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

Strategic evolution and business model

• Transitioned from a platform technology company focused on partnerships to developing a proprietary pipeline, aiming to take assets to Phase 2 proof of concept before out-licensing to pharma.

• Strategic shift driven by the realization that greater value is captured by advancing internal assets further before partnering.

• Partnerships with major pharma and tech companies provided initial validation and revenue, but focus is now on internal asset creation and development.

• Efficiency gains from the AI platform are being reinvested into asset development.

• The business model leverages both early-stage partnerships for validation and capital, and late-stage out-licensing for higher value capture.

Technology and competitive differentiation

• Developed a proprietary platform enabling rapid, large-scale generation and validation of antibody designs using E. coli, allowing for six-week iterative cycles.

• De novo design model enables creation of antibodies from scratch, specifying epitope binding for high specificity, validated in both internal and partner programs.

• Ability to interrogate millions of unique antibodies weekly and validate up to three million AI-generated designs in a week.

• Platform delivers on data quality, scalability, and usability, supporting success against difficult targets.

• Active learning loop and rapid iteration attract top AI talent and drive model generalizability.

Pipeline progress and key assets

• Lead asset ABS-101 demonstrated extended half-life (2–3x competitors) in non-human primate studies, with potential for quarterly dosing and subcutaneous administration.

• ABS-101 targets both monomer and trimer forms, potentially improving efficacy and reducing immunogenicity.

• ABS-201 (dermatology) and ABS-301 (immuno-oncology) to be unveiled with preclinical data at R&D Day and J.P. Morgan, respectively.

• Internal pipeline is expanding, with multiple assets leveraging the platform’s capabilities.