Absci : Corporate Presentation, May 2026

Published: 2026-05-07 13:24:07 ET ABSI

Published on 05/07/2026 at 01:24 pm EDT

Corporate Presentation May 2026

AB S C I | I NT R O

AI NATIVE PLATFORM

Interdisciplinary Team with 10+ approved drugs and AI expertise

Integrated Lab-in-the-Loop leveraging 77k ft² automated wet-lab

Leading AI platform for de novo design and AI optimization of antibody-based therapeutics

DIFFERENTIATED PIPELINE

ABS-201 (anti-prolactin receptor)

Androgenetic Alopecia (AGA): Accelerated Ph1/2a trial on track to initiate December 2025, with interim POC readout 2H 2026

Endometriosis (Endo): Indication expansion into endometriosis with anticipated Ph2 initiation in 4Q2026 with PoC readout as early as 2H 2027

Preclinical pipeline focused on metabolism and I&I

FR O M C O D E T O C L I N I C

Industrializing Drug Discovery

$10-15mil (Absci)

DA T A T O

TR A I N

6-week Lab in the loop cycles

WE T L A B TO AI T O

VAL I D AT E CR E A T E

$50-100mil (Large Pharma)

CA P I T A L

IN V E S T M E N T

24 Months (Absci)

DI S C O V E R Y TI M E L I N E

5-6 years (Large Pharma)

1 ABS- 201 FOR

ANDROGENETI C ALOPECI A

Category re-defining opportunity for AGA in Ph1/2a trials

ABS- 201 FOR 2

ENDOMETRI OSI S

Disease modifying opportunity for Endometriosis in Ph1 trials

ABS- 101 FOR I BD

Demonstrated improved half-life and tissue penetration vs 1st gen TL1a molecules and ready for partnering

INDUSTRIALIZED AI x WET-LAB ENGINE

INCREASING 'SHOTS-ON GOAL' WITH FASTER AND CAPITAL

EFFICIENT DISCOVERY

DELIVERING 3 CLINICAL-

STAGE PROGRAMS TO DATE

PI PE L I N E

Advancing and expanding our pipeline of novel & differentiated assets designed using AI

Lead

IND*

AB S - 20 1

Androgenetic Alopecia (PRLR) Endometriosis (PRLR)

AB S - 20 2

Immunology & Inflammation (PRLR)

Multiple programs in early development

Multiple programs ready for partnering at various stages

up to Ph1

of development

Ph1 / 2a

Ph1

PH A S E 2

PH A S E 1

IN D - EN A B L I N G

CA N D I D A T E I D

LE A D I D

TA R G E T I D

TH E R A P E U TI C AR E A

PR O L A C T I N FO C U S E D PI PE L I N E

NE XT - GE N PI PE L I N E

PA R T N E R I N G

RE A D Y

*or equivalent ex-US filing

AB S - 20 1

ABS-201 has the potential to unlock a wholly new category of therapy in hair "re-growth"

Significant clinical and commercial unmet need in androgenetic alopecia

Strong scientific rationale, with validated target, de-risked Mode of Action, and pharmacology

Straightforward development path with objective endpoints

AB S - 2 0 1 A G A

Underserved patient population looking for therapeutic innovation

~80 million Americans live with androgenetic alopecia (AGA)

Growing patient population with limited therapeutic options and concerns of

adverse side-effects

Last FDA approved therapy for androgenetic alopecia was in the 1990s

MALE AGA

~50M men in the U.S.

Only 2 FDA approved drug therapies

FEMALE AGA

~30M women in the U.S.

Only 1 FDA approved drug therapy for women

Patients and clinicians need better treatment options for "hair re-growth"

AB S - 20 1 | A G A

PRLR inhibition for androgenetic alopecia is an innovative alternative to current treatment options

P R O P O S E D D I R E C T I M P A C T O F A B S - 2 0 1 O N H A I R C Y C L E S T A G E S

Catagen

↑↑ Apoptosis & Regression

2-4 weeks

Catagen Apoptosis + Regression

PRLR

» ABS-201 »

PRLR

Anagen

↑↑ Active Growth

& New Hair 2-6 years

Anagen Active Growth

+ New Hair

Telogen Resting Phase Hair falls out

AB S - 201 H A S T H E PO T E N T I AL T O :

Shift the balance in hair cycle stage towards anagen phase1,2 with:

Active and new hair growth

Prevention of telogen effluvium

Promote a long-lasting effect after treatment cessation

Block cessation of pigmentation, which may lead to the restoration of hair pigmentation2

AB S - 2 0 1 A G A

Prolactin impacts on organ-cultured human hair follicles

Prolactin drives hair follicle regression in human ex vivo culture

Prolactin prematurely induces a catagen-like stage in organ-cultured human hair follicles1 characterized by:

Anagen VI

Catagen III

IRS

ORS

Vehicle 400 ng/ml prolactin

AB S - 2 0 1 A G A

PRLR inhibition anticipated to be safe & well tolerated as supported by human genetics

Dominant negative PRLR loss-of-function

Compound heterozygous PRLR loss-of-function

Dominant negative PRL loss-of-function

II. III.

II.

