J P M O R G A N North America Equity Research 24 June 2026 Absci First Clinical Read Helps to Clear the Way for a Differentiated Profile in AGA ABSI reported healthy volunteer Ph 1 SAD data from the HEADLINE trial for ABS-201 (anti-PRLR) program in androgenetic alopecia (AGA). Broadly, the update was in line with our expectations based on mgmt's messaging at the 1Q call (see note). On safety, the SAD profile was favorable with no safety red flags and no dose-dependent AEs. TEAEs were all mild, except for a ...