Absci posts 2025 loss, advances ABS-201 trials
Absci Corporation reported 2025 results showing a widening loss as it invested heavily in its AI-driven drug pipeline while advancing lead program ABS-201.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Absci Corporation reported 2025 results showing a widening loss as it invested heavily in its AI-driven drug pipeline while advancing lead program ABS-201. Revenue was $2.8 million for 2025, down from $4.5 million in 2024, reflecting lower partner program revenue.
Research and development expenses rose to $81.4 million from $63.9 million, driving a full-year net loss of $115.2 million versus $103.1 million a year earlier. Fourth-quarter net loss was $29.6 million. A $5.1 million gain from settling contingent consideration added $8.7 million of unrestricted cash.
The company highlighted clinical progress for ABS-201 in androgenetic alopecia, having dosed the first three cohorts in the Phase 1/2a HEADLINE trial with favorable emerging safety data and human ex vivo hair-growth findings. It also plans a Phase 2 trial of ABS-201 in endometriosis in the fourth quarter of 2026 and continues partnering efforts around ABS-101 and other AI-designed antibodies.
Cash, cash equivalents, and marketable securities totaled $144.3 million as of December 31, 2025, compared with $152.5 million as of September 30, 2025. Absci believes this liquidity will fund operations into the first half of 2028, supporting its multi-program clinical and discovery agenda.
Positive
- Extended cash runway: Cash, cash equivalents, and marketable securities of $144.3 million as of December 31, 2025 are expected to fund operations into the first half of 2028, covering several planned clinical readouts and trial initiations.
- Clinical and pipeline progress: ABS-201 advanced into a Phase 1/2a trial for androgenetic alopecia with favorable emerging safety data and supportive ex vivo hair-growth results, while a Phase 2 endometriosis trial is anticipated in the fourth quarter of 2026.
Negative
- Rising losses with falling revenue: Full-year 2025 revenue declined to $2.8 million from $4.5 million, while net loss widened to $115.2 million from $103.1 million, driven primarily by higher research and development spending.
Insights
Absci deepens losses as it pushes ABS-201 and its AI platform toward key 2026–2027 data readouts.
Absci is still in an investment-heavy phase, with 2025 revenue of $2.8 million and a net loss of $115.2 million. The spending is mainly on R&D, which climbed to $81.4 million, reflecting rapid advancement of internal clinical programs such as ABS-201 and platform development.
The company reported favorable emerging safety data from the first three cohorts in the Phase 1/2a HEADLINE trial of ABS-201 for androgenetic alopecia, plus supportive human ex vivo data on hair growth. It targets preliminary safety, tolerability, and PK data in the first half of 2026, interim proof-of-concept in the second half of 2026, and full proof-of-concept in early 2027, with a Phase 2 endometriosis study planned for the fourth quarter of 2026.
Management also underscored ABS-101 partnering readiness and early-stage oncology and HER2 programs built on its generative AI platform. With $144.3 million in cash, cash equivalents, and marketable securities as of December 31, 2025, and an expected runway into the first half of 2028, the balance sheet appears aligned with these multi-year clinical milestones, though continued losses remain a core feature of the story.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Absci (ABSI) perform financially in full-year 2025?
Absci reported lower revenue and a larger net loss for 2025. Revenue was $2.8 million, down from $4.5 million in 2024, while net loss widened to $115.2 million from $103.1 million, mainly due to higher research and development expenses.
What were Absci’s Q4 2025 results and net loss?
In Q4 2025, Absci’s revenue and losses remained consistent with its investment phase. Revenue was $0.7 million, matching Q4 2024. Net loss was $29.6 million versus $29.0 million a year earlier, reflecting sustained R&D and operating spending.
How much cash does Absci (ABSI) have and what is its runway?
Absci ended 2025 with substantial liquidity and a multi-year runway. Cash, cash equivalents, and marketable securities totaled $144.3 million as of December 31, 2025. The company believes this will fund operations into the first half of 2028, supporting ongoing clinical and platform development.
What is the status of Absci’s ABS-201 program for androgenetic alopecia?
ABS-201 is in a Phase 1/2a HEADLINE trial for androgenetic alopecia. Absci has dosed the first three single-ascending-dose cohorts, reporting that ABS-201 has been well tolerated with favorable emerging safety data and human ex vivo results showing stimulated hair growth and stem-cell niche regeneration.
What are Absci’s plans for ABS-201 in endometriosis?
Absci is expanding ABS-201 into endometriosis with a planned Phase 2 study. The company views endometriosis as a large, underserved market and anticipates initiating a Phase 2 clinical trial in the fourth quarter of 2026, targeting potential proof-of-concept data in the second half of 2027.
What is ABS-101 and how is Absci positioning it?
ABS-101 is an anti-TL1A antibody that has reached Phase 1 and is partnering-ready. Interim Phase 1 results showed extended half-life versus first-generation TL1A competitors and a favorable preliminary safety profile. Absci is exploring out-licensing and first-in-class indication opportunities rather than continuing internal development.
How does Absci use generative AI in its drug discovery platform?
Absci applies generative AI to design and optimize antibody-based therapeutics. Its platforms, including Origin-1 and AbsciDesign, generate de novo antibodies against difficult targets and refine properties like affinity, developability, and pH sensitivity, supported by a six-week lab-in-the-loop experimental cycle for rapid validation.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accepted by SEC EDGAR
Learn about SEC filing dates
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 24, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(360 ) 949-1041
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On March 24, 2026, Absci Corporation (the “Company”) announced its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K, together with Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
From time to time, the Company presents and/or distributes slides and presentations to the investment community to provide updates and summaries of its business. On March 24, 2026, the Company released a presentation which includes certain internal pipeline program updates, which is available on the “News & Events” section of the Company’s website. A copy of this presentation is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release issued by the Company on March 24, 2026, furnished herewith.
99.2 Absci Corporate Presentation March 2026
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Absci Corporation | ||||||||
Date: March 24, 2026 | By: | /s/ Shelby Walker | ||||||
| Shelby Walker | ||||||||
| Chief Legal Officer | ||||||||
Exhibit 99.1
Absci Reports Business Updates and Fourth Quarter and Full Year 2025 Financial and Operating Results
Successfully dosed first three cohorts in SAD portion of ongoing ABS-201™ HEADLINE trial; well-tolerated with favorable emerging safety data
Unveiled human ex vivo data demonstrating that ABS-201 stimulates hair growth and regenerates follicle stem cell niche
Appointed seasoned biopharmaceutical executive Ransi Somaratne, M.D., FACC, MBA as Chief Medical Officer
Cash, cash equivalents, and marketable securities sufficient to fund operations into the first half of 2028
VANCOUVER, Wash. and NEW YORK, March 24, 2026 – Absci Corporation (Nasdaq: ABSI), a clinical-stage biopharmaceutical company advancing breakthrough therapeutics designed with generative AI, today reported financial and operating results for the quarter and full year ended December 31, 2025.
“Over the past year, we advanced ABS-201 from preclinical to three dosed cohorts in our HEADLINE trial with favorable emerging safety data, extending our track record of moving from AI design to clinic in approximately two years at a fraction of industry cost,” said Sean McClain, Founder and CEO. “Dr. Ransi Somaratne has joined as our first Chief Medical Officer to lead clinical execution and strategy. We are focused on delivering interim proof-of-concept data in the second half of 2026 and initiating our endometriosis Phase 2 by year-end. In AGA and endometriosis, there is a significant unmet need, as no approved disease-modifying therapeutic options exist for these patients. This is the kind of whitespace where we believe our AI-native drug creation strategy can generate the most value.”
Recent Highlights
•Successfully dosed first three cohorts in single ascending dose (SAD) portion of ongoing Phase 1/2a HEADLINE trial. ABS-201 has been well tolerated to date, with favorable emerging safety data.
•Unveiled human ex vivo data demonstrating that ABS-201 effectively stimulates hair growth by regenerating the stem cell niche as well as promoting additional key growth modulators. In these studies, ABS-201 treatment significantly inhibited the PRLR signaling pathway (STAT5 phosphorylation), which correlated with prolongation of anagen and restoration of growth
Exhibit 99.1
signaling, preservation and expansion of the stem cell niche, and potential for follicle reconversion.
•Released manuscript on Origin-1: a generative AI platform that designs full-length monoclonal antibodies (mAbs) against "zero-prior" epitopes. "Zero-prior" means that to our knowledge there are no published reports describing a protein that binds to the target at the selected epitope. In contrast to traditional screening methods, Origin-1 generated potential lead candidates by screening fewer than one hundred designs per target. This platform is potentially the first demonstration of de novo design of full-length mAbs against "zero-prior" epitopes with atomically accurate complex structures and functional activity.
•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. Dr. Somaratne joins Absci from Vertex Pharmaceuticals, where he served as Senior Vice President of Clinical Development and Translational Medicine, and previously held various roles at BioMarin Pharmaceutical and Amgen.
Internal Pipeline Updates and 2026 Outlook
•ABS-201 (anti-PRLR antibody) for androgenetic alopecia: ABS-201 is an anti-PRLR antibody, currently undergoing Phase 1/2a studies, in development for androgenetic alopecia (AGA), commonly known as male and female pattern hair loss. Absci believes that ABS-201, if successfully developed and approved, could provide a significant new category of AGA treatment that offers potentially durable hair growth with a convenient administration profile. Today, Absci announced that it has successfully dosed the first three cohorts in the SAD portion of its ongoing Phase 1/2a HEADLINE trial. ABS-201 has been well tolerated to date, with favorable emerging safety data. Absci anticipates reporting preliminary safety, tolerability, and pharmacokinetic (PK) data in the first half of 2026, with interim proof-of-concept data in the second half of 2026 and full proof-of-concept data in early 2027.
•ABS-201 (anti-PRLR antibody) for endometriosis: Absci is also developing ABS-201 for endometriosis, a large, underserved market with significant unmet medical need and poor standard of care. 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 FDA-approved disease-modifying therapy. ABS-201 for endometriosis represents a novel mechanism (non-sex steroid hormone), with potential to be disease-modifying, act on both pain and lesion growth, and offer an improved safety profile. Absci anticipates initiation of a Phase 2 clinical trial for endometriosis in the fourth quarter of 2026, with potential proof-of-concept data in the second half of 2027.
Exhibit 99.1
•ABS-101 (anti-TL1A antibody): Absci continues to explore potential partnership and outlicensing opportunities for ABS-101, as well as first-in-class indication expansion opportunities for this target.
•ABS-301 (potential first-in-class antibody for undisclosed immuno-oncology target): ABS-301 is a fully human antibody designed to bind to a novel target discovered through Absci's Reverse Immunology platform. Absci has presented data for this program showing that expression of ABS-301’s target suggests broad potential in squamous cell carcinomas and beyond.
•ABS-501 (novel AI-designed anti-HER2 antibody): For this program, Absci has identified antibody leads using its zero-shot de novo AI technology with the following characteristics: novel epitope interactions, increased or equivalent affinity to trastuzumab in preclinical settings, efficacious against a trastuzumab-resistant xenograft tumor, and good developability.
•Drug Creation Partnerships: Absci continues to make further progress on its existing drug creation partnerships and anticipates signing one or more partnerships, including with a Large Pharma company, in 2026.
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.
Fourth Quarter 2025 Financial Results
Revenue was $0.7 million for the three months ended December 31, 2025 compared to $0.7 million for the three months ended December 31, 2024.
Research and development expenses were $25.3 million for the three months ended December 31, 2025 compared to $18.4 million for the three months ended December 31, 2024. This increase was primarily driven by advancement of Absci's internal programs, including direct costs associated with external preclinical and clinical development of ABS-101 and ABS-201.
Selling, general, and administrative expenses were $8.6 million for the three months ended December 31, 2025 compared to $8.8 million for the three months ended December 31, 2024.
Operating expenses for the three months ended December 31, 2025 were offset by a $5.1 million gain recorded on settlement of the Company's contingent consideration during the fourth quarter 2025, which resulted in the receipt of $8.7 million in unrestricted cash.
Net loss was $29.6 million for the three months ended December 31, 2025, as compared to $29.0 million for the three months ended December 31, 2024.
Exhibit 99.1
Full Year 2025 Financial Results
Revenue was $2.8 million for the twelve months ended December 31, 2025 compared to $4.5 million for the twelve months ended December 31, 2024.
Research and development expenses were $81.4 million for the twelve months ended December 31, 2025 compared to $63.9 million for the twelve months ended December 31, 2024. This increase was primarily driven by advancement of Absci's internal programs, including direct costs associated with external preclinical and clinical development.
Selling, general, and administrative expenses were $35.1 million for the twelve months ended December 31, 2025 compared to $36.2 million for the twelve months ended December 31, 2024. This decrease was primarily due to a reduction in personnel-related costs.
Operating expenses for the twelve months ended December 31, 2025 were offset by a $5.1 million gain recorded on settlement of the Company's contingent consideration during the fourth quarter 2025.
Net loss was $115.2 million for the twelve months ended December 31, 2025, as compared to $103.1 million for the twelve months ended December 31, 2024.
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.
Webcast Information
Absci will host a conference call to discuss its fourth quarter and full year 2025 business updates and financial and operating results on Tuesday, March 24, 2026 at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. A webcast of the conference call can be accessed at investors.absci.com. The webcast will be archived and available for replay for at least 90 days after the event.
About Absci
Absci is advancing the future of drug discovery with generative design to create better biologics for patients, faster. Our Integrated Drug Creation™ platform combines cutting-edge AI models with a synthetic biology data engine, enabling the rapid design of innovative therapeutics that address challenging therapeutic targets. Absci’s approach leverages a continuous feedback loop between advanced AI algorithms and wet lab validation. Each cycle refines our data and strengthens our models, facilitating rapid innovation and enhancing the precision of our therapeutic designs. Alongside collaborations with top pharmaceutical, biotech, tech, and academic leaders, Absci is advancing its own pipeline of AI designed therapeutics including ABS-201™, a groundbreaking innovation in hair regrowth with the potential to redefine treatment possibilities for androgenetic alopecia, commonly known as male
Exhibit 99.1
and female pattern hair-loss. ABS-201 is also being investigated as a potential “best-in-class” therapeutic for endometriosis, a condition with significant unmet medical need and market potential. Absci is headquartered in Vancouver, WA, with AI Research Labs in New York City and Serbia, and an Innovation Center in Switzerland. Learn more at www.absci.com or follow us on LinkedIn (@absci), X (@Abscibio) and YouTube.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding any or all of the following: (i) Absci’s preclinical studies, clinical trials, as well as partnered and internally developed programs, including, without limitation, manufacturing capabilities, status of such studies and trials and expectations regarding data, safety and efficacy generally; (ii) data included in the above-described oral presentation, as well as the ability to use data from ongoing and planned clinical trials for the design and initiation of further clinical trials; (iii) projections regarding potential market opportunity, potential regulatory approval, the final approved label, and evolving competitive landscapes, as well as certain research findings based on participant responses to a hypothetical product profile and not any clinical results for ABS-201; (iv) Absci’s strategy, goals, anticipated financial performance and the sufficiency of its cash resources; (v) regulatory submissions and authorizations, including timelines for and expectations regarding any anticipated regulatory agency decisions; (vi) the expected benefits of its collaborations with partners; and (vii) the therapeutic value, development, and commercial potential of antibody therapies, as well as other technologies. Risks that contribute to the uncertain nature of the forward-looking statements include, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in Absci Corporation’s most recent annual report on Form 10-K and in any other subsequent filings made by Absci Corporation with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law.
Investor Contact:
Alexander D.H. Khan
Corporate Vice President
Head of Investor Relations
investors@absci.com
Exhibit 99.1
Media Contact:
press@absci.com
Exhibit 99.1
Absci Corporation
Consolidated Statements of Operations
(Unaudited) | |||||||||||||||||||||||||||||
| For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||||||||
| (In thousands, except for share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Partner program revenue | $ | 650 | $ | 665 | $ | 2,800 | $ | 4,534 | |||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| 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) | |||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||
| Interest expense | (29) | (109) | (209) | (565) | |||||||||||||||||||||||||
| Other income, net | 1,346 | 921 | 5,412 | 6,417 | |||||||||||||||||||||||||
| Total other income, net | 1,317 | 812 | 5,203 | 5,852 | |||||||||||||||||||||||||
| Loss before income taxes | (29,724) | (28,962) | (115,114) | (103,036) | |||||||||||||||||||||||||
| Income tax expense | 162 | (21) | (69) | (70) | |||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||
Exhibit 99.1
Absci Corporation
Consolidated Balance Sheets
| December 31, | December 31, | |||||||||||||
| (In thousands, except for share and per share data) | 2025 | 2024 | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 20,025 | $ | 41,213 | ||||||||||
| Restricted cash | — | 15,947 | ||||||||||||
| Marketable securities | 124,267 | 71,212 | ||||||||||||
| Prepaid expenses and other current assets | 5,281 | 5,459 | ||||||||||||
| Total current assets | 149,573 | 133,831 | ||||||||||||
| Operating lease right-of-use assets | 2,914 | 3,968 | ||||||||||||
| Property and equipment, net | 20,860 | 29,167 | ||||||||||||
| Intangibles, net | 41,514 | 44,883 | ||||||||||||
| Restricted cash, long-term | 1,053 | 1,054 | ||||||||||||
| Other long-term assets | 383 | 705 | ||||||||||||
| TOTAL ASSETS | $ | 216,297 | $ | 213,608 | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable and accrued expenses | $ | 19,348 | $ | 10,449 | ||||||||||
| Accrued expenses | ||||||||||||||
| Contingent consideration | — | 12,750 | ||||||||||||
| Long-term debt | 873 | 2,733 | ||||||||||||
| Operating lease obligations | 1,805 | 1,608 | ||||||||||||
| Deferred revenue | 739 | 1,116 | ||||||||||||
| Total current liabilities | 22,765 | 28,656 | ||||||||||||
| Long-term debt, net of current portion | — | 1,257 | ||||||||||||
| Operating lease obligations, net of current portion | 2,624 | 4,429 | ||||||||||||
| Deferred revenue, long-term | 436 | — | ||||||||||||
| Other long-term liabilities | 1,023 | 133 | ||||||||||||
| TOTAL LIABILITIES | 26,848 | 34,475 | ||||||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||||
| Preferred stock | — | — | ||||||||||||
| 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 | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 216,297 | $ | 213,608 | ||||||||||
Corporate Presentation March 2026 GENERATIVE AI DRUG CREATION CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED
Disclaimers F O R W A R D - L O O K I N G S T A T E M E N T S Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding any or all of the following: (i) Absci’s preclinical studies, clinical trials, as well as partnered and internally developed programs, including, without limitation, manufacturing capabilities, status of such studies and trials and expectations regarding data, safety and efficacy generally; (ii) data included in the above-described oral presentation, as well as the ability to use data from ongoing and planned clinical trials for the design and initiation of further clinical trials; (iii) projections regarding potential market opportunity, potential regulatory approval, the final approved label, and evolving competitive landscapes, as well as certain research findings based on participant responses to a hypothetical product profile and not any clinical results for ABS-201; (iv) Absci’s strategy, goals, anticipated financial performance and the sufficiency of its cash resources; (v) regulatory submissions and authorizations, including timelines for and expectations regarding any anticipated regulatory agency decisions; (vi) the expected benefits of its collaborations with partners; and (vii) the therapeutic value, development, and commercial potential of antibody therapies, as well as other technologies. Risks that contribute to the uncertain nature of the forward-looking statements include, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in Absci Corporation’s most recent annual report on Form 10-K and in any other subsequent filings made by Absci Corporation with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law. 1 M A R K E T A N D S T A T I S T I C A L I N F O R M A T I O N This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the data generated by independent parties and cannot guarantee their accuracy or completeness. 2 T R A D E M A R K U S A G E This presentation/document/webpage contains references to our trademarks and service marks and to those belonging to third parties. Absci®, ®, SoluPro®, Bionic SoluPro® and SoluPure® are Absci registered trademarks with the U.S. Patent and Trademark Office. We also use various other trademarks, service marks and trade names in our business, including the Absci AI logo mark ( ), the Unlimit with us mark ( ), Denovium, Integrated Drug Creation, HiPrBind, and IgDesign. All other trademarks, service marks or trade names referred to in this presentation/document/webpage are the property of their respective owners. Solely for convenience, the trademarks and trade names in this presentation/document/webpage may be referred to with or without the trademark symbols, but references which omit the symbols should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto 3 CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 2 D I S C L O S U R E S
LEADING AI PLATFORM FOR CREATING ANTIBODY-BASED THERAPEUTICS 1. DIFFERENTIATED PIPELINE OF AI-DESIGNED THERAPEUTICS2. From Code to Clinic CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 3 A B S C I | I N T R O o Interdisciplinary Team with 10+ approved drugs and AI expertise o Integrated Lab-in-the-Loop leveraging 77k ft² automated wet-lab o Leading AI platform for de novo design and AI optimization of antibody-based therapeutics o ABS-201 (anti-prolactin receptor) o Androgenetic Alopecia (AGA): Accelerated Ph1/2a trial on track to initiate December 2025, with interim POC readout 2H 2026 o Endometriosis (Endo): Indication expansion into endometriosis with anticipated Ph2 initiation in 4Q2026 with PoC readout as early as 2H 2027 o Preclinical pipeline focused on metabolism and I&I
Industrializing Drug Discovery INCREASING ‘SHOTS-ON GOAL’ WITH FASTER AND CAPITAL EFFICIENT DISCOVERY $10-15mil (Absci) $50-100mil (Large Pharma) 24 Months (Absci) 5-6 years (Large Pharma) C A P IT A L IN V E S T M E N T D IS C O V E R Y T IM E L IN E DELIVERING 3 CLINICAL- STAGE PROGRAMS TO DATE 1 2 3 A B S - 2 0 1 FOR A NDROGENETI C A LOP ECI A A B S - 2 0 1 FOR ENDOMETRI OS I S A B S - 1 0 1 FOR I B D Category re-defining opportunity for AGA in Ph1/2a trials Disease modifying opportunity for Endometriosis in Ph1 trials Demonstrated improved half-life and tissue penetration vs 1st gen TL1a molecules and ready for partnering COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 4 F R O M C O D E T O C L I N I C INDUSTRIALIZED AI x WET- LAB ENGINE 6-week Lab in the loop cycles D A T A T O T R A I N W E T L A B T O V A L I D A T E A I T O C R E A T E
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 5 D E N O V O D E S I G N Leadership in AI de novo design of antibody-based therapeutics De Novo Antibody DesignAI Lead Optimization De novo antibody design model creates epitope-specific binders given a target structure Designed in framework of choice or multiple frameworks INPUT EMBEDDING STRUCTURE DESIGN (DIFFUSION) . . . ARCPSIWKFPDEEGACQPC . . . Antigen Structure/Sequence (Epitope) EVQLSEVGA . . . PROTEIN LANGUAGE MODELS Co-optimization enables improvement of antibody attributes such as affinity and developability Precise engineering of molecule pharmacology
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 6 D E N O V O D E S I G N We use AI to create novel & differentiated therapeutics ENABLING FEATURES: MULTI-VALENCY, pH-DEPENDENT BINDING ABILITY TO ADDRESS DIFFICULT TARGET CLASSES, E.G. GPCRS EPITOPE-SPECIFIC DESIGN + EPITOPE INTERFACE OPTIMIZATION POTENTIAL TO CREATE MEANINGFUL IP: 100S TO 10,000S OF FUNCTIONALLY VALIDATED SEQUENCES ENABLED BY PROPRIETARY WET-LAB VALIDATION ENHANCED POTENCY AND MOA
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 7 D R U G C R E A T I O N P L A T F O R M Leveraging AI throughout the end-to-end drug discovery process TARGET SELECTION AI-GUIDED LEAD OPTIMIZATION AI-GUIDED DRUG CREATION AI reverse immunology target discovery OR Additional Target Selection approaches De novo antibody design Affinity & developability Pharmacology engineering
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 8 Since publishing the first work in AI de novo antibody design, Absci has continued to rapidly progress and lead the field 2024 2025 20262022 de novo Model v1 Absci was the first to design and validate novel antibodies using zero- shot generative AI in BioRxiv preprint 2023 de novo Model v2 Demonstrated de novo design model’s broad applicability to multiple therapeutic antigens in Neurips publication 2024 de novo Model v3 Successfully designed high affinity binders to an epitope without known binder in Large Pharma partnership 2025 de novo Model v4 and continued development Successfully de novo designed against previously “undruggable” target in HIV “Caldera” program in collaboration with Caltech 2026 Origin-1 Launched next-gen platform for de novo design of full- length antibodies against ‘zero-prior’ epitopes
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 9 C A S E S T U D I E S Platform case studies AI Lead Optimization De Novo Antibody Design Goal: Create universally neutralizing HIV antibody by binding conserved epitope within “Caldera” region of HIV gp120 Absci’s de novo design platform can successfully address difficult to drug target epitopes VIEW THE FULL CASE STUDY De novo antibody design program in collaboration with Caltech funded by the Gates Foundation AI lead optimization for PH sensitivity which may reduce toxicity and/or improve efficacy of therapeutic mAbs VIEW THE FULL CASE STUDY Goal: Co-optimize antibodies for pH sensitive binding to increase efficacy and reduce toxicity Absci’s lead optimization platform enables molecules with differentiated pharmacology Model searches a massive space of ~1019, identifying functional and developable antibodies in one step.
