Abivax : 2019 Half-Year Financial Report

HALF-YEAR FINANCIAL

REPORT 2019

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Contents

1.	LEADERSHIP .....................................................................................	3
2.	HALF-YEAR ACTIVITY REPORTS..........................................................	4
2.1. ABIVAX - AN OVERVIEW....................................................................................................	4
2.2. DESCRIPTION OF THE HIGHLIGHTS AND ACTIVITIES OF ABIVAX IN THE FIRST HALF OF 2019 ...................	6
2.3. FINANCIAL SITUATION AND RESULTS: NOTES ON THE FIGURES.......................................................	10
2.4.	PRINCIPAL RISK FACTORS ...................................................................................................	18
3.	INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2019........................	19
3.1.	INCOME STATEMENT ........................................................................................................	19
3.2.	BALANCE SHEET ..............................................................................................................	20
3.3.	CASH FLOW STATEMENT ...................................................................................................	21
3.4. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY SHARE........................................................	22
3.5. NOTES TO THE FINANCIAL STATEMENTS..................................................................................	23
4.	DECLARATION BY THE PERSON RESPONSIBLE FOR THE INTERIM
FINANCIAL REPORT.............................................................................	49

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1. LEADERSHIP

Board of Directors

Chairman:	Dr Philippe Pouletty
Directors:	Carol L. Brosgart
	Claude Bertrand
	Corinna zur Bonsen-Thomas
	Jean-Jacques Bertrand
	Joy Amundson
	Santé Holding SRL represented by Dr Antonino Ligresti
	Truffle Capital represented by Christian Pierret

Management

Chief Executive Officer	Pr. Hartmut Ehrlich
V.P. Chief Financial Officer and Secretary of the Board of Directors	Didier Blondel
V.P. Chief Commercial and Business Development Officer	Pierre Courteille
V.P. Process and Manufacturing Development	Jérôme Denis
V.P. Clinical Operations	Paul Gineste
V.P. Regulatory Affairs, Quality and Pharmacovigilance	Alexandra Pearce
V.P. R&D	Didier Scherrer
V.P. Chief Medical Officer	Dr Jean-Marc Steens
V.P. Research and Director of the Abivax-CNRS Collaborative Laboratory	Jamal Tazi

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2. HALF-YEAR ACTIVITY REPORTS

2.1. ABIVAX - an overview

ABIVAX is an innovative biotech company that is mobilising the body's natural immune "machinery" to treat patients suffering from inflammatory diseases, infectious diseases and cancer. As a clinical-stage biotech company, ABIVAX is leveraging its three platforms to discover and optimise drug candidates to treat inflammatory bowel diseases, HIV and even liver cancer. The anti-inflammatory and antiviral products and immunotherapies developed by ABIVAX derive from three proprietary technological platforms:

1. A "Modulation of RNA Biogenesis" platform, based on technologies developed jointly by the
   CNRS (Montpellier, France) and the Institut Curie (Orsay, France). In addition to ABX464, this platform has generated a chemical library of more than two thousand small molecules that act on RNA maturation phases to precisely block viral replication mechanisms using new modes of action. ABX464 is the flagship molecule derived from this platform. Originally developed to target the HIV virus, this molecule has proven to be effective on the RNA splicing process, and has also had an anti-inflammatory effect, which has become the main indication of this drug candidate. The platform has also generated different molecules that target, with some of the first active molecules identified, other viruses such as the Respiratory Syncytial Virus, Dengue, and the influenza virus.
2. An "Immune Enhancer" platform based on intellectual property from the Scripps Research Institute (United States). This platform affects "iNKT" agonist compounds which stimulate immune responses at both the humoral and cellular levels. These compounds have clinical applications in oncology and infectious diseases. ABX196, the target product derived from this platform, has already demonstrated its safety in a Phase 1 study in healthy volunteers. A preclinical development has shown the ability of ABX196 to convert tumours that were not responsive to treatment with checkpoint inhibitors into responsive tumours. Since ABIVAX does not intend to work in immuno-oncology, it is seeking to develop this molecule on liver cancer or advanced hepatocellular carcinoma with the support of an external partner after receiving the first clinical efficacy results.
3. A "Polyclonal Antibody" platform based on the generation of neutralising antibodies for the treatment and prevention of viral infections like Ebola.

ABIVAX conducts its R&D work mainly in Montpellier and its registered office is based in Paris. It has approximately 25 employees across both sites. The ABIVAX management team has extensive experience in the development and marketing of biopharmaceutical products on inflammatory diseases, infectious diseases and antivirals. The Company also has an internationally renowned scientific committee and a Board of Directors whose members have substantial experience gained within major pharmaceutical companies and international vaccine manufacturers.

ABIVAX is currently focusing its efforts on the following issues:

• continuing the clinical development programme for ABX464, with a strategic priority now given to treating chronic inflammatory bowel disease (IBD) and other inflammatory diseases, then, secondly, to searching for a functional cure for HIV;
• initiation of the clinical development of ABX196 in the treatment of hepatocellular cancer, in combination with checkpoint inhibitors;
• lastly, the discovery of new molecules to treat major viral infections ("Modulation of RNA Biogenesis" platform).

The Company was set up as a société anonyme (public limited company) on 6 December 2013 and absorbed Splicos, Wittycell and Zophis in 2014 via a full transfer of the assets and liabilities of these companies. The Company has been listed on Euronext Compartment B in Paris since 26 June 2015.

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It does not have any subsidiaries and is thus not required to present consolidated financial statements under IFRS. Its annual financial statements are therefore prepared in accordance with French accounting standards and principles.

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