Abivax SA
ABVXHealthcare|Biotechnology|France
$139.90
-0.87 (-0.62%)
Tangible Book
$5.81
Earnings Power
$7.00
Financials
Financial Snapshot
Market Cap
$12.19B
Enterprise Value
$559.6M
Revenue (TTM)
$0.00
Net Income (TTM)
$-387.8M
Cash & Equivalents
—
Net Cash/Share
$5.37
Free Cash Flow (TTM)
$-207.9M
Operating CF (TTM)
$-207.7M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$51.9M
Monthly Burn
$17.3M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $24.2M | $20.2M | $14.8M | $10.9M | $35.6M | $68.6M | $28.5M | $284.6M | $151.0M | $621.1M | $568.3M | |
| Operating Cash Flow | $-16.5M | $-10.0M | $-16.6M | $-30.5M | $-36.3M | $-50.9M | $-57.1M | $-105.9M | $-161.3M | $-188.7M | $-207.7M | |
| Free Cash Flow | $-17.2M | $-11.2M | $-17.5M | $-31.6M | $-37.4M | $-51.0M | $-57.5M | $-106.2M | $-162.0M | $-188.8M | $-207.9M | |
| Capital Expenditure | $-761.0K | $-1.2M | $-868.0K | $-1.0M | $-1.1M | $-53.0K | $-342.0K | $-289.0K | $-673.0K | $-166.0K | $-177.0K | |
| Financing Cash Flow | $-462.0K | $3.1M | $12.3M | $27.3M | $60.7M | $93.4M | $34.1M | $365.6M | $29.5M | $640.9M | $651.9M |
R&D Spending
R&D (TTM)
$218.9M
R&D Intensity
—
R&D Growth YoY
+5.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.0K | $12.0K | $20.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $54.0M | $51.2M | $112.5M | $153.4M | $208.2M | $218.9M | |
| R&D % of Revenue | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — | — | |
| SG&A | $3.8M | $4.5M | $4.9M | $5.4M | $6.8M | $6.3M | $7.9M | $31.4M | $40.7M | $85.3M | $84.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.0K | $12.0K | $20.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $15.4M | $17.2M | $17.5M | $31.3M | $41.1M | $51.4M | $53.8M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $-15.3M | $-17.2M | $-17.5M | $-31.3M | $-41.1M | $-51.4M | $-53.8M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $54.0M | $51.2M | $112.5M | $153.4M | $208.2M | $218.9M | |
| SG&A | $3.8M | $4.5M | $4.9M | $5.4M | $6.8M | $6.3M | $7.9M | $31.4M | $40.7M | $85.3M | $84.1M | |
| Operating Income | $-19.2M | $-16.7M | $-21.7M | $-37.0M | $-46.2M | $-46.8M | $-54.2M | $-138.9M | $-181.1M | $-288.1M | $-297.3M | |
| Interest Expense | $-44.0K | $0.00 | $-534.0K | $-1.8M | $-2.5M | $-4.0M | $-7.4M | $-15.1M | $-13.0M | $-33.4M | $-29.8M | |
| Pretax Income | $-19.0M | $-16.7M | $-22.5M | $-38.8M | $-48.8M | $-48.0M | $-64.3M | $-161.1M | $-184.5M | $-386.7M | $-380.7M | |
| Net Income | $-15.1M | $-13.3M | $-18.0M | $-34.0M | $-45.7M | $-48.0M | $-64.3M | $-161.1M | $-184.5M | $-393.6M | $-387.8M | |
| EPS (Diluted) | -1.55 | -1.34 | -1.76 | -2.79 | -3.19 | -3.11 | -3.37 | -3.74 | -2.93 | -5.66 | -5.24 | |
| EBITDA | $-18.8M | $-16.5M | $-21.9M | $-36.9M | $-46.2M | $-43.6M | $-56.5M | $-145.3M | $-170.4M | $-352.1M | $-349.5M | |
| Shares Out. (M) | 9.73 | 9.93 | 10.21 | 12.21 | 14.33 | 15.46 | 19.09 | 43.07 | 63.05 | 69.53 | 78.96 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.4M | $2.2M | $9.1M | $10.8M | $35.6M | $68.6M | $28.5M | $274.7M | $151.0M | $605.0M | $551.9M | |
| Marketable Securities | $15.9M | $17.9M | $5.7M | $7.0K | $7.0K | $0.00 | $0.00 | $9.9M | $0.00 | $16.0M | $16.3M | |
| Total Current Assets | $29.4M | $24.7M | $23.9M | $20.3M | $45.8M | $85.3M | $38.3M | $311.9M | $178.7M | $645.5M | $593.3M | |
| Total Assets | $63.9M | $63.7M | $61.5M | $57.5M | $86.7M | $123.4M | $80.0M | $356.7M | $214.9M | $684.2M | $632.5M | |
| Total Current Liabilities | $3.7M | $6.4M | $9.7M | $13.8M | $23.6M | $36.5M | $54.5M | $96.1M | $97.2M | $73.8M | $71.9M | |
| Long-Term Debt | $333.0K | $0.00 | $12.4M | $23.0M | $41.3M | $39.1M | $8.8M | $29.0M | $54.6M | $0.00 | $0.00 | |
| Total Liabilities | $4.1M | $6.7M | $22.1M | $36.8M | $65.0M | $94.1M | $72.4M | $142.9M | $172.4M | $151.2M | $135.9M | |
| Stockholders' Equity | $59.8M | $57.0M | $39.4M | $20.7M | $21.8M | $29.3M | $7.6M | $213.8M | $42.5M | $533.0M | $496.6M | |
| Retained Earnings | $-37.3M | $-55.1M | $-71.0M | $-103.4M | $-45.7M | $-92.4M | $-152.0M | $-308.6M | $-459.6M | $-864.7M | $-883.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-16.5M | $-10.0M | $-16.6M | $-30.5M | $-36.3M | $-50.9M | $-57.1M | $-105.9M | $-161.3M | $-188.7M | $-207.7M | |
| Capital Expenditure | $-761.0K | $-1.2M | $-868.0K | $-1.0M | $-1.1M | $-53.0K | $-342.0K | $-289.0K | $-673.0K | $-166.0K | $-177.0K | |
| Free Cash Flow | $-17.2M | $-11.2M | $-17.5M | $-31.6M | $-37.4M | $-51.0M | $-57.5M | $-106.2M | $-162.0M | $-188.8M | $-207.9M | |
| Investing Cash Flow | $-99.0K | $-124.0K | $-289.0K | $-411.0K | $-700.0K | $-7.0M | $-12.7M | $-8.8M | $16.5M | $-9.6M | $-10.3M | |
| Financing Cash Flow | $-462.0K | $3.1M | $12.3M | $27.3M | $60.7M | $93.4M | $34.1M | $365.6M | $29.5M | $640.9M | $651.9M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $15.2M | $32.1M | $78.7M | $49.1M | $385.4M | $454.0K | $758.9M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $46.9M | |
| Issuance of Debt | $31.0K | $2.4M | $11.8M | $13.4M | $32.8M | $28.1M | $0.00 | $60.9M | $50.2M | $0.00 | $27.0K | |
| Payments of Debt | $0.00 | $0.00 | $-193.0K | $-1.2M | $-4.2M | $-6.5M | $-10.3M | $-44.3M | $-11.0M | $-69.7M | $-62.9M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $936.0K | $-1.2M | $8.9M | $21.2M | $41.4M | $62.0M | |
| Net Change in Cash | $-17.0M | $-7.0M | $-4.6M | $-3.6M | $23.8M | $35.5M | $-35.8M | $245.4M | $-112.8M | $430.6M | $435.0M |
Dilution Tracker
Shares outstanding grew 410.9% over 5 years — significant dilution
Shares Outstanding
79M
5-Year Share Growth
+410.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 9.73 | 9.93 | 10.21 | 12.21 | 14.33 | 15.46 | 19.09 | 43.07 | 63.05 | 69.53 | 78.96 | |
| YoY Change % | — | 2.0% | 2.8% | 19.6% | 17.4% | 7.8% | 23.5% | 125.6% | 46.4% | 10.3% | 13.6% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $15.2M | $32.1M | $78.7M | $49.1M | $385.4M | $454.0K | $758.9M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $46.9M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $936.0K | $-1.2M | $8.9M | $21.2M | $41.4M | $62.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -11428.4% | -142966.7% | -87365.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -14355.2% | -139550.0% | -108705.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | -11263.4% | -110683.3% | -90005.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | -14060.4% | -137866.7% | -109370.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | -12854.5% | -92983.3% | -87405.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -21.9% | -22.7% | -37.3% | -113.3% | -215.3% | -187.8% | -348.6% | -145.6% | -144.0% | -136.8% | -123.8% | |
| ROA % | -20.5% | -20.8% | -28.8% | -57.2% | -63.4% | -45.6% | -63.3% | -73.8% | -64.6% | -87.5% | -80.8% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B22.68
Historical— / — / 22.68
Industry Med.2.93
EV/EBITDA-34.14
Historical-34.14 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$5.81
Net Current Assets
$5.680
Net-Net Working Capital
$5.37
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 484.62 | 0.00 | 5920.00 | - | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.15 | 10.91 | 19.87 | 22.68 | |
| EV/EBITDA | -2.14 | -4.87 | -6.17 | -8.60 | -13.08 | -11.99 | -2.81 | -3.11 | -2.34 | -29.69 | -34.14 | |
| EV/Revenue | 300.59 | 6814.61 | 6591.90 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
N/A
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $2.67M | $91.92M | $325.15M |
| Net Income | $-285.76M | $-292.65M | $-119.42M |
| EPS | -3.51 | -3.84 | -2.05 |
| Book Value per Share | 7.01 | 5.03 | 5.48 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2023 |
|---|---|
| Research & Development (R&D) of pharmaceutical products in order to market them in the future | $4.6M |
By Geography
| Segment | 2023 |
|---|---|
| France | $4.6M |