Absci Corp (ABSI) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Duncan, and I will be your conference operator for today. I would like to welcome you to Absci first quarter 2026 business update. (Operator Instructions)

各位女士、先生，感謝您稍候。我是 Duncan，今天將擔任本次電話會議的接線員。歡迎各位參加 Absci 2026 年第一季業務更新。（接線員指示）

Now I'd like to turn over the conference over to Alex Khan. Please go ahead.

現在我想把會議交給 Alex Khan。請開始。

Thank you. Earlier today, Absci released financial and operating results for the quarter ended March 31, 2026. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to investors@ai.com. An archived webcast of this call will be available for replay on Absci's Investor Relations website at investors.absci.com for at least 90 days after this call.

謝謝。今天稍早，Absci 已公布截至 2026 年 3 月 31 日止季度的財務與營運結果。如果您尚未收到這份新聞稿，或希望加入公司的發送名單，請寄電子郵件至 investors@ai.com。本次電話會議的網路直播存檔將可於 Absci 投資人關係網站 investors.absci.com 回放，並在本次會議後至少保留 90 天。

Joining me today are Sean McClain, Absci's Founder and CEO; Zach Jonasson, Chief Financial Officer and Chief Business Officer; and Ransi Somaratne, Chief Medical Officer. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking within the meaning of the Federal Securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements.

今天與我一同出席的有 Absci 創辦人暨執行長 Sean McClain；財務長暨商務長 Zach Jonasson；以及醫務長 Ransi Somaratne。在開始之前，我想提醒各位，管理層在本次電話會議中將發表依據美國聯邦證券法所定義的前瞻性陳述。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與預期存在重大差異，您不應過度依賴前瞻性陳述。

These include statements regarding the development and clinical progress of our pipeline programs, including ABS-201, the design, enrollment, conduct and time lines of our ongoing Phase I/IIa HEADLINE trial of ABS-201 for androgenic alopecia, the anticipated timing of an interim proof-of-concept data readout for ABS-201 in the second half of 2026, the potential advancement of ABS-201 into Phase III development, anticipated initiation of the Phase II clinical trial of ABS-201 for endometriosis in the fourth quarter of 2026 and a potential proof-of-concept readout in the second half of 2027, the anticipated characteristics and product profile of ABS-201 as a drug product, our target product profile and its attributes, the potential for an expedited development pathway, including the possibility of advancing directly from Phase I/IIa into Phase III, our planned engagement with the FDA regarding development strategy and the potential market opportunity and commercial prospects for ABS-201.

其中包括關於我們產品線計畫的開發與臨床進展（包括 ABS-201）、我們正在進行之 ABS-201 用於雄性禿的第一期/第二期 a（Phase I/IIa）HEADLINE 試驗的設計、收案、執行與時程、預期於 2026 年下半年取得 ABS-201 的概念驗證（proof-of-concept）期中數據讀出時間、ABS-201 可能推進至第三期（Phase III）開發、預期於 2026 年第四季啟動 ABS-201 用於子宮內膜異位症的第二期（Phase II）臨床試驗並可能於 2027 年下半年取得概念驗證讀出、ABS-201 作為藥品的預期特性與產品輪廓、我們的目標產品輪廓及其屬性、加速開發路徑的可能性（包括可能直接由 Phase I/IIa 推進至 Phase III）、我們計畫就開發策略與 FDA 進行溝通，以及 ABS-201 的潛在市場機會與商業前景。

Certain statements may also include projections regarding potential market opportunity. These estimates are based on various assumptions, including potential regulatory approval, the final approved label and the evolving competitive landscape, any of which could cause our actual addressable market to differ materially from these projections. In addition, certain research findings discussed today reflect participant responses to a hypothetical product profile and do not represent clinical results for ABS-201.

部分陳述亦可能包含對潛在市場機會的推估。這些估計係基於多項假設，包括可能取得監管核准、最終核准之標示（label）內容以及不斷演變的競爭格局；其中任何一項都可能導致我們實際可觸及市場（addressable market）與這些推估出現重大差異。此外，今日討論的部分研究發現反映的是受試者對假設性產品輪廓的回應，並不代表 ABS-201 的臨床結果。

Additional information regarding the risks and uncertainties that could affect our forward-looking statements is set forth in the press release Absci issued today, our most recent Annual Report on Form 10-K and subsequent documents and reports filed by Absci from time-to-time with the SEC.

有關可能影響我們前瞻性陳述之風險與不確定性的更多資訊，已載於 Absci 今日發布的新聞稿、我們最近一期 Form 10-K 年度報告，以及 Absci 不時向美國證券交易委員會（SEC）提交的後續文件與報告中。

Except as required by law, Absci disclaims any intent or obligation to update or revise any financial or product pipeline projections or other forward-looking statements either because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, May 7, 2026.

除法律要求外，Absci 不承擔亦無意更新或修訂任何財務或產品線預測或其他前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。本次電話會議包含具時效性的資訊，僅以直播當時（2026 年 5 月 7 日）為準且僅在該時點正確。

With that, I'll turn the call over to Sean.

接下來，我把電話交給 Sean。

Thanks, Alex. Good afternoon, everyone. Thanks for joining us. Today, I'll cover three things: where we are on ABS-201, a new addition to our prolactin pipeline and the strategy driving both. 2026 is going to be a data-rich year for Absci with multiple readouts in front of us. Ransi will go through the HEADLINE trial and discuss early PK modeling that supports our targeted dosing frequency. At a high level, the Phase I/IIa is on track.

謝謝，Alex。各位下午好。感謝各位加入。今天我會談三件事：ABS-201 的最新進展、我們泌乳素（prolactin）產品線的新成員，以及推動兩者的策略。對 Absci 而言，2026 年將是數據密集的一年，未來將有多項讀出結果。Ransi 將說明 HEADLINE 試驗，並討論支持我們目標給藥頻率的早期藥物動力學（PK）建模。整體而言，Phase I/IIa 進度如期。

We expect to share preliminary safety, tolerability and PK data next month, interim 13-week hair regrowth data in the second half of this year and full 26-week proof-of-concept data early next year. ABS-201 is not intended to compete with minoxidil. We are aiming to create a new category of hair regrowth therapy, a targeted biologic against the prolactin receptor that provides durable hair regrowth from a few injections.

我們預計下個月分享初步的安全性、耐受性與 PK 數據；今年下半年分享期中 13 週的生髮數據；並於明年初取得完整 26 週的概念驗證數據。ABS-201 並非要與米諾地爾（minoxidil）競爭。我們的目標是打造一個全新的生髮治療類別：針對泌乳素受體的標靶生物製劑，透過少數幾次注射即可帶來持久的毛髮再生。

If successful, ABS-201 could represent the first new mechanism of action in androgenic alopecia in nearly three decades and a fundamentally different treatment paradigm for patients. In parallel, we continue to advance towards initiation of a Phase II endometriosis trial in the fourth quarter. We recently launched our Endometriosis Clinical Advisory Board with leaders from Yale, UCSF, Duke and Mayo Clinic.

