Core Thesis - ABIVAX Société Anonyme is gaining investor attention due to positive clinical data and potential market opportunities for its lead candidate, Obefazimod (ABX464) [1][2]. Company Overview - ABIVAX is a clinical-stage biotechnology company focused on developing therapeutics that stabilize the immune response in patients with chronic inflammatory diseases [2]. Clinical Data - Obefazimod demonstrated a pooled 16.4% placebo-adjusted clinical-remission rate at week 8 in moderate-to-severe ulcerative colitis, meeting all key secondary endpoints across ABTECT-1 and ABTECT-2 trials [3]. - The trial included a highly refractory population, with nearly half of participants having failed prior advanced therapies, indicating the drug's potential as a first-in-class oral therapy [3]. Safety Profile - The safety profile of Obefazimod is clean and highly tolerable, with only mild, transient side effects such as headache and nausea, differentiating it from JAK inhibitors [4]. Financial Position - ABIVAX is well-capitalized with a cash runway extending into late 2027, allowing it to complete pivotal studies and prepare for commercialization without immediate dilution risk [5]. Market Potential - Peak sales potential for Obefazimod is estimated at $4 billion, with a 60% probability of approval, leading to a base-case fair value of $115 per ADS, offering approximately 30% upside and a bull case of $210 [6]. - The combination of de-risked late-stage data, robust efficacy, and a clean safety profile positions ABIVAX as a high-conviction biotech growth story [6].