Research Reports

Summary

Abivax SA, a clinical-stage biotech focused on obefazimod for IBD, reported a net loss of €336.1 million for FY 2025, up 91% YoY from €176.2 million in 2024 and €147.7 million in 2023, driven by intensified R&D spending on Phase 3 UC trials and Phase 2b CD trial. Operating loss widened to €246.1 million from €173.0 million YoY, with R&D expenses rising 21% to €177.8 million amid trial progression and CMC scale-up. No revenue from sales; other operating income fell 63% to €4.6 million, mainly CIR tax credits. Balance sheet strengthened post-July 2025 Nasdaq offering (€637.5M gross proceeds), ending cash at €516.7M (up 258% YoY), supporting runway into Q4 2027. Financing activities generated €547.3M, offsetting €161.1M operating cash burn. EPS deteriorated to -€4.83 from -€2.80 YoY. Positive Phase 3 induction data in July boosted share price, enabling funding but inflating share-based comp to €35.4M. Forward, maintenance data expected Q2 2026, NDA Q4 2026, positioning for UC launch if approved.

Full analysis

Performance Summary

Abivax deepened losses in FY 2025 with net loss of €336.1M (+91% YoY from €176.2M), reflecting R&D acceleration. Operating loss hit €246.1M (+42% YoY), no sales revenue. Cash burn intensified to €161.1M operating outflow (+5% YoY), offset by €547.3M financing inflow from July Nasdaq raise (€637.5M gross). Ending cash €516.7M (+258% YoY) funds ops to Q4 2027. Positive Phase 3 induction data drove share surge, inflating comp via AGAs.

Revenue Analysis

No product revenue; operating income €4.6M from CIR/subsidies (-63% YoY). Single R&D segment: UC trials €117.4M (+1% YoY), CD €17.6M (+139% YoY), transversal €32.0M (+68% YoY). Expenses up on trials, CMC.

Margins & Profitability

N/A (pre-revenue). Operating margin N/A; R&D 71% of opex (vs 79% 2024). G&A €67.7M (+105% YoY) from AGA taxes on share rise. Financial loss €84.2M (+2,484% YoY) from Heights/Kreos fair value changes pre-conversion.

Cash Flow & Balance Sheet

Ops cash outflow €161.1M (+5% YoY); investing -€8.2M; financing +€547.3M. Assets €584.3M (+185% YoY), equity €455.2M (+1,022% YoY), liabilities €129.1M. Debt cleared (Kreos/Heights repaid/converted); cash €516.7M.

Outlook

Maintenance data Q2 2026, NDA Q4 2026 if positive. Combo therapy eval, follow-on candidate 2026. Runway to Q4 2027; no near-term revenue.

ABVX · Abivax S.A.