Q2 2026 Absci Corp Earnings Call

August 11, 2026

Operator: Good day, and thank you for standing by. Welcome to the Absci second quarter business update. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Alex Khan, Corporate Vice President in Investor Relations. Please go ahead.

Operator: Good day, and thank you for standing by. Welcome to the Absci second quarter business update. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Alex Khan, Corporate Vice President in Investor Relations. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the Absci second quarter business update. At this time, all participants are in a listen-only mode, after the speaker's presentation there will be a question-and-answer session.

Speaker #1: To ask a question during the session, you will need to press star 11 on your telephone; you will then hear an automated message advising your hand is raised.

Speaker #1: To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Alex Khan, Corporate Vice President and Investor Relations; please go ahead.

Speaker #2: Thank you. Earlier today, Absci released financial and operating results for the quarter ended June 30, 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 email to investors@absci.com.

Alex Khan: Thank you. Earlier today, Absci released financial and operating results for the quarter ended 30 June 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 email to investors@absci.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. 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, Head of R&D. 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.

Speaker #2: 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.

Speaker #2: Joining me today are Sean McClain, Absci's Founder and CEO; Zach Jonasson, Chief Financial Officer and Chief Business Officer; and Ronti Someratni, Chief Medical Officer, Head of R&D.

Speaker #2: 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.

Speaker #2: 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.

Alex Khan: 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.

Speaker #2: These include statements regarding the development and clinical progress of our pipeline programs, including ABS-201, the design, enrollment, conduct, and timelines of our ongoing Phase 1, 2A headline trial of ABS-201, the anticipated timing of an interim proof-of-concept data readout for ABS-201 in the second half of 2026, and full proof-of-concept data in early 2027, the potential events in ABS-201 into Phase 3 development, the anticipated initiation of a Phase 2 clinical trial of ABS-201 for endometriosis in the fourth quarter of 2026, and 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 1, 2A into Phase 3, our planned engagement with the FDA regarding development strategy, our partnership with the Eli Lilly including anticipated benefits thereof and Eli Lilly's participation on our endometriosis advisory board, the capabilities anticipated benefits are of our platform technology such as Atlas, and potential market opportunity and commercial prospects for ABS-201.

Alex Khan: These include statements regarding the development and clinical progress of our pipeline programs, including ABS-201, the design, enrollment, conduct, and timelines of our ongoing phase I/IIa HEADLINE trial of ABS-201, the anticipated timing of an interim proof of concept data readout for ABS-201 in H2 2026 and full proof of concept data in early 2027, the potential events in ABS-201 into phase III development, the anticipated initiation of a phase II clinical trial of ABS-201 for endometriosis in Q4 2026 and potential proof of concept readout in H2 2027, anticipated characteristics and product profile of ABS-201 as a drug product, our target product profile and attributes, the potential for an expedited development pathway, including the possibility of advancing directly from phase I/IIa into phase III, our plan engagement with the FDA regarding development strategy, our partnership with Eli Lilly, including anticipated benefits thereof, and Eli Lilly's participation on our Endometriosis Advisory Board, the capabilities and anticipated benefits of our platform technology such as ATLAS, and potential market opportunity and commercial prospects for ABS-201.

Speaker #2: Certain statements may also include projections regarding potential market opportunity. These estimates are based on various assumptions, including potential regulatory approval, final approved label, and the evolving competitive landscape, any of which could cause our actual addressable market to differ materially from these projections.

Alex Khan: Certain statements may also include projections regarding potential market opportunity. These estimates are based on various assumptions, including potential regulatory approval, 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. 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 or reports filed by Absci from time to time with the SEC. Except as required by law, Absci disclaims any intention 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.

Speaker #2: In addition, certain research findings discussed today reflect participant responses to a hypothetical product profile and do not represent clinical results for ABS-201. Additional information regarding the risks and uncertainties that could affect our forward-looking statements is set forth in the press release Absci issued today.

Speaker #2: Our most recent annual report, Form 10-K, and subsequent documents and reports filed by Absci for September 9 with the SEC. Except as required by law, Absci disclaims any intention 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.

Speaker #2: This conference call contains time-sensitive information that is accurate only as of its broadcast on August 11, 2026. With that, I'll turn the call over to Sean.

Alex Khan: This conference call contains time-sensitive information and is accurate only as of the live broadcast, 11 August 2026. With that, I'll turn the call over to Sean.

Speaker #3: Thanks, Alex. Good afternoon, everyone. Thanks for joining us today. Absci continues to execute, and I'll walk you through recent highlights, including key progress on our ongoing headline trial, our new partnership with Eli Lilly, and our $100 million financing completed at the end of June.

Sean McClain: Thanks, Alex. Good afternoon, everyone. Thanks for joining us today. Absci continues to execute, and I'll walk you through recent highlights, including key progress on ongoing HEADLINE trial, our new partnership with Eli Lilly, and our $100 million financing completed at the end of June. Starting with HEADLINE. In June, we released positive interim Phase I data. The data suggests the study drug was well-tolerated with favorable safety and tolerability. Based on interim PK data, ABS-201's half-life supports the potential for just two to three injections over six months. This is exactly why we built our AI platform, to design molecules that meet our target product profile we set out from day one. You've heard us say the prolactin mechanism is underappreciated. Everything we've learned has only strengthened that conviction, and we believe targeting the prolactin receptor has the potential across numerous diseases.

Sean McClain: Thanks, Alex. Good afternoon, everyone. Thanks for joining us today. Absci continues to execute, and I'll walk you through recent highlights, including key progress on ongoing HEADLINE trial, our new partnership with Eli Lilly, and our $100 million financing completed at the end of June. Starting with HEADLINE. In June, we released positive interim phase I data. The data suggests the study drug was well-tolerated with favorable safety and tolerability. Based on interim PK data, ABS-201's half-life supports the potential for just two to three injections over six months. This is exactly why we built our AI platform, to design molecules that meet our target product profile we set out from day one. You've heard us say the prolactin mechanism is underappreciated. Everything we've learned has only strengthened that conviction, and we believe targeting the prolactin receptor has the potential across numerous diseases.

Speaker #3: Starting with headline, in June we released positive interim Phase 1 data. The data suggests the study drug was well tolerated, with favorable safety and tolerability.

