Abivax S.A. is a clinical-stage biotechnology company headquartered in Paris, France. The company focuses on developing therapeutics that harness the body's natural regulatory mechanisms to modulate the immune response in patients with chronic inflammatory diseases. Its lead drug candidate, obefazimod, is an oral small molecule designed to enhance the expression of microRNA-124 and is currently in late-stage clinical trials for the treatment of ulcerative colitis and Crohn's disease.
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 4,570 | 12,449 | 4,621 | 4,583 |
| Gross Profit | 4,570 | 12,449 | 4,621 | 4,583 |
| Selling, General & Administrative Expenses | 72,864 | 38,900 | 28,821 | 7,492 |
| Research & Development Expenses | 177,761 | 146,532 | 103,176 | 48,295 |
| Other Operating Expenses | — | — | — | 13,632 |
| Operating Profit | (246,056) | (172,984) | (127,376) | (64,836) |
| Interest and Investment Income | 27,545 | 13,732 | 7,511 | 11,118 |
| Interest Expense | (111,743) | (16,991) | (27,875) | (7,022) |
| Total Non-Operating Income | (84,198) | (3,259) | (20,364) | 4,096 |
| Income Before Provision for Income Taxes | (330,254) | (176,242) | (147,740) | (60,740) |
| Provision for Income Taxes | (5,848) | — | — | — |
| Consolidated Net Income | (324,406) | (176,242) | (147,740) | (60,740) |
| Net Income Attributable to Common Shareholders | (336,102) | (176,242) | (147,740) | (60,740) |
| Basic EPS | -4.83 | -2.80 | -3.43 | -3.18 |
| Diluted EPS | -4.83 | -2.80 | -3.43 | -3.18 |
| Basic Weighted Average Shares Outstanding | 69,527 | 63,046 | 43,066 | 19,092 |
| Diluted Weighted Average Shares Outstanding | 69,527 | 63,046 | 43,066 | 19,092 |
| Shares Outstanding | 78,536 | 63,348 | 62,917 | 22,301 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 516,685 | 144,221 | 251,942 | 26,950 |
| Total Cash and Cash Equivalents | 516,685 | 144,221 | 251,942 | 26,950 |
| Other Receivables | 21,415 | 7,554 | 9,186 | — |
| Total Trade Receivables | 21,415 | 7,554 | 9,186 | — |
| Other Current Assets | 13,144 | 18,896 | 24,845 | 9,231 |
| Total Current Assets | 551,244 | 170,671 | 285,972 | 36,181 |
| Net Property, Plant & Equipment | 2,090 | 2,666 | 878 | 1,592 |
| Net Intangible Assets | 6,605 | 6,606 | 6,604 | 6,607 |
| Goodwill | 18,419 | 18,419 | 18,419 | 18,419 |
| Other Long-Term Assets | 5,983 | 6,867 | 15,190 | 12,745 |
| Total Assets | 584,341 | 205,228 | 327,062 | 75,544 |
| Accounts Payable | 37,552 | 43,824 | 47,221 | 15,475 |
| Accrued Expenses | 7,137 | 4,709 | 6,073 | 2,300 |
| Current Portion of Long-Term Debt | 1,302 | 43,769 | 31,260 | 30,034 |
| Unearned Revenue | — | — | 52 | 133 |
| Other Current Liabilities | 17,030 | 1,698 | 6,088 | 3,521 |
| Total Current Liabilities | 63,021 | 93,999 | 90,695 | 51,464 |
| Long-Term Debt | 554 | 52,426 | 24,206 | 9,127 |
| Other Long-Term Liabilities | 65,561 | 18,218 | 16,150 | 7,765 |
| Total Long-Term Liabilities | 66,114 | 70,645 | 40,356 | 16,891 |
| Total Liabilities | 129,135 | 164,644 | 131,051 | 68,355 |
| Common Stock | 785 | 633 | 629 | 223 |
| Additional Paid-in Capital | 1,190,593 | 478,905 | 478,218 | 150,476 |
| Accumulated Other Comprehensive Income | 2,309 | (75) | 112 | — |
| Retained Earnings | (738,482) | (438,879) | (282,949) | (143,510) |
| Total Common Shareholders' Equity | 455,205 | 40,584 | 196,010 | 7,189 |
| Total Shareholders' Equity | 455,205 | 40,584 | 196,010 | 7,189 |
| Total Liabilities and Shareholders' Equity | 584,341 | 205,228 | 327,062 | 75,544 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net loss for the period | (336,102) | (176,242) | (147,740) | (60,740) |
| Amortization of intangibles and depreciation of property, plant and equipment | 1,072 | 1,100 | 707 | 485 |
| Impairment loss of goodwill | — | — | — | 13,632 |
