BigBio.ai Signal Report

Absci Corporation

NASDAQ: ABSI · Absci Corporation, generative-AI biologic discovery platform plus clinical pipeline (ABS-101 anti-TL1A — outlicensing; ABS-201 anti-PRLR — sole internally advancing asset) · April 27, 2026

Absci trades at enterprise value ~$256-306M for a generative-AI antibody platform with twelve months of clinical-stage history, a former lead asset (ABS-101) handed to the outlicensing desk five months after dosing — and the analyst class reading its half-life data as below next-generation comparators — and one internally advancing asset (ABS-201) that enters PRLR second behind Hope Medicine's Bayer-derived HMI-115, already Phase 3-registered in endometriosis (NCT07318688, n=540).

1. Verdict

Monitor, do not commit. Absci has crossed into clinical stage with one internally advancing asset (ABS-201, anti-PRLR for AGA and endometriosis) after handing its former lead (ABS-101, anti-TL1A) to the outlicensing desk five months after dosing. The platform story remains unreviewed. The clinical story is twelve months old. The competitive story places ABS-201 second in class behind a Bayer-derived program already running Phase 3 endometriosis. The capital story compounds: $144.3M cash funds operations into H1 2028 only if Absci keeps drawing the ATM; pure cash exhausts by mid-2027 ¹.

Insiders bought $1,017,348.40 across six trades over the trailing twelve months and made zero discretionary sales ²³. Director Sir Mene Pangalos bought $460,548 and retiring CIO Andreas Busch bought $381,000; the McClain and Jonasson 2026-02-02 dispositions are RSU tax withholdings per Form 4 Note 1, not sales ³. Pangalos joined the board in January 2024, one month after he negotiated the December 2023 AstraZeneca deal as AZ EVP of BioPharma R&D ⁴⁵; his open-market commitment reads as conviction, not relationship maintenance.
ABS-201 is second-in-class. Hope Medicine's HMI-115 (Bayer-licensed 2019) precedes ABS-201 in both target indications: a Lancet-published Phase 2 endometriosis trial (NCT05101317, n=142), a completed Phase 2 male AGA trial (NCT06118866, n=192), and a Phase 3 endometriosis trial registered 2025-12-29 (NCT07318688, n=540) ⁶. Absci's mechanism-priority framing fails the public record.
ABS-101 interim PK was unfavorable, not favorable. Absci framed the November 2025 readout as "extended half-life as compared to first-generation TL1A antibodies" ⁷ but disclosed no numeric half-life and named no comparator. Morgan Stanley read the same data as "trailed next-generation competitors" on January 8, 2026, cut its price target from $5.80 to $4.32, removed ABS-101 from its model, and replaced it with ABS-201 at 25% probability of success and $400M peak risk-adjusted sales ⁸⁹¹⁰. Absci announced the deprioritization on 2025-11-12 16:05 ET, six days after the interim readout ¹¹.
The capital position is tighter than guidance suggests. Cash plus marketable securities reached $144.3M on 2025-12-31 ¹² against quarterly operating burn climbing from $21.8M to $16.9M to $25.0M to $29.2M ¹³¹⁴¹⁵¹. Pure-cash math reaches mid-2027; H1 2028 guidance assumes another $50-90M from the ATM on top of the August 2025 $400M base shelf ¹⁶. Short interest grew +97% YoY to 37.26M shares (11.72 days to cover) on 2026-01-30, not the +69% earlier reports cited ¹⁷.
The defensible AGA TAM is $2.7B (Grand View Research, 2023, 8.45% CAGR), not Absci's $25B management figure ¹⁸¹⁹²⁰. Absci's $25B TAM rests on a population x price construct (5-9M annual patients x ~$3,500/yr implied price) ²⁰ the CFO declined to defend on the Q4 2025 call: "we cannot disclose what we think the actual price point will be" ²¹. The implied price runs 3-67x cash-pay generic finasteride ($74-840/year).
Reopen the file on three conditions: (i) ABS-201 HEADLINE H2 2026 interim hair-growth data show TAHC gains credibly above HMI-115's Phase 1b benchmark (+14 hairs/cm-squared over 24 weeks, n=12 open-label) ⁶; (ii) ABS-101 outlicensing closes with disclosed upfront economics, not another milestone-weighted headline ¹¹; (iii) one Large Pharma signs an Origin-1 platform license (not a target-specific collaboration) with disclosed upfront cash. Absent these, the November 2026 ATM tap arrives before the data does ¹.

2. The Molecule — Lead Assets

2.1 ABS-101 (anti-TL1A, IBD) — from lead asset to outlicensing in six months

ABS-101 is a subcutaneous anti-TL1A monoclonal antibody engineered for extended half-life (see Section 4.1 for the Morgan Stanley counter-read that the same data "trailed next-generation competitors"). Absci built it to compete in inflammatory bowel disease on dosing convenience, not target novelty. Absci Pty Ltd sponsored the first-in-human Phase 1 at Nucleus Network in Melbourne (ACTRN12625000212459); the first participant dosed on 12 May 2025 ²². The US IND cleared but never opened a US site ²³; the single Australian site narrowed US-investor visibility on the program.

The trial ran a single-ascending-dose design: four subcutaneous cohorts (150, 300, 600, 1000 mg) plus an IV bridge cohort at 300 mg, eight participants per cohort, target n=40 ²⁴²⁵. The ANZCTR registry has not updated since 2025-07-22, when accrual stood at 15 of 40 ¹¹. The November 2025 interim readout therefore rested on fewer than twenty participants.

The interim disclosure described "extended half-life as compared to first-generation TL1A antibodies" with "no apparent impact of ADA on PK" ⁷. The framing omitted the second-generation programs that now define the class — duvakitug (Sanofi/Teva, SC Q2W, $1.5B Sanofi license) and afimkibart (Roche, t1/2 18-19 days, $7.1B Telavant acquisition). Morgan Stanley read the same numbers and downgraded ABSI from Overweight to Equal-weight on 2026-01-08, cut its price target from $5.80 to $4.32, and removed ABS-101 from its model ⁸¹⁰. The MS note states ABS-101 "showed half-life characteristics not in line with next-generation TL1A comparators" ⁹.

Six days after the interim release, Absci announced the deprioritization: "the Company has made the strategic decision not to initiate additional later-stage development trials for ABS-101 internally at this time" ¹¹. Absci now seeks a partner. The TL1A class precedent on half-life-engineered programs is unhelpful: BB-TL1A-VIAL-HLE (NCT07029971, sponsor Vial Australia — not Boehringer Ingelheim) terminated at interim (n=16) on PK endpoint failure ²⁶. Animal-to-human PK translation in HLE-engineered TL1A is not guaranteed.

The class is also commercially crowded.

Merck paid $10.8B for Prometheus in April 2023 to secure tulisokibart ²⁷.

Roche paid $7.1B upfront plus $150M in milestones for Telavant's afimkibart in October 2023 ²⁸.

Sanofi licensed duvakitug from Teva for EUR 469M upfront plus EUR 940M milestones in October 2023 ²⁹.

AbbVie paid FutureGen $150M upfront plus $1.56B milestones for the preclinical FG-M701 in June 2024 ³⁰.

Boehringer Ingelheim entered the class on 2026-01-27 by licensing Simcere SIM0709 (TL1A x IL-23p19 bispecific) for EUR 1.058B ³¹ — a re-entry, not an exit.

ABS-101 enters fifth or sixth in line with one differentiation story the analyst class has rejected ⁹.

2.2 ABS-201 (anti-PRLR, AGA + endometriosis) — sole internal asset, second mover

ABS-201 is an AI-designed anti-prolactin receptor monoclonal antibody from Absci's Origin-1 platform. The company first disclosed the target and lead indication at its December 2024 R&D Day; prior quarters had described it only as "an undisclosed dermatology target." First-in-human dosing occurred on 3 December 2025 in the HEADLINE Phase 1/2a trial (NCT07317544), a quadruple-masked, 227-participant study at Sinclair Dermatology and Nucleus Network in Melbourne ³²³³. The design runs four to six SAD IV cohorts (150-1800 mg, a twelve-fold dose span) followed by three to four MAD subcutaneous cohorts (300-1200 mg) ³⁴.

Two design facts qualify the marketing language. First, the registered primary endpoint is safety alone; hair-growth measures (TAHC, TAHW, TAHD, IGA, self-assessment) sit in the otherOutcomes tier — neither secondary nor primary ³⁵. Absci's "powered to demonstrate human proof-of-concept" framing for the MAD portion does not match the registry ³⁵. Second, the pipeline page shows ABS-201 AGA "Phase 1/2a at 85%" and ABS-201 endometriosis "Phase 1 at 85%" although three of four-to-six SAD cohorts have completed and no endometriosis trial has been registered ³⁶; Phase 2 endometriosis initiation guidance is Q4 2026. Progress bars overstate program momentum.

The mechanism-priority claim fails the public record. Hope Medicine's HMI-115 — licensed from Bayer in 2019 — published Phase 2 endometriosis results in Lancet Obstetrics, Gynaecology, and Women's Health on 2025-11-05 (NCT05101317, n=108 completed, randomized 1:1:1:1 to 60/120/240 mg HMI-115 vs placebo, SC Q2W x 12 weeks) and registered Phase 3 endometriosis on 2025-12-29 (NCT07318688, n=540) ⁶³⁷. HMI-115's Phase 2 male AGA trial (NCT06118866, n=192, single-site Peking University People's Hospital) primary-completed on 2024-08-26 and remains unpublished as of report date ⁶. ABS-201 is second mover in both indications, with HMI-115 sitting one phase ahead in endometriosis and one published readout ahead in mechanism validation.

The preclinical package behind ABS-201 rests on company disclosures, not peer-reviewed publications. Non-human primate studies showed greater than 90% subcutaneous bioavailability and projected Q8W-Q12W dosing in humans ³⁸. Absci targets a high-concentration formulation at 150 mg/mL or above ³⁸. In December 2025 the company described "statistically superior hair regrowth compared to minoxidil in a preclinical mouse model"; no effect size and no peer-reviewed publication have followed, and the telogen-to-anagen-transition mouse AGA model translates poorly to human androgen-driven follicular miniaturization ³⁹. March 2026 added human ex vivo data showing STAT5 phosphorylation inhibition and anagen prolongation in isolated follicles, mechanistically coherent with the published PRLR follicle literature ⁴⁰.

2.3 ABS-301 (immuno-oncology, undisclosed target)

ABS-301 remains at Lead ID stage on the pipeline page ³⁶. Absci has not disclosed the target since its December 2024 unveiling; a Q3 2025 update reported completion of "the first in vivo target validation study" with signaling-pathway-driven anti-tumor response ⁷. December 2024 guidance called for candidate selection in 1H 2025; sixteen months later the asset still shows Lead ID ³⁶. The timeline slipped without acknowledgement.

2.4 ABS-501 (anti-HER2)

ABS-501 is an AI-designed anti-HER2 antibody from the same platform, displayed as Candidate at 0% ³⁶. Absci describes it as having "novel epitope interactions, affinity equal or greater than trastuzumab in preclinical, efficacious against trastuzumab-resistant xenograft." The international application WO2025122885A1 was filed 8 December 2023 with no granted US composition-of-matter patent as of report date ⁴¹. Trastuzumab is a twenty-five-year-old benchmark; preclinical affinity parity is the table stakes for entry, not differentiation.

2.5 History — from SoluPro to Origin-1

Absci began in a 400-square-foot basement lab in 2011 ⁴². Founder Sean McClain holds inventorship on the original SoluPro/SoluPure cytoplasmic expression patent (US12157766B2, priority 2012-08-05, granted 2024-12-03) ⁴³, and the earliest Absci-assigned US patent (US9617335B2) granted in 2017 ⁴⁴. The original IP base was microbial protein expression. Absci pivoted to generative-AI antibody design later, accelerated by the June 2021 Totient acquisition (US12285484, US12134655) ⁴⁵⁴⁶. The Origin-1 platform brand launched in 2026; its predecessor brand was "Integrated Drug Creation."

3. Mechanism of Action — TL1A and PRLR

This report scores target validation on a 0-100 scale: TL1A = 85 ⁴⁷⁴⁸, PRLR = 42 ⁶. (Author construct; underlying evidence cited section by section.)

3.1 TL1A (target validation score: 85)

TL1A drives T-cell activation and fibroblast-mediated tissue damage in inflammatory bowel disease ⁴⁸. Three independent lines of evidence anchor the target: GWAS signals in TNFSF15 associated with both ulcerative colitis and Crohn's disease; elevated TL1A expression in inflamed gut mucosa; preclinical knockout and antibody-blockade models that attenuate colitis ⁴⁸. Clinical validation has now replaced preclinical inference ⁴⁹. Tulisokibart's Phase 2 ARTEMIS-UC posted 26% clinical remission versus 1% placebo at 12 weeks (NEJM 2024) ⁴⁹⁴⁷⁴⁸; duvakitug RELIEVE reported 48% UC remission at 900 mg vs 20% placebo ⁵⁰; Roche's afimkibart TUSCANY-2 reached 36% remission at Week 56 ²⁸.

The class's commercial validation matches its biological validation ⁴⁷⁴⁸.

Merck paid $10.8B for Prometheus to secure tulisokibart ²⁷.

Roche paid $7.1B for Telavant six months later ²⁸.

TL1A scores 85 — biologically established ⁴⁸, clinically proven ⁴⁹, commercially priced ²⁷³⁰.

ABS-101 inherits all of this validation. Its question is not whether TL1A is a real target but whether a fourth-place HLE-engineered program can earn Phase 2/3 capital from a licensee whose closest comparator (BB-TL1A-VIAL-HLE) just terminated at n=16 ²⁶.

3.2 PRLR (target validation score: 42)

Prolactin receptor signals through JAK2-STAT5 in hair follicles, breast, ovary, bone, and pituitary ⁴⁰. Prolactin engagement at PRLR drives the catagen phase of the hair cycle; PRLR blockade prolongs anagen in mouse models ⁴⁰. Absci's human ex vivo data confirm STAT5 inhibition and anagen prolongation in isolated follicles. In endometriosis, PRLR signaling is upregulated in ectopic lesions and drives inflammation independently of the GnRH axis that current therapies target.

Clinical validation rests on one program: HMI-115 ⁶.

The Lancet OGWH paper (2025-11-05; n=108 completed) reported a -41.57% LSM change from baseline in dysmenorrhea NRS at week 12 in the HMI-115 240 mg arm, placebo-adjusted -22.96%, p=0.036 ⁶.

Only the 240 mg dose reached statistical significance against placebo; the 60 mg arm gave p=0.409 and the 120 mg arm gave p=0.131 ⁶.

Non-menstrual pelvic pain reduction reached roughly 52% LSM versus placebo ⁶.

The trial reported no sex-hormone disruption and no change in BMD, estradiol, LH, FSH, or progesterone ⁶.

An AGA Phase 1b (Hope Medicine, n=12 males, open-label, single-arm) reported a +14 hairs/cm-squared mean non-vellus TAHC gain over 24 weeks per the January 2024 release ⁶; this is not a Phase 2 benchmark.

Bayer's own mouse endometriosis data (Otto et al., 2022) showed efficacy equivalent to faslodex and cetrorelix without anti-estrogenic effects ⁴⁰.

Two cautions temper the validation. Novartis's anti-PRLR LFA102 failed Phase 2 in breast cancer — a different indication, but the only prior anti-PRLR in a large efficacy study ⁶. Bayer's own BAY 1158061 completed Phase 1 in 2018 (PMID 29806538) with favorable PK and posted no Phase 2 registry entry in the eight years before HMI-115 returned the molecule to the clinic ⁶. The silence is unusual for a drug with positive preclinical efficacy data. PRLR scores 42 — the mechanism is biologically supported, one competitor has generated supportive Phase 2 endometriosis data at one of three doses ⁶, and no anti-PRLR therapy is approved.

3.3 Origin-1 platform claims

Absci's platform asserts de novo antibody design against "zero-prior" epitopes — targets without published protein-protein complex structures or homologs above 60% sequence identity ⁵¹. The 2026 bioRxiv preprint (Levine et al.) reports developable binders for four of ten targets (COL6A3, AZGP1, CHI3L2, IL36RA) with cryo-EM atomic accuracy (3.0-3.1 Angstrom, DockQ 0.73-0.83) and an IL36RA binder optimized to 104 nM ⁵¹. Absci characterizes this as "the first demonstration of de novo design of full-length, monoclonal antibodies against 'zero-prior' epitopes with atomically accurate complex structures and functional activity" ⁵¹.

Three constraints bound the platform claim.

The 4/10 success rate is a 40% hit rate; six of ten targets failed to produce developable binders ⁵¹.

All 54 authors on the Origin-1 preprint are Absci employees or contractors; no independent group has published a validation ⁵¹.

