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 with up to 20 years of history.
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 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $106.39, ABVX has negative trailing earnings (P/E not meaningful) and an ROE of -73.87%. Market capitalisation stands at $7.8B.
Balance sheet quality for ABVX: current ratio of 8.7, net cash position of $484.3M. 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 | $127000 | $10000 | $18000 | $2000 | $63000 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $14.6M | $14.5M | $15.4M | $28.2M | $33.8M | $45.5M | $50.8M | 0 | 0 | 0 |
| Gross Profit | -$14.5M | -$14.5M | -$15.4M | -$28.2M | -$33.8M | -$45.5M | -$50.8M | 0 | 0 | 0 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | $47.8M | $48.3M | $103.2M | $146.5M | $177.8M |
| Selling, General & Admin | $3.6M | $3.8M | $4.3M | $4.9M | $5.6M | $5.6M | $7.5M | $28.8M | $38.9M | $72.9M |
| Operating Expenses | $3.7M | -$347000 | $3.7M | $5.1M | $4.2M | -$4.1M | $14.1M | $127.4M | $173.0M | $246.1M |
| Operating Income | -$18.2M | -$14.2M | -$19.1M | -$33.3M | -$38.0M | -$41.4M | -$64.8M | -$127.4M | -$173.0M | -$246.1M |
| EBITDA | -$17.9M | -$14.0M | -$19.2M | -$33.2M | -$38.0M | -$38.6M | -$53.3M | -$133.2M | -$162.7M | -$300.7M |
| Interest Expense | $42000 | 0 | $469000 | $1.6M | $2.1M | $3.6M | $6.9M | $13.8M | $12.4M | $28.5M |
| Pre-tax Income | -$18.0M | -$14.1M | -$19.8M | -$34.9M | -$40.1M | -$42.5M | -$60.7M | -$147.7M | -$176.2M | -$330.3M |
| Income Tax | -$3.5M | -$2.7M | -$4.0M | -$4.3M | -$2.6M | 0 | 0 | 0 | 0 | $5.8M |
| Net Income | -$14.3M | -$11.2M | -$15.8M | -$30.6M | -$37.6M | -$42.5M | -$60.7M | -$147.7M | -$176.2M | -$336.1M |
| 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) | $9.7M | $9.9M | $10.2M | $12.2M | $14.3M | $15.5M | $19.1M | $43.1M | $63.0M | $69.5M |
Income Statement (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$35.3M | -$47.2M | -$46.5M | -$199.6M |
| EBITDA | -$34.6M | -$47.6M | -$44.6M | -$256.1M |
| Net Income | -$38.8M | -$52.4M | -$48.4M | -$287.7M |
| EPS | $-0.65 | $-1.50 | $-1.59 | $-2.10 |
| EPS (Diluted) | $-0.65 | $-1.50 | $-1.59 | $-2.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.9M | $1.9M | $8.0M | $9.8M | $29.3M | $60.7M | $26.9M | $251.9M | $144.2M | $516.5M |
| Short-term Investments | $15.1M | $15.2M | $5.0M | $6000 | $6000 | $6000 | 0 | $9.1M | 0 | $13.7M |
| Receivables | $4.8M | $3.6M | $7.8M | $7.0M | $8.0M | $8.3M | $8.3M | $19.1M | $15.7M | $10.5M |
| Inventory | $52000 | $199000 | 0 | $1.2M | 0 | $4.0M | 0 | 0 | 0 | 0 |
| Total Current Assets | $27.8M | $20.9M | $21.0M | $18.2M | $37.7M | $75.2M | $36.2M | $286.0M | $170.7M | $551.0M |
| Property, Plant & Equipment | $192000 | $201000 | $151000 | $134000 | $100000 | $93000 | $1.6M | $877000 | $2.7M | $2.1M |
| Goodwill | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.7M | $18.4M | $18.4M | $18.4M | $18.4M |
| Intangible Assets | 0 | 0 | 0 | $85000 | $98000 | -$647000 | $6.6M | $6.6M | $6.6M | $6.6M |
| Total Assets | $60.6M | $53.8M | $54.0M | $51.7M | $71.3M | $109.2M | $75.5M | $327.1M | $205.2M | $584.1M |
| Accounts Payable | $2.6M | $4.2M | $6.7M | $10.5M | $17.4M | $18.6M | $15.5M | $47.2M | $43.8M | $37.6M |
| Short-term Debt | $255000 | 0 | $10.9M | $20.7M | $12000 | $10.1M | $29.5M | $30.9M | $42.8M | $28.5M |
| Total Current Liabilities | $3.5M | $5.4M | $8.5M | $12.4M | $19.4M | $32.3M | $51.5M | $88.1M | $92.8M | $63.0M |
| Long-term Debt | $316000 | 0 | $10.9M | $20.7M | $34.0M | $40.3M | $8.3M | $26.6M | $52.2M | $30.2M |
| Total Liabilities | $3.9M | $5.6M | $19.4M | $33.1M | $53.4M | $83.3M | $68.4M | $131.1M | $164.6M | $129.1M |
| Retained Earnings | -$35.4M | -$46.6M | -$62.4M | -$93.0M | -$37.6M | -$81.8M | -$143.5M | -$282.9M | -$438.9M | -$738.2M |
| Total Equity | $56.7M | $48.2M | $34.7M | $18.6M | $17.9M | $25.9M | $7.2M | $196.0M | $40.6M | $455.0M |
| Total Debt | $316000 | 0 | $10.9M | $20.7M | $34.0M | $51.7M | $39.2M | $58.0M | $97.4M | $45.9M |
| Net Debt | -$22.7M | -$17.0M | -$2.1M | $11.0M | $4.7M | -$9.0M | $12.2M | -$202.9M | -$46.9M | -$484.3M |
| Working Capital | $24.3M | $15.4M | $12.5M | $5.9M | $18.3M | $42.9M | -$15.3M | $197.9M | $77.8M | $488.0M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Cash & Equivalents | $222.3M | $144.2M | $60.9M | $516.5M |
| Total Assets | $284.5M | $205.2M | $119.6M | $652.1M |
| Total Liabilities | $158.0M | $164.6M | $167.9M | $140.8M |
| Total Equity | $126.5M | $40.6M | -$48.3M | $455.0M |
| Total Debt | $113.4M | $97.4M | $84.6M | $45.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$18.2M | -$14.2M | -$19.1M | -$33.3M | -$38.0M | -$42.5M | -$60.7M | -$147.7M | -$176.2M | -$322.8M |
| Depreciation & Amortization | -$35000 | $93000 | $71000 | $80000 | $66000 | $302000 | $485000 | $707000 | $1.1M | $1.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | $828000 | -$1.2M | $8.2M | $20.2M | 0 |
| Change in Working Capital | $2.5M | $5.5M | $4.7M | $7.0M | $9.7M | -$668000 | -$2.0M | $21.3M | $1.4M | $3.5M |
| Operating Cash Flow | -$15.6M | -$8.4M | -$14.6M | -$27.5M | -$29.8M | -$45.0M | -$53.9M | -$100.0M | -$154.1M | -$155.7M |
| Capital Expenditure | -$721000 | -$979000 | -$763000 | -$941000 | -$898000 | -$47000 | -$323000 | -$265000 | -$643000 | -$136396 |
| Acquisitions | 0 | 0 | 0 | $646000 | $616000 | -$2.2M | -$2.9M | 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 | -$9.4M | -$15.4M | -$28.4M | -$30.7M | -$45.1M | -$54.3M | -$100.3M | -$154.7M | -$155.8M |
Cash Flow (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Operating Cash Flow | -$50.4M | -$33.3M | -$33.3M | -$71.3M |
| Capital Expenditure | -$227000 | -$44000 | -$19000 | $8000 |
| Free Cash Flow | -$50.6M | -$33.3M | -$33.4M | -$71.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.7M | $4.7M | $6.3M | -$11.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -92.1% | +80.0% | -88.9% | +3050.0% | -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 | -11431.5% | -144970.0% | -85327.8% | -1409300.0% | -53623.8% | | | | | |
| Operating Margin | -14359.1% | -141500.0% | -106155.6% | -1664800.0% | -60330.2% | | | | | |
| EBITDA Margin | -14063.8% | -139800.0% | -106816.7% | -1661100.0% | -60315.9% | | | | | |
| Net Margin | -11266.1% | -112230.0% | -87905.6% | -1531700.0% | -59604.8% | | | | | |
| FCF Margin | -12857.5% | -94280.0% | -85366.7% | -1420700.0% | -48763.5% | | | | | |
| 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) | $9.7M | $9.9M | $10.2M | $12.2M | $14.3M | $15.5M | $19.1M | $43.1M | $63.0M | $69.5M |
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 | -73.87% |
| Return on Invested Capital | -44.70% |
| Return on Assets | -57.54% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.10 |
| Current Ratio | 8.75 |
| 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 | 6824.14 | 4091.34 | 45076.57 | 1542.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | -11431.5% | -144970.0% | -85327.8% | -1409300.0% | -53623.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -14359.1% | -141500.0% | -106155.6% | -1664800.0% | -60330.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -11266.1% | -112230.0% | -87905.6% | -1531700.0% | -59604.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |