Absci Corp

Previous wording

Our lead product candidate, ABS-201, is an anti-prolactin receptor (PRLR) antibody engineered with an extended half-life to support a patient-friendly dosing interval. We believe PRLR is an underexplored target with the potential to provide durable, disease-modifying effects. If successfully developed, ABS-201 could establish a new treatment category in indications where current options remain inadequate. ABS-201 is being developed for two indications, androgenetic alopecia (AGA) or pattern hair loss (PHL) and endometriosis, each with large affected populations and significant unmet need.

Current wording

Our lead product candidate, ABS-201, is an anti-prolactin receptor (PRLR) antibody engineered with an extended half-life to support a patient-friendly dosing interval. We believe PRLR is an underexplored target with the potential to provide durable, disease-modifying effects. If successfully developed, ABS-201 could establish a new treatment category in indications where current options remain inadequate. ABS-201 is being developed for two indications, pattern hair loss (PHL) and endometriosis, each with large affected populations and significant unmet need.

Previous wording

ABS-201 for the Treatment of AGA

Current wording

ABS-201 for the Treatment of PHL

Previous wording

ABS-201 is being evaluated in the HEADLINE™ Phase 1/2a clinical trial (NCT07317544) for AGA, a condition affecting approximately 80 million people in the United States. Our own patient and clinician surveys, as well as those of other parties, show broad dissatisfaction with current standard of care, which is limited by variable efficacy, poor compliance, and a lack of durable approaches. No approved therapy provides durable hair regrowth. This trial is designed to evaluate the safety, tolerability and preliminary efficacy of ABS-201 in healthy volunteers with and without AGA. The trial is a randomized, double-blind, placebo-controlled study expected to enroll up to 227 male and female healthy volunteers at multiple sites in Australia.

Current wording

ABS-201 is being evaluated in the HEADLINE™ Phase 1/2a clinical trial for PHL, a condition affecting approximately 80 million people in the United States. Our own patient and clinician surveys, as well as those of other parties, show broad dissatisfaction with current standard of care, which is limited by variable efficacy, poor compliance, and a lack of durable approaches. No approved therapy provides durable hair regrowth. This trial is designed to evaluate the safety, tolerability and preliminary efficacy of ABS-201 in healthy volunteers with and without PHL. The trial is a randomized, double-blind, placebo-controlled study expected to enroll up to 227 male and female healthy volunteers at multiple sites in Australia.

Previous wording

Published literature suggests that PRL and PRLR may play a role in the development of endometrial lesions and associated pain in patients with endometriosis. As such, inhibition of PRLR signaling may influence pathways associated with lesion development and pain perception. As a result, ABS-201 may have the potential to affect both lesion growth and pain-related pathways. We intend to evaluate, and if possible, rely on the data generated from the HEADLINE trial, together with other available information, as part of our assessment of potential next steps for the ABS-201 program. We believe that this study will provide supporting first-in-human safety, tolerability, and PK data to support a Phase 2 clinical trial evaluating ABS-201 in patients with endometriosis. Based on these and other considerations, we anticipate initiating a Phase 2 clinical trial evaluating ABS-201 in endometriosis in the fourth quarter of 2026, subject to review of available data, regulatory considerations and other factors, with potential proof-of-concept data in the second half of 2027.

Current wording

Published literature suggests that PRL and PRLR may play a role in the development of endometrial lesions and associated pain in patients with endometriosis. As such, inhibition of PRLR signaling may influence pathways associated with lesion development and pain perception. As a result, ABS-201 may have the potential to affect both lesion growth and pain-related pathways. We intend to evaluate, and if possible, rely on the data generated from the HEADLINE trial, together with other available information, as part of our assessment of potential next steps for the ABS-201 program. We believe that the HEADLINE trial could provide supporting first-in-human safety, tolerability, and PK data that may inform the planned Phase 2 clinical trial evaluating ABS-201 in patients with endometriosis. Based on these and other considerations, we anticipate initiating a Phase 2 clinical trial evaluating ABS-201 in endometriosis in the fourth quarter of 2026, subject to review of available data, regulatory considerations and other factors, with potential proof-of-concept data in the second half of 2027.

Previous wording

We are advancing early-stage oncology and immunology and inflammation programs. We continue to use our platform to develop additional early-stage programs addressing challenging targets in various indications with areas of significant unmet medical need. We plan to provide more information about these additional programs selectively and to seek partnerships or out-licenses for select programs as they advance.

Current wording

We are advancing early-stage immunology and inflammation programs. We continue to use our platform to develop additional early-stage programs addressing challenging targets in various indications with areas of significant unmet medical need. We plan to provide more information about these additional programs selectively and to seek partnerships or out-licenses for select programs as they advance.

Previous wording

Revenue was $0.2 million for the three months ended March 31, 2026 compared to $1.2 million for the three months ended March 31, 2025. The decrease in revenue is due to the number of ongoing partnered programs and respective timing of project-based milestones achieved. We incurred a net loss of $29.6 million for the three months ended March 31, 2026 compared to a net loss of $26.3 million for the three months ended March 31, 2025. Research and development expenses increased by $2.9 million, or 18%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Revenue was $0.3 million and $0.5 million for the three and six months ended June 30, 2026, respectively, compared to $0.6 million and $1.8 million for the three and six months ended June 30, 2025, respectively. The decrease in revenue is due to a combination of the timing of achieving project-based milestones and the mix of ongoing program activity under our drug creation agreements. We incurred a net loss of $33.2 million and $62.8 million for the three and six months ended June 30, 2026, respectively, compared to a net loss of $30.6 million and $56.9 million for the three and six months ended June 30, 2025, respectively. Research and development expenses increased by $5.1 million, or 14%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Previous wording

As of March 31, 2026, we had an accumulated deficit of $654.4 million and cash equivalents and marketable securities totaling $125.7 million.

Current wording

As of June 30, 2026, we had an accumulated deficit of $687.6 million and cash equivalents and marketable securities totaling $201.1 million.

Previous wording

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 TM accelerators and ROCm TMsoftware to support our AI drug creation, including ourde 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.

Current wording

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 TM accelerators and ROCm TMsoftware to support our AI drug creation, including ourde novo antibody design models. Additionally, AMD invested $20.0 million through the purchase of 5,714,285 shares of our common stock in a private investment in public equity (PIPE) at a premium over the market price.

Previous wording

As we expand our clinical development and regulatory operations and require further administrative support, and also prepare for a potential future commercial launch of a product candidate, we expect personnel-related costs may increase in absolute dollars and we expect to continue to actively manage other general and administrative expenses.

Current wording

As we expand our clinical development and regulatory operations, require additional administrative support, and prepare for the potential future commercial launch of a product candidate, we expect personnel-related costs may increase in absolute dollars while continuing to actively manage other general and administrative expenses.

Previous wording

Interest expense, net, consists primarily of interest related to borrowings under our term debt and financed laboratory equipment.

Current wording

Interest expense consists primarily of interest related to borrowings under our term debt and financed laboratory equipment.

Previous wording

Comparison of the Three Months Ended March 31, 2026 and 2025

Current wording

Comparison of the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

Partner program revenue decreased by $1.0 million, or 82%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, driven by a combination of the timing of achieving project-based milestones and the mix of ongoing program activity under our drug creation agreements. During the three months ended March 31, 2026, two partners represented 100% of total partner program revenue. During the three months ended March 31, 2025, two partners represented approximately 95% of total partner program revenue.

Current wording

Partner program revenue decreased by $0.3 million, or 46% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and decreased by $1.2 million, or 70%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, driven by a combination of the timing of achieving project-based milestones and the mix of ongoing program activity under our drug creation agreements.

Previous wording

The following tables summarize our operating expenses for the three months ended March 31, 2026 and 2025 (In thousands, except for percentages):

Current wording

The following tables summarize our operating expenses for the three and six months ended June 30, 2026 and 2025 (In thousands, except for percentages):

Previous wording

Research and development expenses increased by $2.9 million, or 18%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase was primarily attributable to an increase of $1.6 million in direct costs associated with external preclinical and clinical development of ABS-201, an increase of $2.1 million of other drug creation and platform costs, and a $0.2 million increase in other lab costs. This increase was offset by a decrease of $0.9 million of personnel costs and stock-based compensation.

Current wording

Research and development expenses increased by $2.2 million, or 11%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to a net increase of $1.5 million in direct costs associated with external preclinical and clinical development, primarily driven by an increase from ABS-201, an increase of $0.8 million of other drug creation and platform costs, and a $0.5 million increase in other lab costs. This increase was offset by a decrease of $0.6 million of personnel costs and stock-based compensation.

Previous wording

Selling, general, and administrative expenses decreased by $0.4 million, or 4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily attributable to a decrease of $0.3 million in personnel and stock-based compensation costs.

Current wording

Selling, general, and administrative expenses increased by $0.6 million, or 7%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to an increase of $0.4 million in personnel and stock-based compensation costs.

Previous wording

Depreciation and amortization expense decreased by $0.3 million, or 11%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to disposals of lab equipment.

Current wording

Depreciation and amortization expense decreased by $0.3 million, or 10%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and decreased by $0.6 million, or 11%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to disposals of lab equipment.

