Absci (ABSI) Q4 2025 earnings summary

Executive summary

• ABS-201 advanced in clinical development for androgenetic alopecia (AGA) and endometriosis, with first three SAD cohorts dosed and favorable emerging safety data reported in Phase 1/2a studies.

• Unveiled ex vivo data showing ABS-201 stimulates hair growth and regenerates follicle stem cell niche.

• Expanded pipeline into endometriosis, a large unmet need, and published first de novo full-length antibody design with zero prior epitopes.

• Appointed Dr. Ransi Somaratne as Chief Medical Officer to lead clinical strategy and execution.

• Strategic focus on underexplored targets in large markets, leveraging AI-driven antibody design to accelerate R&D timelines and reduce costs.

Financial highlights

• Q4 2025 revenue was $700,000, flat year-over-year; full year 2025 revenue was $2.8 million, down from $4.5 million in 2024.

• R&D expenses rose to $25.3 million in Q4 2025 from $18.4 million year-over-year, and $81.4 million for the year (from $63.9 million).

• SG&A expenses were $8.6 million, slightly down from $8.8 million in the prior year period.

• Q4 2025 net loss was $29.6 million, compared to $29.0 million in Q4 2024; full year 2025 net loss was $115.2 million, up from $103.1 million in 2024.

• Cash, equivalents, and marketable securities totaled $144.3 million as of December 31, 2025, expected to fund operations into H1 2028.

Outlook and guidance

• Preliminary safety, tolerability, and PK data for ABS-201 expected in H1 2026; 13-week interim proof-of-concept data in H2 2026; full 26-week data in early 2027.

• Phase II trial in endometriosis planned for Q4 2026, with interim proof-of-concept readout in H2 2027.

• Cash runway projected into the first half of 2028 based on current plans.

• Focused on generating additional non-dilutive cash inflows through asset transactions and new platform collaborations.

• Anticipates signing new drug creation partnerships, including with a large pharma company, in 2026.