Q2 2024 Absci Corp Earnings Call Transcript
Key Points
- Absci Corp (ABSI) announced a new collaboration with Memorial Sloan Kettering Cancer Center to develop up to six therapeutic programs.
- The company reported significant progress on its internal programs, including ABS-101, ABS-201, and ABS-301.
- ABS-101 demonstrated 2x to 3x extended half-life in non-human primate studies compared to antibodies in clinical development.
- ABS-101 showed increased biodistribution in non-human primates, potentially leading to faster therapeutic benefits.
- The company has a robust pipeline and expects to sign partnerships with at least three more partners in 2024.
- Revenue for the second quarter of 2024 was only $1.3 million, indicating limited income from current operations.
- Research and development expenses increased to $15.3 million, up from $12.1 million in the prior year period.
- The company reported a decrease in cash, cash equivalents, and short-term investments from $161.5 million to $145.2 million.
- Selling, general, and administrative expenses remained high at $9.3 million for the quarter.
- The company expects a gross use of cash, cash equivalents, and short-term investments of approximately $80 million for 2024.
Good day and thank you for standing by. Welcome to the Absci second quarter 2024 business update conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Alex Khan, VP, Finance and Investor Relations. Please go ahead.
Thank you. Earlier today, Absci released financial and operating results for the quarter ended June 30, 2024. If you haven't received this news release or if you would like to be added to the company's distribution list, please send the email to [email protected]. An archived webcast of this call will be available for a replay on Absci's Investor Relations website at [email protected] for at least 90 days after this call.
Joining me today are Sean McClain, Absci's Founder and CEO, and Zach Jonasson,
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