Absci Corp (ABSI) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Absci second quarter 2024 business update conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Absci 2024 年第二季業務更新電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Alex Khan, VP, Finance and Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，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 June 30, 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 the email to investors@absci.com. An archived webcast of this call will be available for a 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 6 月 30 日的季度財務和營運業績。如果您尚未收到本新聞稿，或希望新增至本公司的通訊群組清單中，請發送電子郵件至investors@absci.com。本次電話會議的存檔網路廣播將在本次電話會議後至少 90 天內在 Absci 投資者關係網站 Investors@absci.com 上重播。

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.

今天與我一起出席的有 Absci 創辦人兼執行長 Sean McClain 和財務長兼首席商務長 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。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking 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.

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聯邦證券法含義內的前瞻性聲明。這些陳述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陳述。

Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the section titled 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.

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標題為“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 August 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而更新或修改任何財務或產品管道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 8 月 14 日直播時準確。

With that, I'll turn the call over to Sean.

這樣，我會將電話轉給肖恩。

Thanks, Alex. Good afternoon, everyone and thank you for joining us for our second quarter business update call.

謝謝，亞歷克斯。大家下午好，感謝您參加我們的第二季業務更新電話會議。

Today, I'm excited to be sharing updates around new and existing partnerships, as well as continued progress on our own internal pipeline of programs. As always, these achievements are a testament to the work our team does each and every day and reflects our platform's differentiated capabilities in AI drug creation for biologics.

今天，我很高興能夠分享有關新的和現有的合作夥伴關係的最新信息，以及我們自己的內部專案管道的持續進展。像往常一樣，這些成就證明了我們團隊每天所做的工作，並反映了我們平台在生物製劑人工智慧藥物創造方面的差異化能力。

With our integrated drug creation platform's unique capabilities in creating differentiated antibody candidates, we believe we offer valuable proposition to potential partners to work together on therapeutic programs.

憑藉我們的綜合藥物創造平台在創造差異化候選抗體方面的獨特能力，我們相信我們可以為潛在合作夥伴在治療項目上的合作提供有價值的建議。

Along those lines, we are pleased to announce that we have recently entered into a new collaboration with Memorial Sloan Kettering Cancer Center, a leading cancer treatment and research center to jointly develop up to six therapeutic programs.

為此，我們很高興地宣布，我們最近與領先的癌症治療和研究中心紀念斯隆凱特琳癌症中心建立了新的合作關係，共同開發多達六個治療項目。

MSK has an incredible record of groundbreaking translational and clinical innovations in oncology. By combining MSK's research expertise with our generative AI drug creation platform, we have the potential to unlock critical advances towards treating these devastating diseases. We at Absci are proud to be adding another great partner to our list of collaborators, now including AstraZeneca, Merck, Almirall, NVIDIA and others, and we look forward to working with MSK on these important programs.

MSK 斯隆在腫瘤學領域的突破性轉化和臨床創新方面擁有令人難以置信的記錄。透過將 MSK 斯隆的研究專業知識與我們的生成式 AI 藥物創造平台相結合，我們有可能在治療這些毀滅性疾病方面取得關鍵進展。Absci 很自豪能夠在我們的合作者名單中再添一個偉大的合作夥伴，現在包括阿斯特捷利康、默克、Almirall、NVIDIA 等，我們期待與 MSK 斯隆在這些重要項目上合作。

While work continues on our partner programs, we continue to make great progress on each of our internal programs, ABS-101, ABS-201 and ABS-301. And we are working towards advancing at least one additional internal asset program to a lead stage this year as well.

在我們的合作夥伴計劃繼續開展工作的同時，我們的每個內部計劃（ABS-101、ABS-201 和 ABS-301）也繼續取得巨大進展。我們也致力於今年將至少一項額外的內部資產計畫推向領先階段。

Starting with ABS-101, our anti-TL1A antibody. Today, we are excited to share results from our non-human primate studies for this program, demonstrating 2x to 3x extended half-life as compared to antibodies in clinical development, and further supporting this program's potential best-in-class profile. Supporting information for these studies can be found in our newly published corporate presentation on our investor website.

從我們的抗 TL1A 抗體 ABS-101 開始。今天，我們很高興分享我們對該計畫的非人靈長類動物研究的結果，證明與臨床開發中的抗體相比，半衰期延長了2 至3 倍，並進一步支持了該計畫潛在的同類最佳概況。這些研究的支持資訊可以在我們的投資者網站上新發布的公司簡報中找到。

We are also pleased to share that ABS-101 is observed to have an increased biodistribution in non-human primates as compared to anti-TL1A antibodies in clinical development. This could potentially lead to a therapeutic benefit as steady state levels and tissue penetration could be achieved faster, potentially without the need for a loading dose. Additionally, CMC studies verified the ability to formulate ABS-101 at a high concentration of 200 mg/ml, which supports further development of a subcutaneous formulation.

我們也很高興告訴大家，與臨床開發中的抗 TL1A 抗體相比，ABS-101 在非人靈長類動物的生物分佈增加。這可能會帶來治療益處，因為可以更快地實現穩態水平和組織滲透，並且可能不需要負荷劑量。此外，CMC 研究驗證了配製 200 mg/ml 高濃度 ABS-101 的能力，這支持皮下製劑的進一步開發。

We continue to advance ABS-101 through IND-enabling studies as planned and are confident in our program's ability to potentially demonstrate a truly differentiated product profile. We remain committed to advancing this program and expect to initiate Phase 1 clinical studies for ABS-101 in early 2025 with an interim data readout expected in the second half of 2025.