若能成功，ABS-201 可能成為近三十年來雄性禿（androgenic alopecia）領域首個全新作用機轉，並為患者帶來根本不同的治療典範。同時，我們也持續推進，朝在第四季啟動子宮內膜異位症 Phase II 試驗的目標前進。我們近期成立了子宮內膜異位症臨床諮詢委員會（Clinical Advisory Board），成員包括來自耶魯、UCSF、杜克與梅約診所的領導專家。

They bring deep expertise across reproductive medicine, fertility and translational research and will help guide the ABS-201 endometriosis program. Endometriosis has the same kind of opportunity as AGA, large, underserved and underexplored. And ABS-201 has the potential to open up a new category of therapy there as well. As Zach will discuss, our top strategic priority is using our platform to create novel differentiated assets.

他們在生殖醫學、不孕症與轉譯研究方面具備深厚專長，將協助指導 ABS-201 的子宮內膜異位症計畫。子宮內膜異位症與 AGA 類似，市場龐大、需求未被滿足且研究相對不足。ABS-201 也有潛力在該領域開創新的治療類別。如 Zach 將進一步說明，我們最高的策略優先事項，是運用平台打造具新穎性且差異化的資產。

ABS-201 in AGA and endometriosis is the clearest expression of that. We go after hard problems, novel biology and large patient populations where the unmet need is real. Our platform is built for this, and our philosophy has always been simple, follow the science and follow the data. And one of the places this has taken us is prolactin biology. Prolactin biology is underexplored, underappreciated and often misunderstood.

ABS-201 在 AGA 與子宮內膜異位症上的布局，是這一策略最清晰的體現。我們鎖定困難問題、新穎生物學，以及未被滿足需求真實存在的大型患者族群。我們的平台正是為此而打造，而我們的理念一向很簡單：遵循科學、遵循數據。而這也帶領我們深入泌乳素生物學。泌乳素生物學研究不足、被低估，且常被誤解。

Even inside the medical community, the main prolactin can read as narrow and some still think of it as a lactation hormone. It is much more than that. The more mechanistic insight we have generated on prolactin, the prolactin receptor and the related pathways, the more opportunity we see for this target, well beyond AGA and endometriosis.

即使在醫療社群內，對泌乳素的主流認知也可能偏狹窄，有些人仍將其視為泌乳激素。但它遠不止如此。我們對泌乳素、泌乳素受體及相關路徑所產生的機制性洞見越多，就越能看到此一標的在 AGA 與子宮內膜異位症之外的更大機會。

We have started sharing some of these insights with the medical community as a part of a broader education effort. Today, we're announcing another anti-prolactin receptor antibody, ABS-202 for an undisclosed I&I indication. ABS-201 in AGA, ABS-201 in endometriosis and now ABS-202 in I&I are just the start of our prolactin pipeline. The reason we can do this comes back to our people and our platform, Origin-1.

作為更廣泛教育推廣的一部分，我們已開始與醫療社群分享其中一些洞見。今天，我們宣布另一款抗泌乳素受體抗體 ABS-202，用於一項未揭露的免疫與發炎（I&I）適應症。ABS-201 用於 AGA、ABS-201 用於子宮內膜異位症，以及現在 ABS-202 用於 I&I，僅是我們泌乳素產品線的起點。我們之所以能做到這些，歸功於我們的人才與我們的平台 Origin-1。

We figured out early that having a good platform is not good enough on its own. We need the people who know how to push it. And in this industry, you also need the assets, novel and differentiated programs that can make a real difference in patients' lives. The places where unmet need is largest tend to be where biology is most complex and underexplored.

我們很早就明白，僅僅擁有一個優秀的平台本身並不足夠。我們需要懂得如何推動它的人才。而在這個產業中，你也需要資產——新穎且具差異化的專案，能在患者生活中帶來真正的改變。未被滿足需求最大的領域，往往也是生物學最複雜、且最缺乏探索的地方。

And that is exactly where our platform and our people excel. That overlap is also where the potential return on investment is highest, both for patients as well as our shareholders. Our focus remains being an AI-native company dedicated to developing and delivering novel differentiated therapeutic assets for patients.

而這正是我們的平台與團隊最擅長的領域。這個交集也正是投資報酬率潛力最高之處，無論對患者或我們的股東皆然。我們的重點仍是成為一家以 AI 為原生（AI-native）的公司，致力於為患者開發並交付新穎、具差異化的治療資產。

And as we roll out our Agentic AI workflows across Absci, each of our Unlimiters is scaling themselves across research, SG&A and other functions, we are unlocking real efficiencies and new capabilities. That is the focus, and that is what we are committed to delivering.

隨著我們在 Absci 全面推行 Agentic AI 工作流程，我們每一位 Unlimiter 都在研發、SG&A（銷售、一般及行政費用）及其他職能中擴大自身的影響力，我們正在釋放真正的效率與新能力。這就是重點，也是我們承諾要交付的成果。

With that, I'll turn it over to Ransi, who will walk through the ABS-201 clinical program. Ransi?

接下來，我把時間交給 Ransi，由他帶大家了解 ABS-201 的臨床計畫。Ransi？

Thanks, Sean, and good afternoon, everyone. As Sean mentioned, we are pleased to share that our ongoing Phase I/IIa HEADLINE trial for ABS-201 is progressing well and tracking according to plan. As a reminder, this trial is a randomized, double-blind, placebo-controlled study.

謝謝你，Sean，各位下午好。如 Sean 所提到的，我們很高興分享：我們正在進行的 ABS-201 第一/二a期 HEADLINE 試驗進展順利，並按計畫推進。提醒一下，這項試驗為隨機、雙盲、安慰劑對照研究。

The primary endpoints are safety and tolerability, while secondary endpoints include PK, PD, immunogenicity, target area hair count, target area hair width and target area darkening or pigmentation. We will also collect patient-reported outcome data from this study. In the HEADLINE trial, we have now finished dosing all four planned healthy volunteer single ascending dose cohorts and initiated dosing in the first multiple ascending dose cohort.

主要終點為安全性與耐受性；次要終點包括 PK、PD、免疫原性、目標區域毛髮數量、目標區域毛髮寬度，以及目標區域變暗或色素沉著。我們也將在本研究中收集患者回報結果（PRO）資料。在 HEADLINE 試驗中，我們目前已完成所有四個規劃的健康受試者單次遞增劑量（SAD）隊列給藥，並已啟動第一個多次遞增劑量（MAD）隊列的給藥。

To-date, emerging safety and tolerability data remain favorable. Additionally, preliminary PK modeling from this clinical trial supports ABS-201's targeted dosing interval of two or three injections over a six-month period. Next month, we anticipate sharing blinded preliminary safety, tolerability and PK data from the SAD cohorts.

截至目前，初步浮現的安全性與耐受性資料仍然良好。此外，來自本臨床試驗的初步 PK 建模支持 ABS-201 的目標給藥間隔：在六個月期間施打兩或三次注射。下個月，我們預計分享 SAD 隊列的盲態初步安全性、耐受性與 PK 資料。

In that update, we plan to share clinical data that support the safety profile and anticipated ABS-201 dosing interval. In the second half of this year, we plan to disclose interim proof-of-concept data followed by full proof-of-concept data in early 2027. The interim POC readout will include 13-week hair growth data.

在該次更新中，我們計畫分享支持其安全性概況與預期 ABS-201 給藥間隔的臨床資料。今年下半年，我們計畫揭露期中概念驗證（POC）資料，並於 2027 年初公布完整的概念驗證資料。期中 POC 讀出將包含 13 週的毛髮生長資料。

The 13-week interim is, by design, a directional view. The 26-week time point is the trial's full POC readout. Given the regenerative nature of the mechanism and our targeted dosing interval, biology may continue to drive hair growth beyond that point, which is consistent with the long-acting profile we are working towards.

