Absci Corp (ABSI) 2024 Q4 法說會逐字稿

Thank you for standing by. Welcome to Absci's fourth-quarter and full-year 2024 business update and financial operating results conference call.

感謝您的支持。歡迎參加 Absci 2024 年第四季及全年業務更新及財務營運績效電話會議。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員指示）提醒一下，今天的節目正在錄製。

Now, I'd like to introduce your host for today's program, Alex Khan, Vice President of Finance and Investor Relations.

現在，我想介紹今天節目的主持人、財務和投資者關係副總裁 Alex Khan。

Thank you.

謝謝。

Earlier today, Absci released the financial and operating results for the quarter and year ended December 31, 2024. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an email to investors@absci.com.

今天早些時候，Absci 發布了截至 2024 年 12 月 31 日的季度和年度財務和營運業績。如果您尚未收到此新聞稿，或您希望加入公司的分發列表，請發送電子郵件至 investors@absci.com。

An archived webcast of this call will be available for replay at Absci's Investor Relations website, at investors.absci.com, for at least 90 days after this call.

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 McLain, 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還有 Absci 的創辦人兼執行長 Sean McLain；以及財務長兼首席商務長 Zach Jonasson。Absci 藥物研發資深副總裁 Christian Stegmann 也將參加問答環節，並發表準備好的演講。

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. 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做出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。您不應過度依賴前瞻性陳述。

Additional information regarding these risks, uncertainties, and factors that could cause the results 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.

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線預測或其他前瞻性聲明的意圖或義務。

This conference call contains time-sensitive information and is accurate only as of the live broadcast, March 18, 2025.

本次電話會議包含時間敏感訊息，僅截至 2025 年 3 月 18 日現場直播時準確。

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

說完這些，我會把電話轉給肖恩。

Thanks, Alex. Good morning, everyone. Thank you for joining us for our fourth-quarter and full-year 2024 business update call.

謝謝，亞歷克斯。大家早安。感謝您參加我們的 2024 年第四季和全年業務更新電話會議。

2024 was a successful year for Absci. I'm proud to say we executed across all aspects of our business, including advancing our proprietary internal programs, delivering on partner programs, and adding four new partners to our ecosystem of collaborators.

2024 年對 Absci 來說是成功的一年。我很自豪地說，我們在業務的各個方面都取得了進展，包括推進我們的專有內部計劃、實施合作夥伴計劃以及為我們的合作者生態系統增加四個新合作夥伴。

We capped the year off with our 2024 R&D Day in December, where we unveiled our potentially category-defining ABS-201 program, targeting the prolactin receptor for the treatment of androgenic alopecia.

我們在 12 月舉辦的 2024 年研發日活動為這一年畫上了圓滿的句號，在活動上，我們公佈了可能定義類別的 ABS-201 計劃，該計劃針對催乳素受體，用於治療雄激素性脫髮。

At this event, we shared new data supporting a potential best-in-class profile for ABS-101, our anti-TL1A program, and pre-clinical data for ABS-301 and ABS-501 programs.

在此次活動中，我們分享了支持 ABS-101（我們的抗 TL1A 計畫）潛在最佳配置的新數據，以及 ABS-301 和 ABS-501 計畫的臨床前數據。

Additionally, we showcased new breakthroughs in de novo antibody design from our leading AI platform and hosted distinguished guest presenters including our KOLs and partners such as doctors Dennis Slamon from UCLA and Doctor Luis Diaz from Memorial Sloan Kettering.

此外，我們還展示了我們領先的人工智慧平台在從頭抗體設計方面的新突破，並邀請了包括我們的KOL和合作夥伴在內的傑出嘉賓進行演講，例如加州大學洛杉磯分校的Dennis Slamon醫生和紀念斯隆凱特琳癌症中心的Luis Diaz醫生。

For those who did not view the webcast, I encourage you to access the replay on our website.

對於那些沒有觀看網路直播的人，我鼓勵你們造訪我們的網站觀看重播。

ABS-201, in particular, is an asset we are extremely excited about. We see the opportunity for ABS-201 to become a potential flagship asset for Absci.

尤其是 ABS-201，這是我們非常興奮的資產。我們看到 ABS-201 有機會成為 Absci 的潛在旗艦資產。

But, first, I'd like to reflect on the capabilities that enabled us to generate these differentiated antibody assets.

但首先，我想回顧一下我們能夠產生這些差異化抗體資產的能力。

Looking back on 2024, we're encouraged by the significant advancements in our AI-integrated drug creation platform. Similar to how the broader tech industry is experiencing successive breakthroughs in generative AI, we do the progress of our model and platform in a similar light.

回顧2024年，我們對人工智慧整合藥物創造平台的重大進步感到鼓舞。與更廣泛的科技產業在生成人工智慧方面不斷取得突破類似，我們也以類似的眼光看待我們的模型和平台的進步。

Just two years ago, in January 2023, we released our first AI de novo proof print. Since then, we have demonstrated notable platform improvements, progressing from single-CDR design to designing antibodies to targets with no known binders.

就在兩年前，也就是 2023 年 1 月，我們發布了第一個 AI 從頭校樣列印件。從那時起，我們展示了顯著的平台改進，從單一 CDR 設計發展到設計針對沒有已知結合劑的標靶的抗體。

These capabilities were clearly showcased in December, particularly through our collaboration with Caltech, which focused on designing a universally neutralizing HIV antibody.

這些能力在 12 月得到了充分展示，特別是透過我們與加州理工學院的合作，致力於設計一種通用的 HIV 中和抗體。

Before discussing that collaboration further, I'd like to highlight the key factors behind our success.

在進一步討論合作之前，我想先強調我們成功背後的關鍵因素。

At Absci, we see four key ingredients for success: our data advantage, our leading AI models, access to scalable compute, and fostering a team with multilingual expertise.

在 Absci，我們認為成功有四個關鍵因素：我們的數據優勢、我們領先的人工智慧模型、可擴展計算的存取權以及培養一支具有多語言專業知識的團隊。

While we've spoken, extensively, about each of these in the past, I'd specifically like to focus on compute. In January, we announced a collaboration with AMD, a leader in high-performance computing. As part of this partnership, AMD made a $20 million strategic investment in Absci.

雖然我們過去已經廣泛討論過這些問題，但我特別想關注計算。今年 1 月，我們宣布與高效能運算領域的領導者 AMD 合作。作為合作的一部分，AMD 對 Absci 進行了 2,000 萬美元的策略性投資。

This collaboration supports our mission of creating better biologics faster by offering optimized compute solutions for complex biological modeling. These solutions provided exceptional performance, reduced infrastructure costs, and accelerated cycle times.

此次合作透過為複雜的生物建模提供最佳化的運算解決方案，支持我們更快創造更好的生物製劑的使命。這些解決方案提供了卓越的效能、降低了基礎設施成本並加快了週期時間。

At the J.P. Morgan Health Care Conference, in January, I outlined several key reasons we chose to partner with AMD. AMD chips gave us unmatched training resolution, allowing us to model large protein complexes without the need to crop, preserving biological context and enhancing model accuracy.

