Absci Corp (ABSI) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Absci first-quarter 2024 business update call. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加 Absci 2024 年第一季業務更新電話會議。（操作員指令）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議正在錄音。（操作員指令）

I would like now to turn the conference over to Alex Khan, Vice President, Finance and Investor Relations. Please go ahead.

現在，我想將會議交給財務和投資者關係副總裁 Alex Khan。請繼續。

Thank you. Earlier today, Absci released financial and operating results for the quarter ended March 31, 2024. If you haven't received this news release or if you would like to be added to the company's distribution list, please send an email to investors@absi.com. An archived webcast of this call will be available for replay on Absci's Investor Relations website at investors.absci.com for at least 90 days after this call.

謝謝。今天早些時候，Absci 發布了截至 2024 年 3 月 31 日的季度財務和營運業績。如果您尚未收到此新聞稿或希望加入該公司的分發列表，請發送電子郵件至investors@absi.com。本次電話會議的存檔網路直播將在會議結束後至少 90 天內在 Absci 投資者關係網站 investors.absci.com 上提供重播。

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

今天與我一起的還有 Absci 的創辦人兼執行長 Sean McClain；以及財務長兼首席商務官扎克·喬納森（Zach Jonasson）。Absci 藥物研發資深副總裁 Christian Stegmann 也將在準備好的發言後參加問答環節。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the section entitled Forward-looking Statements in the press release Absci issued today, and the documents and reports filed by Absci from time to time with the Securities and Exchange Commission.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表符合聯邦證券法含義的前瞻性聲明。這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異，而您不應過度依賴前瞻性聲明。有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參閱 Absci 今天發布的新聞稿中題為“前瞻性聲明”的部分，以及 Absci 不時向美國證券交易委員會提交的文件和報告。

Except as required by law, Absci disclaims any intention or obligation to update or revise any financial or product pipeline projections or other forward-looking statements either because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, May 14, 2024.

除法律要求外，Absci 不承擔因新資訊、未來事件或其他原因更新或修改任何財務或產品線預測或其他前瞻性聲明的意圖或義務。本次電話會議包含時間敏感訊息，僅截至 2024 年 5 月 14 日現場直播時準確。

With that, I will turn the call over to Sean.

說完這些，我會把電話轉給肖恩。

Thanks, Alex. Good morning and thank you to everyone for joining us today for our first business update conference call since 2021.

謝謝，亞歷克斯。早安，感謝大家今天參加我們自 2021 年以來的首次業務更新電話會議。

A lot has changed since then. While we have been active at investor conferences and other venues sharing our progress, we are excited to welcome you to our quarterly update call, which we will host on a regular basis moving forward.

從那時起，很多事情都改變了。雖然我們一直積極參與投資者會議和其他場合分享我們的進展，但我們很高興歡迎您參加我們的季度更新電話會議，我們將在未來定期舉辦該會議。

There are a few reasons for this change. Among them, we are pleased with the expansion of our shareholder base and research analyst coverage. We want to provide an open setting to share our latest progress and details and allow for interactive dialogue.

造成這種變化的原因有幾個。其中，我們對股東基礎和研究分析師覆蓋範圍的擴大感到高興。我們希望提供一個開放的環境來分享我們的最新進展和細節並允許互動對話。

Additionally, our business model previously revolved almost exclusively around partner programs where our communication was influenced by our partner. Our new hybrid business model, including our internal pipeline, gives us more opportunity to discuss the exciting progress we are making on each program.

此外，我們的業務模式以前幾乎完全圍繞著合作夥伴計劃，我們的溝通受到合作夥伴的影響。我們的新混合業務模式（包括內部管道）為我們提供了更多機會來討論每個專案所取得的令人興奮的進展。

With that in mind, I'd like to begin with a brief recap of the achievements we have made in 2023 before discussing our programs in 2024. Later in the call, Zach will provide more details on the status and outlook for each of our internal programs and our business as a whole.

考慮到這一點，在討論 2024 年的計劃之前，我想先簡要回顧一下我們在 2023 年所取得的成就。在電話會議的稍後部分，扎克將提供有關我們每個內部專案和整個業務的現狀和前景的更多詳細資訊。

We are often asked about our differentiating features -- what sets us apart and positions us as leaders in AI drug discovery for biologics and a partner of choice across the industry. Any discussion of our integrated drug creation platform starts and stops with the data. The ability to generate and screen massive amounts of scalable biological data is an industry breakthrough that enables our platform to operate as it does.

人們經常問我們我們的差異化特點——是什麼讓我們與眾不同，並使我們成為生物製劑人工智慧藥物研發領域的領導者和整個產業的首選合作夥伴。有關我們的整合藥物創造平台的任何討論都始於數據，也終於數據。產生和篩選大量可擴展的生物數據的能力是一項行業突破，使我們的平台能夠如此運作。

Based on these pillars of data to train, AI to create, and wet lab to validate, our platform is designed to continuously learn and improve as a result of our data generation capabilities and integration with our wet lab operations. Looking back on our accomplishments from the first quarter of 2024, it is clear they were only made possible due to the groundwork laid by our dedicated team in the previous year. The ability of our platform to rapidly design and create differentiated antibody candidates in a capital-efficient manner, while achieving epitope specificity, is the direct result of our team's effort through 2023.

