The company remains in a pre-revenue state with no reported sales since 2023Q4, while operating losses have widened to $199.6M as of 2025Q4 due to intensive R&D spending.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 63K | 2K | 18K | 10K | 127K | 42K | 14K |
| Revenue Growth % | - | - | - | - | -100% | 3050% | -88.89% | 80% | -92.13% | 202.38% | 200% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 50.76M | 45.52M | 33.78M | 28.19M | 15.38M | 14.51M | 14.64M | 345K | 3.28M |
| COGS % of Revenue | - | - | - | - | - | 53623.81% | 1409400% | 85427.78% | 145070% | 11531.5% | 821.43% | 23421.43% |
| Gross Profit | 0 | 0 | 0 | -50.76M | -45.52M | -33.78M | -28.19M | -15.36M | -14.5M | -14.52M | -303K | -3.27M |
| Gross Margin % | - | - | - | - | - | -53623.81% | -1409300% | -85327.78% | -144970% | -11431.5% | -721.43% | -23321.43% |
| Gross Profit Growth % | - | - | 100% | -11.53% | -34.73% | -19.86% | -83.51% | -5.95% | 0.14% | -4691.42% | 90.72% | - |
| Operating Expenses | 246.06M | 172.98M | 127.38M | 14.07M | -4.12M | 4.23M | 5.11M | 3.75M | -347K | 3.72M | 17.95M | 1.79M |
| OpEx % of Revenue | - | - | - | - | - | 6707.94% | 255500% | 20827.78% | -3470% | 2927.56% | 42750% | 12778.57% |
| Selling, General & Admin | 72.86M | 38.9M | 28.82M | 7.49M | 5.58M | 5.6M | 4.89M | 4.3M | 3.78M | 3.56M | 13.88M | 1.82M |
| SG&A % of Revenue | - | - | - | - | - | 8888.89% | 244600% | 23877.78% | 37820% | 2801.57% | 33038.1% | 12992.86% |
| Research & Development | 177.76M | 146.53M | 103.18M | 48.3M | 47.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -4.57M | -12.45M | -4.62M | -41.72M | -57.48M | -1.37M | 218K | -549K | -4.13M | 160K | 0 | -30K |
| Operating Income | -246.06M | -172.98M | -127.38M | -64.84M | -41.4M | -38.01M | -33.3M | -19.11M | -14.15M | -18.24M | -18.25M | -5.05M |
| Operating Margin % | - | - | - | - | - | -60330.16% | -1664800% | -106155.56% | -141500% | -14359.06% | -43464.29% | -36100% |
| Operating Income Growth % | -42.24% | -35.81% | -96.46% | -56.61% | -8.92% | -14.15% | -74.25% | -35.04% | 22.41% | 0.1% | -261.2% | - |
| EBITDA | -244.98M | -171.88M | -126.67M | -64.35M | -41.1M | -37.94M | -33.22M | -19.04M | -14.06M | -18.27M | -18.12M | -5M |
| EBITDA Margin % | - | - | - | - | - | -60225.4% | -1660800% | -105761.11% | -140570% | -14386.61% | -43140.48% | -35750% |
| EBITDA Growth % | -42.53% | -35.7% | -96.84% | -56.58% | -8.32% | -14.23% | -74.48% | -35.43% | 23.06% | -0.84% | -262.02% | - |
| D&A (Non-Cash Add-back) | 1.07M | 1.1M | 707K | 485K | 302K | 66K | 80K | 71K | 93K | -35K | 136K | 49K |
| EBIT | -301.77M | -163.81M | -133.91M | -53.8M | -38.89M | -38.06M | -33.3M | -19.33M | -14.07M | -17.94M | 0 | -5.05M |
| Net Interest Income | -22.73M | -3.48M | -11.05M | -6.94M | -3.56M | -2.32M | -1.67M | -460K | 116K | 259K | 0 | -65K |
| Interest Income | 5.75M | 8.96M | 2.77M | 0 | 0 | 0 | 14K | 79K | 116K | 301K | 50K | 10.84K |
| Interest Expense | 28.48M | 12.43M | 13.83M | 6.94M | 3.56M | 2.06M | 1.59M | 469K | 0 | 42K | 168K | 65K |
| Other Income/Expense | -84.2M | -3.26M | -20.36M | 4.1M | -1.05M | -40.13M | -1.59M | -687K | 77K | 258K | 0 | -65K |
| Pretax Income | -330.25M | -176.24M | -147.74M | -60.74M | -42.45M | -40.13M | -34.89M | -19.8M | -14.07M | -17.98M | -18.37M | -5.12M |
| Pretax Margin % | - | - | - | - | - | -63693.65% | -1744400% | -109972.22% | -140730% | -14155.91% | -43747.62% | -36564.29% |
| Income Tax | 5.85M | 0 | 0 | 0 | 0 | -2.58M | -4.26M | -3.97M | -2.69M | -3.52M | -2.83M | -779K |
| Effective Tax Rate % | -1.77% | 0% | 0% | 0% | 0% | 6.42% | 12.2% | 20.06% | 19.13% | 19.57% | 15.42% | 15.22% |
| Net Income | -336.1M | -176.24M | -147.74M | -60.74M | -42.45M | -37.55M | -30.63M | -15.82M | -11.22M | -14.31M | -15.95M | -5.08M |
| Net Margin % | - | - | - | - | - | -59604.76% | -1531700% | -87905.56% | -112230% | -11266.14% | -37985.71% | -36285.71% |
| Net Income Growth % | -90.7% | -19.29% | -143.23% | -43.08% | -13.05% | -22.58% | -93.6% | -40.99% | 21.56% | 10.32% | -214.06% | - |