在一月份的摩根大通醫療保健會議上，我概述了我們選擇與 AMD 合作的幾個主要原因。AMD 晶片為我們提供了無與倫比的訓練分辨率，使我們能夠對大型蛋白質複合物進行建模而無需裁剪，從而保留生物背景並提高模型準確性。

Furthermore, this collaboration significantly accelerates throughput scaling in silicone antibody design and evaluation and, ultimately, reducing R&D timelines and costs.

此外，此次合作顯著加快了矽膠抗體設計和評估的吞吐量擴展，並最終減少了研發時間和成本。

Stepping back, what's the broader purpose of harnessing generative AI for antibodies design? It's not just about designing faster or cheaper, it's about creating truly differentiated candidates and unlocking novel biology for the benefit of patients.

退一步來說，利用生成式人工智慧進行抗體設計的更廣泛目的是什麼？這不僅是為了更快或更便宜的設計，而是為了創造真正差異化的候選藥物並解鎖新的生物學，造福患者。

In December, we shared a case study illustrating breakthroughs in AI de novo design for our collaboration with Caltech. Using our proprietary de novo design model, we created antibodies targeting a difficult-to-drug epitope in the HIV caldera region, potentially facilitating the development of a universal neutralizing HIV antibody.

12 月，我們分享了一個案例研究，展示了我們與加州理工學院合作在 AI 從頭設計方面取得的突破。利用我們專有的從頭設計模型，我們創建了針對 HIV 火山口區域中難以用藥的表位的抗體，這可能有助於開發通用的中和 HIV 抗體。

The caldera region, uniquely accessible only in the gp120 open confirmation has remained untargeted by previously neutralizing antibodies. Successfully creating these antibodies marks a potential pivotal milestone in HIV vaccine research and underscores the capability of our de novo design model to target previously undruggable epitopes.

只有在 gp120 開放確認中才可以進入的火山口區域尚未被先前的中和抗體所針對。成功製造這些抗體標誌著愛滋病毒疫苗研究的一個潛在關鍵里程碑，並強調了我們的從頭設計模型針對以前無法用藥的抗原表位的能力。

We're also actively applying our generative AI drug creation capabilities to our proprietary internal pipeline.

我們也積極將我們的生成性人工智慧藥物創造能力應用到我們專有的內部管道中。

In December, we unveiled ABS-201, a potential best-in-class anti-prolactin receptor antibody for androgenic alopecia. This is an indication with significant unmet need and a large patient population, approximately 80 million people in the US alone.

12 月，我們推出了 ABS-201，一種用於治療雄性禿的潛在最佳抗催乳素受體抗體。這是一個存在巨大未滿足需求且患者群體龐大的疾病，光在美國就有約 8,000 萬人。

Androgenic alopecia, also known as male and female pattern hair loss, affects 50% of men and 40% of women by the age of 50. There's been no real innovation in nearly 30 years, creating a large market potential.

雄性禿，也稱為男性和女性型禿，到 50 歲時，50% 的男性和 40% 的女性都會罹患雄性禿。近30年來沒有出現真正的創新，市場潛力巨大。

Our approach aims to not just slow hair loss but to unlock an entirely new category focused on hair regrowth. We've nominated a development candidate for ABS-201, supported by free clinical data, suggesting high affinity and potency, favorable safety and immunogenicity, extended half-life for convenient infrequent dosing, and excellent developability and manufacturability

我們的方法不僅旨在減緩脫髮，而且旨在開闢一個專注於頭髮生長的全新類別。我們已提名 ABS-201 的開發候選藥物，該藥物有免費臨床數據支持，表明其具有高親和力和效力、良好的安全性和免疫原性、延長的半衰期以方便不頻繁給藥，以及出色的可開發性和可製造性

Pre-clinical models demonstrated improved hair growth compared to Minoxidil. As we advance ABS-201, we envision a straightforward path to clinical development and have assembled a robust network of renowned hair and dermatology KOLs advising our progress.

臨床前模型表明，與米諾地爾相比，毛髮生長有所改善。隨著 ABS-201 的推進，我們設想了一條通往臨床開發的直接道路，並建立了一個由知名頭髮和皮膚病學 KOL 組成的強大網絡，為我們的進展提供建議。

ABS-201 is currently an IND-enabling study, with phase 1 trials anticipated to begin in early '26. Since unveiling ABS-201 three months ago, we've received very positive responses from industry experts and the financial community.

ABS-201 目前是一項 IND 支持研究，第一階段試驗預計將於 26 年初開始。自從三個月前推出 ABS-201 以來，我們收到了來自行業專家和金融界的非常積極的反響。

Given the compelling data, clear development path, and significant market opportunity, our strategy is to develop ABS-201, internally, through later-stage clinical development and proof of concept, retaining maximum value for Absci.

鑑於令人信服的數據、清晰的發展路徑和巨大的市場機會，我們的策略是透過後期臨床開發和概念驗證在內部開發 ABS-201，為 Absci 保留最大價值。

Turning, now, to ABS-101, our potential best-in-class anti-TL1A antibody.

現在來談談 ABS-101，我們潛在的最佳抗 TL1A 抗體。

At December's R&D Day, we shared new data indicating ABS-101 shows reduced internalization of TL1A complexes and in vitro THP-1 immunogenicity tests compared to competitor molecules that had high clinical ADA rates. These data suggest ABS-101 may have lower ADA development risk in clinical settings.

在 12 月的研發日上，我們分享了新數據，顯示與具有高臨床 ADA 率的競爭分子相比，ABS-101 顯示 TL1A 複合物的內化減少以及體外 THP-1 免疫原性測試。這些數據表明 ABS-101 在臨床環境中可能具有較低的 ADA 發展風險。

Additionally, in January, we shared new ABS-101 NHP PK [PD] data, confirming prolonged target engagement; demonstrating dose-dependent engagement, including a ceiling effect; and significantly improved target engagement compared to competitor molecules at comparable dosing regimens.

此外，1 月我們分享了新的 ABS-101 NHP PK [PD] 數據，確認了長時間的目標交戰；表現出劑量依賴性參與，包括天花板效應；與同類給藥方案的競爭分子相比，其靶向作用顯著改善。

We plan to initiate phase 1 clinical studies for ABS-101 in the first half of 2025, with an interim readout expected in the second half of this year. We continue to see active partner interests and have begun developing a potential first-in-class bispecific antibody, incorporating our TL1A antibody as one arm.

我們計劃於 2025 年上半年啟動 ABS-101 的 1 期臨床研究，預計今年下半年獲得中期結果。我們繼續看到合作夥伴的積極興趣，並已開始開發潛在的同類首創雙特異性抗體，將我們的 TL1A 抗體作為一個分支。

Additional data will be provided later.

稍後將提供更多數據。

We recently shared data on ABS-301 and ABS-501 programs, as well.

我們最近也分享了有關 ABS-301 和 ABS-501 計劃的數據。

ABS-301, targeting an undisclosed immuno-oncology target discovered through Absci's reverse immunology platform, showed expression across squamous cell carcinomas. Our first in vivo target validation study demonstrated potent anti-tumor response, strongly supporting further development.

ABS-301 針對透過 Absci 的反向免疫學平台發現的未公開的免疫腫瘤學靶點，在鱗狀細胞癌中表現出表達。我們的首次體內標靶驗證研究證明了強大的抗腫瘤反應，有力地支持了進一步的發展。

For ABS-501, our potential best-in-class AI-designed anti-HER2 antibody, pre-clinical data confirms novel epitope interactions, affinity comparable or superior to Trastuzumab, efficacy against Trastuzumab-resistant xenograft tumors expressing wild-type HER2, and good developability.

對於 ABS-501，我們潛在的同類最佳 AI 設計的抗 HER2 抗體，臨床前數據證實了新的表位相互作用、與曲妥珠單抗相當或優於曲妥珠單抗的親和力、對錶達野生型 HER2 的曲妥珠單抗耐藥異種移植腫瘤的療效以及良好的可顯影性。

Earlier, I mentioned that our team was a key ingredient Absci's success. This is evident in our achievements in 2024.

之前我提到我們的團隊是 Absci 成功的關鍵因素。這從我們在 2024 年所取得的成就中可見一斑。

As always, I'd like to thank our dedicated team at Absci for their unwavering commitment and efforts towards our mission.

像往常一樣，我要感謝 Absci 敬業的團隊對我們使命的堅定承諾和努力。

With that, I'll turn the call over to Zach to walk through our new partnerships, our outlook, and financial updates. Zach?

接下來，我將把電話轉給扎克，介紹我們的新合作夥伴關係、我們的前景和財務更新。扎克？

Thanks, Sean.

謝謝，肖恩。

As Sean mentioned, we added two new partners toward the end of 2024 and achieved our partnership guidance for the year.

正如肖恩所提到的，我們在 2024 年底增加了兩位新合作夥伴，並實現了當年的合作夥伴指導。

In addition to our partnerships with Memorial Sloan Kettering Cancer Center and Twist Bioscience, which were announced earlier in 2024, we entered into new partnerships with Owkin and Invetx in December.

除了 2024 年初宣布與紀念斯隆凱特琳癌症中心和 Twist Bioscience 建立合作夥伴關係外，我們還在 12 月與 Owkin 和 Invetx 建立了新的合作夥伴關係。

Our collaboration with Owkin combines Owkin's novel AI target discovery and agentic AI expertise with our leading AI de novo design models, with the aim of designing and co-developing potential first-in-class therapeutics. Together, Absci and Owkin plan to co-develop therapeutic candidates, addressing novel targets in immuno-oncology and other indications such as immunology and inflammation.

我們與 Owkin 的合作將 Owkin 的新穎 AI 目標發現和代理 AI 專業知識與我們領先的 AI 從頭設計模型相結合，旨在設計和共同開發潛在的一流療法。Absci 和 Owkin 計劃共同開發治療候選藥物，解決免疫腫瘤學和免疫學和發炎等其他適應症的新目標。

The partnership will leverage Owkin's predictive AI models and its biomedical data sets and patient-derived organoids for target selection and validation. Absci's generative AI drug creation platform, including our de novo antibody design models, will be used to design novel therapeutic candidates against these targets.

該合作將利用 Owkin 的預測 AI 模型及其生物醫學資料集和患者衍生的類器官進行目標選擇和驗證。Absci 的生成式 AI 藥物創造平台（包括我們的從頭抗體設計模型）將用於針對這些目標設計新型治療候選藥物。

Together, we aim to streamline and accelerate the development of novel therapeutics targeting novel disease targets.

我們的目標是共同簡化和加速針對新疾病目標的新療法的開發。

Our partnership with Invetx will leverage our leading generative AI drug creation models to create novel antibody Half-Life Extension or HLE capabilities for animal health applications. Through this partnership, Absci will utilize its AI models to design novel, modular antibody sequences that confer Half-Life Extension in specific animal species.

我們與 Invetx 的合作將利用我們領先的生成式 AI 藥物創造模型，為動物健康應用創造新型抗體半衰期延長或 HLE 功能。透過此次合作，Absci 將利用其 AI 模型設計新型模組化抗體序列，以延長特定動物物種的半衰期。

Invetx will have rights to use the HLE sequences across its product portfolio to enhance duration of therapeutic effect and customer convenience, both significant potential differentiators in the animal health market.

Invetx 將有權在其產品組合中使用 HLE 序列，以延長治療效果並提高客戶便利性，這兩者都是動物保健市場中重要的潛在差異化因素。

This partnership includes R&D funding, as well as election fees, milestone payments, and royalties on a product-by-product basis.

此次合作包括研發資金、選舉費、里程碑付款和按產品收取的版稅。

We believe this collaboration has the potential to address significant unmet needs in animal health, starting with initial applications for large market indications in canine medicine.

我們相信，此次合作有潛力解決動物保健領域尚未滿足的重大需求，首先是針對犬類醫學大市場適應症的初步應用。

Since our IPO, nearly four years ago, we have continued to evolve our business model, as our capabilities have grown. Today, we are focused on building and advancing a balanced portfolio of high-quality, high-value therapeutic programs, including a growing number of proprietary, internal, wholly owned programs.

自從近四年前首次公開募股以來，隨著我們能力的不斷增強，我們也不斷發展我們的商業模式。今天，我們專注於建立和推進高品質、高價值的平衡治療項目組合，其中包括越來越多的專有、內部、全資項目。

Moreover, while we continue to collaborate with partners to create therapeutic programs for their targets under traditional deal structures, we have also more recently initiated creative co-development partnerships to leverage risk-sharing and cost reduction synergies for the creation and development of first-in-class therapeutic programs.

此外，我們一方面繼續與合作夥伴合作，在傳統交易結構下為他們的目標制定治療方案，另一方面，我們最近還啟動了創造性的共同開發夥伴關係，利用風險分擔和成本降低的協同效應，創造和開發一流的治療方案。

Based on our business model today, including expansion and advancement of our wholly owned programs, we believe that the legacy metric of number of external-partnered programs, simply on a gross-volume basis, has become outdated and is now a less meaningful approach to understanding and valuing our business.

根據我們目前的業務模式，包括我們全資專案的擴展和發展，我們認為，僅以總量為基礎的外部合作專案數量的傳統指標已經過時，現在對於理解和評估我們的業務來說不再是一種有意義的方法。

Our strategy is based on leveraging our platform and resources to create a portfolio of novel and differentiated therapeutic programs that offer the most promising return. Accordingly, we invest our resources in internal programs, as well as a variety of partnership programs, that we believe offer the best risk/return profile, rather than simply seeking a potential gross number of partnership programs.

我們的策略是利用我們的平台和資源來創建一系列新穎、差異化的治療方案，以提供最有希望的回報。因此，我們將資源投入到我們認為能夠提供最佳風險/回報狀況的內部計劃以及各種合作夥伴計劃中，而不是簡單地尋求潛在的合作夥伴計劃總數。

We, of course, continue to see value in adding partner programs with high-quality collaborators. And we will continue to do so, on a selective basis.

當然，我們仍然認為增加與高品質合作者的合作夥伴計劃具有價值。我們將繼續有選擇地這樣做。

Hence, going forward, we do not plan to provide an exact number of expected new partners or partner programs, as a business outlook, as we have in prior years, but rather, plan to provide material updates and guidance on our internal and/or partnered therapeutic programs, when possible.

因此，展望未來，我們不打算像前幾年那樣提供預期新合作夥伴或合作夥伴計劃的確切數量作為業務展望，而是計劃在可能的情況下提供有關我們的內部和/或合作治療計劃的重要更新和指導。

This year, we plan to advance our proprietary internal asset programs, as described by Sean earlier. We also anticipate signing one or more partnerships, including with a large pharma company for a drug creation collaboration; and continue to plan to provide material updates on ongoing partner programs, as they advance through development.

今年，我們計劃推進我們的專有內部資產計劃，正如 Sean 之前所描述的那樣。我們也預計將簽署一項或多項合作協議，包括與一家大型製藥公司進行藥物研發合作；並繼續計劃在合作夥伴計劃不斷發展的過程中提供重要更新。

We will also, very soon, be a clinical-stage biotech company, with ABS-101 expected to enter the clinic, shortly; and ABS-201 accelerating toward first-in-human clinical trials, potentially early next year.

我們很快就會成為一家臨床階段的生物技術公司，ABS-101 預計很快就會進入臨床階段； ABS-201 正在加速進行首次人體臨床試驗，可能在明年年初進行。

And, 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, as early as pre-clinical proof of concept or at much later stages.

需要提醒的是，我們的商業模式專注於對外授權或銷售我們的內部項目和共同開發的項目，遵循價值拐點證明點，早在臨床前概念驗證階段或更晚的階段。

Turning, now, to our financials.

現在來談談我們的財務狀況。

Revenue in the fourth quarter was $0.7 million, as we continue to progress our partnered programs.

隨著我們繼續推進合作項目，第四季的收入為 70 萬美元。

Research and development expenses were $18.4 million for the three months into December 31, 2024, as compared to $12.3 million for the prior year period. This increase was primarily driven by advancement of our internal programs, including direct costs associated with IND-enabling studies for ABS-101 and the increase in stock compensation expense.

截至 2024 年 12 月 31 日的三個月，研發費用為 1,840 萬美元，去年同期為 1,230 萬美元。這一增長主要得益於我們內部專案的進展，包括與 ABS-101 的 IND 支援研究相關的直接成本以及股票薪酬費用的增加。

Selling, general, and administrative expenses were $8.8 million for the three months ending December 31, 2024, as compared to $9.3 million for the prior year period. This decrease was due to lower personnel and other costs, offset by an increase in stock compensation expense.

截至 2024 年 12 月 31 日的三個月，銷售、一般及行政費用為 880 萬美元，而去年同期為 930 萬美元。這一減少是由於人員和其他成本的降低，但被股票薪酬費用的增加所抵消。

For the full-year 2024, our gross use of cash, cash equivalents, and short-term investments, exclusive of partnered program payments, was approximately $72 million, below our outlet of $75 million on a gross basis.

就 2024 年全年而言，我們的現金、現金等價物和短期投資總額（不包括合作計劃付款）約為 7,200 萬美元，低於總額 7,500 萬美元的支出。

Turning to our balance sheet. We ended the year with $112.4 million in cash, cash equivalents, and short-term investments, as compared to $127.1 million, as of September 30, 2024.

轉向我們的資產負債表。截至 2024 年 9 月 30 日，我們的現金、現金等價物和短期投資為 1.124 億美元，而截至 2024 年 9 月 30 日為 1.271 億美元。

In January of this year, we announced a new strategic collaboration with AMD. As part of that collaboration, AMD made a $20 million-dollar equity investment in Absci, purchasing Absci common shares at a price representing an approximate 14% premium to Absci's share price, based on the prior day's market closing price.

今年1月，我們宣布與AMD建立新的策略合作關係。作為合作的一部分，AMD 對 Absci 進行了 2000 萬美元的股權投資，以比 Absci 股價高出約 14% 的價格（基於前一天的市場收盤價）購買了 Absci 普通股。

Further, this year, we have also raised an additional approximately $20 million by utilizing our at-the-market facility. The vast majority of which was raised from two premier mutual funds.

此外，今年我們也利用市場融資工具額外籌集了約 2,000 萬美元。其中絕大部分資金來自兩家頂級共同基金。

This additional approximately $40 million raised, since the end of 2024, enables us to continue investing in our internal programs, including accelerating the development of ABS-201, our anti-PRLR program for the treatment of androgenic alopecia; as well as our co-development programs.

自 2024 年底以來額外籌集的約 4000 萬美元使我們能夠繼續投資於我們的內部項目，包括加速開發 ABS-201，這是我們用於治療雄激素性脫髮的抗 PRLR 項目；以及我們的共同開發計劃。

In sum, we continue to deepen our focus on the high-value proprietary internal programs, as well as high-quality co-development and drug creation partnerships with industry leaders who bring synergistic capabilities.

總之，我們將繼續深化對高價值專有內部專案的關注，以及與具有協同能力的產業領導者建立高品質的共同開發和藥物創造合作夥伴關係。

We believe that this strategic, balanced approach will provide us with the best return for shareholders.

我們相信，這種策略性的、平衡的方法將為股東帶來最佳回報。

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.

根據我們目前的計劃，我們相信我們現有的現金、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。

In all, we are very pleased with the progress we have made over the past year and are confident in our ability to execute across our portfolio of programs, this year and beyond.

總而言之，我們對過去一年的進展感到非常滿意，並對我們今年及以後執行一系列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.

謝謝，扎克。

In closing, we've made tremendous recent progress across our platform and internal pipelines.

最後，我們最近在平台和內部管道方面取得了巨大進展。

New data for ABS-101 reinforces its best-in-class potential. And ABS-201 presents an exciting opportunity to create an entirely new category, addressing a significant market and patient need.

ABS-101 的新數據強化了其一流的潛力。ABS-201 提供了一個令人興奮的機會來創造一個全新的類別，滿足重要的市場和患者需求。

In coming months, we'll reach the milestone of becoming a clinical-stage biotech company, as ABS-101 enters the clinic. As we also advance ABS-201 towards the clinic, we're energized by the potential to bring this innovative product to roughly 80 million people affected in the US.

在接下來的幾個月裡，隨著 ABS-101 進入臨床，我們將達到成為臨床階段生物技術公司的里程碑。隨著我們不斷推進 ABS-201 的臨床研究，我們對於將這項創新產品帶給美國約 8,000 萬受影響人群的潛力充滿信心。

Alongside progress on our internal programs, as Zach mentioned, we anticipate adding one or more new partners, including a large pharma partnership.

正如扎克所提到的，除了我們內部專案的進展之外，我們預計還會增加一個或多個新的合作夥伴，包括一個大型製藥合作夥伴。

Again, these achievements are possible because of our dedicated team of (inaudible), at Absci, who would advance our mission each and every day.

再次強調，這些成就的取得要歸功於 Absci 的專業團隊，他們每天都在推進我們的使命。

Thank you, all. I'll, now, turn the call back to the operator for Q&A. Operator?

謝謝大家。現在，我將把電話轉回給接線員進行問答。操作員？

Kripa Devarakonda, Truist Securities.

Kripa Devarakonda，Truist 證券公司。

Hi. This is [Alex], on for Kripa. Congrats on all the progress. Looking forward to another exciting year with Absci.

你好。我是 [亞歷克斯]，代表 Kripa。祝賀你取得的所有進展。期待與 Absci 一起度過另一個激動人心的一年。

We have a couple of questions on our end. One, for Absci-101, we saw compelling pre-clinical data, last year at your R&D Day. We know, as we wait for the clinical trial to get underway, now; and the phase 1 data, later this year, does Absci plan to conduct additional pre-clinical studies with ABS-101? Would investors get to see that?

