with on probably the testament platform mission our we platform's patients our to call each at and sharing can Absci that, capabilities for to continued we to on to over R&D updates then, we creation and the innovation biologics. With better as month the every on through the of portfolio, is to and our Zach outlook, our partnerships, As as next I'll for financials. are progress differentiated our aspects Absci does the be create an we drug very tell, at that work Until our biologics are reflects turn will execution now faster. And in day you all always, about provide and always, walk AI our at able a Day. team achieve new and Zach? update all

Zachariah Jonasson

Sean. Thanks,

This areas. with platform Absci's preclinical the As Sean in antibody a mentioned, for DNA we platform Bioscience. recently collaboration Twist generative to Twist's novel accelerate biological and together an of exciting a synthesis new multiple drug partnership creation development design brings entered implicated disease with into therapeutic target AI

Twist's platform. synthesis AI R&D, power For validation silicon-based early-stage this designed testing platform help and technology including of antibody will collaboration, Absci's generative using candidates

planned to program, Absci human intend and this and a development clinical the development of for Twist partner Following seek further early commercialization.

We important are working list our we Kettering this includes proud Nvidia, Memorial Cancer on Almirall, great with to forward look collaborators, Center Merck, to of Sloan to another partner Twist AstraZeneca, program. and together add which others, and

continue previously anticipate partners partnerships announced remainder this a and robust for into the this MSK see we to partners partnerships XXXX, diverse potential with in Twist continue signing X programs. to Hence, Looking of with and year. new pipeline and to to drug our more creation we year of addition

wholly drug X programs ABS-XXX, portfolio As of generated Sean integrated using ABS-XXX, ABS-XXX discussed, proprietary our assets, includes of platform. diverse which all and were owned our creation

We plan. of to these advance continue to each internal according programs

year. advance expect on to make internal progress also to to program therapeutic internal and stage new We this at lead programs one additional continue least the

our a clinical model points, proof Phase out-licensing business preclinical and of selling internal following co-develop our of from concept proof or inflection concept. proof II programs focused As reminder, programs on is to value anywhere

X for development period. approximately lab the X million partnered Turning we for year expenses in to of prior in our XXXX million This million including primarily was now $X compared for third Research and period. expense. increased $X.X months September increase ABS-XXX personnel stock to lower increase to administrative was financials. reductions costs was compared to compensation decrease studies stock were continued in to driven and programs. $XX $XX XXXX, were our Revenue continue expense. and increase operations, compensation progress IND-enabling prior-year XXXX, by $X.X the an general This for ended XX, ended million administrative in the quarter with the associated for XX, in an due as and months million costs expenses $X.X the million costs, direct by Selling, September offset

million the Turning XXXX. million balance in cash, short-term We to sheet. to and June $XXX.X XX, equivalents cash investments $XXX.X of with as quarter compared our ended

and bring positions simply high-quality enhance balanced best also We us co-development higher the future. this focus and continue best by pursuing technology. high-value who synergistic will a further programs of rather to with and proprietary than in industry us internal We believe and provide programs on strategic volume ROI for seeking drug with the creation success expertise approach partnerships our leaders

we For it have partnered year very short-term be a use $X With will IND-enabling made first we progress now our our on million cash half a on and below the I'll the our of of operations is believe includes costs $XX programs, and programs $XX beyond. cash, current rest into for estimate of the of Sean. that, pleased studies our million. and our with and equivalents XXXX. fund associated turn the This execute to are over our third-party CRO. cash confident expectation investments XXXX, to ability on in ABS-XXX are existing and our approximately sufficient the previous short-term we Altogether, equivalents Based internal investments on we gross to back expect million, with these this expected we which with approximately plan, of cash, advancing

Sean McClain

Thanks, Zach.

solid this execution our and partnered have all year, course and portfolio of we the business of Over throughout proprietary our demonstrated programs. aspects of across

months see Q&A. additional beyond to on it X and on I'll next turn in next potential Operator? continue of a our XX. With we month Day the objectives strategic look to that, back mission, forward to updates sharing at number with December to R&D operator the XX we As execute and and ultimate all to catalysts you our begin

Operator

first Our Devarakonda Securities. Instructions] question from Truist Kripa with [Operator comes

Srikripa Devarakonda

Congrats I that question the about on a the progress AstraZeneca milestone this all year. mentioned. had you

sequence. all, First of novo designed on another de antibody congrats delivering AI