The Baker Lab's RFdiffusion (Bennett et al., Nature 2025-11-05) demonstrated atomically accurate de novo design of antibodies against zero-prior epitopes — TcdB, influenza HA, RSV, SARS-CoV-2 RBD, IL-7Rα — at 0-2% per-design success rates ⁵².

The peer-reviewed Baker Lab demonstration narrows Absci's "first demonstration" preprint claim, and Xaira Therapeutics — co-founded by Baker, capitalized at $1B+ ⁵³⁵⁴ — is the venture-backed catch-up vehicle.

No peer-reviewed PubMed paper describes the de novo antibody-design platform method itself — five PubMed Absci-affiliation hits exist, but each covers histology AI (Iyer et al., Nat Med 2024, primary affiliation PathAI), HIV antibody biology (Spencer et al., Nat Comm 2022, primary OHSU), an EDI workshop report (Plant Direct 2022), QuickIsoSeq RNA-seq (Methods Mol Biol 2021, primary Pfizer), or pre-pivot Vibrio biology (Appl Environ Microbiol 2020) ¹¹.

None describes the Origin-1 method [cid:V_NEW-009; verifier V3-headline-9].

The 2023 flagship anti-HER2 de novo bioRxiv preprint (Shanehsazzadeh et al., DOI 10.1101/2023.01.08.523187) remains unreviewed three years after posting ⁵¹.

Absci's most distinctive claim — zero-prior de novo design — has not been tested against a human clinical target ⁵¹.

ABS-201 uses PRLR, which has extensive prior structural knowledge ⁴⁰.

4. Preclinical and Clinical Evidence

4.1 ABS-101 Phase 1 — the half-life comparison Absci did not make

The November 2025 disclosure described "extended half-life as compared to first-generation anti-TL1A competitor programs, with no apparent impact of ADA on PK" ⁷. Three things the framing omits:

The numeric half-life of ABS-101. No company disclosure provides t1/2 in days. Morgan Stanley filled the gap on 2026-01-08: "trailed next-generation competitors" ⁹.
The comparator. "First-generation anti-TL1A" omits duvakitug (SC Q2W) ⁵⁰ and afimkibart (t1/2 18-19 days) ²⁸ — the second-generation programs that define the class.
The sample size. ANZCTR accrual stood at 15 of 40 on 2025-07-22 with no subsequent update ¹¹; the interim release rested on fewer than twenty participants.

A December 2024 R&D Day disclosure reported "reduced internalization of TL1A complexes in in vitro THP-1 immunogenicity tests compared to a competitor molecule with a high clinical anti-drug antibody (ADA) rate" ⁷. The unnamed comparator is likely PF-06480605 (the tulisokibart precursor), flagged in the literature as a high-ADA molecule (no primary source — author estimate; specific ADA rate not verified in canonical). That context validates the engineering choice but does not translate to a head-to-head ADA comparison in humans. The 13-week GLP toxicology reported "no treatment-related adverse findings during in-life phase and necropsy were observed; histopathology is pending" ⁷. Absci has not updated the "histopathology is pending" qualification since December 2024.

The Phase 1 outlicensing decision followed the interim readout by six days ¹¹. Had the data cleanly beaten the second-generation competitors on head-to-head-comparable PK metrics, the narrative and the timing would likely have differed.

4.2 ABS-201 HEADLINE — three SAD cohorts and a proof-of-concept that is still to come

HEADLINE's three completed SAD IV cohorts have reported favorable emerging safety data and no serious adverse events ³²³³. The proof-of-concept readout requires the MAD SC portion, which has not yet started. Company guidance calls for preliminary safety/tolerability/PK data in 1H 2026, interim POC in H2 2026, and full POC in early 2027 ³⁴. The cadence is reasonable for a Phase 1/2a that began dosing on 3 December 2025 ³².

Two design features warrant note. The SAD IV dose range of 150-1800 mg spans twelve-fold; for a molecule destined for subcutaneous administration, the 1800 mg top IV dose reads as a supratherapeutic-exposure safety probe more than a clinical development step. The registered statistical plan does not power any hair-growth endpoint as primary or secondary — TAHC, TAHW, IGA, and self-assessment all sit in otherOutcomes ³⁵. Any H2 2026 hair-growth result will be a marketing framing, not a registered endpoint hit.

4.3 Anti-anchoring on preclinical and TAM claims

Several Absci disclosures require calibration against the public record ⁵⁵³⁹⁷:

"80 million Americans with AGA." The figure includes all degrees of hair loss; the addressable moderate-to-severe subset is materially smaller. The Grand View Research global AGA TAM is $2.7B in 2023 (8.45% CAGR to ~$3.6B by 2030) ¹⁸¹⁹ — the public benchmark, not Absci's $25B management figure ²⁰.
"Approximately 9 million women in the U.S. with endometriosis" and "prevalent in up to 10% of women worldwide" ⁵⁵. Absci truncated the 5-10% range in its own December 2025 disclosure to the upper bound in subsequent messaging.
"No FDA-approved disease-modifying therapy" for endometriosis. Orilissa (elagolix, 2018) and Myfembree (relugolix combination, 2022) carry FDA approval for endometriosis-associated pain ⁵⁵. Absci's blanket framing contradicts the FDA label record; the defensible reading is "no non-hormonal disease-modifying therapy."
"Statistically superior hair regrowth compared to minoxidil in a preclinical mouse model." No effect size, no peer-reviewed publication, and a model with weak human translation ⁴⁰.
"2-3x extended half-life as compared to antibodies in clinical development" (August 2024 ABS-101 NHP data) ⁷. Absci did not name the comparator antibodies. No peer-reviewed corroboration.
Pipeline-page progress bars. ABS-101 "Phase 1 at 85%" despite the November 2025 internal halt ³⁶; ABS-201 AGA "Phase 1/2a at 85%" with three of four-to-six SAD cohorts dosed; ABS-201 endometriosis "Phase 1 at 85%" with no clinical trial registered. The website overstates asset momentum.

4.4 The peer-review gap

Absci has published no peer-reviewed journal article describing its de novo antibody-design platform method ⁵¹. The five PubMed Absci-affiliation hits cover unrelated topics — three list Absci as a secondary affiliation, two predate the AI pivot. The 2023 Shanehsazzadeh preprint and the 2026 Origin-1 preprint both remain unreviewed [cid:V_NEW-009 verifier V3-headline-9]. For a company raising capital and signing partnerships on platform superiority, the continued reliance on bioRxiv-only evidence constrains the science narrative.

5. Safety Profile

This report scores safety signals on a 0-100 scale where higher means higher concern: TL1A class = 22 ⁷, PRLR class = 58 ⁴⁰. (Scoring is author construct; underlying class data cited inline below.)

5.1 TL1A class safety signal score: 22 (LOW)

The TL1A class has been de-risked clinically. Tulisokibart's Phase 2 ARTEMIS-UC reported a clean safety profile comparable to placebo ⁴⁹. Duvakitug and afimkibart Phase 2 data showed no class-defining safety signals ⁵⁰²⁸. FAERS pharmacovigilance reporting on the class has not generated disproportionality signals against IBD-biologic reference drugs. ABS-101's interim "no serious adverse events" across roughly fifteen participants ⁷ is consistent with the class. The score reflects a mechanism understood in inflammation, three Phase 2/3 programs with clean readouts, and no regulatory holds ⁴⁷⁴⁸.

5.2 PRLR class safety signal score: 58 (MODERATE-HIGH)

The PRLR safety picture is less mature. The knockout phenotype in mice is documented: female homozygous mice are infertile and lack mammary development; hemizygous females cannot lactate after their first pregnancy; pituitary prolactin levels rise 30-100-fold with pituitary hyperplasia in some cases; bone formation falls in both sexes at all ages ⁴⁰. Each phenotype predicts a potential on-target liability for chronic anti-PRLR administration in humans.

The HEADLINE Phase 1/2a protocol (NCT07317544) does not specify DEXA bone-density measurement or bone-turnover biomarker monitoring ⁵⁶. In a chronic-use asset aimed at AGA — a non-life-threatening indication competing with cash-pay generics — the absence of bone-turnover monitoring in the Phase 1/2a readout is a protocol gap Phase 2 design must close. HMI-115's Lancet Phase 2 reported no sex-hormone disruption and no fertility signal ⁶; Bayer's BAY 1158061 Phase 1 posted favorable PK without disclosed safety concerns ⁶. Neither program has generated long-term (>12 months) human safety data. The score reflects on-target phenotype predictions humans have not yet ruled out, plus the absence of bone-turnover monitoring in the registered protocol ⁴⁰⁵⁶.

5.3 Implications for development

For ABS-101, the low class safety signal supports outlicensing: a partner faces no unusual regulatory headwinds ⁷. For ABS-201, the moderate-high class signal means Absci cannot rely on safety alone to differentiate ⁴⁰. Efficacy must separate from HMI-115 ⁶ and from minoxidil/finasteride to justify chronic use in a cosmetic-adjacent indication. Endometriosis changes the calculus: pain severity is real, the unmet need is real, and the safety bar is higher in theory but lower in practice.

6. IP Landscape

Absci's patent estate is three things at once: a legacy microbial-expression platform McClain founded ⁴³⁴⁴, an oncology-antibody stack from the June 2021 Totient acquisition ⁴⁵⁴⁶, and a generative-AI method portfolio with no granted US patents ⁵⁷. The 10-K claims "79 issued or granted patents and 159 pending patent applications worldwide, which includes ten issued U.S. patents and 24 pending regular U.S. patent applications" ⁵⁸.

6.1 Nine granted US patents verified (one short of the 10-K)

Independent Google Patents and USPTO verification confirms nine granted US patents assigned to Absci Corp or Absci LLC as of report date ⁵⁸:

Patent	Subject	Grant date	Priority
US9617335B2	Inducible coexpression system ⁴⁴	2017-04-11	2012-08-05
US10465197B2	Inducible expression system (foundational SoluPro) ⁵⁹	2019-11-05	2012-08-05
US11214807B2	Methods for inducible expression ⁶⁰	2022-01-04	2012-08-05
US11447781B2	Host cells for inducible coexpression ⁶¹	2022-08-31	2012-08-05
US11584785B2	C-peptides and proinsulin polypeptides ⁶²	2023-02-21	2020-05-04
US12134655B2	Cancer-associated antibody (Totient origin) ⁴⁶	2024-11-05	2020-04-29
US12157766B2	Cytoplasmic expression (McClain founder-inventor) ⁴³	2024-12-03	2012-08-05
US12285484B2	Cancer-associated antibody (Totient origin) ⁴⁵	2025-04-29	2019-09-19
US12473370B2	TL1A-associated antibody (ABS-101 CoM) ⁶³	2025-11-18	2023-10-03

The 10-K's "ten issued U.S. patents" ⁵⁸ exceeds the nine verifiable via public registries by one.

The gap may reflect a recently granted tenth indexed after report cutoff, or a 10-K counting inconsistency tied to subsidiary entities (Totient UK Ltd., Absci Pty Ltd., Absci GmbH) ⁵⁸.

6.2 ABS-201 has no granted US composition-of-matter patent

The most material IP gap sits on the only internally-advancing asset. ABS-201 carries no publicly discoverable granted US composition-of-matter patent as of report date ⁶⁴, although HEADLINE Phase 1/2a began dosing on 3 December 2025 ³². The international application is pending, but the public record does not yet confirm a US grant. An AI-designed antibody entering clinical development without a granted US CoM patent in its destination indications carries freedom-to-operate risk that sharpens against the Bayer prior art described below.

6.3 The ABS-101 freedom-to-operate concern (Merck/Prometheus)

US11999789B2 (Cedars-Sinai, Prometheus/Merck) — "Humanized antibodies to TL1A" — granted 4 June 2024, expires 23 October 2040 ²⁷.

The continuation US20240327532A1 (filed 2024-04-24, published 2024-10-03) may broaden into genus or functional claims; monitor for grant ⁶⁵.

Absci's ABS-101 CoM patent US12473370B2 covers six specific CDR sequences ⁶³; no independent overlap analysis with the Merck/Prometheus claims has been published.

The outlicensing pivot reduces Absci's direct FTO exposure but does not eliminate it as a constraint on the deal value Absci can extract ¹¹.

Paragon Therapeutics added a fifth granted US anti-TL1A patent (US12466890B1, granted 2025-11-11) ⁶⁶, one week before Absci's grant — the class IP landscape is crowded.

6.4 The ABS-201 freedom-to-operate concern (Bayer / Hope Medicine)

WO2019011719A1 — "Prolactin receptor antibody for male and female pattern hair loss," Bayer IP GmbH, priority 10 July 2017 — is the primary FTO concern for ABS-201 ⁶⁴. Bayer licensed the asset to Hope Medicine, which developed HMI-115 and completed Phase 2 AGA in August 2024 (n=192) ⁶. Bayer's earlier WO2011069799A1 expands the prior-art surface ⁶⁴. Absci's ABS-201 may design around these claims on specific sequence and epitope grounds, but a competitor with licensed Bayer IP is already running Phase 2 trials in ABS-201's two target indications ⁶. The competitive landscape and the FTO landscape are the same landscape.

6.5 Pending method claims — the core AI platform IP is not yet granted

US20230268026A1, "Designing biomolecule sequence variants with pre-specified attributes," filed 7 January 2022, represents the core generative-AI method claim and remains pending ⁵⁷. Absci holds no granted US method patent for its de novo antibody design algorithm. WO2025122885A1 (ABS-501 anti-HER2) ⁴¹, WO2024040020A1 (ACE Assay) ⁶⁷, and WO2025144700A1 (nanobody screening) ⁶⁸ represent the global filing strategy but do not become enforceable until national-phase grant.

The Generate Biomedicines US12020776B2 patent — earlier framed as a "direct overlap" risk — addresses a different problem at the claim-1 level. Generate's claim 1 covers a humanization workflow using MHC-II residue-wise immunogenicity reweighting ⁶⁹. Absci's pending US20230268026A1 claim 1 covers a binding-characteristic prediction model trained on measured binding data ⁵⁷. The two claim-1 texts do not read on each other element-by-element. The current assignee on Generate's grant is Flagship Pioneering Innovations VI Inc, not Generate Biomedicines per se ⁶⁹. A complete Origin-1 FTO opinion against Generate's 71-application portfolio would require dependent-claim and specification-level analysis by a registered patent attorney; this DD does not constitute that analysis.

6.6 Portfolio expiration window

The 10-K reports an expected expiration range of August 2033 through December 2044 ⁵⁸. The earliest-expiring patents — the 2012-priority SoluPro family — protect platform manufacturing more than antibody composition ⁴⁴⁵⁹. The CoM patents protecting specific assets (US12473370B2 for ABS-101 to 2044-10-02; pending for ABS-201) extend to 2044 ⁶³⁶⁴. The gap between platform-IP and asset-IP expiration narrows long-horizon defensibility against biosimilar entry.

7. Team

7.1 Executive team

Sean McClain — Founder and CEO has run Absci since inception in August 2011 ⁴²⁷⁰. He holds a BS in Molecular and Cellular Biology from the University of Arizona ⁷⁰. No prior exits; no CEO history outside Absci. His 2024 total compensation reached $9,786,988, driven by a $5,491,250 Monte Carlo PSU grant — 3.2x his 2023 total ⁷¹. Across fourteen years he has taken one company from basement lab through IPO into clinical stage. The pattern of long tenure without governance conflicts is favorable; the absence of prior exits leaves his operating-CEO track record unbenchmarked outside Absci.

Zach Jonasson, PhD — CFO and Chief Business Officer assumed the role on 31 August 2023 after serving as an independent director from October 2020 to December 2023 and on the Absci LLC predecessor board from April 2016 ⁷²⁷³. He co-founded Phoenix Venture Partners and Convergent Ventures. His 2024 total compensation reached $2,832,851 ⁷⁴. Two governance facts require disclosure. Phoenix Venture Partners II LP (Jonasson's prior firm) is a Schedule 13G 10%+ beneficial owner of ABSI (9,354,695 shares filed 19 February 2025) and was disclosed as a delinquent Section 16 filer in the 2025 proxy along with Jonasson himself — Phoenix's late filing covered 3,100,000 shares ⁷⁵. Jonasson moved from independent director into an executive officer at a company where his former fund is a 10%+ holder.

Ransi Somaratne, MD, FACC, MBA — Chief Medical Officer started 3 March 2026 ⁷⁶⁷⁷. He joined from Vertex Pharmaceuticals, where he served as SVP Clinical Development (Jan 2023 - Mar 2026); earlier roles at BioMarin (Roctavian hemophilia A gene therapy), Amgen (Repatha PCSK9 Global Development Leader), and short CMO tenures at Epirium (1 yr 8 mos), Spring Discovery (1 yr), and Endpoint Health (7 mos) ⁷⁸. MD Albany Medical College; MBA UNC Kenan-Flagler; Cardiology Fellowship Kaiser Permanente LA; BS Mechanical Engineering UC Santa Barbara. Somaratne is Absci's first full-time CMO, hired ten months after ABS-101 entered Phase 1 and three months after ABS-201 first dose ⁷⁶. His inducement grant — 650,000 options at $2.57 (the 3 March 2026 close), 4-year vest — sits 14% below the July 2025 offering price of $3.00. LinkedIn shows a concurrent role at Iles & Somaratne Biopharmaceutical Consulting LLC (Sep 2021 - present) the appointment 8-K did not disclose ⁷⁶.

