Absci (ABSI) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic outlook and R&D approach

• Leveraging AI and partnerships in China to accelerate hypothesis testing, clinical development, and reduce costs, with a focus on rapid proof-of-concept and scalability for new targets.

• AI platform enables identification of novel targets and efficient execution, with Atlas cited as a co-scientist driving new hypotheses and target selection.

• China is integral for both preclinical and clinical execution, enabling faster, lower-cost trials and industrializing biotech development.

• Policy focus is primarily on FDA developments, with close monitoring of regulatory changes and opportunities for cost and speed advantages.

ABS-201 for pattern hair loss: clinical progress and market potential

• Phase I/II trial interim data showed no serious adverse events and promising half-life, with 13-week efficacy data expected in December and 26-week data in early 2027.

• Consumer research indicates strong demand for a therapy requiring only 2–3 injections over 6 months, with a potential U.S. TAM exceeding $25 billion.

• Efficacy benchmarks are set at 30–35 hairs/cm², with significant market interest even at 20–30; women represent a large, underserved segment.

• Durability and regenerative effects are supported by preclinical and genetic data, with plans to track patients for a year post-treatment.

• Product will be positioned as a premium, cash-pay therapy, with at-home auto-injector delivery and telehealth partnerships envisioned for access.

Competitive landscape and differentiation

• ABS-201 targets a novel mechanism (prolactin receptor antagonism), with genetic and preclinical evidence supporting its role in hair loss.

• Differentiation from standard of care and competitors like Veradermics is based on regenerative potential, durability, and convenience.

• Combination use with existing therapies is anticipated due to high patient demand and dissatisfaction with current options.