Absci Q2 FY26 earnings call ABSI

Absci released positive interim Phase 1 data for ABS-201, indicating it was well tolerated with a favorable safety and tolerability profile. Interim pharmacokinetic data suggests a half-life of at least 65 days, supporting a potential dosing regimen of 2 to 3 injections over a 6-month period. New modeling indicates that this dosing could achieve greater than 90% receptor occupancy, which is believed to be crucial for meaningful clinical efficacy in hair growth. The multiple ascending dose portion of the study is enrolling as planned, with interim 13-week data expected later this year and full 26-week data in early 2027.

Building on the safety and PK data from the Pattern Hair Loss trial, Absci anticipates initiating a Phase 2 study for ABS-201 in endometriosis in Q4 2026, with a potential proof of concept readout in H2 2027. Eli Lilly has joined the Endometriosis Advisory Board, reflecting shared vision for the prolactin mechanism in women's health. The company sees a significant multi-billion dollar market opportunity for endometriosis, with potential peak sales exceeding $4 billion.

Absci announced a strategic partnership with Eli Lilly, which included a $40 million investment from Lilly. This collaboration is tailored around the clinical development strategy for ABS-201, though Absci retains full rights to the program. The company also completed a $100 million financing round in June, including the Lilly investment, from a group of blue-chip investors. This capital infusion has extended Absci's cash runway into the second half of 2028.

Absci introduced ATLAS, its target-to-lead autonomous science platform, designed to accelerate drug discovery by identifying and validating novel targets. ATLAS integrates literature, genetics, and single-cell sequencing data, feeding directly into the ORIGIN de novo design platform. This integrated approach has already surfaced potential new indications for the prolactin receptor franchise, such as Pattern Hair Loss and endometriosis, demonstrating its capability to create therapeutics with high-throughput efficiency and better 'shots on goal'.

Absci is focusing its strategy on advancing high-value pipeline programs like ABS-201, with an eye towards self-commercialization for suitable assets. The estimated total addressable market for Pattern Hair Loss in the U.S. alone is greater than $25 billion, based on market research. A 26-week increase of 30 to 35 hairs per centimeter squared in target area hair count, comparable to high-dose oral minoxidil, is considered a 'home-run product' and would unlock this market, with further expansion possible for more robust results.

The company clarified its lead indication as 'Pattern Hair Loss' instead of 'androgenetic alopecia' for several reasons. This change better reflects the underlying biology, as prolactin appears to sit upstream of the androgen receptor, and aligns with KOL feedback and consumer understanding. The change in terminology does not alter the target patient population or the estimated market opportunity, which includes 80 million people in the U.S., with 30 million being women.