Andreas Busch, PhD — Chief Innovation Officer retires effective 31 March 2026 and transitions to SAB co-chair on 3 April 2026 with a 2-year scientific advisor agreement at $25,500/year cash plus 22,800 options + 5,800 RSUs and an exercise-window extension on 2,489,290 vested options ⁷⁹. The 8-K states the resignation "was not the result of any disagreement with the operations, policies or practices of the Company" ⁷⁹. Busch's $381,000 open-market purchases over the trailing twelve months — including $229,000 on 2026-03-12 during the retirement transition — signal personal conviction from a departing officer ⁷⁹². His 2024 total compensation reached $2,644,420, paid via Swiss subsidiary Absci GmbH at a 1.14 USD/CHF average rate ⁸⁰.

Amir Shanehsazzadeh — Chief AI Officer ascended to the CAIO title in April 2025, replacing Amaro Taylor-Weiner. Harvard AB Mathematics and SM Statistics. Shanehsazzadeh is an inventor on the ABS-101 CoM patent US12473370B2 ⁶³ and first author of the 2023 flagship de novo antibody bioRxiv preprint ⁵¹. Absci did not disclose the CAIO promotion via dedicated 8-K, the title is administrative not Section 16, and no Form 4 filings exist under his name — disclosure obscurity at an AI-branded company. His tenure began as an AI Scientist in June 2022 — a fast internal track for the central thesis.

Shelby Walker, JD — Chief Legal Officer joined June 2024 from Korro Bio GC/Corporate Secretary (May 2023 - June 2024); prior SVP Intellectual Property at CRISPR Therapeutics (March 2018 - April 2023) and GC at Ginkgo Bioworks (May 2016 - March 2018) ⁸¹. JD/LLM UNH Franklin Pierce School of Law; dual MS Bioscience Regulatory Affairs and Biotechnology Johns Hopkins; BS Biotechnology WPI. Deep IP track record for a company whose valuation depends on IP.

Todd Bedrick, CPA — Chief Accounting Officer has served since June 2022 ⁸². He acquired 124,200 shares and disposed of 36,173 net over the trailing twelve months ² — small but directionally consistent with insider bullishness. Bedrick signs the 10-K as Principal Accounting Officer (a Section 16 capacity) but the DEF14A 2025 executive officer biography roster excludes him — inconsistent disclosure across filings.

7.2 Board of Directors (seven members)

The board fixed at seven seats on 7 July 2025 when Mary Szela joined Class III ⁸³. Current composition: McClain (CEO/Class III), Pangalos (Class II, since Jan 2024) ⁴, Rabinovitsj (Class II, since Nov 2022) ⁸⁴, McGinnis (Class I, audit chair, since Aug 2020) ⁸⁵, van Houten (Class I, board chair, since June 2023) ⁸⁶, Sirosh (Class III, since Jan 2022), Szela (Class III, since July 2025) ⁸³⁸⁷. Class split is 2/2/3, not 3/3/1 as some earlier ledgers reported.

Sir Mene Pangalos, PhD served as EVP BioPharmaceuticals R&D at AstraZeneca from January 2019 to March 2024 ⁴. He joined the Absci board in January 2024, one month after the December 2023 AstraZeneca $247M collaboration announcement ⁵; the public record discloses no firewall arrangement between his AZ R&D role and his Absci director candidacy. His trailing twelve-month open-market purchases of $460,548 (170,880 shares) are the largest among insiders ². Biogen board service runs in parallel.

Mary Szela joined 7 July 2025 with a 178,400-option inducement grant ⁸³⁸⁷. CEO of TriSalus Life Sciences since January 2018; previously CEO of Novelion Therapeutics and Melinta Therapeutics; earlier ran Abbott Laboratories' $8B US pharma business ⁸⁷. Also on the boards of Kura Oncology, Prometheus Biosciences (the company Merck acquired for $10.8B), Omega Therapeutics, and Senda Biosciences. Szela's LinkedIn shows "Board Member, Absci, Jul 2025 - Feb 2026" with an end date, but she signed the 10-K on 2026-03-24 as Director and TriSalus DEF14A confirms current Absci service; the LinkedIn end date is a self-update error, not a departure ⁸⁸⁸³.

Frans van Houten, MSc — former CEO of Royal Philips (March 2011 - October 2022) ⁸⁶. Novartis AG independent director since February 2017. The 10-K formalizes his title as "Chair of the Board" ⁸⁸⁸⁶. Audit committee financial expert. His trailing twelve-month open-market purchases of $148,800 add to the insider net ².

Karen McGinnis, CPA — ex-VP and Chief Accounting Officer at Illumina (November 2017 - April 2021) ⁸⁵. Audit committee chair; designated audit committee financial expert ⁸⁸. iRhythm Technologies board joined July 2025.

Daniel Rabinovitsj — VP at Meta since August 2018 ⁸⁴; prior COO Ruckus Wireless, SVP Qualcomm Atheros ⁸⁸. Tech compensation norms differ from pharma peer-group benchmarks — relevant for a director who chairs the compensation committee.

Joseph Sirosh, PhD — CEO of CreatorsAGI Inc; former VP Amazon Alexa Shopping (October 2022 - November 2023); prior CTO Compass, CVP and CTO of AI at Microsoft (July 2013 - December 2018) ⁸⁸. AI-sector board bridge.

Amrit Nagpal (Managing Director, Redmile Group LLC) resigned from the board on 25 April 2025 with no disclosed disagreement ⁸⁸. Redmile is a healthcare-focused hedge fund; the departure of a Redmile MD reduces dedicated-biotech-fund engagement.

7.3 Insider open-market activity — net +$1.017M with zero discretionary sales

Six trailing-twelve-month open-market purchases by four insiders total $1,017,348.40 across 370,880 shares ²: Pangalos $460,548, Busch $381,000, van Houten $148,800, Bedrick $27,000 ². Two prior-flagged "sales" — McClain 26,761 shares and Jonasson 17,496 shares, both 2026-02-02, code S — are RSU tax withholdings per the explicit Form 4 Note 1: "Amount reported represents the number of shares withheld by the Issuer to cover the tax withholding obligation in connection with the vesting of these restricted stock units and does not represent a discretionary trade by the reporting person" ³. Net 12-month insider activity: $1.017M of buying, zero discretionary selling. The signal is bullish, led by directors and the retiring CIO, none of whom needed to commit personal capital and all of whom did.

7.4 Scientific Advisory Board and endometriosis advisory board

The SAB seats Andreas Busch (co-chair post-retirement) ⁷⁹, Mene Pangalos, Iain McInnes (Vice Principal, University of Glasgow), Hubert Truebel (CMO AiCuris), and Victor Greiff (Associate Professor, University of Oslo). The March 2026 endometriosis advisory board added Hugh Taylor (Yale), Linda Giudice (UCSF), Gaurang Daftary (Inception; Yale/Mayo), Steven Young (Duke), Zaraq Khan (Mayo), and Joan-Carles Arce (Repronovo) — credible academic coverage for an indication Absci has not yet registered a trial in.

7.5 Team summary

The bench has the credentials it needs: a commercially seasoned CMO (Somaratne), a finance/BD operator in the CFO role (Jonasson, with the Phoenix relationship flag), an IP heavyweight as CLO (Walker), and an in-house AI lead (Shanehsazzadeh). The board mixes pharma commercial experience (Szela), Big Pharma R&D experience (Pangalos), tech/AI experience (Sirosh, Rabinovitsj), and two audit-committee financial experts (McGinnis, van Houten). Two simultaneous C-suite transitions — a new CMO and the CIO's retirement — during a clinical-ramp period ⁷⁶⁷⁹ invite execution-risk scrutiny. The net-bullish insider purchase pattern, led by the directors and the outgoing CIO, signals personal conviction that outlasts the reorganization.

8. Financials

Absci ended FY2025 with $144.3M in cash, equivalents, and marketable securities against a $115.2M net loss ¹²⁸⁹. Management tells investors the balance funds operations "into the first half of 2028" ¹². Pure-cash math reaches mid-2027 only; the H1 2028 guidance assumes another $50-90M from the ATM on top of the August 2025 $400M base shelf ¹¹⁶.

Revenue tells the first-order story.

Partner-program revenue fell to $2.8M in FY2025 from $4.5M in FY2024, a 38% decline driven by milestone timing and program mix ⁹⁰⁹¹.

Q3 2025 revenue collapsed 78% YoY to $0.378M; nine-month 2025 revenue fell 44% to $2.15M ⁹².

Three partners produced 95% of FY2025 partner revenue, all of them foreign ⁹³.

The four-year arc — $5.7M (2022), $5.7M (2023), $4.5M (2024), $2.8M (2025) — shows two consecutive years of contraction while headline partnership announcements accumulated ⁹⁰⁹¹.

R&D spend moved the opposite direction.

FY2025 R&D reached $81.4M, up 27% from $63.9M, driven by ABS-101 Phase 1 costs and ABS-201 IND-enabling work ⁹⁴.

SG&A held flat at $35.1M vs $36.2M ⁹⁴.

Total operating expenses hit $123.1M, producing a $120.3M operating loss and a $115.2M net loss ⁹⁴⁸⁹.

Accumulated deficit reached $624.8M ⁹⁵.

Q4 2025 cash burn appears modest at $8.2M because Absci recognized a $5.1M gain on settlement of the Totient contingent consideration ⁹⁴⁹⁶.

The Totient escrow resolution returned $8.7M unrestricted cash to Absci and $7.6M to former Totient sellers from the original June 2021 merger ⁹⁶.

Strip the one-time gain and operating burn ran closer to $13.3M for the quarter — consistent with the rising trajectory: Q1'25 $21.8M, Q2'25 $16.9M, Q3'25 $25.0M, Q4'25 $29.2M ¹³¹⁴¹⁵¹.

The Totient earn-out failed to trigger its full payout, indicating post-acquisition milestones were missed ⁹⁶.

Share count tells the dilution story.

Weighted-average diluted shares grew 24% YoY, from 110.2M (FY2024) to 136.8M (FY2025) ⁸⁹.

Q4 2025 weighted-average reached 150.6M ⁸⁹; year-end 2025 issued shares totaled 151,515,079 ⁹⁷; the DEF14A 2026 confirms 155,350,135 outstanding as of 2026-03-31, a 2.5% expansion in Q1 alone ⁹⁸.

Three capital raises inside 18 months drove the trajectory: $86.4M follow-on closed March 1, 2024 (days after the AstraZeneca deal) ⁹⁹; $20M AMD PIPE at $3.50/share in January 2025 ¹⁰⁰; $64M July 2025 raise ($50M underwritten at $3.00 plus $14M ATM) ¹⁰¹.

The Q1 2025 PR guided runway into 1H 2027 ¹⁰²; the Q2 2025 PR upgraded guidance to 1H 2028 explicitly citing the July 2025 raise ⁹⁹.

The August 2025 S-3 base shelf caps at $400M (not unlimited as some smaller-reporting-company forms can be), paired with a TD Cowen at-the-market sales agreement that drew $14M of $100M capacity in July-August 2025 ¹⁶. Absci raises opportunistically on news-driven equity windows, not on predictable milestones.

Emerging-growth-company exemptions expire December 31, 2026. FY2027 will require full SOX 404(b) auditor attestation on internal controls — added cost and disclosure burden hitting the same year ABS-201 interim data drives capital decisions. The EGC revenue threshold ($1.235B) ¹⁰³ is not binding given $2.8M actual revenue ⁹⁰, but the calendar trigger fires regardless.

Short interest grew +97% YoY to 37,258,694 shares on 2026-01-30, days-to-cover 11.72 against average daily volume 3,177,770 ¹⁷. The 2025-01-31 baseline was 18,945,391 shares; +97% not the +69% earlier reports cited. At ~12% of free float, the short position prices in continued dilution and binary risk into the H2 2026 ABS-201 readout.

9. Regulatory Pathway

Absci runs both clinical programs outside the US IND framework. ABS-101 Phase 1 is registered at ACTRN12625000212459 on the Australian New Zealand Clinical Trials Registry, sponsored by Absci Pty Ltd and sited at Nucleus Network in Melbourne ²²²³. ABS-201 HEADLINE Phase 1/2a NCT07317544 shows isFdaRegulatedDrug: false; the sponsor is Absci Pty Ltd, both sites sit in Melbourne, and the study runs under an Australian CTN ³².

The 10-K acknowledges the consequence directly: the FDA "will generally not approve the application on the basis of foreign data alone" ¹⁰³. An ABS-101 IND cleared in the US but the Phase 1 ran only in Australia ²³. Absci captured Australia's cash-refundable R&D tax incentive and faster start-up; a BLA strategy will require bridging Phase 1 or repeating key studies on US sites and US patients. Timelines for any US pivotal program compound accordingly.

IBD endpoint framework. Tulisokibart's ARTEMIS-UC Phase 2 used the standard FDA UC primary: clinical remission at Week 12, composite of Mayo subscores. Tulisokibart hit 26% vs 1% placebo (p<0.001) ⁴⁹⁴⁷. Duvakitug RELIEVE reported 48% UC remission at 900mg vs 20% placebo at Week 14 ⁵⁰ and 48% Crohn's endoscopic response vs 13% placebo ¹⁰⁴. Roche's afimkibart TUSCANY-2 reported 36% remission and 50% endoscopic improvement at Week 56 ²⁸. Any ABS-101 pivotal will need to match or beat this bar.

Endometriosis endpoint framework. Pain scores (NRS dysmenorrhea, non-menstrual pelvic pain), symptom diary completeness, and laparoscopic confirmation at entry define the class. HMI-115's Lancet OGWH 2025-11-05 paper (n=108 completed, 240 mg arm) reported -41.57% LSM dysmenorrhea NRS reduction vs -18.61% placebo at week 13 (placebo-adjusted -22.96%, p=0.036) and roughly 52% LSM non-menstrual pelvic pain reduction without sex-hormone disruption ⁶. Only the 240 mg dose reached statistical significance. ABS-201's endometriosis Phase 2 has not started; Absci plans initiation Q4 2026.

AGA endpoint framework. Target Area Hair Count (TAHC), Target Area Hair Width (TAHW), and Global Photographic Assessment (GPA) anchor the FDA AGA package for finasteride and minoxidil. NCT07317544 lists TAHC, TAHW, and darkening/pigmentation as otherOutcomes — neither secondary nor primary ³⁵. Absci describes the HEADLINE MAD portion as "powered to demonstrate human proof-of-concept," but the registered statistical plan does not back the framing. HMI-115's Phase 1b in male AGA reported a +14 hairs/cm-squared mean non-vellus TAHC gain over 24 weeks (n=12, open-label) ⁶ — modest by approved-comparator standards.

PRLR on-target safety. PRLR-knockout mice are infertile (homozygous females), fail to lactate after first pregnancy (hemizygotes), develop pituitary hyperplasia with 30- to 100-fold prolactin elevation, and show reduced bone formation in both sexes ⁴⁰. NCT07317544 does not monitor bone turnover or schedule DEXA scans ⁵⁶. HMI-115 in its Phase 2 reported no sex-hormone disruption, but the published endpoint set did not include BMD across treatment duration ⁶. ABS-201 inherits this liability and will need a safety package addressing it before any chronic-dosing indication proceeds.

10. Market

IBD is the largest market Absci addresses. The global IBD therapeutic market reached $27.43B in 2025 per Mordor Intelligence (5.55% CAGR) ¹⁸¹⁰⁵. Biologics account for the majority of the global total. AbbVie's Skyrizi + Rinvoq combined sales and J&J's Tremfya growth (no primary source in canonical — analyst-press estimates, FY2025 earnings releases) frame an IBD biologic-revenue base in the tens of billions. Tulisokibart analyst consensus projects $4-5B peak sales (analyst estimate, no primary canonical source).

ABS-101's role in this market is now an outlicensing asset, not a revenue product. The November 2025 deprioritization shifted the valuation question from "what will Absci earn on IBD?" to "what will a partner pay for Phase 1 TL1A whose half-life characteristic the analyst class read as below next-generation comparators?" ¹¹⁹. The deal-value bracket is bounded above by Roche's $7.1B upfront for Telavant (Phase 2b, Phase 3-ready) and below by AbbVie's $150M upfront plus $1.56B milestones for FutureGen FG-M701 (~$1.7B total). Realistic ABS-101 partnering range: $100-300M upfront, $800M-1.7B total, if 2026-2027 outlicensing closes with supportive Phase 1b data. Boehringer's January 2026 Simcere SIM0709 license (EUR 1.058B for a TL1A x IL-23p19 bispecific) shows the class still attracts re-entry capital ³¹; that money pivoted from monospecific HLE (Boehringer never sponsored BB-TL1A; Vial Australia did) into bispecifics. The FTO ceiling is Cedars-Sinai/Prometheus/Merck's US11999789B2 ²⁷.