我們有幾個問題。首先，對於 Absci-101，我們在去年的研發日看到了令人信服的臨床前數據。我們知道，現在我們正在等待臨床試驗開始；以及第一階段的數據，今年晚些時候，Absci 是否計劃對 ABS-101 進行額外的臨床前研究？投資人會看到這一點嗎？

And, maybe, also, with ABS-201 as well, if there are pre-clinical studies underway and plans to present that in the 2025 timeframe.

而且，如果正在進行臨床前研究併計劃在 2025 年期間展示，ABS-201 可能也是如此。

Thanks.

謝謝。

Yeah. Great question, [Alex]. Christian, do you want to take that?

是的。好問題，[亞歷克斯]。克里斯蒂安，你想接受這個嗎？

Sure. Happy to.

當然。很開心。

Regarding ABS-101, we have disclosed, at R&D Day, a novel pre-clinical data. At J.P. Morgan, we have also disclosed target engagement data in non-human primates for ABS-101.

關於 ABS-101，我們在研發日揭露了一份新的臨床前數據。在摩根大通，我們也揭露了 ABS-101 在非人靈長類動物中的標靶參與數據。

We are essentially wrapping up our IND-enabling work, currently. So we will disclose, at a scientific conference, the full toxicology data. But we are proceeding towards clinical development, as mentioned.

目前，我們基本上正在完成 IND 支援工作。因此，我們將在科學會議上揭露完整的毒理學數據。但正如所提到的，我們正在進行臨床開發。

And, then, for ABS-201, we are in the IND-enabling phase and we will disclose data in the course of this work. Also, preferably at a scientific conference that's upcoming.

然後，對於 ABS-201，我們正處於 IND 啟用階段，我們將在工作過程中揭露資料。此外，最好是在即將召開的科學會議上。

Yeah. Great.

是的。偉大的。

I was just going to say, on ABS-201, we have accelerated our timeline on that. We do plan to be in the clinic in early '26, with a potential interim efficacy readout next year on ABS-201.

我只是想說，關於 ABS-201，我們已經加快了時間表。我們確實計劃在 26 年初進入臨床階段，並於明年對 ABS-201 進行潛在的中期療效讀數。

So we'll have 101 in the clinic later this year, followed by 201.

因此，今年稍後我們將在診所接受 101 名患者治療，隨後是 201 名患者。

Oh. That's great.

哦。那太棒了。

And one more, if I may. I think you said that you're not going to provide the number of new partners, going forward, as some standard practice for the firm, but more material guidance on the internal assets and also the partnered programs.

如果可以的話，我還要再說一句。我想您說過，作為公司的一些標準做法，您不會提供未來新合夥人的數量，而是會提供更多關於內部資產和合作計劃的實質指導。

Any additional color you can provide on the partnered programs? Updates? What that might look like, given that other people might be taking the lead, as part of your contracts, over there? But, obviously, very interested in all that development, for investors and for us.

您能提供有關合作計劃的任何其他資訊嗎？有更新？考慮到其他人可能會在那裡擔任領導，根據你們的合同，情況會是什麼樣子？但顯然，投資者和我們都非常對所有這些發展感興趣。

Yeah. Absolutely. We're really focused on the large pharma partnership. We plan to execute one new large pharma platform deal, this year.

是的。絕對地。我們真正關注的是大型製藥公司的合作關係。我們計劃今年執行一項新的大型製藥平台交易。

And, then, additionally, we are in discussions on ABS-101, on potentially out-licensing that asset.

此外，我們正在討論 ABS-101，以及可能將該資產授權出去。

And so, there, definitely, are going to continue to be transactions. But we really want to be focused in on transactions that can bring in significant upfront payments that can, in a non-dilutive way, extend cash runway. And it also provides really nice validation for the platform and, additionally, allows us to go into other indications that we would not pursue on our own and, really, having us to have a diversified portfolio.

因此，交易肯定會繼續。但我們真正希望集中精力進行那些能帶來大量預付款的交易，以非稀釋的方式延長現金流。它還為平台提供了非常好的驗證，此外，它還使我們能夠探索我們自己不會追求的其他跡象，並真正讓我們擁有多元化的投資組合。

Zach, is there anything else you would like to add, there?

札克，​​您還有什麼要補充的嗎？

Yeah. I'll just add that, going forward, there'll be a much greater focus on providing guidance around our internal programs and the co-dev programs, particularly once they're at a DC stage.

是的。我只想補充一點，展望未來，我們將更加重視為內部計劃和共同開發計劃提供指導，特別是當它們處於 DC 階段時。

As you would imagine, in our drug creation partnerships, disclosure of information on those programs is, sometimes, not as easy because that partner would have to agree to that. But, certainly, for the programs that we're advancing -- and, as you've seen, we've evolved our business models; they have a greater focus on internal programs and, now, adding co-devs in there, as well -- I think gives us quite a bit of guidance to provide around those.

正如您所想的，在我們的藥物研發合作中，揭露這些項目的資訊有時並不容易，因為合作夥伴必須同意這一點。但是，當然，對於我們正在推進的項目——正如你所看到的，我們已經改進了我們的商業模式；他們更加註重內部項目，現在也增加了共同開發者——我認為這為我們提供了相當多的指導。

And so, that'll be our focus, going forward.

所以，這將是我們未來的重點。

Fantastic. Thank you, all.

極好的。謝謝大家。

Arseniy Shabashvili, Guggenheim.

阿爾謝尼·沙巴什維利，古根漢。

Hi. Congrats on all the progress in 2024.

你好。恭喜您在 2024 年取得的所有進步。

We have a question on 201, given the data that you (inaudible), clinically, how are you thinking about the design and end point for the planned phase 1?

我們對 201 有一個問題，鑑於您（聽不清楚）的數據，從臨床上講，您如何考慮計劃中的第 1 階段的設計和終點？

Yeah. That's a great question. I can speak a little bit to the design and hand it over to Christian for the end points.

是的。這是一個很好的問題。我可以稍微談一下設計，然後把它交給克里斯蒂安來完成最後的設計。

The way we're thinking about this, right now, is that we will start with a SAD study that would begin sometime early next year. Followed by a MAD study, where we do plan to power that study, appropriately, to be able to achieve a proof of concept. All that will be beginning next year.

我們現在考慮的是，我們將從明年年初某個時候開始的 SAD 研究開始。接下來是 MAD 研究，我們確實計劃適當地推動這項研究，以便能夠實現概念驗證。這一切將於明年開始。

Christian, do you want to speak to the end points that we're going to be looking at?

克里斯蒂安，你想談談我們將要討論的最終要點嗎？

Yeah. Absolutely. Great question.

是的。絕對地。好問題。

When it comes to androgenic alopecia, there is a number of well-accepted end points described. Importantly, they can all be measured with a very well-established device, the trickle scan device. These end points have also been accepted by regulators.

談到雄性禿，有許多被廣泛接受的終點描述。重要的是，它們都可以使用非常成熟的設備——涓流掃描設備來測量。這些終點也已被監管機構接受。

So this is a non-invasive, computer-assisted optical measurement of hair density, terminal hair count. And it allows us, essentially, to progress this program, very effectively, through clinical development.