我們繼續按計劃透過 IND 支援研究來推進 ABS-101，並對我們的專案有能力展示真正差異化的產品概況充滿信心。我們仍然致力於推進該計劃，並預計在 2025 年初啟動 ABS-101 的 1 期臨床研究，預計在 2025 年下半年公佈中期數據。

Turning to ABS-201, our potential best-in-class dermatology program. ABS-201 is designed for an undisclosed dermatological indication with significant unmet need where the efficacy of the pharmacological standard of care is not satisfactory.

轉向 ABS-201，我們潛在的一流皮膚科專案。ABS-201 專為未揭露的皮膚病學適應症而設計，該適應症具有顯著未滿足的需求，其中藥理學護理標準的功效不令人滿意。

As we advance this program, we see this target as underappreciated, where we could potentially be second to clinic for this target. We continue to anticipate selecting a development candidate for this program later this year.

當我們推進這個計劃時，我們認為這個目標被低估了，我們可能會在這個目標上僅次於臨床。我們繼續預計在今年稍後為該計劃選擇一個開發候選人。

Finally, ABS-301, our potential first-in-class immuno-oncology program. ABS-301 is a fully human antibody designed to bind to a novel target discovered through Absci's reverse immunology platform. We continue to anticipate completion of mode of action, validation studies for this program later this year. And as we continue to advance this program, we look forward to further updating you all in the future.

最後是 ABS-301，我們潛在的一流免疫腫瘤學課程。ABS-301 是一種全人源抗體，旨在與 Absci 反向免疫學平台發現的新標靶結合。我們繼續預計該計劃的行動模式和驗證研究將在今年稍後完成。隨著我們繼續推進該計劃，我們期待將來進一步向大家通報最新情況。

For ABS-201 and ABS-301, we plan to share data from preclinical studies either at the end of this year or early next year. Looking at the rest of 2024, I'm excited `for what's to come next. We remain focused on continued innovation and execution on our internal and our partner programs, all with the mission to create better biologics for patients faster.

對於 ABS-201 和 ABS-301，我們計劃在今年年底或明年初分享臨床前研究的數據。展望 2024 年剩下的時間，我對接下來發生的事情感到興奮。我們仍然專注於內部和合作夥伴專案的持續創新和執行，所有這些都以更快地為患者創造更好的生物製劑為使命。

With that, I'll now turn the call over to Zach to walk through our new partnership, our outlook and provide an update on our financials. Zach?

現在，我將把電話轉給扎克，介紹我們的新合作夥伴關係、我們的前景，並提供我們財務狀況的最新資訊。扎克？

Thank you, Sean. As Sean mentioned, we are pleased to have recently announced our new collaboration with Memorial Sloan Kettering Cancer Center, a world-leading cancer treatment and research center, to discover and develop up to six novel oncology therapeutic programs using generative AI. Under the terms of the collaboration, world-leading research teams from both Absci and MSK will work together to co-develop therapeutics designed using Absci's integrated drug creation platform.

謝謝你，肖恩。正如肖恩所提到的，我們很高興最近宣布與世界領先的癌症治療和研究中心紀念斯隆凱特琳癌症中心合作，利用生成人工智慧發現和開發多達六種新型腫瘤治療計畫。根據合作條款，Absci 和 MSK 的世界領先研究團隊將共同開發使用 Absci 整合藥物創造平台設計的療法。

We believe this co-development collaboration with MSK will leverage considerable synergies between the two organizations. The collaboration will combine MSK's target research and validation capabilities with our generative AI drug creation platform capabilities to potentially create differentiated antibody therapeutics towards novel oncology targets.

我們相信，與 MSK 斯隆的共同開發合作將充分發揮兩個組織之間的巨大協同作用。此次合作將把 MSK 斯隆的標靶研究和驗證能力與我們的人工智慧藥物生成平台能力結合起來，有可能針對新的腫瘤學標靶創建差異化的抗體療法。

Furthermore, Absci and MSK plan to collaborate on the early development of these therapeutic assets in advance of out-licensing or partnering them. By working with a premier research institution such as MSK on co-developing therapeutic programs, we aim to leverage R&D synergies that could lead to significant value creation through the generation of first-in-class therapeutics addressing significant unmet medical needs.

此外，Absci 和 MSK 計劃在對外許可或合作之前就這些治療資產的早期開發進行合作。透過與 MSK 斯隆等一流研究機構合作共同開發治療項目，我們的目標是利用研發協同效應，透過產生一流的治療方法來解決重大的未滿足的醫療需求，從而創造重大價值。

Moreover, such co-development collaboration structures, which include cost sharing, allow Absci greater diversification on a capital-weighted basis. Our pipeline of potential new drug creation and co-development partnerships remains robust. Hence, we continue to anticipate signing partnerships with at least three more partners in addition to our multi-program partnership with MSK during 2024.

