aibioAbivax expects cash into Q4 2027 after $747.5 million gross offering
Tickers ABVX
Abivax reported a first-half net loss of EUR 100.8 million and negative shareholders' equity of EUR 48.3 million at June 30, 2025, before a July US offering and several note conversions. The company now says its cash lasts into the fourth quarter of 2027.
Key facts
- Company
- Abivax SA (EURONEXT: ABVX)
- News type
- Distress
- Primary source
- Abivax SA 6-K (2025-09-08)
First-half results
Abivax SA (Euronext Paris and Nasdaq: ABVX) published its first-half 2025 results on September 8, 2025, in a Form 6-K. The operating loss widened to EUR 93.7 million from EUR 80.0 million a year earlier. Research and development costs rose to EUR 77.9 million from EUR 64.7 million. The release ties most of the increase to the Crohn's disease Phase 2b program and to higher personnel costs. Operating income, mostly research tax credits and subsidies, fell to EUR 2.1 million from EUR 6.8 million. The net loss for the period was EUR 100.8 million, against EUR 81.6 million a year earlier.
The financial loss of EUR 7.1 million came mainly from EUR 6.9 million of interest on borrowings and loans and EUR 2.3 million of foreign exchange losses. At June 30, 2025, total shareholders' equity was negative EUR 48.3 million, compared with positive equity of EUR 40.6 million at December 31, 2024. Total assets fell to EUR 119.6 million from EUR 205.2 million.
Cash fell to EUR 60.9 million from EUR 144.2 million. The company used EUR 66.6 million in operations and paid EUR 16.6 million of principal and interest on its debt facilities. Financial liabilities, which the release says include borrowings, convertible loan notes, derivatives and royalty certificates, stood at EUR 103.9 million, against EUR 114.0 million at the end of 2024.
The July offering and the note conversions
On July 28, 2025, Abivax completed an underwritten public offering in the United States of 11,679,400 American Depositary Shares, each representing one ordinary share. Aggregate gross proceeds were approximately $747.5 million, or about EUR 637.5 million, before underwriting commissions and expenses. Net proceeds were about $700.3 million, or EUR 597.2 million. The release does not name the underwriters.
Affiliates of Heights Capital Management held amortizing senior convertible notes issued in August 2023. They gave notice on July 23 and July 30, 2025 to convert the full EUR 21.9 million of principal into 920,377 new ordinary shares at EUR 23.7674 a share. Abivax says it no longer holds any debt with Heights.
Other holders also moved. Kreos Capital VII (UK) Limited converted its portion of the Tranche A convertible OCABSA into 785,389 ordinary shares on August 6, 2025, and Kreos Capital VII Aggregator SCSp exercised share warrants for 319,251 shares the same day. Claret European Growth Capital Fund III exercised warrants for 206,662 shares on August 28, 2025. Each of these issuances adds to the share count, and the release does not give a total after them, so the full dilution cannot be measured from it.
The science and the runway
The release lists a July 22, 2025 press release titled "Abivax Announces Positive Phase 3 Results from Both ABTECT 8-Week Induction Trials Investigating Obefazimod." The half-year release itself contains no trial data, so the label is the company's own. The company's annual report on Form 20-F, filed March 24, 2025, describes an earlier Phase 2b induction trial in ulcerative colitis with 252 patients. In that trial, the company says, obefazimod met the primary endpoint of a statistically significant reduction in Modified Mayo Score. The same filing says a small number of oral therapies for inflammatory bowel disease have recently been approved, and the company says these come with concerning potential side effects or extensive pre-initiation exams.
The company expects to fund its forecast cash flow requirements into the fourth quarter of 2027. The release bases that on the June 30 cash of EUR 60.9 million, the EUR 637.5 million gross offering, the Heights conversion and the conversion of EUR 16.7 million of principal under the Kreos Tranche A instrument. Those are the company's assumptions.
What remains open
The balance sheet is the main issue in these figures. Equity was negative at June 30, 2025, and the company still carried EUR 103.9 million of financial liabilities before the July money came in. The release does not give a share count after the July and August issuances, a schedule for regulatory filings or any date for a Crohn's readout.