Abivax, a clinical-stage biotechnology company developing treatments for chronic inflammatory diseases, reported its first-half 2026 financial results and announced several leadership changes as it prepares for the potential commercialization of obefazimod. The company reported €402.4 million in cash, cash equivalents, and short-term investments as of June 30, 2026, which, combined with €767.1 million in net proceeds from its July public offering, is expected to provide sufficient funding into the fourth quarter of 2029. Abivax also appointed Chris Rabbat as Chief Medical Officer and Tim Kelly as Chief Technical Officer.
The company completed a $920 million underwritten public offering on July 6, 2026, issuing 7,360,000 American Depositary Shares. After underwriting commissions and offering expenses, the transaction generated approximately $874.1 million (€767.1 million) in net proceeds.
The financing significantly strengthens Abivax’s financial position as it advances obefazimod, its lead drug candidate, toward a planned U.S. regulatory submission and potential commercialization. The company’s projected cash runway into late 2029 is based on its current operating assumptions.
Abivax also completed the $90 million repurchase and cancellation of all outstanding royalty certificates on May 7, 2026. The transaction consisted of $45 million in cash and $45 million in equity through the issuance of 403,347 ordinary shares represented by American Depositary Shares.
The repurchase eliminates the outstanding royalty certificates and provides Abivax with greater financial flexibility as it prepares for potential commercialization. The transaction resulted in an approximately €43.2 million expense during the second quarter and the derecognition of a €5.8 million deferred tax liability.
The company’s leadership changes are intended to strengthen its medical, technical, and operational capabilities ahead of a potential commercial launch.
Chris Rabbat, Ph.D., has been appointed Chief Medical Officer, succeeding Fabio Cataldi, M.D., who will depart during the fourth quarter of 2026. Rabbat has led Abivax’s Global Medical Affairs organization since 2023 and brings extensive experience in inflammatory bowel disease, medical leadership, and supporting pharmaceutical products through commercialization.
Cataldi played an important role in advancing obefazimod through late-stage clinical development and preparing the program for its planned regulatory submission.
Abivax also appointed Tim Kelly as Chief Technical Officer, responsible for its commercial chemistry, manufacturing and controls (CMC), Quality, and Information Technology functions.
Kelly previously served as Chief Technology Officer at Caribou Biosciences and CEO of Oxford Biomedica Solutions. He also held senior leadership positions at Homology Medicines, Shire, UCB Pharma, and Biogen. Both executive appointments are effective immediately.
The appointments follow several clinical and regulatory developments involving obefazimod, which is being developed for moderately to severely active ulcerative colitis and other inflammatory conditions.
In June 2026, Abivax announced positive results from its Phase 3 ABTECT maintenance trials evaluating obefazimod in patients with moderately to severely active ulcerative colitis. Additional results from the maintenance program demonstrated clinical benefits in patients with refractory disease and expanded the treatment’s late-stage safety database.
On July 30, the company announced a positive pre-New Drug Application interaction with the FDA, supporting its preparations for a planned U.S. regulatory submission.
Abivax expects to submit its New Drug Application for obefazimod in ulcerative colitis by the end of 2026. The company is also advancing its Phase 2b ENHANCE-CD induction trial evaluating obefazimod in Crohn’s disease, with topline results anticipated in mid-2027.
For the six months ended June 30, 2026, Abivax reported a net loss of €165.9 million, compared with €100.8 million during the corresponding period in 2025. Its operating loss increased to €140.3 million, compared with €93.7 million a year earlier.
Research and development expenses increased to €107.9 million, compared with €77.9 million in the first half of 2025. The increase reflected additional investments in obefazimod’s Crohn’s disease program, new potential indications and combination therapies, manufacturing preparations, and personnel expenses.
General and administrative expenses rose to €30.4 million, compared with €16.3 million a year earlier, primarily because of increased personnel costs and consulting expenses associated with expanding the company’s operational infrastructure.
Sales and marketing expenses increased to €4.6 million from €1.5 million, reflecting Abivax’s preparations for the potential U.S. commercialization of obefazimod.
The company used €102.5 million in operating cash during the first half of 2026, compared with €66.6 million during the corresponding period in 2025.
The additional financing and leadership appointments are intended to support Abivax as it prepares for potential regulatory approval, expands its commercial infrastructure, and continues clinical development of obefazimod in additional inflammatory diseases.
KEY QUOTES:
“As we prepare Abivax for its next phase of growth and the potential commercialization of obefazimod, we are continuing to strengthen the leadership and capabilities needed to support that evolution.”
“We are deeply grateful to Fabio for his important contributions to Abivax and his leadership as we advanced obefazimod through late-stage development toward regulatory filing. Chris brings extensive experience in IBD and deep relationships with key opinion leaders, which will be critical as he leads our medical organization through the pre-commercial phase and toward potential commercialization. Tim brings extensive commercial supply, technical and operational experience that will further strengthen our CMC, Quality and IT capabilities as we prepare for potential commercialization.”
Marc de Garidel, CEO of Abivax
