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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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ABSI

ABSI fundamentals

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