”Multilingual” team with expertise in AI and drug creation CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 10 T E A M Sean McClain Founder, CEO & Board Director Zach Jonasson, PhD Chief Financial Officer & Chief Business Officer Amir Shanehsazzadeh SVP, Chief AI Officer Shelby Walker, JD Chief Legal Officer Christine Lemke SVP, Portfolio & Growth Strategy L e a d e r s h i p T e a m : Sean McClain Founder, CEO & Board Director Sir Mene Pangalos, PhD Former EVP R&D AstraZeneca Mary Szela CEO & President TriSalus Life Sciences Joseph Sirosh, PhD Former CVP AI Microsoft Dan Rabinovitsj VP Hardware Engineering, Meta Karen McGinnis, CPA Former Chief Accounting Officer, Illumina Frans Van Houten Chairman of the Board Former CEO, Royal Phillips B o a r d O f D i r e c t o r s : Andreas Busch, PHD Co-Chair SAB Chief Innovation Officer Ian McInnes, PHD Vice Principal and Head of College University of Glasgow Luis Diaz, MD Head, Division of Solid Tumor Oncology Memorial Sloan Kettering Cancer Center John Wherry, PHD Director, Institute for Immunology & Immune Health, University of Pennsylvania Victor Greiff, PHD Associate Professor University of Oslo Hubert Truebel, MD, PHD, MBA Chief Medical Officer AiCuris Sir Mene Pangalos, PHD Co-Chair SAB Former EVP R&D AstraZeneca S c i e n t i f i c A d v i s o r y B o a r d : Ransi Somaratne, MD Chief Medical Officer E X P E R T I S E A N D B A C K G R O U N D F R O M : Andreas Busch, PhD Chief Innovation Officer
11 140 E M P L O Y E E S Biologics drug discovery expertise from: “Multi-lingual” AI + Drug Discovery expertise AI team drawing on experience from tech leaders: 77,000 S Q U A R E F E E T o State-of-the-art wet and dry lab in Vancouver WA o Absci AI Research (AAIR) lab in NYC o Innovation Centre in Zug Switzerland 3 CLI NI CAL STAGE PR O GR AMS In Androgenetic Alopecia, Endometriosis, and Inflammatory Bowel Disease >$600M C A P I T A L R A I S E D T O D A T E 10+ P A R T N E R S , I N C L U D I N G Absci at a Glance O V E R V I E W COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED *As of December 31, 2025
*or equivalent ex-US filing C L I N I C A L S T A G E P I P E L I N E R E A D Y F O R P A R T N E R I N G N E X T - G E N P I P E L I N E COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 12 P I P E L I N E T H E R A P E U T I C A R E A T A R G E T I D L E A D I D C A N D I D A T E I D I N D - E N A B L I N G P H A S E 1 P H A S E 2 A B S - 2 0 1 Androgenetic Alopecia (PRLR) Endometriosis (PRLR) A B S - 1 0 1 INFL. Bowel Disease (TL1A) Ph1 Partnering Ready ABS-501 ABS-301 Early Discovery Programs Partnering Ready Partnering Ready IND*DCLead Ph1 / 2a Advancing and expanding our pipeline of novel & differentiated assets designed using AI
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 13 P A R T N E R S H I P S Track record of industry-leading partnerships AI Drug Creation™ Data & Compute Trademarks, service marks or trade names referred to herein are the intellectual property of their respective owners. Use of this IP does not imply affiliation, endorsement or sponsorship of any kind 25+ Partnered Programs To Date Scaling Compute 5 Named Internal Programs Additional Programs In Early Development Improving Models Increasing Efficiencies
Leading AI x Bio platform driving 2 Phase 2 readouts in the next 24 months COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 14 C A T A L Y S T S ABS-201 in AGA o Ph1/2a Study initiated Dec 2025 o Safety, Tolerability, and PK readout expected 1H 2026 o Interim PoC Readout – anticipated 2H 2026 ABS-201 in ENDO o Ph1/2a Study initiated Dec 2025 o Phase 2 initiation expected in 2H2026
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 15 I N T E R N A L P I P E L I N E Absci’s progress in Drug Creation A B S - 2 0 1 A G A Accelerated development of ABS-201 in androgenetic alopecia Ph1/2a study initiated Dec 2025 Interim POC readout anticipated 2H 2026 A B S - 2 0 1 E n d o Indication expansion for ABS-201 in Endometriosis Ph2 study anticipated to initiate 4Q2026 A B S - 1 0 1 Phase 1 interim results reported with extended half-life vs 1st gen TL1A competitors Advancing partnership & out-licensing discussions, including in potential ‘first-in-class’ indications A B S - 3 0 1 & 5 0 1 ABS-301: Potential first-in-class asset discovered through Reverse Immunology Platform ABS-501: Candidate ID phase for novel HER2 program designed using de novo AI Acceleration and Expansion of Lead Program Differentiated AI designed pipeline
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 alopecia1. Strong scientific rationale, with validated target, de-risked Mode of Action, and pharmacology2. 3. COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 16 A B S - 2 0 1 Straightforward development path with objective endpoints
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 17 A B S - 2 0 1 A G A Underserved patient population looking for therapeutic innovation ~80 million Americans live with androgenetic alopecia (AGA) FEMALE AGA ~30M women in the U.S. Only 1 FDA approved drug therapy for women ~50M men in the U.S. Only 2 FDA approved drug therapies MALE 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 Patients and clinicians need better treatment options for “hair re-growth” Hair re-growth, not just slowing of hair loss Safe and minimal side effects Durable effect Convenient administration frequency FDA approved
18 A B S - 2 0 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 Telogen Resting Phase Hair falls out Catagen ↑↑ Apoptosis & Regression 2-4 weeks Anagen Active Growth + New Hair » »»PRLR ABS-201 »» Anagen ↑↑ Active Growth & New Hair 2-6 years Catagen Apoptosis + Regression Telogen Resting Phase Hair falls out »» » PRLR o Shift the balance in hair cycle stage towards anagen phase1,2 with: • Active and new hair growth • Prevention of telogen effluvium o Promote a long-lasting effect after treatment cessation o Block cessation of pigmentation, which may lead to the restoration of hair pigmentation2 A B S - 2 0 1 H A S T H E P O T E N T I A L T O : COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 19 A B S - 2 0 1 A G A Prolactin impacts on organ-cultured human hair follicles Prolactin prematurely induces a catagen-like stage in organ-cultured human hair follicles1 characterized by: Vehicle 400 ng/ml prolactin Catagen IIIAnagen VI HS M DP IRS IRS HS ORS DP MK Apparent cessation of pigmentation Condensed shape of the dermal papilla (DP) Diminishment of the hair matrix volume Inhibition of hair shaft elongation Prolactin drives hair follicle regression in human ex vivo culture
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 20 A B S - 2 0 1 A G A PRLR inhibition anticipated to be safe & well tolerated as supported by human genetics I. II. III. NV = Nonvariant ND = Not determined I. II. III. I. II. III. IV. Kobayashi, 2018 NEJM Moriwaki, 2021 JCEM Newey & Phil , 2013 NEJM Compound heterozygous PRLR loss-of-function Dominant negative PRL loss-of-function Dominant negative PRLR loss-of-function Reduced/Loss of PRL or PRLR Signaling Postpartum agalactia Otherwise in good health: o No apparent impact on fertility o No report on erectile dysfunction in male o Normal breast development and menses in females o Normal serum electrolytes and hormone levels (except elevated PRL in PRLR mutation carrier) o No reported abnormalities of other hypothalamic-pituitary axes
21 A B S 2 0 1 | A G A Terminal hair count ”Thick Hairs” in prior bald areas o Hair regrowth observed for both male and female animals (>100 hairs/cm2 increase in bald area at week 28 of treatment*) # T hi ck H ai rs Time (w) 20 0 100 0 25 0 150 50 30 0 4 8 12 16 20 24 A S S E S S M E N T A R E A = R 1TREATMENT POST-TREATMENT 12 WEEKSBASELINE 28 WEEKS 6 MONTHS 2 YEARS 4 YEARS FE M A LE M A LE Top head view of Stumptailed Macaque’s showing phenotypic change over time o Hair density & thickness improved with short treatment duration in primate model of androgenetic alopecia o Hair growth remains and improves several years post cessation 40mg/kg s.c. Q2W for 28 weeks Study commissioned by Absci CIO Andreas Busch while at Bayer. Disclosure from competitor COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED *WO 2019/011719 A1
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 22 A B 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 ABS-201 vs minoxidil/untreated/isotype **p<0.05; ***p<0.0001 - 2way ANOVA Hair Growth Score
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 23 A B S - 2 0 1 A G A 56 Day NHP PK data confirms extended half-life profile and high SC bioavailability 0 20 40 60 102 10 3 104 10 5 106 107 Single Dose Comparative PK Profile in NHPs Time (d) m A b se ru m c on c (n g/ m l) ABS-201 100mg/kg SC ABS-201 100mg/kg IV ABS-201 300mg/kg IV HMI-115 300mg/kg IV Datapoints of animals with positive ADA rates impacting PK were excluded at corresponding timepoints onwards i l s o parative PK Profile in NHP >3x extended half-life in NHPs compared to HMI-115 High subcutaneous bioavailability in NHPs at >90% In silico prediction of Q8W–Q12W dosing intervals anticipated in humans Manufacturability & developability profile believed to enable future high concentration formulation targeting >150mg/mL NHP-PK 56 Day Results 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. *assumption on HMI-115: 60mg/mL formulation and Q2W or Q4W dosing interval