Speaker #3: And based on interim PK data, ABS-201's half-life supports the potential for just two to three injections over six months. This is exactly why we built our AI platform: to design molecules that meet our target product profile we set out from day one.

Speaker #3: You've heard us say the prolactin mechanism is underappreciated. Everything we've learned has only strengthened that conviction, and we believe targeting the prolactin receptor has the potential across numerous diseases.

Speaker #3: And we are also excited to have a partner who shares in that vision. As you saw in June, we announced that Eli Lilly made a $40 million strategic investment in Absci.

Sean McClain: We are also excited to have a partner who shares in that vision. As you saw in June, we announced that Eli Lilly made a $40 million strategic investment in Absci. Our partnership with Eli Lilly is tailored around the clinical development strategy for ABS-201. As a part of this collaboration, we are happy to be welcoming a representative from Lilly onto our Endometriosis Advisory Board. Zach will provide more details of this partnership later in the call. In addition to Lilly, we've seen elevated interest from the investment community in prolactin biology. In June, we completed a $100 million financing, including the $40 million investment from Lilly, from a group of blue-chip investors. We're grateful for this support, which enables the continued development of our existing programs as well as future expansion of our pipeline.

Speaker #3: Our partnership with Eli Lilly is tailored around the clinical development strategy for ABS-201. And as a part of this collaboration, we are happy to be welcoming a representative from Lilly onto our endometriosis advisory board.

Speaker #3: Zach will provide more details on this partnership later in the call. In addition to Lilly, we've seen elevated interest from the investment community in prolactin biology.

Speaker #3: In June, we completed a $100 million financing, including the $40 million investment from Lilly, from a group of blue-chip investors. We're grateful for this support, which enables the continued development of our existing programs as well as future expansion of our pipeline.

Speaker #3: ABS-201's progress is a testament to the platform and the team that created it. Building on that leadership in de novo antibody design with Origen, we've now extended the platform upstream with Atlas, Absci's target-to-lead autonomous scientist.

Sean McClain: ABS-201's progress is a testament to the platform and the team that created it. Building on that leadership in de novo antibody design with Origin, we've now extended the platform upstream with ATLAS, Absci's target to lead autonomous scientists. ATLAS is an agentic discovery engine built to remove the bottleneck ahead of design, rapidly identifying and validating the right targets. ATLAS integrates literature, genetics, and single-cell sequencing data to surface and triage novel target hypothesis. These flow directly into Origin for epitope-specific de novo design and then into our in-house wet lab for characterization and pathway validation. This process closes a hypothesis to molecule loop and turns discovery into a high throughput fail-fast engine by having more shots on goal and better ones. We're already seeing this at work.

Speaker #3: Atlas is an agentic discovery engine built to remove the bottleneck ahead of design, rapidly identifying and validating the right targets. Atlas integrates literature, genetics, and single-cell sequencing data to surface and triage novel target hypotheses.

Speaker #3: These flow directly into Origen for epitope-specific de novo design, and then into our in-house wet lab for characterization and pathway validation. This process closes a hypothesis-to-molecule loop and turns discovery into a high-throughput, fail-fast engine by having more shots on goal—and better ones.

Speaker #3: We're already seeing this at work. Atlas has surfaced potential new indications for a prolactin receptor franchise, and independently recovered genetic evidence linking this pathway to pattern hair loss and endometriosis.

Sean McClain: ATLAS has surfaced potential new indications for our prolactin receptor franchise and independently recovered genetic evidence linking this pathway to pattern hair loss and endometriosis. This is a powerful new tool that every drug hunter at Absci can now leverage. We'll continue deploying this AI-native platform to create therapeutics like ABS-201 with the potential to change the treatment paradigm for patients. With that, I'll turn it over to Ransi to walk through the ABS-201 clinical program. Ransi.

Speaker #3: This is a powerful new tool that every drug hunter at Absci can now leverage. We'll continue deploying this AI-native platform to create therapeutics like ABS-201, with the potential to change the treatment paradigm for patients.

Speaker #3: With that, I'll turn it over to Ronzi to walk through the ABS-201 clinical program. Ronzi?

Speaker #4: Thanks, Sean. And good afternoon, everyone. In June, we released positive interim Phase 1 data from the ongoing headline trial of ABS-201. We continue to be encouraged by the emerging safety, pharmacokinetic, and immunogenicity profile observed to date.

Ransi Somaratne: Thanks, Sean, and good afternoon, everyone. in June, we released positive interim phase I data from the ongoing HEADLINE trial of ABS-201. We continue to be encouraged by the emerging safety, pharmacokinetic, and immunogenicity profile observed to date. As we said in June, blinded aggregate interim data suggests study drug was well-tolerated and exhibited a favorable safety and tolerability profile. Additionally, based on available interim pharmacokinetic data across all four single ascending dose cohorts, half-life for ABS-201 is estimated to be at least 65 days. These results support the potential for dosing two or three times over a six-month period, pending confirmation through continued follow-up across all cohorts. Additionally, new modeling continues to suggest that two to three doses of ABS-201 over six months would be able to achieve greater than 90% receptor occupancy, which we believe is a key driver of meaningful clinical efficacy for hair growth.

Speaker #4: As we said in June, blinded, aggregate interim data suggest that the drug was well tolerated and exhibited a favorable safety and tolerability profile. Additionally, based on available interim pharmacokinetic data across all four single ascending dose cohorts, the half-life for ABS-201 is estimated to be at least 65 days.

Speaker #4: These results support the potential for dosing two or three times over a six-month period, pending confirmation through continued follow-up across all cohorts. Additionally, new modeling continues to suggest that two to three doses of ABS-201 over six months would be able to achieve greater than 90% receptor occupancy.

Speaker #4: Which we believe is a key driver of meaningful clinical efficacy for hair growth. These new data are available in the updated corporate deck published on our website today.

Ransi Somaratne: These new data are available in the updated corporate deck published on our website today. We are very eager to share our clinical data with you once it's available. Today, we are pleased to share that the multiple ascending dose portion of the study continues to enroll according to plan. We continue to anticipate an interim proof of concept readout in the form of 13-week data later this year. Then we anticipate our full proof of concept data in the form of 26-week data in early 2027. As a reminder, the HEADLINE trial is a randomized, double-blind, placebo-controlled study. 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/pigmentation. We will also collect patient-reported outcomes data in this study. The prolactin receptor mechanism for hair growth is unique.