依設計，13 週的期中結果僅提供方向性的觀察。26 週時間點則是本試驗完整的 POC 讀出。鑑於該機制具再生特性，且我們的目標給藥間隔設定，生物學效應可能在此時間點之後仍持續推動毛髮生長，這也與我們所追求的長效特性一致。

Zach will speak to how this positions ABS-201 well for commercial success. We also continue to explore plans to execute our targeted efficient clinical development strategy, which could enable expedited clinical development with the potential of advancing directly to registrational trials following this Phase I/IIa study.

Zach 將說明這如何使 ABS-201 在商業化成功方面具備良好定位。我們也持續評估並推進執行我們「目標且高效率」的臨床開發策略之計畫；該策略可能使臨床開發加速，並有機會在完成此第一/二a期研究後，直接推進至註冊性試驗。

With that, I'll pass it over to Zach to discuss our business strategy and to provide an update on our financials. Zach?

接下來我把時間交給 Zach，請他談談我們的商業策略並更新財務狀況。Zach？

Thanks, Ransi. We remain focused on creating and developing therapeutic programs that offer the highest potential return on investment. Our strategic priority is the execution of the ABS-201 HEADLINE trial, which supports our future registrational study plans for AGA and our Phase II clinical trial plan for endometriosis.

謝謝你，Ransi。我們仍專注於創造並開發能提供最高投資報酬率潛力的治療專案。我們的策略優先事項是執行 ABS-201 的 HEADLINE 試驗，以支持我們未來針對 AGA 的註冊性研究規劃，以及針對子宮內膜異位症的第二期臨床試驗規劃。

As Ransi mentioned, we plan to share an interim POC readout, including 13-week hair regrowth data in the second half of this year. Based on the mechanism and our preclinical data, we anticipate the 13-week interim readout will give a directional view of hair growth with the 26-week full POC providing the trial's primary efficacy readout.

如 Ransi 所提到的，我們計畫在今年下半年分享期中 POC 讀出，其中包括 13 週的毛髮再生長資料。基於其作用機制與我們的臨床前資料，我們預期 13 週期中讀出將提供毛髮生長的方向性觀察，而 26 週的完整 POC 將提供本試驗主要的療效讀出。

Given the regenerative nature of the mechanism, we anticipate hair growth to continue beyond the 26-week time point. Conversations with the scientific and medical community as well as patients continue to affirm our view of the significant return on investment potential for ABS-201 in AGA and endometriosis.

鑑於該機制具再生特性，我們預期毛髮生長將在 26 週時間點之後持續。我們與科學與醫療社群以及患者的交流持續印證我們的看法：ABS-201 在 AGA 與子宮內膜異位症方面具有顯著的投資報酬率潛力。

We estimate that the capital required to advance ABS-201 to registrational AGA trials will be a fraction of the clinical costs required for other large indications such as oncology and IBD. Moreover, we expect to be able to leverage the SAD and MAD portions of the current HEADLINE trial to support Phase II initiation in endometriosis, thereby saving time and cost. Considering the significant potential market opportunities of AGA and endometriosis in conjunction with our efficient development strategy, we believe that ABS-201 offers a unique and compelling ROI.

我們估計，將 ABS-201 推進至 AGA 註冊性試驗所需的資金，將僅為其他大型適應症（如腫瘤學與 IBD）所需臨床成本的一小部分。此外，我們預期可利用目前 HEADLINE 試驗中的 SAD 與 MAD 部分來支持子宮內膜異位症第二期試驗的啟動，從而節省時間與成本。綜合 AGA 與子宮內膜異位症的顯著市場機會，以及我們高效率的開發策略，我們相信 ABS-201 提供了獨特且具吸引力的 ROI。

Our market research supports a significant commercial opportunity for ABS-201. In our surveys of AGA consumers and dermatologists, we evaluated a target product profile consisting of 2.5 years of hair growth following three injections of ABS-201 with a hair growth effect of approximately 35 hairs per centimeter squared versus baseline, similar to high-dose oral minoxidil.

我們的市場研究支持 ABS-201 具有顯著的商業機會。在對 AGA 消費者與皮膚科醫師的調查中，我們評估了一個目標產品概況：注射 ABS-201 三次後可帶來 2.5 年的毛髮生長，且毛髮生長效果約為每平方公分增加 35 根毛髮（相較基線），與高劑量口服米諾地爾相近。

Results from our market research support a potential total available market exceeding $25 billion annually in the US with meaningful potential upside if hair growth exceeds the survey threshold. ABS-201 has the potential to significantly expand the overall AGA market as a new premium category of durable regenerative hair growth therapy.

我們的市場研究結果支持：在美國，潛在的總可服務市場（TAM）每年可超過 250 億美元；若毛髮生長效果超過調查門檻，仍有可觀的上行空間。ABS-201 有潛力作為一個全新、高端類別的「持久型再生毛髮生長療法」，顯著擴大整體 AGA 市場。

Our market research indicates the ABS-201 target product profile would attract not only AGA consumers dissatisfied with current standard of care, but also those who elect to use ABS-201 alongside existing standard of care, such as oral minoxidil or new formulations of oral minoxidil.

我們的市場研究顯示，ABS-201 的目標產品概況不僅會吸引對現行標準治療不滿意的 AGA 消費者，也會吸引那些選擇將 ABS-201 與既有標準治療併用的人，例如口服米諾地爾或口服米諾地爾的新配方。

Similarly, in endometriosis, ABS-201 has the potential to define a new category of therapy that has the potential to address not only pain but also underlying disease. Endometriosis is prevalent in up to 10% of women worldwide, including an estimated 9 million women in the US. We believe ABS-201's differentiated profile could support potential peak sales in excess of $4 billion.

同樣地，在子宮內膜異位症方面，ABS-201 有潛力定義一個新的治療類別，不僅可能改善疼痛，也可能處理潛在疾病本身。子宮內膜異位症在全球女性中的盛行率高達 10%，其中美國估計約有 900 萬名女性受影響。我們相信 ABS-201 的差異化特性可支持其潛在峰值銷售額超過 40 億美元。

As Sean mentioned earlier, our second priority is building and prioritizing an early pipeline of differentiated programs that offer the highest potential return on investment. Accordingly, today, we are pleased to announce the deepening of our pipeline with the addition of a new anti-prolactin receptor antibody, ABS-202.

如 Sean 先前所提到，我們的第二項優先事項是建立並優先排序一個由具差異化專案構成的早期產品線，以提供最高的投資報酬率潛力。因此，今天我們很高興宣布：隨著新增一款新的抗泌乳素受體抗體 ABS-202，我們的產品線將進一步深化。

This program, which leverages our prolactin biology expertise and our AI platform enables us to expand into new indications where we believe prolactin receptor inhibition will offer a novel and efficacious treatment option. Conversely, we have determined that oncology no longer fits within our strategic scope, and so we will be deprioritizing development of ABS-301 and ABS-501.

