Absci Corp (ABSI) 2024 Q3 法說會逐字稿

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.

美好的一天，感謝您的支持。歡迎參加 Absci 2024 年第三季業務更新電話會議。（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 September 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 an email to investors@absci.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 9 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. Additional information regarding these risks, uncertainties, and factors that could cause results to differ appear 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。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，請參見 Absci 今天發布的新聞稿中標題為前瞻性陳述的部分以及 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, November 12, 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任何意圖或義務。本次電話會議包含時間敏感訊息，僅截至 2024 年 11 月 12 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 morning, everyone, and thank you for joining us for our third-quarter business update call. Today we are excited to discuss some of the latest progress we have made throughout our portfolio programs, both partnered and wholly owned, and share some additional information ahead of our 2024 R&D day next month.

謝謝，亞歷克斯。大家早安，感謝您參加我們的第三季業務更新電話會議。今天，我們很高興討論我們在合作和全資投資組合項目中取得的一些最新進展，並在下個月的 2024 年研發日之前分享一些額外資訊。

Before the end of last year, we entered into a collaboration with AstraZeneca to deliver an AI-designed antibody against an oncology target. This collaboration combines Absci's integrated drug creation platform with Astrazeneca's expertise in oncology, with the goal of accelerating the discovery of a potential new cancer treatment candidate.

去年年底前，我們與阿斯特捷利康（AstraZeneca）合作，提供針對腫瘤標靶的人工智慧設計抗體。此次合作將 Absci 的綜合藥物創造平台與阿斯特捷利康在腫瘤學方面的專業知識相結合，目標是加速發現潛在的新癌症治療候選藥物。

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

我們很自豪地最近宣布，在啟動該計劃大約六個月後，我們的合作實現了第一個里程碑，交付了使用我們的整合藥物創造平台設計的 AI De Novo 抗體序列。

In addition to the progress we have made on our collaboration with AstraZeneca and with other partners, we are pleased to be adding another new partner to our diverse list of collaborators with bioscience. As we recently announced, Absci is collaborating with Twist to design a novel antibody using generative AI. We are very excited to be working with Twist on this innovative program, and Zach will share additional details on this new partnership later in the call.

除了我們與阿斯特捷利康和其他合作夥伴的合作取得的進展之外，我們很高興在我們多樣化的生物科學合作者名單中再增加一個新的合作夥伴。正如我們最近宣布的，Absci 正在與 Twist 合作，利用生成人工智慧設計一種新型抗體。我們非常高興能夠與 Twist 合作開展這項創新計劃，扎克將在稍後的電話會議中分享有關這一新合作夥伴關係的更多詳細資訊。

One month from today on December 12, we are excited to be hosting our 2024 R&D day in New York City. At this event, you will hear from our executive leadership and our scientific team as well as a series of distinguished guest speakers. We plan to share additional information about our existing internal asset programs and unveil one new asset program. For those not attending in person, a live broadcast of the full presentation and a replay will be available on our website.

一個月後的今天，也就是 12 月 12 日，我們很高興能夠在紐約市舉辦 2024 年研發日。在本次活動中，您將聽到我們的行政領導層和科學團隊以及一系列傑出嘉賓的演講。我們計劃分享有關現有內部資產計劃的更多信息，並推出一項新的資產計劃。對於那些沒有親自參加的人，我們的網站上將提供完整演示的現場直播和重播。

But before then, I'd like to take a moment now to provide an overview of the current state of each of our proprietary programs. Starting with ABS-101, our potential best-in-class TL1A antibody. A few months ago, we shared results from our non-human primate studies of this program demonstrating 2x to 3x extended half life as compared to first-generation antibodies in clinical development and further supporting this program's potential best-in-class profile. In our studies, ABS-101 is also observed to have an increased biodistribution in NHPs as compared to first-generation TL1A antibodies in clinical development. And CMC studies verifies the ability to formulate ABS-101 at high concentrations of 200 milligrams per milliliter which supports further development of the subcutaneous formulation.

