Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.2 million, reflecting ongoing progress in partner programs [20] - Research and development expenses increased to $16.4 million from $12.2 million in the prior year, driven by advancements in internal programs and increased personnel costs [21] - Selling, general and administrative expenses rose to $9.5 million from $8.7 million in the prior year, primarily due to higher stock compensation expenses [21] - The company ended the quarter with $134 million in cash and short-term investments, up from $112.4 million at the end of 2024 [21][22] Business Line Data and Key Metrics Changes - The company initiated its first in-human clinical trial for ABS 101, marking its transition to a clinical stage biotech [7][19] - ABS 101 is a potential best-in-class anti-CL1A antibody, with a focus on safety, tolerability, pharmacokinetics, and pharmacodynamics in a trial involving approximately 40 healthy adult volunteers [8][9] - ABS 201, targeting androgenetic alopecia, is progressing towards a first-in-human trial expected in early 2026, with promising preclinical data supporting its efficacy [11][13] Market Data and Key Metrics Changes - The market for androgenetic alopecia treatments is significant, affecting approximately 80 million adults in the U.S. alone, with ABS 201 representing a potential new category of therapy [11] - The company is exploring additional indications for ABS 201 beyond androgenetic alopecia, including endometriosis [37] Company Strategy and Development Direction - The company aims to leverage its AI platform to design novel therapeutics that address unmet medical needs, focusing on high-value proprietary internal programs [18][22] - The strategy includes retaining and developing ABS 201 through later stages of clinical development to maximize value [20] - The company is also pursuing partnerships with large pharma companies to enhance its drug creation capabilities [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute across its portfolio, with a strong balance sheet supporting ongoing investments in internal programs [22][24] - The FDA's recent proposals to reduce animal testing align with the company's AI-driven approach to drug development, positioning it favorably in the evolving regulatory landscape [15][16][70] Other Important Information - The company is advancing a bispecific program alongside ABS 101, with details to be shared later for competitive reasons [10] - The company is committed to innovation and improving patient outcomes through its AI-driven drug discovery platform [17][25] Q&A Session Summary Question: What are the expectations for ABS 101's phase one trial results? - Management is looking for a favorable safety profile and target engagement data similar to previous presentations [28][29] Question: Can ABS 201 be self-administered in the future? - Management believes it could be self-administered but will initially work with dermatologists for effective administration [31] Question: How is the market segmentation for ABS 201 being approached? - The company sees potential efficacy across various segments of the androgenetic alopecia population and will evaluate this in clinical trials [35][36] Question: What is the expected dosing strategy for ABS 201 based on NHP data? - The anticipated dosing is every eight to twelve weeks, with a treatment period of six months [41] Question: What is the strategy behind pursuing a novel target for the bispecific antibody? - The company aims to explore a difficult-to-drug target that could provide strong synergy with its existing assets [76][77]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.2 million, reflecting ongoing progress in partner programs [19] - Research and development expenses increased to $16.4 million from $12.2 million in the prior year, driven by advancements in internal programs [19] - Selling, general and administrative expenses rose to $9.5 million from $8.7 million, primarily due to increased stock compensation [20] - Cash, cash equivalents, and short-term investments at the end of the quarter totaled $134 million, up from $112.4 million as of December 31, 2024 [20] Business Line Data and Key Metrics Changes - The company initiated its first in-human clinical trial for ABS 101, marking its transition to a clinical-stage biotech [6] - ABS 201, targeting androgenetic alopecia, is progressing towards a first-in-human trial expected in early 2026 [13] - The company is advancing multiple programs, including