ABIVAX (ENXTPA:ABVX) Q3 2025 Loss Surges to €153m, Reinforcing Cash-Burn Concerns

ABIVAX Société Anonyme (ENXTPA:ABVX) has just posted its Q3 2025 numbers, with revenue of about €2.0 million and a basic EPS of roughly -€2.10, while trailing 12 month figures sit at €6.8 million in revenue and EPS of around -€4.46. The company has seen revenue hover in a narrow band between about €0.97 million and €2.0 million over the last few quarters, while EPS has remained firmly negative throughout that stretch. This highlights a story driven more by pipeline progress than by near term profitability, and for investors the latest print keeps the focus squarely on how fast ABIVAX can scale revenue to offset deeply negative margins.

See our full analysis for ABIVAX Société Anonyme.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the prevailing narratives around ABIVAX's growth runway, risk profile, and long term path to sustainable margins.

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Net losses deepen to €153 million

• Q3 2025 net income excluding extra items came in at a loss of €153.4 million, compared with losses between about €38.8 million and €55.2 million in each of the prior five quarters.
• Critics highlight that ABIVAX is forecast to stay unprofitable for at least the next three years, and the widening pattern of losses supports that concern:
  • On a trailing 12 month basis, net losses reached €293.5 million, versus figures between about €176.2 million and €195.4 million over the prior four trailing periods.
  • Over the past five years, net losses have reportedly increased at about a 41.9 percent annual rate, matching the bearish view that cash burn is still accelerating as the pipeline advances.

Revenue forecasts point to 69 percent growth

• Despite quarterly revenue staying in a narrow €1.0 million to €2.0 million range recently, revenue is forecast to grow around 69.4 percent per year, well above the cited 5.4 percent growth rate for the broader French market.
• Supporters argue that this rapid top line trajectory underpins a bullish long term view, even with current losses:
  • Trailing 12 month revenue of €6.8 million sits below the €9.1 million to €10.8 million range seen in earlier trailing periods, which makes the strong forward growth forecast a key part of the optimistic case.
  • The bullish stance leans on that 69.4 percent forecast growth to eventually absorb large operating costs, in contrast with today’s negative EPS of about €4.46 over the last 12 months.

Over Q3's sharp loss and modest revenue base, bulls and bears are split on whether that 69 percent growth outlook can realistically close a €293 million trailing loss gap. 📊 Read the full ABIVAX Société Anonyme Consensus Narrative.

Valuation stretches far beyond DCF fair value

• At a share price of €94.10, ABIVAX trades well above its DCF fair value estimate of about €14.26 and at a price to book of 13.9 times, compared with 6 times for peers and 2.6 times for the wider French biotech industry.
• Bears argue that these valuation multiples leave little margin for execution missteps, and the recent financials align with that skeptical stance:
  • Persistent trailing 12 month losses of €293.5 million and negative EPS of roughly €4.46 offer no profitability support for a premium multiple versus peers.
  • Shareholder dilution over the past year and recent share price volatility versus the French market add further weight to the view that the current valuation embeds aggressive expectations.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on ABIVAX Société Anonyme's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

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ABIVAX’s widening losses, rich valuation versus DCF fair value, and ongoing shareholder dilution leave investors heavily exposed if its ambitious growth story stumbles.

If that imbalance between fragile fundamentals and lofty expectations makes you uneasy, use our these 913 undervalued stocks based on cash flows to quickly shift your focus toward companies where the price better reflects underlying strength and downside risk appears more contained.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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