Speaker #4: We are very eager to share our clinical data with you once it's available. Today, we are pleased to share that the multiple ascending dose portion of the study continues to enroll according to plan.

Speaker #4: We continue to anticipate an interim proof-of-concept readout in the form of 13-week data later this year. Then, we anticipate our full proof-of-concept data in the form of 26-week data in early 2027.

Speaker #4: As a reminder, the headline trial is a randomized, double-blind, placebo-controlled study. 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 pigmentation.

Speaker #4: We will also collect patient-reported outcomes data in this study. The prolactin receptor mechanism for hair growth is unique. Unlike minoxidil, finasteride, or nutraceuticals, the mechanism underlying ABS-201 is regenerative for the hair follicle.

Ransi Somaratne: Unlike minoxidil, finasteride, or nutraceuticals, the mechanism underlying ABS-201 is regenerative for the hair follicle, protecting and promoting hair follicle stem cells, restoring CD34 progenitor cells, and stimulating key growth factors IGF-1 and FGF7 while decreasing the catagen-driving TGF-beta2. This regenerative mechanism is unique to the anti-prolactin receptor pathway and supports the significant durable effects with potential to grow new hair in dormant follicles. Our clinical study is designed to showcase this unique mechanism with our 13-week assessment, which is interim in nature, intended to provide a directionally positive signal. Has the mechanism begun to take hold, and is it building all the machinery and building blocks we see responsible for regenerating the hairs?

Speaker #4: Protecting and promoting hair follicle stem cells, restoring CD34 progenitor cells, and stimulating key growth factors IGF-1 and FGF-7, while decreasing the catagen-driving TGF-β2—this regenerative mechanism is unique to the anti-prolactin receptor pathway and supports the significant, durable effects, with potential to grow new hair in dormant follicles.

Speaker #4: Our clinical study is designed to showcase this unique mechanism with our 13-week assessment, which is interim in nature, intended to provide a directionally positive signal.

Speaker #4: As the mechanism begins to take hold, and as it builds all the machinery and building blocks we see responsible for regenerating the hairs, a directionally positive signal of hair growth at 13 weeks would give us even further confidence in seeing more robust hair growth at 26 weeks and beyond, as is supported by preclinical data in the stump-tailed macaque.

Ransi Somaratne: A directionally positive signal of hair growth at 13 weeks would give us even further confidence in seeing more robust hair growth at 26 weeks and beyond, as is supported by preclinical data in the stump-tailed macaque. Altogether, the preclinical stump-tailed macaque data, as well as our human ex vivo data from skin biopsies of both male and female donors, provide robust support for this mechanism and its ability to provide durable hair growth. We are also excited to be progressing our ABS-201 program for endometriosis. As Sean mentioned earlier, we are pleased to be welcoming Axel Hauptmann, MD, Senior Vice President, Clinical Investigation at Eli Lilly and Company, onto our Endometriosis Advisory Board. With the safety, tolerability, and PK data generated in the SAD portion of the HEADLINE trial, we anticipate initiating a phase II study for endometriosis in Q4 of this year.

Speaker #4: Altogether, the preclinical stump-tailed macaque data as well as our human ex vivo data from skin biopsies of both male and female donors provide robust support for this mechanism and its ability to provide durable hair growth.

Speaker #4: We are also excited to be progressing our ABS-201 program for endometriosis. As Sean mentioned earlier, we are pleased to be welcoming Axel Haupt, MD, Senior Vice President, Clinical Investigation at Eli Lilly & Company, onto our endometriosis advisory board.

Speaker #4: And with the safety, tolerability, and PK data generated in the SAD portion of the headline trial, we anticipate initiating a Phase 2 study for endometriosis in the fourth quarter of this year.

Speaker #4: With that, I'll pass it over to Zach to discuss our business strategy and to provide an update on our financials. Zach?

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

Speaker #5: Thanks, Rancy. We continue to focus our strategy on creating and advancing high-value pipeline programs like ABS-201. Our primary objective today is the successful execution of our clinical trial for ABS-201 in male and female pattern hair loss, and in endometriosis.

Zach Jonasson: Thanks, Rency. We continue to focus our strategy on creating and advancing high-value pipeline programs like ABS-201. Our primary objective today is the successful execution of our clinical trial for ABS-201 in male and female pattern hair loss and in endometriosis. We are also advancing a preclinical pipeline focused on immunological and inflammatory indications that fit into our broader strategy, including programs that can ultimately be commercialized direct to consumer. The clinical trial for ABS-201 continues to progress according to plan. We believe this program offers an outsized ROI based on its relatively capital-efficient clinical development plan and significant market opportunity. Based on our market research, we estimate a potential total available market greater than $25 billion in the US alone. In addition to pattern hair loss, we also see a significant multibillion-dollar market for endometriosis, with potential peak sales of over $4 billion.

Speaker #5: We are also advancing a preclinical pipeline focused on immunological and inflammatory indications that fit into our broader strategy including programs that can ultimately be commercialized direct to consumer.

Speaker #5: The clinical trial for ABS-201 continues to progress according to plan. We believe this program offers an outsized ROI based on its relatively capital-efficient clinical development plan and significant market opportunity.

Speaker #5: Based on our market research, we estimate a potential total addressable market greater than $25 billion in the US alone. In addition to pattern hair loss, we also see a significant multi-billion dollar market for endometriosis, with potential peak sales of over $4 billion.

Speaker #5: These programs are emblematic of how we prioritize and allocate our resources to programs that offer high ROIs by addressing large, underserved patient populations.

Zach Jonasson: These programs are emblematic of how we prioritize and allocate our resources to programs that offer high ROIs based on addressing large underserved patient populations. We are leveraging our leadership in prolactin biology by advancing ABS-201 towards proof of concept in both pattern hair loss and endometriosis, and by progressing our preclinical anti-prolactin receptor program, ABS-202, in an undisclosed I&I indication. We are also actively exploring other potential underserved indications for which prolactin receptor inhibition could offer a differentiated therapeutic mechanism. We look forward to sharing our interim proof of concept data in pattern hair loss later this year and our full proof of concept data early next year.