| Retirement benefit obligations | (65) | 74 | 109 | 143 |
| Share-based compensation expenses | 35,397 | 20,224 | 8,179 | (1,164) |
| Net gain on sale of treasury shares | 0 | (16) | (34) | (108) |
| Interest expenses and other financial expenses | 45,697 | 14,203 | 24,827 | 7,028 |
| Financial income | (23,782) | (11,609) | (2,953) | (288) |
| Effect of unwinding the discount related to advances | (153) | (710) | (355) | (2) |
| Increase / (decrease) in derivatives and liabilities measured at fair value | 62,330 | 1,416 | (1,158) | (10,817) |
| Forgiveness of conditional advances | 0 | (4,140) | 0 | 0 |
| Changes in provisions | 44,706 | 0 | 0 | — |
| Current and deferred taxes expenses | 5,848 | 0 | 0 | — |
| Other operating adjustments | 270 | 204 | 22 | (100) |
| Decrease / (increase) in other receivables and related accounts | 7,042 | 4,591 | (14,231) | 312 |
| Increase / (decrease) in trade payables | (6,210) | (3,444) | 31,757 | (2,388) |
| Increase / (decrease) in tax and social security liabilities | 2,110 | (1,487) | 3,821 | 100 |
| Changes in deferred income and other liabilities | 710 | 1,763 | (81) | (26) |
| Income taxes paid | 0 | 0 | 0 | — |
| Cash from Operating Activities | (161,129) | (154,072) | (97,130) | (53,936) |
| Acquisitions of intangible assets | 0 | (3) | 0 | (35) |
| Acquisitions of property, plant and equipment | (142) | (640) | (265) | (288) |
| Repayment / (disbursement) of the advance made to the Nice CHU | — | — | — | 3,302 |
| Advances reimbursed by / (made to) CROs | 71 | (231) | (1,620) | (12,187) |
| Payments for the acquisition of Prosynergia, net of cash acquired | — | — | — | (2,913) |
| Increase in deposits | (14,152) | (591) | (9,351) | (142) |
| Decrease in deposits | 500 | 9,050 | 741 | 218 |
| Interest received | 5,530 | 8,178 | 2,400 | 19 |
| Cash from Investing Activities | (8,193) | 15,762 | (8,095) | (12,026) |
| Capital increases | 648,124 | 0 | 353,377 | 46,231 |
| Transaction costs related to capital increase | (40,914) | 446 | (28,111) | (3,280) |
| Net proceeds from non-convertible bond loans | 0 | 47,944 | 0 | 0 |
| Repayments of non-convertible bond loans | (53,920) | 0 | (11,635) | (9,410) |
| Net proceeds from convertible loan notes | 0 | 0 | 55,841 | 0 |
| Repayments of convertible loan notes | (2,188) | (8,750) | (27,188) | 0 |
| Repayment of PGE | (2,514) | (1,250) | (1,250) | 0 |
| Repayments of conditional advances | 0 | (2,708) | (110) | (90) |
| Payments of the lease liabilities | (911) | (458) | (529) | (301) |
| Net proceeds from sale of royalty certificates | — | — | — | 2,931 |
| Net proceeds from sale of treasury shares | 0 | 434 | 10 | 143 |
| Interest paid | (6,490) | (7,696) | (5,279) | (4,015) |
| Exercise of warrants | 5,820 | 0 | 0 | — |
| Other financing flows | 300 | 245 | 163 | 3 |
| Cash from Financing Activities | 547,307 | 28,207 | 335,290 | 32,211 |
| Effect of Exchange Rate Changes on Cash | (10,251) | 2,382 | (5,072) | 0 |
| Revaluation of cash equivalents measured at fair value | 4,730 | 0 | 0 | — |
| Increase / (Decrease) in Cash and Cash Equivalents | 372,464 | (107,720) | 224,992 | (33,751) |
| Metric | Value |
|---|---|
| Market Cap | $10.59B |
| P/E | -23.80x |
| P/S | 1975.26x |
| EV/EBITDA | -34.75x |
| Return on Equity | -130.9% |
| Return on Invested Capital | -428.8% |
| Current Ratio | 8.75x |
| Free Cash Flow Margin | -3528.9% |
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1M | +35.2% | -4183.7% | $-56M |
| Q4 2025 | $0M | -89.8% | -16283.9% | $-72M |
| Q3 2025 | $2M | +54.3% | -3950.7% | $-81M |
| Q2 2025 | $1M | -80.6% | -4254.0% | $-46M |
| Q1 2025 | $1M | — | -4748.5% | $-47M |
| Q4 2024 | $4M | — | -993.0% | $-43M |
| Q3 2024 | $1M | — | -3790.7% | $-50M |
| Q2 2024 | $6M | — | -627.7% | $-35M |