Abivax S.A.

ABIVAX did not provide revenue, EPS, or gross margin figures on the call. The company said it raised over €500 million in 2023, consisting of a €130 million crossover financing in February, two structured debt financings in August allowing up to €150 million, and a €223.3 million NASDAQ IPO in October. Cash was €251 million as of December 31, 2023, which management said funds operations into Q4 2025 based on the current business plan. Forward-looking milestones include top-line data from the Phase 3 ABTECT induction trial in ulcerative colitis expected in Q1 2025, Crohn’s Phase 2b recruitment starting in Q3 2024, and first follow-on candidate selection in Q3 2024.

Marc de Garidel framed 2023 as a pivotal year that positioned ABIVAX for upcoming clinical and strategic milestones. He emphasized that obefazimod remains the lead program and described the company’s aim as making it a potential preferred oral option for inflammatory bowel disease. His tone was confident and forward-looking, highlighting the global build-out of the organization, the strengthened board, and growing interest from the scientific and industry communities.

No detailed quarterly income statement was discussed, but management emphasized the financing and runway. Marc de Garidel said ABIVAX raised over €500 million in 2023 and ended the year with €251 million in cash, which they believe is enough to fund operations into Q4 2025. The financing was presented as support for both the development plan and the broader infrastructure build-out in the U.S. and Europe.

Analysts focused mainly on Phase 3 enrollment, retention, the scope of the Q1 2025 readout, and how ABIVAX will prioritize follow-on and combination programs. Management said enrollment is underway across all targeted regions, including China and Brazil, with North America running longest and Europe now fully engaged; they also noted that dropout/discontinuation is being watched closely after headaches caused some discontinuations in Phase 2b. On the readout, management said they are still deciding how extensive the Q1 2025 disclosure will be because the maintenance study is running concurrently, and they reiterated that they expect competitive induction results but are blinded to the current data. On pipeline strategy, they said combination decisions will be based on preclinical data, competitive dynamics, safety, payer considerations, and practicality, with one combination likely chosen because multiple human trials would be hard to finance.