此計畫運用我們在泌乳素生物學方面的專業，以及我們的 AI 平台，使我們得以拓展至新的適應症；我們相信在這些領域中，抑制泌乳素受體將提供一種新穎且具療效的治療選項。相反地，我們已判定腫瘤學不再符合我們的策略範疇，因此我們將降低 ABS-301 與 ABS-501 的開發優先順序。

We will no longer commit internal capital or resources to further development of these programs. Our capital and resources will be directed toward programs that offer the greatest potential ROI within our strategy. In addition to the two previously discussed strategic priorities, we continue to advance partnering discussions associated with our other internal programs, which are at various stages of preclinical and clinical development.

我們將不再投入內部資本或資源於這些計畫的進一步開發。我們的資本與資源將導向在我們策略之下具備最高潛在投資報酬率（ROI）的計畫。除前述兩項策略重點外，我們也持續推進與其他內部計畫相關的合作洽談；這些計畫正處於不同階段的臨床前與臨床開發。

Overall, our strategy remains focused on executing the development of ABS-201 in AGA and in endometriosis and on further building a pipeline of differentiated programs that provide optionality for internal development or partnering. Turning now to our financials. Revenue in the first quarter was $200,000 as we continue to progress our partnered programs.

整體而言，我們的策略仍聚焦於推進 ABS-201 在 AGA 與子宮內膜異位症的開發，並進一步建立具差異化的產品管線，以提供內部開發或對外合作的彈性選項。接下來談我們的財務狀況。第一季營收為 20 萬美元，因我們持續推進已合作的計畫。

Research and development expenses were $19.3 million for the three months ending March 31, 2026, as compared to $16.4 million for the prior year period. This increase was primarily driven by advancement of Absci's internal programs, including direct costs associated with external preclinical and clinical development of ABS-201.

截至 2026 年 3 月 31 日止三個月的研發費用為 1,930 萬美元，相較於前一年度同期的 1,640 萬美元。此增加主要由 Absci 內部計畫的推進所帶動，包括與 ABS-201 外部臨床前與臨床開發相關的直接成本。

Selling, general and administrative expenses were $9.1 million for the three months ending March 31, 2026, as compared to $9.5 million for the prior year period. This decrease was primarily due to a reduction in personnel-related costs. Cash, cash equivalents and marketable securities as of March 31, 2026, were $125.7 million as compared to $144.3 million as of December 31, 2025.

截至 2026 年 3 月 31 日止三個月的銷售、一般及行政費用為 910 萬美元，相較於前一年度同期的 950 萬美元。此下降主要由人員相關成本降低所致。截至 2026 年 3 月 31 日，現金、約當現金及有價證券為 1.257 億美元，相較於 2025 年 12 月 31 日的 1.443 億美元。

Based on our current projections, we believe our cash, cash equivalents and marketable securities will be sufficient to fund our operating plans into the first half of 2028. Our current balance sheet supports our execution of key upcoming catalysts, including potential proof-of-concept readouts for both AGA and endometriosis and continued progress of our early-stage pipeline.

根據我們目前的預測，我們認為現金、約當現金及有價證券將足以支應我們的營運計畫至 2028 年上半年。我們目前的資產負債表可支持我們推進即將到來的關鍵催化劑，包括 AGA 與子宮內膜異位症兩者的潛在概念驗證（proof-of-concept）讀出，以及早期管線的持續進展。

We also remain focused on opportunities to generate additional non-dilutive cash inflows that could come from early-stage asset transactions and/or new platform collaborations with large pharma. In particular, we believe our early pipeline programs may offer attractive partnering opportunities.

我們也持續聚焦於創造額外非稀釋性現金流入的機會，來源可能包括早期資產交易及／或與大型藥廠的新平台合作。尤其是，我們認為早期管線計畫可能提供具吸引力的合作機會。

At the same time, we are aggressively implementing agentic AI workflows across our organization, including in business and scientific functions. These implementations are already creating meaningful efficiency gains as well as capability gains. Going forward, we expect to continue to realize cost savings and productivity gains from advancement of our agentic workflows.

同時，我們正積極在全組織導入代理式（agentic）AI 工作流程，涵蓋商務與科學等職能。這些導入已帶來顯著的效率提升以及能力提升。展望未來，我們預期隨著代理式工作流程的推進，將持續實現成本節省與生產力提升。

With that, I'll now turn it back to Sean.

接下來，我把時間交回給 Sean。

Thanks, Zach. Before we open up for questions, I want to thank the team at Absci Unlimiters for the work they put in each and every day. The catalysts ahead this year are: one, preliminary safety and PK data for ABS-201 next month, two, interim 13-week proof-of-concept hair regrowth data in the second half of this year; three, initiation of Phase II endometriosis trial in Q4, subject to data and regulatory review; and last, continued progress on our early-stage pipeline, including our newest Prolactin program, ABS-202. Looking into early 2027, we expect full 26-week proof-of-concept data for ABS-201 in AGA.

謝謝你，Zach。在我們開放提問之前，我想感謝 Absci Unlimiters 團隊每天投入的努力。今年接下來的催化劑包括：第一，下個月將公布 ABS-201 的初步安全性與藥物動力學（PK）數據；第二，今年下半年將公布 13 週期中期概念驗證的頭髮再生長數據；第三，視數據與法規審查而定，於第四季啟動第二期子宮內膜異位症試驗；最後，早期管線持續推進，包括我們最新的泌乳素計畫 ABS-202。展望 2027 年初，我們預期將取得 ABS-201 在 AGA 的完整 26 週概念驗證數據。

Thank you all for your continued support. Operator, let's open the line for questions.

感謝各位持續的支持。接線員，請開放電話線供提問。

(Operator Instructions)

（接線員指示）

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Can you hear me now? Sorry about that. Congrats on everything going on here. I guess maybe just kind of a quick follow-up on the 202 conversation. Can you maybe just help us understand a little bit more even on a mechanistic level here, what kind of the most important distinctions versus 201 are in terms of why it would make sense for some indications versus others? And I guess, versus the first you're pursuing there? And is there kind of a difference of product profile or something about actual mechanism that makes sense for that distinction?

現在聽得到我嗎？抱歉剛才那樣。恭喜你們這裡一切進展順利。我想可能只是針對 202 的討論做個快速追問。你們能否在機制層面再幫我們多理解一些：相較於 201，最重要的差異是什麼，使其在某些適應症上更合理、在其他適應症上則不然？另外，我想是相較於你們最先推進的那個（項目）？以及是否存在產品特性（profile）的差異，或是實際作用機制上有什麼差異，足以支持這樣的區分？

Yes, absolutely. With ABS-202, we are creating a differentiated profile with this. And additionally, we do want to be able to have this outside of AGA and endometriosis for other indications where there may be pricing differences. And with regards to the prolactin biology, some of the things that we're really interested in is how prolactin is driving some of these autoimmune diseases.

是的，當然。就 ABS-202 而言，我們正在打造一個具差異化的特性。此外，我們也希望它能在 AGA 與子宮內膜異位症之外，用於其他可能存在定價差異的適應症。至於泌乳素生物學方面，我們非常感興趣的一些點在於泌乳素如何驅動某些自體免疫疾病。

It looks to be sitting on this stress inflammatory axis and is also driving some interesting B-cell biology as well. And you just see it expressed at least the prolactin receptor all throughout the body. I mean, it's in bones, immune system, endothelial cells, the synovium. And so we're continuing to expand out the biology there as well as going into other indications with ABS-202. And then additionally, looking at bispecifics as well that could be synergistic with this particular mechanism.

它看起來位於壓力—發炎軸上，也在驅動一些有趣的 B 細胞生物學。而且你會看到它（至少是泌乳素受體）在全身廣泛表現。也就是說，它存在於骨骼、免疫系統、內皮細胞以及滑膜等組織。因此，我們也持續擴展相關生物學研究，同時以 ABS-202 進入其他適應症。另外，我們也在評估雙特異性抗體（bispecifics），其可能與此一特定機制產生協同作用。

Got it. Okay. That's super helpful. And then maybe just quickly on the upcoming MAD efficacy readout with 201. I appreciate the color on some of the -- how you're thinking about some of this data. I guess just given how the space has evolved in recent months there, are you kind of ultimately thinking comparable efficacy but with clean safety and maybe differentiated dosing is kind of enough to win given how big the market is or are you expecting kind of based on how things have evolved now that you would potentially need to show superior efficacy? Just help us understand some of those dynamics.

了解。好。這非常有幫助。接著可能快速問一下 201 即將公布的 MAD 療效讀出。我很感謝你們對於如何看待部分數據所提供的補充說明。我想問的是，鑑於近幾個月該領域的發展，你們最終是否認為：療效可與口服米諾地爾（minoxidil）相當、但安全性乾淨且可能有差異化給藥方式，就足以在這麼大的市場中勝出？還是你們預期，基於目前的演變，可能需要展現更優越的療效？請幫我們理解其中的一些動態。

Yes, absolutely. And Zach can touch on this more from the consumer quant study we did, but -- we believe having a comparable efficacy to oral minoxidil with the infrequent dosing will be really a home run product and that convenience factor with equivalent efficacy, we do see that being a home-run product and any efficacy above that, we see that as just increasing the overall TAM of the opportunity here. And Zach, maybe you want to speak a little bit more to the consumer quant study that we did.

是的，當然。Zach 可以從我們做的消費者量化研究（consumer quant study）角度再補充，但——我們相信，若能在不頻繁給藥的情況下達到與口服米諾地爾相當的療效，將會是一款非常成功的產品；在療效等同下，便利性因素本身就足以讓它成為「爆款」產品。而任何高於此的療效，我們都視為能進一步擴大此機會的整體可服務市場（TAM）。Zach，你或許可以再多談一點我們所做的消費者量化研究。

Yes, I'd be happy to comment. So Brendan, as you know, we've conducted a sizable consumer survey. We've also conducted surveys with dermatologists. And I think the takeaway from those surveys is that the profile of ABS-201 would really establish a brand-new category of therapy, and that's based on its durable -- the durability of the profile, infrequent dosing and the truly regenerative mechanism.

是的，我很樂意評論。所以 Brendan，如你所知，我們已進行了一項相當大規模的消費者調查。我們也對皮膚科醫師進行了調查。我認為這些調查的重點結論是：ABS-201 的特性確實能夠建立一個全新的治療類別，而這是基於其持久性——也就是其特性具備耐久性、給藥頻率低，以及真正具再生性的作用機制。

So when we test a profile with consumers, dermatologists that has efficacy that's consistent with at least some reports of high-dose oral minoxidil, so think about that sort of 35 hairs per square centimeter growth in target area hair count, we see the massive potential for adoption, and that's how we get to a potential $25 billion TAM just on a TPP that looks like that because it's a compilation of all of those factors that really define this as a new category.

因此，當我們用消費者與皮膚科醫師來測試一個特性組合——其療效至少與部分高劑量口服米諾地爾（minoxidil）的報告一致（例如在目標區域的毛髮數量每平方公分增加約 35 根）——我們看到了巨大的採用潛力。也正因如此，僅就這樣的目標產品特性（TPP）而言，我們推導出潛在 250 億美元的 TAM，因為它匯集了所有真正定義其為新類別的因素。

So I think we're quite excited about that. And we think, ultimately, this product would expand the overall AGA market. And we saw that in our consumer research as well. It looks to us like there are a lot of patients out there who are dissatisfied with current standard of care who would come to ABS-201 as a therapeutic option. There are also lots of patients that would just come first line.

所以我認為我們對此相當興奮。而且我們認為，最終這個產品將擴大全體 AGA 市場。我們在消費者研究中也看到了這一點。在我們看來，市場上有許多對目前標準治療不滿意的患者，會把 ABS-201 作為治療選項。也有很多患者會直接作為一線治療使用。

So before they try anything else. We saw over a third of males and females we surveyed said they would come first line, and that's before trying even like a nutraceutical or something very inexpensive. And then we also saw in the data that there are lots of patients that would elect to use both. So they might use an oral minoxidil in combination with ABS-201. So I think as a brand-new category of therapy and a premium category, I think ABS-201 has the potential to be really well-positioned.

也就是在嘗試任何其他療法之前。我們看到受訪的男性與女性中，超過三分之一表示他們會直接作為一線治療使用，甚至在嘗試像營養補充品（nutraceutical）或其他非常便宜的選項之前。此外，我們也在數據中看到，有許多患者會選擇併用。因此他們可能會將口服米諾地爾與 ABS-201 合併使用。所以我認為，作為全新的治療類別以及高端類別，ABS-201 具有非常好的定位潛力。

Gil Blum, Needham & Company.

Gil Blum，Needham & Company。

A little bit of a similar question as it relates to the ABS-201 and ABS-202. Is the difference there pharmacokinetics binding? Is there anything you can tell us about the upgrade in ABS-202? And I have a follow-up on the ABS-201 program after this.

有個有點類似的問題，關於 ABS-201 和 ABS-202。兩者的差異是在藥物動力學或結合（binding）方面嗎？你們能否談談 ABS-202 的升級之處？之後我還有一個關於 ABS-201 計畫的追問。

Yes. At this point in time, we are not disclosing the profile that we're looking to achieve for this other than the fact that we are planning to take this into a different indication.

是的。目前我們不會披露我們希望達成的具體特性，除了我們計畫將其推進到另一個不同適應症這一點。

Fair enough. As it relates to the 13-week readout, Verdomex in their own call noted appreciable improvement at two months. It's a very qualitative measure as it relates to early data on early time points. Is this what we should be expecting at 13 weeks or should we be expecting something more methodical?

了解。關於 13 週的讀出（readout），Verdomex 在他們自己的電話會議中提到在兩個月時有明顯改善。就早期時間點的早期數據而言，這是一個非常定性的衡量。我們在 13 週時應該期待看到類似情況，還是應該期待更為系統化的方法性結果？

Yes. The 13 weeks is really a directional readout. We want to see hair growth and the 26-week is where we expect to see the oral minoxidil hairs per square centimeter. And so that's what we're utilizing as the final readout and the 13 week, again, is just directional from there. And just given the differences in hair growth and the mechanism, we want to reserve the 26-week as the final definitive readout.

是的。13 週其實主要是一個方向性的讀出。我們希望看到毛髮生長，而 26 週才是我們預期能看到達到口服米諾地爾那種「每平方公分增加毛髮數」的時間點。因此我們把 26 週作為最終讀出，而 13 週再次強調只是方向性參考。並且考量到毛髮生長的差異與作用機制，我們希望把 26 週保留作為最終、明確的讀出。

Vamil Divan, Guggenheim.

