# Abivax SA American Depositary Shares (ABVX.US)

Canonical: https://gigainvestors.com/s/ABVX

Analysis as of: 2026-10-16T07:26:09.018Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $92.38 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 10

- Operating margin variation: 2.17×

Chart: Operating margin; fiscal year observations.

- FY2016: -143.59×

- FY2017: -1,415.00×

- FY2018: -1,061.56×

- FY2019: -16,648.00×

- FY2020: -603.30×

- FY2021: -1,118.92×

- FY2022: -14.15×

- FY2023: -27.56×

- FY2024: -16.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -62.4%

- ROIC, second-lowest year: -2754.6%

- Years with nonpositive capital: 7

- Capital spending / revenue: 567.7%

- ROIC including acquisitions, ten-year median: -106.5%

- Typical minus recent gross margin: -731560.9 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -705.9%

- FY2017: -23.1%

- FY2018: -2754.6%

- FY2019: -66.9%

- FY2020: -57.9%

- FY2021: -42.2%

- FY2022: -5221.2%

- FY2023: -39.6%

- FY2024: -99.1%

- FY2025: -38.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -761M

- Net income, five-year total: EUR -763M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1540.4 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -42M

- FY2022: EUR -61M

- FY2023: EUR -147M

- FY2024: EUR -176M

- FY2025: EUR -335M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -705.9% vs -39.6%

- Per-share earnings: -1.46 to -3.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 21.6%

- Ordinary dilution, 5-year annual growth: 37.2%

- Diluted shares, 10-year annual growth: 21.6%

- Diluted shares, 5-year annual growth: 37.2%

- Per-share value change: EUR -1.60

- Per-share value, starting three-year median: EUR -1.46

- Per-share value, ending three-year median: EUR -3.06

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 100K

- Cumulative net income, 10 years: EUR -873M

- ROIC, first three-year median: -705.9%

- ROIC, last three-year median: -39.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -1.46

- FY2017: EUR -1.11

- FY2018: EUR -1.52

- FY2019: EUR -2.51

- FY2020: EUR -2.62

- FY2021: EUR -2.53

- FY2022: EUR -2.72

- FY2023: EUR -3.06

- FY2024: EUR -2.79

- FY2025: EUR -4.83

### accounting: pass

- Sloan accruals: -30.9%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.1%

- FY2017: -5.2%

- FY2018: -2.3%

- FY2019: -6.1%

- FY2020: -10.8%

- FY2021: 2.4%

- FY2022: -9.0%

- FY2023: -14.6%

- FY2024: -10.8%

- FY2025: -30.9%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 31% since Dec 2025 · sales -100%

Story as of 2026-10-16T09:58:13.211Z; price observation 2026-10-15.

- 2025-07-23: Abivax's ulcerative colitis drug meets primary goals in Phase 3 trials; shares jump 400% ([investing.com](https://www.investing.com/news/stock-market-news/abivaxs-ulcerative-colitis-drug-meets-primary-goals-in-phase-3-trials-shares-jump-400-93CH-4147964))

### Sales · FY2024–2025

sales -100%; source https://www.sec.gov/Archives/edgar/data/1956827/000195682726000012/abvx-20251231.htm; observed 2026-03-23.

- FY2016: EUR 127K 

- FY2017: EUR 10K 

- FY2018: EUR 18K 

- FY2019: EUR 2K 

- FY2020: EUR 63K 

- FY2021: EUR 37K 

- FY2022: EUR 4.6M 

- FY2023: EUR 4.6M 

- FY2024: EUR 11M 

- FY2025: EUR 0 

### Gross margin · FY2023

gross margin 99%; source https://www.sec.gov/Archives/edgar/data/1956827/000195682726000012/abvx-20251231.htm; observed 2026-03-23.

- FY2023: 99.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### Why customers stay

It lost 62.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); 10-year return on capital observations [[2016,-7.058520333170015],[2017,-0.23076049708930266],[2018,-27.546204379562045],[2019,-0.6687133596034066],[2020,-0.5786087023548002],[2021,-0.42154512412033096],[2022,-52.21247706422018],[2023,-0.3960852417202642],[2024,-0.9906655551125448],[2025,-0.3880697510994714]]; median -0.6236610309791034. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ABVX.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 12.6 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Closing price 92.38 USD; reporting-to-trading FX 1.12128; FY2025 net assets per share 6.54435397318751; price multiple 12.589170068942533. FY2025 cash earnings/share -4.820644495040078. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2023-10: $9.20 per share

- 2023-11: $10.15 per share

- 2023-12: $10.70 per share

- 2024-01: $13.18 per share

- 2024-02: $13.60 per share

- 2024-03: $14.30 per share

- 2024-04: $15.00 per share

- 2024-05: $14.00 per share

- 2024-06: $13.22 per share

- 2024-07: $11.81 per share

- 2024-08: $12.71 per share

- 2024-09: $11.52 per share

- 2024-10: $10.32 per share

- 2024-11: $8.53 per share

- 2024-12: $7.32 per share

- 2025-01: $5.97 per share

- 2025-02: $7.68 per share

- 2025-03: $6.25 per share

- 2025-04: $7.12 per share

- 2025-05: $6.02 per share

- 2025-06: $7.65 per share

- 2025-07: $71.77 per share

- 2025-08: $81.03 per share

- 2025-09: $84.90 per share

- 2025-10: $102.42 per share

- 2025-11: $124.83 per share

- 2025-12: $134.86 per share

- 2026-01: $111.15 per share

- 2026-02: $121.28 per share

- 2026-03: $111.35 per share

- 2026-04: $117.38 per share

- 2026-05: $132.63 per share

- 2026-06: $133.26 per share

- 2026-07: $124.92 per share

- 2026-08: $111.73 per share

- 2026-09: $99.02 per share

- 2026-10: $88.15 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:31:44.035Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1956827/000195682726000012/abvx-20251231.htm); period 2025-12-31, filed 2026-03-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Lee Ainslie](https://gigainvestors.com/mc): 40,000 ABVX shares; USD 5,330,000 reported position value; 0.05% of portfolio; new; quarter 2026 Q2.

# ABVX — Abivax SA ADR

Held by 1 investor · USD 5,330,000 total · 2026 Q2 · reported price USD 133.25 (split-adjusted).
Page: https://gigainvestors.com/s/ABVX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Lee Ainslie (https://gigainvestors.com/mc) | USD 5,330,000 | 0.1% | new |

## Total held by quarter

- 2026 Q2: USD 5,330,000 · 1 holder · USD 133.25