Speaker #5: We are leveraging our leadership in prolactin biology by advancing ABS-201 towards proof-of-concept in both pattern hair loss and endometriosis, and by progressing our preclinical anti-prolactin receptor program, ABS-202, in an undisclosed INI indication.

Speaker #5: We are also actively exploring other potential underserved indications for which prolactin receptor inhibition could offer a differentiated therapeutic mechanism. We look forward to sharing our interim proof-of-concept data in pattern hair loss later this year, and our full proof-of-concept data early next year.

Speaker #5: As a reminder, our consumer research survey, as well as input from leading KOLs, inform our view that a 26-week increase in target area hair count of 30 to 35 hairs per centimeter squared—roughly on par with high-dose oral minoxidil—would enable a home run product.

Zach Jonasson: As a reminder, our consumer research survey, as well as input from leading KOLs, inform our view that a 26-week increase in target area hair count of 30 to 35 hairs per centimeter squared, roughly on par with high-dose oral minoxidil, would enable a home-run product. Our consumer and KOL research support an estimated $25 billion TAM associated with such a hair growth effect size, given ABS-201's expected unique durability and administration convenience. We believe a target area hair count result above that level would expand the market further, and that a less robust result would still unlock a multibillion-dollar market opportunity. ABS-201, with its novel prolactin receptor mechanism, is positioned to become a new premium category of pattern hair loss therapy, offering consumers convenient, durable, regenerative hair growth. Continuing to execute the development of this program remains our top strategic priority.

Speaker #5: Our consumer and KOL research support an estimated 25 billion dollar TAM associated with such a hair growth effect size, given ABS-201's expected unique durability and administration convenience.

Speaker #5: We believe a target area hair count result above that level would expand the market further, and that a less robust result would still unlock a multi-billion-dollar market opportunity.

Speaker #5: ABS-201, with its novel prolactin receptor mechanism, is positioned to become a new premium category of pattern hair loss therapy, offering consumers convenient, durable, regenerative hair growth.

Speaker #5: Continuing to execute the development of this program remains our top strategic priority. Our platform continues to evolve and deliver new capabilities and efficiency gains.

Zach Jonasson: Our platform continues to evolve and deliver new capabilities and efficiency gains. As you will recall, our first programs were advanced through IND-enabling studies in under 2 and a half years and under $15 million in total cost. Based on our current Origin model improvements in combination with our agentic ATLAS platform, we believe we can significantly improve on these metrics. For example, our latest Origin models allow for a 1,000x reduction in library size for identification of high-quality leads. We are also finding ways to reduce IND-enabling study timelines based on the quality of our AI-designed drug candidates, which, for example, are well-suited to high-concentration formulation development. We anticipate additional efficiency and capability improvements as we further advance our platform. We are grateful for our partners, new and existing, for their support.

Speaker #5: As you will recall, our first programs were advanced to IND-enabling studies in under two and a half years, and under $15 million in total cost.

Speaker #5: Based on our current origin model improvements in combination with our agentic Atlas platform, we believe we can significantly improve on these metrics, for example, our latest origin models allow for a 1,000x reduction in library size for identification of high-quality leads.

Speaker #5: We are also finding ways to reduce IND-enabling study timelines based on the quality of our AI-designed drug candidates, which, for example, are well suited to high-concentration formulation development.

Speaker #5: We anticipate additional efficiency and capability improvements as we further advance our platform. We are grateful for our partners, new and existing, for their support.

Speaker #5: As discussed, we are excited to be collaborating with Eli Lilly and to welcome a member of their leadership team onto our Endometriosis Advisory Board.

Zach Jonasson: As discussed, we are excited to be collaborating with Eli Lilly and to welcome a member of their leadership team onto our Endometriosis Advisory Board. Our partnership with Eli Lilly is tailored around the clinical development strategy for ABS-201 and does not confer rights to the program, which we plan to develop ourselves. We appreciate Eli Lilly's support as well as their interest in prolactin biology within pattern hair loss, women's health, and beyond. Turning now to our financials. Research and development expenses were $22.6 million for the 3 months ending 30 June 2026, as compared to $20.5 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, offset by a decrease in personnel-related costs.

Speaker #5: Our partnership with Eli Lilly is tailored around the clinical development strategy for ABS-201, and does not confer rights to the program, which we plan to develop ourselves.

Speaker #5: We appreciate Eli Lilly's support, as well as their interest in prolactin biology within pattern hair loss, women's health, and beyond. Turning now to our financials.

Speaker #5: Research and development expenses were $22.6 million for the three months ended June 30, 2026, as compared to $20.5 million for the prior-year period.

Speaker #5: 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, offset by a decrease in personnel-related costs.

Speaker #5: Selling, general, and administrative expenses were $9.2 million for the three months ended June 30, 2026, compared to $8.5 million for the prior year period.

Zach Jonasson: Selling, general, and administrative expenses were $9.2 million for the three months ending 30 June 2026, as compared to $8.5 million for the prior year period. This increase was primarily due to stock-based compensation and other administrative costs. Cash, cash equivalents, and marketable securities as of 30 June 2026 were $201.1 million as compared to $125.7 million as of 31 March 2026. in June, we completed an underwritten offering of common stock. The net proceeds from the offering were approximately $93.6 million. Our current balance sheet, including this additional capital, supports our execution of key upcoming catalysts and continued progress of our early-stage pipeline, as well as an expansion of our planned endometriosis clinical trial. As we finalize our clinical trial design, we anticipate sharing additional details of the endometriosis clinical development plan later in Q3.

Speaker #5: This increase was primarily due to stock-based compensation and other administrative costs. Cash equivalents and marketable securities, as of June 30, 2026, were $201.1 million, as compared to $125.7 million as of March 31, 2026.

Speaker #5: In June, we completed an underwritten offering of common stock. The net proceeds from the offering were approximately $93.6 million. Our current balance sheet including this additional capital supports our execution of key upcoming catalysts and continued progress of our early-stage pipeline.

Speaker #5: As well as an expansion of our planned endometriosis clinical trial. As we finalize our clinical trial design, we anticipate sharing additional details of the endometriosis clinical development plan later in the third quarter.

Speaker #5: Based on our current projections, we now believe our cash equivalents and marketable securities will be sufficient to fund our operating plan into the second half of 2028.

Zach Jonasson: Based on our current projections, we now believe our cash equivalents, and marketable securities will be sufficient to fund our operating plan into H2 2028. With that, I'll now turn it back to Sean.

