Abivax S.A.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is no longer betting that obefazimod works — that is documented. They are betting on a timetable: that the approval filing goes in as planned late in the fourth quarter of 2026, that the FDA accepts it without extra requirements, that payers accept a price capable of carrying a valuation in the ten-billion-dollar range, and that 69 employees can build a commercial organization without another large capital raise. Whoever waits checks three lines in every release: is the NDA date holding (planned for late in the fourth quarter of 2026)? How large is the cash burn per quarter (€50.5 million most recently)? And how many shares are there by now (roughly 86.1 million most recently)? The all-or-nothing risk of a single drug candidate is the dominant risk here and the reason for caution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Abivax is the p-value trap in its purest form: the medical question is answered about as well as it can be answered before an approval — 51.3 percent clinical remission after 44 weeks against 10.4 percent on placebo, p<0.0001, all key secondary endpoints met. The commercial questions are all still open: no product revenue, a €336.1 million net loss in 2025, €161.1 million of cash burned, 96.5 percent of research inside a single molecule, 69 employees to carry an approval filing and a market launch. The road there is paid for in stock: 37 percent more shares since the end of 2023, and per the company's own prospectus $110.78 of a $125.00 issue price is pure expectation. Not investment advice.
Trial evidence & efficacy
The Phase 3 ABTECT maintenance trial cleared its primary endpoint by a wide margin on June 1, 2026: 51.3 percent clinical remission at week 44 on 50 mg and 50.8 percent on 25 mg, against 10.4 percent on placebo (p<0.0001), with all key secondary endpoints met — in a patient group where half had already failed advanced therapies. The induction data of July 2025 showed 20.8 percent against 4.4 percent after eight weeks.
Concentration risk
96.5 percent of 2025 research spending (€171.6 million of €177.8 million) went into obefazimod, and the annual report 20-F for 2025 states that the ability to generate revenue depends "entirely" on its development and approval in the near future. The second indication, Crohn's disease, only delivers data in mid-2027 — a setback in the approval process would have no cushion.
Cash & runway
€491.6 million of liquidity as of March 31, 2026, roughly €1.1 billion pro forma after the offering of June 30, 2026 (net proceeds $759.8 million), with no convertible notes and no secured loans left. Against that stands €161.1 million of cash used in operations in 2025 and already €50.5 million in the first quarter of 2026; the runway statement into the fourth quarter of 2027 holds explicitly only if trial results stay positive.
Dilution
The share count rose from 62,928,818 (December 31, 2023) to roughly 86.1 million after the offering of June 30, 2026, up 37 percent. The prospectus puts the immediate dilution at $110.78 per ADS at a $125.00 issue price — leaving $14.22 of pro forma net tangible book value. An unused at-the-market program of $150.0 million stands ready.
Financing legacies
The royalty certificates sold in 2022 for €2,931 thousand on 2 percent of all future obefazimod sales were bought back for $90 million in May 2026 and cancelled — right for the future, expensive for the second quarter of 2026 (a charge of about €43.0 million). In 2025, share-price-driven effects cost roughly €93 million, including €27.3 million of employer contributions on free share awards.
Governance & controls
The material weaknesses in internal control over financial reporting first reported in the listing prospectus and in the report for 2023 still existed as of December 31, 2025 per the 20-F — four areas from risk assessment to monitoring, with no stated timeline for remediation. They have not led to a misstatement so far, and as an emerging growth company Abivax does not yet need an auditor attestation on internal controls.
Worth Noting
Abivax did not reach our research list through a momentum or value screen but through the Form 13F-HR of Helikon Investments Ltd for the quarter ended March 31, 2026: 1,013,324 shares worth $112,833,627, a brand-new position (zero shares in each of the prior quarters) inside a portfolio otherwise shaped by miners and Argentine names. A 13F shows only U.S.-listed long positions, appears with a 35 to 45 day delay and contains neither short sales nor derivatives nor the Euronext holdings — a rearview mirror, not a roadmap.