基於資料訓練、人工智慧創造和濕實驗室驗證這些支柱，我們的平台旨在透過資料生成能力和與濕實驗室操作的整合不斷學習和改進。回顧我們在 2024 年第一季所取得的成就，很明顯，這些成就的取得完全歸功於我們敬業的團隊在前一年所奠定的基礎。我們的平台能夠以資本高效的方式快速設計和創造差異化抗體候選物，同時實現表位特異性，這是我們團隊到 2023 年的努力的直接成果。

We started 2023 with the release of a foundational manuscript demonstrating a first in creating and validating de novo antibodies with zero-shot generative AI. Over the year, we expanded our models, harnessing the proprietary wet lab technologies to generate scalable biological data for model training and validation. We continue to build our talented team, optimize our organization, and integrate all of our platform capabilities deeply. In line with our hybrid business model, these does aimed to leverage our platform to create a pipeline of assets and establish validating partnerships with companies like AstraZeneca and Almirall.

我們在 2023 年初發布了一篇基礎性手稿，首次展示了使用零樣本生成 AI 創建和驗證從頭抗體。在過去的一年裡，我們擴展了我們的模型，利用專有的濕實驗室技術產生可擴展的生物數據，用於模型訓練和驗證。我們將持續打造優秀的團隊，優化組織，深度整合所有平台能力。按照我們的混合業務模式，這些確實旨在利用我們的平台創建資產管道並與阿斯特捷利康和 Almirall 等公司建立驗證合作夥伴關係。

In October of last year, at our inaugural R&D Day, we reached the pivotal moment by unveiling our internal pipeline of asset programs, including potential best-in-class and first-in-class antibody programs. We are excited to continue advancing each of these programs, which Zach will be discussing in greater detail later. But stepping back, it is humbling and gratifying to see the translation of an idea using generative AI with our platform to create differentiated antibody candidates into reality.

去年 10 月，在我們首次舉辦的研發日上，我們迎來了關鍵時刻，推出了我們的內部資產專案管線，包括潛在的同類最佳和同類首創的抗體專案。我們很高興繼續推進每一個項目，扎克稍後將更詳細地討論。但退一步來說，看到利用我們的平台利用生成式人工智慧創造出差異化抗體候選物的想法轉化為現實，是令人感到謙卑和欣慰的。

We demonstrate our platform's ability to create a differentiated antibody like ABS-101, our anti-TL1A antibody program, with potential best-in-class properties in a very time and capital-efficient manner, compared to industry standards. At the beginning of 2024, we unveiled positive preclinical data for this program. And by the end of February, we initiated our IND-enabling studies.

我們展示了我們的平台能夠創建差異化抗體的能力，例如 ABS-101（我們的抗 TL1A 抗體計劃），與行業標準相比，該抗體具有以非常省時省資的方式實現潛在的一流特性。2024 年初，我們公佈了該計劃的積極臨床前數據。到二月底，我們啟動了 IND 支持研究。

As we advance this program, I want to highlight our platform's efficiency in generating this program and the potential vast implications. In just 14 months, we generated and selected our drug candidate at a cost of less than $5 million. ABS-101 is an early example of the power of our platform, and we see additional opportunities to demonstrate similar results through our other current and future pipeline programs.

隨著我們推進這項計劃，我想強調我們的平台在產生這項計劃方面的效率及其潛在的巨大影響。在短短的14個月內，我們以不到500萬美元的成本產生並選定了我們的候選藥物。 ABS-101是我們平台強大功能的早期範例，我們看到了透過我們當前和未來的其他管道計劃展示類似結果的更多機會。

At a high level, our platform unlocks the potential for us, powerful, novel biotech business model. We can generate a differentiated antibody candidate and complete IND-enabling studies at a cost of approximately $15 million. This could enable a new paradigm in biotech, where capital typically allocated for one asset could be spread across multiple candidates, improving the overall probability of success.

從高層次來看，我們的平台為我們釋放了強大、新穎的生物技術商業模式的潛力。我們可以產生差異化抗體候選藥物並完成 IND 支持研究，成本約為 1500 萬美元。這可能開啟生物技術領域的新範式，通常分配給一項資產的資本可以分散到多個候選人身上，從而提高整體成功率。

In addition to applying our platform to our internal pipeline, we are encouraged by the industry reception, including recent partnerships with industry leaders. It is humbling to count companies like Merck and AstraZeneca among our partners who bring invaluable talent, skill, and expertise to our collaborations.

除了將我們的平台應用於內部管道之外，業界的反應也令我們感到鼓舞，包括最近與產業領袖建立的合作關係。我們很榮幸能與默克和阿斯特捷利康等公司成為合作夥伴，他們為我們的合作帶來了寶貴的人才、技能和專業知識。

This year and beyond, we look forward to entering into additional partnerships with pharma and biotech companies. These partnerships will leverage our platform to enable and advance their drug discovery programs, but potentially shortening timeframes, lowering costs, improving success probabilities, and unlocking new biologies previously thought unachievable. I am incredibly proud of our team at Absci for these achievements and excited to see the promise of our platform to fly to further internal programs, demonstrating the potential for disruptive improvements in biotech economics.

今年及以後，我們期待與製藥和生技公司建立更多合作關係。這些合作夥伴將利用我們的平台來支持和推進他們的藥物發現計劃，同時有可能縮短時間、降低成本、提高成功率並解鎖以前認為無法實現的新生物學。我為 Absci 團隊所取得的這些成就感到無比自豪，並很高興看到我們的平台有望飛向進一步的內部項目，展現出生物技術經濟學顛覆性改進的潛力。

At Absci, we come to work every day with a mindset focused on innovation and continuous improvement. We are driven by our mission to create better biologics for patients faster. A few months ago, we decided to further strengthen our balance sheet and capital position through an underwritten public offering of common stock. We were encouraged by the positive reception and support from a large and diverse group of investors, both new and existing. This support will help us continue to pursue our vision.

