Abivax: obefazimod filing planned for end of 2026, financial visibility through 2029
Abivax presented its first-half 2026 accounts on September 21, 2026, marked by an increase in research and development expenses and a widened net loss, as the company prepares for potential commercialization of obefazimod. The biotechnology company highlights extended financial visibility through the fourth quarter of 2029, supported by its cash position as of June 30 and proceeds from a public offering completed in July.
Net loss reaches 165.9 million euros driven by rising expenses
In the first half of 2026, Abivax recorded a net loss of 165.9 million euros, compared to 100.8 million euros a year earlier. Operating loss reached 140.3 million euros, compared to 93.7 million euros in the first half of 2025. Research and development expenses rose by 29.9 million euros to reach 107.9 million euros, representing 75.5% of operating expenses. This increase is linked to new indications for obefazimod, Chemistry, Manufacturing and Controls activities, as well as clinical programs in Crohn's disease and ulcerative colitis. General and administrative expenses rose from 16.3 to 30.4 million euros, while commercial and marketing expenses rose from 1.5 to 4.6 million euros, the latter being related to preparation for a potential commercial launch in the United States. The financial result stands at -31.4 million euros, compared to -7.1 million euros a year earlier.
Cash position of 402.4 million euros and visibility through fourth quarter 2029
As of June 30, 2026, Abivax held 402.4 million euros in cash, cash equivalents and short-term investments. Added to these resources is net proceeds of 767.1 million euros from the public offering completed in early July 2026 in the United States, covering 7,360,000 American Depositary Shares for gross proceeds of approximately 920 million dollars (approximately 807.4 million euros). Based on current operational assumptions, these resources should provide the company with financial visibility through the fourth quarter of 2029. On May 7, 2026, Abivax completed the repurchase and cancellation of all outstanding Royalty Certificates for a total amount of 90 million dollars (approximately 76.5 million euros), settled half in cash and half in shares. This transaction resulted in the recognition of a charge of approximately 43.2 million euros in the second quarter of 2026, as well as a tax benefit of 5.8 million euros related to the derecognition of a deferred tax liability. On the balance sheet, the Royalty Certificates line, which stood at 30.2 million euros as of December 31, 2025, was reduced to zero as of June 30, 2026.
Filing of regulatory application end of 2026 and management changes
Abivax plans to submit a New Drug Application to the United States for obefazimod in ulcerative colitis by the end of 2026. Preliminary results from the ENHANCE-CD phase 2b induction trial, evaluating obefazimod in Crohn's disease, are expected in mid-2027. The company announced changes to its management team. Fabio Cataldi, Chief Medical Officer, will leave Abivax in the fourth quarter of 2026, and Chris Rabbat, who has led Medical Affairs since 2023, will succeed him. Tim Kelly is appointed Chief Technical Officer and will oversee Chemistry, Manufacturing and Controls, Quality and Information Technology functions. Both appointments take effect immediately. According to management, they are part of the company's preparation for potential commercialization of obefazimod, its leading drug candidate in phase 3 for moderate to severe active ulcerative colitis.
