Absci (ABSI) TD Cowen 46th Annual Health Care Conference summary

AI platform and industry outlook

• Rapid advances in agentic AI are enabling autonomous drug discovery workflows, including novel target selection and validation, expected to mature within 1.5–2 years.

• Differentiation will come from clinical assets and the ability to unlock new biology, not just platform technology.

• SaaS-only business models are seen as less sustainable due to rapid model commoditization; value is in asset creation.

• Pharma is increasingly investing in internal AI capabilities and SaaS, but external partnerships remain for unique assets.

• Agentic AI is expected to drive a step-change in efficiency and scale for drug discovery.

ABS-201 (prolactin receptor antibody) program

• ABS-201 targets androgenic alopecia, with a U.S. market opportunity estimated above $25 billion and 80–90 million addressable patients.

• Preclinical data show durable hair regrowth in animal models and rapid stem cell activation in human ex vivo samples.

• Development costs are expected to be under $100 million, with rapid trial recruitment and potential approval around 2030.

• The therapy could expand the market by attracting both current and new patients, with potential for combination use with standard of care.

• Dosing is expected to be every two months, with three doses providing 6 months of exposure and possible durability for 2–3 years.

Clinical development and timelines

• Phase 1 SAD and MAD studies are ongoing, with interim readouts in the second half of the year and final 26-week data early next year.

• Registrational studies are planned for the U.S. and Europe, with efficient recruitment anticipated.

• Durability will be followed for at least a year post-treatment, though not initially on the label.

• Phase 2 for endometriosis is planned to start in Q4 this year, leveraging safety data from the AGA program.