Endometriosis. The global endometriosis market reached $2.39B in 2025 per Fortune Business Insights (8.70% CAGR to ~$4.5B by 2033) ¹⁸¹⁰⁶. Approved hormonal options — elagolix (Orilissa, AbbVie), relugolix combination (Myfembree/Ryeqo, Pfizer/Myovant) — suppress estrogen with bone-loss and fertility liabilities. HMI-115 has shown the non-hormonal mechanism can work at one dose ⁶. ABS-201 peak sales range, unrisked: $300-900M in endometriosis, assuming 15-35% class share against HMI-115 and legacy hormonal options.

Androgenetic alopecia. The global AGA market reached $2.7B in 2023 per Grand View Research (8.45% CAGR to ~$3.6B by 2030) ¹⁸¹⁹. Absci's $25B US-only TAM is a population x price construct (5-9M annual patients x ~$3,500/yr implied price) ²⁰, not a realized-revenue forecast; the CFO declined to disclose the price assumption that underlies the figure on the Q4 2025 call: "we cannot disclose what we think the actual price point will be" ²¹. The implied price runs 3-67x current cash-pay options — Cost Plus generic finasteride $74/year, Hims $240-720/year, Propecia brand $840/year ²¹. Biologic pricing in cosmetic-adjacent indications faces a hard cash-pay ceiling. Ritlecitinib's $49,000/year list covers alopecia areata, an autoimmune indication with insurance coverage; that price does not transfer to AGA. ABS-201 AGA unrisked peak: $50-200M.

HER2+. The global HER2+ market reached $10.95B in 2025 per Mordor (3.92% CAGR), anchored against Enhertu actuals ¹⁸¹⁰⁷. ABS-501 enters preclinical against trastuzumab and the broader trastuzumab biosimilar field; affinity parity does not translate into commercial differentiation.

Outlicensing comparable band. AbbVie/FutureGen (TL1A, preclinical, June 2024) sets the floor at $1.7B total. Sanofi/Teva duvakitug (Phase 2b, October 2023): EUR 469M upfront + EUR 940M milestones. Boehringer/Simcere SIM0709 (preclinical bispecific, January 2026): EUR 1.058B ³¹. Merck/Prometheus tulisokibart (Phase 2 UC/CD, April 2023): $10.8B all-cash ²⁷. Roche/Telavant afimkibart (Phase 2b UC, October 2023): $7.1B upfront + $150M milestone ²⁸. The ceiling remains unavailable to a Phase 1 TL1A whose half-life reads as below next-generation.

11. Competitive Landscape

TL1A class scorecard.

Three Phase 3 programs now define IBD TL1A: Merck tulisokibart (ATLAS-UC NCT06052059, ARES-CD NCT06430801; primary completion estimated 2026-08-01) ¹⁰⁸; Sanofi/Teva duvakitug (RELIEVE Phase 3 four-trial program NCT07184996/NCT07184931/NCT07185009/NCT07184944, primary completions 2028-2029) ¹⁰⁹¹¹⁰¹¹¹¹¹²; Roche/Genentech afimkibart (AMETRINE-1/2, started September 2024) ²⁸.

One Phase 1 terminated for PK endpoint failure: BB-TL1A-VIAL-HLE (NCT07029971, sponsor Vial Australia, terminated 2026-01-20 at n=16) ²⁶.

One adjacent PD-1 depleter (AnaptysBio rosnilimab) failed UC Phase 2 on 2025-11-10 ¹¹³.

Boehringer Ingelheim re-entered the class on 2026-01-27 by licensing Simcere SIM0709 (EUR 1.058B for a TL1A x IL-23p19 bispecific) ³¹.

ABS-101 enters as the fifth or sixth program, Phase 1, with an HLE differentiation analysts read as below next-generation ⁹.

The class is validated by $18B+ in M&A ³⁰ and against placebo at 26-48% remission rates ⁴⁹⁵⁰²⁸.

PRLR class — ABS-201 is second mover.

Hope Medicine's HMI-115 (originally BAY 1158061 from Bayer, licensed 2019) completed Phase 2 endometriosis with Lancet OGWH publication 2025-11-05 (n=108 completed; 240 mg arm delivered -41.57% LSM dysmenorrhea NRS reduction vs -18.61% placebo, p=0.036) ⁶.

The Phase 2 male AGA trial NCT06118866 (n=192, single-site Peking University People's Hospital) primary-completed 2024-08-26; topline remains unpublished as of report date ⁶.

Phase 3 endometriosis NCT07318688 (n=540) registered 2025-12-29 — one phase ahead of ABS-201's planned Phase 2 ⁶.

HMI-115 received Breakthrough Therapy Designation from China's NMPA for endometriosis ⁶.

The 2018 Bayer Phase 1 of BAY 1158061 in breast cancer completed (PMID 29806538) with favorable PK; the eight-year gap before the molecule returned in women's health remains unexplained in the public record ⁶.

Novartis's anti-PRLR LFA102 failed breast cancer Phase 2 on efficacy ⁶.

Absci enters second; the company's "category-defining" framing fails the public record ⁶.

AI-platform peers (public comp table).

Company	Ticker	Market cap (Apr 2026)	Cash	Runway	Lead asset
Absci	ABSI	~$400-450M ¹¹⁴¹¹⁵	$144.3M ¹²¹¹⁶	into 1H2028 with ATM ¹	Origin-1; ABS-201 Ph1/2a
AbCellera	ABCL	~$1.17B ¹¹⁷¹¹⁸	~$700M total liquidity ¹¹⁹¹²⁰	>3 years ¹²⁰	ABCL635 Phase 2 ¹²¹
Recursion	RXRX	~$1.73-1.87B ¹²²	$753.9M ¹²³	into early 2028 ¹²³	REC-617, REC-1245 Ph1/2 ¹²³
Schrodinger	SDGR	~$915M ¹²⁴	$402.3M ¹²⁵¹²⁶	positive adj EBITDA YE2028 ¹²⁵¹²⁶	SGR-1505 Ph1 ¹²⁶
Relay	RLAY	~$2.7B ¹²⁷	$555M ¹²⁸¹²⁹	into 2029 ¹²⁹	Zovegalisib Ph3 BTD ¹³⁰
Generate Biomedicines	private	~$700M raised ¹³¹¹³²	N/A	N/A	GB-0895 Ph1 to Ph3 ¹³³
Xaira	private	$1B committed ⁵³⁵⁴	N/A	N/A	Preclinical ⁵³

Absci trades at one-third to one-half of AbCellera's market cap ¹¹⁴¹¹⁷ despite a later clinical stage and lower revenue.

The discount reflects trajectory (ABS-101 outlicensed, ABS-201 generating no revenue), $115M annual net loss ⁸⁹, and the absence of any Phase 2 human efficacy data.

EV/cash-runway math: RXRX 1.3x ¹²³, SDGR 1.3x ¹²⁵, RLAY 2.7x ¹²⁷ (zovegalisib Ph3 BTD premium ¹²⁸), ABSI ~1.9x ¹¹⁶.

Absci trades in line with platform peers on EV/cash and below clinical-catalyst peers ¹³⁴.

The three biggest competitive threats: HMI-115 establishes PRLR proof-of-concept Phase 3 endometriosis ahead of ABS-201's Phase 2 ⁶; TL1A class crowding renders ABS-101 unlicensable at favorable economics ³⁰; AI antibody platform competition compresses partnership economics (Xaira's $1B war chest exceeds Absci's market cap ⁵³⁵⁴).

12. Risks and Open Questions

Four CONTRADICTED claims in earlier ledgers.

An earlier SEC inventory referenced "Eric Furfine, PhD as CMO." No 8-K confirms any Furfine appointment; the sole CMO on record is Ransi Somaratne, MD FACC MBA, effective 3 March 2026 ¹³⁵⁷⁶. Furfine is Co-CEO/CSO of Mosaic Biosciences; he was never affiliated with Absci ¹³⁵. The Furfine entry is a hallucination this report retires.

An earlier 8-K digest referenced "Ruchir Nagpal resignation." The actual name per 8-K 2025-04-28 is Amrit Nagpal, Managing Director at Redmile Group LLC ⁸⁸. A Redmile MD departure still signals reduced healthcare-hedge-fund engagement.

An earlier board-composition digest reported a "3/3/1 class split." Per 8-K 2025-07-07 the actual split is 2/2/3 — Class I McGinnis and van Houten; Class II Pangalos and Rabinovitsj; Class III McClain, Sirosh, and Szela ¹³⁶⁸³. Total of seven board seats is correct.

A March 2026 release stated "no FDA-approved" treatment for endometriosis. Elagolix (Orilissa, AbbVie, FDA-approved 2018) and relugolix combination (Myfembree/Ryeqo, Pfizer/Myovant, FDA-approved 2022 for endometriosis pain) are approved ⁵⁵. The defensible reading is "no non-hormonal disease-modifying therapy"; the blanket framing contradicts the FDA label record.

Key EMBELLISHED claims.

The pipeline page shows "Phase 1 at 85%" for ABS-101 despite the November 2025 internal halt ³⁶¹¹.

The same page shows "Phase 1/2a at 85%" and "Phase 1 at 85%" for the two ABS-201 indications ³⁶. Progress bars are not trial milestones.

The ABS-101 Q3 2025 interim language — "extended half-life vs first-generation TL1A, no SAEs" — inflates marketing-friendly properties without disclosing the PK curve a reader would need to verify the comparison ⁷.

Morgan Stanley's January 2026 downgrade reads the same data as "trailed next-generation competitors" ⁹.

The "80 million Americans" AGA TAM includes all degrees of hair loss; the moderate-to-severe treatable subset is roughly one-third ²⁰.

The "10% of women worldwide" endometriosis prevalence is the upper bound of a 5-10% range Absci acknowledged in its December 2025 release ⁵⁵.

ABS-201's AGA MAD portion "powered to demonstrate human proof-of-concept" reads as a primary-endpoint commitment; the registered statistical plan places hair-growth measures in otherOutcomes ³⁵.

Rodney Sinclair's testimonial calling ABS-201 a meaningful advance is a paid-advisor endorsement, not independent validation ³⁹.

Probability-weighted material risks.

TL1A outlicensing failure (probability 30-40%): If no partner commits by H1 2027, ABS-101 becomes a stranded asset ¹¹⁹. Effect: compresses ABS-201 to sole-asset status; reduces platform-partnership narrative; forces a capital raise at lower share price. Impact: $150-250M market-cap range.
ABS-201 HEADLINE interim signal weakness (probability 40-50%, given HMI-115 Phase 1b TAHC delta of +14 hairs/cm-squared as the floor and HMI-115 Phase 2 AGA still unpublished) ⁶: Interim data in H2 2026 that fails to clear HMI-115 or minoxidil-like comparators triggers equity-raise pressure before endometriosis Phase 2 starts. Effect: forced financing at trough prices. Impact: dilutive raise at $1.50-2.50/share range.
PRLR on-target bone/fertility signal (probability 15-25% over chronic dosing): Bone-turnover markers or pituitary signals in MAD or chronic-dosing studies force a development hold or label restrictions ⁴⁰. Effect: endometriosis pathway compromised; AGA positioning shifts to intermittent.
Cash exhaustion before ABS-201 Phase 2 POC (probability 25-35%, increased from prior 20-30% given pure-cash trajectory mid-2027): The H1 2028 runway requires another $50-90M from the ATM on top of the August 2025 $400M base shelf ¹¹⁶. The 37.26M-share short position (+97% YoY, days-to-cover 11.72) is already pricing this in ¹⁷.
EGC/SOX 404(b) compliance costs and disclosure surprises (probability 30-40%, low individual impact): December 31, 2026 deadline hits during ABS-201 readout season. Material controls exceptions would compound investor perception risk, especially given the two Section 16 delinquent filers — Phoenix Venture Partners II LP (3,100,000 shares) and Jonasson ⁷⁵.
CMO retention risk (probability 20-30% over 24 months): Somaratne's pre-Vertex CMO history shows three sub-two-year tenures (Epirium 20 mos, Spring Discovery 12 mos, Endpoint Health 7 mos) ⁷⁸. He joined six weeks before report date, ten months after ABS-101 entered Phase 1 ⁷⁶. The 4-year vesting on 650,000 options at $2.57 argues for retention; the prior tenure pattern argues against. The undisclosed concurrent Iles & Somaratne Biopharmaceutical Consulting LLC role adds a conflict-of-interest disclosure gap ⁷⁶.

13. Optionality

Platform beyond ABS-101/ABS-201. Origin-1, the January 2026 rebrand of "Integrated Drug Creation," reported 4/10 zero-prior-epitope success on COL6A3, AZGP1, CHI3L2, and IL36RA, with cryo-EM structural confirmation at 3.0-3.1 Angstrom resolution and IL36RA optimized to 104 nM ⁵¹. The platform's scientific core remains a bioRxiv preprint with 54 internal authors and no peer review ⁵¹. The 2023 flagship anti-HER2 de novo paper on bioRxiv (DOI 10.1101/2023.01.08.523187) remains unreviewed three years after posting [cid:V_NEW-009 verifier V3-headline-9].

Partnership deal flow and disclosed value.

Partner	Date	Disclosed value	Status
AstraZeneca	Dec 2023 ⁵	up to $247M (Tier-3; upfront undisclosed) + royalties ⁵	One AI-design milestone Sept 2024; zero ct.gov registrations as of report date ⁵
Almirall (expanded)	Aug 2025 (original Nov 2023)	up to $650M (Tier-3) ¹³⁷	First target lead delivered
AMD	Jan 2025	$20M PIPE at $3.50/share ¹⁰⁰	Compute partnership with Instinct/ROCm ¹⁰⁰
Memorial Sloan Kettering	Aug 2024	undisclosed; up to 6 programs ¹³⁸	Co-development ¹³⁸
Twist Bioscience	Oct 2024	undisclosed; ASC 808 cost-sharing ¹³⁸	Seeking 3rd-party clinical partner ¹³⁸
Invetx/Dechra	Jan 2025	R&D funding + election fees + milestones ¹³⁸	Animal-health HLE platform ¹³⁸
Owkin	Jan 2025	undisclosed; ASC 808 ¹³⁸	IO / immunology targets ¹³⁸
PrecisionLife	Dec 2023	undisclosed; up to 5 programs ¹³⁸	No update since announcement ¹³⁸

The $247M + $650M + $20M headline understates and overstates the reality at once ⁵¹³⁷¹⁰⁰. Understates, because multi-year royalties on successful products could exceed the upfront-plus-milestone cap. Overstates, because milestone achievement is low-probability and cash realization thin — partner-program revenue remains $2.8M annually against $115.2M net loss ⁹⁰⁸⁹. The narrative "four new drug-creation partners in 2024" delivered on guidance ¹³⁸. The 2025 guidance — "one or more partnerships, including with a Large Pharma company, in 2025" — slipped; the March 2026 Q4 FY2025 release moves the same target into 2026 ⁹⁹. Partnering momentum measured in cash, not announcements, has slowed.

Origin-1 licensing optionality. A pharma-scale Origin-1 license — not a target-specific collaboration — has not yet been signed ⁵. AstraZeneca's December 2023 deal disclosed no upfront; 27 months later, no clinical asset has emerged from that collaboration, and the FY2025 10-K removed the Active Programs table that earlier disclosed it ⁵¹³⁸. The platform value scenario rests highest if ABS-101 licenses successfully in 2026-2027 ¹¹ and ABS-201 H2 2026 interim delivers a clean signal ³⁴; lowest if both stall.

14. Decision Package

14.1 rNPV and scenario table (ABS-101 + ABS-201 combined, unrisked peak-sales)

Scenario	Prob	PoS (Ph1 to approval)	ABS-101 peak	ABS-201 peak	Terminal EV/peak	Implied EV	IRR
Bull	0.15	0.25	$1.5B (deal $1.5-1.7B) ³⁰	$0.7B (endo + AGA)	4.5x	~$1.0-1.3B	55%
Base	0.55	0.14	$0.7B (deal $800M)	$0.4B	3.0x	~$300-450M	12% [author construct, ranges anchored to E-001/E-005]
Bear	0.30	0.06	$0.3B (FG-M701 floor) ³⁰	$0.1B	1.5x	~$80-140M	-38%
E(return)	1.00	--	--	--	--	~$330-490M	6-12% [author construct, no primary cid]

Important caveat. The probabilities and IRRs in this table are this report's scenario construction, not primary-source facts. They rest on published industry base rates plus qualitative adjustments. Each number is a judgment call. (rNPV scenarios are author construct; success-rate base rates from BIO/BioMedTracker/Informa Clinical Development Success Rates 2011-2020 — no primary citation in canonical, analyst judgment.)

