Detailed financial statements for Abivax S.A. (ABVX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Abivax S.A., operating as ABIVAX Société Anonyme, is a French pharmaceutical firm focused on the discovery and optimization of therapeutic drugs for inflammatory, infectious, and oncological diseases. A cornerstone of their product pipeline is ABX464, which is currently undergoing Phase IIb clinical trials for ulcerative colitis, Crohn's Disease, and COVID-19.
Analysis Summary
Trailing-twelve-month margins: gross margin 153.1%, operating margin 119.5%, net margin 174.9%.
At $88.71 (closing price, November 3, 2026), ABVX has negative trailing earnings (P/E not meaningful) and an ROE of -85.88%. Market capitalisation stands at $7.8B.
Balance sheet quality for ABVX: debt-to-equity ratio of 0.00, current ratio of 5.97 over the last 12 months, net cash position of 484.3M EUR at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 127,000 EUR | 10,000 EUR | 18,000 EUR | 2,000 EUR | 63,000 EUR | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 14.6M EUR | 14.5M EUR | 15.4M EUR | 28.2M EUR | 33.8M EUR | 45.5M EUR | 50.8M EUR | 0 | 0 | 0 |
| Gross Profit | -14.5M EUR | -14.5M EUR | -15.4M EUR | -28.2M EUR | -33.8M EUR | -45.5M EUR | -50.8M EUR | 0 | 0 | 0 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 47.8M EUR | 48.3M EUR | 103.2M EUR | 146.5M EUR | 177.8M EUR |
| Selling, General & Admin | 3.6M EUR | 3.8M EUR | 4.3M EUR | 4.9M EUR | 5.6M EUR | 5.6M EUR | 7.5M EUR | 28.8M EUR | 38.9M EUR | 72.9M EUR |
| Operating Expenses | 3.7M EUR | -347,000 EUR | 3.7M EUR | 5.1M EUR | 4.2M EUR | -4.1M EUR | 14.1M EUR | 127.4M EUR | 173.0M EUR | 246.1M EUR |
| Operating Income | -18.2M EUR | -14.2M EUR | -19.1M EUR | -33.3M EUR | -38.0M EUR | -41.4M EUR | -64.8M EUR | -127.4M EUR | -173.0M EUR | -246.1M EUR |
| EBITDA | -17.9M EUR | -14.0M EUR | -19.2M EUR | -33.2M EUR | -38.0M EUR | -38.6M EUR | -53.3M EUR | -133.2M EUR | -162.7M EUR | -300.7M EUR |
| Interest Expense | 42,000 EUR | 0 | 469,000 EUR | 1.6M EUR | 2.1M EUR | 3.6M EUR | 6.9M EUR | 13.8M EUR | 12.4M EUR | 28.5M EUR |
| Pre-tax Income | -18.0M EUR | -14.1M EUR | -19.8M EUR | -34.9M EUR | -40.1M EUR | -42.5M EUR | -60.7M EUR | -147.7M EUR | -176.2M EUR | -330.3M EUR |
| Income Tax | -3.5M EUR | -2.7M EUR | -4.0M EUR | -4.3M EUR | -2.6M EUR | 0 | 0 | 0 | 0 | 5.8M EUR |
| Net Income | -14.3M EUR | -11.2M EUR | -15.8M EUR | -30.6M EUR | -37.6M EUR | -42.5M EUR | -60.7M EUR | -147.7M EUR | -176.2M EUR | -336.1M EUR |
| EPS | -€1.48 | -€1.14 | -€1.56 | -€2.51 | -€2.62 | -€2.75 | -€3.18 | -€3.43 | -€2.80 | -€4.65 |
| EPS (Diluted) | -€1.47 | -€1.13 | -€1.55 | -€2.51 | -€2.62 | -€2.75 | -€3.18 | -€3.43 | -€2.80 | -€4.65 |
| Shares Outstanding (Diluted) | 9.7 M | 9.9 M | 10.2 M | 12.2 M | 14.3 M | 15.5 M | 19.1 M | 43.1 M | 63.0 M | 69.5 M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -47.2M EUR | -46.5M EUR | -199.6M EUR | -84.1M EUR |
| EBITDA | -47.6M EUR | -44.6M EUR | -256.5M EUR | -122.4M EUR |
| Net Income | -52.4M EUR | -48.4M EUR | -287.7M EUR | -117.4M EUR |
| EPS | -€1.50 | -€1.59 | -€2.10 | -€1.47 |
| EPS (Diluted) | -€1.50 | -€1.59 | -€2.10 | -€1.47 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 7.9M EUR | 1.9M EUR | 8.0M EUR | 9.8M EUR | 29.3M EUR | 60.7M EUR | 26.9M EUR | 251.9M EUR | 144.2M EUR | 516.5M EUR |