Classic metrics do not work at Abivax: there is no price-to-earnings and no price-to-sales ratio, the Piotroski F-Score of 4 of 9 mostly measures noise at a company with no revenue, and the Altman Z-Score, net current asset value and cash balance are deliberately not shown because the books are kept in euros while the stock trades in U.S. dollars. What carries meaning is liquidity, cash burn, trial status and share count.
Valuation figures are dated and evergreen: the only clean anchor is the company's own issue price of $125.00 per ADS on June 30, 2026 (market value in the order of $10.8 billion at roughly 86.1 million shares); analyses are evergreen, daily prices are not a buy argument. Watch list: the half-year 2026 report on September 21, 2026 with the charge from the royalty buyback, the planned NDA submission late in the fourth quarter of 2026, the Phase 2b results in Crohn's disease in mid-2027, and the next Form 13F-HR (quarter ended June 30, 2026, published in mid-August 2026).
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ABVX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 72.50 $ to 145.30 $ · Last price: 107.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Abivax S.A. ABVX | 9.2 | – | -12.7 | 100.0 | -4,183.7 | -100.0 | 32.1 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 59.1 | 20.7 | 5.1 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year €M
Revenue Operating income Net income
| Fiscal Year | Revenue (€M) | EBIT (€M) | Net Income (€M) | EPS (€) | Operating Cash Flow (€M) | Equity (€M) | Total Assets (€M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -18 | -14 | -1.47 | -16 | 57 | 61 |
| 2017 | 0 | -14 | -11 | -1.13 | -8 | 48 | 54 |
| 2018 | 0 | -19 | -16 | -1.55 | -15 | 35 | 54 |
| 2019 | 0 | -33 | -31 | -2.51 | -27 | 19 | 52 |
| 2020 | 0 | -38 | -38 | -2.62 | -30 | 18 | 71 |
| 2021 | 0 | -41 | -42 | -2.75 | -45 | 26 | 109 |
| 2022 | 5 | -65 | -61 | -3.18 | -54 | 7 | 76 |
| 2023 | 5 | -127 | -148 | -3.43 | -100 | 196 | 327 |
| 2024 | 11 | -173 | -176 | -2.80 | -154 | 41 | 205 |
| 2025 | 0 | -246 | -336 | -4.83 | -156 | 455 | 584 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (€M) | Sales YoY (%) | Net Margin (%) | OCF (€M) | FCF (€M) |
|---|---|---|---|---|---|---|---|
| 2024: Q1 | -0.79 | – | 0 | – | – | -35 | -35 |
| 2024: Q2 | -1.01 | -40.30 | 3 | 50.90 | -1,142.70 | -43 | -43 |
| 2024: Q4 | -0.81 | – | 7 | 218.10 | -707.80 | -69 | -69 |
| 2025: Q1 | -0.95 | -20.20 | 0 | – | – | -33 | -33 |
| 2025: Q2 | -0.89 | 11.90 | 2 | -40.60 | -2,400.30 | -67 | -67 |
| 2025: Q3 | -2.47 | -243.10 | 0 | – | – | -71 | -71 |
| 2025: Q4 | -1.18 | -44.90 | -2 | -127.30 | – | -71 | -71 |
| 2026: Q1 | -0.71 | 25.30 | 0 | – | – | -51 | -51 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (€) | EPS Range (€) | Revenue Estimate (€M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -3.58 | -4.24 – -2.50 | 70 | 36.0% | 7 |
| 12/31/2027 | -3.34 | -5.13 – -1.87 | 80 | 6.7% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Geprüft am 23.07.2026 gegen den Geschäftsbericht 20-F für 2025 (eingereicht 23.03.2026), den 20-F für 2024 (24.03.2025), die Prospektergänzung 424B5 vom 02.07.2026 sowie die vier jüngsten 6-K-Zwischenmeldungen (23.03.2026 Jahreszahlen 2025, 22.05.2026 Q1-2026-Zwischenbericht, 02.06.2026 Phase-3-Erhaltungsdaten, 29.06.2026 Erhaltungsteil 2): Abivax S.A. ist ein klinisches Biotechnologieunternehmen ohne Produktumsatz; der gesamte Geschäftsbetrieb ist auf den Wirkstoff obefazimod (miR-124-Verstärker, Colitis