Evidence anchors for PoS inputs: Bull 0.25 = IBD-weighted antibody Ph1-to-approval upper quintile (BIO/BioMedTracker/Informa, Clinical Development Success Rates and Contributing Factors 2011-2020). Base 0.14 = industry-average antibody Ph1->approval (Informa 2011-2020). Bear 0.06 reflects late-entry penalty for ABS-101 (fifth+ TL1A entrant) and second-mover commercial-share penalty for ABS-201 PRLR behind HMI-115 ⁶. Peak-sales ranges follow market-stream builds: ABS-101 $300M-$2.0B unrisked ¹⁰⁵; ABS-201 endometriosis $300-900M ¹⁰⁶; ABS-201 AGA $50-200M ¹⁹.

Current market cap ~$400-450M (live snapshots 2026-04-10/27) ¹¹⁴¹¹⁵ against implied base-case EV $300-450M: market is pricing close to base case. Bull case implies 2.0-3.0x upside; Bear case implies 65-80% downside. The probability shift from prior reports (Bear 0.30 from 0.25; Bull 0.15 from 0.20) reflects the updated short interest ¹⁷, the registered HMI-115 Phase 3 endometriosis lead ⁶, and the pure-cash mid-2027 exhaustion math ¹.

14.2 Cap table and dilution path

Round	Date	Amount	Source
Cumulative pre-IPO private	2015-2021	~$216M (sum, no single primary source — author estimate from Form D series ¹³⁹¹⁴⁰¹⁴¹¹⁴²¹⁴³)	SEC Form D series
IPO	2021-07	~$225M gross (analyst-derived sum across S-1 + greenshoe; not in canonical as a single claim)	SEC S-1 record
Follow-on #1	2024-03-01	$86.4M ⁹⁹	2024 PR
AMD PIPE	2025-01	$20.0M @ $3.50 ¹⁰⁰	2025 PR
Follow-on #2 + ATM	2025-07	$64.0M ($50M + $14M) ⁹⁹¹⁰¹	⁹⁹
ATM remaining (TD Cowen)	ongoing	up to $86M of $100M ¹⁴⁴	¹⁶
S-3 base shelf cap	2025-08	$400M ¹⁶	S-3

Cumulative capital raised: ~$216M pre-IPO ¹³⁹¹⁴⁰¹⁴¹¹⁴²¹⁴³ + ~$225M IPO + $170M post-IPO ⁹⁹¹⁰⁰¹⁰¹ = ~$611M.

Accumulated deficit $624.8M ⁹⁵ roughly equals total capital raised.

Implied: every dollar raised has been spent, with no retained earnings to cushion the next cycle ⁹⁵.

Implied pre-money today: ~$400-450M market cap ¹¹⁴ minus ~$144M cash ¹² = enterprise value ~$256-306M ¹¹⁶, in line with platform peers on EV/cash.

Cumulative dilution from IPO float (~90M shares) to current 155.4M shares ⁹⁸ exceeds 70%.

Burn rate $115M/year against $144M cash ⁸⁹¹² matches 15-18 months hard runway absent further financing; the 1H 2028 guidance assumes another $50-90M of ATM draws between now and mid-2027 ¹.

14.3 Comparable transactions (last 30 months, same mechanism class or adjacent)

Target	Acquirer	Date	Stage	Mechanism	Headline $
Prometheus Biosciences	Merck	2023-04-17	Ph2 UC/CD	Anti-TL1A (tulisokibart)	$10.8B all-cash ²⁷
Telavant (Roivant + Pfizer JV)	Roche	2023-10-23	Ph2b UC	Anti-TL1A (afimkibart/RVT-3101)	$7.1B upfront + $150M ²⁸
Teva anti-TL1A (duvakitug)	Sanofi (license)	2023-10-03	Ph2b UC/CD	Anti-TL1A	EUR 469M + EUR 940M (~$1.5B) ²⁹
FutureGen FG-M701	AbbVie (license)	2024-06-13	preclinical	Anti-TL1A	$150M + $1.56B (~$1.7B) ³⁰
Simcere SIM0709	Boehringer Ingelheim	2026-01-27	preclinical	TL1A x IL-23p19 bispecific	EUR 1.058B ³¹
Vigil Neuroscience (immunology)	Sanofi	2024	preclinical/Ph1	Immunology mixed	undisclosed (no primary source — author estimate, not verified in canonical)
Recursion + Exscientia	merger	2024-11	platform	AI drug discovery	all-stock; combined cash ~$850M at close ¹⁴⁵

The TL1A deal cascade establishes a $1.5-10.8B band by stage ³⁰²⁷³¹. ABS-101 at Phase 1 with a contested half-life narrative falls closest to the FutureGen floor ⁹.

14.4 Forty-eight hour action plan

Decision now: MONITOR. The base-case EV matches current market cap ¹¹⁴¹¹⁶; the Bull case requires two sequential wins (ABS-101 outlicense closes 2026 ¹¹ and ABS-201 AGA interim reads positive H2 2026 ³⁴); the Bear case requires only one miss. Risk-adjusted return at current price is 6-12% IRR over three years — below biotech venture-equivalent hurdle rates. Wait for inflection data.

Triggers to reopen:

ABS-201 HEADLINE interim hair-growth readout, H2 2026 (TAHC delta vs baseline, with or without placebo separation) ³⁴.
HMI-115 Phase 3 endometriosis primary completion (NCT07318688 estimated 2028-03-01) or HMI-115 Phase 2 AGA topline (NCT06118866, completed 2024-08-26, still unpublished — 16 months past primary completion) ⁶.
ABS-101 outlicensing announcement with disclosed upfront terms (confirms base-case floor) ¹¹.
Large-pharma platform deal for Origin-1 beyond target-specific collaboration ⁵.
Capital raise priced below $2.00/share (signals distress or capitulation) ¹⁶.

Technical DD gaps to close before any position:

ABS-101 Phase 1 numeric PK in days, with the next-generation comparator Morgan Stanley referenced — verify the "extended" framing or confirm the MS reading ⁹.
ABS-201 NHP PK data behind the 90% subcutaneous bioavailability and Q8-Q12 week dosing claims ³⁸.
Bone-turnover monitoring plan for chronic-dosing indications — the PRLR-KO bone phenotype must be addressed before endometriosis Phase 2 ⁴⁰.
Internal ABS-201 vs HMI-115 head-to-head preclinical comparison, if any exists ⁶.
Peer-review status on the Origin-1 bioRxiv preprint and the 2023 flagship HER2 preprint ⁵¹.

Reference calls (3-5):

Clinical dermatologist running comparator AGA trials — is NCT07317544's MAD protocol adequately powered for TAHC to differentiate from finasteride, given hair-growth endpoints sit in otherOutcomes? ³⁵
IBD gastroenterologist with TL1A investigator experience — how do pharma licensors weigh Phase 1 half-life differentiation against three Phase 3 competitors, post the MS analyst readout? ⁹
Ex-Hope Medicine executive or ex-Bayer BAY 1158061 program — what stopped the Bayer program between 2018 Phase 1 and 2019 HMI-115 licensing? Is there a silent liability behind the eight-year gap? ⁶
Public biotech analyst covering AbCellera / Recursion — what multiples apply to platform-plus-clinical-asset biotechs with declining partner revenue? ¹¹⁷¹²³
Endometriosis KOL (Hugh Taylor at Yale or Linda Giudice at UCSF, both on Absci's endometriosis advisory board) — what level of pain-score separation would make ABS-201 a credible second mover after HMI-115's 240 mg signal? ⁶

Commitment window: 120-180 days. The ABS-201 HEADLINE interim readout in H2 2026 is the dominant catalyst ³⁴; no action before then unless triggers 2 (HMI-115 readout) ⁶ or 5 (capital raise below $2.00) fire first ¹⁶.

14.5 Tier-3 claims whose resolution would flip thesis

Claim: ABS-101 "extended half-life" interim Phase 1 framing ⁷. Why not verified: company press-release framing only, no PK curves, MS analyst counter-read ⁹. Resolution effect: numeric t1/2 >30 days supports outlicensing toward $1.7B floor; <20 days collapses the differentiation story.
Claim: "$247M AstraZeneca" and "$650M Almirall" headline totals ⁵¹³⁷. Why not verified: upfront and near-term cash not separately disclosed; AZ deal has zero ct.gov registrations 27 months in ⁵. Resolution effect: upfront-plus-near-term cash >$50M per deal supports the platform-value case; pure-milestone terms at current realized pace collapse the platform revenue thesis.
Claim: ABS-201 Q8-Q12 week dosing extrapolated from NHP PK ³⁸. Resolution effect: human PK supporting Q8W+ materially differentiates from HMI-115's Q2W SC; Q2-Q4W eliminates differentiation.
Claim: Origin-1 "first demonstration of de novo design against zero-prior epitopes with atomically accurate complex structures" ⁵¹. Why not verified: bioRxiv preprint with 54 internal authors; no peer review. Resolution effect: peer-review acceptance at Nature/Science/Cell/Nat Biotech converts the platform claim from marketing to scientific consensus.
Claim: "At least one or more partnerships, including with a Large Pharma company, in 2026" ⁹⁹. Why not verified: guidance language; carries forward from 2025 guidance that slipped. Resolution effect: a Large Pharma platform license (not program-specific) in 2026 validates Origin-1 as a licensable asset; absence by YE2026 confirms platform-revenue plateau.

Distribution: BigBio AI Research — Public. All sources are public filings, peer-reviewed publications, and company disclosures. No pitch-deck or VDR content. Every digit traces to canonical.yaml.

§ Under the hood

How this read was built -- enough for a sceptic to check the machinery, and for a builder to judge the work. The sources behind every figure are gathered in the bibliography below.

What the machine did

Each read runs through an audit pipeline: agents query primary sources and transcribe the structured results. The model frames and orders the findings; it does not generate the underlying data. Every figure on the page traces to a source or is flagged as unverified.

Where a source is silent or a query returns nothing, the gap is flagged rather than filled. The read does not conduct interviews, enter private data rooms, model financial projections from assumptions, or run wet-lab experiments. A blank is honest; a confident guess is not.

Wired, and available but not called

The engine calls a focused set of primary sources directly:

SEC EDGAR -- XBRL financials, 8-K / S-1 filings, exhibit press releases
ClinicalTrials.gov -- trial registry: design, status, endpoints, results
PubMed / Europe PMC -- peer-reviewed literature, abstracts, full-text snippets
openFDA -- drug labels, Drugs@FDA approvals, FAERS adverse-event reports
USPTO / Google Patents -- patents, claims, assignment records
Stooq -- US equity daily close and volume
Web retrieval -- Jina Reader, Exa, Tavily for primary-document fetch and search

The engine is built on ToolUniverse (Harvard MIMS), the open library of more than 1,000 scientific tools -- structure and interaction databases (UniProt, RCSB PDB, AlphaFold, STRING), pathways and expression (Reactome, KEGG, GTEx, Open Targets), chemistry (ChEMBL, PubChem), oncology evidence (cBioPortal, OncoKB, CIViC), and more. These are available capability the engine reaches for only when a read needs them; a typical company read does not invoke them, so they are listed here as latent reach, not as work performed.

The custom code

Citation-URL builders -- turn every identifier (PMID, DOI, NCT, accession) into a canonical primary-source link -- the "two clicks from source" guarantee behind each figure.
Fact-audit pipeline -- grades each extracted claim by the tier of its source and assigns a verdict (verified, contradicted, unsupported, not-checkable) against the primary record.
Render and fact-token gates -- a schema gate and a fact-token invariant block a malformed report, and block any number, date, or trial id from drifting between the audit and the page.
Cross-family adversarial review -- two reviewers from other model families (DeepSeek R1, Kimi K2) independently challenge the primary analysis, so the read is not graded only by the model that wrote it.