在 Absci，我們每天工作時都抱著專注於創新和持續改進的心態。我們的使命是更快為患者創造更好的生物製劑。幾個月前，我們決定透過承銷公開發行普通股來進一步加強我們的資產負債表和資本狀況。我們受到許多新舊投資者的積極歡迎和支持，這令我們感到鼓舞。這種支持將幫助我們繼續追求我們的願景。

As we look ahead to the rest of the year, I'm very excited by what lies ahead. We remain laser focused on execution across all aspects of our business, including partnered and internal programs, with innovation and the pursuit of the impossible at the core of everything we do.

展望今年剩餘的時間，我對未來充滿期待。我們始終專注於業務各個方面的執行，包括合作和內部項目，創新和追求不可能是我們所做的一切的核心。

With that, I'll turn the call over to Zach to walk through each of our programs, provide our outlook, and give an update on our financials. Zach?

說完這些，我將把電話轉給扎克，讓他介紹我們的每一個項目，提供我們的展望，並提供我們的財務狀況的最新資訊。扎克？

Thanks, Sean. As Sean discussed, this past quarter, we closed an underwritten public offering of common stock raising gross proceeds of approximately $86.4 million. This additional capital will further support our ability to advance our internal pipeline of asset programs. This strategy reflects the hybrid business model that we introduced last year where in we intend to develop our internal programs to a certain value -- to certain value inflection points, for example, through a Phase 1 or potentially Phase 2 clinical trial, before selling, partnering, or outlicensing set asset.

謝謝，肖恩。正如肖恩所討論的，上個季度，我們完成了普通股的承銷公開發行，籌集的總收益約為 8,640 萬美元。這筆額外資本將進一步支持我們推動內部資產項目的能力。這項策略體現了我們去年推出的混合商業模式，我們打算將我們的內部專案開發到一定的價值，達到一定的價值轉折點，例如，透過第 1 階段或潛在的第 2 階段臨床試驗，然後再出售、合作或授權固定資產。

A primary rationale for our strategies stems from our platform's ability to create differentiated antibody drug candidates in a highly efficient manner. We believe our strategy will allow us to create and capture more of the overall value of these internally generated programs. As we have said in the past, every program is unique and there is no one-size-fits-all strategy for these assets. As a best practice and guidance strategy, we will look for the right partner at the right time.

我們策略的主要原理源自於我們的平台能夠以高效的方式創造差異化的抗體候選藥物。我們相信，我們的策略將使我們能夠創造並獲得更多這些內部產生的程序的整體價值。正如我們過去所說的，每個專案都是獨一無二的，對於這些資產，沒有一刀切的策略。作為最佳實踐和指導策略，我們會在合適的時間尋找合適的合作夥伴。

As Sean mentioned earlier, we generated the ABS-101 candidate in just 14 months at a cost of less than $5 million. By comparison, pharma industry estimates we have seen pin such figures at three-plus years to reach a drug candidate and at a cost of $30 million to $50 million. And as our platform continues to improve via our data generation and screening cycles, we believe over time, that we will even further reduce the time it takes us to generate additional drug candidates.

正如 Sean 之前提到的，我們僅用 14 個月就研發了 ABS-101 候選藥物，成本不到 500 萬美元。相較之下，我們看到製藥業估計，研發出一種候選藥物需要三年以上的時間，成本為 3,000 萬至 5,000 萬美元。隨著我們的平台透過數據生成和篩選週期不斷改進，我們相信隨著時間的推移，我們將進一步縮短生成更多候選藥物所需的時間。

Turning back to our current internal program pipeline, our lead program, ABS-101, is a potential best-in-class anti-TL1A antibody. In January, we presented early preclinical data from three advanced leads from this program. This data showed properties consistent with a potentially superior product profile, including demonstrated high affinity, high potency, favorable developability, and extended half life. We used our de novo AI model to design ABS-101 leads towards a specific epitope of TL1A with the objective of creating a drug candidate with superior potency and lower immunogenicity.

回顧我們目前的內部專案管線，我們的領先專案 ABS-101 是一種潛在的同類最佳抗 TL1A 抗體。今年一月，我們公佈了該計畫三位高級負責人的早期臨床前數據。這些數據顯示出與潛在優良產品特性一致的特性，包括表現出高親和力、高效力、良好的可開發性和延長的半衰期。我們使用從頭 AI 模型設計針對 TL1A 特定表位的 ABS-101，目的是創建具有優異效力和更低免疫原性的候選藥物。

This target product profile, combined with anticipated high bioavailability, could ultimately improve patient experience with easier, less frequent dosing. Following further confirmatory PK studies, in February, we selected a primary and a backup development candidate to advance into IND-enabling studies. We also recently completed studies demonstrating ABS-101 candidate's ability to bind both the TL1A monomer and trimer, which could potentially lead to differentiated clinical efficacy.

此目標產品特性與預期的高生物利用度相結合，最終可以透過更輕鬆、更少頻率的給藥來改善患者體驗。在進一步進行驗證性 PK 研究後，我們在二月選定了一個主要開發候選藥物和一個備用開發候選藥物，以推進 IND 支持研究。我們最近也完成的研究證明了 ABS-101 候選藥物結合 TL1A 單體和三聚體的能力，這可能會帶來差異化的臨床療效。

We plan to share additional preclinical data, including data from non-human primate studies, in the next few months. We then expect to initiate Phase 1 clinical studies in early 2025 with an interim data readout expected in the second half of 2025.

我們計劃在接下來的幾個月分享更多的臨床前數據，包括非人靈長類動物研究的數據。我們預計將於 2025 年初啟動第 1 階段臨床研究，並預計在 2025 年下半年讀取中期數據。

Next, ABS-201, a potentially best-in-class antibody for an undisclosed dermatology target, is designed for an undisclosed dermatological indication with significant unmet need where the efficacy for the pharmacological standard of care is not satisfactory. We anticipate selecting the development candidate for this program in the second half of 2024.