這是一種非侵入性的、電腦輔助的毛髮密度和終毛數量的光學測量方法。從本質上講，它使我們能夠透過臨床開發非常有效地推進該計劃。

Thank you. That's very helpful.

謝謝。這非常有幫助。

And, maybe, one more on the large pharma partnership that you're hoping to secure in 2025. Can you share, maybe just on the high level, which therapeutic areas the modalities discussions are focusing on? Maybe, what companies are interested in it? And, maybe, where they recognize your capabilities and your (technical difficulty)?

也許，您還能再問一個關於您希望在 2025 年達成的大型製藥合作關係的問題。您能否從高層次分享治療模式討論的重點是哪些治療領域？也許，有哪些公司對此感興趣？也許，當他們認識你的能力和你的（技術難度）？

Yeah. I would say that the focus is pretty broad, in terms of overall indication. I think some of the focuses are definitely INI in oncology.

是的。我想說，從整體指示來看，重點相當廣泛。我認為腫瘤學中的一些重點肯定是INI。

But I would say, more generally, where the focus lies and what's really driving these platform partnerships is the de novo model's capability that we've been able to show, where we can go after epitopes that have no known binders -- that have been difficult-to-drug in the past -- and being able to ultimately drug those particular epitopes or targets, with our platform.

但我想說，更一般地說，重點所在以及真正推動這些平台合作的是我們能夠展示的從頭模型的能力，我們可以在其中追踪沒有已知結合物的表位 - 過去很難用藥 - 並且能夠最終利用我們的平台對這些特定表位或靶標進行用藥。

I think what we're seeing is that there's a lot of interest in ion channels, like the ones that we're working on with Almirall or various GPCRs, where there's been difficulty drugging these.

我認為我們看到的是，人們對離子通道很感興趣，例如我們正在研究的 Almirall 或各種 GPCR，而對這些通道進行藥物治療一直很困難。

The indications have been pretty broad, in terms of overall interest.

從整體興趣來看，跡象相當廣泛。

Zach, did I miss anything, there? Or do you want to add?

札克，​​我有沒有遺漏什麼？或您想添加嗎？

No. The only one thing I would add, Arseniy, is you can think of the partnerships we're working on or working towards with large pharmas as being multi-target. And, to Sean's point, they could span multiple indications.

不。Arseniy，我唯一想補充的是，你可以認為我們正在與大型製藥公司建立或正在努力建立的合作關係是多目標的。而且，正如肖恩所說，它們可以涵蓋多種適應症。

Thank you.

謝謝。

Vikram Purohit, Morgan Stanley.

摩根士丹利的維克拉姆·普羅希特（Vikram Purohit）。

Hi. Good afternoon. Thanks for taking our questions.

你好。午安.感謝您回答我們的問題。

We have two. First, on 101, we just wanted to revisit expectations for the readout in the second half of the year. I was just curious to see any updated thoughts you might have around the size of the data set, the scope of the data set we'll be receiving? Just your current view on what you would consider a really strong outcome, here.

我們有兩個。首先，關於 101，我們只是想重新審視下半年讀數的期望。我只是好奇，想知道您對資料集的大小、我們將接收的資料集的範圍有什麼最新的想法嗎？這只是您目前對於真正強有力的結果的看法。

And, then, secondly, I think you mentioned that you're working on a bispecific that addresses TL1A, in part. I was just curious on what the next steps there might be? What you think the future for that program could be? Whether that could be something that's eventually partnered alongside 101 or would that be a separate effort you want to hold on to, for a longer time point?

其次，我想您提到您正在研究一種可以部分解決 TL1A 問題的雙特異性抗體。我只是好奇接下來的步驟會是什麼？您認為該計劃的未來會如何？這是否最終會與 101 合作，或者這是否是您想要在更長時間內堅持的單獨努力？

Thanks.

謝謝。

Yeah. Thanks, Vikram. I can answer your second one and hand the first question over to Christian.

是的。謝謝，維克拉姆。我可以回答你的第二個問題，並將第一個問題交給克里斯蒂安。

Regarding the bispecific, we are planning on developing a potential first-in-class T1A bispecific, with TL1A on one arm and, then, a target that has been known but has been difficult-to-drug, in the past. We see this as an exciting potential first-in-class TL1A bispecific but, additionally, developing it out as a monotherapy, as well.

關於雙特異性，我們計劃開發一種潛在的同類首創的 T1A 雙特異性，其中一隻臂上有 TL1A，然後是過去已知但難以用藥的靶點。我們認為這是一種令人興奮的、具有潛力的同類首創 TL1A 雙特異性藥物，但此外，我們也將其開發為單一療法。

We plan to have a lead on that this year and, then, a DC to follow, shortly thereafter. But we do see this as, I think, exciting evolution of the INI pipeline that we're building out.

我們計劃今年在這方面取得領先，然後不久之後才建立 DC。但我認為，我們確實認為這是我們正在建造的 INI 管道令人興奮的演變。

And we do see combo-based therapy, or being able to hit multiple pathways with the bispecific, as a way to really meet some of the unmet needs within the IBD and UC space.

我們確實看到了基於組合的療法，或者能夠利用雙特異性藥物達到多種途徑，是真正滿足 IBD 和 UC 領域內一些未滿足需求的一種方式。

Christian, I'll hand it over to you for anything I missed there, and, then, answering the first question.

克里斯蒂安，我會把我遺漏的任何東西交給你，然後回答第一個問題。

Thank you. Our next question comes from the line.

謝謝。我們的下一個問題來自現場。

(multiple speakers) Sorry.

（多位發言者）抱歉。

Christian, are you there? Alex, did we lose Christian?

克里斯蒂安，你在那裡嗎？亞歷克斯，我們失去克里斯蒂安了嗎？

His line is still (multiple speakers) -- yes, we can hear you, Christian.

他的台詞仍然是（多個演講者）——是的，我們能聽到你的聲音，克里斯蒂安。

Christian, are you still there?

克里斯蒂安，你還在嗎？

Can you hear me?

你聽得到我嗎？

Yeah. We can hear you now.

是的。我們現在可以聽到你的聲音了。

All right. I'm not sure what's going on. I'll try again.

好的。我不確定發生了什麼事。我會再試一次。

With regards to the interim readout, in the second half of this year, for ABS-101, what you can expect to see is something quite similar to what we have disclosed for non-human primates at J.P. Morgan, earlier this year.

關於今年下半年 ABS-101 的中期讀數，您可以預期看到與我們今年稍早在摩根大通揭露的非人靈長類動物數據非常相似的結果。

Essentially, what we'd like to see is a demonstration of sustained elevation of soluble TL1A, in serum, in humans, after a single dose. And we'd like to see that in one cohort, after a single-dose administration.

本質上，我們希望看到的是單劑量給藥後，人體血清中可溶性 TL1A 持續升高的現象。我們希望在單劑量給藥後在一個群體中看到這一點。

That's an important de-risking point. And I will just remind you that the competitor molecules that have claimed prolonged half-life have, to our knowledge, not disclosed target engagement in non-human, primates. Hence, we think we're very well positioned to demonstrate that, not only in non-human primates but also in humans.

這是一個重要的降低風險點。我只想提醒您，據我們所知，那些聲稱具有延長半衰期的競爭分子尚未公開其對非人類靈長類動物的靶向作用。因此，我們認為我們完全有能力證明這一點，不僅在非人類靈長類動物中，而且在人類中也是如此。

Gil Blum, Needham & Company.