Speaker #5: With that, I'll now turn it back to Sean.

Speaker #1: Thanks, Zach. As always, I want to thank the absize team for making all of this possible. I'd also like to thank Eli Lilly for their partnership and all of our investors both new and existing for their support.

Sean McClain: Thanks, Zach. As always, I want to thank the Absci team for making all this possible. I'd also like to thank Eli Lilly for their partnership and all of our investors, both new and existing, for their support. We're fast approaching pivotal moments for Absci. Our first look at interim POC data for pattern hair loss is anticipated later this year. Our full 26-week POC data should follow early next year, where we anticipate showing robust hair regrowth from our regenerative prolactin mechanism. I'm incredibly excited for both of these readouts. We're energized for what we're building in our early-stage pipeline. We see a huge opportunity to capitalize on an interest in total vitality, combined with consumer shift towards more direct-to-consumer and cash pay products. Our current and future pipeline focuses squarely on these emerging trends.

Speaker #1: We are fast approaching pivotal moments for Absci. Our first look at interim POC data for pattern hair loss is anticipated later this year. Our full 26-week POC data should follow early next year, where we anticipate showing robust hair regrowth from our regenerative prolactin mechanism.

Speaker #1: I'm incredibly excited for both of these readouts. We're energized by what we're building in our early-stage pipeline. We see a huge opportunity to capitalize on the interest in total vitality, combined with the consumer shift towards more direct-to-consumer and cash-pay products.

Speaker #1: Our current and future pipeline focuses squarely on these emerging trends. We continue to fire on all cylinders, and I can't wait for everyone to see the results of our hard work in the coming months.

Sean McClain: We continue to fire on all cylinders, and I can't wait for everyone to see the results of our hard work in the coming months. Operator, let's open the call for questions.

Speaker #1: Operator, let's open the call for questions.

Speaker #2: Thank you. As a reminder, to ask a question, please press star one-one on your telephone and wait for your name to be announced. To withdraw your question, please press star one-one again.

Operator: Thank you. As a reminder, to ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. In the interest of time, we do ask that you please limit your questions to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from Brian Cheng of J.P. Morgan. Your line is open.

Speaker #2: In the interest of time, we do ask that you please limit your questions to one question and one follow-up. Please stand by while we compile the Q&A roster.

Speaker #2: And our first question comes from Brian Cheng of J.P. Morgan. Your line is open.

Speaker #3: Hey guys, thanks for taking our question this afternoon. Maybe just to start off, we noticed that your indication on your press release is now defined as pattern hair loss.

Brian Cheng: Hey, guys. Thanks for taking our question this afternoon. Maybe just to start off, we noticed that your indication on your press release is now defined as pattern hair loss. I think in the prior communication, you have been indicating that the lead indication as androgenetic alopecia. Is there any read or, in terms of how you are defining the target indication today, is there any change in terms of the lead indication for 201? Then we have a quick follow-up. Thank you.

Speaker #3: And I think in the prior communication, you have been indicating that the lead indication as endogenetic alopecia. So is there any lead or in terms of how you're defining the target indication today, is there any change in terms of the lead indication for 201?

Speaker #3: And then we have a quick follow-up. Thank you.

Speaker #5: Yeah, thanks, Brian. It's a great question. So, we decided to change the name for two reasons. First, if you think of androgenic alopecia, it implies the androgen receptor, and we know that targeting the androgen receptor, such as finasteride or other androgen receptor antagonists, does not fully regrow hair.

Sean McClain: Yeah. Thanks, Brian. It is a great question. We decided to change the name for two reasons. First, if you think of androgenetic alopecia, it implies the androgen receptor, and we know that targeting the androgen receptor, such as finasteride or other androgen receptor antagonists, do not fully regrow hair. We do have evidence that does support that prolactin looks to sit upstream of the androgen receptor and actually drives androgen receptor expression. Based on the underlying biology and the importance of prolactin within pattern hair loss, we decided to switch the name from androgenetic alopecia to pattern hair loss. Additionally, we had gotten feedback from other KOLs that they thought that this was a more appropriate name. The last piece is on the consumer front. We think that pattern hair loss is much better understood amongst consumers than androgenetic alopecia.

Speaker #5: And we do have evidence that does support that prolactin looks to sit upstream of the androgen receptor, and actually drives androgen receptor expression. So, based on the underlying biology and the importance of prolactin within pattern hair loss, we decided to switch the name from androgenic alopecia to pattern hair loss as well.

Speaker #5: We had gotten feedback from other KOLs that they thought this was a more appropriate name. And the last piece is on the consumer front.

Speaker #5: We think that pattern hair loss is much better understood among consumers than androgenetic alopecia, and so for all of these reasons, we have changed the name but not the indication itself.

Sean McClain: For all of these reasons, we have changed the name but not the indication itself. Ramzi and Zach, please chime in if there is anything else I missed there.

Speaker #5: And Bronzi and Zach, please chime in if there's anything else I missed there.

Speaker #4: Yeah, thanks, Sean. So, yeah, I mean—sorry, go ahead, Zach.

Ransi Somaratne: Yeah. Thanks, Sean. So, yeah, I mean. Oh, sorry. Go ahead, Zach.

Speaker #5: No, no, go ahead, Brancey.

Zach Jonasson: No, no. Go ahead, Ransi.

Ransi Somaratne: I think the term pattern hair loss also encompasses the entire population. We are still studying the same population or indication that encompass the same population. But really, when you think about the disease state in the US, there is 80 million people, and 30 million of those are women. So we think the term pattern hair loss is more appropriate to describe who it is that we are targeting.

Speaker #4: I think the term pattern hair loss also encompasses the entire population. We're still studying the same population or indications encompass the same population, but really when you think about the disease state in the US, there's 80 million people and 30 million of those are women.

Speaker #4: So we think the term 'pattern hair loss' is more appropriate to describe who it is that we are targeting.

Speaker #3: Thank you, Brancey.

Brian Cheng: Thank you, Ransi. Just a follow-up.

Speaker #5: I was just going to add that the change in name does not have any impact on how we've assessed the market opportunity. It's still fundamentally the same.

