ABSI - Updating model to reflect higher conviction in ABS-201

Research evidence excerpt

ABSI - Updating model to reflect higher conviction in ABS-201

Truist Securities

Equity Research Report July 1, 2026

HEALTHCARE: Tech-enabled Biotech Absci Corporation (ABSI)

ABSI - Updating model to reflect higher conviction in ABS-201 Srikripa Devarakonda, Ph.D.

212-303-4173

Srikripa.Devarakonda@truist.com

We are reiterating our ABSI Buy rating and increase our PT to $17 from $11 prior on greater

conviction of ABS-201 in AGA (hair loss). The recent Ph1 data (see our note) showed

Alexander Xenakis ABS-201 to be well-tolerated and with PK data that suggest potential dosing of 2-3 injections 212-590-0954

Alexander.Xenakis@truist.com over 6-mo period, which would be best-in-class, in our view. Recently, we have fielded an

increased number of investor inbounds on how ABS-201 could be a preferred option in

the lucrative hair growth space. Also, given Lilly's (LLY, Buy) recent $40M investment in Anna Li ABS-201 and oversight on its endometriosis platform, we see more interest in ABS-201's 212-326-6090

Anna.Li@truist.com broad potential and potential of Absci's platform.

ABSI's lead drug ABS-201, a prolactin receptor (PRLR) antibody in AGA is supported

Stock Rating BUY by scientific rationale to target PRLR, preclinical & human ex vivo biopsy data & MOA validation from competitor. ABS-201 targets PRLR to prolong the growth phase & reverse Unchanged

miniaturization of hair follicle. Preclinical data demonstrated >100 hairs/cm² regrowth with

Price Target $17.00 efficacy sustained 4 years post-treatment after a short induction course. We also note clinical

validation from Hope Medicine’s (private) PRLR Ab which showed Ph1 activity. Absci is

running Ph1/2 HEADLINE trial, with Ph1 data expected in 1H2026 and 13 week / 26 week

patient data expected in 2H2026/1H2027 respectively.