ABS 301 and ABS 501, with ongoing preclinical studies [14][42] Market Data and Key Metrics Changes - ABS 201 targets a market of approximately 80 million adults in the U.S. affected by androgenetic alopecia, with potential for significant therapeutic innovation [11] - The company is exploring additional indications for ABS 201, including endometriosis, indicating a broader market strategy [34] Company Strategy and Development Direction - The company aims to leverage its AI platform to design novel therapeutics addressing unmet medical needs, focusing on high-value proprietary internal programs [17] - Plans to retain and develop ABS 201 through later stages of clinical development to maximize value [19] - The company is engaged in discussions with potential partners for drug creation partnerships, anticipating signing agreements with large pharma [16][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute across its portfolio, with a strong balance sheet supporting ongoing investments [21] - The FDA's proposal to reduce animal testing aligns with the company's AI-driven approach to drug development, presenting a favorable regulatory environment [15][67] - Management expects to see enhanced deal terms for future partnerships due to recent clinical successes [61] Other Important Information - The company is committed to leading biotech innovation through AI, aiming to deliver life-changing treatments [16] - Interim results from the ABS 101 trial are expected later in 2025, with a focus on safety and tolerability [8][24] Q&A Session Summary Question: What are the expectations for ABS 101's phase one top line results? - Management is looking for a favorable safety profile, low immunogenicity, and target engagement similar to previous data presented [26][27] Question: Can ABS 201 potentially be self-administered in the future? - Management believes it could be self-administered but will initially work with dermatologists for effective administration [28] Question: How is market segmentation being approached for ABS 201? - The company sees potential efficacy across various segments of the androgenetic alopecia population and will evaluate this in clinical trials [31][33] Question: What is the expected timeline for ABS 301's development candidate? - The company is progressing towards a drug candidate nomination but has not disclosed a specific timeline [42] Question: How does the company view its cost structure in the current market? - The company is focused on leveraging efficiencies from its AI platform to potentially reduce costs and reallocate resources [62]

Financial Performance - Partner program revenue increased to $1,179,000 for the three months ended March 31, 2025, compared to $898,000 in the same period of 2024, representing a growth of approximately 31.2%[21] - The net loss for the three months ended March 31, 2025, was $26,346,000, compared to a net loss of $21,975,000 for the same period in 2024, indicating a year-over-year increase in losses of approximately 19.5%[21] - For the three months ended March 31, 2025, the net loss was $26.346 million, compared to a net loss of $21.975 million for the same period in 2024, representing an increase of approximately 19% in net loss year-over-year[25] - The company reported an operating loss of $27,729,000 for Q1 2025, compared to an operating loss of $23,498,000 in Q1 2024, reflecting a deterioration of about 17.5%[21] - Total operating expenses rose to $28,908,000 in Q1 2025, up from $24,396,000 in Q1 2024, reflecting an increase of about 18.5%[21] - Total stock-based compensation expense for the three months ended March 31, 2025, was $4.943 million, compared to $3.597 million for the same period in 2024, reflecting a 37.5% increase[48] Cash and Assets - Cash and cash equivalents increased to $46,995,000 as of March 31, 2025, from $41,213,000 as of December 31, 2024, showing a growth of about 14.0%[20] - Total assets grew to $232,447,000 as of March 31, 2025, compared to $213,608,000 as of December 31, 2024, marking an increase of approximately 8.8%[20] - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash totaling $64.125 million, down from $76.307 million at the end of the first quarter of 2024, a decrease of about 16%[25] - The company’s investments in short-term investments as of March 31, 2025, were valued at $86.988 million, compared to $71.212 million as of December 31, 2024, representing an increase of approximately 22%[35] - The total stockholders' equity as of March 31, 