Core Insights - Tangram Therapeutics has relaunched as a biotech company focused on RNA interference (RNAi) medicines, aiming to accelerate the discovery and development of innovative treatments [2][6] - The company has introduced LLibra OS, a next-generation AI platform designed to enhance the identification and evaluation of gene targets and siRNA design [4][5] Company Overview - Tangram Therapeutics, formerly known as e-therapeutics, combines computational methods, RNAi technology, and proprietary chemistry to develop medicines more efficiently [2][7] - The company’s lead program, TGM-312, targets metabolic dysfunction-associated steatohepatitis (MASH) and is on track for a Clinical Trial Application (CTA) submission in Q4 2025 [3][7] - Another program, TGM-148, is focused on bleeding disorders, with a regulatory submission planned for mid-2026 [3][7] Technological Advancements - LLibra OS is built on the previous computational platform HepNet and integrates various datasets to identify novel therapeutic targets [4][5] - The platform aims to improve decision-making in the development process, thereby reducing risks and accelerating the timeline for bringing GalOmic medicines to market [5][6] Strategic Vision - The relaunch signifies a strategic shift towards a data-driven approach in RNAi medicine development, leveraging AI and proprietary chemistry to create differentiated treatment options [5][6] - The company emphasizes the importance of making non-obvious connections between diverse information to support the development of first-in-class programs [6]

Summary of Relay Therapeutics FY Conference Call Company Overview - **Company**: Relay Therapeutics (NasdaqGM: RLAY) - **Location**: Boston, Massachusetts - **Financial Position**: Well-capitalized with cash reserves projected to last until 2029 [2] Key Initiatives - **RLY-2608**: A first-in-class, PI3K mutant-selective inhibitor - **Phase 3 Trial**: Initiated for post-CDK4/6 treated metastatic breast cancer patients [2] - **Triplet Combinations**: Ongoing trials with RLY-2608, fulvestrant, ribociclib, and temaciclib for CDK4/6 naive metastatic breast cancer patients [2][3] - **Vascular Malformations**: Exploring RLY-2608 for conditions driven by PI3K alpha mutations, targeting a large unserved population [3] Competitive Landscape - **China's Biotech Innovation**: Acknowledged as a significant factor influencing Relay's R&D and business development strategy, focusing on first-in-class targets due to competitive pressures [4] AI Integration - **AI in Drug Discovery**: AI is viewed as a tool to enhance efficiency in drug discovery, but not as a complete solution. Human involvement remains crucial [5][6] Regulatory Environment - **Regulatory Interactions**: Limited impact from recent regulatory changes, with most interactions occurring in the previous year [7] RLY-2608 Mechanism and Efficacy - **Mechanism of Action**: RLY-2608 is designed to selectively inhibit mutant PI3K alpha, avoiding side effects associated with non-selective inhibitors [8][9] - **Clinical Data**: - **Efficacy**: 39% confirmed objective response rate and 10.3 months median progression-free survival (PFS) in a subset of 52 patients [12][14] - **Safety Profile**: Low rates of high-grade hyperglycemia and other adverse events compared to existing treatments [15][17] Market Opportunity - **Breast Cancer**: Approximately 13,000 PI3K alpha mutated patients in the U.S., with potential to double in the frontline setting, representing a multi-billion dollar total addressable market (TAM) [22][38] - **Vascular Malformations**: Estimated 170,000 patients with PI3KCA mutant-driven disease in the U.S., with significant potential for chronic therapy [45][46] Clinical Trials - **Rediscover 2 Phase 3 Trial**: Enrolling 540 patients, comparing RLY-2608 plus fulvestrant to fulvestrant plus Capivasertib, with primary endpoint of PFS [18][20] - **Vascular Malformations Trial**: Initiated in Q1 2025, focusing on three biologically active doses of RLY-2608 [44] Platform and Technology - **Dynamo® Platform**: Combines computational and experimental approaches to enhance drug discovery efficiency [49][50] - **Anton II Supercomputer**: Previously instrumental in early discoveries, now supplemented by cloud computing capabilities [54] Conclusion - **Future Outlook**: Relay Therapeutics is positioned to leverage its innovative drug development strategies and AI integration to address significant unmet medical needs in oncology and beyond, with RLY-2608 as a key asset in its portfolio [56]