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 24 A B S - 2 0 1 A G A Modelling shows superiority of ABS-201 vs HMI-115 on PK & Receptor Occupancy >3x extended half-life in NHPs predicted to translate in humans to Q8W-Q12W dosing intervals PK profile predicted to translate into higher interstitial skin concentrations resulting in higher receptor 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 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 - monkey study RO for Ctrough – Ph1b HMI-115 RO for Ctrough – Ph2 HMI-115 Time (weeks) In te rs tit ia l s ki n PR LR oc cu pa nc y
COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 25 A B S - 2 0 1 | A G A ABS-201 in human ex vivo culture study supports MOA in human scalp follicles ABS-201 significantly prolongs anagen/inhibits catagen and stimulates hair matrix proliferation Anagen Early Catagen Mid Catagen lgG Ctrl ABS-201 lgG +PRL ABS-201 +PRL 80 40 0 100 60 20 Frontotemporal Hairline Region Scalp Punch Scalp Skin o Frontotemporal male scalp skin is the most androgenetic alopecia affected skin region o Organ culture is the most relevant human preclinical hair research tool ex vivo M O D E L S Y S T E M : Microscopic hair cycle staging % o f H Fs in e ac h ha ir cy cl e st ag e
COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 26 A B S - 2 0 1 | A G A Additional ABS-201 ex vivo study found: o Prolonging anagen phase and blocking catagen, thereby inhibiting telogen effluvium o Protecting and promoting hair follicle stem cells and and restoring CD34+ progenitor cells o Stimulating key hair growth factors (IGF1, FGF7) o Decreasing catagen driver TGFβ-2 o Increasing hair shaft and hair shaft keratin production IGF-1/ FGF7 PRLRABS-201 CD34+ cell Proliferative hair matrix keratinocyteProlactin Stem Cell Protection & Maintenance (↑K15+ Stem Cells) ↑ FGF7 and IGF1 Expression Proliferation of Hair Matrix Keratinocytes
Phase 1/2a trial designed to provide readouts on safety, tolerability, and PoC in AGA Design Elements: o Double-Blind, Placebo-controlled, FIH o Multi-site study in Australia o Dose range ensures predicted >90% RO Population: o Up to 227 male & female healthy participants o SAD; n= 32 healthy volunteers o MAD; n= 147 AGA subjects (Norwood Scale IIIv-V) o Optional AGA cohorts in SAD/MAD; n= 48 o 3:1 randomization Endpoints: o Primary: Safety & Tolerability o Secondary: • PK/PD • Efficacy readouts include target area hair count, width, and darkness (pigmentation) COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 27 A B S - 2 0 1 | A G A 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 Cohort 1 300mg SC n=49 Cohort 2 600mg SC n=49 Cohort 3 1200mg SC n=49 Multiple Ascending Dose (26 weeks) o First cohort fully enrolled and dosed - Enrollment of remaining cohorts ongoing o Dec 2025: Initiated o 1H 2026: PK and interim safety expected o MAD design enabling PoC for AGA o 2Q 2026: Expected initiation o 2H 2026: Expected 13-week interim PoC readout o Early 2027: Expected 26-week topline PoC readout
COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 28 A B S - 2 0 1 | A G A ABS-201 TPP aims to offer a new treatment category in AGA based on efficacy and convenience 0 10 20 30 40 50 60 70 80 Ef fic ac y (t er m in al h ai rs /c m 2) Topical Minoxidil Oral Minoxidil FinasteridePRP Transplant + oral/topical Potential ABS-201 TPP * 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. Convenience and Comfort BetterWorse
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 COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 29 A B S - 2 0 1 | A G A * A L L P A R T I C I P A N T S E X P E R I E N C I N G H A I R L O S S R E P O R T N E G A T I V E P S Y C H O L O G I C A L I M P A C T 80% MEN 81% WOMEN W O U L D T R Y A B S - 2 0 1 F I R S T ( F I R S T L I N E )37% MEN 36% WOMEN E X T R E M E L Y O R V E R Y L I K E L Y T O A S K H C P A B O U T A B S - 2 0 1 UP TO 97% MEN WOMEN UP TO 88%
5-9M Pts Treated/Year Assuming 2-3 Year Durability Patient Funnel >$25B E S T I M A T E D U . S . T A M >$40B P O T E N T I A L G L O B A L T A M Total AGA pts in the US 50M male, 30M female 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 COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 30 H A I R R E G R O W T H T H E R A P Y 80M ~39M ~26M ~22 – 24M ~15 – 18M
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 31 I N T E R N A L P I P E L I N E Absci’s progress in Drug Creation A B S - 2 0 1 A G A Accelerated development of ABS-201 in androgenetic alopecia Ph1/2a study initiated Dec 2025 Interim POC readout anticipated 2H 2026 A B S - 2 0 1 E n d o Indication expansion for ABS-201 in Endometriosis Ph2 study anticipated to initiate 4Q2026 A B S - 1 0 1 Phase 1 interim results reported with extended half-life vs 1st gen TL1A competitors Advancing partnership & out-licensing discussions, including in potential ‘first-in-class’ indications A B S - 3 0 1 & 5 0 1 ABS-301: Potential first-in-class asset discovered through Reverse Immunology Platform ABS-501: Candidate ID phase for novel HER2 program designed using de novo AI Acceleration and Expansion of Lead Program Differentiated AI designed pipeline
Development of ABS-201 in Endometriosis Addresses Long-standing Unmet Medical Need and Poor standard of care 1. Large, untapped market offers significant upside potential 2. Strong Biological And Clinical Rationale: Including POC for PRLR mechanism in humans 3. COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 32 A B S 2 0 1 | E N D O M E T R I O S I S
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 33 A B S - 2 0 1 | E N D O M E T R I O S I S Hormonal therapies and surgical intervention make up the treatment paradigm for Endo • Endo is a chronic condition with currently no medical or surgical cure • Roughly, 75% of patients are estimated to use opioids and/or NSIADs throughout their disease course • Up to 33% of patients do not respond to hormonal treatment alone • Additionally, patients will pause treatment when seeking pregnancy • GnRH therapies are typically prescribed by Gynecologist and often require formal Dx (surgical confirmation) • Due in part to higher cost, and AE profile which limit long- term use • Notably, aromatase inhibitors are not FDA approved for Endo, but are used off-label • Up to 40% of Endo patients undergo a laparoscopy and 12% receive hysterectomies • Even after hysterectomy ~15% of patients still report pain symptoms Sources: PMID 40323608, PMID 37391793, ARTEMIS 2024 Report, GlobalData, US Census Data Current Treatment Paradigm (US) Treated Endo patients First-line Options Combined Hormonal Contraception NSAIDs Progestins Second-line Options GnRH agonists Oral GnRH antagonist Oral GnRH antagonist + hormonal Total Estimated Endo patients Opioids NSAIDs Third-line Options Aromatase Inhibitors Laparoscopy +/- Hysterectomy
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 34 Pain remains a persistent, chronic issue for women with endometriosis A B S - 2 0 1 E N D O Illustrative Endometrial Patient Journeys First Period Desire to Conceive Perimenopause PMID 40323608, PMID 17498711, ARTEMIS 2024 Report Patients with Endo report ineffective pain management as a number one unmet need Additionally, patients are seeking the ability to have children The condition itself carries a higher risk for infertility Current therapeutic interventions prevent pregnancy or mimic a post-menopausal state There has been little advancement in novel targets for endometriosis Contraceptive hormonal therapy has remained unchanged for decades GnRH therapy, while effective for some needs to be stopped after 2 years due to AE risks (e.g., loss in bone density) Endo remains underdiagnosed, which is predicted to improve with a disease-modifying therapy Mean age of symptom onset is typically early 20s, while mean age of diagnosis is typically mid-30s
o Endometriotic lesions produce prolactin under estrogen/progesterone control. o Excess prolactin promotes lesion growth and sensitizes pain-sensing nerves, contributing to chronic pelvic pain. o Prolactin signaling is independent of sex-hormone pathways, offering a differentiated, non-hormonal treatment modality vs current therapies. COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 35 A B S - 2 0 1 | E N D O M E T R I O S I S PRLR antagonism is a novel and differentiated MoA in Endometriosis PRL and PRLR play a dual role in endometrial lesion development and pain response Stromal cell Immune cell Adipocyte PRL 1 2 Endometrial lesion Local PRL PRLR-L PRLR-S Sensory neuron PAIN Pituitary PRL3 5 4 Sources: PMID 37169264
