ABSI

Absci is a clinical-stage, AI-native antibody company where the income statement is essentially irrelevant: FY2025 revenue was just $2.80M (down 38.2% YoY, and below the $5.72M of FY2023), so the headline P/S of 620x is a meaningless artifact. The MD&A confirms what the numbers imply — revenue is lumpy 'partner program' milestone fees, and management states that 'as of March 24, 2026, no partner has entered into a license for clinical or commercial use,' and it does not expect product revenue 'until we successfully complete the clinical development of, and achieve regulatory approval for' a program. This is a binary pipeline bet, and it must be judged as one.

The core asset, ABS-201 (anti-PRLR), is only in a Phase 1/2a trial (HEADLINE, NCT07317544) with three single-ascending-dose cohorts dosed and no efficacy yet — just a 'favorable safety profile to date.' Management's own filing notes drug development 'typically takes about 10 to 15 years,' and the endometriosis Phase 2 is not even started ('planned for the fourth quarter of 2026, subject to data'). Against that, the market is capitalizing ~$1.74B, of which roughly $1.6B is pipeline optionality on a single asset that has not demonstrated efficacy. That is a steep price for unknowable clinical risk — the textbook 'avoid' case of a poor-quality income statement plus a binary, knowledge-limited outcome.