Abivax reported unaudited financial results for the nine months ended September 30, 2025, reflecting continued investment in late-stage clinical development and a significantly strengthened balance sheet following a large equity raise. Total operating income declined year-over-year to €4.1 million from €8.1 million in the prior-year period, while operating loss widened to €174.4 million from €130.2 million. Net loss for the period reached €254.1 million, driven largely by higher operating expenses and non-cash financial items. Cash and cash equivalents totaled €589.7 million at quarter-end, which management said is expected to be sufficient to fund forecasted operations into the fourth quarter of 2027.
#Financial Performance Breakdown
Total operating expenses increased materially during the nine-month period, led by higher research and development spending as Abivax advanced its clinical programs. R&D expenses rose €25.4 million year-over-year to €133.4 million, primarily reflecting progression of the Phase 3 ulcerative colitis program for obefazimod, continued Phase 2b development in Crohn’s disease, and additional obefazimod-related studies. The company also reported increased CMC and supply chain costs in anticipation of later-stage development and potential commercialization.
Sales and marketing expenses declined to €3.4 million from €5.1 million, mainly due to lower headcount and the absence of prior-year rebranding costs. General and administrative expenses increased €16.5 million to €41.8 million, driven largely by higher personnel-related charges, including employer social contributions tied to equity awards following share price appreciation, as well as increased legal and professional fees associated with maintaining a dual listing.
The net financial result of a €79.7 million loss reflected fair value changes in convertible notes and warrants, foreign exchange losses on U.S. dollar cash balances, interest expense, and non-cash royalty certificate revaluations, partially offset by foreign exchange gains, interest income, and the extinguishment of certain financial liabilities.
#Strategic and Operational Highlights
During and subsequent to the quarter, Abivax announced multiple late-breaking presentations related to its Phase 3 ABTECT induction trials of obefazimod in ulcerative colitis at the 2025 United European Gastroenterology meeting. These disclosures included updated efficacy, safety, and patient-reported outcomes data across different patient subgroups, including those with prior inadequate responses to advanced therapies.
From a capital structure perspective, the company completed a substantial underwritten public offering in July 2025, generating net proceeds of approximately €597.2 million. The quarter also saw the conversion of the Heights convertible notes and multiple warrant exercises and conversions related to the Kreos and Claret financing arrangements, eliminating Heights-related debt. Subsequent to quarter-end, Abivax notified bondholders of its intention to fully repay remaining Kreos/Claret tranches, which management expects to complete before year-end 2025.
#Management Commentary and Outlook
Management stated that the strengthened cash position provides visibility to fund forecasted operations into the fourth quarter of 2027. The company emphasized continued focus on advancing its late-stage ulcerative colitis program while progressing clinical development in Crohn’s disease. Forward-looking statements highlighted expectations to execute ongoing trials and related operational activities, while acknowledging typical risks associated with clinical development, regulatory processes, and financial market conditions.
#Context and Company Statements
The third quarter results underscore Abivax’s transition into a capital-intensive late-stage development phase, supported by a significantly expanded cash balance and a simplified debt profile. While operating losses increased as expected with advancing trials, liquidity appears sufficient for near- to mid-term objectives based on management’s disclosures. Investors should continue to weigh execution risk, non-cash earnings volatility, and clinical development uncertainty when interpreting these results, which reflect a single reporting period.