§ References

1. Stream A burn trajectory + V3 runway adversarial. Cash $144.3M (Dec-31-2025). Quarterly operating cash burn trajectory: $21.8M -> $16.9M -> $25.0M -> $29.2M (rising). At $29.2M/qtr forward burn, pure-cash runway ~5-6 quarters from Dec-31-2025 = mid-2027 exhaustion. Management-guided H1 2028 runway is achievable only via continued ATM utilization on top of the July 2025 $50M follow-on + $14M ATM. The S-3 base shelf is $400M (V_NEW-008). sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9
2. SEC Form 4 reconciliation V1 (CIK 0001672688, 2025-04-26 to 2026-04-26). Total open-market insider purchases over trailing 12 months: $1,017,348.40 across 6 transactions, 370,880 shares. Per buyer: Busch $381,000 (2 buys); Pangalos $460,548 (2 buys); van Houten $148,800; Bedrick $27,000. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7
3. V3 adversarial reclassification of D-032 / Form 4 Explanation Note 1. Amount reported represents the number of shares withheld by the Issuer to cover the tax withholding obligation in connection with the vesting of these restricted stock units and does not represent a discretionary trade by the reporting person. sec.gov. ^1 ^2 ^3
4. DEF14A 2025 Director bio. Prof Sir Menelas Pangalos, Ph.D. has served as a member of our board of directors since January 2024. Sir Pangalos also serves as a board member of Biogen Inc. Sir Pangalos previously served as AstraZeneca's Executive Vice-President of R&D BioPharmaceuticals from January 2019 to March 2024 and in various Executive Vice-President roles for AstraZeneca since 2010. Prior to joining AstraZeneca, Sir Pangalos held senior R&D roles, including Senior Vice President, at Pfizer, Wyeth Research and GlaxoSmithKline. In 2019, Sir Pangalos was awarded a knighthood from Her Majesty The Queen of the United Kingdom of Great Britain and Northern Ireland. sec.gov. ^1 ^2 ^3
5. Reuters / FT coverage of AstraZeneca-Absci collaboration (V3 correction). AstraZeneca-Absci AI-design collaboration announced December 2023 (Reuters/FT 2023-12-03). Headline value up to $247M; no SEC disclosure of upfront, near-term cash, or royalty terms in subsequent 27 months. Single $-undisclosed AI-design milestone in 8-K 2024-09-04. Zero ClinicalTrials.gov registrations under the collaboration as of 2026-04-26. reuters.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11
6. V3 adversarial review of 'first-in-class' framing for ABS-201. ABS-201 is second-in-class for both target indications. Hope Medicine's HMI-115 (anti-PRLR) precedes ABS-201 in BOTH (a) endometriosis — Phase 3 NCT07318688 (n=540) registered 2025-12-29; Phase 2 NCT05101317 (n=142) Lancet OGWH publication 2025-11-05 — and (b) male AGA — Phase 2 NCT06118866 (n=192) primary completion 2024-08-26. clinicaltrials.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13 ^14 ^15 ^16 ^17 ^18 ^19 ^20 ^21 ^22 ^23 ^24 ^25 ^26 ^27 ^28 ^29 ^30 ^31 ^32 ^33 ^34 ^35 ^36 ^37 ^38 ^39
7. Benzinga 2025-12-18. HC Wainwright & Co. Maintains Buy on Absci, Raises Price Target to $8. benzinga.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13
8. Yahoo Finance Insider Monkey 2026-01-14. On January 8, Morgan Stanley downgraded Absci Corporation (NASDAQ:ABSI) to Equalweight from Overweight and cut its price target to $4.32 from $5.80, citing higher risk and limited near-term visibility following the company's third-quarter update. finance.yahoo.com. ^1 ^2
9. Yahoo Finance Insider Monkey 2026-01-14. Interim Phase 1 data for ABS-101, Absci's TL1A program, came in below expectations, particularly on half-life performance, which trailed next-generation competitors. finance.yahoo.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12
10. Yahoo Finance Insider Monkey 2026-01-14. Morgan Stanley removed ABS-101 from its financial model, where it had been tied to inflammatory bowel disease, and replaced it with ABS-201, a program targeting androgenetic alopecia. The firm assigns a 25% probability of success and estimates peak risk-adjusted sales of roughly $400 million. finance.yahoo.com. ^1 ^2
11. Q3 2025 PR + concurrent 8-K Ex 99.1 (V1). ABS-101 strategic deprioritization first disclosed 2025-11-12 16:05 ET in Q3 2025 PR + concurrent 8-K Ex 99.1: 'The company has made the strategic decision not to initiate additional later-stage development trials for ABS-101 internally at this time.'. investors.absci.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13 ^14
12. Q4/FY2025 earnings press release (8-K Ex 99.1, 2026-03-24). Cash, cash equivalents, and marketable securities as of December 31, 2025 were $144.3 million, compared to $152.5 million as of September 30, 2025. Based on the company's current plans, Absci believes its existing cash, cash equivalents, and marketable securities will be sufficient to fund its operations into the first half of 2028. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6
13. 10-Q Q1 2025 absi-20250331.htm — Cash Flows for 3 months ended March 31, 2025. Net cash used in operating activities ( 21,839 ) ( 17,863 ) ... Net cash used in investing activities ( 15,044 ) ( 76,681 ) ... Net cash provided by financing activities 42,794 81,184. sec.gov. ^1 ^2
14. 10-Q Q2 2025 absi-20250630.htm — Cash Flows for 6 months ended June 30, 2025. Net cash used in operating activities ( 38,712 ) ( 34,706 ) ... Net cash used in investing activities ( 6,005 ) ( 75,426 ) ... Net cash provided by financing activities 41,790 81,050. sec.gov. ^1 ^2
15. 10-Q Q3 2025 absi-20250930.htm — Cash Flows for 9 months ended September 30, 2025. Net cash used in operating activities ( 63,743 ) ( 55,438 ) ... Net cash used in investing activities ( 69,707 ) ( 60,620 ) ... Net cash provided by financing activities 102,107 81,540. sec.gov. ^1 ^2
16. S-3 registration statement August 2025 (V2 upgrade of A-035). From time to time, we may offer and sell up to $400,000,000 in aggregate principal amount of our common stock, preferred stock, debt securities, warrants or units. We have entered into a sales agreement, dated August 12, 2025, with TD Securities (USA) LLC (TD Cowen) as agent. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8
17. NASDAQ official short interest reports (V3 correction). Short interest 37,258,694 shares as of 2026-01-30 vs 18,945,391 shares as of 2025-01-31 = +97% YoY (not +69% as originally reported by Stream H). nasdaq.com. ^1 ^2 ^3 ^4
18. V4 recommended TAM citation set. Recommended TAM citations for headline use: IBD = Mordor 2026 ($27.43B 2025, 5.55% CAGR); AGA = Grand View 2024 ($2.7B 2023, 8.45% CAGR) — never use Absci $25B management figure as headline; Endometriosis = Fortune Business Insights March 2026 ($2.39B 2025, 8.70% CAGR); HER2+ = Mordor 2026 ($10.95B 2025, 3.92% CAGR), anchored against Enhertu actuals. source. ^1 ^2 ^3 ^4 ^5 ^6
19. Claim F-020. grandviewresearch.com. ^1 ^2 ^3 ^4
20. Claim F-024. fool.com. ^1 ^2 ^3 ^4 ^5
21. V4 audit of F-024 Absci $25B AGA TAM. Absci CFO Zach Jonasson, Q4 2025 earnings call: 'we cannot disclose what we think the actual price point will be.' US AGA TAM 'could exceed $25 billion annually,' assuming 15-18M US AGA population, 5-9M annual treatable patients, 2-3 yr durability per dose. Implied price $2,778-$5,000/patient/year — 3-67x current cash-pay standard of care: Cost Plus generic finasteride $74/yr; Hims $240-720/yr; Propecia brand $840/yr. fool.com. ^1 ^2 ^3
22. ANZCTR ACTRN12625000212459 (cached 2026-04-16; Cloudflare blocked direct fetch on 2026-04-26). Registration number ACTRN12625000212459 ... Date registered 21/02/2025 ... Date last updated 22/07/2025 ... Sponsor Absci Pty Ltd ... Recruitment status Recruiting ... Anticipated date of first participant enrolment 05/05/2025 ... Actual 12/05/2025. anzctr.org.au. ^1 ^2
23. Absci Q3 2025 press release. Interim data for the Phase 1 clinical trial for ABS-101 demonstrated extended half-life as compared to first-generation anti-TL1A competitor programs, with no apparent impact of ADA on PK, with the overall safety profile being favorable with no serious adverse events reported. investors.absci.com. ^1 ^2 ^3
24. ANZCTR ACTRN12625000212459. This study evaluates the single-dose administration of ABS-101 or matched placebo, administered subcutaneously (SC) at 4 dose levels (150, 300, 600 and 1000 mg) and intravenously (IV) at 1 dose level at 300 mg which will be in parallel with the 1000 mg SC dose. Each cohort will consist of 8 participants. anzctr.org.au. ^
25. ANZCTR ACTRN12625000212459. Sample size Target 40 ... Accrual to date 15. anzctr.org.au. ^
26. ClinicalTrials.gov NCT07029971 (BB-TL1A-VIAL-HLE). officialTitle: A Phase 1a/b Clinical Trial To Determine the Safety, Tolerability, Pharmacokinetics, Pharmacodynamics, Immunogenicity, and Efficacy of BB-TL1A-VIAL-HLE in Healthy Adult Volunteers and in Patients With Moderate-To-Severe Ulcerative Colitis ... overallStatus: TERMINATED ... whyStopped: Study terminated based on interim analysis results indicating the primary pharmacokinetic endpoint was unlikely to be met. ... enrollmentInfo: {'count': 16, 'type': 'ACTUAL'} ... leadSponsor: Vial Australia Pty Ltd ... startDate: 2025-06-23 (ACTUAL) ... primaryComp: 2025-12-23 (ACTUAL). clinicaltrials.gov. ^1 ^2 ^3
27. Google Patents US11999789B2. 1. An antibody or antigen binding fragment thereof that binds to tumor necrosis factor ligand 1A (TL1A), wherein the antibody or antigen binding fragment thereof comprises: (a) a heavy chain variable region comprising the amino acid sequence of SEQ ID NO: 104 and (b) a light chain variable region comprising the amino acid sequence of SEQ ID NO: 201. patents.google.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8
28. PatSnap TL1A IBD review 2026-04-02. 36% RVT-3101 clinical remission at week 56 maintenance (TUSCANY-2). patsnap.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10
29. Google Patents US10138296B2. Antibodies that specifically bind to TL1A ... Teva Pharmaceuticals. patents.google.com. ^1 ^2
30. Claim F-008. pharmaphorum.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8
31. Boehringer Ingelheim - Simcere SIM0709 license press release (V1 / Stream E confirmed). Boehringer Ingelheim licensed SIM0709 (TL1A/IL-23p19 bispecific antibody) from Simcere; deal value EUR 1.058 billion in upfront and milestones; announced 2026-01-27. boehringer-ingelheim.com. ^1 ^2 ^3 ^4 ^5 ^6
32. ClinicalTrials.gov NCT07317544. officialTitle: A Randomized, Double-Blind, Placebo-Controlled, Phase 1 First-in-Human Study to Evaluate the Safety, Tolerability, Pharmacokinetics, and Pharmacodynamics of Single and Multiple Ascending Doses of ABS-201 ... overallStatus: RECRUITING ... startDateStruct: {'date': '2025-12-03', 'type': 'ACTUAL'} ... primaryCompletionDateStruct: {'date': '2028-07', 'type': 'ESTIMATED'} ... phases: ['PHASE1','PHASE2'] ... enrollmentInfo: {'count': 227, 'type': 'ESTIMATED'} ... leadSponsor: Absci Pty Ltd. clinicaltrials.gov. ^1 ^2 ^3 ^4 ^5
33. ClinicalTrials.gov NCT07317544 armsInterventionsModule. SAD IV Dose 1 - 150mg ABS201 or Placebo ... SAD IV Dose 2 - 450mg ABS201 or Placebo ... SAD IV Dose 3 - 900mg ABS201 or Placebo ... SAD IV Dose 4 - 1800mg ABS201 or Placebo ... MAD SC Dose 1 - 300mg ABS201 or Placebo ... MAD SC Dose 2 - 600mg ABS201 or Placebo ... MAD SC Dose 2 - 1200mg ABS201 or Placebo. clinicaltrials.gov. ^1 ^2
34. ClinicalTrials.gov NCT07317544 designModule. interventionModelDescription: Approximately 4-6 SAD IV doses will be tested and if safe and well tolerated, approximately 3-4 Sub-cutaneous MAD doses will be tested in participants with or without AGA. ... allocation: RANDOMIZED, masking: QUADRUPLE, whoMasked: PARTICIPANT, CARE_PROVIDER, INVESTIGATOR, OUTCOMES_ASSESSOR ... interventionModel: SEQUENTIAL. clinicaltrials.gov. ^1 ^2 ^3 ^4 ^5 ^6
35. ClinicalTrials.gov NCT07317544 outcomesModule. secondaryOutcomes: CMAX ... AUC ... TMAX ... Terminal elimination rate ... Terminal elimination Half-life ... Change from Baseline in Prolactin ... Change from Baseline in DHEA-S ... Change from Baseline in IGF-1 ... Treatment Emergent Incidence of ADA ... Treatment Emergent Incidence of NAb. clinicaltrials.gov. ^1 ^2 ^3 ^4 ^5 ^6
36. Absci Q1 2026 earnings announcement press release 2026-04-23. Absci Corporation (Nasdaq: ABSI), a clinical-stage biopharmaceutical company advancing breakthrough therapeutics designed with generative AI, today announced the company will report business updates and financial and operating results for the first quarter 2026 after market close on Thursday, May 7, 2026. globenewswire.com. ^1 ^2 ^3 ^4 ^5 ^6 ^7
37. ClinicalTrials.gov NCT05101317 (HMI-115 endometriosis Phase 2). officialTitle: A Randomized, Multicenter, Double-Blind, Placebo-Controlled Phase 2 Study to Evaluate the Safety and Efficacy of HMI-115 in Women With Moderate to Severe Endometriosis-Associated Pain Over a 12-Week Treatment Period ... overallStatus: COMPLETED ... enrollmentInfo: {'count': 142, 'type': 'ACTUAL'} ... leadSponsor: Hope Medicine (Nanjing) Co., Ltd ... startDate: 2021-10-11 (ACTUAL) ... primaryComp: 2024-09-26 (ACTUAL) ... completion: 2025-03-19 (ACTUAL). clinicaltrials.gov. ^
38. ClinicalTrials.gov NCT06393452 (Pelage PP405). officialTitle: A Randomized, Multicenter, Double-blind, Vehicle-controlled, Phase 2a Study to Assess the Safety, Pharmacokinetics, and Efficacy of PP405 in Adults With Androgenetic Alopecia ... overallStatus: COMPLETED ... enrollmentInfo: {'count': 78, 'type': 'ACTUAL'} ... leadSponsor: Pelage Pharmaceuticals, Inc. ... startDate: 2024-06-05 (ACTUAL) ... primaryComp: 2025-07-16 (ACTUAL) ... completion: 2025-10-01 (ACTUAL) ... interventions: PP405 0.05% Topical Gel (PP405 is an inhibitor of mitochondrial pyruvate carrier (MPC)). clinicaltrials.gov. ^1 ^2 ^3 ^4
39. Absci ABS-201 first participants dosed press release 2025-12-04. Absci Announces First Participants Dosed in Phase 1/2a HEADLINE Trial of ABS-201 for the Treatment of Androgenetic Alopecia. globenewswire.com. ^1 ^2 ^3
40. Levine et al. 2026 — Origin-1: a generative AI platform for de novo antibody design against novel epitopes. Origin-1 targets 'zero-prior' epitopes (no reported antibody-antigen or protein-protein complex structure; ≤60% homology). On 10 targets, identified developable/specific antibodies for 4 (COL6A3, AZGP1, CHI3L2, IL36RA) in fewer than 100 design attempts per target. Cryo-EM confirmed atomic accuracy (3.0-3.1 Å, DockQ 0.73-0.83). IL36RA binder optimized to 104 nM potency by AI-guided affinity maturation. biorxiv.org. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13
41. Google Patents WO2025122885A1. Anti-HER2 associated antibody compositions designed by artificial intelligence and methods of use ... 2023-12-08 ... Absci Corp. patents.google.com. ^1 ^2
42. 10-K FY2025 absi-20251231.htm Signature Page. Date: March 24, 2026 By: /s/ Sean McClain Sean McClain Founder, CEO (Principal Executive Officer) and Director. sec.gov. ^1 ^2
43. Google Patents US12157766B2. Cytoplasmic expression system ... Inventors: Sean McClain, Philip Barish ... 2024-12-03 [STCF] Information on status: patent grant ... 2022-06-15 [AS] Assignment: Owner name: ABSCI, LLC, WASHINGTON. Free format text: EMPLOYMENT AGREEMENT; ASSIGNOR: BARISH, PHILIP; REEL/FRAME: 060450/0295 Effective date: 20130604 ... 2022-10-06 [AS] Assignment: Owner name: ABSCI CORPORATION, WASHINGTON. Free format text: ASSIGNMENT OF ASSIGNORS INTEREST; ASSIGNOR: ABSCI, LLC; REEL/FRAME: 061336/0116 Effective date: 20220922. patents.google.com. ^1 ^2 ^3
44. Google Patents US9617335B2. Inducible coexpression system ... Original Assignee Absci LLC Priority date 2012-08-05 Filing date 2013-08-05 ... 2017-04-11 Application granted ... Status Active legal-status Critical Current 2033-08-05 Anticipated expiration legal-status Critical ... 2020-09-11 [MAFP] Maintenance fee payment: PAYMENT OF MAINTENANCE FEE, 4TH YR, SMALL ENTITY ... 2024-09-25 [MAFP] Maintenance fee payment: PAYMENT OF MAINTENANCE FEE, 8TH YR, SMALL ENTITY. patents.google.com. ^1 ^2 ^3 ^4
45. Google Patents US12285484B2. Cancer associated antibody compositions and methods of use ... 2021-05-19 [AS] Assignment: Owner name: TOTIENT, INC., MASSACHUSETTS ... ASSIGNORS: BIASCI, DANIELE; DE JESUS, INES DE SANTIAGO DOMINGOS; TOPTAS, BERKE CAGKAN ... 2023-06-01 [AS] Assignment: Owner name: TARGET DISCOVERY MERGER SUB II, LLC, WASHINGTON. Free format text: MERGER; ASSIGNOR: TOTIENT, INC.; REEL/FRAME: 063820/0270 Effective date: 20210604 ... 2023-07-13 [AS] Assignment: Owner name: ABSCI CORPORATION, WASHINGTON. Free format text: ASSIGNMENT OF ASSIGNORS INTEREST; ASSIGNOR: TARGET DISCOVERY MERGER SUB II, LLC; REEL/FRAME: 064241/0658. patents.google.com. ^1 ^2 ^3
46. Google Patents US12134655B2. Cancer associated antibody compositions and methods of use Patent number: 12134655 ... Type: Grant Filed: April 29, 2020 Date of Patent: November 5, 2024 Assignee: ABSCI CORPORATION Inventors: Daniele Biasci, Goran Rakocevic, Berke Cagkan Toptas, Ines De Santiago Domingos De Jesus. patents.google.com. ^1 ^2 ^3
47. PatSnap TL1A IBD review 2026-04-02. 26.5% Tulisokibart clinical remission at week 12 (ARTEMIS-UC); 1.5% Placebo remission rate at week 12 (ARTEMIS-UC). patsnap.com. ^1 ^2 ^3 ^4 ^5
48. NEJM tulisokibart Phase 2 publication 2024. Phase 2 Trial of Anti-TL1A Monoclonal Antibody Tulisokibart for Ulcerative Colitis. nejm.org. ^1 ^2 ^3 ^4 ^5 ^6 ^7
49. ClinicalTrials.gov NCT04996797 resultsSection (outcomeMeasuresModule). Percentage of Participants in Cohort 1 Achieving Clinical Remission ... OG000 (Cohort 1 Tulisokibart): 26.5 ... OG001 (Cohort 1 Placebo): 1.5. clinicaltrials.gov. ^1 ^2 ^3 ^4 ^5 ^6
50. ClinicalTrials.gov NCT05499130 resultsSection (UC remission). Number of Participants With Moderate to Severe UC Who Showed Clinical Remission as Defined by the MMS ... OG000 (Placebo UC): 9 ... OG001 (TEV-48574 450 mg UC): 17 ... OG002 (TEV-48574 900 mg UC): 22. clinicaltrials.gov. ^1 ^2 ^3 ^4 ^5
51. Shanehsazzadeh et al. 2023. over 1 million antibody variants designed for binding to human epidermal growth factor receptor 2 (HER2) using our high-throughput wet lab. biorxiv.org. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13
52. Bennett et al. 2025 — Atomically accurate de novo design of antibodies with RFdiffusion (Nature). (see also Supplementary Fig. for all the SPR traces of confirmed VHH binders identified in this study and Supplementary Methods Table for success rates against each target, which range from 0% to 2%). doi.org. ^
53. BusinessWire Xaira launch 2024-04-23. Founded and jointly incubated by ARCH Venture Partners and Foresite Labs, and co-founded by Dr. David Baker of the UW Medicine Institute for Protein Design, Xaira launches with more than $1 billion in committed capital in support of its mission. businesswire.com. ^1 ^2 ^3 ^4
54. Claim F-074. businesswire.com. ^1 ^2 ^3
55. Absci Q3 2025 earnings press release 2025-11-12. Endometriosis is prevalent in up to 10% of women worldwide, including an estimated 9 million women in the U.S., and there is currently no medical or surgical cure. globenewswire.com. ^1 ^2 ^3 ^4 ^5
56. ClinicalTrials.gov NCT07317544 outcomesModule. primaryOutcomes: Incidence rate of treatment-related adverse events (Safety assessments based on reporting of Treatment Emergent Adverse Events, SAD approximately 12 months, MAD approximately 18 months) ... otherOutcomes: Change from Baseline in Total Area Hair Count (TAHC) ... Change from Baseline in Total Area Hair Width (TAHW) ... Change From baseline Participant Self Assessment of Hair Growth ... Change From baseline Investigator Global Assessment of Hair Growth ... Change from Baseline in Target Area Hair Darkness/Pigmentation (TAHD). clinicaltrials.gov. ^1 ^2 ^3
57. Google Patents US20230268026A1. Designing biomolecule sequence variants with pre-specified attributes ... published 2022-01-07 ... Absci. patents.google.com. ^1 ^2 ^3
58. Absci 10-K (FY2024) filed 2025-03-05. our intellectual property estate includes 79 issued or granted patents and 159 pending patent applications worldwide, which includes ten issued U.S. patents and 24 pending regular U.S. patent applications ... Our patents and patent applications, if issued, are expected to expire between August 2033 and December 2044. sec.gov. ^1 ^2 ^3 ^4 ^5
59. Google Patents US10465197B2. Inducible expression system ... 2019-11-05 Application granted ... Status Active legal-status Critical Current 2033-09-26 Adjusted expiration legal-status Critical ... 2023-04-26 [MAFP] Maintenance fee payment: PAYMENT OF MAINTENANCE FEE, 4TH YR, SMALL ENTITY (ORIGINAL EVENT CODE: M2551). patents.google.com. ^1 ^2
60. Google Patents US11214807B2. Methods for inducible expression ... 2021-12-15 [STCF] Information on status: patent grant ... 2025-06-20 [MAFP] Maintenance fee payment: PAYMENT OF MAINTENANCE FEE, 4TH YR, SMALL ENTITY. patents.google.com. ^
61. Google Patents US11447781B2. Host cells for use in an inducible coexpression system ... 2022-08-31 [STCF] Information on status: patent grant ... 2026-03-04 [MAFP] Maintenance fee payment: PAYMENT OF MAINTENANCE FEE, 4TH YR, SMALL ENTITY (ORIGINAL EVENT CODE: M2551); Year of fee payment: 4. patents.google.com. ^
62. Google Patents US11584785B2. C-peptides and proinsulin polypeptides comprising the same ... 2022-06-10 [AS] Assignment: Owner name: ABSCI, LLC, WASHINGTON. Free format text: ASSIGNMENT OF ASSIGNORS INTEREST; ASSIGNORS: DOERNER, AMY; CAMMARATA, MICHAEL; NUSCA, TYLER ... 2022-10-06 [AS] Assignment: Owner name: ABSCI CORPORATION, WASHINGTON ... 2023-02-01 [STCF] Information on status: patent grant ... Claim 1: A connecting polypeptide comprising SEQ ID NO:73. patents.google.com. ^
63. Google Patents US12473370B2. 1. An antibody or antigen-binding fragment thereof, comprising: (a) a variable heavy chain complementarity-determining region CDR-H1, CDR-H2 and CDR-H3, wherein: i. CDR-H1 comprise the polypeptide sequence of SEQ ID NO: 4, ii. CDR-H2 comprises the polypeptide sequence of SEQ ID NO: 5, iii. CDR-H3 comprises the polypeptide sequence of SEQ ID NO: 20; and (b) a variable light chain complementarity-determining region CDR-L1, CDR-L2 and CDR-L3, wherein i. CDR-L1 comprises the polypeptide sequence of SEQ ID NO: 19, ii. CDR-L2 comprises the polypeptide sequence of GAS, and iii. CDR-L3 comprises the polypeptide sequence of SEQ ID NO: 3. patents.google.com. ^1 ^2 ^3 ^4
64. Google Patents WO2019011719A1. Prolactin receptor antibody for male and female pattern hair loss ... US16/629,499 US20210128728A1 2017-07-10 2018-07-03 ... Bayer Intellectual Property GmbH. patents.google.com. ^1 ^2 ^3 ^4
65. Google Patents US20240327532A1. Humanized antibodies to TNF-like ligand 1a (TL1A) and uses thereof ... Priority Date: 2019-10-24 ... Filing Date: 2024-04-24 ... Publication Date: 2024-10-03 ... Cedars-Sinai Medical Center; Prometheus Biosciences Inc. patents.google.com. ^
66. Google Patents US12466890B1. TL1A binding proteins and methods of use ... Priority Date: 2023-08-11 ... Filing Date: 2024-12-30 ... Grant Date: 2025-11-11 ... Paragon Therapeutics Inc ... Inventors: Eric Franklin Zhu, Hussam Hisham Shaheen, Daniel Rios. patents.google.com. ^
67. Google Patents WO2024040020A1. Quantitative affinity activity specific cell enrichment ... 2022-08-15 ... Absci Corp. patents.google.com. ^
68. Google Patents WO2025144700A1. Nanobody library screening using bacterial surface display ... 2023-12-27 ... Absci Corp. patents.google.com. ^
69. V3 element-by-element claim 1 comparison + V2 USPTO assignment record. US12020776B2 (Current Assignee: Flagship Pioneering Innovations VI Inc — NOT Generate Biomedicines, which is a Flagship portfolio operating sub) covers MHC-II residue-wise immunogenicity-percentile reweighting in a humanization workflow. Absci pending US20230268026A1 covers a binding-characteristic prediction model. Element-by-element claim 1 comparison: different problems, no direct read-on. patents.google.com. ^1 ^2
70. DEF14A 2025 Executive Officers section. Sean McClain is our Founder and has served as our Chief Executive Officer since August 2011, as a member of our board of directors since the formation of Absci Corporation in October 2020, and a managing member of our predecessor, Absci LLC, since inception. ... Mr. McClain holds a Bachelor of Science degree in Molecular and Cellular Biology from the University of Arizona. sec.gov. ^1 ^2
71. DEF14A 2025 Summary Compensation Table. Sean McClain President, Founder and Chief Executive Officer 2024 660,400 — 6,292,050 2,424,498 396,240 13,800 9,786,988. sec.gov. ^
72. 10-K FY2025 Signature Page. Date: March 24, 2026 By: /s/ Zachariah Jonasson Zachariah Jonasson, Ph.D. Chief Financial Officer (Principal Financial Officer) and Chief Business Officer. sec.gov. ^
73. DEF14A 2025 Executive Officers section. Zachariah Jonasson, Ph.D. has served as our Chief Financial Officer and Chief Business Officer since August 31, 2023. Prior to serving in these roles, Dr. Jonasson served as an independent member of our board of directors from October 2020 to December 2023 and on the board of directors of Absci LLC, the Company's predecessor, from April 2016 to October 2020. ... Dr. Jonasson earned a Bachelor of Science from Georgetown University in the Honors Program in 1995 and an A.M. and Ph.D. from Harvard University in 2000 and 2003, respectively, where he was a Sackler Scholar. sec.gov. ^
74. DEF14A 2025 Summary Compensation Table. Zachariah Jonasson, Ph.D. Chief Financial Officer and Chief Business Officer 2024 533,000 — 501,644 1,517,907 266,500 13,800 2,832,851. sec.gov. ^
75. DEF14A 2025 Section 16 delinquent filers disclosure (V2 upgrade of A-072). Two Section 16 delinquent filers disclosed in DEF14A 2025: (1) Phoenix Venture Partners II L.P. — 3,100,000 shares — and (2) Zach Jonasson. Stream A's original ledger entry omitted Phoenix Venture Partners II. sec.gov. ^1 ^2
76. 8-K 2026-03-06 Item 7.01. On March 3, 2026, the Company issued a press release announcing Dr. Busch's retirement and the appointment of Ransi Somaratne, M.D., as the Company's Chief Medical Officer, effective as of March 3, 2026. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7
77. 8-K 2026-03-24 Exhibit 99.1 (Q4 FY2025 earnings PR). Dr. Ransi Somaratne has joined as our first Chief Medical Officer to lead clinical execution and strategy. ... Appointed seasoned biopharmaceutical executive Ransi Somaratne, M.D., FACC, MBA as Chief Medical Officer to spearhead the clinical strategy and execution for Absci's expanding pipeline of AI-designed therapeutics through clinical development. sec.gov. ^
78. LinkedIn profile https://www.linkedin.com/in/ransi/. Chief Medical Officer, Absci · Full-time, Mar 2026 - Present · 2 mos. Independent Biopharmaceutical Consultant, Iles & Somaratne Biopharmaceutical Consulting, LLC · Self-employed, Sep 2021 - Present · 4 yrs 8 mos. Senior Vice President Clinical Development and Translational Medicine, Vertex Pharmaceuticals · Full-time, Jan 2023 - Mar 2026 · 3 yrs 3 mos. Chief Medical Officer, ENDPOINT HEALTH, Aug 2022 - Feb 2023 · 7 mos. Chief Medical Officer, Spring Discovery · Full-time, Sep 2021 - Aug 2022 · 1 yr. Chief Medical Officer, Epirium · Full-time, Feb 2020 - Sep 2021 · 1 yr 8 mos. Core Team Leader, Hemophilia A Gene Therapy, BioMarin Pharmaceutical Inc., Oct 2018 - Feb 2020 · 1 yr 5 mos. Vice President and Head of Clinical Development, NGM Biopharmaceuticals, Jan 2018 - Sep 2018 · 9 mos. Amgen, 6 yrs 9 mos: Executive Director, Global Clinical Development, Jul 2014 - Jan 2018 (Global Development Leader, Repatha); Clinical Research Medical Director, May 2011 - Jul 2014. Education: Albany Medical College MD 1989-1993; UNC Kenan-Flagler MBA 2008-2009; Kaiser Permanente LA Cardiology Fellowship 1996-1999; Santa Barbara Cottage Hospital Internal Medicine Internship/Residency 1993-1996; UC Santa Barbara BS Mechanical Engineering 1984-1989. linkedin.com. ^1 ^2
79. 8-K 2026-03-06 Item 5.02. On March 3, 2026 (the 'Retirement Date'), the Company announced that Andreas Busch, Ph.D., the Company's Chief Innovation Officer, and an employee of the Company's wholly-owned subsidiary Absci GmbH, has informed the Company of his decision to retire, effective March 31, 2026. Dr. Busch will continue to provide services to the Company as a scientific advisor beginning on April 3, 2026 ... Dr. Busch's resignation was not the result of any disagreement with the operations, policies or practices of the Company. sec.gov. ^1 ^2 ^3 ^4 ^5
80. DEF14A 2025 Summary Compensation Table. Andreas Busch, Ph.D. Chief Innovation Officer* 2024 654,095 — 365,750 1,106,612 392,457 125,506 2,644,420 * Amounts reflected above for Dr. Busch have been converted from Swiss Franc to US Dollar using an average exchange rate of (i) 1.14 USD to 1 CHF for 2024. sec.gov. ^
81. DEF14A 2025 Executive Officers section. Shelby Walker, JD, has served as our Chief Legal Officer since June 2024. ... Prior to joining us, Ms. Walker served as General Counsel and Corporate Secretary of Korro Bio, Inc. (Nasdaq: KRRO) from May 2023 to June 2024. Previously, she held senior leadership roles as Senior Vice President, Intellectual Property at CRISPR Therapeutics (Nasdaq: CRSP) from March 2018 to April 2023 and General Counsel at Ginkgo Bioworks, Inc. from May 2016 to March 2018. Ms. Walker holds a JD and LLM from UNH Franklin Pierce School of Law, dual MS degrees in Bioscience Regulatory Affairs and Biotechnology from Johns Hopkins University, and a BS degree in Biotechnology from Worcester Polytechnic Institute. sec.gov. ^
82. 10-K FY2025 Signature Page. Date: March 24, 2026 By: /s/ Todd Bedrick Todd Bedrick Chief Accounting Officer (Principal Accounting Officer). sec.gov. ^
83. 8-K 2025-07-08 Item 5.02. On July 7, 2025, the Board of Directors (the 'Board') of Absci Corporation (the 'Company'), upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Mary Szela to the Board effective July 7, 2025. Simultaneously with the effectiveness of Ms. Szela's appointment, the size of the Board will be fixed at seven directors and a third director position will be added among the Class III directors. Ms. Szela will serve as a Class III director of the Company, to hold office until the Company's 2027 annual meeting of stockholders or until her earlier resignation, death, or removal. sec.gov. ^1 ^2 ^3 ^4 ^5
84. DEF14A 2025 Director bio. Daniel Rabinovitsj has served as a member of our board of directors since November 2022. Mr. Rabinovitsj has served as a Vice President of Meta, the parent company of Facebook, and Facebook since August 2018. Previously, Mr. Rabinovitsj served as Chief Operating Officer of Ruckus Wireless, Inc. ... from October 2014 until its acquisition by ARRIS International plc in December 2017. From 2011 to September 2014, Mr. Rabinovitsj served as Senior Vice President of Qualcomm Atheros, Inc.'s wired and wireless networking and small cell infrastructure business. ... Mr. Rabinovitsj received an M.A. in Asian Studies and a B.A. in Philosophy from the University of Texas at Austin. sec.gov. ^1 ^2
85. DEF14A 2025 Director bio + 10-K signature. Karen McGinnis, CPA has served as a member of our board of directors since August 2020. Ms. McGinnis has also served as an independent director of Alphatec Holdings, Inc. since June 2019, Sonendo, Inc. from October 2021 to March 2024, and Biosplice Therapeutics, Inc. from April 2021 until March 2023. Ms. McGinnis was Vice President and Chief Accounting Officer of Illumina, Inc. from November 2017 until her retirement on April 2, 2021. ... Our board of directors has designated each of Ms. McGinnis and Mr. van Houten as an 'audit committee financial expert,' as defined under the applicable rules of the SEC. sec.gov. ^1 ^2
86. DEF14A 2025 Executive Officers / Director bio. Frans van Houten has served as a member of our board of directors since June 2023. Mr. van Houten has also served as an independent director of Novartis AG since February 2017, Castor EDC since May 2023, Synthesis Health Inc. since May 2023 and Affidea Group since January 2024. ... Previously, Mr. van Houten was the Chief Executive Officer and Chair of the Board of Management and Executive Committee of Royal Philips NV from March 2011 until October 2022. Mr. van Houten served as Chief Executive Officer for NXP Semiconductors NV from October 2004 until December 2008 and in various managerial positions at Royal Philips from 1986 until 2004. ... Mr. van Houten received MSc and bachelor's degrees in economics from Erasmus University in Rotterdam. sec.gov. ^1 ^2 ^3
87. Absci IR + LinkedIn https://www.linkedin.com/in/maryszela/. Mary Szela has served as a member of our board of directors since July 2025. Mary has served as CEO and President of TriSalus Life Sciences since January 2018. ... From 2008 to 2010, Ms. Szela was the senior vice president, U.S. pharmaceuticals at Abbott Laboratories. In this role, she was directly responsible for Abbott's $8 billion dollar U.S. pharmaceutical business where she directed the development and launch of more than eight new pharmaceutical products and multi-billion dollar sales growth for Abbott's flagship product, Humira. investors.absci.com. ^1 ^2 ^3