2025, was $198.796 million, up from $179.133 million as of December 31, 2024, reflecting an increase of approximately 11%[23] Expenses and Liabilities - Research and development expenses for Q1 2025 were $16,364,000, up from $12,236,000 in Q1 2024, indicating a rise of about 33.5%[21] - The company’s accumulated deficit increased to $535,947,000 as of March 31, 2025, compared to $509,601,000 as of December 31, 2024, reflecting a growth in the deficit of approximately 5.2%[20] - The contingent consideration liability related to the acquisition of Totient, Inc. was $12.750 million as of March 31, 2025, unchanged from December 31, 2024[41] - The company has financial commitments of $2.0 million, $4.6 million, $8.3 million, and $2.3 million for the years 2025 through 2028 under its agreement with Oracle Cloud Infrastructure[43] Shareholder Activity - The weighted-average common shares outstanding increased to 124,461,439 in Q1 2025 from 99,393,333 in Q1 2024, representing an increase of approximately 25.3%[21] - The company issued common shares, net of issuance costs, totaling $41.689 million during the three months ended March 31, 2025, compared to $80.827 million for the same period in 2024, indicating a decrease of approximately 48%[25] - The company issued 5,269,192 shares during the three months ended March 31, 2025, generating net proceeds of $21.7 million from its at-the-market offering program[45] - A strategic collaboration with AMD resulted in the sale of 5,714,285 shares for net proceeds of $20.0 million, aimed at optimizing AI drug creation technologies[46] Strategic Focus - The company continues to rely on its Integrated Drug Creation platform for future growth and partnerships, emphasizing the importance of regulatory approvals and market acceptance for its product candidates[11] - The company’s approach to drug creation leverages generative AI and synthetic biology, aiming to enhance the design of antibody therapeutics[27] - The company has collaborative arrangements with several partners, including PrecisionLife and Memorial Sloan Kettering Cancer Center, which involve joint research and development activities[33] Stock Options - As of March 31, 2025, total unrecognized stock-based compensation related to stock options was $28.0 million, expected to be recognized over a remaining weighted average period of 2.3 years[49] - The estimated grant-date fair value of stock options for the three months ended March 31, 2025, was based on a volatility of 90%-92% and a risk-free interest rate of 4.0%-4.4%[50] - The company had 21,758,054 stock options outstanding as of March 31, 2025, with an average exercise price of $3.39 per share[49]

Financial Performance - Revenue for Q1 2025 was $1.2 million, up from $0.9 million in Q1 2024, representing a 33.3% increase[7] - Net loss for Q1 2025 was $26.3 million, compared to a net loss of $22.0 million in Q1 2024, reflecting a 19.1% increase in losses[9] Expenses - Research and development expenses increased to $16.4 million in Q1 2025 from $12.2 million in Q1 2024, a rise of 34.4%[8] - Selling, general, and administrative expenses rose to $9.5 million in Q1 2025 compared to $8.7 million in Q1 2024, an increase of 9.2%[9] Cash and Investments - Cash, cash equivalents, and short-term investments as of March 31, 2025, were $134.0 million, up from $112.4 million as of December 31, 2024[10] - Cash and cash equivalents increased to $46,995,000 in March 2025, compared to $41,213,000 in December 2024, marking a rise of 14.0%[20] Assets and Liabilities - Total assets increased to $232,447,000 in March 2025 from $213,608,000 in December 2024, representing an increase of 8.6%[20] - Current assets rose to $155,978,000 in March 2025, up from $133,831,000 in December 2024, reflecting a growth of 16.5%[20] - Total liabilities decreased slightly to $33,651,000 in March 2025 from $34,475,000 in December 2024, a reduction of 2.4%[20] - Total current liabilities decreased to $27,281,000 in March 2025 from $28,656,000 in December 2024, a decrease of 4.8%[20] Stockholders' Equity - Stockholders' equity increased to $198,796,000 in March 2025, up from $179,133,000 in December 2024, indicating a growth of 11.0%[20] - Additional paid-in capital rose to $734,711,000 in March 2025, up from $688,726,000 in December 2024, an increase of 6.7%[20] Debt - Long-term debt decreased to $2,544,000 in March 2025 from $2,733,000 in December 2024, a decline of 6.9%[20] Clinical Trials and Partnerships - Initiated dosing of participants in the