Abivax : 2021 Universal Registration Document

depending on the top-line results of the dose escalation phase

UNIVERSAL REGISTRATION

DOCUMENT 2021

This Universal Registration Document was filed with the Autorité des marchés financiers, the French Financial Markets Authority, hereinafter the AMF, on 30 April 2021 as the competent authority under Regulation (EU) No 2017/1129, without prior approval in accordance with Article 9 of that Regulation.

The Universal Registration Document may be used for the purpose of offering financial securities to the public or for the admission of financial securities to trading in a regulated market if supplemented by a prospectus and, if applicable, a summary and all the amendments made to the Universal Registration Document. The resulting document package has been approved by the AMF in accordance with Regulation (EU) No 2017/1129.

Pursuant to Article 19 of Regulation (EU) No 2017/1129, the following information is included by reference in this Universal Registration Document:

• For the 2019 financial year, the ABIVAX Registration Document filed with the AMF on 25 May 2020 under number D.20-0483, contains the historical parent company financial statements, the Statutory Auditor's reports, the Management report, as well as key figures about ABIVAX; and
• For the 2018 financial year, the ABIVAX Registration Document filed with the AMF on 29 April 2019 under number D.19-
  0437, contains the historical parent company financial statements, the Statutory Auditor's reports, the Management report, as well as key figures about ABIVAX;

Copies of this Universal Registration Document are available free of charge from the Company at 5 rue de la Baume, 75008 Paris, France, as well as electronically on the Company's website (www.ABIVAX.com) and on the AMF's website (www.amf-france.org).

CONTENTS

•

GENERAL REMARKS..................................................................................................................................

5

1. PERSONS RESPONSIBLE, INFORMATION FROM A THIRD PARTY, EXPERTS' REPORT AND APPROVAL OF THE

COMPETENT AUTHORITY ...................................................................................................................................................	7
	1.1	Person(s) responsible for the Universal Registration Document...............................................................	7
	1.2	Statement by the Responsible Person ......................................................................................................	7
	1.3	Name, address, qualifications and potential interests of persons involved as experts .............................	7
	1.4	Statement about information from a third party......................................................................................	7
	1.5	Declaration without prior approval by the competent authority..............................................................	7
2.	STATUTORY AUDITORS.............................................................................................................................................	8
	2.1	Auditor.....................................................................................................................................................	8
	2.2	Statutory auditors who have resigned or been dismissed ........................................................................	8
3.	RISK FACTORS ...........................................................................................................................................................	9
	3.1	Risks related to the Company's business .................................................................................................	10
	3.2	The Company's financial and market risks...............................................................................................	16
	3.3	Regulatory and legal risks........................................................................................................................	20
	3.4	Risks related to the Company's organisation...........................................................................................	24
4. INFORMATION ABOUT THE COMPANY..................................................................................................................	27
	4.1	Legal and commercial name of the Company ..........................................................................................	27
	4.2	Place, registration number and legal entity identifier of the Company....................................................	27
	4.3	Date of incorporation and duration of the Company...............................................................................	27
	4.4	Registered office, legal form, laws governing its operations....................................................................	27
5.	OVERVIEW OF ACTIVITIES ......................................................................................................................................	28
	5.1	Main activities.........................................................................................................................................	28
	5.2	Main markets ..........................................................................................................................................	51
	5.3	Significant events in the growth of the Company's business since 2018 ..................................................	51
	5.4	Strategy and objectives ...........................................................................................................................	53
	5.5	Patents, licences, trademarks, names and domain names.......................................................................	54
	5.6	The competitive environment .................................................................................................................	75
	5.7	Investments ............................................................................................................................................	76
6.	ORGANISATIONAL STRUCTURE ..............................................................................................................................	77
	6.1	Organisation of the Company..................................................................................................................	77
	6.2	List of subsidiaries, branches and secondary establishments ..................................................................	77
7. REVIEW OF THE FINANCIAL POSITION AND OF THE RESULTS ...............................................................................	78
	7.1	Financial position ....................................................................................................................................	78
	7.2	Operating income....................................................................................................................................	86
8.	CASH AND CAPITAL.................................................................................................................................................	88
	8.1	Information on the capital of the Company.............................................................................................	88
	8.2	Sources and uses of cash of the Company ...............................................................................................	90
	8.3	Financing needs and financing structure .................................................................................................	91