此外，這種共同開發合作結構（包括成本分攤）使 Absci 在資本加權的基礎上實現了更大的多元化。我們潛在的新藥創造和共同開發合作關係的管道仍然強勁。因此，除了與 MSK 斯隆的多項目合作夥伴關係外，我們預計在 2024 年還將與至少三個合作夥伴簽署合作夥伴關係。

This will bring us to a total of at least four new partnerships this year. We look forward to utilizing our expanding set of generative AI capabilities in existing and new partnerships. A particular focus area for existing and potential new partners is leveraging our platform to provide epitope specificity and epitope landscaping at both the local and global level.

這將使我們今年至少建立四個新的合作夥伴關係。我們期待在現有和新的合作夥伴關係中利用我們不斷擴大的生成式人工智慧功能。現有和潛在新合作夥伴的一個特別關注領域是利用我們的平台在本地和全球層面提供表位特異性和表位景觀。

Our global epitope landscaping capability supports epitope selection by allowing testing and validation of the potency in MOA associated with different epitopes on a given antigen. Our local epitope landscaping capability then enables the identification of desired epitope interactions for potentially improving potency in MOA. That is, once an epitope is selected, our AI model exhaustively samples interface contacts with a designated epitope to further refine potency in MOA.

我們的全球表位景觀設計能力透過允許測試和驗證與給定抗原上不同表位相關的 MOA 效力來支持表位選擇。然後，我們的局部表位景觀設計能力能夠識別所需的抗原決定位交互作用，從而有可能提高 MOA 的效力。也就是說，一旦選擇了表位，我們的 AI 模型就會對與指定表位的界面接觸進行詳盡的採樣，以進一步完善 MOA 的效力。

Together, these capabilities offer the potential to enhance potency, reduce biological risk, improve and broaden IP claims, and to achieve differentiated MOA for a given program. We believe that these capabilities and others, such as the ability to design tunable selectivity, multivalency, and pH-dependent binding, make our platform highly attractive to potential partners.

這些功能共同提供了增強效力、降低生物風險、改進和擴大知識產權主張以及為特定項目實現差異化 MOA 的潛力。我們相信，這些功能和其他功能，例如設計可調選擇性、多價性和 pH 依賴性結合的能力，使我們的平台對潛在合作夥伴極具吸引力。

As Sean discussed, our growing portfolio of programs includes three wholly owned assets: ABS-101, ABS-201 and ABS-301, all of which were generated using our integrated drug creation platform. We continue to advance these internal programs according to plan. We also continue to make progress on new internal programs and expect to advance at least one additional internal therapeutic program to the lead stage later this year.

正如 Sean 所討論的，我們不斷增長的項目組合包括三個全資資產：ABS-101、ABS-201 和 ABS-301，所有這些資產都是使用我們的綜合藥物創造平台生成的。我們繼續按計劃推進這些內部計劃。我們也繼續在新的內部專案上取得進展，並預計在今年稍後將至少一項額外的內部治療專案推進到領先階段。

As a reminder, our business model is focused on out-licensing or selling our internal programs and co-developed programs following value inflection proof points anywhere from preclinical proof of concept to Phase 2 clinical proof of concept.

提醒一下，我們的業務模式專注於對外許可或銷售我們的內部程序和共同開發的程序，遵循從臨床前概念證明到第二階段臨床概念證明的價值拐點證明點。

Turning now to our financials. Revenue in the second quarter of 2024 was $1.3 million as we continue to progress our partnered internal programs concurrently. Research and development expenses were $15.3 million for the three months ending June 30th, 2024, compared to $12.1 million for the prior year period. This increase was primarily driven by increased lab operations, including direct costs associated with IND-enabling studies for ABS-101 and an increase in stock compensation expense.

現在轉向我們的財務狀況。隨著我們繼續同時推進我們的合作內部項目，2024 年第二季的收入為 130 萬美元。截至 2024 年 6 月 30 日的三個月，研發費用為 1,530 萬美元，去年同期為 1,210 萬美元。這一增長主要是由於實驗室運營的增加，包括與 ABS-101 的 IND 研究相關的直接成本以及股票補償費用的增加。

Selling, general and administrative expenses were $9.3 million for the three months ending June 30, 2024, compared to $9.4 million for the prior year period. This decrease was due to lower personnel costs and continued reductions in administrative costs offset by an increase in stock compensation expense.

截至 2024 年 6 月 30 日的三個月，銷售、一般及管理費用為 930 萬美元，去年同期為 940 萬美元。這一下降是由於人員成本的降低和行政成本的持續減少被股票補償費用的增加所抵消。

Turning to our balance sheet. We ended the quarter with $145.2 million in cash, cash equivalents and short-term investments as compared to $161.5 million as of March 31, 2024. We continue to enhance our focus on high value proprietary internal programs and co-development arrangements while also seeking high quality drug creation partnerships with industry leaders who can bring talent and complementary expertise.

轉向我們的資產負債表。截至本季末，我們的現金、現金等價物和短期投資為 1.452 億美元，而截至 2024 年 3 月 31 日為 1.615 億美元。我們繼續加強對高價值專有內部專案和共同開發安排的關注，同時尋求與能夠帶來人才和互補專業知識的行業領導者建立高品質的藥物創造合作夥伴關係。

We believe focusing on these initiatives to build a diversified portfolio of partnered programs, rather than simply pursuing a higher volume of programs, best positions us for further success in the future. For 2024, we continue to expect a gross use of cash, cash equivalent and short-term investments of approximately $80 million, including the expected costs associated with completing the IND-enabling studies for ABS-101 with a third-party CRO.