其次，ABS-201 是一種針對未公開的皮膚病學目標的潛在最佳抗體，旨在滿足未公開的皮膚病學適應症，且該適應症存在重大未滿足的需求，而藥理學標準治療的療效並不令人滿意。我們預計將在 2024 年下半年為該計劃選出開發候選人。

Finally, ABS-301, a potentially first-in-class antibody for an undisclosed immuno-oncology target, is a fully human antibody designed to bind to a novel target discovered through our reverse immunology platform. This antibody inhibits an immunosuppressive cytokine and is believed to stimulate an innate immune response.

最後，ABS-301 是一種針對未公開的免疫腫瘤學標靶的潛在同類首創抗體，它是一種完全人源抗體，旨在與透過我們的反向免疫學平台發現的新標靶結合。這種抗體可抑制免疫抑制細胞因子，並被認為可以刺激先天免疫反應。

ABS-301 is being evaluated for broad applicability to a variety of oncology indications, and comprehensive profiling of this program is in progress. We anticipate completion of the mode of action validation studies for this program in the second half of 2024.

ABS-301 正在接受對多種腫瘤適應症的廣泛適用性的評估，並且該計劃的全面分析正在進行中。我們預計將於 2024 年下半年完成本計畫的作用模式驗證研究。

As a reminder, our reverse immunology platform is designed to discover novel antibody targets, based on the analysis of tertiary lymphoid structures or TLSs from patient samples. Within this platform, we mine the antibody repertoires from the TLS samples derived from patients who have exhibited an extraordinary immune response. We discovered the ABS-301 novel human antibody and its corresponding target using this platform. We look forward to sharing additional details later this year.

提醒一下，我們的反向免疫學平台旨在透過對患者樣本中的三級淋巴結構或 TLS 的分析來發現新的抗體標靶。在這個平台內，我們從表現出非凡免疫反應的患者的 TLS 樣本中挖掘抗體庫。我們利用該平台發現了ABS-301新型人源抗體及其對應的標靶。我們期待在今年稍後分享更多細節。

In addition to further development of ABS-101, ABS-201 and ABS-301, we continue to expect to advance at least one additional internal asset program to a lead stage in 2024. Further, in line with our hybrid business model, we continue to execute and make solid progress on our existing drug creation partnerships. I am pleased to see the close collaboration between our partners and our own R&D teams. And while we cannot disclose much detail about our partnered programs, the work we are doing with these partners is progressing well and according to our expected timelines. We look forward to sharing more details about these programs at a later date.

除了進一步開發 ABS-101、ABS-201 和 ABS-301 之外，我們還預計在 2024 年將至少一個額外的內部資產專案推進到領先階段。此外，按照我們的混合業務模式，我們將繼續執行現有的藥物研發合作夥伴關係並取得穩步進展。我很高興看到我們的合作夥伴和我們自己的研發團隊之間的密切合作。雖然我們無法透露有關合作計劃的更多細節，但我們與這些合作夥伴共同開展的工作進展順利，並且符合我們預期的時間表。我們期待稍後分享有關這些計劃的更多細節。

Additionally, we continue to anticipate finding additional drug creation partnerships with at least four partners in 2024, including one or more multi-program partnerships. I am also pleased to share that we have a robust and diverse pipeline of potential partners and we look forward to updating you on these over the course of the year.

此外，我們繼續預計在 2024 年與至少四個合作夥伴建立額外的藥物創造夥伴關係，包括一個或多個多項目夥伴關係。我還很高興地告訴大家，我們擁有強大且多樣化的潛在合作夥伴管道，我們期待在今年內向您通報這些合作夥伴的最新情況。

Turning now to our financials, revenue in the first quarter of 2024 was $900,000 as we continue to progress our partnered and internal programs concurrently. Research and development expenses in the first quarter of 2024 were $12.2 million, as compared to $12.7 million in the prior-year period. This decrease was primarily driven by lower personnel costs, offset by an increase in stock compensation expense.

現在談談我們的財務狀況，隨著我們繼續同時推進合作和內部計劃，2024 年第一季的收入為 90 萬美元。2024 年第一季的研發費用為 1,220 萬美元，而去年同期為 1,270 萬美元。這一下降主要由於人員成本下降，但股票薪酬費用的增加抵消了這一下降。

Selling, general and administrative expenses were $8.7 million in the first quarter of 2024, as compared to $9.6 million in the prior-year period. This decrease was due to a lower personnel cost and continued reduction in administrative costs, offset by an increase in stock compensation expense.

2024 年第一季的銷售、一般及行政費用為 870 萬美元，去年同期為 960 萬美元。這一下降是由於人員成本降低和管理成本持續減少，但股票薪酬費用的增加抵消了下降。

Turning to our balance sheet, we ended the quarter with $161.5 million in cash, cash equivalents and short-term investments as compared to $97.7 million as of December 31, 2023. For 2024, we continue to expect a gross use of cash, cash equivalents, and short-term investments of approximately $80 million, inclusive of the expected costs associated with completing the IND-enabling studies for ABS-101 with a third-party CRO.

談到我們的資產負債表，本季末我們的現金、現金等價物和短期投資為 1.615 億美元，而 2023 年 12 月 31 日為 9,770 萬美元。到 2024 年，我們預計現金、現金等價物和短期投資的總使用額仍將達到約 8,000 萬美元，其中包括與第三方 CRO 完成 ABS-101 的 IND 支援研究所產生的預期成本。

Based on our current plans, we believe our existing cash, cash equivalents, and short-term investments will be sufficient to fund our operations into the first half of 2027. Altogether, we are very encouraged by the progress we have made on our internal programs and confident in our ability to execute on these and our partnered programs over the course of 2024 and beyond.

