ABIVAX (ABVX) Q2 2026 earnings summary

Executive summary

• No significant anomalies were identified in the limited review of the interim consolidated financial statements for the six months ended June 30, 2026, confirming compliance with IAS 34 and IFRS as adopted by the EU.

• The group remains focused on advancing obefazimod for ulcerative colitis and Crohn's disease, with a planned NDA submission in Q4 2026 and ongoing clinical trials.

• Leadership transitions include Chris Rabbat as Chief Medical Officer and Tim Kelly as Chief Technical Officer, strengthening the team for potential commercialization of obefazimod.

• Multiple positive clinical milestones for obefazimod in ulcerative colitis, including Phase 3 trial results and a positive pre-NDA FDA interaction.

• Major capital raises in July 2025 and July 2026, along with a strategic buy-back of royalty certificates, have secured funding for at least 12 months and enhanced financial flexibility.

Financial highlights

• Net loss for the six months ended June 30, 2026, was €165.9 million, compared to €100.8 million for the same period in 2025.

• Operating expenses rose sharply, with R&D costs at €107.9 million and G&A at €30.4 million for H1 2026.

• Sales and marketing expenses grew to €4.6 million, reflecting preparations for U.S. commercialization.

• Cash and cash equivalents stood at €402.4 million at June 30, 2026, with net proceeds of €767.1 million from a July public offering extending runway into Q4 2029.

• Total equity decreased to €366.3 million at June 30, 2026, from €455.2 million at December 31, 2025.

Outlook and guidance

• The group expects continued losses until significant revenues are generated from product commercialization.

• NDA submission for obefazimod in ulcerative colitis is planned for Q4 2026, with potential US commercialization preparations underway.

• Topline results from Phase 2b ENHANCE-CD trial expected mid-2027.

• Cash runway projected into Q4 2029 based on current assumptions and recent capital raise.