Bull case
Absci is attractive because its AI platform has materially improved ABS-201’s developability, increasing affinity, extending half-life, and improving stability, with interim human PK data showing an estimated half-life of at least 65 days that could support only two or three injections over six months. The investment case is strengthened by a differentiated, hormone-independent anti-prolactin receptor mechanism for endometriosis, a large and underpenetrated market where current therapies leave substantial unmet need, and by preclinical data showing pain relief and anti-inflammatory activity comparable to hormonal therapy. The profile is further derisked by Phase 2 evidence from HMI-115 and upcoming catalysts, including the 13-week interim analysis in December, the 26-week readout in early 2027, and a Phase 2 endometriosis study expected to initiate in 4Q26.