Vamil Divan，Guggenheim。

This is Arseniy on for Vamil. Congrats on all the progress. You previously talked about 90% receptor occupancy being necessary to achieve the full therapeutic effect with the prolactin mechanism. Has anything you've seen in the trial so far shifted that perspective in any way? And do you think it's optimally achievable with that dosing schedule that you envision?

我是代 Vamil 提問的 Arseniy。恭喜你們取得所有進展。你們先前提到，透過泌乳素（prolactin）機制要達到完整治療效果，需要 90% 的受體佔有率。到目前為止，你們在試驗中看到的任何結果是否在某種程度上改變了這個看法？以及你們認為以你們設想的給藥時程，能否以最佳方式達成？

Yes. So far, what we're seeing, we definitely see that as achievable. And Ransi, maybe you want to speak a little bit more to that?

是的。到目前為止，我們看到的情況顯示這絕對是可達成的。Ransi，你要不要再多談一點？

Yes. We're not looking at anything like hair growth in the SAD study. And -- but the way we've designed the dosing paradigm, we've been very conservative in our scaling. And so we're confident we can hit that 90% receptor occupancy. This is certainly something that is something to look forward to with the MAD data and then the hair growth data.

是的。在 SAD 研究中，我們並沒有觀察像毛髮生長這類指標。但我們設計給藥範式的方式，在劑量遞增上非常保守。因此我們有信心能達到 90% 的受體佔有率。這當然是值得期待的，後續在 MAD 數據以及毛髮生長數據中會看到。

And one more follow-up. Do you expect variability in therapeutic response among the patients that you enrolled, whether that's because of their biomarker profile, because of their age or there is something about this mechanism where you think essentially every patient will respond at least to some degree.

再追問一個。你們是否預期在已入組的患者之間，治療反應會有差異——不論是因為生物標記（biomarker）特徵、年齡，或是這個機制本身使你們認為基本上每位患者至少都會在某種程度上有反應？

I mean at this point, we're -- we seem to have a balanced enrollment of the various stages of the Norwood classification. There's nothing that from a biomarker perspective that I would expect to see or be able to predict a variation in response in the AGA population. So I don't have a great answer to that question, but it's a reasonably sized study and it's randomized.

我的意思是，就目前而言，我們——看起來在 Norwood 分級的不同階段之間入組相當均衡。從生物標記的角度，我不預期在 AGA 人群中會看到或能夠預測反應差異。所以我對這個問題沒有很好的答案，但這是一個規模相當的研究，而且是隨機分派的。

So in terms of the baseline hair characteristics, we're pleased with how patients are distributing amongst the arms. But at this point, I don't -- I'm not worried about something else causing inter-subject variability in the mechanism of action itself.

因此就基線毛髮特徵而言，我們對患者在各組之間的分布感到滿意。但目前我不——我不擔心會有其他因素在作用機制本身造成受試者間的變異性。

And have you seen any of that as well in the in vivo or ex vivo experiments that we've run to-date.

而且你們在迄今為止進行的體內（in vivo）或離體（ex vivo）實驗中，也有看到任何這類情況嗎。

Kripa Devarakonda, Truist.

Kripa Devarakonda，Truist。

This is Alex on for Kripa. Really exciting time at Absci. Two questions from us. One, when can we expect to learn more about the mechanism and the properties and indication for ABS-202? And then also in your consumer survey, did you specifically test for patient preference and desire for combination therapy for ABS-201 and other currently approved products?

我是代 Kripa 提問的 Alex。Absci 現在真的是令人振奮的時刻。我們有兩個問題。第一，何時我們可以期待了解更多關於 ABS-202 的作用機制、特性以及適應症？第二，在你們的消費者調查中，你們是否有特別測試患者對於 ABS-201 與其他目前已核准產品進行合併治療的偏好與意願？

Yes. At the current moment, we are not planning on disclosing any more than we have on ABS-202 and the mechanism of action, though I will say we are very excited about the overall opportunities. And as we get closer to the clinic, we will definitely be disclosing more on that. But just from a competitive standpoint, we're not disclosing at this point in time. And Zach, do you want to take the second question?

是的。目前我們不打算披露比我們已經分享的更多關於 ABS-202 及其作用機制的資訊，不過我想說，我們對整體機會非常興奮。隨著我們更接近臨床階段，我們一定會披露更多相關內容。但就競爭角度而言，我們目前不會披露。Zach，你要不要回答第二個問題？

Yes, absolutely. So in the survey itself, we did not specifically ask that question, but we have asked that question in our patient interview segments. In the survey, what we did see, which I think was really -- really exciting for us is when we talk to surveyed men and women, we saw a very high response rate in terms of those who said they would go -- be extremely likely or very likely to go seek out the product today if it were available.

是的，絕對是。因此在這份調查本身，我們並沒有特別去問那個問題，但我們在病患訪談的環節中有問過。在調查中，我們看到的——我認為對我們來說非常、非常令人振奮的是，當我們與受訪的男性與女性交談時，我們看到非常高的回覆比例：他們表示如果產品今天就可取得，他們會——極有可能或非常可能去尋找並使用該產品。

That was 87% of men, 69% of women. But then when we zeroed in on subgroups who are on existing standard of care, for example, oral minoxidil, those numbers went up dramatically. So for men, they went from 87% to 92%. And for women, they went from 69% to 89%.

其中男性為87%，女性為69%。但當我們進一步聚焦在已在使用現行標準治療的子族群，例如口服米諾地爾（minoxidil），這些數字就大幅上升。所以男性從87%上升到92%。女性則從69%上升到89%。

So we clearly see a strong level or a stronger level of interest in the product if you're already using a standard of care in those subgroups. So we think that the survey really supports the new category definition here where patients are really going to be looking for this as a new category either to replace standard of care that they're dissatisfied with or to use on top of standard of care.

因此我們清楚看到：如果你已經在那些子族群中使用標準治療，對該產品的興趣程度會很強、甚至更強。所以我們認為，這份調查確實支持這裡對新類別的定義——病患會把它視為一個新類別：要嘛用來取代他們不滿意的標準治療，要嘛在標準治療之上加用。

Deb Chatterjee, Jones.

Deb Chatterjee，Jones。

So I have a question on the endometriosis program. I know pain is a very common endpoint for this trial. But historically, the high placebo response has been an issue with pain studies. So what kind of structural elements would you implement in this trial to prevent like a control placebo response? And I have a follow-up.

我有一個關於子宮內膜異位症計畫的問題。我知道疼痛是這項試驗非常常見的終點。但歷來在疼痛研究中，高安慰劑反應一直是個問題。所以在這項試驗中，你們會導入哪些結構性要素，來避免或控制安慰劑反應？我還有一個追問。

Yes. Ransi, you want to take that?

是的。Ransi，你要回答這題嗎？

Yes. Thanks for the question. I learned a lot in my time at Vertex overseeing the pain program there. And I'm glad you appreciate that. The pain aspect of these studies is ultra important. The crux, I think, is how you execute the trial. So we will spend a lot of time making sure the sites are carefully chosen. The investigators are carefully chosen. All of the partners that we're working with understand how to mitigate placebo response. Placebo training is really important.