吉爾·布魯姆（Gil Blum），Needham & Company。

Good afternoon. Thanks for taking our questions.

午安.感謝您回答我們的問題。

One, relating to the planned pharma partnership, did some of the achievements that you, guys, demonstrated -- binding to the caldera region of HIV -- did that play into your pharma discussions?

第一，關於計劃中的製藥合作夥伴關係，你們所取得的一些成就——與愛滋病毒火山口區域的結合——是否對你們的製藥討論有所影響？

And I have a follow-up.

我還有一個後續問題。

Yes. That case study has been a big driver in the discussions we're having with large pharma, right now. I think it's a really strong illustration of how we can go after these difficult targets that still exist.

是的。這個案例研究對我們目前與大型製藥公司的討論起到了很大的推動作用。我認為這有力地說明了我們如何能夠實現這些仍然存在的困難目標。

And we do believe that that case study is an important piece to the value prop and, ultimately, driving these large pharma partnerships across the finish line.

我們確實相信，該案例研究是價值主張的重要組成部分，並最終推動這些大型製藥合作夥伴關係走向成功。

Big deal.

有什麼大不了的。

This is Zach. I might add to that too, just to contextualize it.

這是札克。我可能也會對此進行補充，只是為了將其具體化。

I think the other thing that we're excited about -- and we've seen resonate with the pharma companies we're dialoguing with us -- is not only the results there but if you look over the history of the burgeoning of our models, you can see the dramatic performance and capability gains, as we go from early versions back in 2022 to where we are today, with the models that can address the caldera epitope, for example.

我認為另一件讓我們感到興奮的事情——我們已經看到與我們正在對話的製藥公司產生了共鳴——不僅是那裡的結果，而且如果你回顧一下我們模型蓬勃發展的歷史，你可以看到性能和能力的顯著提升，從 2022 年的早期版本發展到今天的水平，例如，擁有可以解決 Caldera 表位的模型。

Okay. That's very helpful.

好的。這非常有幫助。

And as it relates to this bispecific lead, you mentioned, for IBD. What kind of dynamic should we imagine, here, with ABS-101?

正如您所提到的，它與 IBD 的雙特異性引線有關。在這裡，我們應該想像 ABS-101 具有什麼樣的動態？

I mean there are other companies in the space that are really taking lead on this combo approach. Is this what we're thinking of, here? Or is this something really completely different?

我的意思是，該領域中還有其他公司確實在這種組合方法上處於領先地位。這就是我們所想的嗎？還是這真的是完全不同的東西？

Thank you.

謝謝。

Yeah. Thanks, Gil.

是的。謝謝，吉爾。

We do see this as different. But, Christian, do you want to, maybe, talk a little bit about the biology and what we're trying to achieve with this particular bispecific?

我們確實認為這是不同的。但是，克里斯蒂安，您是否想談談生物學以及我們試圖透過這種特殊的雙特異性實現什麼目標？

Yeah. Absolutely.

是的。絕對地。

You're, of course, correct that there is a competition that has announced to run combination studies.

當然，您說得對，有一項競賽已經宣布要進行組合研究。

We think, obviously, this is quite interesting. We do think a bispecific can potentially provide additional value that will be more difficult to realize in the clinic, in combination studies.

我們認為，顯然，這很有趣。我們確實認為雙特異性抗體可能提供額外的價值，但這在臨床和聯合研究中將更難實現。

So we haven't disclosed the target we're looking at, specifically. But we do think there is, potentially, a strong synergy between TL1A and the other mechanism.

因此，我們還沒有透露我們具體關注的目標。但我們確實認為 TL1A 和其他機制之間可能存在強大的協同作用。

Yeah. And I will note this is not an IL-23 or an alpha(4)beta(7). This is a novel target, again, that's been difficult-to-drug. And, as a monotherapy, it definitely would be a first-in-class, both as a monotherapy and as a bispecific.

是的。我要指出的是，這不是 IL-23 或 alpha(4)beta(7)。這又是一個新目標，而且很難用藥物治療。而且，作為單一療法，它絕對是一流的，無論是作為單一療法還是作為雙特異性療法。

Great. Very helpful. Thanks for taking our questions.

偉大的。非常有幫助。感謝您回答我們的問題。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Hi. This is [Jackie], on for Brendan. Thanks for taking the questions.

你好。我是 [Jackie]，代替 Brendan。感謝您回答這些問題。

Maybe, just touching back on your HIV program. Could you remind us on how you plan on progressing that program and how that works, under the current partnership structure? And give any additional color on when we might see updates on the progress, regarding that program?

也許，只是回顧一下你的愛滋病計畫。您能否提醒我們，在目前的合作架構下，您計劃如何推進該計劃以及該計劃如何運作？您能否進一步說明何時我們可以看到有關該計劃的進展更新？

Yeah. This is a collaboration that we have with Caltech. It's being funded by the Gates Foundation.

是的。這是我們與加州理工學院的合作。它由蓋茲基金會資助。

And so, we're going to continue to develop this molecule and, at the appropriate time, work with the Gates Foundation on taking this into the clinic, assuming the pre-clinical data looks good.

因此，我們將繼續開發這種分子，並在適當的時候與蓋茲基金會合作，將其帶入臨床，假設臨床前數據看起來很好。

At that point in time, once we start to see some in vivo results, we should be able to come out with a plan on how we plan to develop this, in collaboration with Caltech and the Gates Foundation. So stay tuned.

到那時，一旦我們開始看到一些體內結果，我們就應該能夠與加州理工學院和蓋茲基金會合作制定一項計劃，說明如何開發這項技術。敬請關注。

That's great.

那太棒了。

And, maybe, just swinging over to more of the business side. Can you give us any update on how to look at 2025, particularly around the expected ramp and spend from the study initiations and, maybe, anticipated cash burn rate?

或許，只是轉向更多的商業面。您能否向我們提供有關 2025 年展望的最新信息，特別是有關研究啟動的預期增長和支出，以及預期的現金消耗率？

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

是的。札克，​​我讓你拿著它。

Yeah. Sure. To start off, just to note, we've reiterated our guidance; that we have a balance sheet that'll fund our strategy and operations into the first half of '27.

是的。當然。首先，需要注意的是，我們重申了我們的指導；我們有一份資產負債表，可以為 27 年上半年的策略和營運提供資金。

I think we're very well positioned to advance our phase 1 studies for ABS-101. And, as we mentioned earlier, we'll have an interim readout on that trial in the second half of this year.

我認為我們已做好準備，以推進 ABS-101 的第一階段研究。而且，正如我們之前提到的，我們將在今年下半年公佈該試驗的中期結果。

I think the other point, which Sean mentioned earlier, is we'll be accelerating the development plan for ABS-201. And that is within our budget. The plan there is to be able to initiate first-in-human studies early next year, with the potential for an interim efficacy readout in 2026.

我認為肖恩之前提到的另一點是我們將加快 ABS-201 的開發計劃。這在我們的預算之內。該計劃將於明年初啟動首次人體研究，並有可能在 2026 年獲得中期療效讀數。

So that's all part of our core strategic plan. And I think we're capitalized to achieve that, as well as advance some earlier stage programs that we're working on, today.