根據我們目前的計劃，我們相信現有的現金、現金等價物和短期投資將足以資助我們到 2027 年上半年的營運。總而言之，我們對內部專案所取得的進展感到非常鼓舞，並對我們在 2024 年及以後執行這些專案和合作專案的能力充滿信心。

With that, I'll turn it back to Sean.

說完這些，我就把話題轉回給肖恩。

Thanks, Zach. 2023 was a pivotal and successful year for Absci and our company's evolution. In 2024, we will continue to focus on execution and further demonstrate the power of our platform to create differentiated antibody assets. We are thrilled to advance each of our programs with the goal of creating better medicines for patients faster and fundamentally improving the economics of biotech.

謝謝，扎克。 2023 年對於 Absci 和我們公司的發展來說是關鍵且成功的一年。2024年，我們將持續注重執行力，進一步展現我們平台創造差異化抗體資產的力量。我們很高興能推進我們的每一個項目，目標是更快地為患者創造更好的藥物並從根本上改善生物技術的經濟性。

We look forward to updating you along the way. With that, I'll turn it back to the operator to begin Q&A. Operator?

我們期待著向您提供最新進展。說完這些，我會把話題轉回給接線生，開始問答環節。操作員？

(Operator Instructions) Kripa Devarakonda, Truist Securities.

(操作員指示)Kripa Devarakonda，Truist Securities。

Hey, guys. Thank you so much for taking my question. I have a question about ABS-101. We recently saw exciting preclinical data from the program. I was just wondering if you can talk about your level of confidence that this drug is differentiated versus the other drugs in the same class. Do we truly understand the biology about the importance of targeting monomer versus trimer? And what sort of an edge do you have in understanding that part of it? And then I have a follow-up question.

嘿，大家好。非常感謝您回答我的問題。我對 ABS-101 有疑問。我們最近看到了該計畫令人興奮的臨床前數據。我只是想知道您是否可以談談您對這種藥物與同類其他藥物的區別的信心程度。我們是否真正了解針對單體與三聚體的重要性的生物學意義？您對這部分的理解有什麼優點？然後我有一個後續問題。

Yeah, absolutely. Thank you, Kripa. I'll hand that over to Christian to talk about the differentiated properties that we see with the TL1A and, in particular, with the monomer versus trimer.

是的，絕對是如此。謝謝你，克里帕。我將把這個主題交給克里斯蒂安，讓他談談我們在 TL1A 中看到的差異化特性，特別是單體與三聚體的差異化特性。

Yeah, thank you, Sean. Absolutely. First off, we do think that our extended half-life is an absolutely critical and a very differentiated parameter that will address patient convenience topics. But more importantly, also, on the monomer trimer question, I think it's important to highlight that our AI-guided antibody design strategy is really based on epitope-specific targeting using 3D structures and specifically for 3D structures of TL1A.

是的，謝謝你，肖恩。絕對地。首先，我們確實認為延長半衰期是一個絕對關鍵且非常有差異的參數，可以解決患者的便利性問題。但更重要的是，關於單體三聚體問題，我認為有必要強調的是，我們的 AI 引導抗體設計策略實際上是基於使用 3D 結構的表位特異性靶向，特別是針對 TL1A 的 3D 結構。

So we selectively chose an epitope on the monomer that shows no discrimination for monomer versus trimer binding, and we designed antibodies using AI. So we completely avoid epitopes that span multiple sub-units. And this allowed us to produce a development candidate that equally targets both TL1A states, and it also addresses, to our knowledge, all known monomer isoforms. This may have relevance in clinical trials because it's known that certain monomers are expressed differentially in certain patient populations.

因此，我們選擇性地選擇了單體上對單體和三聚體結合沒有區別的表位，並且我們使用 AI 設計抗體。因此我們完全避免跨越多個亞基的抗原決定基。這使我們能夠生產出一種同樣針對 TL1A 狀態的開發候選藥物，並且據我們所知，它還解決所有已知的單體異構體的問題。這可能與臨床試驗有關，因為已知某些單體在某些患者群體中存在不同的表現。

Great. Thank you so much. Sean, I have a question for you, a bigger picture question. You were talking about using generative AI models. I was just wondering with the improved generative AI models and new data, do you think you can continue to improve efficiency and reduce the drug development timelines? I know 14 months is already great and $5 million to develop a drug is already great, but just wondering about that. Thank you.

偉大的。太感謝了。肖恩，我有一個問題想問你，一個更大的問題。您正在談論使用生成式 AI 模型。我只是想知道，隨著生成式 AI 模型和新數據的改進，您是否認為可以繼續提高效率並縮短藥物開發時間？我知道 14 個月已經很棒了，而且 500 萬美元來開發一種藥物已經很棒了，但只是好奇而已。謝謝。

Yeah, absolutely. As the models get more and more accurate with the more data we're training and as we continue to improve the AI architectures and our models, we do see these timelines continuing to decrease over time and the overall costs decreasing. And this is a very important metric for us, internally, these cycle times. And you are going to continue to see over time these overall costs decrease both on how long it takes us to get to a drug candidate, as well as the overall costs associated with generating a drug candidate. So do expect that in the future.

是的，絕對是如此。隨著我們訓練的資料越來越多，模型變得越來越準確，隨著我們不斷改進人工智慧架構和模型，我們確實看到這些時間表隨著時間的推移不斷減少，整體成本也在下降。對我們來說，這些週期時間是一個非常重要的指標。並且您將會看到，隨著時間的推移，這些總體成本會不斷降低，這既取決於我們獲得候選藥物所需的時間，也取決於生成候選藥物相關的整體成本。所以未來也確實如此。

Great. Thank you so much.

