Absci Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 24 March 2026: press release. Guidance figures: 2 new, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Three SAD cohorts dosed: The company reported it dosed the first three cohorts in the single ascending dose portion of the Phase 1/2a HEADLINE trial for ABS-201, an anti-PRLR antibody for androgenetic alopecia. Source
• Dated data readouts for ABS-201: Management set timing for ABS-201 data: preliminary safety, tolerability and PK data in the first half of 2026, interim proof-of-concept data in the second half, and full proof-of-concept data in early 2027. Source
• Revenue fell year over year: Revenue was $0.7 million in the fourth quarter, flat with the prior year, and $2.8 million for 2025, against $4.5 million for 2024. Source
• R&D rose on internal programs: Fourth-quarter R&D expense was $25.3 million against $18.4 million. Management attributed the rise to internal programs, including external preclinical and clinical costs for ABS-101 and ABS-201. Source
• Cash balance fell in fourth quarter: Cash, cash equivalents and marketable securities were $144.3 million at year-end, down from $152.5 million at September 30, 2025. Cash and equivalents were $20.0 million and marketable securities $124.3 million. Source
• Chief Medical Officer hired: Ransi Somaratne, M.D., FACC, MBA was appointed Chief Medical Officer to lead clinical strategy and execution across the expanding AI-designed pipeline. Source
• AI-native strategy in whitespace areas: The CEO said AGA and endometriosis are whitespace, with no approved disease-modifying options, where the AI-native drug creation strategy can generate value. Source

“Over the past year, we advanced ABS-201 from preclinical to three dosed cohorts in our HEADLINE trial with favorable emerging safety data”

Sean McClain, Founder and CEO

Guidance

What changed from last quarter

• New: Ransi Somaratne, M.D., FACC, MBA was appointed Chief Medical Officer. Source
• New: A manuscript was released on Origin-1, a generative AI platform for designing full-length monoclonal antibodies. Source
• New guidance: Timing was given for preliminary safety data (first half of 2026), interim proof-of-concept data (second half of 2026) and full proof-of-concept data (early 2027) for ABS-201. Source

ABS-201 clinical progress

• Three SAD cohorts dosed: The company reported it dosed the first three cohorts in the single ascending dose portion of the Phase 1/2a HEADLINE trial for ABS-201, an anti-PRLR antibody for androgenetic alopecia. Source
• Dated data readouts for ABS-201: Management set timing for ABS-201 data: preliminary safety, tolerability and PK data in the first half of 2026, interim proof-of-concept data in the second half, and full proof-of-concept data in early 2027. Source
• Well tolerated to date: Management said ABS-201 has been well tolerated to date, with emerging safety data. Source
• Human ex vivo hair growth data: Human ex vivo data showed ABS-201 stimulating hair growth, regenerating the follicle stem cell niche, and inhibiting the PRLR signaling pathway (STAT5 phosphorylation) in those studies. Source

Results and net loss

• Revenue fell year over year: Revenue was $0.7 million in the fourth quarter, flat with the prior year, and $2.8 million for 2025, against $4.5 million for 2024. Source
• Fourth quarter net loss near prior year: Net loss was $29.6 million in the fourth quarter against $29.0 million a year earlier. Basic and diluted loss per share was $(0.20) against $(0.25). Source
• Full-year loss widened: Full-year net loss was $115.2 million, or $(0.84) per share, against $103.1 million, or $(0.94) per share, for 2024. Source

“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.”

Sean McClain, Founder and CEO

Operating costs

• R&D rose on internal programs: Fourth-quarter R&D expense was $25.3 million against $18.4 million. Management attributed the rise to internal programs, including external preclinical and clinical costs for ABS-101 and ABS-201. Source
• Full-year R&D up $17.5 million: Full-year R&D was $81.4 million against $63.9 million, an increase of $17.5 million. Source
• SG&A down on personnel costs: Full-year SG&A was $35.1 million against $36.2 million. Fourth-quarter SG&A was $8.6 million against $8.8 million. Source
• Contingent consideration gain offset costs: A $5.1 million gain on settlement of contingent consideration offset fourth-quarter operating expenses and produced $8.7 million of unrestricted cash. Source

Cash and share count

• Cash balance fell in fourth quarter: Cash, cash equivalents and marketable securities were $144.3 million at year-end, down from $152.5 million at September 30, 2025. Cash and equivalents were $20.0 million and marketable securities $124.3 million. Source
• Weighted shares rose sharply: Weighted-average basic and diluted shares were 150.6 million in the fourth quarter, against 114.9 million a year earlier, and 136.8 million for the full year against 110.2 million. Source
• Paid-in capital and accumulated deficit: Additional paid-in capital was $813.6 million at December 31, 2025, against $688.7 million a year earlier. Accumulated deficit was $624.8 million, against $509.6 million. Source

“This is the kind of whitespace where we believe our AI-native drug creation strategy can generate the most value.”

Sean McClain, Founder and CEO

Pipeline programs and platform

• ABS-101 indication expansion sought: Management said it continues to explore partnership and outlicensing for ABS-101, an anti-TL1A antibody, and first-in-class indication expansion for that target. Source
• ABS-301 target data: ABS-301, a fully human antibody to a novel immuno-oncology target, has presented data showing its target's expression suggests broad potential in squamous cell carcinomas and beyond. Source
• ABS-501 anti-HER2 leads identified: Leads for ABS-501, an AI-designed anti-HER2 antibody, showed novel epitope interactions, increased or equivalent affinity to trastuzumab preclinically, and efficacy against a trastuzumab-resistant xenograft tumor. Source
• Origin-1 antibody design platform: A manuscript on Origin-1 reports designs of full-length monoclonal antibodies against zero-prior epitopes, with lead candidates generated from fewer than one hundred designs per target. Source

Leadership and strategy

• Chief Medical Officer hired: Ransi Somaratne, M.D., FACC, MBA was appointed Chief Medical Officer to lead clinical strategy and execution across the expanding AI-designed pipeline. Source
• Prior roles at BioMarin and Amgen: Earlier roles were at BioMarin Pharmaceutical and Amgen. Source
• AI-native strategy in whitespace areas: The CEO said AGA and endometriosis are whitespace, with no approved disease-modifying options, where the AI-native drug creation strategy can generate value. Source

Coming up, as management said on 24 March 2026

• ABS-101 partnering continues: Management said it continues to explore partnership and outlicensing opportunities for ABS-101, with no date given. Source
• Existing partnerships progressing: Management said it continues to make progress on existing drug creation partnerships. The 2026 signing expectation appears under guidance. Source

Earlier plans management reported on

• Not stated: The earlier release set a December 2025 start for the ABS-201 Phase 1/2a trial. This release reports three SAD cohorts dosed.
• Not stated: The earlier release expected one or more partnerships, including with a Large Pharma company, in 2025. This release gives 2026 for the same expectation.

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.