Absci Corp.: Q2 FY2026 earnings call
What management said about Q2 FY2026, from the documents filed with the SEC on 11 August 2026: press release. Guidance figures: 1 raised, 2 kept. The quarter’s numbers.
Key takeaways
- Interim Phase 1 data reported: The company reported blinded, aggregate interim data from the ABS-201 Phase 1 trial, stating the study drug was well tolerated across the single ascending dose cohorts. Source
- Half-life estimated at least 65 days: Interim pharmacokinetic data across all four single ascending dose cohorts gave an estimated ABS-201 half-life of at least 65 days. Source
- $100 million underwritten offering completed: The offering included a $40 million strategic equity investment from Eli Lilly, with several named institutional investors also participating. Source
- Runway extended into second half 2028: Management now expects cash to fund operating plans into the second half of 2028, based on current projections; the first quarter release said the first half of 2028. Source
- Net loss widened to $33.2 million: Net loss was $33.2 million for the quarter, against $30.6 million a year earlier. Source
- R&D rose on ABS-201 development costs: R&D was $22.6 million, against $20.5 million a year earlier, driven by internal programs including external ABS-201 development costs, partly offset by lower personnel costs. Source
“The positive Phase 1 interim data from our HEADLINE trial, combined with our strengthened balance sheet and advancing platform, position us well for what comes next,”
Sean McClain, Founder and CEO
Guidance
| Area | Period | Figure | Against last quarter |
|---|---|---|---|
| Clinical data Source | second half of 2026 and early 2027 | interim data in second half of 2026; full data in early 2027 | Kept |
| Endometriosis Source | fourth quarter of 2026 and second half of 2027 | Phase 2 initiation in fourth quarter of 2026; potential proof-of-concept data in second half of 2027 | Kept |
| Cash runway Source | into the second half of 2028 | into the second half of 2028 | Raised from into the first half of 2028 |
What changed from last quarter
- Guidance raised: Cash runway was extended from the first half of 2028 to the second half of 2028. Source
- New: The company completed a $100 million underwritten offering, including a $40 million strategic equity investment from Eli Lilly. Source
- New: A partnership with Eli Lilly was entered into, tailored to the ABS-201 clinical development strategy, with no program rights granted to Lilly. Source
- New: An Eli Lilly representative joined the Endometriosis Advisory Board. Source
ABS-201 clinical progress
- Interim Phase 1 data reported: The company reported blinded, aggregate interim data from the ABS-201 Phase 1 trial, stating the study drug was well tolerated across the single ascending dose cohorts. Source
- Half-life estimated at least 65 days: Interim pharmacokinetic data across all four single ascending dose cohorts gave an estimated ABS-201 half-life of at least 65 days. Source
- Dosing continues in pattern hair loss: Participants with pattern hair loss are still being dosed in the multiple ascending dose portion of the HEADLINE trial. Source
- Indication renamed to pattern hair loss: ABS-201 is now described as being developed for pattern hair loss; the first quarter release called the indication androgenetic alopecia. Source
Financing and Lilly investment
- $100 million underwritten offering completed: The offering included a $40 million strategic equity investment from Eli Lilly, with several named institutional investors also participating. Source
- Lilly partnership carries no program rights: The Eli Lilly partnership is tailored around the ABS-201 clinical development strategy and grants Lilly no program rights. Source
- Lilly representative joins advisory board: A representative from Eli Lilly joined the Endometriosis Advisory Board as part of the $40 million investment. Source
“We are fast approaching defining moments for Absci, with interim proof-of-concept data for pattern hair loss later this year and our full 26-week readout in early 2027.”
Sean McClain, Founder and CEO
Cash position and runway
- Cash and securities rose to $201.1 million: Cash, cash equivalents and marketable securities were $201.1 million at June 30, against $125.7 million at March 31. Source
- Net proceeds of $93.6 million: The June 30 cash balance includes $93.6 million of net proceeds from the June 2026 underwritten offering. Source
- Runway extended into second half 2028: Management now expects cash to fund operating plans into the second half of 2028, based on current projections; the first quarter release said the first half of 2028. Source
- Share count rose year over year: Weighted-average basic and diluted shares were 157,471,712 for the quarter, against 127,592,948 a year earlier. Source
Quarterly financial results
- Revenue fell to $0.3 million: Revenue was $0.3 million for the quarter, against $0.6 million a year earlier. Source
- Net loss widened to $33.2 million: Net loss was $33.2 million for the quarter, against $30.6 million a year earlier. Source
- Six-month net loss rose to $62.8 million: For the six months to June 30, net loss was $62.8 million, against $56.9 million a year earlier. Source
“These results have the potential to demonstrate ABS-201's regenerative mechanism and change the treatment paradigm for the millions of people living with pattern hair loss.”
Sean McClain, Founder and CEO
Operating costs
- R&D rose on ABS-201 development costs: R&D was $22.6 million, against $20.5 million a year earlier, driven by internal programs including external ABS-201 development costs, partly offset by lower personnel costs. Source
- SG&A rose on stock-based compensation: SG&A was $9.2 million, against $8.5 million, primarily due to stock-based compensation and other administrative costs. Source
- Depreciation fell; total costs rose: Depreciation and amortization was $2.7 million, against $3.0 million; total operating expenses were $34.5 million, against $32.0 million. Source
Pipeline beyond ABS-201
- Endometriosis mechanism described as non-sex hormone: The company describes ABS-201 for endometriosis as a non-sex steroid hormone mechanism that may be disease-modifying and act on both pain and lesion growth. Source
- ABS-202 preclinical in inflammation and immunology: ABS-202 is an anti-PRLR antibody in preclinical development for an undisclosed inflammation and immunology indication. Source
- Partnered programs and partnering talks continue: The company continues its drug creation partnered programs and partnering discussions for other internal programs at various preclinical and clinical stages. Source
- Publications and abstracts listed: The release lists a peer-reviewed publication and several accepted presentations and abstracts, including an endometriosis abstract at the ASRM 2026 meeting. Source
Coming up, as management said on 11 August 2026
- Pattern hair loss readouts: Interim proof-of-concept data from the pattern hair loss study is expected in the second half of 2026, with full data in early 2027. Source
- Endometriosis Phase 2 start: A Phase 2 endometriosis trial is anticipated to start in the fourth quarter of 2026. Source
Risks management discussed
- Operational: The dosing interval claim depends on confirmation from continued follow-up across all cohorts. Source
Earlier plans management reported on
- Not stated: The first quarter release anticipated preliminary data in the second quarter; the second quarter release reports interim Phase 1 data announced in June.
- Not stated: The second quarter release keeps the interim proof-of-concept timing at the second half of 2026. Source
- Not stated: The first quarter release anticipated these partnerships; the second quarter release does not restate that target.
Other quarters
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.