偉大的。太感謝了。

George Farmer, Scotiabank.

加拿大豐業銀行的喬治法默。

Hi, good morning, everyone. Thanks for taking my question. I was wondering if you could give us a heads up on what we can expect to see from the non-human primate studies ongoing with ABS-101 later this year.

大家早安。感謝您回答我的問題。我想知道您是否可以向我們介紹今年稍後 ABS-101 正在進行的非人類靈長類動物研究的成果。

Yeah, absolutely. Christian, do you want to take that?

是的，絕對是如此。克里斯蒂安，你想拿著那個嗎？

Yeah, absolutely. So our non-human primate pharmacokinetic studies are expected to demonstrate that we indeed are able to show an extended half-life of our antibody that's de-risking the pharmacokinetic profile in humans. So in the next few months, we will be able to demonstrate that our antibody engineering approach to extend the half-life of the antibody has worked.

是的，絕對是如此。因此，我們的非人靈長類動物藥物動力學研究有望證明，我們確實能夠延長抗體的半衰期，從而降低人體藥物動力學風險。因此在接下來的幾個月裡，我們將能夠證明我們的延長抗體半衰期的抗體工程方法是有效的。

Okay. Anything else from those studies we should be looking out for? PD markers, anything like that, that can kind of shed light on the differentiation of the antibody from competitors?

好的。這些研究中還有什麼是我們該關注的嗎？PD 標記物或類似的東西可以闡明抗體與競爭對手的差異嗎？

Yes, we will absolutely measure the non-pharmacodynamic market as well, obviously, and exactly as you mentioned. Demonstrating an extended effect on the pharmacodynamic biomarker will then obviously also de-risk efficacies, very good point.

是的，我們當然也會衡量非藥效學市場，這顯然正如您所說。展示藥效動力學生物標記的延伸效應顯然也會降低療效的風險，這是非常好的觀點。

Okay, great. And then maybe a bit on cash. Your guidance implies, I think, some funding coming in probably from partnerships, is probably the best guess. Can you kind of elaborate a little bit more on that relative to how we should think about cash usage through 2027?

好的，太好了。然後也許會用一點現金。我認為，您的指導意味著可能從合作關係中獲得一些資金，這可能是最好的猜測。您能否就我們應該如何看待 2027 年的現金使用情況進一步詳細說明？

Yeah, we do see --

是的，我們確實看到了--

Yeah, go for it, Zach.

是的，加油，扎克。

Yeah, I was going to say, George, we continue to reiterate our guidance of $80 million of gross cash usage for 2024. That's obviously a gross figure, and that includes the complete -- the cost associated with completing the IND-enabling studies for ABS-101.

是的，喬治，我要說的是，我們繼續重申我們對 2024 年 8000 萬美元總現金使用量的指導。這顯然是一個總數，其中包括完成 ABS-101 的 IND 支持研究相關的全部成本。

Our forecasts that take within to 2027 includes some modest assumptions around partnering on a regular cadence. But it doesn't include any assumptions around a significant partnership deal. So it's to kind of our typical run rate assumptions built into that.

我們對 2027 年的預測包括一些關於定期合作的適度假設。但它並不包括有關重大合作協議的任何假設。所以這是我們內建的典型運行率假設。

And then I would point out, too, if you look at our net cash usages, that typically comes in well under gross. So for example, if you look at H2 of 2023, the net cash usage for that second half of last year was roughly $27 million in total. And the net cash usage for Q1 of this year was roughly $15.9 million, which is a little higher given that we paid bonuses in March. So as you can see, our net cash usage is coming well under the gross cash usage.

然後我還要指出的是，如果你看看我們的淨現金使用量，你會發現它通常遠低於總額。例如，如果您查看 2023 年下半年，去年下半年的淨現金使用總額約為 2700 萬美元。今年第一季的淨現金使用量約為 1590 萬美元，考慮到我們在 3 月支付了獎金，這個數字略高。正如您所看到的，我們的淨現金使用量遠低於總現金使用量。

Yeah, okay. Thanks very much, Zach.

嗯，好的。非常感謝，扎克。

Jacqueline Kisa, TD Cowen.

傑奎琳·基薩（Jacqueline Kisa），TD Cowen。

Hi, this is Jacqueline Kisa on for Steven Mah. Thanks so much for taking the questions. With ongoing bipartisan discussions regarding biosecurity, can you give us any color on the third-party CRO you're using for your IND studies? Is it WuXi Biologics or a China-based CRO?

大家好，我是 Steven Mah 的 Jacqueline Kisa。非常感謝您回答這些問題。隨著兩黨就生物安全進行的討論，您能否向我們介紹一下您在 IND 研究中使用的第三方 CRO？是藥明生物還是中國的 CRO？

Yeah, that's a great question. We are using WuXi at the current moment. And given the recent discussions that have been ongoing with that, we do believe that the relationship with WuXi will not put us at risk with the current program. But we are engaging with other CROs and do have backup strategies to mitigate any other potential tailwinds that may occur with the new legislation that may come out.

是的，這是一個很好的問題。我們目前正在使用藥明康德。鑑於最近正在進行的討論，我們確實相信與藥明康德的合作關係不會使我們的當前計劃面臨風險。但我們正在與其他 CRO 合作，並確實制定了備用策略，以減輕新立法出台可能帶來的任何其他潛在不利因素。

Great. Thank you. I appreciate the color. And regarding your fourth internal asset, can you give us any insight on to the disease area you're looking to focus on? Is it one you've targeted before or a new therapeutic area? And is the company rightsized to serve both your internal and partnered programs?