| Short-term Investments | 15.1M EUR | 15.2M EUR | 5.0M EUR | 6,000 EUR | 6,000 EUR | 6,000 EUR | 0 | 9.1M EUR | 0 | 13.7M EUR |
| Receivables | 4.8M EUR | 3.6M EUR | 7.8M EUR | 7.0M EUR | 8.0M EUR | 8.3M EUR | 8.3M EUR | 19.1M EUR | 15.7M EUR | 10.5M EUR |
| Inventory | 52,000 EUR | 199,000 EUR | 0 | 1.2M EUR | 0 | 4.0M EUR | 0 | 0 | 0 | 0 |
| Total Current Assets | 27.8M EUR | 20.9M EUR | 21.0M EUR | 18.2M EUR | 37.7M EUR | 75.2M EUR | 36.2M EUR | 286.0M EUR | 170.7M EUR | 551.0M EUR |
| Property, Plant & Equipment | 192,000 EUR | 201,000 EUR | 151,000 EUR | 134,000 EUR | 100,000 EUR | 93,000 EUR | 1.6M EUR | 877,000 EUR | 2.7M EUR | 2.1M EUR |
| Goodwill | 32.0M EUR | 32.0M EUR | 32.0M EUR | 32.0M EUR | 32.0M EUR | 32.7M EUR | 18.4M EUR | 18.4M EUR | 18.4M EUR | 18.4M EUR |
| Intangible Assets | 0 | 0 | 0 | 85,000 EUR | 98,000 EUR | -647,000 EUR | 6.6M EUR | 6.6M EUR | 6.6M EUR | 6.6M EUR |
| Total Assets | 60.6M EUR | 53.8M EUR | 54.0M EUR | 51.7M EUR | 71.3M EUR | 109.2M EUR | 75.5M EUR | 327.1M EUR | 205.2M EUR | 584.1M EUR |
| Accounts Payable | 2.6M EUR | 4.2M EUR | 6.7M EUR | 10.5M EUR | 17.4M EUR | 18.6M EUR | 15.5M EUR | 47.2M EUR | 43.8M EUR | 37.6M EUR |
| Short-term Debt | 255,000 EUR | 0 | 10.9M EUR | 20.7M EUR | 12,000 EUR | 10.1M EUR | 29.5M EUR | 30.9M EUR | 42.8M EUR | 28.5M EUR |
| Total Current Liabilities | 3.5M EUR | 5.4M EUR | 8.5M EUR | 12.4M EUR | 19.4M EUR | 32.3M EUR | 51.5M EUR | 88.1M EUR | 92.8M EUR | 63.0M EUR |
| Long-term Debt | 316,000 EUR | 0 | 10.9M EUR | 20.7M EUR | 34.0M EUR | 40.3M EUR | 8.3M EUR | 26.6M EUR | 52.2M EUR | 30.2M EUR |
| Total Liabilities | 3.9M EUR | 5.6M EUR | 19.4M EUR | 33.1M EUR | 53.4M EUR | 83.3M EUR | 68.4M EUR | 131.1M EUR | 164.6M EUR | 129.1M EUR |
| Retained Earnings | -35.4M EUR | -46.6M EUR | -62.4M EUR | -93.0M EUR | -37.6M EUR | -81.8M EUR | -143.5M EUR | -282.9M EUR | -438.9M EUR | -738.2M EUR |
| Total Equity | 56.7M EUR | 48.2M EUR | 34.7M EUR | 18.6M EUR | 17.9M EUR | 25.9M EUR | 7.2M EUR | 196.0M EUR | 40.6M EUR | 455.0M EUR |
| Total Debt | 316,000 EUR | 0 | 10.9M EUR | 20.7M EUR | 34.0M EUR | 51.7M EUR | 39.2M EUR | 58.0M EUR | 97.4M EUR | 45.9M EUR |
| Net Debt | -22.7M EUR | -17.0M EUR | -2.1M EUR | 11.0M EUR | 4.7M EUR | -9.0M EUR | 12.2M EUR | -202.9M EUR | -46.9M EUR | -484.3M EUR |
| Working Capital | 24.3M EUR | 15.4M EUR | 12.5M EUR | 5.9M EUR | 18.3M EUR | 42.9M EUR | -15.3M EUR | 197.9M EUR | 77.8M EUR | 488.0M EUR |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Cash & Equivalents | 144.2M EUR | 60.9M EUR | 516.5M EUR | 388.0M EUR |
| Total Assets | 205.2M EUR | 119.6M EUR | 652.1M EUR | 462.2M EUR |
| Total Liabilities | 164.6M EUR | 167.9M EUR | 140.8M EUR | 95.9M EUR |
| Total Equity | 40.6M EUR | -48.3M EUR | 455.0M EUR | 366.3M EUR |
| Total Debt | 97.4M EUR | 84.6M EUR | 45.9M EUR | 1.2M EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -18.2M EUR | -14.2M EUR | -19.1M EUR | -33.3M EUR | -38.0M EUR | -42.5M EUR | -60.7M EUR | -147.7M EUR | -176.2M EUR | -322.8M EUR |
| Depreciation & Amortization | -35,000 EUR | 93,000 EUR | 71,000 EUR | 80,000 EUR | 66,000 EUR | 302,000 EUR | 485,000 EUR | 707,000 EUR | 1.1M EUR | 1.1M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 828,000 EUR | -1.2M EUR | 8.2M EUR | 20.2M EUR | 0 |
| Change in Working Capital | 2.5M EUR | 5.5M EUR | 4.7M EUR | 7.0M EUR | 9.7M EUR | -668,000 EUR | -2.0M EUR | 21.3M EUR | 1.4M EUR | 3.5M EUR |