III.

Newey & Phil , 2013 NEJM

NV = Nonvariant

ND = Not determined

II.

III. IV.

Kobayashi, 2018 NEJM

Moriwaki, 2021 JCEM

Reduced/Loss of PRL or PRLR Signaling

No apparent impact on fertility

No report on erectile dysfunction in male

Normal breast development and menses in females

Normal serum electrolytes and hormone levels (except elevated PRL in PRLR mutation carrier)

No reported abnormalities of other hypothalamic-pituitary axes

AB S 2 0 1 | AG A

Top head view of Stumptailed Macaque's showing phenotypic change over time

Terminal hair count "Thick Hairs" in prior bald areas

A S S E S S M E N T A R E A = R 1

TREATMENT

POST-TREATMENT

BASELINE

12 WEEKS

28 WEEKS

6 MONTHS

2 YEARS

4 YEARS

MALE

FEMALE

40mg/kg s.c. Q2W for 28 weeks Study commissioned by Absci CIO Andreas Busch while at Bayer.

Disclosure from competitor

# Thick Hairs

150

100

4 8 12 16 20 24

Time (w)

Hair density & thickness improved with short treatment duration in primate model of androgenetic alopecia

Hair growth remains and improves several years post cessation

Hair regrowth observed for both male and female animals (>100 hairs/cm2 increase in bald area at week 28 of treatment*)

AB S - 2 0 1 A G A

ABS-201 shows superior efficacy vs 5% topical minoxidil in 21d hair regrowth model

Administration: mAbs i.p. biweekly; Minoxidil topical daily

Hair Growth Score

ABS-201 vs minoxidil/untreated/isotype **p<0.05; ***p<0.0001 - 2way ANOVA

AB S - 2 0 1 A G A

56 Day NHP PK data confirms extended half-life profile and high SC bioavailability

Single Dose Comparative PK Profile in NHPs

10 7

mAb serum conc (ng/ ml)

10 6

10 5

10 4

10 3

Single Dose Comparative PK Profile in NHP

NHP-PK 56 Day Results

>90%

10 2

Based on PK/PD modeling, ABS-201 is anticipated to likely require only 2-3 doses over a 6-month treatment period, compared to HMI-115, which would likely require 6-12+* doses in the same period, assuming the AGA indication is pursued.

0 20 40 60

Time (d)

Datapoints of animals with positive ADA rates impacting PK were excluded at corresponding timepoints onwards

*assumption on HMI-115: 60mg/mL formulation and Q2W or Q4W dosing interval

AB S - 2 0 1 A G A

Modelling shows superiority of ABS-201 vs HMI-115 on PK & Receptor Occupancy

Preliminary in Silico Modeling

ABS-201, 1800mg SC ABS-201, 1200mg SC ABS-201, 600mg SC

ABS-201, 300mg SC

RO for Ctrough of HED -

RO for Ctrough - Ph1b HMI-115

monkey study

RO for Ctrough - Ph2 HMI-115

Time (weeks)

Interstitial skin PRLR occupancy

Modelling assumptions include published NHP and Ph1b PK data on HMI-115 (formerly BAY 1158061), as well as in house generated in vitro and in vivo data. Parameters incl. 0.2 skin exposure coefficient, 2.6 x 10-2 nM interstitial PRLR concentration

AB S - 20 1 | A G A

ABS-201 in human ex vivo culture study supports MOA in human scalp follicles

Scalp Skin

Scalp Punch

Frontotemporal Hairline Region

ABS-201 significantly prolongs anagen/inhibits catagen and stimulates hair matrix proliferation

Microscopic hair cycle staging

100

% of HFs in each hair cycle stage

MO D EL SY STEM:

Frontotemporal male scalp skin is the most

androgenetic alopecia affected skin region

Organ culture is the most relevant human preclinical hair research tool ex vivo

lgG Ctrl ABS-201 lgG +PRL ABS-201 +PRL

AB S - 20 1 | A G A

ABS-201

Prolactin

PRLR

IGF-1/ FGF7

Stem Cell Protection & Maintenance

(↑K15+ Stem Cells)

