Abivax Reports 2023 Financial Results and Operational Update

Abivax, a biotech company focused on inflammatory diseases, announced significant financial achievements and updates on their developmental programs. In 2023, they secured EUR 500M through a capital increase, debt financing, and a Nasdaq IPO. This funding positions them to finance operations into Q4 2025, supporting their Phase 3 ABTECT induction trials for obefazimod in ulcerative colitis (UC).

The company implemented operational infrastructures in the U.S. and Europe to advance clinical and preclinical programs. With these financial and structural developments, Abivax aims to progress obefazimod for IBD treatment and explore its potential in Crohn's Disease trials and combination therapy. They also highlight scientific achievements with presentations at major congresses and the appointment of a new independent board member, showcasing ongoing commitment to their strategic and operational goals.

Financially, Abivax reports a significant increase in operating loss due to expanded research and development efforts, particularly for its UC clinical program. Despite these increased expenditures, Abivax maintains a strong financial position, with cash and cash equivalents significantly boosted by the successful Nasdaq IPO and additional structured debt agreements. These resources are expected to support the company's operations and development projects into late 2025.