first-in-human study of ABS-101, with interim data expected in the second half of 2025[1] - ABS-201 demonstrated high subcutaneous bioavailability of over 90% in non-human primates, with potential for Q8W-Q12W dosing intervals in humans[3] - Anticipation of Phase 1 clinical trial initiation for ABS-201 in early 2026, with potential interim efficacy readout in the second half of 2026[4] - The company expects to sign one or more drug creation partnerships, including with a large pharmaceutical company, in 2025[12] Study Details - The primary endpoint of the ABS-101 study is safety and tolerability, with approximately 40 healthy adult participants expected to enroll[4] Accumulated Deficit - The accumulated deficit increased to $(535,947,000) in March 2025 from $(509,601,000) in December 2024, reflecting a worsening of 5.2%[20] Accounts Payable - Accounts payable rose to $4,947,000 in March 2025, compared to $3,529,000 in December 2024, an increase of 40.2%[20]

Core Insights - Absci Corporation has initiated dosing of participants in the first-in-human study of ABS-101, an anti-TL1A antibody, with interim data expected in the second half of 2025 [1][5] - The company has released non-human primate data for ABS-201, an anti-PRLR antibody, showing extended half-life and high subcutaneous bioavailability, with Phase 1 initiation anticipated in early 2026 [1][5] - Absci's cash, cash equivalents, and short-term investments are sufficient to fund operations into the first half of 2027 [1][6] Internal Pipeline Updates - The first-in-human study of ABS-101 is a randomized, double-blind, placebo-controlled trial evaluating safety, tolerability, pharmacokinetics, and pharmacodynamics in approximately 40 healthy adult participants [5] - ABS-201 is being developed for androgenetic alopecia, targeting a significant unmet clinical need with a potential patient population of around 80 million in the U.S. [5] - The NHP study for ABS-201 demonstrated a high subcutaneous bioavailability of over 90% and the potential for Q8W-Q12W dosing intervals in humans [5] Financial Results - For Q1 2025, Absci reported revenue of $1.2 million, an increase from $0.9 million in Q1 2024 [7] - Research and development expenses rose to $16.4 million in Q1 2025 from $12.2 million in Q1 2024, driven by advancements in internal programs [8] - The net loss for Q1 2025 was $26.3 million, compared to $22.0 million in Q1 2024 [9] Cash Position - As of March 31, 2025, Absci had cash, cash equivalents, and short-term investments totaling $134.0 million, up from $112.4 million at the end of 2024 [10]

Core Insights - Absci Corporation has transitioned to a clinical-stage biopharmaceutical company with the initiation of Phase 1 trials for ABS-101, the first AI-designed biologic targeting inflammatory bowel disease (IBD) [1][2][3] Group 1: ABS-101 Development - ABS-101 is an investigational anti-TL1A antibody engineered using Absci's generative AI platform, demonstrating high potency and reduced immunogenicity risk, allowing for quarterly subcutaneous dosing [2][4] - The Phase 1 study is randomized, double-blind, and placebo-controlled, enrolling approximately 40 healthy adult participants to evaluate safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) [2][3] - Interim safety, PK/PD, and immunogenicity data for ABS-101 are expected in the second half of 2025 [2][4] Group 2: Pipeline and Future Prospects - In addition to ABS-101, Absci is advancing ABS-201, an anti-prolactin receptor antibody for androgenetic alopecia, with Phase 1 trials anticipated to begin in early 2026 [3][6] - The company emphasizes the potential of its generative AI platform to accelerate the development of innovative therapeutics, aiming to bring better biologics to patients more quickly [3][5] Group 3: Company Overview - Absci utilizes an Integrated Drug Creation™ platform that combines AI models with synthetic biology to design therapeutics targeting challenging medical conditions [5][6] - The company is headquartered in Vancouver, WA, with additional facilities in New York City and Switzerland, and collaborates with various pharmaceutical and biotech partners to enhance its therapeutic pipeline [6]