但在此之前，我想花點時間概述我們每個專有程式的當前狀態。從我們潛在的同類最佳 TL1A 抗體 ABS-101 開始。幾個月前，我們分享了該計畫的非人靈長類動物研究結果，顯示與臨床開發中的第一代抗體相比，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。在我們的研究中，與臨床開發中的第一代 TL1A 抗體相比，也觀察到 ABS-101 在 NHP 中的生物分佈增加。CMC 研究驗證了以每毫升 200 毫克的高濃度配製 ABS-101 的能力，這支持了皮下製劑的進一步開發。

And last month, at Festival of Biologics year of 2024, Abcsi has presented titled Development of an AI-designed therapeutic anti-TL1A antibody for IBD. Additional data for the ABS-101 program was shared at this event and can be found on Absci's website within our updated corporate deck and a copy of the poster shared at the conference.

上個月，在 2024 年生物製品節上，Abcsi 展示了題為「開發一種人工智慧設計的 IBD 治療性抗 TL1A 抗體」。本次活動中分享了 ABS-101 計劃的其他數據，您可以在 Absci 網站上更新的公司資料以及會議上分享的海報副本中找到這些數據。

We continue to advance ABS-101 through IND-enabling studies as planned and our company and our program's ability to potentially demonstrate a truly differentiated product profile. We plan to initiate Phase 1 clinical studies of ABS-101 in the first half of 2025 and continue to expect an interim data readout 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，我們的公司和我們的專案有能力展示真正差異化的產品概況。我們計劃在 2025 年上半年啟動 ABS-101 的 1 期臨床研究，並繼續預計在 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 from an undisclosed dermatological indication with [significant] unmet need where the efficacy of the pharmacological standard of care is not satisfactory. We believe that the target for this program is underappreciated as we could potentially be second to clinic. And as we continue to anticipate selecting a development candidate for this program this year, we look forward to sharing some additional data and information for this program, including the target and its potential markets and indications, with you all at our R&D day next month.

轉向 ABS-201，我們潛在的一流皮膚科專案。ABS-201 是根據未揭露的皮膚病學適應症而設計的，其[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。我們認為，該計劃的目標沒有得到充分重視，因為我們可能僅次於臨床。隨著我們繼續預計今年為該計劃選擇開發候選者，我們期待在下個月的研發日與大家分享該計劃的一些額外數據和信息，包括目標及其潛在市場和適應症。

Finally, ABS-301, our potential first-in-class immuno-oncology program. ABS-301 is a fully human antibody designed to bind against a novel target discovered through Absci's reverse immunology platform. We anticipate completion of mode-of-action validation studies for ABS-301 in the first half of 2025 with plans to share data for this program shortly after.

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，旨在結合 Absci 反向免疫學平台發現的新標靶。我們預計 ABS-301 的作用模式驗證研究將於 2025 年上半年完成，並計劃不久後分享該專案的數據。

As you can probably tell, we at Absci are all very excited about the updates that we'll be sharing next month at our R&D day. Until then, as always, we remain focused on continued innovation and execution on all aspects of our platform and portfolio, all with the mission to create better biologics for patients faster. And as always, the progress we are able to achieve is a testament to the work our team does each and every day at Absci and reflects our platform's differentiated capabilities in AI drug creation for biologics.

正如您可能知道的那樣，我們 Absci 對我們將在下個月的研發日分享的更新感到非常興奮。在那之前，我們將一如既往地專注於我們平台和產品組合各個方面的持續創新和執行，所有這些都以更快地為患者創造更好的生物製劑為使命。像往常一樣，我們能夠取得的進展證明了我們團隊在 Absci 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 that, I'll now turn the call over to Zach to walk through our new partnerships, 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？

Thanks, Sean. As Sean mentioned, we recently entered into an exciting new partnership with Twist Bioscience. This collaboration brings together Absci's generative AI drug creation platform with Twist's DNA synthesis platform to accelerate the design and pre-clinical development of a novel therapeutic antibody for a biological target implicated in multiple disease areas. For this collaboration, Twist's silicon-based synthesis platform will help power early-stage R&D, including testing and validation of antibody candidates designed using Absci's generative AI technology platform. Following the planned early development of this program, Twist and Absci intend to seek a partner for further human clinical development and commercialization.

