Absci (ABSI) Q1 2026 earnings summary

Executive summary

• ABS-201 phase I/IIa trial for androgenetic alopecia is progressing, with all SAD cohorts dosed, favorable emerging safety data, and preliminary PK modeling supporting targeted dosing intervals; key data readouts are expected in Q2 and H2 2026, and full 26-week proof-of-concept data in early 2027.

• ABS-201 is also being developed for endometriosis, with a phase II trial planned for Q4 2026 and proof-of-concept data anticipated in H2 2027.

• ABS-202, a new anti-prolactin receptor antibody for an undisclosed immunology and inflammation indication, has been added to the pipeline and is in preclinical development.

• Oncology programs ABS-301 and ABS-501 have been deprioritized to focus resources on high-ROI programs.

• The company leverages AI-native antibody therapeutics, advancing programs from AI design to IND in about 2 years at roughly $15M per program.

Financial highlights

• Q1 2026 revenue was $0.2 million, down 82% from $1.2 million in Q1 2025, reflecting timing and mix of partnered program milestones.

• Research and development expenses rose to $19.3 million from $16.4 million year-over-year, driven by internal program advancement and clinical development costs for ABS-201.

• SG&A expenses decreased to $9.1 million from $9.5 million year-over-year due to lower personnel costs.

• Net loss for Q1 2026 was $29.6 million, compared to $26.3 million in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $125.7 million as of March 31, 2026, down from $144.3 million at year-end 2025.

Outlook and guidance

• Cash runway is projected to fund operations into the first half of 2028, supporting key clinical milestones and early-stage pipeline progress.

• Preliminary safety and PK data for ABS-201 expected in Q2 2026; interim proof-of-concept data in H2 2026; full 26-week proof-of-concept data in early 2027.

• Phase II endometriosis trial initiation targeted for Q4 2026, pending data and regulatory review.

• Revenue expected to remain volatile due to milestone-based partner payments and timing of new agreements.

• Anticipates signing one or more new partnerships in 2026.