Absci Corporation

Absci reported research and development expense of $22.6 million for the three months ended 06/30/2026, up from $20.5 million in the prior-year period. Selling, general and administrative expense was $9.2 million versus $8.5 million a year ago. Cash, cash equivalents, and marketable securities were $201.1 million at 06/30/2026, up from $125.7 million at 03/31/2026. The company said net proceeds from the June underwritten offering were approximately $93.6 million. On ABS-201, management said interim Phase I data showed the drug was well tolerated, with half-life estimated at least 65 days and modeling suggesting more than 90% receptor occupancy with 2 to 3 doses over 6 months. Forward-looking guidance: Absci expects an interim 13-week proof-of-concept readout later this year, full 26-week proof-of-concept data in early 2027, and plans to initiate a Phase II endometriosis study in the fourth quarter of 2026; it also said cash is sufficient to fund the operating plan into the second half of 2028.

Sean McClain emphasized that ABS-201 validates the company’s AI-driven design approach and said the prolactin receptor is an underappreciated mechanism with potential across multiple diseases. He framed the Lilly investment and the $100 million financing as validation and said the company is excited about the platform’s ability to surface new indications through Atlas. His tone was confident and enthusiastic, with repeated emphasis on execution, optionality, and upcoming data readouts.

Zachariah Jonasson said the strategy remains focused on high-ROI programs, especially ABS-201 in pattern hair loss and endometriosis, while also advancing preclinical I&I programs. He cited the $22.6 million R&D expense and $9.2 million SG&A expense, both above the prior-year period, and highlighted the $201.1 million cash balance. He said the June offering added approximately $93.6 million in net proceeds and that the balance sheet supports key catalysts, pipeline progress, and an expanded planned endometriosis trial, with cash sufficient into the second half of 2028.

Analysts focused on the renaming of the lead indication from androgenetic alopecia to pattern hair loss, and management said the change was meant to better reflect the biology and the consumer-facing market, not a change in the underlying indication or market size. Questions also centered on what investors should expect from the 13-week interim readout, with management saying it expects to disclose target area hair count, hair width, darkness, and updated safety/tolerability, but not durability yet. On partnerships and platform output, management said the Lilly deal counts as the major pharma partnership they were targeting, and that future assets will be advanced with commercialization and ROI in mind, with some programs potentially partnered and others kept in-house.