Zach Jonasson: I was just going to add, too, that the change in name does not have any impact on how we have assessed the market opportunity. It is still fundamentally the same market opportunity, number of patients, and our consumer surveys were focused on identifying that. This does not have any effect on those estimates.

Speaker #5: Market opportunity number of patients and our consumer surveys were focused on identifying that. So this does not have any effect on those estimates.

Speaker #3: Thank you. That's very helpful. And as a follow-up, I think in our prior discussions, we all have a pretty good sense of what we want to see in terms of non-vellus hair count.

Brian Cheng: Thank you. That is very helpful. As a follow-up, I think, in our prior discussions, we all have a pretty good sense of what we want to see in terms of non-vellus hair count at week 13 and week 26 from your MAD portion. Just looking at other metrics, I think you have mentioned that the terminal to vellus ratio metric is also super important in terms of giving you a directional insight of whether ABS-201 is giving you some benefits towards the goalpost. Can you help us think about what is the magnitude that you want to see in terms of T to V ratio? I am also curious if you have a sense of what some of the current standard of care can offer in terms of the ratio changes at around week 13. Thanks for your help.

Speaker #3: At week 13 and week 26 from your MAT portion, and just looking at other metrics, I think you have mentioned that the terminal to bilas ratio metric is also super important in terms of giving you a directional insight of whether ABASQ 201 is giving you some benefits towards the goalpost.

Speaker #3: Can you help us think about what is the magnitude that you want to see in terms of the T2V ratio? And then, also curious if you have a sense of what some of the current standard of care can offer in terms of the ratio changes at around week 13.

Speaker #3: Thanks for your help.

Speaker #5: Yeah, Brancey, do you want to take that one?

Sean McClain: Ramzi, do you want to take that one?

Speaker #4: Yeah, so it's an interesting question. I think, at least for the interim, we're interested in a broad set of data. I'm not particularly focused on a specific V-to-T ratio.

Ransi Somaratne: Yeah. So it is an interesting question. I think, at least for the interim, we are interested in a broad set of data. I am particularly not focused on a specific V to T ratio. I honestly, Brian, I am not sure I have seen specific V to T ratios from other programs. So I cannot really answer that one for you.

Speaker #4: And I honestly, Brian, I'm not sure I've seen specific V to T ratios from other programs. So can't really answer that one for you.

Speaker #5: Yeah. And I think how we're thinking about the 13-week is really looking at not only the terminal, also V to T, but also the potential to regrow hair in dormant follicles, whether that comes up as a terminal hair or vellus hair, or you have more V to T transition.

Sean McClain: Yeah. I think how we are thinking about the 13 week is really looking at not only the terminal, also V to T, but also the potential to regrow hair in dormant follicles, whether that comes up as a terminal hair, a vellus hair, or you have more V to T transition. I think the key point with this readout is being able to show potentially new mechanisms that other drugs do not show. I think regrowing that dormant follicle where you have been bald for many years, if we start to see changes there, again, whether it is on the vellus hair or the terminal hair, we think that that is really exciting and could be a big game changer for this particular mechanism, in addition to the regenerative aspect.

Speaker #5: I think the key point with this readout is being able to show potentially new mechanisms that other drugs do not show. And I think regrowing that dormant follicle where you’ve been bald for many years—if we start to see changes there, again, whether it’s on the vellus hair or the terminal hair—we think that’s really exciting and could be a big game changer for this particular mechanism, in addition to the regenerative aspect.

Ransi Somaratne: Brian, that is why we talked about total hair count in the past, and that encompasses what Sean was just talking about.

Speaker #4: And Brian, that's why we talked about total hair count in the past and that encompasses what Sean was just talking about.

Ransi Somaratne: Brian, that is why we talked about total hair count in the past, and that encompasses what Sean was just talking about.

Speaker #3: Thanks, guys.

Brian Cheng: Thanks, guys.

Speaker #2: Thank you. And our next question comes from Brendan Smith of TD Cowan. Your line is open.

Operator: Thank you. Our next question comes from Brendan Smith of TD Cowen. Your line is open.

Speaker #3: Great, thanks for taking the questions, guys. I just wanted to first quickly clarify on 201—is it maybe fair for us to assume you'll get the interim data in hand and put it out before initiating the endometriosis study, and then have full POC hair loss data in Q1 thereafter?

Brendan Smith: Great. Thanks for taking the questions, guys. Wanted to first clarify quickly on 201. Is it fair for us to assume you will get the interim data in hand, put it out before initiating endometriosis study, and then full POC hair loss data in Q1 thereafter? Is that a fair assumption on the order of events coming up there? To follow up, on the platform itself, sounds like plan outside of prolactin receptor is still largely develop targets, out-license prior to entering the clinic on your own. If that is the case, I guess just wondering on a strategy level, how we should think about potential cadence of new assets coming out of the platform.

Speaker #3: Is that kind of just a fair assumption on the order of events coming up there? And then, the follow-up on the platform itself: sounds like the plan outside of prolactin receptor is still largely to develop targets and outlicense prior to entering the clinic on your own.

Speaker #3: So if that is the case, I guess I'm just wondering, on a strategy level, how we should think about the potential cadence of new assets coming out of the platform. If you have a target partner deal cadence in mind, is there any color there on output that we should keep in mind over the next, I don't know, 12 to 18 months?

Brendan Smith: If you have a target partner deal cadence in mind, just any color there on output that we should keep in mind over the next, I do not know, call it 18 months. Thanks, guys.

Speaker #3: Thanks, guys.

Speaker #5: Yeah, thanks, Brendan. So, to your first point, I think that's a fair assumption. On the second point, we are planning on taking ABS 201 to market ourselves, and for everything we have coming behind ABS 201, we are looking at it from the lens of what we could commercialize ourselves, and what could potentially be a DTC that you could sell alongside ABS 201.

Sean McClain: Yeah. Thanks, Brendan. To your first point, I think that that is a fair assumption. On the second point, we are planning on taking ABS-201 to market ourselves and everything that we have coming behind ABS-201, we are looking at it from the lens of what could we commercialize ourselves, what could potentially be an OTC that you could sell alongside ABS-201, and then make the determination, do we have the capital, is the cost of capital right to continue to develop this ourselves, or do we want to find a partner given the indication or the cash situation? But everything we are developing would be with that commercialization in mind, and then we have the optionality to partner. That is the current strategy we have, and Zachariah can chime in as well.

