ABVX

MKT CAP:$7B

Abivax S.A.

Market Cap

$7B

Healthcare·Biotechnology·🇫🇷 France·NASDAQ

Healthcare·Biotechnology·🇫🇷·NASDAQ

Stock Price

$114.99-$18.78 (-14.04%)

Apr 22, 2026

Company Details

ABIVAX Société Anonyme discovers and optimizes drugs for the treatment of inflammatory diseases, infectious diseases, and cancer in France. Its principal products include ABX464 that is in Phase IIb clinical trials for the treatment of ulce...

CEO

Marc de Garidel

IPO Date

Oct 20, 2023

Website

www.abivax.com

Key Metrics TTM

Revenue

$13M

+58.2% YoY

Net Income

-$536M

EPS (Diluted)

-$7.95

Free Cash Flow

-$236M

Revenue / Share

$0.18

Gross Margin

90.5%

Operating Margin

-3833.6%

Net Margin

-4246.3%

FCF Margin

-1871.8%

P/S

592.6x

P/E

—

Earnings Reports

FY 2025

Mar 23, 2026

$0EPS -$5.44

Q4 2025

Mar 23, 2026

-$2M-127.3%EPS -$3.58

Q2 2025

Sep 8, 2025

$2M-40.6%EPS -$1.86

Q4 2024

Mar 24, 2025

$9M+218.1%EPS -$1.75

Q2 2024

Jun 30, 2024

$4M+50.9%EPS -$0.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$411.6K	-$6M	-$8M
Q2 18	$575.2K	-$7M	-$10M
Q4 18	$377.6K	-$10M	-$12M
Q2 19	$0	-$52.6K	-$20M
Q4 19	$0	-$40.9K	-$19M
Q2 20	$0	-$38.6K	-$19M
Q4 20	$0	-$38.6K	-$27M
Q2 21	$0	-$37.4K	-$31M
Q4 21	$0	-$145.0K	-$30M
Q4 22	$3M	$3M	-$45M
Q2 23	$3M	$3M	-$46M
Q4 23	$3M	$3M	-$108M
Q2 24	$4M	$4M	-$47M
Q4 24	$9M	$9M	-$155M
Q2 25	$2M	$2M	-$110M
Q4 25	-$2M	-$4M	-$172M

Valuation

Quarter	P/S	P/E
Q4 17	659.9x	—
Q2 18	388.1x	—
Q4 18	285.7x	—
Q2 19	286.7x	—
Q4 19	410.5x	—
Q2 20	1035.8x	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q4 22	148.8x	—
Q2 23	74.4x	—
Q4 23	88.4x	—
Q2 24	71.7x	—
Q4 24	24.8x	—
Q2 25	27.3x	—
Q4 25	705.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	-$2M	-$3M
Q2 18	-$11M	-$11M
Q4 18	-$6M	-$7M
Q2 19	-$13M	-$14M
Q4 19	-$19M	-$19M
Q2 20	-$10M	-$10M
Q4 20	-$25M	-$26M
Q2 21	-$28M	-$28M
Q4 21	-$26M	-$27M
Q4 22	-$47M	-$51M
Q2 23	-$32M	-$34M
Q4 23	-$83M	-$83M
Q2 24	-$50M	-$50M
Q4 24	-$81M	-$81M
Q2 25	-$78M	-$78M
Q4 25	-$27M	-$27M

Capital Expenditures

Quarter	CapEx
Q4 17	$613.8K
Q2 18	$334.4K
Q4 18	$557.7K
Q2 19	$664.1K
Q4 19	$436.1K
Q2 20	$404.5K
Q4 20	$645.4K
Q2 21	$150.8K
Q4 21	$2M
Q4 22	$5M
Q2 23	$174.2K
Q4 23	$136.8K
Q2 24	$138.0K
Q4 24	$236.2K
Q2 25	$73.7K
Q4 25	$101.7K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	+529.3%	-29.5%
Q2 18	+259.1%	-15.8%
Q4 18	+2207.1%	+42.4%
Q2 19	-100.0%	+132.2%
Q4 19	-100.0%	+126.4%
Q2 20	-100.0%	+79.0%
Q4 20	-100.0%	+115.2%
Q2 21	—	+54.2%
Q4 21	—	+59.9%
Q4 22	—	+153.2%
Q2 23	—	+78.7%
Q4 23	—	+257.3%
Q2 24	—	+68.9%
Q4 24	+229.1%	+242.0%
Q2 25	-10.3%	+129.1%
Q4 25	-186.7%	+53.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$0	0.0%
Q2 18	$0	0.0%
Q4 18	$0	0.0%
Q2 19	$0	—
Q4 19	$0	—
Q2 20	$0	—
Q4 20	$0	—
Q2 21	$0	—
Q4 21	$0	—
Q4 22	$306.3K	11.7%
Q2 23	$65.5K	2.5%
Q4 23	$0	0.0%
Q2 24	$7M	168.3%
Q4 24	$10M	119.0%
Q2 25	$13M	546.4%
Q4 25	-$13M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 17	$6M	—	—	$2M
Q2 18	$8M	—	—	$2M
Q4 18	$10M	—	—	$3M
Q2 19	$18M	—	—	$3M
Q4 19	$16M	—	—	$2M
Q2 20	$16M	—	—	$3M
Q4 20	$25M	—	—	$3M
Q2 21	$28M	—	—	$3M
Q4 21	$27M	—	—	$3M
Q4 22	$38M	$6M	—	—
Q2 23	$38M	$8M	—	—
Q4 23	$82M	$18M	$7M	—
Q2 24	$38M	$21M	$2M	—
Q4 24	$96M	$18M	$2M	—
Q2 25	$91M	$19M	$2M	—
Q4 25	$108M	$32M	$24.6K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$3M	$6M	$9M
Q4 18	$9M	$6M	$15M
Q2 19	$14M	$7.0K	$14M
Q4 19	$11M	$7.0K	$11M
Q2 20	$14M	$7.0K	$14M
Q4 20	$34M	$7.0K	$34M
Q2 21	$5M	$7.0K	$5M
Q4 21	$71M	$7.0K	$71M
Q2 22	$14M	$18M	$31M
Q4 22	$32M	$0	$32M
Q2 23	$134M	$0	$134M
Q4 23	$295M	$11M	$305M
Q2 24	$260M	$0	$260M
Q4 24	$169M	$0	$169M
Q2 25	$71M	$0	$71M
Q4 25	$604M	$16M	$620M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	10M	+4.6%	+3.3%
Q2 18	10M	-1.7%	+3.4%
Q4 18	10M	+4.6%	+6.3%
Q2 19	10M	-1.9%	+5.5%
Q4 19	12M	+18.9%	+20.0%
Q2 20	12M	+0.2%	+22.3%
Q4 20	14M	+17.2%	+37.1%
Q2 21	15M	+2.5%	+43.2%
Q4 21	17M	+14.3%	+37.6%
Q4 22	22M	+33.1%	+82.6%
Q2 23	36M	+61.0%	+150.9%
Q4 23	48M	+34.5%	+229.4%
Q2 24	63M	+30.3%	+275.5%
Q4 24	63M	+0.4%	+183.3%
Q2 25	63M	+0.4%	+76.6%
Q4 25	70M	+9.6%	+44.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	—	—
Q2 18	—	—
Q4 18	—	—
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 21	—	—
Q4 21	—	—
Q4 22	—	—
Q2 23	—	—
Q4 23	—	—
Q2 24	—	—
Q4 24	$8.7K	1K
Q2 25	$2.4K	1K
Q4 25	-$34.2K	69

Revenue / Employee