Absci (ABSI) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic evolution and business model

• Transitioned from a platform technology company to an AI-driven drug creation firm, leveraging generative AI for antibody design and shifting focus from partnerships to developing a proprietary pipeline.

• Strategic roadmap now includes advancing assets to Phase 2 proof of concept before out-licensing, aiming for greater value creation.

• Efficiency gains from the AI platform are reinvested into asset creation, with a focus on differentiated, high-value assets.

• AI is positioned as a tool to unlock value in assets, with the true value residing in the differentiated pipeline.

• Partnerships remain important for diversification and validation, but internal development is prioritized for higher returns.

Technology and competitive advantages

• Proprietary technology enables rapid, large-scale antibody production in E. coli, allowing for millions of unique antibodies to be generated and validated in a single test tube.

• Six-week iterative cycles for AI model training and validation are achieved through this scalable platform, creating a significant moat.

• De novo design models can specify and generate antibodies for hard-to-drug targets, achieving epitope specificity not matched by other technologies.

• Active learning loops and rapid data generation attract top AI talent and accelerate model improvement.

Pipeline highlights and recent milestones

• Lead asset ABS-101 demonstrated extended half-life and potential for quarterly dosing in non-human primate studies, with Phase 1 clinical entry planned for early next year and interim readout in the second half of 2025.

• ABS-201, a derm target, and ABS-301, a novel IO target, will have preclinical data unveiled at R&D Day and J.P. Morgan, respectively.

• Recent AstraZeneca partnership milestone validated the de novo design platform by generating antibodies for a challenging oncology target.

• Four new partnerships are guided for announcement by year-end, with one already disclosed.