Absci Corp at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Wonderful. Thank you, Sean. Some macro questions. So with China's rise in biotech innovation, how are you thinking about Absci's competitive position here? And will this influence your R&D and be their strategy?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Wonderful. I am going to ask you this next macro question, but we're asking these questions at all companies. So it's a little circular to ask an AI biotech company, this AI question that as an AI tech enabled by technology company, can you describe the key ways your platform is leveraging AI and thinking about AI's future disruption potential.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Exciting, exciting. What has been the most impact on a sale on the regulatory side, if it's FDA, MFN, tariffs? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 08, 2025 / 7:20PM, ABSI.OQ - Absci Corp at Morgan Stanley Global Healthcare Conference

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Wonderful. I guess on to the platform, you've built a proprietary AI drug discovery development platform. So what differentiates your architecture from other AI drug discovery and development systems?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure. And being at the beginning of that sort of innovation, which is not linear and pace of discovery accelerates and you've got wet lab-in-the-loop. Do you get to a point where you've got enough data points to train a model that you no longer need the wet lab?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure. What are the biggest challenges in designing antibodies, which have historically been undruggable overall challenging to drug targets like ion channels and GPCRs.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure. And what are some of the smart features you've engineered into antibodies so far, such as pH-dependent binding or agonism antagonism?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure, sure. Okay. And maybe just to move away from the platform for a second and start running down the pipeline. So on 101, what are the key objectives for the upcoming Phase 1 interim healthy volunteer data with the readout is expected, I believe, in 2025 for your Tier 1 asset.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure. Thank you. And I guess still on 101, compare it to other TL1A antibodies in terms of potency, durability and patient convenience or what are you hoping to achieve there?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : And can you describe your progress in partnership discussions and what you believe may be the value inflection points of the program, where do you foresee partnering to be optimal?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Moving on to 201 in androgenetic alopecia. So what makes 201 compelling molecule for the treatment of that disease.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Right? So with the molecule, we've got greater receptor occupancy and less frequent dosing with your platform, why couldn't you have done that with a human designing the molecule? What is your platform enabled you to do to come up with that molecule?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : And maybe just to talk about the market opportunity. We wrote something on this very recently. And what do you think the market opportunity is.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Wonderful. Wonderful. On the additional pipeline programs. Can you provide an update on earlier-stage programs like 301 and 501. What are the next steps for these programs.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Wonderful. Is it the way to view your business over the longer term. You've got some proprietary pipeline programs ongoing. And for you, it's more about sort of validating molecules to get into the clinic, and then maybe the preference is over the long term, that's where it stops for you and then it's milestones and royalty from that point. But really, what you see your machine as is something that you essentially out-licensed to the pharma where they will approach you to optimize molecules for them?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : And can you remind us the status of your partnership with Almirall and what are the next steps for the bispecific ion channel program?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure. You've mentioned a potential large pharma partnership this year. What are the key attributes you look for in the partner.

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Got you. Got you. And how do you think about solvency of data? So if you're partnering with a big pharma and you generate some insights at a molecule into the clinic. How do you separate the ownership of the data?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Sure. Wonderful it. With recent capital raises runway into 2028, how are you allocating resources across the various programs?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : And how do you assess capacity for additional partnerships while scaling internal development?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Fantastic. We're almost out of time. But with that said, is there any question I didn't ask that I should have or any message that you'd like to leave investors with?

Question: Sean Laaman - Morgan Stanley Australia Ltd. - Analyst : Wonderful. Well, we're perfectly out of time. So thank you, Sean. Thank you, Zach. I appreciate you attending today.