Speaker #5: And then make the determination do we have the capital as the cost of capital right to continue to develop this ourselves or do we want to find a partner given the indication or the cast situation?

Speaker #5: But everything we are developing would be with that commercialization in mind. And then we have the optionality to partner; that is the current strategy we have, and Zach, please chime in as well.

Speaker #5: Yeah, I think you said it well, Sean. I think the only other point I would make is Sean described some of the advances in our platform.

Zach Jonasson: Yeah, I think you said it well, Sean. I think the only other point I would make is Sean described some of the advances in our platform. So we are becoming more and more efficient at generating new molecules and new programs. I think we will be creating a lot of optionality for ourselves. But to Sean's point, we are very rigorous about providing a strategic and ROI-based perspective on which programs we will advance with our own balance sheet versus the ones we will partner.

Speaker #5: So we're becoming more and more efficient at generating new molecules and new programs. And so I think we will be creating a lot of optionality for ourselves.

Speaker #5: But to Sean's point, we're very rigorous about providing a strategic and ROI-based perspective on which programs we will advance with our own balance sheet.

Speaker #5: Versus the ones we'll partner.

Operator: Thank you. Our next question comes from Vamil Divan of Guggenheim. Your line is open.

Speaker #2: Thank you. And our next question comes from Veml Devan of Guggenheim. Your line is open.

Speaker #5: Great, thanks for taking my question. Maybe just a quick follow-up on the conversation around the partnerships. I think last year you guys had talked about likely signing a partnership by the end of the year.

Vamil Divan: Great. Thanks for taking my question. Maybe one just quick follow-up on the conversation around the partnerships. I think last year, you guys had talked about likely signing a partnership by the end of the year, and I do not know if that has happened or not. So I am curious, would all your partnerships be disclosed, or have you signed any since later last year that maybe just were not disclosed publicly? So maybe any sort of update on that side would be helpful. The other question I have is just around this 13-week data, which obviously everyone is eagerly waiting for, and then just to maybe sort of level set expectations. If you can sort of share what you plan to disclose in the top-line release, so we all kind of know what to expect there.

Speaker #5: I don't know if that's happened or not, so I'm curious: Would all your partnerships be disclosed? Is there any, or have you signed any, sort of since late last year?

Speaker #5: Then maybe just we're not disclosed publicly. So maybe any sort of update on that side would be helpful. And then the other question I have is just around this 13-week data, which obviously everyone's very eagerly waiting for.

Speaker #5: And then just to maybe sort of level set expectations, if you can just sort of share what you plan to disclose in the top line release.

Speaker #5: So we all know what to expect there. And, sort of tied to that, one of the big potential selling points of 201 would be the durability of the hair that's regrown.

Vamil Divan: Tied to that, I know one of the big potential selling points of ABS-201 would be the durability of the hair that is regrown. I guess we are not going to know that at 13 weeks, obviously. So I am just trying to get a sense of how you think about sort of how long the duration of follow-up would need to be before you start getting comfort that this dosing regimen that your target profile is the right dosing regimen for the durable response. Thanks.

Speaker #5: I'm sure we're not going to know that at 13 weeks, obviously. So I'm just trying to get a sense of how you think about how long the duration of follow-up would need to be before you start getting comfortable that this dosing regimen, that your target profile is the right dosing regimen for a durable response.

Speaker #5: Thanks. Yeah, thanks, Veml. So in terms of partnership, the partnership that we had inked with Eli Lilly—both the investment and the collaboration on ABS-201 on clinical development—we do see that as achieving that large pharma partnership.

Sean McClain: Yeah. Thanks, Vamil. So in terms of partnership, the partnership that we had inked with Eli Lilly, both the investment and the collaboration on ABS-201 on clinical development, we do see that as achieving that large pharma partnership. With regards to the top-line readout for the 13 and 26 week, I will hand that over to Ransi.

Speaker #5: And with regards to the top-line readout for the 13- and 26-week, I'll hand that over to Ron C.

Speaker #4: Hey, Veml. Thanks for the question. Yeah, so we're going to show the data that we think will give us that interim look just to sort of a status check on what the drug is doing.

Ransi Somaratne: Hey, Vamil. Thanks for the question. We are going to show the data that we think will give us that interim look, just sort of a status check on what the drug is doing. We have talked about total area hair count, so that will be there. Target area hair count, which is the terminal hairs. We will get a look at target area hair width to see how wide the hair caliber is, and we will be looking at darkness as well. I think those are the big things. In addition, we will have a look at the updated safety and tolerability data as well. Great question on the durability. We are actively working on trying to figure out how we can get that from this study. It is not going to be answered in the 13 or the 26 weeks.

Speaker #4: So we've talked about total area hair count. So that'll be their target area hair count, which is the terminal hairs. We'll get a look at target area hair width to see how wide the hair caliber is.

Speaker #4: And we'll be looking at darkness as well. So I think those are the big things. In addition, we'll have a look at the updated safety and tolerability data as well.

Speaker #4: Great question on the durability. We are actively working on trying to figure out how we can get that from this study. It's not going to be answered in the 13 or the 26 weeks.

Speaker #4: We do have a safety follow-up period after this trial. And that's probably the first indication of durability of effect. And we'll get the same duration of safety follow-up on the cohorts.

Ransi Somaratne: We do have a safety follow-up period after this trial, and that is probably the first indication of durability of effect, and we will get the same duration of safety follow-up on the cohorts. It is based on PK. We are looking at what to do thereafter in terms of describing the durability of effect. More to come on that.

Speaker #4: It's based on PK, and we're looking at what to do thereafter in terms of describing the durability of effect. So, more to come on that.

Speaker #2: Thank you.

Operator: Thank you.

Ransi Somaratne: Okay. Thank you.

Vamil Divan: Okay. Thank you.

Speaker #5: Okay. Thank you.

Operator: And our next question comes from Kambiz Yazdi of BTIG. Your line is open.

Speaker #2: And our next question comes from Kambiz Yazdi of BTIG. Your line is open.

Kambiz Yazdi: Hi, team. Thank you so much for the question. So it appears from your modeling that you confirmed ABS-201 can maintain greater than 90% prolactin receptor occupancy without cycling. How should the greater, more sustained receptor occupancy impact efficacy compared to other prolactin receptor antibodies in pattern hair loss, and then secondarily, as in endometriosis? Thank you so much.

