Abivax Presents First Half 2025 Financial Results
PARIS, France, September 8, 2025, 10:00 p.m. CEST -- Abivax SA (Euronext Paris: FR0012333284 -- ABVX / Nasdaq -- ABVX) ("Abivax" or the "Company"), a clinical-stage biotechnology company focused on developing therapeutics that harness the body's natural regulatory mechanisms to modulate the inflammatory response in patients with chronic inflammatory diseases, announces today its key financial information for the six months ended June 30, 2025. The interim financial statements for the first half of 2025, approved by the Company's Board of Directors on September 4, 2025, have been reviewed by the Company's external auditors.
Abivax provided the following key updates on its business and operational goals in press releases published:
-- On June 11, 2025, a press release titled "Abivax Announces Results of its
June 6, 2025 Annual General Meeting"
-- On July 22, 2025, a press release titled "Abivax Announces Positive Phase
3 Results from Both ABTECT 8-Week Induction Trials Investigating
Obefazimod, its First-in-Class Oral miR-124 Enhancer, in Moderate to
Severely Active Ulcerative Colitis"
-- On July 28, 2025, a press release titled "Abivax Announces Closing of
$747.5 Million Public Offering"
First Half 2025 Financial Highlights (IFRS figures)
(Consolidated, unaudited results)
Six months ended
Income Statement June 30, Change
------------------
in millions of euros 2025 2024
--------- -------
Total operating income 2.1 6.8 (4.7)
Total operating expenses
of which Research and Development
costs (77.9) (64.7) (13.2)
of which Sales and Marketing costs (1.5) (4.2) 2.7
of which General and Administrative
costs (16.3) (17.9) 1.6
Operating loss (93.7) (80.0) (13.7)
Financial (loss) (7.1) (1.6) (5.5)
Net loss for the period (100.8) (81.6) (19.2)
------
December 31,
Balance Sheet June 30, 2025 2024 Change
------------- ------------
in millions of euros
Net financial position (20.2) 53.4 (73.6)
of which other current financial
assets and other current receivables
and assets* 22.8 23.2 (0.4)
of which available cash and cash
equivalents 60.9 144.2 (83.3)
(of which financial liabilities)** (103.9) (114.0) 10.1
------
Total Assets 119.6 205.2 (85.6)
------------------------------------- ------------- ------------ ------
Total Shareholders' Equity (48.3) 40.6 (88.9)
------------------------------------- ------------- ------------ ------
* Excluding items of the liquidity contract (liquidity and own
shares) and prepaid expenses
** Financial liabilities include borrowings, convertible loan
notes, derivative instruments, royalty certificates and other
financial liabilities
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-- Operating loss increased by EUR 13.7M to EUR -93.7M for the six months
ending June 30, 2025 compared to EUR -80.0M for the six months ending
June 30, 2024. Operating income, consisting predominantly of Research Tax
Credit and Subsidies, decreased by EUR 4.7M to EUR 2.1M for the six
months ending June 30, 2025 compared to EUR 6.8M for the six months
ending June 30, 2024. The increase in operating loss was driven by
operating expenses as described further below.
-- Research and development (R&D) expenses increased by EUR 13.2 to EUR
-77.9M in the first half of 2025 compared to EUR -64.7M in the same
period 2024. This increase was predominantly driven by expenses related
to:
-- A EUR 6.5M, increase related to the Company's Crohn's Disease $(CD)$
clinical program, driven by the progression of Phase 2b clinical
trials for obefazimod in CD; and
-- A EUR 5.7M increase in transversal personnel expenses related to
the overall expansion of the R&D headcount to support the
Company's organizational growth and the issuance of new equity
awards to officers and employees in R&D.
-- Expenses related to the Company's UC clinical program remained
relatively stable, increasing by EUR 0.2 million.
