First data from Phase 2b in ulcerave colis ("UC”) demonstrates stascally significant improvement in the Modified Mayo Score ("MMS") the primary endpoint. The 254-paent trial including 50% of paents refracve to exisng biologic or JAK therapies showed ABX464 to be effecve at all doses tested (25mg, 50mg, 100mg) with a rapid onset of acon detectable at day 8. Although not powered, the trial also achieved stascal significance in almost all secondary endpoints, except clinical remission at the two higher doses. With lile obvious dose dependence, management indicated pooling the different dose data yielded significance for all secondary endpoints. Adverse events were mild, dose-dependent and similar to placebo at the lowest 25mg dose. Data from the first 51 paents in maintenance study indicates that efficacy is sustained and increased aer 12 months. These data confirm the previous 2a data and open the door to a pivotal Phase 3 to start by YE2021E. ABX464's efficacy, safety and convenience would make the drug of choice in UC and perhaps the whole $18bn inflammatory bowel disease ("IBD") market; a strong basis for a transformave deal. Posive data from the ongoing Phase 2a study in rheumatoid arthris ("RA") expected by end Q2/2021E would open the doorto the rest of the $90bn inflammatory disease market. We reiterate our OUTPERFORM recommendaon and increase our target price to €54.