我們相信，專注於這些措施來建立多元化的合作項目組合，而不是簡單地追求更多的項目，最能讓我們在未來取得進一步的成功。到2024年，我們仍預期現金、現金等價物和短期投資的總使用量約為8,000萬美元，包括與第三方CRO完成ABS-101 IND支持研究相關的預期成本。

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 partner 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為我們2027年上半年的營運提供資金。總而言之，我們對內部計畫所取得的進展感到非常鼓舞，並對我們在 2024 年及以後執行這些計畫和合作夥伴計畫的能力充滿信心。

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

有了這個，我會把它轉回給肖恩。

Thanks, Zach. The past few months have demonstrated our continued progress across all aspects of our business, advancing our internal programs, executing on our partner programs, and signing additional partnerships with companies who see the value of our platform capabilities. As we continue to execute over the course of this year, we see a number of potential catalysts in the next 6 months to 12 months and beyond. We look forward to updating you all along the way, including at our 2024 R&D Day to be held on December 12 in New York City.

謝謝，扎克。過去幾個月證明了我們在業務各個方面的持續進步，推進了我們的內部計劃，執行了我們的合作夥伴計劃，並與看到我們平台功能價值的公司簽署了更多合作夥伴關係。隨著我們在今年繼續執行，我們在未來 6 個月至 12 個月及更長時間內看到了許多潛在的催化劑。我們期待為您提供最新動態，包括 12 月 12 日在紐約舉行的 2024 年研發日。

With that, I'll turn the call back over to the Operator to begin Q&A. Operator?

之後，我會將電話轉回接線生開始問答。操作員？

(Operator Instructions) Steven Mah, TD Cowen.

（操作員說明）Steven Mah，TD Cowen。

Great. Thanks for taking the questions. I had a question on ABS-101, the non-human primate data. When you're saying that the two to three times additional half-life and the bioavailability, is that based on head-to-head data that you use from competitor molecules, or is it based on publications on the clinical competitors?

偉大的。感謝您提出問題。我有一個關於 ABS-101（非人靈長類動物數據）的問題。當您說半衰期和生物利用度增加了兩到三倍時，這是基於您使用的競爭對手分子的頭對頭數據，還是基於臨床競爭對手的出版物？

Yeah, great question, Steve. So it is a head-to-head comparison with the clinical competitors. And Christian, do you want to dive into the details on that?

是的，很好的問題，史蒂夫。因此，這是與臨床競爭對手的正面比較。克里斯蒂安，你想深入了解細節嗎？

Yeah. Thank you, Sean. Absolutely. We have indeed compared ABS-101 with two competitor molecules that are in clinical development. This is RVT-3101 and MK-7240. So the Roivant molecule and the Merck molecule. And we could see in our study head-to-head that we have seen a two-to-three-fold improvement in plasma half-life of ABS-101 over these two molecules. Does that answer your question?

是的。謝謝你，肖恩。絕對地。我們確實將 ABS-101 與兩種處於臨床開發階段的競爭對手分子進行了比較。這是 RVT-3101 和 MK-7240。Roivant 分子和 Merck 分子。在我們的直接研究中我們可以看到，ABS-101 的血漿半衰期比這兩種分子增加了兩到三倍。這能回答你的問題嗎？

Yeah, I guess you got the sequences of the antibodies from their patents and then you expressed them yourself to do the head-to-head studies.

是的，我想你從他們的專利中獲得了抗體的序列，然後你自己表達了它們以進行頭對頭研究。

That's correct. Yeah.

這是正確的。是的。

Okay. Got it. All right. And then a quick one on the Memorial Sloan Kettering partnership. Can you give us a little bit more detail on the level of the code development that your scientists and the MSK scientists are going to be working on? Also, if there's any IP sharing details you can share, and then if MSK is going to be providing any patient real world data or the data genomics, genome profiling, or proteomics? Thank you.

好的。知道了。好的。然後快速介紹紀念斯隆凱特琳的合作關係。您能否更詳細地介紹一下您的科學家和 MSK 科學家將要進行的程式碼開發水平？另外，如果您可以分享任何 IP 共享詳細信息，那麼 MSK 斯隆是否會提供任何患者的真實世界數據或數據基因組學、基因組分析或蛋白質組學？謝謝。

Absolutely. Zach, I'll let you take that.

絕對地。札克，​​我會讓你接受的。

Sure. Yeah. Steve, we're really excited about this partnership with MSK. It's a -- to think of this as a 50-50 cost sharing co-development platform where we're going to look at six different programs. MSK will be bringing a lot of validation around novel targets, so that validation work could encompass all of the areas that you referenced.

當然。是的。史蒂夫，我們對與 MSK 斯隆的合作感到非常興奮。這是一個——將其視為 50-50 成本分攤的共同開發平台，我們將在其中研究六個不同的項目。MSK 斯隆將圍繞新目標進行大量驗證，以便驗證工作可以涵蓋您提到的所有領域。

We will jointly decide on which programs to nominate into program development for us to work on from the drug creation side, and then would be collaborating throughout that process, including, once we have a drug candidate to advance those through IND-enabling and potentially through Phase 1 development. Does that answer your question?

