Absci Corp at Goldman Sachs Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So with that, let me maybe start by asking a question about the strategic journey of Absci and the pivot over the years towards AI drug discovery.

Question: Bartosz Ostenda - Goldman Sachs - Analyst : Can you give us a high-level overview of your AI platform and how it differentiates to other AI biotech companies? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 6:00PM, ABSI.OQ - Absci Corp at Goldman Sachs Global Healthcare Conference

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So you mentioned something interesting, which is you're going to design a molecule, you're going to use the in-silico methods, but then you go back to the wet lab to test everything. Where do you think we are on that path of being all wet lab to being wet lab and in-silico. Is it ever going to be all in-silico? And what do you think the future is holding for us in this regard?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So what do you think is, at this point, the biggest challenge for AI drug discovery companies, both from science and computational power perspective or algorithms or otherwise? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 6:00PM, ABSI.OQ - Absci Corp at Goldman Sachs Global Healthcare Conference

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So tell us a little bit more about your data, how differentiated it is, how it contributes to your success. What is the detail that allows you to deliver better performance than anyone else?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : I think that goes well with my next question, which is competition from all the large AI players who have access to infinite amount of capital, of incredible computational power, of all the resources behind them. How do businesses such as yours compete effectively, and what is that competition based on in your case? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 6:00PM, ABSI.OQ - Absci Corp at Goldman Sachs Global Healthcare Conference

Question: Bartosz Ostenda - Goldman Sachs - Analyst : The results that you are getting, and all of you having spent so much time in structural biology and proteomics, does it happen that you get results that are completely surprising to you? I would think very often you're going to get a question and say, well, maybe there is going to be this kind of motif or that kind of motif, this should work, that should work, and then you feed it through your system and you get something completely unexpected?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So as you change your focus a little bit as a company and direction, how has your target business model changed? What is your target business model? Now that you've started to discover, develop your own compounds, and you have pharma collaborations, what is the target here? Are you trying to be like antibody companies couple of years ago? Or what's the goal?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So adopting your lingo, creation of drugs, what is the process for selecting the target? How are you making those decisions and what goes into that?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : When you look at the novel best-in-class, do the existing molecules feed into the algorithm and you're trying to improve on them? Or do you take de novo approach in those situations?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : And how many backup targets do you have to account for what we talked about before, which is the biology that we can't really model?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : You told us about selection of the targets and the programs that you have. What are the key milestones that are ahead of us in terms of those compounds? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 6:00PM, ABSI.OQ - Absci Corp at Goldman Sachs Global Healthcare Conference

Question: Bartosz Ostenda - Goldman Sachs - Analyst : And I see some of the companies that have products that you're going afterwards have maybe inflated or maybe not inflated valuations but significantly different than where you are. I didn't know the story. [While I saw you're presenting, the guys who are working liked it]. Why don't people know about your story? It just seems odd to me because the stories that have similar targets are glorified. You probably know the companies I'm talking about.

Question: Bartosz Ostenda - Goldman Sachs - Analyst : (inaudible - microphone inaccessible) might be toxic to some investors. We think that that's just momentum and whatnot. And then just say we actually developed a target before something where there's another company that really just has an idea that has a $3 billion valuation.

Question: Bartosz Ostenda - Goldman Sachs - Analyst : And I don't know what the messaging is, if whether you -- because to me it's very abstract. Like I said, I sit here and the guys look to me, and I'm looking at Medtronic and United, and then I hear this story and I can't understand why -- if you have a TL1A and the investment community is so excited about it in other places, why (inaudible)?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : The state of in-house drug creation versus having collaborations and having the pharma do a couple of targets, what should be the goal each year?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : So that goes to the question of runway and the funding and balance sheet. So maybe, Zach, you could talk a little bit about that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 6:00PM, ABSI.OQ - Absci Corp at Goldman Sachs Global Healthcare Conference

Question: Bartosz Ostenda - Goldman Sachs - Analyst : In the past, you've pulled trigger on M&A to build your capabilities. How should we be thinking about your capabilities going forward and how it impacts your M&A philosophy?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : (technical difficulty) here for the group in the room or for investors?

Question: Bartosz Ostenda - Goldman Sachs - Analyst : Great. Any other questions from the audience? Well, thank you, both for coming. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 10, 2024 / 6:00PM, ABSI.OQ - Absci Corp at Goldman Sachs Global Healthcare Conference