謝謝，肖恩。正如 Sean 所提到的，我們最近與 Twist Bioscience 建立了令人興奮的新合作夥伴關係。此次合作將 Absci 的生成式 AI 藥物創造平台與 Twist 的 DNA 合成平台結合在一起，以加速針對多個疾病領域涉及的生物標靶的新型治療性抗體的設計和臨床前開發。對於此次合作，Twist 的矽基合成平台將有助於推動早期研發，包括使用 Absci 的生成人工智慧技術平台設計的候選抗體的測試和驗證。繼該計畫計劃的早期開發之後，Twist 和 Absci 打算尋找合作夥伴以進一步進行人體臨床開發和商業化。

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

我們很榮幸在我們的合作者名單中再添一位優秀合作夥伴，其中包括阿斯特捷利康、默克、Almirall、NVIDIA、紀念斯隆凱特琳癌症中心等。我們期待與 Twist 合作開展這項重要項目。

Looking to the remainder of this year and into 2025, we continue to see a robust and diverse pipeline of potential partners for new drug creation programs. Hence, we continue to anticipate signing partnerships with two more partners in addition to our previously announced partnerships with MSK and Twist this year.

展望今年剩餘時間和 2025 年，我們將繼續看到新藥創製計畫的潛在合作夥伴強大且多樣化。因此，除了先前宣布的與 MSK 和 Twist 的合作夥伴關係外，我們預計今年還將與另外兩家合作夥伴簽署合作夥伴關係。

As Sean discussed, our portfolio of proprietary programs includes three diverse 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 each of 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 this year.

正如 Sean 所討論的，我們的專有項目組合包括三種不同的全資資產：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計畫上取得進展，並預計今年將至少一項額外的內部治療計畫推進到領先階段。

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

提醒一下，我們的業務模式專注於許可或銷售我們的內部程序，並根據價值拐點證明共同開發程序，從臨床前概念證明到第二階段臨床概念證明。

Turning now to our financials. Revenue in the third quarter of 2024 was $1.7 million as we continue to progress our partner programs. Research and development expenses were $18 million for the three months ended September 30, 2024, compared to $11 million for the prior year period. This increase was primarily driven by increased lab operations, including approximately $3 million in 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。隨著我們繼續推進合作夥伴計劃，2024 年第三季的收入為 170 萬美元。截至 2024 年 9 月 30 日止三個月的研發費用為 1,800 萬美元，去年同期為 1,100 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 研究相關的約 300 萬美元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 ended September 30, 2024, compared to $9.5 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 9 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 950 萬美元。這一下降是由於人員成本下降和行政成本持續減少，但被股票補償費用的增加所抵消。

Turning to our balance sheet, we ended the quarter with $127.1 million in cash, cash equivalents, and short-term investments compared to $145.2 million as of June 30, 2024. We continue to enhance our focus on high-value proprietary internal programs while also seeking high-quality code development and drug creation partnerships with industry leaders who bring synergistic expertise and technology. We believe this strategic and balanced approach will provide us with the best ROI rather than simply pursuing a higher volume of programs and best positions us for further success in the future.

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 1.271 億美元，截至 2024 年 6 月 30 日為 1.452 億美元。我們繼續加強對高價值專有內部專案的關注，同時尋求與帶來協同專業知識和技術的行業領導者建立高品質的程式碼開發和藥物創造合作夥伴關係。我們相信，這種策略性和平衡的方法將為我們提供最佳的投資回報率，而不是簡單地追求更多的項目，並使我們在未來取得進一步的成功。

For 2024, we now expect the gross use of cash, cash equivalents, and short-term investments of approximately $75 million, which is approximately $5 million below our previous expectation of $80 million. This estimate includes the expected costs associated with advancing the IND-enabling studies for ABS-101, with a third party CRO.

目前，我們預計 2024 年現金、現金等價物和短期投資的總使用量約為 7,500 萬美元，比我們先前預期的 8,000 萬美元低約 500 萬美元。此估算包括與第三方 CRO 推進 ABS-101 IND 授權研究相關的預期成本。

Based on our current plan, 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 pleased with the progress we have made on our internal programs and we are confident in our ability to execute on these and on our partner programs over the rest of this year 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，我們對內部計劃所取得的進展感到非常滿意，並且對今年剩餘時間及以後執行這些計劃以及合作夥伴計劃的能力充滿信心。

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

有了這個，我會把它轉回給肖恩。

Thanks, Zach. Over the course of this year, we have demonstrated solid execution across all aspects of our business and throughout our portfolio of proprietary and partner programs. As we continue to execute on our strategic objectives and ultimate mission, we see a number of potential catalysts in the next 6 to 12 months and beyond and look forward to sharing additional updates with you all at our R&D day next month on December 12.