-- Sales and marketing (S&M) expenses decreased by EUR -2.7M to EUR -1.5M
for the six-month period ending June 30, 2025 compared to EUR -4.2M for
the same period 2024. The decrease was predominantly driven by a
reduction in headcount as well as one-time costs that were incurred in
2024 for the Company's corporate re-branding, including its new website.
-- General and administrative (G&A) expenses decreased to EUR -16.3M for the
first half of 2025 compared to EUR -17.9M for the first half of 2024.
This decrease was primarily due to:
-- A decrease in personnel costs of EUR 1.2M, resulting from the
timing of expense recognition in equity awards granted to officers
and employees, many of which were issued in connection with the
Company's U.S. initial public offering and listing on Nasdaq in
October 2023 as well as strict adherence to the approved budget,
which includes savings through reducing non-essential spend;
-- Offset by increased spending related to legal and professional
fees and other costs associated with operating as a dual-listed
public company.
-- For the six-months ended June 30, 2025, the EUR -7.1M net financial loss
was driven primarily by the following items:
-- Interest expenses of EUR -6.9M in relation to borrowings and
loans; and
-- Non-cash expense of EUR -1.1M in relation to royalty certificates;
and
-- Foreign exchange losses of EUR -2.3M;
-- Offset by interest income of EUR 1.1M in relation to the invested
proceeds from cash on hand, EUR 1.8M related to the decrease in
liabilities at fair value through profit and loss (EUR 1.3M of
this relating to the Heights convertible note), and EUR 0.2M of
other non-cash financial income.
-- Cash position as of June 30, 2025, was EUR 60.9M compared to EUR 144.2M
as of December 31, 2024. The decrease was due to EUR -66.6M used in
operations and EUR -16.6M related to principal and interest paid on the
Company's debt facilities. This decrease was offset by EUR 1.2M of
interest received on cash.
-- On July 28, 2025, Abivax completed its underwritten public offering of
11,679,400 American Depositary Shares, each representing one ordinary
share, EUR 0.01 nominal value per share, of the Company, in the United
States. The aggregate gross proceeds amounted to approximately $747.5
million, equivalent to approximately EUR 637.5 million, before deduction
of underwriting commissions and offering expenses, and the net proceeds,
after deducting underwriting commissions and offering expenses, were
approximately $700.3 million, equivalent to approximately EUR 597.2
million.
-- On July 23 and July 30, 2025, Abivax received notices from entities
affiliated with Heights Capital Management, which hold amortizing senior
convertible notes issued in August 2023 (the "Height Convertible Notes"),
for the conversion of 150 and 200 convertible notes, respectively
(corresponding to the entirety of the outstanding principal amount of EUR
21.9 million) into 920,377 new ordinary shares of the Company at a
conversion price of EUR 23.7674 per ordinary share in accordance with the
terms and conditions of the convertible notes. Following these share
issuances, Abivax no longer holds any debt with Heights Capital
Management.
-- On August 6, 2025, Kreos Capital VII(UK) Limited converted its portion of
the Tranche A convertible OCABSA resulting in the issuance of 785,389
ordinary shares of the Company. In addition, on the same date Kreos
Capital VII Aggregator SCSp exercised its share warrants (the tranche A-B
BSA and tranche C BSA) resulting in the issuance of 319,251 ordinary
shares of the Company.
-- On August 28, 2025, Claret European Growth Capital Fund III SCSp,
exercised its share warrants (the tranche A-B BSA and tranche C BSA)
resulting in the issuance of 206,662 ordinary shares of the Company.
Based on (a) the Company's existing cash and cash equivalents of EUR 60.9 million as of June 30, 2025, (b) the gross proceeds from the July 2025 underwritten public offering of EUR 637.5 million (c) the conversion of all 350 Heights convertible notes in July and August 2025 and (d) the conversion of the Kreos portion of the Tranche A convertible OCABSA (aggregate principle amount of EUR 16.7 million) , the Company expects, as of the date of issuance of the unaudited interim condensed consolidated financial statements included in the Company's half-year report, to be able to fund its forecasted cash flow requirements into the fourth quarter of 2027.
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