With first ABX464 data from Phase 2b in ulcerave colis ("UC”) expected in midMay and from Phase 2a in rheumatoid arthris end Q2, the next two months could be transformave for Abivax. As highlighted in the recent KOL webinar, while there are already mulple therapies, diagnosed largely in younger paents there is sll a substanal and growing unmet need in UC for a safe, effecve, convenient and well tolerated drug that can be used over many years. Orally delivered and proven safe in mulple trials, Phase 2a data already suggest ABX464 may outperform exisng UC therapies. With the IBD market already valued at $18bn and total an-inflammatory including RA at $90bn, posive readouts in UC and potenally RA should provide the basis for a major partnering deal. We reiterate our OUTPERFORM recommendaon and target €43  share target price.