Abivax Presents First Quarter 2025 Financial Results
In This Article:
Abivax Presents First Quarter 2025 Financial Results
PARIS, France, June 2, 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 results for the quarter ended March 31, 2025.
Abivax provided the following updates on its business and operational goals in press releases published:
-
On January 9, 2025 in a press release titled “Abivax Achieves Key Milestone in Phase 3 ABTECT Trial Enrollment”
-
On January 23, 2025 in a press release titled “Abivax Announces Presentation of Seven Abstracts for Obefazimod in Ulcerative Colitis at 2025 European Crohn’s and Colitis Organization 20th Annual Congress”
-
On January 28, 2025 in a press release titled “Abivax Publishes 2025 Financial Calendar”
-
On February 21, 2025 in a press release titled “Abivax to Host Key Opinion Leader (KOL) Webcast on March 17, 2025”
-
On March 24, 2025 in a press release titled “Abivax Announces Full Year 2024 Financial Results”
-
On March 26, 2025 in a press release titled “Abivax Publishes Financial Reports with the French and U.S. Securities Regulatory Agencies”
-
On April 22, 2025 in a press release titled “Abivax Announces Appointment of Dominik Höchli, MD to Board of Directors”
-
On April 22, 2025 in a press release titled “Abivax Announces Annual General Meeting Details as Company Advances Toward Key 2025 Value-Driving Milestones”
-
On April 29, 2025 in a press release titled “Abivax Announces Completion of Enrollment for the Phase 3 ABTECT Trials in Patients with Moderately to Severely Active Ulcerative Colitis”
First Quarter 2025 Financial Highlights (IFRS figures)
(Consolidated, unaudited results)
| Income Statement |
| Three months ended |
| Change | |
| in millions of euros |
| 2025 | 2024 |
|
|
| Total operating income |
| 1.0 | 1.2 |
| -0.2 |
| Total operating expenses |
|
|
|
|
|
| of which Research and Development costs |
| (39.3) | (35.7) |
| (3.6) |
| of which Sales and Marketing costs |
| (0.9) | (2.0) |
| 1.1 |
| of which General and Administrative costs |
| (8.0) | (8.1) |
| 0.1 |
| Operating loss |
| (47.2) | (44.7) |
| (2.5) |
| Financial (loss) income |
| (5.2) | 1.8 |
| (7.0) |
| Net loss for the period |
| (52.4) | (42.9) |
| (9.5) |
| Balance Sheet |
| March 31, 2025 | December 31, 2024 |
| Change |
| in millions of euros |
|
|
|
|
|
|
|
|
|
|
|
|
| Net financial position |
| 18.5 | 53.4 |
| (34.9) |
| of which other current financial assets and other current receivables and assets* |
| 26.3 | 23.2 |
| 2.6 |
| of which available cash and cash equivalents |
| 103.6 | 144.2 |
| (40.6) |
| (of which financial liabilities)** |
| (111.4) | (114.0) |
| 2.6 |
|
|
|
|
|
|
|
| Total Assets |
| 166.9 | 205.2 |
| (38.3) |
|
|
|
|
|
|
|
| Total Shareholders’ Equity |
| (6.6) | 40.6 |
| (47.2) |
| * Excluding items of the liquidity contract (liquidity and own shares) and prepaid expenses | |||||
-
Operating loss increased by EUR 2.5M to EUR -47.2M for the three months ended March 31, 2025 compared to EUR -44.7M for the three months ended March 31, 2024. Operating income, consisting predominantly of Research Tax Credits and Subsidies, decreased by EUR 0.2M to EUR 1.0M for the three months ended March 31, 2025 compared to EUR 1.2M for the three months ended March 31, 2024. The increase in operating loss was driven by operating expenses as described further below.
-
Research and development (R&D) expenses increased by EUR 3.6M to EUR -39.3M in the first quarter of 2025 compared to EUR -35.7M in the same period in 2024. This increase was predominantly driven by expenses related to:
-
A EUR 3.0M, or 736% increase related to our Crohn’s Disease (CD) clinical program, driven by the progression of Phase 2b clinical trials for obefazimod in CD;
-
A EUR 2.7M, or 78%, increase in transversal activities related to the overall expansion of the R&D headcount to support our organizational growth and the issuance of new equity awards to officers and employees in R&D; and
-
Partially offset by a decrease of EUR 1.3M, or -4%, related to our Ulcerative Colitis (UC) clinical program as our Phase 3 clinical trials reached full enrollment.
-
-
Sales and marketing (S&M) expenses decreased to EUR -0.9M for the three-month period ended March 31, 2025 compared to EUR -2.0M for the same period in 2024. The decrease was predominantly driven by a reduction in non-critical expenses to manage our cash expense.
-
General and administrative (G&A) expenses decreased to EUR -8.0M for the first quarter of 2025 compared to EUR -8.1M for the first quarter of 2024. This decrease was primarily due to:
-
A decrease in personnel costs of EUR 0.6M, resulting from the expense recognition pattern of equity awards granted to certain of our officers and employees, many of which were issued in connection with our U.S. initial public offering and listing on Nasdaq in October 2023;
-
Offset by EUR 0.4M increase related to legal and professional fees and other costs associated with operating as a dual-listed public company.
-
-
For the three-months ended March 31, 2025, our EUR -5.2M net financial loss was driven primarily by the following items:
-
Interest expenses of EUR -3.5M in relation to borrowings and loans;
-
Non-cash expense of EUR -1.0M in relation in relation to our royalty certificates; and
-
Foreign Exchange losses of EUR -1.0M;
-
Mostly offset by interest income of EUR 0.9M in relation to the invested proceeds from our U.S. initial public offering and listing on Nasdaq.
-
-
Cash position as of March 31, 2025 was EUR 103.6M compared to EUR 144.2M as of December 31, 2024. The decrease was due to EUR -33.3M used in operating activities and EUR -7.8M related to principal and interest paid on our debt facilities. This decrease was partially offset by EUR 1.0M of interest received on cash.