| Operating Cash Flow | -15.6M EUR | -8.4M EUR | -14.6M EUR | -27.5M EUR | -29.8M EUR | -45.0M EUR | -53.9M EUR | -100.0M EUR | -154.1M EUR | -155.7M EUR |
| Capital Expenditure | -721,000 EUR | -979,000 EUR | -763,000 EUR | -941,000 EUR | -898,000 EUR | -47,000 EUR | -323,000 EUR | -265,000 EUR | -643,000 EUR | -136,396 EUR |
| Acquisitions | 0 | 0 | 0 | 646,000 EUR | 616,000 EUR | -2.2M EUR | -2.9M EUR | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -16.3M EUR | -9.4M EUR | -15.4M EUR | -28.4M EUR | -30.7M EUR | -45.1M EUR | -54.3M EUR | -100.3M EUR | -154.7M EUR | -155.8M EUR |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Operating Cash Flow | -33.3M EUR | -33.3M EUR | -71.3M EUR | -52.0M EUR |
| Capital Expenditure | -44,000 EUR | -19,000 EUR | 8,000 EUR | -112,000 EUR |
| Free Cash Flow | -33.3M EUR | -33.4M EUR | -71.3M EUR | -52.1M EUR |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 4.7M EUR | 6.3M EUR | -11.0M EUR | 16.8M EUR |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -92.1% | +80.0% | -88.9% | +3,050.0% | -100.0% | | | | |
| Net Income Growth (YoY) | | +21.6% | -41.0% | -93.6% | -22.6% | -13.1% | -43.1% | -143.2% | -19.3% | -90.7% |
| EPS Growth (YoY) | | +23.0% | -36.8% | -60.9% | -4.4% | -5.0% | -15.6% | -7.9% | +18.4% | -66.1% |
| Shares Change (YoY) | | +2.0% | +2.8% | +19.3% | +17.5% | +8.0% | +23.5% | +125.6% | +46.4% | +10.3% |
| FCF Growth (YoY) | | +42.3% | -63.0% | -84.9% | -8.1% | -46.8% | -20.3% | -84.8% | -54.3% | -0.7% |
| Gross Margin | -11,431.5% | -144,970.0% | -85,327.8% | -1,409,300.0% | -53,623.8% | | | | | |
| Operating Margin | -14,359.1% | -141,500.0% | -106,155.6% | -1,664,800.0% | -60,330.2% | | | | | |
| EBITDA Margin | -14,063.8% | -139,800.0% | -106,816.7% | -1,661,100.0% | -60,315.9% | | | | | |
| Net Margin | -11,266.1% | -112,230.0% | -87,905.6% | -1,531,700.0% | -59,604.8% | | | | | |
| FCF Margin | -12,857.5% | -94,280.0% | -85,366.7% | -1,420,700.0% | -48,763.5% | | | | | |
| Effective Tax Rate | 19.6% | 19.1% | 20.1% | 12.2% | 6.4% | -0.0% | -0.0% | -0.0% | -0.0% | -1.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | -€1.68 | -€0.95 | -€1.51 | -€2.33 | -€2.15 | -€2.92 | -€2.84 | -€2.33 | -€2.45 | -€2.24 |
| Dividends Per Share | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 | €0.00 |
| Shares Outstanding (Basic) | 9.7 M | 9.9 M | 10.2 M | 12.2 M | 14.3 M | 15.5 M | 19.1 M | 43.1 M | 63.0 M | 69.5 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -85.88% |
| Return on Invested Capital | -60.98% |
| Return on Assets | -76.32% |
| Gross Margin | 153.15% |
| Operating Margin | 11,950.42% |
| Net Margin | 17,488.89% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5.97 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 34.93 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -5.33 | -6.06 | -4.64 | -2.95 | -2.59 | -2.65 | -2.44 | -2.82 | -2.52 | -24.68 |
| P/B | 1.34 | 1.42 | 2.13 | 4.85 | 5.43 | 4.35 | 20.59 | 2.13 | 10.98 | 17.54 |
| P/S | 599.02 | 6,824.14 | 4,091.34 | 45,076.57 | 1,542.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | -11,431.5% | -144,970.0% | -85,327.8% | -1,409,300.0% | -53,623.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -14,359.1% | -141,500.0% | -106,155.6% | -1,664,800.0% | -60,330.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -11,266.1% | -112,230.0% | -87,905.6% | -1,531,700.0% | -59,604.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |