Absci Corporation Q3 FY2025 earnings call

• Pipeline updates: Interim phase one results for ABS-101 showed extended half-life vs first-gen anti-TL1A competitors, no ADA impact on PK, favorable safety profile; ABS-201 development accelerated for androgenetic alopecia (phase 1/2a trial in Dec 2025, interim POC in 2026) and expanded to endometriosis (phase 2 POC trial in 2026). ABS-301 and ABS-501 are potential partner programs. - Clinical updates: ABS-101 phase one trial on track to complete in 2026; ABS-201 phase 1/2a trial for AGA to start in Dec 2025, ex vivo data supports mechanism; ABS-201 in endometriosis with phase 2 POC trial in 2026. - KOL additions: Doctors Rod Sinclair and David Goldberg joined ABS-201 KOL advisory board. - Financials: Cash position $152.5M, sufficient to fund operations into 2028, anticipating drug creation partnerships by year-end.

Revenue in the third quarter was $400,000. Research and development expenses were $19.2 million for the three months ended 09/30/2025, compared to $18 million for the prior year period. Selling, general, and administrative expenses were $8.4 million for the three months ended 09/30/2025, compared to $9.3 million for the prior year period. Cash, cash equivalents, and marketable securities as of 09/30/2025 were $152.5 million.

• Anticipate signing one or more drug creation partnerships, including with large pharma by year-end. - ABS-201 phase 1/2a trial in AGA starts in Dec 2025, interim POC in 2026; ABS-201 phase 2 POC trial in endometriosis in 2026, interim readout in 2027. - Cash position sufficient to fund operations into 2028, with potential for additional cash inflows from partnerships.

• Forward-looking statements involve material risks and uncertainties; actual results may differ from projections. - Uncertainty around partnership negotiations and clinical trial outcomes. - Competition in the biopharmaceutical space.

Q: Vamil Divan asked about details on ABS-101 trial and endometriosis trial design.

A: Sean and Zach responded about ABS-101 trial half-life, endometriosis trial design and derisked mechanism.

Q: Brendan Smith inquired about ABS-101 partner feedback and 201 market segmentation.

A: Sean and Zach discussed partner feedback timeline and endometriosis trial enrollment considerations.

Q: Shen LeMun asked about confidence in partnering ABS-101 and 201 trial recruitment.

A: Sean and Zach talked about partner engagement and AGA trial recruitment confidence.

Q: Gil Blum questioned TL1A asset features and endometriosis trial dosing.

A: Zach and Sean addressed TL1A asset profile and endometriosis trial subcu dosing plan.

Q: Ryan Chang asked about timing of endometriosis trial start and read-through from alopecia data.

A: Sean responded that endometriosis trial will proceed assuming phase one SAD data is good.

Q: Devin Deckert asked about ex vivo results for 201 and potential additional indications.

A: Sean and Zach discussed positive ex vivo results and potential future indications for 201.

Q: Kripa Devarakonda inquired about endometriosis patient targeting and hurdles in the space.

A: Zach and Andreas addressed endometriosis patient targeting and hurdles related to GnRH therapy side effects.