olivLaw · European equity research
ABIONYX Pharma SA ABNX.PA
France · Euronext Paris · ISIN FR0012616852 · Vertical: Listed companies from France
ABIONYX Pharma is a French biotech developing therapies based on apoA-I and mimetic HDL particles, with its lead candidate CER-001 targeting ultra-rare kidney disease, sepsis and ophthalmology. The company expanded through the acquisition of IRIS Pharma, adding an ophthalmology drug-development services business; for investors the value depends on clinical trial results and patent protection, as documented in the annual report for fiscal 2025.
At the close of 05 Nov 2026, ABIONYX Pharma SA (ABNX.PA) stock was 1.54 EUR (−1.78% on the day), with market capitalisation 53.5 m EUR, beta 0.57, 52-week range 1.43–4.33 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.9
- weak (30–45)
- Bollinger (20, 2)
- 1.44 – 1.71
- in the lower half of the band · %B 0.38 · band width 17.3%
- SMA 50 / 200
- 1.71 / 2.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −0.6% | −0.3 pp | — |
| 3 months | −18.3% | −4.2% | −14.2 pp | — |
| 6 months | −57.2% | +4.3% | −61.5 pp | — |
| Year to date | −59.3% | +7.5% | −66.8 pp | — |
| 1 year | −60.2% | +9.9% | −70.1 pp | −6.8% |
| 3 years | +22.0% | +49.8% | −27.9 pp | −15.9% |
| 5 years | +0.3% | +42.8% | −42.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 5.3 m | 4.6 m | 4.6 m | 4.1 m |
| Revenue YoY | unavailable | −11.7% | −1.9% | −10.7% |
| Net income | -4.2 m | -3.5 m | -4.4 m | -5.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.15 | -0.12 | -0.13 | -0.16 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -80.1% | -75.8% | -96.3% | -136.6% |
| Free cash flow | -3.5 m | -3.8 m | -3.7 m | -3.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 m EUR
- Financial debt
- 2.0 m EUR
- Net debt
- -1.6 m EUR
- Equity
- 4.5 m EUR
- Total assets
- 13.1 m EUR
- Debt / equity
- 0.44x
- Current ratio
- 1.06x
- ROE
- -92.3%
- ROA
- -41.6%
- FCF margin
- -78.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 5.3 m | 4.6 m | 4.6 m | 4.1 m | esef· 18 Mar 2026verified |
| Cost of revenue | 4.6 m | 4.0 m | 3.7 m | 3.5 m | esef· 18 Mar 2026verified |
| Gross profit | 636.0 k ≈ | 618.0 k ≈ | 844.0 k ≈ | 534.0 k ≈ | esef· 18 Mar 2026derived |
| Research & development | 1.1 m | 1.5 m | 1.9 m | 1.5 m | esef· 18 Mar 2026verified |
| Operating income | -4.1 m | -3.4 m | -4.5 m | -5.5 m | esef· 18 Mar 2026verified |
| Interest expense | 262.0 k | 302.0 k | 132.0 k | 159.0 k | esef· 18 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 9.0 k | esef· 18 Mar 2026verified |
| Net income | -4.2 m | -3.5 m | -4.4 m | -5.6 m | esef· 18 Mar 2026verified |
| Diluted EPS | -0.15 | -0.12 | -0.13 | -0.16 | esef· 18 Mar 2026verified |
| Weighted average diluted shares | 29.9 m | 30.7 m | 36.1 m | 38.3 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 4.0 m | 4.1 m | 3.2 m | 3.5 m | esef· 18 Mar 2026verified |
| Inventories | 147.0 k | 221.0 k | 211.0 k | 255.0 k | esef· 18 Mar 2026verified |
| Current assets | 7.6 m | 6.9 m | 5.9 m | 5.5 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 373.0 k | 335.0 k | 278.0 k | 400.0 k | esef· 18 Mar 2026verified |
| Goodwill | 5.4 m | 5.4 m | 5.4 m | 5.4 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 75.0 k | 80.0 k | 77.0 k | 66.0 k | esef· 18 Mar 2026verified |
| Total assets | 15.8 m | 14.8 m | 13.5 m | 13.1 m | esef· 18 Mar 2026verified |
| Long-term debt | 1.4 m | 1.1 m | 611.0 k | 2.0 m | esef· 18 Mar 2026verified |
| Current liabilities | 5.1 m | 3.9 m | 3.7 m | 5.2 m | esef· 18 Mar 2026verified |
| Equity | 7.2 m | 7.9 m | 7.5 m | 4.5 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 28.0 m | 29.3 m | 33.7 m | 34.7 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -3.4 m | -3.7 m | -3.6 m | -2.9 m | esef· 18 Mar 2026verified |
| Capex | 165.0 k | 104.0 k | 68.0 k | 242.0 k | esef· 18 Mar 2026verified |
| Free cash flow | -3.5 m ≈ | -3.8 m ≈ | -3.7 m ≈ | -3.2 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -175.0 k | -130.0 k | -76.0 k | -205.0 k | esef· 18 Mar 2026verified |
| Financing cash flow | -194.0 k | 3.9 m | 2.8 m | 3.4 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 53.5 m EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -118.6% | 0 (vs peers) | 24% |
| Net margin · Quality | -136.6% | 13 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.2% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -34.8x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.9% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality5/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ABIONYX PHARMA (ABNX.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.1 m EUR in 2025; YoY growth -10.7%; net margin -136.6%; ROE -92.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -118.6%
- Net margin: -136.6%
- Revenue CAGR 3Y: -8.2%
- Interest coverage: -34.8x
- Current ratio: 1.1x
- FCF yield: -5.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ABNX.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ABIONYX Pharma is a French biotech developing therapies based on apoA-I and mimetic HDL particles, with its lead candidate CER-001 targeting ultra-rare kidney disease, sepsis and ophthalmology. The company expanded through the acquisition of IRIS Pharma, adding an ophthalmology drug-development services business; for investors the value depends on clinical trial results and patent protection, as documented in the annual report for fiscal 2025.
