Abivax S.A. Q4 2025 earnings summary — revenue, EPS & margin

What went well

A March 18, 2026 independent Data Safety Monitoring Board (DSMB) review of the ongoing ABTECT-UC Phase 3 maintenance trial found no new safety signals, with the analysis covering 100% of randomized patients and nearly 90% having completed the 44-week double-blind period - a key de-risking update ahead of the topline readout.
The maintenance trial remained on track to report topline results in late Q2 2026, with an NDA submission for obefazimod in UC targeted for Q4 2026 (subject to positive data).
Abivax ended 2025 with cash, cash equivalents and short-term investments of EUR 530.4 million, supporting a cash runway into Q4 2027, and had settled all of its structured debt during the year (Kreos, Claret and the Heights convertible notes).
The company built out a commercial and senior leadership team for launch readiness: it appointed Michael Nesrallah as Chief Commercial Officer (ex-Takeda IBD/Entyvio leader), Keith Fournier as SVP Global Regulatory Affairs, and Maurus de la Rosa as SVP Research.

What went wrong

Full-year net loss widened sharply to EUR 336.1 million (from EUR 176.2 million in 2024), reflecting both higher operating spend and large non-cash financial charges.
Operating loss increased to EUR 246.1 million (from EUR 173.0 million), with R&D up EUR 31.2 million to EUR 177.8 million (CMC/supply-chain build-out +EUR 13.0M, Crohn's Phase 2b +EUR 10.2M, new indications/combination +EUR 4.1M, UC Phase 3 +EUR 1.6M).
G&A more than doubled to EUR 67.7 million (from EUR 32.9 million), driven by EUR 33.4 million higher personnel costs - chiefly EUR 27.3 million of employer taxes and social contributions on French AGA plans caused by the second-half share-price surge.
The full-year net financial loss was EUR 84.2 million, including non-cash fair-value increases on the Heights notes (EUR 36.0 million) and Kreos/Claret warrants (EUR 29.9 million), EUR 17.2 million of royalty-certificate interest, plus EUR 5.8 million of deferred income tax.
Cash flow used in operating activities rose to EUR 161.1 million (from EUR 154.1 million).
Board and management transitions: Sofinnova Partners (represented by Dr. Kinam Hong) stepped down from the Board on March 19, 2026, and long-serving Chief Scientific Officer Didier Scherrer announced his departure after 17 years.

Guidance Changes

Metric	Period	Current guidance
ABTECT Phase 3 maintenance topline	late Q2 2026	On track for late Q2 2026 (DSMB found no new safety signals on March 18, 2026)
Phase 2b induction trial for Crohn's disease (ENHANCE-CD)	Q4 2026	Completion expected Q4 2026
NDA submission (obefazimod in UC)	Q4 2026	Targeted Q4 2026, subject to positive data
Cash runway	from Dec 31, 2025	Into Q4 2027 (EUR 530.4M cash, equivalents and short-term investments)
Next reporting dates	2026	AGM May 11, 2026; Q1 2026 results May 25, 2026

Metric	YoY	Note
R&D costs (FY)	EUR 177.8M (+EUR 31.2M)	CMC/supply chain, Crohn's Phase 2b, new indications/combination therapy and UC Phase 3; 96.5% of R&D related to obefazimod.
G&A costs (FY)	EUR 67.7M (vs EUR 32.9M)	EUR 27.3M of employer taxes/social contributions on AGAs from the second-half share-price surge.
Operating loss (FY)	EUR 246.1M (vs EUR 173.0M)	Higher R&D and G&A; operating income of EUR 4.6M.
Net financial loss (FY)	EUR 84.2M (vs EUR 3.3M)	Non-cash fair-value increases on convertible notes and warrants, royalty-certificate interest and FX.
Net loss (FY)	EUR 336.1M (vs EUR 176.2M)	Wider operating loss, EUR 84.2M financial loss and EUR 5.8M deferred tax.
Cash, equivalents & short-term investments	EUR 530.4M at Dec 31, 2025	July 2025 offering net proceeds (~EUR 597.2M) less full-year operating use (EUR 161.1M) and debt repayment; total equity EUR 455.2M.

Topic	Previous mention	Current period	Trend
Launch readiness / leadership build-out	-	Appointed Chief Commercial Officer Michael Nesrallah plus SVPs of Global Regulatory Affairs and Research to prepare for potential obefazimod commercialization.	—
ABTECT maintenance de-risking	Induction positive	March 2026 DSMB found no new safety signals with ~90% of patients through the 44-week period; topline due late Q2 2026.	—
Non-cash-driven losses	-	AGA-related employer charges (EUR 27.3M) and convertible/warrant fair-value moves inflated reported FY loss to EUR 336.1M despite a strengthened balance sheet.	—
Board/management transitions	-	Sofinnova (Kinam Hong) stepped down; CSO Didier Scherrer departing after 17 years.	—