謝謝，扎克。今年以來，我們在業務的各個方面以及整個專有和合作夥伴計劃組合中都表現出了紮實的執行力。隨著我們繼續執行我們的策略目標和最終使命，我們看到了未來 6 到 12 個月及以後的許多潛在催化劑，並期待在下個月 12 月 12 日的研發日與大家分享更多最新消息。

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

這樣，我會將其退還給操作員以開始問答。操作員？

(Operator Instructions) Kripa Devarakonda, Truist Securities.

（操作員指示）Kripa Devarakonda，Truist 證券。

Hey, guys. Thank you so much for taking my question, and congrats on all the progress this year. I had a question about the AstraZeneca milestone that you mentioned. First of all, congrats on delivering another AI De Novo design antibody sequence.

嘿，夥計們。非常感謝您提出我的問題，並祝賀今年取得的所有進展。我對您提到的阿斯特捷利康里程碑有疑問。首先，恭喜您交付另一個 AI De Novo 設計的抗體序列。

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

您能否提醒我們這種夥伴關係的經濟效益以及我們何時可以期待進一步的更新？我知道你可能受到部分限制。而且，您說這是一個腫瘤學目標，但這是否以任何方式驗證了 Absci 平台的潛力，不僅在 De Novo 設計方面，而且還針對不同類別的目標？謝謝。

Yeah, absolutely. Thanks, Kripa. Yeah. So we think that this is a really great validation of the platform. We're able, in six months, to deliver on a binder that could bind to a target where there was no binder. And we see this as, again, I think really great validation.

是的，絕對是。謝謝，克里帕。是的。所以我們認為這是對該平台的一次非常好的驗證。我們能夠在六個月內提供一種可以與沒有黏合劑的目標結合的黏合劑。我們再次認為這確實是很好的驗證。

And Zach, I'll hand it over to you to talk a little bit about the economics of the deal.

扎克，我將把它交給你來談談這筆交易的經濟效益。

Thanks, Sean. Yeah, as you may recall the partnership with AstraZeneca, the one target deal at $147 million bio deal value, including all the upfront research fees, milestones, there's a royalty associated, but that's not disclosed. And so it's a fairly traditional structure for a partnership at the drug creation stage.

謝謝，肖恩。是的，你可能還記得與阿斯特捷利康的合作關係，生物交易價值 1.47 億美元的一項目標交易，包括所有前期研究費用、里程碑，還有相關的特許權使用費，但沒有披露。因此，這是藥物開發階段相當傳統的合作結構。

Brendan Smith, TD Cowen.

布倫丹·史密斯，TD·考恩。

Hi, this is Jackie on the line for Brendan. Thanks so much for taking my question. I guess just looking at both your R&D day and the upcoming updates that you have for the first half of '25, can you give us any expectations on what we can reasonably expect data-wise? What kind of data, which assets will be involved, and how much data do you plan on discussing?

大家好，我是傑基，正在接聽布蘭登的電話。非常感謝您提出我的問題。我想只要看看你們的研發日和你們 25 年上半年即將發布的更新，你們能給我們一些關於我們可以合理預期數據的期望嗎？什麼樣的數據，涉及哪些資產，打算討論多少數據？

Yeah, absolutely. So with ABS-201 at R&D day, this will be a very similar data package to what we presented for ABS-101, our TL1A asset. And so that will be a robust pre-clinical data package. And we plan to, with this, announce a drug candidate on that. And then later in the first half, we do plan on presenting efficacy data on ABS-301. And so those are kind of the, I would say, two major data readouts at R&D day and in the first half.

