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

AI platform and industry outlook

• AI-driven drug discovery is rapidly evolving, with agentic AI enabling autonomous target selection and validation within 1.5–2 years.

• De novo models allow rapid design of drugs for previously undrugged epitopes, accelerating early-stage workflows.

• Asset value is prioritized over SaaS models, with internal pipeline and partnerships driving long-term value.

• Pharma is increasingly investing in internal AI capabilities, shifting toward SaaS and fee-for-service models.

• Agentic AI is seen as transformative, enabling 10x efficiency and faster drug development.

ABS-201 (prolactin receptor antibody) program

• ABS-201 targets androgenic alopecia, addressing a $25B+ U.S. market with high unmet need for durable hair regrowth.

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

• Clinical development includes IV SAD and MAD studies, with interim readouts in H2 and final data early next year.

• Dosing aims for three injections over six months, potentially providing 2–3 years of durability.

• Approval is targeted around 2030, with rapid trial recruitment expected due to high patient demand.

Commercial and strategic approach

• Initial launch will focus on dermatologists, with long-term plans for direct-to-consumer branding.

• Consumerization trends, as seen with GLP-1s, are shaping commercial strategies for aesthetics and preventative care.

• Psychological impacts of hair loss are significant, supporting broad market adoption.

• Brand-building is emphasized to sustain market share beyond exclusivity periods.