我們將共同決定哪些項目被提名進入項目開發，以便我們從藥物創造方面開展工作，然後在整個過程中進行合作，包括一旦我們有了候選藥物，可以通過 IND 推動這些項目，並可能通過第一階段開發。這能回答你的問題嗎？

Yeah, that does. Thanks.

是的，確實如此。謝謝。

Kripa Devarakonda, Truist.

Kripa Devarakonda，真理主義者。

Hi, guys, thank you so much for taking my question. So I have a question about the ABS-101 non-human primate data. Obviously, it's the totality of the data and the totality of the profile of the drug that is important and you lead out -- how the drug compares with the other drugs on different metrics. But I was wondering if you were to pick characteristic of the drug that you think will be tough to replicate for a competitor and help maintain the differentiation, which ones would you point to? Thank you.

嗨，夥計們，非常感謝你們回答我的問題。我對 ABS-101 非人靈長類動物數據有疑問。顯然，重要的是數據的整體性和藥物概況的整體性——該藥物如何在不同指標上與其他藥物進行比較。但我想知道您是否要選擇您認為競爭對手難以複製的藥物特徵並有助於保持差異化，您會指出哪些特徵？謝謝。

Thanks, Kripa. Christian, you want to take that?

謝謝，克里帕。克里斯蒂安，你想接受嗎？

Yeah, absolutely. Great question. So I think in a nutshell, the totality of the data in the way we differentiate from competition is the combination of attributes we have combined here overall to achieve a best-in-class profile.

是的，絕對是。很好的問題。因此，我認為簡而言之，我們從競爭中脫穎而出的全部數據是我們在這裡整體組合的屬性組合，以實現一流的配置文件。

So what we mean by best-in-class profile, we have achieved very high affinity of both the TL1A trimer, as well as the monomer, we have achieved significant plasma half-life extension over competitors. We've achieved very good CMC properties that allow us to formulate this molecule at 200 mg/ml.

因此，我們所說的一流特性是指，我們對 TL1A 三聚體和單體都實現了非常高的親和力，與競爭對手相比，我們實現了顯著的血漿半衰期延長。我們已經實現了非常好的 CMC 特性，使我們能夠配製 200 mg/ml 的分子。

And then finally, we have also worked on the immunogenicity profile, which will hopefully lead to lower antidrug, antibody rates in clinical development. So overall, I think it's the combination of different attributes, all addressing liabilities of the competitor molecules that will make ABS-101 a highly differentiated asset.

最後，我們也研究了免疫原性，這有望在臨床開發中降低抗藥性抗體率。因此，總的來說，我認為正是不同屬性的結合，所有這些屬性都解決了競爭對手分子的負債，這將使 ABS-101 成為高度差異化的資產。

Got it. And then you mentioned the 200 milligrams per ml concentration. That's a pretty high concentration. I was just wondering if, while you were designing the molecule itself, was there anything that was engineered to be able to give you this high level of solubility of the protein?

知道了。然後你提到了每毫升200毫克的濃度。這是一個相當高的濃度。我只是想知道，當您設計分子本身時，是否有任何經過設計的東西能夠為您提供如此高水平的蛋白質溶解度？

Yeah, absolutely. The artificial intelligence engine we have built at Absci clearly aids us in improving developability properties of all our antibodies. So in essence, we are really leveraging artificial intelligence to basically improve our antibody profiles. And that certainly includes CMC properties that allow us these high concentrations.

是的，絕對是。我們在 Absci 建造的人工智慧引擎顯然可以幫助我們提高所有抗體的可開發性。因此，從本質上講，我們實際上是在利用人工智慧來從根本上改善我們的抗體光譜。這當然包括 CMC 特性，使我們能夠實現如此高的濃度。

George Farmer, Scotiabank.

豐業銀行的喬治法默。

Also, some more questions on the 101 NHP data. Can you talk about toxicity and how high you dosed in these animals? I'm assuming this is part of your GLP tox studies, is that right? And also, you know, you mentioned a number of partnerships that you're counting on closing this year. Can you give us a ballpark estimate of how much cash you think that will bring into the company? Thanks.

另外，還有一些關於 101 NHP 數據的問題。您能談談毒性以及您對這些動物的劑量是多少嗎？我假設這是你們 GLP 毒性研究的一部分，對嗎？而且，您知道，您提到了今年將關閉的一些合作夥伴關係。您能給我們大概估計一下您認為這將為公司帶來多少現金嗎？謝謝。

Yeah, thanks, George. Christian, you want to take the first one and then Zach, you want to take the second one?

是的，謝謝，喬治。克里斯蒂安，你想拿第一個，然後扎克，你想拿第二個嗎？

Absolutely. So yeah, you are correct. Our GLP toxicology studies are currently ongoing, and we will disclose the results of this study once they are concluded and we have aligned on the publication strategy for those. We have not yet disclosed the doses of these studies.