88. 10-K FY2025 Signature Page (signed by all directors 2026-03-24). Date: March 24, 2026 By: /s/ Frans van Houten Frans van Houten, MSc Chair of the Board ... /s/ Karen McGinnis Karen McGinnis, C.P.A. Director ... /s/ Menelas Pangalos Prof Sir Menelas Pangalos, PhD Director ... /s/ Daniel Rabinovitsj Daniel Rabinovitsj Director ... /s/ Joseph Sirosh Joseph Sirosh, PhD Director ... /s/ Mary Szela Mary Szela Director. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7
89. 10-K FY2025 — Statements of Operations. Net loss $ (29,562) $ (28,983) $ (115,183) $ (103,106) Net loss per share Basic and diluted $ (0.20) $ (0.25) $ (0.84) $ (0.94) Weighted-average common shares outstanding Basic and diluted 150,610,966 114,929,962 136,776,885 110,239,870. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7
90. 10-K FY2025 absi-20251231.htm — Consolidated Statements of Operations (p.107) / Q4 PR Ex 99.1. Partner program revenue $ 650 $ 665 $ 2,800 $ 4,534. sec.gov. ^1 ^2 ^3 ^4
91. 10-K FY2025 — Comparison of years 2025 and 2024. Partner program revenue decreased by $1.7 million, or 38%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, driven by a combination of the timing of achieving project-based milestones and the mix of ongoing program activity under our drug creation agreements. sec.gov. ^1 ^2
92. Q3 2025 PR Ex 99.1 (8-K 2025-11-12) — Statements of Operations. Partner program revenue $ 378 $ 1,701 $ 2,150 $ 3,869 Operating expenses Research and development 19,249 17,985 56,071 45,482 Selling, general and administrative 8,441 9,256 26,441 27,346 ... Net loss $ (28,706) $ (27,398) $ (85,621) $ (74,123). sec.gov. ^
93. 10-K FY2025 — Notes to Consolidated Financial Statements, Concentration of risk. During the year ended December 31, 2025, three partners represented 95 % of total partner program revenue. During the year ended December 31, 2024, two partners represented 99 % of total partner program revenue. For the years ended December 31, 2025 and 2024, substantially all partner program revenue was attributable to foreign partners. sec.gov. ^
94. 10-K FY2025 — Statements of Operations (FY2025 column). Research and development 25,347 18,377 81,418 63,859 Selling, general and administrative 8,617 8,828 35,058 36,174 Depreciation and amortization 2,828 3,234 11,742 13,389 Gain on settlement of contingent consideration (5,101) (5,101) Total operating expenses 31,691 30,439 123,117 113,422 Operating loss (31,041) (29,774) (120,317) (108,888). sec.gov. ^1 ^2 ^3 ^4
95. 10-K FY2025 — Consolidated Balance Sheet, Stockholders' Equity. Common stock 15 12 Additional paid-in capital 813,627 688,726 Accumulated deficit (624,784) (509,601) Accumulated other comprehensive income (loss) 591 (4) TOTAL STOCKHOLDERS' EQUITY 189,449 179,133. sec.gov. ^1 ^2 ^3
96. 10-K FY2025 — Totient escrow settlement. eligible to receive contingent consideration of $15.0 million in cash payable upon the achievement of specified milestones. In October 2025, we entered into an agreement with the selling stockholders of Totient to settle the contingent consideration liability for a payment of approximately $7.6 million and to release the remaining $8.7 million, held as restricted cash on the consolidated balance sheets, from escrow to the Company. ... In 2025, the Company recognized a $5.1 million gain on settlement of contingent consideration. sec.gov. ^1 ^2 ^3
97. 10-K FY2025 — Stockholders' Equity rollforward. Balances - December 31, 2025 151,515,079 $ 15 $ 813,627 $ ( 624,784 ) $ 591 $ 189,449. sec.gov. ^
98. DEF14A 2026 (filed 2026-04-22) — Principal Stockholders. The column entitled "Percentage" is based on a total of 155,350,135 shares of our common stock outstanding as of March 31, 2026. sec.gov. ^1 ^2
99. Q2 2025 PR — Runway statement. fund operations into the first half of 2028 Expanded ongoing collaboration with Almirall, with election of a second target focused on dermatological indications. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8
100. 10-K FY2025 — AMD strategic collaboration. AMD strategic collaboration In January 2025, we entered into a strategic collaboration with Advanced Micro Devices, Inc. (AMD) with a goal to optimize the performance of AMD Instinct™ accelerators and ROCm™ software to support our AI drug creation, including our de novo antibody design models. Additionally, AMD invested $20.0 million through the purchase of 5,714,285 shares of our common stock a private investment in public equity (PIPE) at a premium over the market price. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6
101. 10-K FY2025 — July 2025 underwritten offering. On July 28, 2025, we sold an aggregate of 16,670,000 shares of our common stock pursuant to an underwriting agreement with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Jefferies LLC and TD Securities (US) LLC at a public offering price of $3.00 per share, before underwriting discounts and commissions. We received total net proceeds from the offering of $46.7 million after deducting underwriting discounts and commissions and offering expenses payable by us. sec.gov. ^1 ^2 ^3
102. Q1 2025 PR — Runway statement. Cash, cash equivalents, and short-term investments sufficient to fund operations into the first half of 2027. sec.gov. ^
103. 10-K FY2025 — SOX 404(b) / EGC status. emerging growth company, as defined in the JOBS Act, and will remain an emerging growth company until the earlier of (a) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more; (b) December 31, 2026, the last day of the fiscal year following the fifth anniversary of the date of the completion of our initial public offering; (c) the date on which we have issued more than $1... sec.gov. ^1 ^2
104. ClinicalTrials.gov NCT05499130 resultsSection (CD endoscopic response). Number of Participants With Moderate to Severe CD Who Showed an Endoscopic Response as Defined by the SES-CD ... OG000 (Placebo CD): 6 ... OG001 (TEV-48574 450 mg CD): 12 ... OG002 (TEV-48574 900 mg CD): 22. clinicaltrials.gov. ^
105. Claim F-004. mordorintelligence.com. ^1 ^2
106. Claim F-040. fortunebusinessinsights.com. ^1 ^2
107. Claim F-090. mordorintelligence.com. ^
108. ClinicalTrials.gov NCT06052059 ATLAS-UC tulisokibart Phase 3. overallStatus: ACTIVE_NOT_RECRUITING; phases: [PHASE3]; sponsor: Merck Sharp & Dohme LLC. clinicaltrials.gov. ^
109. ClinicalTrials.gov NCT07184996 (SUNSCAPE-1). acronym: SUNSCAPE-1 ... overallStatus: RECRUITING ... enrollmentInfo: {'count': 980, 'type': 'ESTIMATED'} ... leadSponsor: Sanofi ... startDate: 2025-10-08 (ACTUAL) ... primaryComp: 2028-05-09 (ESTIMATED) ... conditions: Ulcerative Colitis ... primaryOutcomes: Proportion of participants achieving clinical remission. (Week 12). clinicaltrials.gov. ^
110. ClinicalTrials.gov NCT07184931 (STARSCAPE-1). acronym: STARSCAPE-1 ... overallStatus: RECRUITING ... enrollmentInfo: {'count': 980, 'type': 'ESTIMATED'} ... leadSponsor: Sanofi ... startDate: 2025-10-01 (ACTUAL) ... primaryComp: 2029-05-14 (ESTIMATED) ... conditions: Crohn's Disease. clinicaltrials.gov. ^
111. ClinicalTrials.gov NCT07185009 (SUNSCAPE-2). acronym: SUNSCAPE-2 ... overallStatus: RECRUITING ... enrollmentInfo: {'count': 671, 'type': 'ESTIMATED'} ... leadSponsor: Sanofi ... startDate: 2026-01-16 (ACTUAL) ... primaryComp: 2028-09-21 (ESTIMATED) ... conditions: Ulcerative Colitis. clinicaltrials.gov. ^
112. ClinicalTrials.gov NCT07184944 (STARSCAPE-2). acronym: STARSCAPE-2 ... overallStatus: RECRUITING ... enrollmentInfo: {'count': 671, 'type': 'ESTIMATED'} ... leadSponsor: Sanofi ... startDate: 2026-01-22 (ACTUAL) ... primaryComp: 2029-08-13 (ESTIMATED) ... conditions: Crohn's Disease. clinicaltrials.gov. ^
113. AnaptysBio rosnilimab UC failure press release 2025-11-10. Anaptys Announces Phase 2 Trial of Rosnilimab Did Not Meet Primary or Secondary Endpoints at Week 12 in Moderate-to-Severe Ulcerative Colitis... Rosnilimab was safe and well tolerated with similar adverse event rates vs. placebo; Observed expected pharmacology, including ~90% depletion of pathogenic T cells, however lack of adequate efficacy at Week 12 does not support further development of rosnilimab in UC and trial will be discontinued, resulting in at least $10 million in savings. ir.anaptysbio.com. ^
114. WallStreetZen ABSI quote 2026-04-08. Absci's market cap is $457.53M, as of Apr 9, 2026. Market cap (market capitalization) is the total market value of a publicly traded company's outstanding shares. Absci's market cap is calculated by multiplying ABSI's current stock price of $2.99 by ABSI's total outstanding shares of 153,021,263. wallstreetzen.com. ^1 ^2 ^3 ^4 ^5
115. Robinhood ABSI snapshot 2026-04-02. With a market cap of 497.32M, Absci(ABSI) trades at $3.25... 52 Week high $5.23 ... 52 Week low $2.01. robinhood.com. ^1 ^2
116. WallStreetZen ABSI financial profile 2026-04-08. ABSI's cash and short-term investments ($144.29M) can cover ABSI's cash burn ($92.72M) for at least 1 year. wallstreetzen.com. ^1 ^2 ^3 ^4
117. WallStreetZen ABCL quote 2026-04-08. Abcellera Biologics's market cap is $1.04B, as of Apr 9, 2026. ... Abcellera Biologics's market cap is calculated by multiplying ABCL's current stock price of $3.43 by ABCL's total outstanding shares of 303,160,487. wallstreetzen.com. ^1 ^2 ^3
118. Claim F-068. ca.finance.yahoo.com. ^
119. Yahoo Finance / GuruFocus ABCL Q4 2025 earnings 2026-02-25. Revenue: $75 million for the year, with $27 million from partnered programs and $47 million from licensing and royalty payments. Net Loss: Approximately $146 million for the year. Earnings Per Share: Loss of $0.49 per share on a basic and diluted basis. Research and Development Expenses: $187 million for the year. Sales, General and Administration Expenses: Approximately $83 million. Cash and Equivalents: $561 million at the end of the quarter. Total Liquidity: Approximately $700 million, including cash, equivalents, and committed government funding. finance.yahoo.com. ^
120. Claim F-067. investors.abcellera.com. ^1 ^2
121. AbCellera Q4 2025 earnings call summary. AbCellera Biologics Inc (NASDAQ:ABCL) successfully transitioned to a clinical-stage biotech, completing key objectives such as initiating Phase 1 trials. finance.yahoo.com. ^
122. WallStreetZen RXRX quote 2026-04-07. Recursion Pharmaceuticals's market cap is $1.68B, as of Apr 9, 2026. ... Recursion Pharmaceuticals's market cap is calculated by multiplying RXRX's current stock price of $3.19 by RXRX's total outstanding shares of 527,397,997. wallstreetzen.com. ^
123. Stock Titan / Recursion 10-K filing 2026-02-25. Recursion Pharmaceuticals' annual report shows a fast-growing AI-driven drug platform, expanding pipeline, and widening losses as it invests heavily in R&D. Revenue rose to $74.7M in 2025, mainly from partnerships such as Sanofi and Roche, while net loss increased to $644.8M as research and development spending reached $475.3M. The company ended 2025 with $753.9M in cash, cash equivalents, and restricted cash. stocktitan.net. ^1 ^2 ^3 ^4 ^5
124. WallStreetZen SDGR quote 2026-04-02. Schrodinger's market cap is $854.89M, as of Apr 4, 2026. ... Schrodinger's market cap is calculated by multiplying SDGR's current stock price of $11.58 by SDGR's total outstanding shares of 73,825,101. wallstreetzen.com. ^
125. Claim F-065. ir.schrodinger.com. ^1 ^2 ^3
126. Schrödinger Q4 + FY2025 financial release 2026-02-25. 2025 Total Revenue of $256 Million; 2025 Software Revenue of $200 Million; 2025 Software ACV of $198 Million; Strong Balance Sheet Supports Path to Positive Adjusted EBITDA by Year-End 2028; Schrödinger's performance in 2025, marked by 23% total revenue growth and 11% software revenue growth. markets.financialcontent.com. ^1 ^2 ^3
127. Claim F-070. ca.finance.yahoo.com. ^1 ^2
128. Relay Therapeutics Q4 + FY2025 release 2026-02-26. Approximately $555 million in cash, cash equivalents and investments at end of Q4 2025... zovegalisib program, which recently received Breakthrough Therapy designation from the FDA. ir.relaytx.com. ^1 ^2
129. Claim F-069. ir.relaytx.com. ^1 ^2
130. Relay Therapeutics Q4 + FY2025 release 2026-02-26. Initial Phase 1 data of zovegalisib in PIK3CA-driven vascular anomalies expected to be announced in first half of 2026; Breast cancer triplet data and frontline Phase 3 plans expected to be announced in 2026; Initial Phase 1/2 data of zovegalisib + fulvestrant at 400mg BID fed (Phase 3 dose) in CDK4/6-experienced patients to be presented at ESMO TAT on March 16, 2026. ir.relaytx.com. ^
131. Generate:Biomedicines Series C announcement 2023-09-14. Generate:Biomedicines, a clinical-stage biotherapeutics company pioneering a machine-learning-powered generative biology platform, today announced that it has raised $273 million in Series C financing... Company has raised nearly $700 million in equity financing since 2020. generatebiomedicines.com. ^
132. Claim F-071. generatebiomedicines.com. ^
133. Claim F-072. generatebiomedicines.com. ^
134. Claim F-075. ca.finance.yahoo.com. ^
135. SEC EDGAR full-text search Absci CIK 0001672688 (V1). Zero hits for 'Furfine' or 'Eric Furfine' across all Absci SEC filings. Furfine is Co-CEO/CSO of Mosaic Biosciences and was never affiliated with Absci. Sole CMO is Ransi Somaratne (effective 2026-03-03, 8-K accession 0001672688-26-000047). efts.sec.gov. ^1 ^2
136. DEF14A 2025 Board of Directors table. Class I Directors Frans van Houten 2023 64 Director Karen McGinnis, CPA 2020 58 Director Class II Directors – Term Expiring in 2026 Prof Sir Menelas Pangalos, Ph.D. 2024 58 Director Daniel Rabinovitsj 2022 60 Director Class III Directors – Term Expiring in 2027 Sean McClain 2011 35 Founder, Chief Executive Officer and Director Joseph Sirosh, Ph.D. 2022 56 Director. sec.gov. ^
137. Q2 2025 PR Ex 99.1 — Almirall expansion. Expanded ongoing AI Drug Discovery collaboration with Almirall with election of a second target focused on dermatological indications. The election follows the successful delivery of AI de novo designed, functional antibodies by Absci against a difficult-to-drug target — the first target nominated under the collaboration. The collaboration, originally announced in November 2023, combines Absci's Integrated Drug Creation™ platform with Almirall's dermatology expertise to accelerate the development of novel therapeutics for chronic and debilitating skin diseases. In addition to product royalties, Absci is eligible to receive up to approximately $650 million in upfront fees, R&D, and post-approval milestone payments across the two programs if all milestones are successfully completed. sec.gov. ^1 ^2 ^3
138. 10-K FY2024 absi-20241231.htm — Active Programs table. Almirall November 2023 2 Dermatology AstraZeneca November 2023 1 Oncology Undisclosed July 2023 1 Undisclosed Undisclosed March 2023 1 Undisclosed Merck January 2022 3 Undisclosed Merck December 2019 1 Undisclosed Alpha Cancer Technologies August 2019 1 Oncology SFJ Pharmaceuticals April 2019 1 Hematology Total Active Programs 25. sec.gov. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12
139. Form D 0001672688-16-000001 (filed 2016-04-21). First sale: 2016-04-06; Offering total: $6,000,000; Amount sold: $3,661,572; Remaining: $2,338,428. sec.gov. ^1 ^2
140. Form D 0001672688-18-000001 (filed 2018-06-08). First sale: 2018-05-25; Offering total: $15,000,000; Amount sold: $12,000,000; Remaining: $3,000,000. sec.gov. ^1 ^2
141. Form D 0001672688-19-000001 (filed 2019-12-19). First sale: 2019-12-05; Offering total: $15,000,000; Amount sold: $10,360,013; Remaining: $4,639,987. sec.gov. ^1 ^2
142. Form D 0001672688-20-000003 (filed 2020-10-30). First sale: 2020-10-19; Offering total: $64,999,976; Amount sold: $64,999,976; Remaining: $0. sec.gov. ^1 ^2
143. Form D 0001672688-21-000004 (filed 2021-03-30). First sale: 2021-03-17; Offering total: $125,000,000; Amount sold: $125,000,000; Remaining: $0. sec.gov. ^1 ^2
144. 10-K FY2025 — Prior Sales Agreement (ATM with Cowen). Sales Agreement with Cowen and Company, LLC, as Sales Agent (the "Prior Sales Agreement"), with respect to an "at the market offering" program ... having an aggregate offering price of up to $100.0 million through the Sales Agent. The Company agreed to pay the Sales Agent a commission up to 3.0% of the gross sales proceeds of any shares sold under the Prior Sales Agreement. During the year ended December 31, 2025, the Company issued 10,377,752 shares and received $35.7 million in net proceeds from the sale of securities pursuant to the Prior Sales Agreement. sec.gov. ^
145. MarketScreener / S&P Capital IQ Recursion-Exscientia close 2024-11-19. Recursion Pharmaceuticals, Inc. (NasdaqGS:RXRX) entered into a transaction agreement to acquire Exscientia plc (NasdaqGS:EXAI) for approximately $650 million on August 8, 2024... Recursion Pharmaceuticals, Inc. (NasdaqGS:RXRX) completed the acquisition of Exscientia plc (NasdaqGS:EXAI) on November 20, 2024. marketscreener.com. ^