Abpro Holdings, Inc. is a biotechnology company focused on developing innovative antibody therapeutics for severe diseases, leveraging proprietary platforms for drug development.

# Abpro Holdings, Inc. Overview

## Company Description
Abpro Holdings, Inc. is a biotechnology company focused on developing next-generation antibody therapeutics designed to improve the lives of patients with severe and life-threatening diseases. The company specializes in immuno-oncology and ophthalmology therapies through its proprietary **DiversImmune®** and **MultiMab™** antibody discovery and engineering platforms.

## Product Focus
1. **Lead Product Candidates**:
   - **ABP-102**: 
     - A tetravalent antibody targeting HER2 and CD3, aimed at treating HER2+ solid tumors.
     - Designed for use against breast and gastric cancers, with an anticipated Phase 1/2 clinical trial initiation in 2026.
     - Achieved an initial milestone payment of $2.0 million from its partner, **Celltrion Inc.**.
   - **ABP-201**: 
     - Targets vascular endothelial growth factor (VEGF) and angiopoietin-2 (ANG-2) to treat ocular diseases, specifically wet age-related macular degeneration (Wet AMD) and diabetic macular edema (DME).
     - Plans to initiate clinical trials in the second half of 2026.

2. **Technological Platforms**:
   - **DiversImmune®**: Rapidly generates a diverse collection of high affinity antibodies.
   - **MultiMab™**: Enables the engineering of novel bi- and multi-specific antibody constructs.

## Financials
- **Number of Employees**: As of the date of this report, Abpro has 6 full-time employees and 9 furloughed employees.
- **Revenue and Income**:
   - The company reported an accumulated deficit of **$116.1 million**.
   - In 2024, the net loss was **$7.2 million**, while in 2023, the net loss was **$11.7 million**.
   - Abpro does not currently generate revenue from product sales, focusing instead on research and development.

## Market and Customer Base
- Abpro targets both the oncology and ophthalmology sectors, where the global markets for these therapeutic areas are significant:
  - The **global HER2+ market** is projected to reach **$12.1 billion by 2030**.
  - The **global ophthalmology market** is expected to grow to **$84 billion by 2030**.

## Competitive Landscape
- The company competes with a wide range of multinational biopharmaceutical companies that have more resources. 
- Key competitors include **Amgen**, **Bristol-Myers Squibb**, **Genentech**, **Regeneron Pharmaceuticals**, and others.

## Conclusion
Abpro Holdings, Inc. is positioned in a competitive and rapidly evolving biotechnology landscape, focusing on promising developments in antibody therapeutics. Despite its current financial losses and reliance on collaborations for funding, the company’s innovative focus on next-generation antibodies and strategic partnerships holds potential for future growth and success in addressing significant medical needs.

Atlantic Coastal Acquisition Corp is a blank check company established to facilitate business combinations, with no current revenue or customers and primarily relying on experienced management for strategic mergers and acquisitions.

## Company Overview

**Business Structure**
- The company is a **blank check company** incorporated in May 2021 as a Delaware corporation.
- Its primary purpose is to effect a **merger, capital stock exchange, asset acquisition, stock purchase**, reorganization, or similar business combination with one or more businesses, referred to as the **initial business combination**.

**History and Development**
- **Initial Public Offering (IPO)**: The company, operating under the name Atlantic Coastal Acquisition Corp (ACAB), consummated its IPO on January 19, 2022, selling **30,000,000 units** for $10.00 per unit, raising gross proceeds of **$300 million**.
- The units consist of **one share of Series A common stock** and **one-half of a public warrant**.
- On January 19, 2022, the underwriters exercised a partial over-allotment option, which generated an additional **$39 million** in gross proceeds.
- The company also raised **$13.85 million** through a private placement of private placement warrants to the sponsor on the same date.

**Financial Position**
- As of December 31, 2023, there was approximately **$7.2 million** in the trust account after a series of redemptions made by public shareholders.
- The company has not yet engaged in any operations and has **generated no revenue to date**. It remains classified as a **"shell company"** under the Exchange Act due to the absence of operations and minimal cash assets.

**Team and Management**
- The company does not have any full-time employees and currently relies on executive officers who are expected to contribute on a part-time basis as needed.
- The management team includes experienced professionals in finance and investment, enhancing the company's capability to identify and execute potential business combinations.

**Market Context**
- The company operates in a competitive environment, with increasing numbers of blank check companies pursuing available business combinations.
- Its strategy emphasizes finding suitable target businesses, but as a newly formed blank check entity, it lacks historical performance metrics for evaluation.

**Customers and Revenue**
- The company currently has **no customers** or generated revenue since it focuses on mergers and acquisitions.
- With plans for future business combinations, the revenue dynamics may change once an acquisition is finalized, and operations begin.

**Challenges Ahead**
- The company will face challenges in quickly securing an initial business combination by the deadline of **September 19, 2024**, as stipulated by its amended and restated certificate of incorporation.
- It must also navigate market volatility, regulatory scrutiny, and competition to successfully complete a business combination.

In summary, the company is built around forming strategic business combinations and, while it holds potential for future growth, it is in the early phases of its operations with no current revenue or significant customer base.

Abpro Holdings, Inc.

10-K / April 15, 2025

10-K / April 1, 2024

10-K / April 15, 2025

Abpro Holdings, Inc. Overview

Company Description

Product Focus

Financials

Market and Customer Base

Competitive Landscape

Conclusion