Absci Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $0.3 million, a decrease from $0.4 million in the same period in 2025.
• Research and development expenses were $23.6 million for the quarter ended September 30, 2026, compared to $19.2 million in the prior year period, driven by advancement of internal programs including ABS-201.
• Selling, general, and administrative expenses were $9.0 million for the quarter ended September 30, 2026, compared to $8.4 million in the prior year period, primarily due to stock-based compensation.
• Net loss was $33.3 million for the three months ended September 30, 2026, compared to $28.7 million in the same period in 2025.
• Cash, cash equivalents, and marketable securities totaled $173.7 million as of September 30, 2026, down from $201.1 million as of June 30, 2026.
• Long-term debt was $0.1 million as of September 30, 2026, compared to $0.9 million as of December 31, 2025.
• Deferred revenue was $1.1 million as of September 30, 2026, compared to $1.2 million ($0.7 million current, $0.4 million long-term) as of December 31, 2025.

Guidance and Future Outlook:

• Absci anticipates reporting 13-week interim proof-of-concept data for the HEADLINE trial of ABS-201 in pattern hair loss in December 2026.
• Full 26-week proof-of-concept data for the HEADLINE trial is anticipated in early 2027.
• The company anticipates initiation of the Phase 2 STORYLINE trial for ABS-201 in endometriosis in mid-2027.
• Based on current projections, Absci believes its cash, cash equivalents, and marketable securities will be sufficient to fund operating plans into the second half of 2028.

Business Segments and Product Lines:

• ABS-201 for Pattern Hair Loss (PHL): Currently in Phase 1/2a studies (HEADLINE trial); positive interim Phase 1 data showed favorable safety and an estimated half-life of at least 65 days, supporting a dosing interval of two or three injections over six months.
• ABS-201 for Endometriosis: A novel non-sex steroid hormone mechanism with potential to be disease-modifying; the planned Phase 2 STORYLINE trial is a double-blind, randomized, placebo-controlled study assessing efficacy and safety in approximately 150 patients across 10 or more countries.
• ABS-202: An anti-PRLR antibody in preclinical development for an undisclosed inflammatory and infectious (I&I) indication.
• Commercial Infrastructure: Appointed Gerry Muhle, former Galderma executive, as Chief Commercial Officer to support commercial infrastructure for ABS-201 and future programs.

Market and Competitive Landscape:

• Endometriosis affects up to 10% of women worldwide, including an estimated 9 million women in the U.S., with no FDA-approved disease-modifying therapy currently available.
• ABS-201 for endometriosis targets significant unmet medical need and poor standard of care.
• ABS-201 for PHL aims to provide a new category of treatment offering durable hair growth with a convenient administration profile.

Risks and Challenges:

• Forward-looking statements regarding ABS-201 and other pipeline programs are subject to risks and uncertainties, including the conduct and timing of clinical trials and potential advancement to Phase 3.
• Actual results may differ materially from forward-looking statements due to risks and uncertainties discussed in the company's Form 10-K and subsequent SEC filings.
• Risks include the uncertain nature of the ATLAS platform and other platform technologies, as well as the market opportunity and commercial prospects for ABS-201.

Management Commentary and Tone:

• CEO Sean McClain expressed excitement about the upcoming proof-of-concept data for ABS-201, highlighting the potential to demonstrate durable hair regrowth.
• Management noted the company is building commercial infrastructure to support ABS-201 and future programs, citing the appointment of Gerry Muhle as a strategic move to position the pipeline for success.

Other Key Points:

• The company continues to advance drug creation partnered programs and is engaged in partnering discussions for other internal programs at various stages of development.
• Recent presentations and abstracts were accepted for the Third Barcelona Hair Meeting 2026, the American Society for Reproductive Medicine (ASRM) 2026, and the New Frontiers in Cosmetic Medicine & Medical Dermatology Symposium 2026.
• Absci utilizes an Integrated Drug Creation platform combining AI models with a synthetic biology data engine to design innovative therapeutics.