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 36 A B S - 2 0 1 E N D O Localization And Temporal Expression Of Prolactin Receptor In Human Endometrium PRL and PRLR increase during secretory phase in healthy tissue, and is overexpressed in endometrium of patients with endometriosis Me = menstrual P = proliferative OV = ovulatory, ES = early secretory MS/LS = mid & late secretory DE = decidua/pregnancy Pit = Pituitary - positive control - = negative control P ES MS/LS DE DE - PRL & PRLR is Elevated Ectopic Endometriotic Lesions Jones et al. Journal of Clinical Endocrinology and Metabolism, 1998; Otto et al. WO 2011/069795 A4
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 37 A B S - 2 0 1 E N D O Prolactin Regulates Pain Responses via a Female- Selective Nociceptor-Specific Mechanism PRLR antagonism suppresses postoperative pain in female mice and inhibits endometriosis interna formation The Effects of Prolactin Receptor Blockade in a Murine Endometriosis Interna Model Patil et al. iScience 2019; Otto et al. Pharmacol Res Perspect. 2022 Depicted: pain incision (Inc) model for heat sensitivity & ∆PRL administration
PRLR antagonism reduces lesion formation and pain in endometriosis mouse model 38 A B S - 2 0 1 | E N D O M E T R I O S I S COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED * 1 2 3 4 5 0 * * *D is ea se S co re Control Graft + danazol + faslodex + cetrorelix Prolactin Antagonist Antibody Prolactin inhibition decreases endometrial lesion formation in female mouse interna Re la tiv e Ut er in e W ei gh t ( % ) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 * Control Graft + danazol + faslodex + cetrorelix Prolactin Antagonist Antibody * * Sources: Patil et al. iScience 2019 Otto et al. Pharmacol Res Perspect. 2022 % Distance travelled at Week 7 (compared to baseline) lgG1 – w/o transplant lgG1 – with transplant ABS-201 GnRh o ABS-201 and GnRh modulator increase distance traveled relative to placebo over time as surrogate for pain reduction *p < .05 ** p<0.01; *** p<0.001
COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 39 >$4.5B at peak sales Potential to generate A B S - 2 0 1 | E N D O M E T R I O S I S ABS-201: a potentially differentiated profile targeting a large underserved market opportunity NOVEL TREATMENT OPTION FOR ~9M PATIENTS IN THE U.S. ALONE WITH ENDOMETRIOSIS o Novel Mechanism: Non–sex- steroid (peptide) hormone o Potential for Improved Safety Profile: Potential improved AE profile & longer use than GnRH o Dual Action: Potential on both pain and lesion growth o Best-in-class Potential: Superior developability and expected half-life o Disease Modifying: Potential to treat cause o Clinically validated: through HMI-115 Ph2 study
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 40 I N T E R N A L P I P E L I N E Absci’s progress in Drug Creation A B S - 2 0 1 A G A Accelerated development of ABS-201 in androgenetic alopecia Ph1/2a study initiated Dec 2025 Interim POC readout anticipated 2H 2026 A B S - 2 0 1 E n d o Indication expansion for ABS-201 in Endometriosis Ph2 study anticipated to initiate 4Q2026 A B S - 1 0 1 Phase 1 interim results reported with extended half-life vs 1st gen TL1A competitors Advancing partnership & out-licensing discussions, including in potential ‘first-in-class’ indications A B S - 3 0 1 & 5 0 1 ABS-301: Potential first-in-class asset discovered through Reverse Immunology Platform ABS-501: Candidate ID phase for novel HER2 program designed using de novo AI Acceleration and Expansion of Lead Program Differentiated AI designed pipeline
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED ABS-101 | TL1A AI Designed TL1A antibody in Ph1 Clinical development; ready for partnering 2024 20252024 2025 2026 Interim results from the first cohorts of Phase 1 trial demonstrated extended half-life as compared to 1st-generation anti-TL1A competitor programs No apparent impact of ADA on PK and the overall safety profile was favorable with no serious adverse events reported to date Trial on track to complete treatment period in Q1 2026 and we will no longer pursue additional internal clinical development of this asset following completion of the Phase 1 trial Advancing partnership discussions, some of which leverage unique properties of ABS-101 and are focused on first-in-class indications outside of IBD ABS-101 summary
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 42 Successful application of AI platform to generate high affinity variants High Affinity mAbs with Preserved Cross- Reactivity A B S - 1 0 1 T L 1 A MK-7240 # RVT-3101 # Epitope bins on TL1A* ABS-101-A Absci AI-designed and optimized leads span multiple unique epitopes on a single TL1A subunit #Estimated performance of a putative clinical competition molecule generated for in house comparison
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 43 AI-designed candidate with high affinity and potential for superior potency A B S - 1 0 1 T L 1 A Affinity by Biolayer Interferometry (BLI) Apoptosis Inhibition Assay in TF-1 Cells 1101001000 1 10 100 1000 Monomer Binding (pM) Tr im er B in di ng (p M ) No M onom er Binding Increasing affinity In cr e as in g a ff in it y Weak monomer binding ABS-101 RVT-3101# (Roche) MK-7240# (Merck) TEV- 48574# (Sanofi) In cr ea si ng p ot en cy IC 50 ( nM ) 0 2 4 6 8 10 12 ABS-10 1 RVT-3 10 1# (R oche) MK-7 240 # (M erc k) #Estimated performance of a putative clinical competition molecule generated for in house comparison #Estimated performance of a putative clinical competition molecule generated for in house comparison
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 44 Internalization of mAb:TL1A complexes potentially contribute to immune activation and formation of ADA A B S - 1 0 1 T L 1 A mAb:TL1 Complex Internalization in THP-1 Cells mAb only ABS-101-A RVT-3101#MK-7240# 10x 10x 10x 10x 10x 10x 63x 63x 63x 20 µ m 20 µ m 20 µ m 20 µ m 20 µ m 20 µ m 20 µ m 20 µ m 20 µ m mAb-TL1A complex doi: 10.1053/j.gastro.2019.08.009 AB S- 10 1 MK -7 24 0 RV T- 31 01 0 200000 400000 600000 800000 C or re ct ed T ot al C el l Fl uo re sc en ce ( C TC F) ABS-101 MK-7240 RVT-3101 ns ✱✱ ✱✱ -A # 1 1# ABS-10 1-A MK-7 240# RVT-3 10 1# ABS-101 and MK-7240# show reduced TL1A complex internalization versus RVT-3101 # #Estimated performance of a putative clinical competition molecule generated for in house comparison
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 45 NHP Pharmacokinetics & CMC Data A B S - 1 0 1 T L 1 A PK Profile of Anti-TL1A mAbs 2-3x extended half-life in NHPs over 1st generation clinical competitors ABS-101 shows enhanced biodistribution in NHPs, compared to antibodies in clinical development based on in silico modelling High subcutaneous bioavailability in NHPs at ~80% Preliminary 13-week GLP-tox shows no treatment- related adverse findings during in-life phase and necropsy NHP-PK & Preliminary 13-Week NHP GLP-TOX Optimal developability profile allowed successful development of high-concentration formulation at 200mg/mL suitable for subcutaneous injection CMC—High Concentration Formulation
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 46 ABS-101 Non-Human Primate (NHP) data A B S - 1 0 1 T L 1 A Data confirm engagement of soluble TL1A (sTL1A) in non-human primates. Target engagement is dose-dependent with a ceiling effect. ABS-101's extended half-life translates into sustained target engagement compared to first generation TL1A antibodies at comparable dose and route of administration. ABS-201 shows dose dependent and sustained target engagement 0 10 20 30 40 50 60 0.1 1 10 100 1000 days sT L1 A ng /m l ABS-101 12mg/kg s.c. ABS-101 60mg/kg s.c. ABS-101 60mg/kg i.v. ABS-101 300mg/kg s.c. RVT-3101 60 mg/kg s.c. MK-7240 60 mg/kg s.c. Total sTL1A After Single Dose
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 47 I N T E R N A L P I P E L I N E Absci’s progress in Drug Creation A B S - 2 0 1 A G A Accelerated development of ABS-201 in androgenetic alopecia Ph1/2a study initiated Dec 2025 Interim POC readout anticipated 2H 2026 A B S - 2 0 1 E n d o Indication expansion for ABS-201 in Endometriosis Ph2 study anticipated to initiate 4Q2026 A B S - 1 0 1 Phase 1 interim results reported with extended half-life vs 1st gen TL1A competitors Advancing partnership & out-licensing discussions, including in potential ‘first-in-class’ indications A B S - 3 0 1 & 5 0 1 ABS-301: Potential first-in-class asset discovered through Reverse Immunology Platform ABS-501: Candidate ID phase for novel HER2 program designed using de novo AI Acceleration and Expansion of Lead Program Differentiated AI designed pipeline
