Abivax S.A. Q1 2026 earnings summary — revenue, EPS & margin

What went well

New long-term durability data reinforced obefazimod's profile: a three-year interim analysis of Study 108 (open-label extension) showed that of 130 patients de-escalated from 50 mg to 25 mg once-daily after 2-4 years of prior treatment, 68% (88/130) were in clinical remission at Week 144 and 80% (104/130) completed 144 weeks, with patients treated for up to seven years and no new safety signals.
The pivotal ABTECT-UC Phase 3 maintenance trial remained on track to report topline results in late Q2 2026, with a Q4 2026 NDA submission still targeted.
Abivax simplified its capital structure by agreeing (May 2026) to repurchase and cancel its September 2022 royalty certificates for $90 million ($45 million cash plus a $45 million interest-free vendor loan reinvested in ADSs), materially reducing the royalty overhang; CFO Didier Blondel framed it as strengthening the balance sheet on attractive terms.
G&A costs fell EUR 1.7 million to EUR 6.3 million as the first-quarter share-price decline reversed EUR 3.5 million of AGA-related employer charges - the flip side of 2025's share-price-driven cost inflation.
The quarter delivered a EUR 8.0 million net financial gain (versus a EUR 5.2 million loss a year earlier), and the company held EUR 491.6 million of cash, equivalents and short-term investments with a runway into Q4 2027.

What went wrong

R&D expense rose EUR 10.2 million to EUR 49.5 million (86.0% of operating expenses), driven by EUR 8.0 million for new indications/combination therapy, EUR 2.0 million of CMC/supply-chain costs and EUR 2.0 million for the Crohn's Phase 2b program (partly offset by a EUR 4.0 million decline in UC Phase 3 spend as those trials near completion).
Operating loss widened to EUR 56.2 million (from EUR 47.2 million a year earlier) as spending scaled toward potential commercialization.
Operating cash outflow increased to EUR 50.5 million (from EUR 33.3 million in Q1 2025).
Cash, equivalents and short-term investments declined to EUR 491.6 million at March 31, 2026 (from EUR 530.4 million at year-end 2025), and total shareholders' equity fell to EUR 429.6 million.
S&M costs rose to EUR 1.7 million (from EUR 0.9 million) on early U.S. commercial-preparation spend - an investment, but a growing cash cost ahead of any revenue.

Guidance Changes

Metric	Period	Current guidance
ABTECT Phase 3 maintenance topline	late Q2 2026	On track for late Q2 2026
Half-year 2026 financial results	2026	To be reported September 21, 2026
Phase 2b induction trial for Crohn's disease	Q4 2026	Topline expected Q4 2026
NDA submission (obefazimod in UC)	Q4 2026	Targeted Q4 2026, subject to positive data
Cash runway	from Mar 31, 2026	Unchanged into Q4 2027, including after the royalty-certificate repurchase (EUR 491.6M cash, equivalents & short-term investments)

Metric	YoY	Note
R&D costs (Q1)	EUR 49.5M (+EUR 10.2M)	New indications/combination (+EUR 8.0M), CMC/supply chain (+EUR 2.0M), Crohn's Phase 2b (+EUR 2.0M), less a EUR 4.0M decline in UC Phase 3 as trials near completion.
G&A costs (Q1)	EUR 6.3M (-EUR 1.7M)	EUR 3.5M lower AGA-related employer taxes/social contributions from the Q1 2026 share-price decline, partly offset by EUR 1.4M higher professional fees.
S&M costs (Q1)	EUR 1.7M (+EUR 0.9M)	Early U.S. commercialization-preparation spend for obefazimod.
Operating loss (Q1)	EUR 56.2M (vs EUR 47.2M)	Higher R&D and S&M, partly offset by lower G&A; operating income EUR 1.3M.
Net financial gain/(loss) (Q1)	EUR 8.0M gain (vs EUR 5.2M loss)	Favorable non-cash/FX movements versus prior year.
Net loss (Q1)	EUR 48.5M (vs EUR 52.4M)	Wider operating loss offset by the EUR 8.0M financial gain.
Cash, equivalents & short-term investments	EUR 491.6M at Mar 31, 2026	Down from EUR 530.4M at year-end 2025 on EUR 50.5M operating use.

Topic	Previous mention	Current period	Trend
Durability of response (Study 108)	-	Up to seven years of obefazimod treatment with 68% clinical remission at Week 144 after de-escalation to 25 mg and no new safety signals, supporting a durable-maintenance positioning.	—
Capital-structure clean-up	Structured debt retired in 2025	May 2026 agreement to repurchase/cancel the 2022 royalty certificates for $90M, reducing royalty overhang with cash runway unchanged.	—
Commercial ramp	CCO hired	S&M and infrastructure spend rising as the company builds U.S. launch capabilities ahead of the ABTECT maintenance readout.	—