Abivax

Management prioritized fully funding the pivotal UC program with a large 2025 US offering, then simplified future economics by buying back 2022 royalty certificates in May 2026. Those actions appear rational for a single‑asset platform approaching pivotal readouts.

Share‑based compensation rose with scale‑up, and aggregate dilution has been meaningful, which we view as acceptable only because it funded value‑defining trials. There is no acquisitive history; internal pipeline work continues with ENHANCE‑CD and potential UC combinations.

Post‑approval, we will look for disciplined SG&A ramp and focused lifecycle management rather than broad M&A.