Previous wording

Other income, net, was $1.3 million for the three months ended March 31, 2026, compared to $1.5 million for the three months ended March 31, 2025, representing a decrease of $0.2 million, or 12%, primarily attributable to realized and unrealized gains and losses on foreign currency transactions and a decrease in investment income from cash, cash equivalents and marketable securities.

Current wording

Other income, net, was $2.3 million for the six months ended June 30, 2026, compared to $2.5 million for the six months ended June 30, 2025, representing a decrease of $0.2 million, or 8%, primarily attributable to realized and unrealized gains and losses on foreign currency transactions and a decrease in investment income from cash, cash equivalents and marketable securities.

Previous wording

As of March 31, 2026, we had $125.7 million of cash, cash equivalents and marketable securities.

Current wording

As of June 30, 2026, we had $201.1 million of cash, cash equivalents and marketable securities.

Previous wording

We have incurred net operating losses since inception. As of March 31, 2026, our accumulated deficit was $654.4 million. To date, we have funded operations through issuances and sales of equity securities and debt, in addition to revenue generated from our drug creation agreements. We believe that our cash, cash equivalents and marketable securities will be sufficient to meet our operating expenses, working capital and capital expenditure needs over at least the next 12 months following the date of this filing.

Current wording

We have incurred net operating losses since inception. As of June 30, 2026, our accumulated deficit was $687.6 million. To date, we have funded operations through issuances and sales of equity securities and debt, in addition to revenue generated from our drug creation agreements. We believe that our cash, cash equivalents and marketable securities will be sufficient to meet our operating expenses, working capital and capital expenditure needs over at least the next 12 months following the date of this filing.

Previous wording

In August 2025, we entered into a Sales Agreement with TD Securities (USA) LLC, as Sales Agent (the “Sales Agreement”), with respect to an “at the market offering” program under which we may offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $100.0 million through the Sales Agent. We have agreed to pay the Sales Agent a commission of up to 3.0% of the gross proceeds of any shares sold under the Sales Agreement. Upon execution, the Sales Agreement terminated and superseded the prior sales agreement entered into in June 2023 in its entirety. During the three months ended March 31, 2026, we issued 2,871,218 shares and received $8.0 million in net proceeds from the sale of securities pursuant to the Sales Agreement.

Current wording

In August 2025, we entered into a Sales Agreement with TD Securities (USA) LLC, as Sales Agent (the “Sales Agreement”), with respect to an “at the market offering” program under which we may offer and sell, from time to time, shares of our common stock having an aggregate offering price of up to $100.0 million through the Sales Agent. We have agreed to pay the Sales Agent a commission of up to 3.0% of the gross proceeds of any shares sold under the Sales Agreement. Upon execution, the Sales Agreement terminated and superseded the prior sales agreement entered into in June 2023 in its entirety. During the six months ended June 30, 2026, we issued 3,662,246 shares and received $12.5 million in net proceeds from the sale of common stock pursuant to the Sales Agreement.

Previous wording

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.

Current wording

In July 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.

Previous wording

In the three months ended March 31, 2025, net cash used in operating activities was $21.8 million and consisted primarily of a net loss of $26.3 million adjusted for non-cash items, including depreciation and amortization expense of $3.1 million, stock-based compensation expense of $4.9 million, and a net increase in operating assets and liabilities in the amount of $2.8 million.

Current wording

In the six months ended June 30, 2026, net cash used in operating activities was $53.9 million and consisted primarily of a net loss of $62.8 million adjusted for non-cash items, including depreciation and amortization expense of $5.4 million, stock-based compensation expense of $9.6 million, and a net increase in operating assets and liabilities in the amount of $4.9 million.

Previous wording

In the three months ended March 31, 2026, net cash used in operating activities was $26.3 million and consisted primarily of a net loss of $29.6 million adjusted for non-cash items, including depreciation and amortization expense of $2.7 million, stock-based compensation expense of $4.4 million, and a net increase in operating assets and liabilities in the amount of $3.1 million.

Current wording

In the six months ended June 30, 2025, net cash used in operating activities was $38.7 million and consisted primarily of a net loss of $56.9 million adjusted for non-cash items, including depreciation and amortization expense of $6.1 million, stock-based compensation expense of $9.7 million, and a net decrease in operating assets and liabilities in the amount of $4.0 million.

Previous wording

In the three months ended March 31, 2025, net cash provided by (used in) investing activities was $15.0 million primarily from purchases of marketable securities of $40.1 million, partially offset by maturities of marketable securities of $25.0 million.

Current wording

In the six months ended June 30, 2026, net cash provided by investing activities was $31.4 million primarily from maturities of marketable securities of $54.0 million, partially offset by purchases of marketable securities of $22.6 million.