Company Overview - Absci Corporation is a data-first generative AI drug creation company focused on advancing drug discovery through generative design to create better biologics for patients more quickly [3] - The company utilizes its Integrated Drug Creation™ platform, which combines advanced AI models with a synthetic biology data engine, to rapidly design innovative therapeutics targeting challenging therapeutic areas [3] Upcoming Financial Reporting - Absci will report its business updates and financial results for the first quarter of 2025 after market close on May 13, 2025 [1] - A conference call will be held at 4:30 p.m. Eastern Time to discuss the business developments and financial results, with a live audio webcast available on the company's investor relations website [2] Product Pipeline - Absci is advancing its pipeline of AI-designed therapeutics, including ABS-101, aimed at treating inflammatory bowel disease (IBD), and ABS-201, which targets hair regrowth for androgenetic alopecia [3]

Core Viewpoint - Absci Corporation (NASDAQ: ABSI) has experienced a significant decline in investor confidence, with shares dropping to just above $2, nearing its 52-week low since February 2025 [1] Company Summary - Absci Corporation's stock has seen a notable decrease in value, reflecting a loss of confidence among investors [1]

Core Insights - The pharmaceutical and healthcare sectors are characterized by significant volatility, with companies often facing long periods of unprofitability before achieving success, particularly when new products or clinical trial results emerge [1][2] - Tracking firms that attract investor interest can be beneficial, but caution is advised to avoid entering positions too late [2] Company Summaries Viking Therapeutics Inc. (VKTX) - Viking Therapeutics is gaining attention due to its potential contribution to the GLP-1 weight loss market, with its drug VK2735 completing enrollment for a Phase 2 clinical trial [4][5] - The stock forecast for Viking indicates a potential upside of 271.08%, with a 12-month price target of $95.18, compared to the current price of $25.65 [4] - Initial studies suggest VK2735 may facilitate faster weight loss than existing GLP-1 agonists, and it is being developed in both injectable and oral forms [5] - Despite the promising outlook, shares have declined over 67% in the year leading to March 27, 2025, due to investor impatience regarding the Phase 3 trial [6] Absci Corp. (ABSI) - Absci utilizes AI technology in drug development, with a 12-month stock price forecast indicating a potential upside of 181.48%, targeting $7.60 from a current price of $2.70 [8] - The company has reported significant successes in its drug pipeline, but also rising expenses, with R&D costs increasing by approximately 50% year-over-year, leading to net losses widening to $29 million [9][10] - Cash reserves have decreased to $112.4 million, necessitating careful management as the company seeks to build revenue-generating capacity [10] Elevance Health Inc. (ELV) - Elevance Health is positioned as a defensive play in healthcare, with a 12-month stock price forecast suggesting a 20.37% upside, targeting $519.81 from a current price of $431.84 [11] - The company boasts attractive valuation metrics, including a price-to-sales ratio of 0.55 and a low forward price-to-earnings ratio of 12.7, which may enhance efficiency and margins through AI integration [12] - Despite regulatory uncertainties in the health benefits industry, Elevance's strong market position is expected to provide resilience, with a consensus buy rating from 14 out of 16 analysts [12]

Core Points - U.S. stock futures are higher, with Dow futures up approximately 0.2% [1] - Absci Corporation reported a quarterly loss of 25 cents per share, missing the analyst consensus estimate of 23 cents per share, with sales of $665,000 missing the estimate of $1.778 million [2] Company Performance - Absci Corporation shares fell 9.4% to $2.79 in pre-market trading following the disappointing financial results [2] - Regencell Bioscience Holdings Limited shares dropped 16.1% to $26.50 after a significant increase of 70% the previous day [3] - Turkcell Iletisim Hizmetleri A.S. shares fell 14.8% to $6.43 in pre-market trading [3] - HealthEquity, Inc. shares declined 14.7% to $86.68 after reporting worse-than-expected quarterly earnings [3] - Tonix Pharmaceuticals Holding Corp. shares fell 13% to $17.87 due to weak quarterly sales [3] - Waterdrop Inc. shares declined 6.5% to $1.30 following a 5% drop on Tuesday [3] - Resolute Holdings Management, Inc. shares decreased 4.3% to $34.53 after an 18% dip on Tuesday [3] - Target Hospitality Corp. shares fell 3.8% to $5.63 in pre-market trading [3] - Alpha Technology Group Limited shares dropped 3.2% to $31.47 after a 14% gain on Tuesday [3]