絕對地。所以是的，你是對的。我們的 GLP 毒理學研究目前正在進行中，一旦研究結束並且我們已就這些研究的出版策略達成一致，我們將揭露該研究的結果。我們尚未揭露這些研究的劑量。

Sure. And I can address the second question. So we don't have guidance on cash inflows from partnerships, but we do have guidance on bringing in three additional partners in addition to the MSK partnership this year. Some of those would likely be multi-program partnerships and those could range from more traditional drug creation partnerships that have upfronts and milestones as well as development milestones and royalties to arrangements that are like what we've done with MSK, which are co-devs or co-development programs.

當然。我可以回答第二個問題。因此，我們沒有關於合作夥伴關係現金流入的指導，但我們確實有關於今年除了 MSK 合作夥伴之外再引入三個合作夥伴的指導。其中一些可能是多專案合作夥伴關係，範圍可以從更傳統的藥物創造合作夥伴關係（有預付款和里程碑以及開發里程碑和特許權使用費）到像我們與MSK（共同開發者）所做的安排或共同開發計劃。

Okay, great. (multiple speakers) Sorry, Sean, go ahead. Yeah.

好的，太好了。（多個發言者）抱歉，肖恩，請繼續。是的。

So I was just going to say, yeah. We've given guidance on the four partnerships. This is one out of the three. So we do expect another three to be announced from now through the end of the year.

所以我只想說，是的。我們對四個夥伴關係提供了指引。這是三者之一。因此，我們確實預計從現在到今年年底還會宣布另外三個。

Okay. Yeah. Great. And then regarding the MSK partnership that you have, does MSK have publication rights, can we expect that they'll be kind of actively publishing papers on the fruits of this collaboration or is that going to be restricted in some way?

好的。是的。偉大的。然後，關於你們所擁有的 MSK 斯隆合作夥伴關係，MSK 斯隆是否擁有出版權，我們是否可以期望他們會積極發表有關此次合作成果的論文，或者這是否會受到某種限制？

Yeah, that all flows through the joint steering -- go ahead, Christian.

是的，這一切都透過聯合指導進行——繼續吧，克里斯蒂安。

Go for it, Zach.

加油吧，扎克。

Yeah, I was just going to say that has to be done in joint collaboration as well. So we have a joint steering committee that oversees the partnership. And so publication decisions would run through that committee.

是的，我只是想說這也必須透過共同合作來完成。因此，我們有一個聯合指導委員會來監督合作關係。因此，出版決定將由該委員會進行。

Okay. But the plan is to be able to publish the work in the future. Great. All right, thanks very much.

好的。但計劃是在未來能夠出版該作品。偉大的。好的，非常感謝。

Although to your point, George, I think we will work with them to be careful about publishing too early. But yeah, so there is -- it's a decision that's made jointly. But to Sean's point, we do want to publish on some of the great science we'll be doing there.

儘管就你的觀點而言，喬治，我認為我們將與他們合作，謹慎地過早發布。但是，是的，這是一個共同做出的決定。但就肖恩而言，我們確實想發表我們將在那裡進行的一些偉大的科學研究。

Vikram Purohit, Morgan Stanley.

維克拉姆‧普羅希特，摩根士丹利。

Hi, everyone. This is Morgan on for Vikram. Thanks for taking your question. So we had one on ABS-201. Do you anticipate disclosing the target upon choosing a development candidate later this year? Thank you.

大家好。這是摩根替維克拉姆上場。感謝您提出問題。所以我們有一個 ABS-201。您預計在今年稍後選擇開發候選人時披露目標嗎？謝謝。

Yeah, we do plan on disclosing the target once the development candidate is selected either at the end of this year or beginning of next year.

是的，我們確實計劃在今年年底或明年初選定開發候選人後披露目標。

Scott Schoenhaus, KeyBanc.

斯科特·舍恩豪斯，KeyBanc。

I wanted to quickly ask on 101, you mentioned in your release that it was observed to have an increased bio-distribution in non-human primates. And then you say this could lead to you know, faster penetration, basically. When will you have a readout on that? Or when will you be announcing more on that specific attribute?

我想快速詢問 101，您在新聞稿中提到，觀察到它在非人靈長類動物中的生物分佈有所增加。然後你說這基本上可以帶來更快的滲透。什麼時候會有這方面的消息？或者您什麼時候會宣布有關該特定屬性的更多資訊？

Yeah. Thanks, Scott. Christian, I'll let you take that.

是的。謝謝，斯科特。克里斯蒂安，我會讓你接受的。

Yeah, absolutely. So what we disclosed today are non-human primate data. And obviously, these data are usually quite translational into the human setting. However, of course, there are caveats. These are not humans. We think the ultimate proof on the pharmacokinetic properties will be in the clinic.

是的，絕對是。所以我們今天披露的是非人類靈長類動物的數據。顯然，這些數據通常可以很好地轉化為人類環境。然而，當然也有一些警告。這些不是人類。我們認為藥物動力學特性的最終證據將在臨床中得到。

So we will observe during our first-in-human study the actual pharmacokinetic properties in humans. And we think these data will then be very telling regarding the biodistribution properties, which we now think are quite promising based on the non-human primate data. Does that answer your question?

