The following is a summary of the Absci Corporation (ABSI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Absci reported Q1 2024 revenue was $900,000, predominantly from partnered and internal programs.
R&D expenses totaled $12.2 million, marking a decrease from $12.7 million the same period last year.
Selling, general, and administrative expenses were down to $8.7 million from $9.6 million last year.
Absci completed an underwritten public offering, securing gross proceeds of approximately $86.4 million.
The company closed the quarter with $161.5 million in cash, cash equivalents, and short-term investments.
Business Progress:
Absci is progressing with its hybrid business model, developing internal programs up to key value inflection points before opting for partnership, selling, or out-licensing.
ABS-101, their lead program, yielded positive preclinical data, with Phase 1 studies slated for 2025.
ABS-201 and ABS-301 are in active development, targeting dermatology and immuno-oncology respectively.
Absci plans to harness AI for Antibody Drug Discovery, potentially speeding up the discovery of new targets.
The company continues to emphasize its unique epitope specificity technology as a key advantage in collaborations with major pharmaceutical firms.
Interest has been expressed in ABS-101, but Absci maintains a strategy of seeing it through to Phase 1 clinical studies before exploring potential partnering opportunities.
ABS-201 is anticipated to provide a superior profile based on both efficacy and improved convenience for patients.
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