| Net Income (Continuing) | -336.1M | -176.24M | -147.74M | -60.74M | -42.45M | -37.55M | -30.63M | -15.82M | -11.38M | -14.46M | 0 | -4.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.65 | -2.80 | -3.43 | -3.18 | -2.75 | -2.62 | -2.51 | -1.55 | -1.13 | -1.47 | -1.64 | -0.73 |
| EPS Growth % | -66.07% | 18.37% | -7.86% | -15.64% | -4.96% | -4.38% | -61.94% | -37.17% | 23.13% | 10.37% | -124.66% | - |
| EPS (Basic) | -4.65 | -2.80 | -3.43 | -3.18 | -2.75 | -2.62 | -2.51 | -1.56 | -1.14 | -1.48 | -1.65 | -0.73 |
| Diluted Shares Outstanding | 69.53M | 63.05M | 43.07M | 19.09M | 15.46M | 14.31M | 12.18M | 10.21M | 9.93M | 9.73M | 9.73M | 9.27M |
| Basic Shares Outstanding | 69.53M | 63.05M | 43.07M | 19.09M | 15.46M | 14.31M | 12.18M | 10.18M | 9.87M | 9.65M | 9.65M | 9.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary outcome
As indicated by the company's financial disclosures, ABVX has transitioned to a pre-revenue state, with no reported sales since 2023Q4, underscoring a business model entirely dependent on the successful development and eventual commercialization of its lead candidate, obefazimod, rather than current product-based income streams.
The lack of recurring revenue is consistent with a clinical-stage biotechnology firm prioritizing R&D over commercialization. Investors should interpret this trajectory as a deliberate allocation of resources toward Phase 3 milestones, which remains the sole driver of potential future value creation.
Based on recent income statement data, R&D expenditures have escalated significantly, reaching $44.4M in 2025Q4, which reflects the non-discretionary nature of funding the ABTECT clinical program and the associated costs of managing large-scale, multi-center trials required for regulatory approval in the immunology space.
The sharp increase in R&D spending suggests that the company is aggressively pursuing its primary clinical endpoints. This cost structure is inherently rigid, as clinical trial commitments cannot be easily scaled back without jeopardizing the integrity and timeline of the regulatory submission process.
According to reported financial figures, the company's operating loss widened to $199.6M in 2025Q4, demonstrating that the current operational structure is characterized by high fixed overheads that scale in direct proportion to clinical activity rather than any underlying revenue-generating capacity or operational efficiency.
The absence of operating leverage is expected for a firm at this stage of development, but the magnitude of the loss warrants close monitoring of the cash burn rate. The expansion of SG&A expenses alongside R&D suggests a growing administrative burden as the company prepares for potential commercialization.
As reported in financial statements, the net loss of $287.7M in 2025Q4 highlights the impact of non-operating items and stock-based compensation, which complicate the assessment of core operational performance and suggest that reported earnings are currently a poor proxy for the company's underlying economic health.
The significant variance in net income suggests that investors should focus on cash-based metrics rather than GAAP earnings, which are heavily influenced by non-cash charges and tax credit fluctuations. The volatility in EPS appears to be a function of capital structure adjustments rather than operational shifts.
While the company maintains a substantial cash position, the primary risk remains the binary outcome of the ABTECT trials, as any failure to meet primary endpoints would likely render the current cost structure unsustainable and severely impair the company's ability to secure future financing.
Short-term financial metrics are secondary to the clinical data readouts, which represent the ultimate test of the company's value proposition. Investors should remain cautious, as the current valuation assumes a high probability of success that may not be supported by the historical volatility of clinical-stage biotech assets.
Quick answers to the most common questions about buying ABVX stock.
For fiscal year 2025, Abivax S.A. (ABVX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2014.
Abivax S.A. (ABVX) reported a net loss of $336.1M for the fiscal year ending 2025.