好的。謝謝你的問題。我在Vertex負責那邊的疼痛計畫期間學到很多。也很高興你注意到這點。這類研究中的疼痛面向極其重要。我認為關鍵在於你如何執行試驗。因此我們會花很多時間確保試驗中心被仔細挑選。研究者也會被仔細挑選。我們合作的所有夥伴都了解如何降低安慰劑反應。安慰劑訓練非常重要。

We will be surveilling the blinded data for evidence of placebo response. And so there's a lot of operational stuff that's not put into the protocol because these are really things that you have to do in execution. And we've also engaged the FDA in how we're approaching mitigation of placebo response. So it's really, really important. Not something that you always see in the protocols, but heavily operational and done behind the scenes.

我們會監測盲態資料，以尋找安慰劑反應的證據。因此有很多營運層面的工作不會寫進方案（protocol），因為這些其實是你必須在執行過程中做到的事情。我們也已就降低安慰劑反應的方法與FDA溝通。所以這真的、真的很重要。這不一定會在方案中看到，但在幕後會以高度營運方式來落實。

Okay. That's helpful. And so for 202, I know for competitive reasons, you can't share much details. But just wanted to know if that is something for internal development or is that something you would partner off given that the pricing will be very different for I&I indications?

了解。這很有幫助。那關於202，我知道基於競爭因素你們不能分享太多細節。但我想了解，這會是內部自行開發，還是你們會選擇對外合作，因為在I&I適應症上的定價會非常不同？

Yes. We are definitely open to both options on ABS-201. The current option at the moment is pursuing this ourselves. But given the opportunity here and market size, we are considering both internal development as well as partnering. And that is for ABS-202, sorry.

是的。對於ABS-201，我們確實對兩種選項都持開放態度。目前當下的選項是我們自己推進。但考量這裡的機會與市場規模，我們同時在評估內部開發以及合作。抱歉，這裡指的是ABS-202。

Brian Cheng, JPMorgan.

Brian Cheng，摩根大通（JPMorgan）。

Hi guys. Can you hear me? So when you talk about the 20 hair growth as the benchmark for success, I think that's what you have been guiding for, for some time now for your AGA MAD portion. Can you clarify whether that's the benchmark that you expect for the end of the MAD portion, meaning that at the end of 26 week? And if it is, just curious if you can also help us think about what you would want to see or what you expect to see at the 13-week mark based on the preclinical work that you have done?

嗨，各位。聽得到我嗎？你們提到以「20根毛髮增長」作為成功的基準，我想這也是你們一段時間以來對AGA MAD部分所給的指引。你們能否釐清，這是否是你們預期在MAD部分結束時的基準，也就是在第26週結束時？如果是的話，也想請你們協助我們思考：基於你們已完成的臨床前工作，在第13週時你們希望看到或預期看到什麼？

Yes, it's a great question, Brian. And where we want to be at the 26 weeks is definitely where oral minoxidil sits. And at the 13 week, we are not putting an official guide on that. We want to see directional hair growth -- and just given the biology and the new mechanism here, we don't want to set any sort of unrealistic expectations. And I think the best way to look at this is through the lens of the 26-week readout, which again is where we want to be right around oral minoxidil with infrequent dosing.

是的，這是個很好的問題，Brian。我們在第26週希望達到的位置，確實就是口服米諾地爾的水準。至於第13週，我們不會給出正式指引。我們希望看到方向性的毛髮增長——而且考量到生物學以及這裡的新作用機轉，我們不想設定任何不切實際的期待。我認為最佳的看法是以第26週的讀出為主；再次強調，那是我們希望在低頻給藥下，達到大約與口服米諾地爾相當的水準。

Brian, if I could add to that, like what we showed in the survey is if we have the TPP that includes that sort of effect size that's similar to oral minoxidil, the high-dose oral minoxidil, so think in the 30s with that convenient profile and durability, that's really a home run product. There's a product that efficacy below that as well. But the consumer research we've done with KOLs and with AGA consumers would suggest that that is a very fantastic product category defining at that threshold.

Brian，如果我可以補充一下：我們在調查中顯示，如果我們的TPP包含那種與口服米諾地爾相近的效果量——也就是高劑量口服米諾地爾，想像大約在30多的區間——再加上便利的使用特性與持久性，那就是一個「全壘打」產品。當然也有療效低於那個水準的產品。但我們與KOL以及AGA消費者所做的消費者研究顯示，在那個門檻上，這會是一個非常出色、且能定義品類的產品。

Got it. And maybe just going back to the PK data that you have seen so far. And I think you said in your prepared remarks that the modeling work that you have seen from the trial, it truly supports a few times a year type of dosing regimen. So can you give us a little bit more color, a little bit of a glance of how we should think about the key parameters that are driving the conclusions?

了解。那再回到你們目前看到的PK資料。我記得你們在事先準備的發言中提到，試驗中的建模工作確實支持一年幾次的給藥方案。所以你們能否提供更多細節，讓我們大致了解應該如何看待哪些關鍵參數在驅動這些結論？

Yes Ransi, do you want to speak on the PK?

是的，Ransi，你要談一下PK嗎？

Yes. I mean we're assessing PK from all of the SAD cohorts. We just started dosing the MAD cohort. So we don't have MAD PK, but the SAD cohorts are developing nicely. We're pretty -- we feel pretty good about being able to dose at least every eight weeks subcutaneously. We'll have more color on this and a more refined estimation of dosing frequency when we have the data that we talked about in a few weeks.

好的。我們正在評估所有SAD隊列的PK。我們才剛開始對MAD隊列給藥。所以我們還沒有MAD的PK，但SAD隊列的進展很順利。我們相當——我們對於至少能以皮下注射每八週給藥一次感到相當有信心。等到幾週後我們拿到先前提到的資料時，我們會提供更多細節，並對給藥頻率做出更精細的估算。

Yes. I would say from the preliminary half-life and PK, we're feeling very optimistic and looking forward to sharing the full data on that in June.

是的。我會說，從初步的半衰期與PK來看，我們感到非常樂觀，也期待在六月分享完整資料。

Swayampakula Ramakanth, H.C. Wainwright.

Swayampakula Ramakanth，H.C. Wainwright。

I apologize that I'm going to disappoint you by not asking a question on 201 or 202. However, I have a couple of other questions. One is you stated that you're deemphasizing oncology products. So I'm just trying to understand what's the -- some of the reasonings behind it? And also what sort of an interest are you seeing from outside, especially for these novel drugs?

很抱歉我可能會讓你失望，因為我不會就 201 或 202 提問。不過，我還有幾個其他問題。其中一個是，你提到你們正在降低對腫瘤產品的重視。所以我想了解一下，背後的一些原因是什麼？另外，尤其是對這些新型藥物，你們看到外部有什麼樣的興趣？

Yes. From a strategy standpoint, if you look at ABS-201 and in particular, going after AGA, I mean this is going to be a direct-to-consumer type of product, and we really want to be building out products that would support this and in particular, in I&I makes a lot of sense.

是的。從策略角度來看，如果你看 ABS-201，特別是針對 AGA，我的意思是，這將會是一種直接面向消費者（DTC）的產品，而我們確實希望打造能夠支援這一點的產品組合，尤其是在 I&I 領域，這非常合理。

And oncology just doesn't support that particular go-to-market strategy that we want to have with AGA. And so we have deprioritized these and no longer going to fund any of these internally and again, put all the focus into assets that are going to be supporting the lead asset, ABS-201 in AGA and endometriosis.