這就是我們核心戰略計劃的一部分。我認為我們有足夠的資本來實現這一目標，並推進我們目前正在進行的一些早期專案。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

Debanjana Chatterjee, Jones.

德班賈納·查特吉，瓊斯。

Thanks for taking my question.

感謝您回答我的問題。

Given the recent positive data from Sanofi and Teva's duvakitug in ulcerative colitis colitis, particularly the strong efficacy and low ADA rates in patients, how is Absci positioning its anti-TL1A Absci to compete? To what extent does this raise the bar, in terms of, like, clinical performance or commercial potential?

鑑於賽諾菲和梯瓦的 duvakitug 在潰瘍性結腸炎治療方面近期取得的積極數據，尤其是患者的強大療效和較低的 ADA 率，Absci 如何定位其抗 TL1A Absci 以進行競爭？就臨床表現或商業潛力而言，這在多大程度上提高了標準？

Great question. Christian, do you want to take that?

好問題。克里斯蒂安，你想接受這個嗎？

Yes. Great question. We have, obviously, seen the Sanofi-Teva data. It is, indeed, impressive data.

是的。好問題。顯然，我們已經看到了 Sanofi-Teva 的數據。這確實是令人印象深刻的數據。

However, it was interesting to observe that the inclusion/exclusion criteria in that study was, perhaps, an aspect that makes it a little bit more difficult to compare this study with other data that's out there. In particular, there was a significant share of (technical difficulty) with the patients in (technical difficulty) .

然而，有趣的是，該研究中的納入/排除標準可能使得將該研究與現有的其他數據進行比較變得更加困難。尤其是，患者在（技術難度）。

So that brings the question: to what extent can we expect similar data from other antibodies?

那麼問題來了：我們在多大程度上可以從其他抗體中獲得類似的數據？

The other interesting thing, we believe, with ABS-101, there may be a potential to potentially dose higher than what we've seen with competitors. This is an avenue we are exploring, as well.

另一件有趣的事情是，我們相信，ABS-101 的潛在劑量可能會比競爭對手的劑量更高。這也是我們正在探索的一條途徑。

So it remains to be seen, whether in terms of the efficacy, there is a ceiling effect or whether dosing higher can potentially lead to additional efficacy.

因此，就療效而言，是否存在上限效應，或者更高的劑量是否可能帶來額外的療效，還有待觀察。

Okay. Thanks for that.

好的。謝謝。

Swayampakula Ramakanth, H.C. W..

斯瓦亞姆帕庫拉·拉瑪坎特，H.C.西..

Thank you. This is RK, from H.C. Wainwright. Good afternoon, Sean, and Zach, and Alex.

謝謝。我是 RK，來自 H.C.溫賴特。下午好，肖恩、札克和亞歷克斯。

A lot of my questions on the pipeline have been already asked. But, in the time that you spent generating this pipeline, how much of that data has allowed you to expand the pipeline? Are you able to take it back into your model, into your AI models? Are you able to strengthen it? What sort of benefits are you seeing by developing this kind-of-a last pipeline?

我關於管道的很多問題已經被問過了。但是，在您產生此管道的時間裡，有多少資料可讓您擴展管道？你能將它帶回你的模型、你的 AI 模型嗎？你能加強它嗎？透過開發這種最後的管道，您看到了什麼樣的好處？

And the second part of the question is: from your initial conversations with Merck, way back in 2021, what conversations happen now, when you start working with potential partners? What's the evolution there?

問題的第二部分是：從您 2021 年與默克的初次對話開始，當您開始與潛在合作夥伴合作時，現在進行了哪些對話？那裡有什麼演變？

Yeah. Great question.

是的。好問題。

To answer the first one, RK, we have a lab-in-the-loop process. We're in a six-week time period. We can go from data in our wet lab to training our models to validating that. And that occurs both on, as you mentioned, our own internal pipeline but also in our partnered programs.

為了回答第一個問題，RK，我們有一個實驗室在環流程。我們正處於六週的時間內。我們可以利用濕實驗室中的數據來訓練我們的模型並進行驗證。正如您所說，這既發生在我們自己的內部管道中，也發生在我們的合作項目中。

And so, that lab-in-the-loop process allows us to rapidly iterate on the design and the architectures of our models to continually improve them, as well as being able to feed in new data for training, which is obviously helping us increase the overall accuracy and generalizability of these models.

因此，實驗室在環流程使我們能夠快速迭代模型的設計和架構，以不斷改進它們，同時能夠輸入新資料進行訓練，這顯然有助於我們提高這些模型的整體準確性和通用性。

We've made -- even since two, two-and-a-half years ago, we've made tremendous progress from being able to design the HCDR3 of an antibody to now being able to design an antibody where there was no known binder to difficult and challenging targets, like the caldera region or ion channels.

我們從兩年半前就開始了，取得了巨大的進步，從能夠設計抗體的 HCDR3 到現在能夠設計一種沒有已知結合物的抗體，可以結合困難和具有挑戰性的目標，如火山口區域或離子通道。

We see, again, that lab-in-the-loop process as really key to unlocking our ability to increase the generalizability and accuracy of our models. And that's really the reason why we've been able to achieve what we have, today.

我們再次認識到，實驗室在環過程對於提高模型的通用性和準確性至關重要。這就是我們今天能夠取得成就的真正原因。

Zach, do you want to answer that second question?

札克，​​你想回答第二個問題嗎？

Yeah. Sure. It bridges up exactly what you were describing, Sean.

是的。當然。它完全符合你所描述的內容，肖恩。

RK, our discussions with pharma, right now, are, really, highly centered on the de novo design models that we have and the capabilities that we've advanced, over the last one to two years.

RK，我們目前與製藥公司的討論主要集中在我們擁有的從頭設計模型以及過去一兩年來我們取得的進步。

And so, I think the big value proposition, to Sean's point, is unlocking these targets that haven't been addressable with traditional antibody discovery technologies. And so, that's a real central value proposition that we're actively exploring with pharma, right now.

因此，我認為，正如肖恩所說，最大的價值主張是解開這些傳統抗體發現技術無法解決的目標。所以，這是我們目前正在與製藥公司積極探索的一個真正的核心價值主張。

There are some other interest points, too, around the ability to create novel pharmacology profiles. For example, pH-dependent binding.

圍繞著創建新藥理學概況的能力，還有一些其他的興趣點。例如，pH 依賴性結合。

There's definitely some interest in that aspect of what we're doing. Some of the data we've put out at R&D Day, you can refer to.

人們肯定對我們所做的事情的這個方面感興趣。我們在研發日公佈了一些數據，大家可以參考一下。

But, back to Sean's point, the biggest emphasis, here, and I think the biggest value proposition is being able to use those de novo design models to address these targets, where there's, really, known biology but they just have not been addressable by traditional techniques.

但是，回到肖恩的觀點，這裡最大的重點，我認為最大的價值主張是能夠使用那些從頭設計模型來解決這些目標，這些目標確實存在已知的生物學，但傳統技術無法解決。

Thank you, both, for taking the questions.

謝謝你們回答這些問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

This does conclude the question-and-answer session, as well as today's program.

問答環節以及今天的節目到此結束。

Thank you, ladies and gentlemen, for your participation.

謝謝女士們、先生們的參與。

You may now disconnect. Good day.

您現在可以斷開連線。再會。