Abivax

Cash, cash equivalents and short‑term investments totaled €530.4 million at year‑end 2025 with guided cash runway into Q4 2027. The company reported having repaid interest‑bearing liabilities by December 31, 2025 and in May 2026 repurchased outstanding royalty certificates for $90 million, reducing future revenue encumbrances. These are positives.

Offsetting this, TTM operating cash outflow was about €161 million in 2025 and additional commercialization build will require ongoing spend. Abivax has demonstrated capital markets access, but dilution risk persists if timelines slip. Overall, solvency risk appears low through key 2026–2027 milestones.