偉大的。謝謝。我很欣賞這個顏色。關於您的第四個內部資產，您能否向我們介紹您希望關注的疾病領域？這是您之前關注過的領域還是一個新的治療領域？且公司的規模是否適合為您的內部和合作專案提供服務？

Yeah, it's a great question. So we are focusing on I&I as well as oncology. So we'll fall in one of those therapeutic areas. And then additionally, we are currently rightsized to be able to continue to take on more programs as we continue -- as our model continues to get more and more accurate. We're able to do more with less resources.

是的，這是一個很好的問題。因此，我們重點關注I&I以及腫瘤學。因此我們將屬於其中一個治療領域。此外，隨著我們的模型變得越來越準確，我們目前的規模已經合適，能夠繼續承擔更多的專案。我們能夠利用更少的資源做更多的事情。

But one area that we are going to continue to grow in that does not correlate to the model itself is on the disease biology and the translational side. So we're going to continue to build out our drug creation team, again, both on the disease biology of the translational side and clinical side. But we see that as modest growth as these programs are being undertaken.

但我們將繼續發展的一個領域與模型本身無關，那就是疾病生物學和轉化方面。因此，我們將繼續組建我們的藥物研發團隊，無論是在轉化方面的疾病生物學還是臨床方面。但我們認為，儘管這些項目正在實施，但成長仍然溫和。

Great. Thank you. And then if I could just squeeze one more in. Technologies in the AI drug discovery are pretty fragmented. Are there any white spaces in the tech stack that you could fill inorganically? Or do you expect to build on your tech in-house?

偉大的。謝謝。然後如果我能再擠一點進去的話。人工智慧藥物研發的技術相當分散。技術堆疊中是否存在一些可以用無機方法填滿的空白？或者您希望在內部開發自己的技術？

Yeah, one of the areas that we see as big differentiation is the epitope specificity, so being able to landscape an epitope and target an epitope of interest or be able to test epitopes that may give you a new novel biology. With standard approaches like stage display, immunization, you have no control over this epitope specificity. And to the best of our knowledge, this is the only technology that exists out there that allows you to hone in on these epitopes of interest and allow you to elucidate potential new novel biologies from those epitopes.

是的，我們認為最大的區別之一是表位特異性，即能夠對錶位進行景觀設計並靶向感興趣的表位，或者能夠測試可能為您帶來新生物學特性的表位。透過舞台展示、免疫等標準方法，您無法控制該表位特異性。據我們所知，這是目前唯一一種可以讓你深入研究這些感興趣的表位並能從這些表位闡明潛在的新型生物學特性的技術。

And so we see this as a major differentiation. This is really what's driven partnerships with AstraZeneca, Almirall, Merck. And we will continue to drive our partnership pipeline but also drive our own internal development as well. And we have applied this to the internal programs as well.

因此我們認為這是一個重大的區別。這才是與阿斯特捷利康、Almirall、默克建立合作關係的真正動力。我們將繼續推動我們的合作夥伴關係，同時也推動我們自己的內部發展。我們也將其應用於內部程序。

Great. Thank you so much. I appreciate it.

偉大的。太感謝了。我很感激。

Steve Dechert, KeyBanc.

KeyBanc 的 Steve Dechert。

Hey, guys. Thanks for the question. Could you give us some more color on how discussions are going with potential partners? Is there a way to get into your goal of four new partners this year?

嘿，大家好。謝謝你的提問。您能否向我們詳細介紹一下與潛在合作夥伴的談判進展？有沒有辦法實現今年新增四個合作夥伴的目標？

Yeah, I can comment on that, Sean. I'd say, well, signing partnerships is always a little bit lumpy. And if you look at our cadence last year, it's hard to have them come out on even cadence throughout the year. But I would say that our pipeline of discussions is robust and covers both large pharma, mid and small biotech, as well as leading academic institutions.

是的，我可以對此發表評論，肖恩。我想說，簽署合作協議總是有點不順利的。如果你看一下我們去年的節奏，你會發現很難讓他們全年都保持均勻的節奏。但我想說，我們的討論管道非常豐富，涵蓋大型製藥公司、中小型生技公司以及領先的學術機構。

And as we have these discussions and prosecute the BD strategy, we are really looking for partners that bring a strong synergy to the table. And typically, that means really robust than deep knowledge of the target biology. That's where we see a really fertile ground for partnering. So I would say we feel like we're well on track to hitting the metrics that you mentioned.

當我們進行這些討論並執行 BD 策略時，我們確實在尋找能夠帶來強大協同效應的合作夥伴。通常，這意味著對目標生物學有比深入了解更強大的能力。我們認為，這確實是合作的沃土。因此我想說，我們感覺我們正在順利實現您提到的指標。

Okay, thanks. And then are there any new capabilities that you're investing in as it relates to your platform? Thanks.

好的，謝謝。那麼，您是否投資了與您的平台相關的任何新功能？謝謝。

Yeah, one of the areas that we're continuing to invest in, not only on the de novo AI side, but actually on the reverse neurology side. And one of the areas that we see as a bottleneck that AI could really unlock for us is the de-orphaning process. So once we take antibodies from a patient, we do a protean panel screen to find out what these antibodies are binding to. And this is a very laborious and time-consuming step.

是的，這是我們持續投資的領域之一，不僅在從頭人工智慧方面，而且在逆向神經病學方面。我們認為人工智慧能夠真正為我們解決的瓶頸領域之一是解除孤兒關係的過程。因此，一旦我們從患者體內提取抗體，我們就會進行蛋白質體篩檢，以找出這些抗體與什麼結合。這是一個非常費力且耗時的一步。

And what we want to do is actually going to reverse direction of the de novo model sensor. Instead of going targeting antibody, we go antibody to target. This would allow us to rapidly de-orphan and discover new novel targets much faster than previous, and we could scale patients' data and hospital partnerships as well. And so this is a kind of another key area of focus for us on the AI development front.

我們想要做的實際上是逆轉從頭模型感測器的方向。我們不是針對抗體，而是透過抗體來針對目標。這將使我們能夠比以前更快地擺脫孤兒病並發現新的新靶點，並且我們還可以擴大患者數據和醫院合作夥伴關係。這是我們在人工智慧開發方面關注的另一個重點領域。

(Operator Instructions) Li Chen, H.C. Wainwright.

(操作指示) 李晨，H.C.溫賴特。

Hello. Good morning. This is Li Chen. Can you hear me well?

你好。早安.這是李晨。你聽得清楚我說話嗎？

Yes.

是的。

Hi, I have two questions. One is to expand on previous discussions on the upsize differentiation. So since the release of the 101 data, have you seen any shifts in the nature of the inbound partnerships or partner interests? What I mean is that you said that previous partnerships were primarily driven by the epitope-specific antibody design. So anything -- any other capabilities that your partner is interested with primary focus on antibody design? And I have another question around 201.

你好，我有兩個問題。一是擴展先前關於規模擴大差異化的討論。那麼，自從 101 資料發布以來，您是否看到入站合作夥伴關係或合作夥伴利益的性質發生了任何變化？我的意思是，您說過，先前的合作主要是由抗原表位特異性抗體設計所推動的。那麼，您的合作夥伴對抗體設計等其他方面也感興趣嗎？我還有另一個有關 201 的問題。

Yeah, Zach can speak to the interest on ABS-101 and the discussions that we've been having on that. But I can say that they are very robust discussions. But Zach, I'll hand that over to you.

是的，扎克可以談談對 ABS-101 的興趣以及我們對此的討論。但我可以說，這是非常熱烈的討論。但是紮克，我會把它交給你。

Yeah, we have had a lot of inbound interest around that asset and continue to have discussions. Our strategy, as Sean illustrated earlier, is to move that asset forward into Phase 1 clinical studies. But we're certainly entertaining discussions now and happy to see the interest from potential partners in that area.

是的，我們對該資產有很多興趣，並且正在繼續討論。正如肖恩之前所述，我們的策略是將該資產推進至第一階段臨床研究。但我們現在確實正在進行討論，並且很高興看到潛在合作夥伴對該領域的興趣。

And the second part of your question, I'll just mention, I think this epitope specificity, it's been really intriguing to potential partners. So highlighting the capabilities of our platform and designing that asset, I think, has been quite been interesting to a number of potential partners and existing partners as well as our ability to design in unique features. So in some of our other assets and case studies, we've shown an ability to design in pH-dependent binding multivalency, unique properties that can be differentiating in a clinical setting. So I think that's an exciting area for us.

關於你問題的第二部分，我只想提一下，我認為這種表位特異性對潛在合作夥伴來說確實很有吸引力。因此，我認為，突出我們平台的功能並設計該資產，對於許多潛在合作夥伴和現有合作夥伴來說都很有趣，而且我們設計獨特功能的能力也很有趣。因此，在我們的其他一些資​​產和案例研究中，我們展示了設計 pH 依賴性結合多價性的能力，這些獨特特性可以在臨床環境中進行區分。所以我認為這對我們來說是一個令人興奮的領域。

Great. Thank you very much. My second question is on 201. Can you give us some color on the current competitive landscape of 201 in that undisclosed disease area? And what's your confidence of the differentiation factors from the current SOC and pipeline drugs? Thank you.

偉大的。非常感謝。我的第二個問題是關於 201 的。您能否向我們介紹一下201在該未公開的疾病領域的當前競爭格局？您對目前 SOC 和在研藥物的差異化因素有何信心？謝謝。

Yeah, absolutely. Christian, do you want to take that one?

是的，絕對是如此。克里斯蒂安，你想拿那個嗎？

Yes, thank you. My audio was cutting off from -- so your question was around ABS-201?

是的，謝謝。我的聲音被切斷了——所以你的問題是關於 ABS-201 的？

Yes, 201 around the competitive landscape and differentiation factors.

是的，201圍繞著競爭格局和差異化因素。

Yes. So we have not disclosed the precise indication for ABS-201 yet. But I will share that this is an indication of high unmet medical needs where this current standard of care is unsatisfactory. And we also plan to employ extended half-life antibody technology to basically improve patient convenience as well, just like with this for ABS-101. So in essence, we will deliver a best-in-class profile, not only from an efficacy standpoint platform, also from a patient convenience standpoint.

是的。因此我們尚未透露ABS-201的具體適應症。但我想說的是，這表明未滿足的醫療需求很高，而目前的護理標準不能令人滿意。我們還計劃採用延長半衰期抗體技術，從根本上提高患者的便利性，就像 ABS-101 一樣。因此從本質上講，我們將提供一流的服務，不僅從功效平台的角度，也從患者便利的角度。

Yeah, and I will also mention as well, this target is a very underappreciated derm target. And in this case, we would be second to the clinic. So it's not a very crowded space. It's a very underappreciated target, I'd say, almost very similar to TL1A.

是的，我還要提一下，這個目標是一個非常被低估的皮膚目標。在這種情況下，我們的行動僅次於診所。所以這不是一個很擁擠的空間。我想說，這是一個被低估的目標，幾乎與 TL1A 非常相似。

Great. Thank you very much.

偉大的。非常感謝。

I show no further questions at this time. This will conclude today's conference call. Thank you for participating. You may now disconnect.

我目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。