ABIVAX Societe Anonyme (ABVX), a clinical-stage biotechnology company, on Saturday reported its first quarter financial results, marking a higher loss due to increased spending on the development of Obefazimod, the company's lead drug candidate.
Q1 2026:
The company reported a net loss of €52.4 million in the first quarter of 2026, while in the same period of 2025, there was a net loss of €48.5 million.
Research and development (R&D) expenses were at €49.5 million, an increase from the €39.3 million reported last year. Development of obezafimod for the treatment of new indications accounted for 94.5% of R&D expenses.
Cash and cash equivalents as of March 31, 2026, amounted to €491.6 million.
Operational Highlights and Upcoming Events:
The company is advancing obefazimod for the treatment of moderate to severe ulcerative colitis and is currently evaluating the drug in a Phase 3 trial.
An open-label maintenance (OLM) trial for patients who had completed the Phase 2a or Phase 2b trials was initiated, administering a 25 mg daily dose to 130 patients for five years. Results indicated an 89% remission rate among patients at the baseline, and a 68% remission rate after 144 weeks.
The company plans to release topline data for the UC ABTECT Phase 3 maintenance trial late in the second quarter. Topline results from the Phase 2b induction trial for obefazimod in treating Crohn's disease are expected in the fourth quarter of this year.
A new drug application (NDA) submission for obefazimod is also anticipated for the fourth quarter.
ABVX closed Friday at $121.99, down 1.64%. In the pre-market, shares are trading at $130.61, up 7.07%.
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