Absci Key Takeaways from Our Fireside Chat Last Week

研报英文原文证据摘录

Absci Key Takeaways from Our Fireside Chat Last Week

J P M O R G A N North America Equity Research

14 July 2026

Absci Overweight

ABSI, ABSI US

Key Takeaways from Our Fireside Chat Last Week Price (13 Jul 26):$10.21

SMid Biotechnology

We hosted ABSI CEO Sean McClain, CFO/CBO Zach Jonasson, and CMO Brian Cheng AC

Ransi Somaratne on our Biotech Call Series last week (replay here). Following (1-212) 622-0449

the recent HV update from the Ph 1/2a HEADLINE trial of the lead anti-PRLR brian.cheng@jpmorgan.com

ABS-201 program in androgenetic alopecia (AGA), we spent time discussing the Sarah Medeiros, PhD

near-term catalysts with the team and walked through the broader direction of the (1-212) 622-3957

R&D portfolio. Below, we summarize the main takeaways: sarah.k.medeiros@jpmorgan.com

J.P. Morgan Securities LLC

• Expectations for the Week 13 AGA in 2H: As we noted from our corporate

day last month (note), the week 13 PoC readout from the MAD portion of the

The authors wish to thank Palak Pasari

Ph 1/2a HEADLINE will provide directional insights supporting that the MoA

of the J.P. Morgan Global Research translates to clinical benefit in AGA. Outside of the non-vellus hair growth,

Center for contributions to this report. management discussed the importance of looking at other measures that are not

well addressed by SoC, such as vellus-to-terminal ratio, total area hair count

(inclusive of vellus hair), hair thickening in terms of width, and

repigmentation. Management also spoke to the potential velocity of growth

during the first 13 weeks, based on different kinetic profiles observed in the

stump-tailed macaque model.

• Week 13 PoC on Track for Later this Year: The MAD portion across the

three DLs began dosing in April, and pts are dosed every 8 weeks over a 26-