Phase 2a rheumatoid arthris ("RA") data not only achieved the primary endpoint of safety and tolerability, but also stascally significant improvement in the ACR20 and encouraging signals in other RA disease measures; despite being insufficiently powered. 60 paents with inadequate response to methotrexate and  or TNFα inhibitors were included in the trial. Adverse events ("AE") were mild and dose dependent. While there were some AE-related paent drop out, recent data in ulcerave colis ("UC") indicates that the drug maintains maximal an-inflammatory efficacy at lower doses where AEs start to disappear. This provides a strong basis to move into Phase 2b planned beginning 2022E. Combined with the recent UC Phase 2b these data suggest ABX464 could provide substanal benefit across a broad range of inflammatory diseases. Safe, effecve and conveniently orally delivered, the drug looks well posioned to take a significantshare of an $90bn an-inflammatory market populated by drugs of quesonable safety, poor convenience and frequently lacking sustained efficacy. Abivax now looks well-placed to achieve the transformave and much ancipated licensing or MA deal. While cash is only sufficient unl Q4/2021E, raising necessary interim finance should not pose a significant problem. Increasing the ABX464 RA success probability to 50% from 30%, we reiterate our OUTPERFORM recommendaon and increase our target price to €71 (from €54).