Speaker #5: Okay, team. Thank you so much for the question. So, it appears from your modeling that you confirm ABS-201 can maintain greater than 90% prolactin receptor occupancy without cycling.

Speaker #5: How should the greater, more sustained receptor occupancy impact efficacy compared to other prolactin receptor antibodies in pattern hair loss? And then, secondarily, as in endometriosis?

Speaker #5: Thank you so much. Yeah, that's a great question. And we actually just put out some modeling on the website today, with the updated corporate back.

Sean McClain: Well, it is a great question, and we actually just put out some modeling on the website today with the updated corporate deck. I think it is a very clear illustration. If you look at HMI-115, the once every two week dosing at 240 milligrams, you saw this oscillation that occurred between 60% and 70% receptor occupancy. We know that the receptor occupancy for the prolactin receptor needs to be well above 90% to achieve the signal blocking that is necessary. Even a little bit of receptor left can cause quite a bit of signaling through the prolactin receptor. Essentially, the HMI-115 molecule without oscillation and not achieving the receptor occupancy, our belief is that they essentially weren't able to achieve the efficacy because they weren't able to get that prolonged anagen phase. That is what we believe that we are going to be able to achieve now.

Speaker #5: And I think it's a very clear illustration. If you look at HMI 115, the once every two-week dosing at 240 milligrams, you saw this oscillation that occurred between 60 and 70 percent receptor occupancy.

Speaker #5: And we know that the receptor occupancy for the prolactin receptor needs to be well above 90% to achieve the signal blocking that's necessary. Even a little bit of receptor left can cause quite a bit of signaling through the prolactin receptor.

Speaker #5: And essentially, the HMI 115 molecule with that oscillation and not achieving the receptor occupancy, our belief is that they essentially weren't able to achieve the efficacy because they weren't able to get that prolonged antigen phase and so that's what we believe that we are going to be able to achieve now.

Speaker #5: If you look at, again, the receptor occupancy at those two to three doses, we're well above 90%, and we can ensure that the follicle can stay in the prolonged antigen state.

Sean McClain: If you look at, again, the receptor occupancy, those two to three doses were well above 90%, and we can ensure that the follicle can stay in the prolonged anagen state in order to rebuild that stem cell niche. Hair growth doesn't happen overnight. You need that sustained period of blockade in order to get the regrowth. I think the really exciting part is if you look at the stump-tailed macaques, when you got the greater than 90% receptor occupancy, you saw a really, really robust efficacy there. We are obviously targeting 30, but I do believe that if you hit the receptor appropriately to stay in the anagen state, I think you have the potential for even further upside than what we have been discussing. I think it is a really exciting opportunity with the PK profile that we have been able to achieve.

Speaker #5: In order to rebuild that stem cell niche, hair growth doesn't happen overnight. You need that sustained period of blockade. In order to get the regrowth and I think the really exciting part is like, look, if you look at the stem cell macaques, when you got the greater than 90% receptor occupancy, I mean, you saw a really, really robust efficacy there.

Speaker #5: And we're obviously targeting thirty, but I do believe that if you get the mechanism, if you hit the receptor appropriately here to stay in the antigen state, I think you have the potential for even further upside than what we've been discussing.

Speaker #5: And so, I think it's a really exciting opportunity with the PK profile that we've been able to achieve.

Speaker #4: And then a quick follow-up. How do you expect that to impact endometriosis?

Kambiz Yazdi: How do you expect that to impact endometriosis?

Sean McClain: Ransi, do you want to take that one?

Speaker #5: Ron C, do you want to take that one?

Speaker #4: Yeah, happy to. I think it's the same philosophy, Kambiz. If you look at the other prolactin receptor antibody, they published their data in The Lancet, and you saw that there was an effect on dysmenorrhea at the highest dose.

Ransi Somaratne: Yeah, happy to. I think it is the same philosophy, Kambiz. If you look at the other prolactin receptor antibody, they published their data in The Lancet, you saw that there was an effect on dysmenorrhea at the highest dose. We think the same principle applies in that you have to really achieve that high level of receptor occupancy to see efficacy there. Even though it is a disease state that is quite different from pattern hair loss, we think the same principle is in play.

Speaker #4: And we think the same principle applies, in that you really have to achieve that high level of receptor occupancy to see efficacy there. So even though it's a disease state that's quite different from pattern hair loss, we think the same principle is at play.

Speaker #5: Thank you so much.

Kambiz Yazdi: Thank you so much.

Speaker #2: Thank you. And as a reminder, if you have a question, please press *11. Our next question comes from Gil Bloom of Needham.

Operator: Thank you. As a reminder, if you have a question, please press star one one. Our next question comes from Gil Blum of Needham. Your line is open.

Speaker #2: Your line is open.

Speaker #6: Good afternoon. Thanks for squeezing in the end. So we saw some interesting data for the oral minoxidil extended release from Veridermics in women. Do you think the data that they put out changes maybe where the bar is as it relates to hair regrowth or it doesn't really matter as it relates to your own programs?

Gil Blum: Good afternoon, thanks for squeezing me in. We saw some interesting data for the oral minoxidil extended release from Veradermics in women. Do you think the data that they put out changes maybe where the bar is as it relates to hair regrowth, or it does not really matter as it relates to your own programs? Thank you.

Speaker #6: Thank you.

Sean McClain: The data that they put out clearly shows that standard of care is really poor, even with what they have. There is so much more room to improve from a standard of care perspective, that is something we are very excited about. We recently showed the female ex vivo data. It looked very similar to what we saw in the males. We are very excited to get this cohort kicked off in the study in female patients. I think that there is a real exciting opportunity just due to the really, really poor standard of care out there.

Speaker #5: I mean, the data that they put out, I mean, clearly shows that standard of care is really poor. Even with what they have, there is so much more room to improve from a standard of care perspective.

Speaker #5: And that is something we're very excited about. We recently showed the female ex vivo data. It looked very similar to what we saw in the males.

Speaker #5: And we're very excited to get this cohort kicked off in this study in female patients. I think there is a real exciting opportunity just due to the really, really poor standard of care out there.

Operator: Thank you. This concludes the question and answer session, also today's conference call. Thank you for participating, you may now disconnect.