SWOT
Strengths
- Clinical data accumulated on a substantial number of patients and a safety profile reported as satisfactory for CER-001.
- A biomanufacturing process that complies with the good manufacturing practice standards of the pharmaceutical industry.
- A patent portfolio and a targeted delivery platform that can be extended to several indications.
Weaknesses
- Dependence on a single lead candidate, CER-001, for most of the asset base.
- Founding patents expire within a window that could precede commercialisation if delays occur.
- Many risks are described as having a potentially significant impact on the financial position.
Opportunities
- Extension into sepsis and ultra-rare kidney diseases, where medical needs are significant.
- Leveraging the IRIS Pharma services and the targeted delivery platform in ophthalmology.
- Supplementary protection certificates and second-generation patents could extend the value of the assets.
Threats
- Costly and uncertain-outcome litigation over infringement of third-party intellectual property.
- Changes to patent law or patent terms made without notice.
- Competitors with greater financial resources who could sustain higher litigation costs.
Risks
- Patent protectionhigh
Protection offered by patents is uncertain and limited in time, and founding patents could expire before commercialisation if delays occur.
- Infringement of third-party rightshigh
The company could face claims of infringing third-party patents, which could generate substantial costs and restrictions on its activity.
- Confidentiality of informationmedium
Confidential information shared with third parties could be exposed if partners do not respect confidentiality agreements.
- Changes to IP legislationmedium
Legislative changes on patents could reduce the term or value of protection without compensation.
- Supplier dependencemedium
An incident at suppliers or subcontractors could affect the company's operations and results.
Investment thesis
What would need to be true (bull case)
- If CER-001 clinical data are confirmed in the phase 2b/3 studies, the company could open several therapeutic indications.
- The IRIS Pharma acquisition could bring service revenue and ophthalmology experience, reducing dependence on a single product.
- Supplementary protection certificates could extend market exclusivity of products after authorisation.
What would break the thesis
- Expiry of founding patents could shorten the exclusivity period if clinical development is delayed.
- IP litigation could be costly and could divert management resources.
- The asset base is concentrated on one lead candidate, so results could be highly sensitive to a clinical failure.
What to watch
- Results of the CER-001 phase 2b/3 sepsis study2027
- Filing of second-generation patents for CER-0012027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ABIONYX Pharma SA is a next-generation biotech company dedicated to discovering and developing innovative therapies, headquartered in Balma near Toulouse. The company focuses on CER-001, a recombinant HDL-mimetic bioproduct that imitates natural HDL particles, with a safety profile reported as satisfactory across nearly 900 patients enrolled in clinical trials, of whom about 600 received CER-001 1. In December 2021 the company acquired IRIS Pharma Holding, renamed APOGEYE Pharma, extending its activity into ophthalmology, where the HDL carrier platform may be used for targeted drug delivery 1.
Segments
CER-001 development
The lead candidate CER-001 is aimed at ultra-rare kidney diseases (LCAT deficiency or Norum disease) and at a phase 2b/3 study in sepsis, following the success of a phase 2a study named RACERS 1.
Services and ophthalmology
The IRIS Pharma subsidiary, acquired in December 2021, provides services in ophthalmic drug development and is kept separate from the HDL biology work under confidentiality rules to preserve service independence 1.
ABNX-100 platform
The ophthalmology portfolio includes ABNX-100, an apoA-I based biodrug, and a targeted drug-delivery platform that uses CER-001 as a carrier 1.
Market context
The company operates in therapeutic biotechnology, where treatments for rare kidney diseases and sepsis address unmet medical needs, and where patent protection and exclusivity periods directly affect asset value. The annual report notes that in Europe supplementary protection certificates can extend protection by up to 5 years, while CER-001's founding patents, filed in the 2000-2010 period, expire between 2025 and 2035, which could matter if clinical development is delayed 1.
Trends
- Expiry of founding patentsheadwind
The main patent families covering CER-001 expire in the 2025-2035 decade; if clinical or regulatory delays are significant, expiry could precede commercial launch, making second-generation patent extension essential 1.
- Supplementary protection certificatestailwind
In Europe a supplementary certificate can extend the protection of a basic patent after marketing authorisation, which could partly offset earlier patent expiry 1.
- Changes to IP rightsheadwind
Patent laws and regulations may change without notice, which could reduce the term or value of the company's protection 1.
- US first-to-file regimemixed
Since March 2013 the United States has used a first-to-file system, which can create uncertainty about patentability of the company's inventions before the USPTO or US courts 1.
Competitive position
The reviewed sources do not explicitly name direct competitors; the annual report does note that some competitors have greater resources, which would let them bear higher costs in IP litigation. The company seeks to maintain its position through patent protection and its clinical data package 1.
- Better-resourced competitors
The annual report refers to competitors with greater financial resources who could bear higher patent litigation costs; they are not named in the source.
- Other HDL biomedicine developers
The source notes the existence of competing or similar patents filed by third parties, without naming entities.
- Ophthalmology drug developers
The source places IRIS Pharma's services in a competitive ophthalmic development field, without naming competitors.
- Sepsis treatment patent holders
Third-party patents on similar candidates are cited as a risk, but competitors are not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ABIONYX Pharma SA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.