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 48 Tertiary Lymphoid Structures (TLS): The focus of Absci’s Reverse Immunology approach T A R G E T D I S C O V E R Y Rapidly growing evidence illustrates correlation between TLS-derived antibodies in the tumor microenvironment and positive clinical outcomes2 TLS-derived antibodies have been shown to be associated with apoptosis of cancer cells in patients2 Tertiary lymphoid structures (TLS) are centers of immune activity, such as B-cell proliferation and antibody production, that develop in chronically inflamed tissues1. Antibodies from TLS are specialized for local antigens and play a significant role in the progression of chronic diseases and cancer, setting them apart from the general population of antibodies in the peripheral blood2. The presence of TLS is associated with longer progression-free survival and better response to immune checkpoint inhibitors2,3 10 0 75 50 25 10 15 20 0 0 5 High Ig Staining Low Ig Staining P ro gr es si on -f re e (% ) Time (months) P= 0.019 1 doi: 10.3389/fimmu.2018.01952; 2 doi: 10.1016/j.immuni.2022.02.001; 3 doi: 10.1038/s41586-019-1922-8
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 49 Reverse Immunology platform identifies the antigens targeted by endogenous antibodies produced in tumor lymphoid structures (TLS) A B S - 3 0 1 doi: 10.1101/2021.02.06.430058 Samples collected from patients with high expression of TLS markers Antibody expression Immunoglobulin reads from RNAseq data Target identification using high throughput proteomics Assembled Ig chain sequences Target antigen confirmed through SPR or BLI Computationally reconstructed antibodies Fully human antibody and target antigen identified LIGHT CHAINS HEAVY CHAINS
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 50 A patient-derived antibody discovered by reverse immunology blocks an immunosuppressive cytokine A B S - 3 0 1 doi: 10.1101/2021.02.06.430058 ABS-301 Rescues Pro-Inflammatory Signaling Through Inhibition of Immunosuppressive Cytokine Re ce pt or s ig na llin g (O D 6 20 nm , A U ) ABS-301 Isotype control Isotype control Concentration (M) Restoring signaling by blocking immunosuppressive cytokine which may promote immune-mediated tumor cell killing Target cytokine is suggested to maintain an immunosuppressive environment through signaling inhibition Immunosuppressive Activator Immune-mediated tumor killing activation Cytokine: Target Biology and Proposed ABS-301 Mechanism of Action
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 51 2024 20252024 2025 2026 Key Findings A B S - 3 0 1 Activation of the ABS-301– targeted pro-inflammatory pathway triggers a robust anti- tumor immune response. Study Overview Mouse melanoma cells were genetically modified to activate the ABS-301–targeted pro- inflammatory pathway via Activator expression. Tumor progression was assessed in immunocompetent mice injected with either engineered cells or unmodified parental cells. Tumor Growth Mouse Model
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 52 Expression of ABS-301’s target suggests broad potential in squamous cell carcinomas A B S - 3 0 1 Values shown are log2(TPM+1) normalized. Multiple biopsies from a patient are included in the analysis. REFERENCE: Tempus ABS-301 target expression log2(TPM+1) Distribution of ABS-301 target expression across squamous cell carcinoma cohorts.
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 53 Expression in Lung Squamous Cell Carcinoma (LUSC): no change with treatment and strong negative correlation with CD8+ T cell infiltration A B S - 3 0 1 Pre-treatment Post-treatment A B S- 30 1 t ar ge t e xp re ss io n (lo g2 (T PM +1 )) Sustained Target Expression in LUSC CD8+ Infiltration Negatively Correlated With Target Expression in LUSC In LUSC, univariate analysis of ABS-301 expression indicate only a minor change in expression between pre- and post-treatment suggesting opportunity for combination therapy. A B S- 30 1 e xp re ss io n le ve l (lo g2 T PM ) REFERENCE: Tempus ABS-301 target expression shows a strong negative correlation with CD8+ T cell infiltration with a minimal effect on Treg infiltration supporting immunosuppressive activity of target in vivo.
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 54 Ongoing preclinical studies exploring broad application in immuno-oncology A B S - 3 0 1 Based on literature and potential competitive molecules, the following indications could be of interest: Indication US Prevalence Estimated 5-year survival rate* Projected US Sales in 2030 NSCLC Calculated: ~202K in 2023 28% $27B SCC 30% of NSCLC cases Calculated: ~61K 24% Calculated Sales: $8.1B Head and Neck SCC ~54K in 2022 68.5% Calculated Sales: $2.3B Esophageal Cancer ~21K in 2022 20% $1.5B SCC ~20% of cases Calculated: ~4.2K Calculated Sales: $0.3B Cervical Cancer ~14K in 2023 $0.6B SCC 90% of cases Calculated: ~13K 67% Calculated Sales: $0.6B Skin Cancer, non-melanoma Incidence = ~3,300K 95-100% $1.0B SSC Incidence = ~700K 95% Calculated Sales: $0.2B *dependent on stage of diagnosis References provided in appendix
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 55 Deploying de novo AI model on HER2 led to discovery of antibodies displaying molecular interactions distinct from trastuzumab A B S - 5 0 1 Zero shot de novo AI discovery on HER2 Hits with edit distance of up to 12 amino acids in HCDR3 region (13 aa, search space of 2013) were screened Selected 50 hits with <10 nM affinity were expressed as mAbs for binding affinity determination Top 11 antibodies were characterized in vitro and 3 leads evaluated in vivo Variant # Edit distance KD (nM) Epitope mapping view Loop 581-590 Trastuzumab 0 1.07 1 7 4.16 3 7 9.75 4 2 6.66 Critical Not critical Partial AI-designed antibodies: same epitope, different HER2 contact preferences Epitope of interest Hits Leads bioRxiv 2023.01.08.523187; doi: https://doi.org/10.1101/2023.01.08.523187
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 56 AI-designed antibodies demonstrate measurable enhancement of ADCC activity compared to trastuzumab A B S - 5 0 1 ADCC Assay Principle #Estimated performance of a putative clinical competition molecule generated for in house comparison Luciferase signal driven by NFAT transcription factor positively correlates to ADCC activation against JIMT-1 Trastuzumab Variant 1 Variant 3 Variant 4 EC50 (nM) 0.062 0.056 0.028 0.040 R squared 0.93 0.97 0.97 0.95 P value N/A Not significant <0.0001 0.0015 0.0001 0.001 0.01 0.1 1 10 100 0 2000 4000 6000 Antibody, [nM] Lu m in es ce nc e, A U Trastuzumab Variant 1 Variant 3 Variant 4 Isoype control
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 57 AI-designed antibodies suppress growth of trastuzumab-sensitive & resistant HER2+ breast tumors A B S - 5 0 1 Mouse xenograft model using EFM192A (HER2+ BC; Tz sensitive) Mouse xenograft model using JIMT-1 (HER2-amp BC; Tz resistant) Isotype control Trastuzumab Variant 1 Variant 3 Variant 4 0 10 20 30 0 200 400 600 Day Tu m or v ol um e (m m 3) 0 10 20 30 40 50 0 200 400 600 800 1000 1200 Day Tu m or v ol um e (m m 3) Mouse xenograft model using MDA-MB-361 (HER2+ BC; Tz sensitive) 0 10 20 30 0 200 400 600 800 1000 Day Tu m or v ol um e (m m 3) Trastuzumab-sensitive EFM192A and MDA-MB-361 tumors respond to both trastuzumab (Tz) & AI-designed antibodies JIMT-1 tumors are trastuzumab resistant but sensitive to variants 3 and 4 Partial Critical Not critical Trastuzumab WT Variant 1 Variant 3 Variant 4 Xenograft studies conducted by Dr. Dennis Slamon’s team at UCLA 2-way ANOVA ** P<0.001 and ***P<0.0001 vs isotype control
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 58 AI-designed antibodies create opportunities to address unmet medical need A B S - 5 0 1 Currently exploring breast cancer as opportunity: alternative to or post Enhertu® Later-line treatment regimens for HER2-positive cancer: o Monotherapy o Combination therapy with targeted small molecules Enhancing efficacy and expanding indications (e.g. Enhertu resistance): o Antibody-drug conjugates (ADCs) o Multi-specific antibodies “Post-Enhertu is really where the action is right now in the field. I think the first company that comes up with something that has significant benefit in Enhertu progressive disease is going to win.” – KOL Multiple paths possible for therapeutic development Despite Enhertu’s good efficacy, leading oncologists are only moderately satisfied due to toxicity (e.g. interstitial lung disease) Less toxic therapy and effective treatment post-Enhertu are key unmet needs. + Modality switch or combination opportunities under consideration to address unmet medical needs
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 59 P L A T F O R M Leading AI models to create novel & differentiated therapeutics “Smart” biologics Enhanced Potency & MOA Engineer selectivity, minimizing off target toxicity Agonism vs. Antagonism Bind Specific extracellular domains Target Specific conformations Address difficult target classes e.g. GPCRs ADDRESS COMPLEX AND PREVIOUSLY “HARD TO DRUG” TARGETS INTRODUCE PRECISE CONTROL OVER ANTIBODY DESIGN