Previous wording

In the three months ended March 31, 2026, net cash provided by (used in) investing activities was $7.4 million primarily from purchases of marketable securities of $18.6 million, partially offset by cash provided by maturities of marketable securities of $26.0 million.

Current wording

In the six months ended June 30, 2025, net cash used in investing activities was $6.0 million primarily from purchases of marketable securities of $57.9 million, partially offset by maturities of marketable securities of $51.0 million.

Previous wording

In the three months ended March 31, 2026, net cash provided by financing activities was $7.6 million. The net cash provided resulted primarily from aggregate proceeds of $8.0 million from the issuance of common stock pursuant to the Sales Agreement, and proceeds of $0.1 million from the issuance of common stock through employee equity plans.

Current wording

In the six months ended June 30, 2026, net cash provided by financing activities was $110.3 million. The net cash provided resulted primarily from aggregate proceeds of $93.6 million from the issuance of stock in our June public offering, $12.5 million from the issuance of common stock pursuant to the Sales Agreement, and proceeds of $4.9 million from the issuance of common stock through employee equity plans.

Previous wording

In the three months ended March 31, 2025, net cash provided by financing activities was $42.8 million. The net cash provided resulted primarily from aggregate proceeds of $41.7 million from the issuance of common stock pursuant to the PIPE with AMD and pursuant to the Prior Sales Agreement, and proceeds of $1.9 million from the issuance of common stock through employee equity plans, partially offset by principal payments of $0.8 million made for financed equipment.

Current wording

In the six months ended June 30, 2025, net cash provided by financing activities was $41.8 million. The net cash provided resulted primarily from aggregate proceeds of $41.7 million from the issuance of common stock pursuant to the PIPE with AMD and pursuant to the Prior Sales Agreement, and proceeds of $2.0 million from the issuance of common stock through employee equity plans, partially offset by principal payments of $1.9 million made for financed equipment.

Previous wording

There were no material changes in our critical accounting policies and estimates during the three months ended March 31, 2026.

Current wording

There were no material changes in our critical accounting policies and estimates during the six months ended June 30, 2026.

Previous wording

In addition, we are also a “smaller reporting company” as defined in Rule 12b-2 of the Exchange Act and have elected to take advantage of certain of the scaled back disclosure requirements available to smaller reporting companies such as avoiding the extensive narrative disclosure required of other reporting companies, particularly in the description of executive compensation. We will remain a smaller reporting company until (a) the last day of the fiscal year in which we have total annual gross revenue of less than $100 million and the market value of our common stock held by non-affiliates exceeds $700.0 million as of the prior June 30th, or (b) the last day of the fiscal year in which we have total annual gross revenue exceeding $100 million and the market value of our common stock held by non-affiliates exceeds $250.0 million. In August 2025, the SEC released a Compliance and Disclosure Interpretation clarifying the filer status transition for registrants that lose their smaller reporting company status based on the revenue tests. Due to this interpretation, we will remain a non-accelerated filer for filings due in the fiscal year immediately following the loss of smaller reporting company status, allowing us to retain the exception from the auditor attestation requirement on internal control over financial reporting. However, the interpretation specifies that we will lose eligibility for all other smaller reporting company accommodations beginning with the Form 10-Q for the first fiscal quarter of the year after losing smaller reporting company status.

Current wording

In addition, we are also a “smaller reporting company” as defined in Rule 12b-2 of the Exchange Act and have elected to take advantage of certain of the scaled back disclosure requirements available to smaller reporting companies, including providing reduced narrative disclosure, particularly in the description of executive compensation. We will remain a smaller reporting company until (a) the last day of the fiscal year in which we have total annual gross revenue of less than $100 million and the market value of our common stock held by non-affiliates exceeds $700.0 million as of the prior June 30th, or (b) the last day of the fiscal year in which we have total annual gross revenue exceeding $100 million and the market value of our common stock held by non-affiliates exceeds $250.0 million. In August 2025, the SEC released a Compliance and Disclosure Interpretation clarifying the filer status transition for registrants that lose their smaller reporting company status based on the revenue tests. Due to this interpretation, we will remain a non-accelerated filer for filings due in the fiscal year immediately following the loss of smaller reporting company status, allowing us to retain the exception from the auditor attestation requirement on internal control over financial reporting. However, the interpretation specifies that we will lose eligibility for all other smaller reporting company accommodations beginning with the Form 10-Q for the first fiscal quarter of the year after losing smaller reporting company status.

Previous wording

In addition, the loss of emerging growth status will not impact our “non-accelerated filer” status, which also provides an exemption from the auditor attestation requirement with respect to internal control over financial reporting.

Current wording

In addition, the loss of emerging growth company status will not impact our “non-accelerated filer” status, which also provides an exemption from the auditor attestation requirement with respect to internal control over financial reporting.