Absci Corp at UBS Global Healthcare Conference Transcript

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

Question: Ashwani Verma - UBS Group AG - Analyst : Great. Excellent. So I guess -- so sort of synthetic biology routes and now AI was not a thing when Absci started, I know that I think now more sort of a resurgence of this like just where do you think the platform going over the next few years? I think this is sort of like an interesting approach, and a lot of problems can be solved to your point around just like finding like the right optimal molecules, like where do you think is the most value creation that can happen?

Question: Ashwani Verma - UBS Group AG - Analyst : So just a couple of questions based on what you mentioned, like I want to follow up. One is that, yes, I know that there are a few other companies that are -- that have like these AI models that are trying to come up with some innovative molecules using different models. Like what makes you believe that your model and your approach is better than the others in the industry that are doing the same thing? And effectively, like is there -- I don't know if there's a like-for-like comparison that can be done on truly identifying like what's the best approach here in terms of R&D find? Like either at like any state like discovery lead optimization or sort of some of the other steps?

Question: Ashwani Verma - UBS Group AG - Analyst : Excellent. That's great. Yes, I want to talk about like the pipeline that you have and a bunch of partnerships that you have announced. Just before we go there. I guess the other question on what you mentioned. So I think this idea of like trying to identify the data, right, for all the molecules that is publicly available and identifying like the right characteristics for -- and then you try to apply AI to it. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2024 / 3:15PM, ABSI.OQ - Absci Corp at UBS Global Healthcare Conference I think the one challenge that I've heard from other companies would love to get to your perspective is that there's not a lot of like negative data available, like for programs that have failed, right, like there is very limited information available. For the successful products like companies like obviously disclose all the information. So is there -- does that become a limitation in a certain way that you don't have like access to what might have caused something to fail and you're only looking at like a positive bias on what has worked effectively?

Question: Ashwani Verma - UBS Group AG - Analyst : Yes. Okay. That's perfect. So yes, let's just talk about the partnerships that you have had like over the years, several partnerships. I guess like what has driven that? Is it like more sort of like incoming inquiries to you? Or do you -- have you been active like trying to reach out these big pharma? And just related to that, sort of like what is the commercial model effectively from these partnerships, when do you start to see some like revenue generation happening?

Question: Ashwani Verma - UBS Group AG - Analyst : Okay. So for these partnerships, right, that you have with big pharma or some of these like 3 players that you mentioned, I'm assuming they have their own internal capabilities like when they are reaching out to you or striking a partnership with them, the idea that -- is it like exclusive to certain know-how that you might have that they wouldn't or is it more of like sort of complementing each other's skill set to try to best solve the problem?

Question: Ashwani Verma - UBS Group AG - Analyst : So some of the things that you mentioned, right, like data generation or screening capabilities and like rapid cycle times, like what is sort of the advantage of that from a competitive standpoint, like what can you solve for that others cannot?

Question: Ashwani Verma - UBS Group AG - Analyst : So when you like started to develop your own molecules. I think that's an interesting pivot. Like was that always a plan from a strategy perspective? Or did you sort of realize along the way that you're already testing some of these molecules, might as well start to develop them in-house? And it's sort of like a two-pronged approach now, right, as I understand it, that you're sort of like doing R&D to a certain extent. So what drove that? And how does the platform evolve from here?

Question: Ashwani Verma - UBS Group AG - Analyst : So the idea of this sort of like developing your own proprietary pipeline, right? Like it would always come from your own AI engine and just like sort of like optimal molecule that you would have identified that others might not be pursuing, let's say, in the right way and you're trying to extract the best out of it. Is that a fair synopsis?

Question: Ashwani Verma - UBS Group AG - Analyst : Okay. Perfect. So yes, I mean I wanted to talk about TL1A, like I was explaining to you is sort of like a topic near and dear to my heart. There's a lot going on. This is quite a big of a few different big catalysts coming up in this space. Just wanted to understand like how you're approaching this program? What do you think is the differentiation that you have there are, a few different competitors out there? Like ultimately, what makes you -- what gives you conviction that you have like the right best molecule?

Question: Ashwani Verma - UBS Group AG - Analyst : And so just as a reminder, so where are you in the sort of like the development process, like when do you start to do some clinical trials in it?

Question: Ashwani Verma - UBS Group AG - Analyst : Healthy volunteer study? And like do you ultimately -- I know several companies have talked about this that, like how much of a utilities and like ulcerative colitis versus Crohn, there are a few different other indications where you might start to see value. Like do you have your mind set on like where you might ultimately pursue it? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2024 / 3:15PM, ABSI.OQ - Absci Corp at UBS Global Healthcare Conference

Question: Ashwani Verma - UBS Group AG - Analyst : Got it. Okay. So as you think about like the ADA differentiation point that you were talking about, like in clinical trial setting, that's the type of thing that can take a while to prove sort of more the antibodies are forming or not sort of like more -- like even just like beyond like the short-term induction studies that you start to see the value of it. Is that a fair assessment, like would get to know that maybe in like a Phase II long-term follow-up or some OLE studies?

Question: Ashwani Verma - UBS Group AG - Analyst : Yes. I think there is definitely like a lot of focus on this and big market opportunity just with IBD being just like $30 billion, and you're talking about fibrotic indications as well, which can be another set of is one thing. You do have like a few competitors in this space, like so yes, with the Teva Sanofi and like this Roivant molecule, and then Merck Inspire is another one, right? And I guess the different companies have talked about like different level of like in vitro strength and like rationale for why they think that the molecule is differentiated. Like do you think ultimately like these type of things would matter? Like if you -- if I've heard some arguments around like not going -- keeping the decoy receptor free and like this DR3 versus DCR3 selectivity? Or if you think about like pre-TL1A being available for a certain period of time? Just -- what would like these type of attributes mean for the profile of the drug? And if you believe that some of these hypotheses are correct, what people are pursuing.

Question: Ashwani Verma - UBS Group AG - Analyst : So try to identify some sort of like hyper responders sort of like the Prometheus approach, but then like more of a monomer selective patient population, is that...

Question: Ashwani Verma - UBS Group AG - Analyst : Okay. All right. That's great. So yes, I wanted to just like ask about the other proprietary molecules that you are working on, just anything that you can share?

Question: Ashwani Verma - UBS Group AG - Analyst : I see. Got it. So I think you're going into a few different spaces there, like the IO you mentioned right. So this is sort of like -- is there any sort of thinking behind like trying to focus on like different therapy areas, really, you're trying to go wherever the opportunities or ultimately, like do you think that it would boil down to like trying to focus on one therapeutic area?

Question: Ashwani Verma - UBS Group AG - Analyst : Got it. Okay. That's great. So yes, you recently just like announced the third quarter earnings as well. Just like if you can comment on the financial position of the company? Like how do you see your cash used in the coming year and beyond?

Question: Ashwani Verma - UBS Group AG - Analyst : Right. And does this include like the milestones that you might be getting from these partnerships?

Question: Ashwani Verma - UBS Group AG - Analyst : Got it. Okay. That's great. All right. So just to close, if you can just like highlight a few different catalysts that are coming up for the story in the next 6 to 12 months and beyond that, that would be great.

Question: Ashwani Verma - UBS Group AG - Analyst : Great. All right. Thank you so much for this very insightful session. Good luck with all these different milestones that you have coming up in the business. And yes, I'm looking forward to staying in touch. Thanks for coming to our conference.