是的，絕對是。因此，對於研發日的 ABS-201，這將是一個與我們為 TL1A 資產 ABS-101 提供的非常相似的資料包。因此，這將是一個強大的臨床前數據包。我們計劃就此宣布一種候選藥物。然後在上半年晚些時候，我們計劃提供 ABS-301 的功效數據。我想說，這些是研發日和上半年的兩個主要數據讀數。

Great, that's super helpful. And then just one more. As you near IND stage for your ABS-201, are you also planning on using the same manufacturers for the second asset as you did for ABS-101? And when we're looking at expected R&D, should we kind of picture that ramping similar to 101 over 2025?

太棒了，這非常有幫助。然後還有一個。當您的 ABS-201 接近 IND 階段時，您是否也計劃使用與 ABS-101 相同的製造商來生產第二個資產？當我們考慮預期研發時，我們是否應該想像 2025 年的研發數量會類似 101 倍？

Yes, we are using the same manufacturer, WuXi, for ABS-201. And in terms of overall expense, I would assume similar expenses.

是的，我們使用同一家製造商 WuXi 來生產 ABS-201。就整體費用而言，我會承擔類似的費用。

(Operator Instructions)

（操作員說明）

Just before the next question, just a quick correction. I think, I believe, I gave the wrong number in the prior answer around AstraZeneca partnership. It's a $247 million deal. I believe I misspoke and said $147 million, but just a correction to that.

在下一個問題之前，先快速修正一下。我認為，我相信，我在先前關於阿斯特捷利康合作夥伴關係的答案中給出了錯誤的數字。這是一筆價值2.47億美元的交易。我相信我說錯了，說的是 1.47 億美元，但只是更正一下。

George Farmer, Scotiabank.

豐業銀行的喬治法默。

A couple more partnerships you're expecting this year, can you say anything more about that? Are these large pharma partners or on the smaller side?

今年您預計還會有更多合作夥伴，可以透露更多嗎？這些是大型製藥合作夥伴還是規模較小的製藥合作夥伴？

Zach, do you want to take that question?

札克，​​你想回答這個問題嗎？

Sure. Thanks, George. What I can say, George, is we continue to advance several discussions with prospective partners here in Q4. It's a mix of different types of companies and sizes. That's probably all I can say at this point.

當然。謝謝，喬治。喬治，我能說的是，我們將在第四季度繼續與潛在合作夥伴進行多次討論。它是不同類型和規模的公司的混合體。此刻我能說的大概就是這些了。

Okay. And just noticed with ABS-301 -- is that a slight delay? I think you've been -- had been guiding to provide a little bit more insight into that program by the R&D day, but now it looks like it might be delayed.

好的。剛剛注意到 ABS-301——這是一個輕微的延遲嗎？我認為您一直在指導在研發日之前對該計劃提供更多的了解，但現在看起來可能會被推遲。

That is correct. We are seeing a slight delay on ABS-301 and where we're running at our CRO. This has nothing to do with the actual efficacy of the study itself, but the studies have been delayed just slightly on that.

這是正確的。我們發現 ABS-301 以及 CRO 的運作情況略有延遲。這與研究本身的實際效果無關，但研究在此方面略有延遲。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

Good morning. This is [Arshay] on for Vamil. Thank you for taking our question. Our question is on the planned healthy volunteer study for ABS-101 next year. Understanding that you may be providing additional detail about that program at your R&D day next month and may be limited in what you can share today, what would you like to see from that study in terms of antibody half life? What do you believe that the bar is there?

早安.這是 Vamil 的 [Arshay]。感謝您提出我們的問題。我們的問題是關於明年計劃的 ABS-101 健康志願者研究。了解您可能會在下個月的研發日提供有關該項目的更多詳細信息，並且您今天可以分享的內容可能會受到限制，您希望從抗體半衰期方面從該研究中看到什麼？你相信酒吧在那裡嗎？

Yeah, thank you, Christian. Do you want to take that question?

是的，謝謝你，克里斯蒂安。你想回答這個問題嗎？

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

當然。謝謝你的提問。事實上，正如您所說，這將是一項健康的志願者研究。我們的目的是在研究中測量藥物動力學，就像在健康志願者環境中通常那樣。

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

就我們的預期半衰期而言，我們期望實現與半衰期工程抗體類似的情況。在最低限度的情況下，我們預計劑量水平允許每月一次，甚至可能每季一次。

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。