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- **Strategic Pivot**: ABS-201 prioritized for AGA and endometriosis, with phase I/IIa trial starting in December 2025 and endometriosis phase II in Q4 2026.
- **Financial Strength**: $152.5M cash runway into H1 2028; expect pharma partnerships to enhance capital efficiency.
- **Pipeline Streamlining**: ABS-101 to be partnered; ABS-301/501 pre-clinical collaborations in progress.
- **Mechanism Validation**: Ex-vivo data confirms ABS-201’s ability to drive hair regrowth and reduce stem cell apoptosis.

**【CEO Summary Section】**
- **ABS-101 Update**: Interim phase I results showed extended half-life vs first-gen competitors but fell short of next-gen. Decision made to seek a partner for ABS-101 and halt internal phase II development.
- **ABS-201 Expansion**: 
  - AGA trial (phase I/IIa) to begin in December 2025 with interim readout in H2 2026.
  - New indication in endometriosis with phase II trial planned for Q4 2026, targeting interim readout in H2 2027.
  - Ex-vivo data shows ABS-201 transitions hair follicles to anagen phase and reduces stem cell apoptosis.
- **Pipeline Strategy**: Prioritize ABS-201 for AGA and endometriosis due to multi-billion dollar market potential. ABS-301 and ABS-501 to be partnered pre-clinically.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: 
  - Revenue: $400k
  - R&D Expenses: $19.2M (vs $18M prior year)
  - Cash Reserves: $152.5M (vs $117.5M prior quarter)
- **Funding Outlook**: Current cash sufficient to fund operations into H1 2028. Expect non-dilutive cash inflows from new pharma partnerships.
- **Partnership Progress**: Anticipate signing 1+ drug creation partnerships by year-end, including large pharma collaboration.

**【Q&A Key Highlights】**
- **ABS-101 Partnering**: Discussions ongoing with large/mid-cap pharma for first-in-class indications outside IBD. Data sharing with partners planned in coming weeks.
- **ABS-201 Trial Design**: 
  - AGA trial (phase I/IIa): 227 pts, SAD/SC MAD arms. Efficacy metrics include terminal hair count at 13 weeks.
  - Endometriosis trial (phase II): Leverage AGA safety data. Focus on pain reduction and lesion suppression.
- **Competitive Landscape**: Endometriosis space less crowded than IBD. HMI-115 phase II data de-risked prolactin receptor mechanism.
- **Ex-Vivo Data**: ABS-201 upregulated stem cell markers in human scalp biopsies, validating mechanism in AGA.

Absci Corporation (ABSI) Q3 2025 Earnings Call Transcript

Technology Development

Collaboration

Partner Program Revenue

ABSI

ABSI fundamentals

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