Abivax S.A.

ABIVAX reported no revenue, EPS, or gross margin figures on the call. Management said it raised over €500 million in 2023, including €130 million from crossover financing, up to €150 million from structured debt transactions, and €223.3 million from the NASDAQ IPO. Cash was €251 million as of December 2023, which management said is sufficient to fund operations into Q4 2025 based on the current business plan. Forward-looking milestones include Phase 3 ABTECT induction top-line data in Q1 2025, Crohn’s Phase 2b initiation in Q3 2024, and preclinical combination data in the second half of 2024.

Marc de Garidel framed 2023 as a transformational year, pointing to the capital raise, the dual listing, and the buildout of a global operating infrastructure. His tone was constructive and focused on execution, with obefazimod positioned as a potential preferred oral option for inflammatory bowel disease. He emphasized that the company is now set up to deliver key clinical readouts and to continue exploring ways to strengthen the pipeline.

The CFO did not give a separate formal financial presentation, but management highlighted the main liquidity picture: €251 million of cash at year-end and runway into Q4 2025 under the current plan. Marc de Garidel said ABIVAX raised over €500 million in 2023 via the €130 million crossover, up to €150 million in structured debt, and the €223.3 million NASDAQ IPO. He also stressed that this financing supports both the development strategy for obefazimod and the company’s operational buildout in the U.S. and Europe.

Analysts focused heavily on ABTECT enrollment, regional mix, and dropout/retention. Sheldon Sloan said the study is now active in all targeted regions, including China and Brazil, with North America longest underway; he also noted that while discontinuation is blinded in Phase 3, the team is proactively managing headaches, which contributed to discontinuations in Phase 2b. Questions also covered the scope of the Q1 2025 readout and the efficacy bar; management said the readout format is still being discussed internally and that they are aiming for competitive induction results versus current market offerings, while acknowledging the data remain blinded. On follow-on compounds and combination therapy, management said it is still evaluating preclinical data, considering chemistry, efficacy, safety, payer dynamics, and likely can only advance one combination path because multiple human trials would be difficult to fund.