ABIVAX (ABVX) Q4 2025 earnings summary

Executive summary

• Completed pivotal fundraising with $700.3M (€597.2M) net proceeds from a U.S. public offering, significantly strengthening the balance sheet.

• Cash, cash equivalents, and short-term investments totaled €530.4M as of December 31, 2025, providing a projected cash runway into Q4 2027.

• Advanced Phase 3 ABTECT maintenance trial for obefazimod in ulcerative colitis, with no new safety signals reported by DSMB and topline results expected late Q2 2026.

• Strengthened leadership with key hires in commercial, regulatory, and research roles to support growth and commercialization plans.

Financial highlights

• R&D expenses rose by €31.2M to €177.8M, mainly due to increased clinical trial and supply chain costs, and expansion into Crohn’s disease and new indications.

• G&A expenses increased by €34.7M to €67.7M, primarily from higher personnel costs and employer taxes linked to share price appreciation.

• Sales and marketing expenses decreased by €0.8M to €5.2M, reflecting lower one-time rebranding costs offset by higher personnel expenses.

• Operating loss widened to €246.1M from €173.0M year-over-year; net loss for 2025 was €336.1M compared to €176.2M in 2024.

• Settled all outstanding debt tranches and convertible notes, reducing borrowings from €101.0M to €1.9M.

Outlook and guidance

• Topline results for the ABTECT-UC Phase 3 maintenance trial expected in late Q2 2026; NDA submission for obefazimod in UC targeted for Q4 2026, pending positive data.

• Cash runway projected into Q4 2027 under current operating assumptions.

• Q1 2026 financial results to be reported on May 25, 2026.