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 60 P L A T F O R M Leadership in AI de novo design of antibody-based therapeutics De Novo Antibody DesignAI Lead Optimization De novo antibody design model creates epitope-specific binders given a target structure Designed in framework of choice or multiple frameworks INPUT EMBEDDING STRUCTURE DESIGN (DIFFUSION) . . . ARCPSIWKFPDEEGACQPC . . . Antigen Structure/Sequence (Epitope) EVQLSEVGA . . . PROTEIN LANGUAGE MODELS Co-optimization enables improvement of antibody attributes such as affinity and developability Precise engineering of molecule pharmacology
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 61 P L A T F O R M Our AI platforms are enabled by our 6-week ‘lab-in-the loop’ active learning cycles Lab-in-the-loopAI Platforms D E N O V O A N T I B O D Y D E S I G N L E A D O P T I M I Z A T I O N AI guided lead optimization enables tunable pharmacology de novo design of epitope-specific antibodies against targets without requiring a known binder AI Platform designs antibodies Wet Lab confirms AI- designed antibodies maintain drug-like properties Wet Lab data improve models
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 62 P L A T F O R M AbsciDesign comprises two categories of AI models for de novo antibody design AbsciBindAbsciGen antibody<>antigen complex structure and sequence design Antibody design scoring and filtering Antigen AbsciGen AbsciBind AbsciBind High Rank RMSD = 2.3 Å Confidence = 0.95 AbsciBind Low Rank RMSD = 5.3 Å Confidence = 0.64
The AbsciDesign AI platform delivers de novo antibodies via an end-to-end design-validation workflow COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 63 P L A T F O R M STEP 1. Define design parameters STEP 2. Fine-tune and deploy AbsciGen and AbsciBind to generate hundreds of thousands of variants and filter to a subset that are likely binders STEP 3. Wet lab screening and model performance validation Cloning Expression Surface Plasmon Resonance Sequencing
64C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . C A S E S T U D Y de novo design of an antibody that binds the Caldera region of HIV-1 trimer
65C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . No natural or synthetic antibody for HIV exists today because immune system cannot derive an antibody that is universally neutralizing against HIV Design challenge: create universally neutralizing HIV antibody by binding unique and conserved epitope within “caldera” of open conformation of gp120 to prevent HIV from entering host cells Numerous attempts to target this epitope have failed-previous efforts have identified antibodies, but none bind the “caldera” and none are universally neutralizing. de novo design antibody that binds to the highly conserved caldera region of HIV gp120 D E N O V O D E S I G N 17b epitope Caldera HIV gp120 trimer (open)
66C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . HIV-Caldera: Determine inputs and design D E N O V O D E S I G N HIV Env Trimer Challenge : • Highly glycosylated • Extremely high sequence diversity among isolates • High mutation rate at common neutralizing epitopes Model inputs: 1. Antigen structure 2. Framework of 17b 3. Epitope selected conserved across HIV strains (Clades A, B, and C) Design of CDRs: • Condition the model to design long HCDR3s to reach into open caldera region (>20 residues) • Designed HCDR2 and LCDR3 to bind to HIV surface HIV Env trimer (open) HCDR3 LCDR1 LCDR3
67C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . 4 best structures selected from 10,000+ structures generated by de novo model D E N O V O D E S I G N 17b Structure S1 HCDR3 Structure S3 HCDR3 Structure S2 HCDR3 Structure S4 HCDR3 HeavyLight
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 68 2024 20252024 2025 2026 Applied molecular dynamics simulation to de novo designed antibodies C A S E S T U D Y # 1
69C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . H A ta g Antigen Clade A Env trimer Closed Open Enriched de novo library binds open, not closed, Env trimer conformation in YSD D E N O V O D E S I G N Closed Open Clade B Env trimer
70C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . SPR data demonstrate binding characteristics consistent with binding of caldera D E N O V O D E S I G N
71C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . HIV-Caldera: SPR demonstrates no binding of de novo designs to GP120 monomer D E N O V O D E S I G N Hypothesis: If the designed mAbs are binding to the caldera region we should not observe binding to monomeric GP120 since the caldera is only present in the Env trimer Key results: ü 17b showed high affinity binding to monomeric GP120 as expected ü Absci mAbs showed no binding to monomeric GP120, suggesting these binders are targeting an epitope that is only present in the Env trimer ASN3013 ASN3014 ASN3015 ASN3016 17b IgG
72C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . HIV-Caldera: demonstrating AI de novo design for challenging target H I V D E N O V O D E S I G N SUMMARY de novo design model created a novel and diverse antibody which binds multiple clades of HIV indicating successful targeting of the caldera epitope Screening cascade enabled selection of differentially binding variants NEXT STEPS Binders from this study will be selected for affinity maturation Structure of de novo binder and epitope specificity will be experimentally solved to confirm fidelity with designed structure and targeted epitope
73C O P Y R I G H T © 2 0 2 5 A B S C I C O R P O R A T I O N . A L L R I G H T S R E S E R V E D . CASE STUDY A I O p t i m i z a t i o n f o r p H s e n s i t i v i t y
AI lead optimization platform for ‘smart biologics’ COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 74 C A S E S T U D Y # 2 The Challenge The diversity of antibodies is vast, making it impossible for traditional methods to explore effectively. Absci Solution Our AI can search a space of ~1019, a million times larger than traditional methods, identifying functional, developable antibodies in one step.
pH sensitivity may reduce toxicity and/or improve efficacy of therapeutic mAbs COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 75 C A S E S T U D Y # 2 Tumor specificity improves efficacy and reduces ”on-target off-tumor” toxicities Binding occurs in the acidic pH of the tumor microenvironment No binding occurs in the neutral pH surrounding healthy cells Disassociation in the endosome drives antibody recycling and efficient clearance of soluble targets Dissociation at acidic endosomal pH favors antibody recycling Binding at physiological pH drives internalization of the immune complex
Models identify pH sensitive Fab variants from the same lead for either indication COPYRIGHT© 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 76 C A S E S T U D Y # 2 1. Library for model training sampled 60 positions on heavy chain framework and CDRs with up to 7 substitutions biased for ionizable residues (H, K, R, D, E) 2. Library screened for antigen binding at pH 7.4 and pH 5.8 3. Model trained and used to generate antibodies with tuned pH dependency Pr ed ic te d bi nd in g sc or e @ p H 5 .8 Predicted binding score @ pH 7.4 AI affinity scoring of variants within a large combinatorial space SP R K D (n M ) @ p H 5 .8 SPR KD (nM) @ pH 7.4 Lab measured affinities of Fab variants predicted to have tighter binding at low pH Lab measured affinities of Fab variants predicted to have tighter binding at neutral pH SP R K D ( nM ) @ p H 5 .8 SPR KD (nM) @ pH 7.4
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 2024 20252024 2025 2026 Hits reformatted as mAbs show desired binding profiles SUMMARY AI optimized leads achieves variants with pH sensitive binding up to 100x differential pH-sensitive leads had no liabilities for stability, aggregation and polyreactivity1 Model proposed mutations use all 6 ionizing residues in heavy chain CDRs and framework region Sequences were proposed from a >1013 combinatorial space pH 5.8 not p H 7.4 bind at b oth pH 7.4 not p H 5.8 Pare nta l 0.01 0.1 1 10 100 1000 Modeling Strategy SP R KD 7 .4 / 5. 8 SOURCE: 1 Data provided in appendix C A S E S T U D Y # 2
CONFIDENTIAL AND PROPRIETARY | COPYRIGHT © 2026 ABSCI CORPORATION | ALL RIGHTS RESERVED 78 Summarized platform case studies C A S E S T U D I E S De Novo Design de novo design model created molecule binds multiple clades of HIV suggesting successful targeting of the caldera epitope Represents second disclosed target success for our de novo platform in the 2nd half of this year Absci’s de novo design platform can successfully address difficult to drug target epitopes space AI Optimization Models identify unseen variants with 10x-20x pH sensitivity in both directions, and up to 100x differential compared to parental molecule after only one round Designed leads had no liabilities indicating the ability to successfully search a fitness landscape Absci’s lead optimization platform enables molecules with differentiated pharmacology space
Generative AI Re(Generative) Biology A B S C I C O R P O R A T I O N 2 0 2 6 A L L R I G H T S R E S E R V E D