而腫瘤領域並不支援我們希望在 AGA 上採取的那種特定上市策略。因此我們已將這些項目降級為較低優先順序，並且不再在內部為任何這些項目提供資金；同樣地，把所有重點放在能支援領先資產 ABS-201（用於 AGA 與子宮內膜異位症）的資產上。

Okay. And then in terms of bringing in partners, right, because you've been talking about generating partnerships, including a large-cap pharma for a while now. And that cadence has been slower than what we have seen in the previous years.

好的。那麼在引入合作夥伴方面，對吧，因為你們談到要建立合作關係，包括與大型製藥公司合作，已經有一段時間了。而這個節奏比我們在過去幾年看到的要慢。

So I'm just trying to understand some of the factors that are going into it. Is it more because some of these large cap pharma or large-cap biotech, they are generating their own tools that they feel sufficient enough or is it because the economics that they bring to the table doesn't seem viable for you to enter into a relationship?

所以我想了解一下其中有哪些因素在影響。是因為一些大型製藥或大型生技公司正在建立他們自己的工具，覺得已經足夠了；還是因為他們提出的經濟條件看起來不足以讓你們進入合作關係？

Yes. So our focus is driving the clinical development of ABS-201. We are continuing to look for pharma partnerships around our pipeline, but they have to make sense for us. We're a limited team here, and we wanted to synergize.

是的。所以我們的重點是推動 ABS-201 的臨床開發。我們仍在持續為我們的產品線尋找製藥合作夥伴，但必須對我們有意義。我們這裡的團隊規模有限，我們希望能夠產生協同效應。

And so we are being very selective of who we partner with and how they synergize in building out the overall portfolio that we want to build out and supports the go-to-market strategy as well with ABS-201. So it is definitely an area that we are focused in on, but it has to make sense strategically for us. Zach, if you have anything else to add to that?

因此我們在選擇合作對象以及他們如何在建立我們想打造的整體產品組合上產生協同、並同時支援 ABS-201 的上市策略方面，都非常審慎。所以這確實是我們聚焦的領域，但在策略上必須對我們有意義。Zach，你還有什麼要補充的嗎？

Yes. I mean Sean is exactly right. And RK, I'll just add one thing, and that's internally, we have the capability to generate assets, and we believe we have a leading platform that's very focused on challenging targets as well as the leadership in certain areas of biology, foremost, prolactin biology.

是的。我的意思是，Sean 說得完全正確。RK，我再補充一點：在內部，我們具備產生資產的能力，而且我們相信我們擁有一個領先的平台，專注於具挑戰性的標的，以及在某些生物學領域的領導地位，尤其是泌乳素（prolactin）生物學。

We believe and we've done a full-blown analysis internally that we can generate better economic terms on partnerships that are focused on an asset even at a preclinical stage versus tying up our resources and capacity for target-based platform partnerships. And so we've got a number of assets that are coming towards DC this year and several of those we think would be earmarked towards partnering to generate nondilutive cash flow.

我們相信——而且我們已在內部做過完整分析——相較於把我們的資源與產能綁在以標的為基礎的平台合作上，針對單一資產、即使在臨床前階段就聚焦的合作，我們能取得更好的經濟條款。因此，今年有多個資產將推進到 DC，其中有幾個我們認為會被指定用於合作，以產生非稀釋性的現金流。

And when we run the analysis internally, the risk-adjusted NPV from focusing on trading assets and partnering those is a multiple of what it would be relative to a platform target-based deal when you look at it on a target-by-target or program-by-program basis. So for us, the economics also point us in that direction.

而當我們在內部進行分析時，若聚焦於資產交易並為其尋求合作，其風險調整後的 NPV，是相較於平台型、以標的為基礎的交易的數倍——當你以逐一標的或逐一專案的角度來看時更是如此。所以對我們而言，經濟性也指引我們朝這個方向走。

Steve Dechert, KeyBanc Capital Markets.

Steve Dechert，KeyBanc Capital Markets。

You mentioned adopting more agentic AI into your business. I guess just how is this impacting your drug discovery process as well as your business operations? And any kind of cost savings near-term that you can point to?

你提到在業務中採用更多代理式（agentic）AI。我想問，這對你們的藥物發現流程以及業務營運有何影響？以及短期內是否有任何你能指出的成本節省？

Zach, do you want to take that?

Zach，你要回答這題嗎？

Yes, happy to. We are very aggressively implementing agentic workflows throughout Absci, and that includes not just in science and R&D, but also across SG&A. So we're in a period where we're rolling that out. We're already seeing significant efficiency gains, and we expect to realize those in terms of cost reduction as well as capability gains on a go-forward basis. So you can think of it even over the next few months, we should start realizing some of those gains.

是的，很樂意。我們正在 Absci 全面且非常積極地導入代理式工作流程，這不僅涵蓋科學與研發，也涵蓋整個 SG&A。所以我們正處於推行落地的階段。我們已經看到顯著的效率提升，並預期未來將以成本降低以及能力提升的形式實現這些效益。因此你可以把它想成在接下來幾個月內，我們就應該開始實現其中一些收益。

Vamil Divan, Guggenheim.

Vamil Divan，Guggenheim。

It's Arseniy on for Vamil. I have one more follow-up on the hair repigmentation opportunity. You previously talked about it as being roughly the same size as the AGA market. And my question is, what do you expect to see there?

我是 Arseniy，代 Vamil 提問。我還有一個關於頭髮再色素沉著（hair repigmentation）機會的追問。你們先前談到它的規模大致與 AGA 市場相當。我的問題是，你們預期在那方面會看到什麼？

Like what readout do you think would be clinically meaningful? And then would you consider pursuing it as a separate indication down the line with additional studies or would it be sort of an extra claim in the label in addition to the AGA indication? Just any color on that would be helpful.

例如，你認為什麼樣的讀出結果在臨床上會是有意義的？另外，未來你們會考慮把它作為一個獨立適應症，透過額外研究來推進；還是會把它作為 AGA 適應症之外、標籤上的額外宣稱？任何補充說明都會很有幫助。

Yes. Look, we're really excited about the potential for repigmentation. We do see it as creating even a bigger market opportunity than what we currently have. Right now, it's an exploratory endpoint, and we're going to see how the readouts go up to 13- and 26-week and then determine how we want to proceed forward from there. Ransi, I don't know if you have any other color you want to add to that.

是的。你看，我們對再色素沉著的潛力非常興奮。我們確實認為它能創造比我們目前所擁有的更大的市場機會。目前它是一個探索性終點，我們會先看看到 13 週與 26 週的讀出結果如何，然後再決定接下來要如何推進。Ransi，我不確定你是否還想補充一些看法。

Yes, I think you summed it up well, Zach. And the (inaudible) data from that other program are really interesting and exciting. And at this point, we're looking to see what we can see. But mechanistically, it does make sense that it's a potential finding.

是的，我覺得你總結得很好，Zach。而且那個其他專案的（聽不清）數據非常有趣也令人振奮。目前我們就是想看看能觀察到什麼。但從機制上來看，這確實合理，可能會是一個潛在發現。

We have reached the end of the question and answer session. This also concludes our call for today. Thank you, everyone, for attending this call. You may now disconnect. Goodbye.

我們已到達問答環節的結束。今天的電話會議也到此結束。感謝各位參加本次電話會議。您現在可以斷線。再見。