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8.4 Restrictions on the use of capital which have materially affected or may materially affect the Company's

operations directly or indirectly ............................................................................................................................	94
8.5	Expected sources of funding....................................................................................................................	94
9. REGULATORY ENVIRONMENT................................................................................................................................	97

9.1 Description of the regulatory environment and any measures of an administrative, economic, budgetary,

monetary and political nature...............................................................................................................................	97
10. INFORMATION ON TRENDS..................................................................................................................................	107
10.1	Main trends since the beginning of the current financial year ...............................................................	107

10.2 Trends, uncertainties, constraints, commitments or events likely to have a material impact on the

Company's outlook .............................................................................................................................................	107
11.	PROFIT FORECASTS OR ESTIMATES......................................................................................................................	109
12.	ADMINISTRATIVE, MANAGEMENT AND SUPERVISING BODIES AND GENERAL MANAGEMENT.......................	110
12.1	Executives, directors and non-voting directors......................................................................................	110
12.2	Conflicts of interest of administrative and executive bodies .................................................................	117

12.3 Procedure for the evaluation of agreements relating to current operations and concluded under normal

conditions ...........................................................................................................................................................	118
13. COMPENSATION AND BENEFITS ..........................................................................................................................	119
13.1	Executive compensation and benefits in kind........................................................................................	119

13.2 Sums provisioned by the Company for the payment of pensions, retirement benefits and other benefits

to corporate officers ...........................................................................................................................................	128
14. FUNCTIONING OF ADMINISTRATIVE AND MANAGEMENT BODIES ....................................................................	129
14.1	Expiry dates of terms of office...............................................................................................................	129
14.2	Information on the agreements between the executives and/or the directors and the Company.........	129
14.3	Information on the Audit Committee, the Compensation Committee and the Scientific Committee ....	129
14.4	Statement relating to corporate governance.........................................................................................	131
14.5	Potential significant impacts on corporate governance .........................................................................	132
14.6	Internal control of accounting and financial information ......................................................................	132
15.	EMPLOYEES...........................................................................................................................................................	133
15.1	Human resources ..................................................................................................................................	133
15.2	Shareholdings and stock options of corporate officers ..........................................................................	136
15.3	Agreement providing for shareholdings of employees ..........................................................................	136
16.	MAJOR SHAREHOLDERS .......................................................................................................................................	137
16.1	Breakdown of capital and voting rights .................................................................................................	137
16.2	Major shareholders' voting rights..........................................................................................................	139
16.3	Direct or indirect control of the Company .............................................................................................	139
16.4	Agreements that, when implemented, could result in a change of control............................................	140
16.5	Changes in share price...........................................................................................................................	140
17.	RELATED-PARTYTRANSACTIONS .........................................................................................................................	142
17.1	Details of related-party transactions .....................................................................................................	142

18. FINANCIAL INFORMATION ABOUT THE ISSUER'S ASSETS AND LIABILITIES, FINANCIAL POSITION AND RESULTS

145

18.1	Historical financial information .............................................................................................................	145
18.2	Interim and other financial information ................................................................................................	180

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18.3	Audit of historical annual financial information ....................................................................................	181
18.4	Pro forma financial information ............................................................................................................	181
18.5	Dividend policy......................................................................................................................................	181
18.6	Administrative, legal and arbitration proceedings.................................................................................	182
18.7	Significant changes in the financial or trading position..........................................................................	182
19.	ADDITIONAL INFORMATION ................................................................................................................................	183
19.1	Share capital..........................................................................................................................................	183
19.2	Charter and Articles of Association........................................................................................................	201
20.	MAJOR CONTRACTS..............................................................................................................................................	212
20.1	Collaboration and research and development contracts .......................................................................	212

20.2 Main contracts for the provision of services and mandates with clinical research organisations (CRO) and

centralised laboratories ......................................................................................................................................	212
20.3	Intellectual property rights assignment contract...................................................................................	213
20.4	Bpifrance aid contracts (grants and/or repayable advances) .................................................................	213
20.5	Other financial agreements ...................................................................................................................	217
21.	PUBLICLY AVAILABLE DOCUMENTS .....................................................................................................................	218
22.	MANAGEMENT REPORT CROSS-REFERENCETABLE ............................................................................................	219
22.1	Cross-reference table with the annual financial report..........................................................................	219
22.2	Cross-reference table with the management report..............................................................................	219
22.3	Cross-reference table with the report on corporate governance ...........................................................	220

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