因此，我們將在首次人體研究中觀察人體的實際藥物動力學特性。我們認為這些數據對於生物分佈特性非常有說服力，我們現在認為基於非人類靈長類動物的數據非常有希望。這能回答你的問題嗎？

Yeah. Thanks. And then a follow-up on the partnerships, just generally speaking, team, I guess Sean and Zach, would you say from last quarter, the demand environment or the end markets are accelerating, are same or worsening, both large pharma and mid-size and then small biotechs? Just trying to get a sense of the landscape here. Thanks.

是的。謝謝。然後是合作夥伴關係的後續行動，一般來說，團隊，我想肖恩和扎克，你會說從上個季度開始，需求環境或終端市場正在加速、相同或惡化，無論是大型製藥公司還是中型製藥公司規模然後是小型生物技術公司？只是想感受這裡的風景。謝謝。

Yeah, I think that what we're seeing is pharma and great institutes like MSK are looking for differentiated technologies, such as what Absci is developing. I think one of the things that got MSK excited about what we're doing here is being able to start to drug some of these undruggable targets like GPCRs and ion channels using our AI drug discovery platform. And that's what we're seeing in discussions with large pharma and biotech as well.

是的，我認為我們看到的是製藥公司和像 MSK 這樣的偉大機構正在尋找差異化技術，例如 Absci 正在開發的技術。我認為，讓 MSK 斯隆對我們在這裡所做的事情感到興奮的一件事是能夠開始使用我們的人工智慧藥物發現平台對一些不可成藥的靶點進行藥物治療，例如 GPCR 和離子通道。這也是我們在與大型製藥和生物技術公司的討論中看到的。

And I think if you can start to have -- show that AI can be highly differentiated and ultimately create differentiated assets, whether best-in-class or first-in-class, that is really driving discussions, even, I would say, in a backup, that has been tougher for biotech. And so I think that that's really exciting to see that kind of, regardless of the environment, we are seeing high interest just given the differentiation we have in our AI platform.

我認為，如果你能夠開始展示人工智慧可以高度差異化，並最終創造出差異化的資產，無論是一流的還是一流的，這確實會推動討論，甚至，我想說，備份，這對生物技術來說更加困難。因此，我認為看到這種情況真的很令人興奮，無論環境如何，鑑於我們在人工智慧平台上的差異化，我們都看到了很高的興趣。

Li Chen, H.C. Wainwright.

李晨，H.C.溫賴特。

This is Li Chen for RK. I have a question regarding the breadth of the potential of your epitope capabilities. So should we think about it as a disease-agnostic capabilities, or do you think there are certain disease indications that your platform is particularly good at identifying?

我是RK的李晨。我有一個關於你們表位能力潛力廣度的問題。那麼，我們是否應該將其視為與疾病無關的功能，或者您認為您的平台特別擅長識別某些疾病跡象？

And related question is that in the future, how we should actually think about partnership focus? Is it more oncology and cytokines where you have discussion regarding additional therapeutic areas? Thank you.

相關的問題是，未來我們該如何思考合作重點？你們討論的其他治療領域是否涉及更多腫瘤學和細胞激素？謝謝。

Yeah, absolutely. So we really see this as disease-agnostic really the input to our model is the structure of the target, whether that's experimentally derived through, let's say, Cryo EM or X-ray crystallography, or it is computationally derived through, let's say AlphaFold.

是的，絕對是。因此，我們確實認為這是與疾病無關的，我們模型的輸入實際上是目標的結構，無論是透過冷凍電鏡或 X 射線晶體學等實驗得出的，還是透過 AlphaFold 等計算得出的。

You take that structure of the target and you feed that into the model, and then you can then specify what epitope you want the antibody to bind to, and then the model is able to then design the CDRs that will bind to that particular epitope of interest, allowing you to start to test some of these hypotheses that have been difficult to test in the past just because of the lack of being able to generate antibodies. And so that's where we really see this as disease-agnostic.

你將目標的結構輸入到模型中，然後你可以指定你想要抗體結合的表位，然後模型就能夠設計出與該特定表位結合的 CDR。假設在過去由於無法生成抗體而難以測試。所以這就是我們真正認為它與疾病無關的地方。

And you can even see that in our partnerships with AstraZeneca, we're focused on oncology. With Almirall, it's focused on dermatology, and we have some discussions around neuro programs. And so the technology really expands across different indications.

您甚至可以看到，在我們與阿斯特捷利康的合作關係中，我們專注於腫瘤學。Almirall 的重點是皮膚病學，我們圍繞神經項目進行了一些討論。因此，這項技術確實可以擴展到不同的適應症。

And then with your last question, Christian, do you want to address that?

那麼對於你的最後一個問題，克里斯蒂安，你想解決這個問題嗎？

Sure. Can you remind me of your last question?

當然。你能提醒我你的最後一個問題嗎？

Yeah. It's more about, in terms of future partnerships fully, should we think about oncology and cytokine focus or it can also include other potential disease areas?

是的。更重要的是，就未來的全面合作而言，我們是否應該考慮腫瘤學和細胞激素重點，或還可以包括其他潛在的疾病領域？

Yeah, absolutely. So we view cytokine biology, really as the first frontier for AI-driven disruption of the biologics market and we deeply believe that this is really just the first frontier. We are actively working on addressing various path mechanisms with various biologic modalities, really fully leveraging artificial intelligence for drug creation. So absolutely, we are convinced that we can tackle difficult targets as mentioned, GPCRs and other difficult targets as well.

