Free cash flow remains negative with a $71.3M quarterly outflow in 2025Q4, reflecting the high capital intensity required to fund late-stage clinical trials.
| Cash from Operations | -155.69M | -154.07M | -100.01M | -53.94M | -45.66M | -29.82M | -27.47M | -14.6M | -8.45M | -15.61M | -14.9M | -3.31M |
| Operating CF Margin % | - | - | - | - | - | -47338.1% | -1373650% | -81127.78% | -84490% | -12289.76% | -35485.71% | -23607.14% |
| Operating CF Growth % | -1.05% | -54.06% | -85.42% | -18.13% | -53.09% | -8.55% | -88.13% | -72.84% | 45.87% | -4.72% | -350.95% | - |
| Net Income | -322.84M | -176.24M | -147.74M | -60.74M | -42.56M | -38.01M | -33.3M | -19.11M | -14.15M | -18.24M | -18.25M | -5.05M |
| Depreciation & Amortization | 1.03M | 1.1M | 707K | 485K | 156K | 66K | 80K | 71K | 93K | -35K | 136K | 49K |
| Stock-Based Compensation | 0 | 20.22M | 8.18M | -1.16M | 828K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 7.93M | 0 | -828K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 162.61M | -577K | 9.65M | 9.48M | -1.84M | -1.55M | -1.26M | -277K | 106K | 124K | -140K | -18.02K |
| Working Capital Changes | 3.51M | 1.42M | 21.27M | -2M | -668K | 9.67M | 7.01M | 4.71M | 5.5M | 2.54M | 3.35M | 1.72M |
| Change in Receivables | 6.76M | 4.59M | -14.23M | 312K | -1.98M | -3K | 3.14M | 12K | 724K | -595K | 1.52M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -662.8K |
| Change in Payables | 0 | -3.44M | 31.76M | -2.39M | 1.14M | 0 | 0 | 2.44M | 1.65M | 0 | 1.76M | 0 |
| Cash from Investing | -13.18M | 15.76M | -10.49M | -12.03M | -1.46M | -575K | -370K | -254K | -105K | -94K | -1.02M | -43K |
| Capital Expenditures | -136.4K | -640K | -266K | -288K | -1.64M | -898K | -941K | -763K | -979K | -721K | -1.02M | -43.19K |
| CapEx % of Revenue | - | - | - | - | - | 1425.4% | 47050% | 4238.89% | 9790% | 567.72% | 2440.48% | 308.46% |
| Acquisitions | 0 | 0 | 0 | -2.91M | 312K | 616K | 646K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 68.2K | 16.4M | -1.62M | -8.57M | 312K | 617K | -75K | 497K | 1.01M | 627K | 203K | 0 |
| Cash from Financing | 531.94M | 28.21M | 340.57M | 32.21M | 78.51M | 49.93M | 24.61M | 10.83M | 2.6M | -438K | 52.13M | 5.94M |
| Debt Issued (Net) | -56.31M | 37.49M | 15.24M | -9.71M | 19.13M | 23.53M | 10.95M | 10.18M | 2.06M | 29K | 2M | -79K |
| Equity Issued (Net) | 588.84M | 434K | 353.39M | 46.37M | 69.68M | 26.39M | 13.67M | 652K | 628K | 58K | 55.83M | 6.21M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -586.89K | -9.71M | -28.06M | -4.45M | -10.3M | 0 | 0 | 0 | -85K | -525K | -5.71M | -314K |
| Net Change in Cash | 389.36M | -107.72M | 224.99M | -33.75M | 31.4M | 19.53M | -3.23M | -4.03M | -5.96M | -16.14M | 36.21M | 2.88M |
| Free Cash Flow | -155.83M | -154.72M | -100.28M | -54.26M | -47.3M | -30.72M | -28.41M | -15.37M | -9.43M | -16.33M | -15.93M | -3.35M |
| FCF Margin % | - | - | - | - | - | -48763.49% | -1420700% | -85366.67% | -94280% | -12857.48% | -37926.19% | -23915.66% |
| FCF Growth % | -0.72% | -54.29% | -84.81% | -14.71% | -53.96% | -8.12% | -84.91% | -62.98% | 42.26% | -2.51% | -375.75% | - |
| FCF per Share | -2.24 | -2.45 | -2.33 | -2.84 | -3.06 | -2.15 | -2.33 | -1.51 | -0.95 | -1.68 | -1.64 | -0.36 |
| FCF Conversion (FCF/Net Income) | 0.46x | 0.87x | 0.68x | 0.89x | 1.08x | 0.79x | 0.90x | 0.92x | 0.75x | 1.09x | 0.93x | 0.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcome
As reported in financial statements, ABVX consistently records operating cash outflows that exceed net losses, with the 2025Q4 period showing a $71.3M cash burn against a $287.7M net loss, indicating that accruals and non-cash adjustments are currently secondary to the primary clinical funding requirements.
The divergence between net income and operating cash flow suggests that the company's accounting losses are heavily influenced by non-cash items, yet the underlying cash burn remains the most critical metric for investors. This persistent negative cash flow reflects the heavy reliance on external capital to sustain the R&D-intensive pipeline rather than any internal cash generation capability.
Based on recent SEC filings, the company's free cash flow trajectory has deteriorated significantly, moving from a $23.9M outflow in 2021Q2 to a $71.3M outflow by 2025Q4, reflecting the accelerating capital intensity required to advance the ABTECT clinical program through late-stage regulatory milestones.
The widening gap in free cash flow highlights the company's transition into a high-cost clinical phase where expenditures are non-discretionary. Investors should monitor whether this burn rate stabilizes as the trials progress or if further capital raises will be necessitated by unforeseen clinical delays.
According to the provided cash flow data, working capital changes have remained relatively negligible, with a $1.2M contribution in 2025Q4, suggesting that the company's cash position is driven almost entirely by R&D spending rather than fluctuations in operational cycles or inventory management.
The lack of significant working capital volatility is expected for a pre-revenue entity where operational complexity is limited to clinical trial management. This implies that the cash flow statement is a clean reflection of R&D intensity, unencumbered by the complexities of commercial-stage inventory or accounts receivable management.
Based on reported figures, stock-based compensation has fluctuated significantly, reaching a negative $11.0M adjustment in 2025Q4, which complicates the interpretation of true operational cash requirements and warrants further investigation into the company's long-term incentive alignment and potential future dilution risks for shareholders.
The use of stock-based compensation as a non-cash adjustment suggests that the reported operating cash flow may be masking the true economic cost of talent acquisition and retention. Investors should be cautious, as these adjustments effectively shift the burden of R&D funding from cash reserves to equity dilution over time.
Quick answers to the most common questions about buying ABVX stock.
Abivax S.A. (ABVX) generated $-155.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Abivax S.A. (ABVX) reported negative free cash flow of $155.8M in 2025, indicating capital requirements exceeded cash from operations.
Abivax S.A. (ABVX) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.