Financial Data and Key Metrics Changes - The company ended Q2 2025 with $2.1 billion in cash and investments, including $250 million from the Royalty Pharma partnership [19] - R&D expenses increased to $224.1 million in 2025 from $134.9 million in 2024, primarily due to clinical trial and manufacturing expenses [20] - G&A expenses rose to $40.6 million in 2025 from $21.7 million in 2024, driven by personnel-related expenses and stock-based compensation [21] - The net loss for 2025 was $247.8 million, compared to $133.2 million in 2024, attributed to higher operating expenses [22] - The projected full-year 2025 GAAP net loss is estimated to be between $1.03 billion and $1.09 billion [23] Business Line Data and Key Metrics Changes - The company has three clinical-stage RasOn inhibitors: TiraxonRasib, Oleuronrasib, and Zoldonrasib, with ongoing trials in pancreatic cancer and non-small cell lung cancer [6][10] - Diraxonrasib received breakthrough therapy designation from the FDA for previously treated metastatic pancreatic cancer with KRAS G12 mutations [7] - Oleuronrasib was granted breakthrough therapy designation for locally advanced or metastatic KRAS G12C non-small cell lung cancer [12] Market Data and Key Metrics Changes - Enrollment for the RESLU-302 Phase 3 trial in pancreatic cancer is progressing well, with expectations to complete enrollment this year [8] - The company is also initiating a first-line metastatic pancreatic cancer registrational trial, with plans to share trial design later this year [9] Company Strategy and Development Direction - The company aims to establish a leading global RAS-targeted franchise for treating RAS addicted cancers, focusing on innovative targeted therapies [17] - A partnership with Royalty Pharma provides $2 billion in committed capital to support clinical development and commercialization plans [18] - The company is preparing to enter clinical development for RMC-5127, a RasOn G12V selective inhibitor, expected to initiate a Phase 1 trial in 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management emphasized the urgency of advancing development for patients with pancreatic cancer due to significant unmet medical needs [7] - The company is confident in its ability to establish new global standards of care for patients with RAS addicted cancers [24] - Management highlighted the importance of safety and tolerability in ongoing assessments to inform study designs for future trials [32] Other Important Information - The company is collaborating with Summit Therapeutics to evaluate combinations of their bispecific antibody with RasOn inhibitors [14] - The collaboration with Iambic aims to enhance drug discovery through AI capabilities, potentially improving lead discovery and optimization processes [16] Q&A Session Summary Question: Enrollment progress for RESLU-302 and chemotherapy combinations - Management indicated that enrollment is progressing well, with a solid position to share data in 2026. Efficacy assessments will inform study design, but safety and tolerability remain primary concerns [29][32] Question: Chemotherapy regimens and data readout in 2026 - Management confirmed that the chemotherapy regimens are within standard practice and that the 2026 data readout refers to the first analysis, which may be interim or final [40][42] Question: Data update for frontline pancreatic cancer trial - Management stated that they are building a sufficient data set to guide decision-making and will share more information as it becomes available [46] Question: RAF upregulation and combination therapies - Management acknowledged RAS amplification as a challenge but emphasized that therapeutic strategies are in place to address it. They also noted that there is no evidence that degraders are superior to inhibitors [60][62] Question: Commercialization readiness and field team build-out - Management confirmed that the US field team is being built out, with a focus on market shaping activities and engagement with oncologists [70][71]

Core Insights - Recursion reported a $7 million milestone achievement with Sanofi, reflecting progress in their partnered discovery programs and overall business momentum [3][4][11] - The company is advancing multiple clinical programs, including REC-1245 and REC-617, targeting various cancer indications and leveraging advanced AI models for drug discovery [3][4][5] Business Highlights - **Partnerships**: Recursion has established collaborations with major pharmaceutical companies such as Sanofi, Roche, Genentech, Bayer, and Merck KGaA, focusing on oncology and immunology [4][10][13] - **Clinical Programs**: The company is actively developing several programs, including REC-1245 (RBM39) and REC-617 (CDK7), with ongoing trials aimed at identifying responsive patient populations [5][8][20] - **Financial Performance**: Total revenue for Q2 2025 was $19.2 million, up from $14.4 million in Q2 2024, while R&D expenses increased significantly to $128.6 million due to new collaborations and operational expansions [20][21] Pipeline Updates - **REC-1245 (RBM39)**: This potential first-in-class oral degrader is currently in a Phase 1/2 trial, targeting tumors with replication stress and DNA repair vulnerabilities [5][8] - **REC-617 (CDK7)**: The company initiated a combination dose escalation trial in platinum-resistant ovarian cancer, showing promising early safety and efficacy signals [8][20] - **Other Programs**: Additional programs like REC-102 for hypophosphatasia and REC-4881 for familial adenomatous polyposis are also in development, with various milestones expected in the coming years [8][20] Financial Position - As of June 30, 2025, Recursion had cash and cash equivalents of $533.8 million, down from $603.0 million at the end of 2024, indicating a strong cash runway into Q4 2027 [11][15] - The net loss for Q2 2025 was $171.9 million, compared to a net loss of $97.5 million in Q2 2024, primarily driven by increased R&D and G&A expenses [20][21]

Company Overview - Absci Corporation is a clinical-stage biopharmaceutical company focused on advancing drug discovery through generative design, aiming to create better biologics for patients more rapidly [3] - The company utilizes its Integrated Drug Creation™ platform, which combines AI models with a synthetic biology data engine, to innovate therapeutics targeting challenging therapeutic areas [3] Upcoming Financial Results - Absci will report its business updates and financial results for the second quarter of 2025 after market close on August 12, 2025 [1] - A conference call will be held at 4:30 p.m. Eastern Time to discuss these results and the company's outlook, with a live webcast available on its investor relations website [2] Product Pipeline - Absci is developing a 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] - The company collaborates with leading pharmaceutical, biotech, tech, and academic institutions to enhance its therapeutic innovations [3]

Core Insights - Recursion has acquired Rallybio's full interest in the ENPP1 inhibitor program (REV102) for treating hypophosphatasia (HPP), a rare genetic disorder [1][2] - The acquisition allows Recursion to accelerate the development of the first potential oral disease-modifying treatment for HPP patients, who currently have limited access to therapies [2][4] - REV102 targets the ENPP1 enzyme, aiming to restore the balance of inorganic pyrophosphate necessary for proper bone mineralization [3][4] Company Overview - Recursion is a clinical stage TechBio company focused on decoding biology to industrialize drug discovery, utilizing an integrated AI/experimental platform known as Recursion OS [8][9] - The company operates one of the most powerful supercomputers globally and conducts millions of wet lab experiments weekly to advance drug discovery [9] Program Details - REV102 is designed to be the first oral disease-modifying therapy for HPP, potentially offering advantages in convenience and safety over existing injectable treatments [5][6] - The program is currently in IND-enabling studies, with Phase 1 clinical trials expected to begin in the second half of 2026 [6] Financial Terms of the Agreement - Under the acquisition agreement, Rallybio will receive $7.5 million in upfront equity, a contingent equity payment of $12.5 million upon the initiation of additional preclinical studies, and a $5 million milestone payment related to Phase 1 clinical study dosing [7] - Rallybio is also eligible for low single-digit royalties on future net sales by Recursion and potential payments in the event of Recursion's sale of the REV102 program [7]

Financial Data and Key Metrics Changes - The company has increased its R&D spending to around 20% of sales, up from approximately 13-14%, indicating a significant investment in future growth [12] - The operating margins remain in the top quartile of the industry, reflecting strong financial health and operational efficiency [13] Business Line Data and Key Metrics Changes - The oncology business has reached a run rate of over $3 billion, contributing more than half of the company's quarterly growth [6] - The company is preparing for multiple upcoming launches in oncology, including Trodelvy for breast cancer, which has shown promising clinical data [10][11] Market Data and Key Metrics Changes - The company is focusing on expanding its HIV treatment options, with lenacapavir for PrEP expected to significantly increase market penetration [49][50] - The company aims to address the approximately 40% of HIV patients who are not virologically suppressed, indicating a substantial market opportunity [46] Company Strategy and Development Direction - The company is diversifying its portfolio beyond HIV, with a focus on oncology and inflammation, aiming to develop innovative treatments in these areas [52] - The strategy includes a commitment to business development and potential acquisitions, targeting mid-single digit billion dollar deals for late-stage assets [60][61] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the pressures facing the biopharma sector, including tariffs and drug pricing reforms, but believes the company's strong portfolio and low patent exposure provide a competitive advantage [20][24] - The management is optimistic about the upcoming launch of lenacapavir, which is expected to change the landscape of HIV prevention [72][76] Other Important Information - The company is committed to maintaining its dividend policy and growing dividends in line with its strong financial base [13] - The management emphasizes the importance of understanding the HIV community and ensuring effective launch strategies for new products [83][84] Q&A Session Summary Question: How does Gilead rank the relative risks from tariffs and drug pricing reforms? - The management believes that the company's strong balance sheet and low patent exposure help mitigate risks associated with tariffs and drug pricing reforms [20][24] Question: What are the key factors for a successful launch of lenacapavir? - Key factors include ensuring payer coverage, provider education, and reaching new patient populations, with expectations of achieving 70-75% payer coverage within six months [84][85] Question: What is the long-term ambition for lenacapavir? - The management sees lenacapavir as a transformative product with the potential for once-a-year dosing, aiming to expand access globally through partnerships with generic manufacturers [73][76]

Financial Data and Key Metrics Changes - The company ended the quarter with $509 million in cash [67] - Cash burn for Q1 2025 was approximately $118 million, excluding partnership inflows and non-cash effects [68] - The company expects a cash runway extending into mid-2027 [69] Business Line Data and Key Metrics Changes - The company is focusing on five clinical and preclinical programs with a higher probability of success, particularly in oncology and rare diseases [12][13] - The pipeline reflects a strategic application of Recursion OS and AI, emphasizing differentiated medicines [12] Market Data and Key Metrics Changes - The company has generated over $450 million from partnerships, including four collaborations with Sanofi [7][69] - The company is actively pursuing new business development opportunities to match operational capacity with partnerships [71] Company Strategy and Development Direction - The company aims to build a learning system, the Recursion operating system, to improve drug discovery and development [2][6] - The focus is on disciplined capital allocation and prioritizing programs that meet high standards of differentiation [30] - The company is committed to leveraging AI throughout the drug development process [76] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macroeconomic environment and emphasizes disciplined decision-making [6] - The company is optimistic about the potential for significant milestones from existing partnerships in the coming quarters [76] Other Important Information - The company has deprioritized three programs (NF2, CCM, and C. Diff) based on clinical data and strategic considerations [13][22][27] - The company is strategically pausing the LSD1 program to assess opportunities for a more differentiated target product profile [21] Q&A Session Summary Question: What burn rate do you anticipate exiting 2025 or entering 2026 with? - The company has not provided specific guidance but targets a budget of $450 million or less for the year, aiming to extend the runway without impacting execution [78][79] Question: When can we see an option on a molecule candidate from one of your partnerships? - The company has already optioned four programs in collaboration with Sanofi and is optimistic about future options moving into partners' pipelines [82] Question: What new levers in the OS are being used to accelerate partnership programs to commercialization? - Management highlighted three areas: enhanced biological insights, improved chemistry and design modeling, and better understanding of patient populations for differentiated target product profiles [83]

Financial Data and Key Metrics Changes - The company ended the quarter with $509 million in cash [67] - Cash burn for Q1 2025 was approximately $118 million, excluding partnership inflows and non-cash effects [68] - The company expects a cash runway extending into mid-2027 based on current operational adjustments and partnerships [69][70] Business Line Data and Key Metrics Changes - The company is focusing on five clinical and preclinical programs with a higher probability of success, particularly in oncology and rare diseases [12][13] - The pipeline reflects a strategic application of Recursion OS and AI, emphasizing differentiated medicines [12][13] - The company has deprioritized three programs: NF2, CCM, and C. Diff, while placing LSD1 on strategic pause [13][22][27] Market Data and Key Metrics Changes - The company has generated over $450 million from partnerships, including four collaborations with Sanofi [7][70] - The partnership with Roche has led to significant advancements in disease context-specific maps, enhancing discovery speed [63] Company Strategy and Development Direction - The company aims to build a learning system that improves drug discovery and development through its Recursion operating system [2][4] - There is a commitment to disciplined capital allocation and prioritizing programs that meet high standards of differentiation [30][65] - The focus is on leveraging AI throughout the drug development process to enhance efficiency and effectiveness [76] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macroeconomic environment and emphasizes the need for disciplined decision-making [6] - The company is optimistic about the potential for significant milestones from existing partnerships and internal programs [75][76] Other Important Information - The company plans to make all clinical data publicly available in peer-reviewed journals following appropriate review [28] - The integration of Recursion and Exensia has strengthened the company's capabilities and pipeline [4][6] Q&A Session Summary Question: What burn rate do you anticipate exiting 2025 or entering 2026 with? - The company has not provided specific guidance but targets a budget of $450 million or less for the year, aiming to extend the runway without impacting execution [78][79] Question: When can we see an option on a molecule candidate from one of your partnerships? - The company has already optioned four programs with Sanofi and is optimistic about future options and potential later-stage transitions into partners' pipelines [82] Question: What new levers in the OS are being used to accelerate partnership programs to commercialization? - The company is enhancing its understanding of biology and patient populations through multimodal data, improving chemistry and design processes, and modeling drug-like properties earlier in development [83]

Core Insights - Recursion reported business updates and financial results for Q1 2025, emphasizing its commitment to advancing medicines in high unmet need areas through a streamlined portfolio strategy [1][3][5] Business Highlights - The company is focusing on high-potential programs to accelerate treatments, leveraging its integrated Recursion OS platform [3][5] - Recursion has deprioritized three clinical programs and one preclinical program after a strategic review, aiming to concentrate resources on programs with the strongest scientific rationale [5][9] - The pipeline includes several candidates in various stages, with REC-4881 showing promising preliminary data in familial adenomatous polyposis [6][8] Financial Results - Total revenue for Q1 2025 was $15 million, a slight increase from $14 million in Q1 2024, primarily due to collaboration agreements [16] - Research and development expenses rose to $130 million in Q1 2025 from $68 million in Q1 2024, driven by agreements with Tempus and the business combination with Exscientia [16] - The net loss for Q1 2025 was $203 million, compared to a net loss of $91.4 million in Q1 2024 [21] Cash Position - As of March 31, 2025, cash and cash equivalents were $509 million, down from $603 million at the end of 2024 [16][24] - The company expects a cash burn of up to $450 million for 2025, with a projected cash runway extending into mid-2027 [21][12] Partnerships and Collaborations - Recursion achieved a milestone in its collaboration with Sanofi, generating $7 million, with potential for over $300 million in additional milestone payments [9] - The partnership with Roche and Genentech continues to yield novel biological insights, with significant data generated from over one trillion iPSC-derived cells [10] Pipeline Updates - The company is advancing a focused set of clinical and preclinical programs in oncology and rare diseases, with several candidates expected to progress through various phases in the coming years [5][8][14] - REC-7735 is targeting PI3Kα H1047R mutant breast cancer, with candidate profiling ongoing and a development candidate expected in 2H25 [8][14]