ulcerosa und Morbus Crohn) ausgerichtet. Der Begriff „artificial intelligence“ kommt im 20-F für 2025 genau einmal vor — in einem Datenschutz-Risikofaktor mit dem Hinweis, dass Beschäftigte und Dienstleister KI (einschließlich generativer KI) für ihre Arbeit einsetzen und daraus Datenschutz- und Compliance-Risiken entstehen können. Im 20-F für 2024 fehlt der Begriff ganz; dort steht KI nur in zwei Risikofloskeln (durch KI verstärkte Cyberangriffe, mögliche Datenabflüsse durch generative KI bei Personal und Dienstleistern). In der 424B5 taucht KI ausschließlich in der Aufzählung „kritischer Technologien“ der französischen Investitionskontrolle auf, ohne Bezug zum eigenen Geschäft. Es gibt keine KI-Produkte oder -Dienste als Umsatzquelle (nicht „verkauft“), keinen im Filing belegten materiellen operativen KI-Einsatz in Forschung, Studienbetrieb oder Herstellung (die Formulierung „our employees and personnel use artificial intelligence … to perform their work“ steht ohne Anwendungsfall, Umfang oder Effizienzaussage in einem Datenschutzabschnitt und trägt „nutzt“ nicht), und die Risikofloskeln sind kein konkreter, geschäftsmodellspezifischer Bedroht-Beleg. In den ausgewerteten 6-K (Studienergebnisse, Zwischenabschluss, Emission) kommt KI überhaupt nicht vor. Nach dem Kriterienkatalog eindeutig „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 20-F 2026-03-23 · 20-F 2025-03-24 · 6-K 2026-05-22 · 6-K 2026-06-02 · 6-K 2026-06-29 · 6-K 2026-03-23 · 424B5 2026-07-02
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -100.0%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 53.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") no data
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 3.2%
- Net debt below twice EBITDA 484 m net cash
- Operating cash flow covers the profits of the last three years 250 m
- Return on capital at 15% or higher, or up versus two years ago -47.2%
- Insiders hold at least 10% or are net buyers 0.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -100.0%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -78.2%
- ROCE > 15% -47.2%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
ABIVAX Société Anonyme, a clinical-stage biotechnology company, develops therapeutics that harness the body's natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. Its lead drug candidate includes obefazimod, which is in Phase 3 clinical development for the treatment of moderately to severely active UC, as well as Phase 2b clinical trials for Crohn's disease. The company was incorporated in 2013 and is headquartered in Paris, France.
- Employees
- 80
- Headquarters
- Paris, France
- Address
- 7-11 Boulevard Haussmann, 75009 Paris, France
- Phone
- 33 1 53 83 09 63
- Website
- abivax.com
- IPO Date
- 10/20/2023
- ISIN
- US00370M1036
Management
| Name | Title | Birth Year |
|---|---|---|
| Marc M. P. de Garidel M.B.A. | CEO & Director | 1958 |
| Didier Blondel | EVP, CFO & Board Secretary | 1964 |
| Patrick Malloy | Senior VP & Head of Investor Relations | – |
| Ida Hatoum | Chief People & Compliance Officer | 1975 |
| James Berger | Global Head of Marketing | – |
| Pierre Courteille M.B.A. | Chief Business Officer | 1969 |
| Jerome Denis Ph.D. | Executive Vice President of Process Development & Manufacturing | – |
| Hema Keshava | Senior Vice President of Finance | – |
| Chris Rabbat Ph.D. | VP & Global Head of Medical Affairs | – |
| Kevin Shan Ph.D. | VP & Global Head of Biometrics | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.