↑ FGF7 and IGF1 Expression

Proliferation of Hair Matrix Keratinocytes

CD34+ cell

Proliferative hair matrix keratinocyte

Additional ABS-201 ex vivo study found:

Prolonging anagen phase and blocking catagen, thereby inhibiting telogen effluvium

Protecting and promoting hair follicle stem cells and and restoring CD34+ progenitor cells

Stimulating key hair growth factors (IGF1, FGF7)

Decreasing catagen driver TGFβ-2

Increasing hair shaft and hair shaft keratin production

AB S - 20 1 | A G A

Phase 1/2a trial designed to provide readouts on safety, tolerability, and PoC in AGA

Design Elements:

Double-Blind, Placebo-controlled, FIH

Multi-site study in Australia

Dose range ensures predicted >90% RO

Population:

Up to 227 male & female healthy participants

SAD; n= 32 healthy volunteers

MAD; n= 147 AGA subjects (Norwood Scale IIIv-V)

Optional AGA cohorts in SAD/MAD; n= 48

3:1 randomization

Endpoints:

Primary: Safety & Tolerability

Secondary:

PK/PD

Efficacy readouts include target area hair count,

width, and darkness (pigmentation)

Single Ascending Dose

Cohort 1

150mg IV

n=8

Cohort 2

450mg IV

n=8

Cohort 3

900mg IV

n=8

Cohort 4

1800mg IV

n=8

All planned SAD cohorts dosed

Dec 2025: Initiated

1H 2026: PK and interim safety expected

Multiple Ascending Dose (26 weeks)

Cohort 3

1200mg SC n=49

Cohort 2

600mg SC n=49

Cohort 1

300mg SC n=49

MAD design enabling PoC for AGA

MAD Cohort 1 enrolling

2H 2026: Expected 13-week interim PoC readout

Early 2027: Expected 26-week topline PoC readout

ABS-201 TPP aims to offer a new treatment category in AGA based on efficacy and convenience

Novel, targeted regenerative hair follicle mechanism

Convenient, infrequent pulse therapy: 2-3 subcutaneous injections over six-month

70 Transplant + oral/topical

Efficacy (terminal hairs/cm2)

Decreased TAM

Increased TAM

Potential ABS-201 TPP

period

Potential for durable efficacy: may provide 2-3 years of hair growth

30 PRP

Finasteride

Veradermics VDPHL01

Oral Minoxidil

Tested in Market Research

TPP tested in market research supports total addressable market >$25B 10

Topical Minoxidil

* Based on 2-3 injections during first 6 months for >2 years of hair growth

Efficacy at 24w for Vertex terminal hair count in male subjects: Oral Minoxidil (5mg/day): Panchaprateep 2020 (10.1007/s13555-020-00448-x) and Penha 2024 (doi:10.1001/jamadermatol.2024.0284); PRP: Dervishi 2019 (10.1111/jocd.13113); Finasteride and Topical Minoxidil: : Gupta 2022 (doi:10.1001/jamadermatol.2021.5743 ), Transplant: based on KOL interviews.

Worse

Convenience and Comfort Better

AB S - 20 1 | A G A

Consumer Research Commissioned by Absci Validates Market Potential of ABS-201

Significant Unmet Need:

Driven by psycho-social impacts (loss of confidence, self-esteem) from AGA

Strong Commercial Demand:

Nearly all men and roughly 90% of women are inclined to ask their doctors about ABS-201

High Value Proposition:

Significant share of respondents willing to pay a premium for the ABS-201 TPP

Disruptive Potential:

Over 1/3 of respondents would select ABS-201 before their current treatment, suggesting ABS-201 can effectively compete as first-line therapy

610 Participants:

306 Men | 304 Women

*A L L P A R T I C I P A N T S E XP E R I E N C I N G H A I R L O S S

UP TO

MEN

WOMEN

EXTREM ELY O R VERY LIK ELY TO ASK HCP ABO UT ABS- 201

MEN

WOMEN

WO ULD TRY ABS- 201 FIRST ( FIRST LINE)

MEN

WOMEN

REPO RT NEGATIVE PSYCHO LO GICAL

IM PACT

HA I R R E G R O W T H T HE R A P Y

80M

Total AGA pts in the US

50M male, 30M female

~39M

Income ≥$75K (US Census)

Pts 17-69 yo

Concerned / motivated about hair loss

Strong interest in TPP

Strongest interest in TPP

with premium price-to-performance

Patient Funnel

~26M

E S T I M A T E D U . S . T A M

~22 - 24M

P O T E N T I A L G L O B A L T A M

5-9M Pts Treated/Year

Assuming 2-3 Year Durability

~15 - 18M

Disclaimer

Absci Corporation published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 17:23 UTC.