And this economics is probably of does potential said not can -- any remind we you novo de I restricted. terms an expect oncology target, also, that classes just way different targeting the also when of this but platform this can Absci's partnership does you design, of of further you're of this partly from know do, the validate updates in in it? us but can Just what targets? and

Sean McClain

this Yes, great of validation we Thanks, absolutely. platform. a is really that Yes, Kripa. think so the

again, I to on X about talk deliver binder deal. over the was see could in that I'll to there bit really to we little economics a to as, validation. think, months no where of able are And you it We target bind the hand great this binder. Zach, And a a

Zachariah Jonasson

Thanks, Sean. Yes.

the that's million As fees partnership is associated, recall, with not deal milestones. value, you AstraZeneca research including bio the at deal upfront $XXX all one-target royalty a of There's disclosed. may but

traditional at for a structure a And fairly it's partnership creation drug so stage. the

Operator

question Smith Cowen. next TD our with Brendan comes And from

Unknown Analyst

discussing? Jackie upcoming reasonably data on guess the and assets we This expect at much you do any of is how will just line What the can looking Day you which for [ I data, both what And ] be kind us Brendan. half on can for you have the updates of 'XX, give that involved? on first data-wise? your expectations plan R&D

Sean McClain

Yes, absolutely.

will to TLXA asset. with at presented R&D a package ABS-XXX, our for very So this Day, we ABS-XXX similar our what be data

half, be And And plan that. on so do on and data preclinical ABS-XXX. presenting we then data announce later with plan a we drug a that on in will this, first package, the candidate robust efficacy to,

kind readouts And so the first would those half. major Day are X of say, and the at R&D I the, in data

Unknown Analyst

one just Great. super then And That's helpful. more.

for your we as ABS-XXX? XXX using that same similar should also ABS-XXX, picture for XXXX? planning And on kind to the when As you did stage manufacturers looking second at expected you asset R&D, you over ramping are of near for IND the we're

Sean McClain

Yes.

for ] overall ABS-XXX. would are expenses. the in expense, terms manufacturer, of assume similar same And We WuXi using [ I

Operator

Instructions]. [Operator

Sean McClain

question, the correction. Sorry, a next just just before quick

million I deal. in the think I wrong around and believe I prior the $XXX gave AstraZeneca I million. answer believe misspoke partnership. a $XXX the I said number It's

a just to that. So correction

Operator

from Scotiabank. Our with George comes next question Farmer

George Farmer

expecting you're you Can partners These say smaller the more that? large pharma this more on Couple side? or about anything partnerships year.

Sean McClain

you take question? to Zach, want that

Zachariah Jonasson

is types this George, say here several we George. Thanks, I at can in partners say, Sure. What It's can advance I discussions prospective point. sizes. to of mix and That's QX. a of continue companies all probably with different

George Farmer

slight that a delayed. Day, I a like it by Okay. little the is ABS-XXX, looks into but now guiding might to think delay? just program noticed you with that And it R&D more been provide bit had insight be

Sean McClain

is That correct.

at are do has of on We actual slight study seeing the and our we're with have ABS-XXX CRO. This on where just efficacy the slightly itself, it that. delayed delay studies running a the but to nothing been

Operator

And our Securities. next Guggenheim question comes with from Divan Vamil

Unknown Analyst

is for This Vamil. Arseti [ ] on

is to question about do that healthy believe planned half-life? see may program share of the next next maybe terms that Day detail for you at today. Our on in year. additional study that study would What providing Understanding from volunteer you is your limited to the What what you ABS-XXX you like can there? be month and R&D bar antibody

Sean McClain

want take do Christian, you you. to that question? Thank Yes.

Christian Stegmann

study intention this measure volunteer setting. such this mentioned, Thank our a you is the usual is healthy question. study, will healthy be to Sure. for volunteer in as and as in pharmacokinetics a you correctly Indeed,

In is expect we to minimum we up achieve engineered that half-life dosing, And once monthly to once to that similar profile at expect case, dosing our potentially of levels allow a quarterly. expected for antibodies. a half-life, terms have

Operator

for this questions Thank at This today's call. you showing concludes time. participating. no I'm further conference

You disconnect. now may

Absci (ABSI) 12 Nov 242024 Q3 Earnings call transcript