是的，絕對是。因此，我們將細胞激素生物學視為人工智慧驅動的生物製品市場顛覆的第一個前沿，我們堅信這實際上只是第一個前沿。我們正積極致力於透過各種生物模式解決各種路徑機制，真正充分利用人工智慧進行藥物創造。因此，我們絕對相信我們能夠解決上述困難目標、GPCR 和其他困難目標。

Yeah. And I would say with our own pipeline, really, where we're focused and we're continuing to stay focused, is in immunology and oncology. And so I think the pipeline programs that you're going to start to see come to fruition will be really focused on immunology as well as oncology. But again, in partnerships, we plan to expand outside of that.

是的。我想說的是，透過我們自己的產品線，我們真正關注並繼續關注的領域是免疫學和腫瘤學。因此，我認為您將開始看到實現的管道計劃將真正關注免疫學和腫瘤學。但同樣，在合作關係中，我們計劃在此範圍之外進行擴展。

Steven Mah, TD Cowen.

史蒂文·馬，TD·考恩。

Hi. Thanks for taking the follow-up question. And this question is just more in response to a prior answer you gave where you said that MSK got excited because you can do drug level targets with your gen AI platform.

你好。感謝您提出後續問題。這個問題更多是對您之前給出的答案的回應，您說 MSK 很興奮，因為您可以使用您的 gen AI 平台實現藥物水平目標。

My understanding is that MSK doesn't have any other AI drug development partnerships with industry, and I'm not 100% sure if they have any other non-AI drug development partnerships, but it seems pretty rare for them. So just curious, if you can disclose did MSK come to you with some targets in mind, or was it the genesis of the deal with them, was it through your BD team? Thanks.

我的理解是，MSK 與業界沒有任何其他人工智慧藥物開發合作夥伴關係，我也不能 100% 確定他們是否有任何其他非人工智慧藥物開發合作夥伴關係，但這對他們來說似乎相當罕見。所以只是好奇，如果您能透露 MSK 是否帶著一些目標來找您，或者是與他們交易的起源，是透過您的 BD 團隊進行的嗎？謝謝。

Yeah. Zach, do you want to talk about that (technical difficulty) partnership?

是的。札克，​​你想談談那個（技術難度）合作關係嗎？

Yeah, sure. Yeah. So Steven, this came through the BD interactions, and it started as just a conversation around how we could collaborate and their interest in how we could deploy AI against some of the novel targets that they're discovering and validating at MSK. And to my knowledge, this is the first partnership they've done with an AI company, and I think they're very excited about it. We're very excited about it.

是的，當然。是的。Steven，這來自 BD 的互動，一開始只是一場對話，圍繞著我們如何合作以及他們對如何針對他們在 MSK 發現和驗證的一些新目標部署人工智慧的興趣。據我所知，這是他們與人工智慧公司的第一次合作，我認為他們對此感到非常興奮。我們對此感到非常興奮。

And the second part of your question, did they come with initial targets? And the answer there is no. Really, this is sort of a real understanding of how these two capabilities could fit together. So we're starting that process now of starting to look at targets with them, and that's just kicked off because we just signed the partnership.

你問題的第二部分，他們有初始目標嗎？答案是否定的。確實，這是對這兩種功能如何結合在一起的真正理解。因此，我們現在就開始與他們一起設定目標，這才剛剛開始，因為我們剛剛簽署了合作夥伴關係。

But really, the genesis of this is just understanding how these two platforms could be really synergistic. So we're going to go through the process now of selecting targets together and advancing those together.

但實際上，其起源只是了解這兩個平台如何真正協同作用。因此，我們現在將共同經歷選擇目標並共同推動這些目標的過程。

Yeah, and I think they saw (multiple speakers) like a lot of the target. Sorry.

是的，我認為他們（多個發言者）看到了很多目標。對不起。

No, go ahead, Sean.

不，繼續吧，肖恩。

Yeah, I think a lot of the targets that they are seeing that are emerging are more difficult to drug targets like GPCRs. And I think having this capability, I think it's a really, really nice synergy. They're bringing the oncology expertise, the disease biology, the target biology and then we're bringing our AI expertise in the antibody design to be able to develop first-in-class, best-in-class oncology assets.

是的，我認為他們看到的許多正在出現的標靶都更難藥物化，例如 GPCR。我認為擁有這種能力，我認為這是一種非常非常好的協同作用。他們帶來了腫瘤學專業知識、疾病生物學、目標生物學，然後我們帶來了抗體設計的人工智慧專業知識，以便能夠開發一流、一流的腫瘤學資產。

And then obviously being able to work with them on taking this through a Phase 1, I think, makes a ton of sense. And so I think the synergies that we have here, I think, are going to be really important for not only the success of this partnership, but even with our own oncology pipeline I think we're going to be able to leverage this partnership to progress our own pipeline as well.

我認為，顯然能夠與他們合作完成第一階段是非常有意義的。因此，我認為我們在這裡所擁有的協同效應不僅對於這種夥伴關係的成功非常重要，而且即使有了我們自己的腫瘤學管道，我認為我們也將能夠利用這種夥伴關係來也推進我們自己的管道。

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

謝謝。我目前沒有提出任何進一步的問題。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。