SCHEDULE 13G/A: TCG Crossover Funds Disclose 9.1% Stake in Abivax SA

TCG Crossover Fund I, L.P., TCG Crossover Fund II, L.P., and their related entities, along with Chen Yu, have disclosed a combined beneficial ownership of 9.1% in Abivax SA as of September 30, 2025.

Summary

• TCG Crossover Fund I, L.P. and TCG Crossover GP I, LLC beneficially own 6,456,596 ordinary shares of Abivax SA, representing 8.3% of the class.
• TCG Crossover Fund II, L.P. and TCG Crossover GP II, LLC beneficially own 655,000 ordinary shares of Abivax SA, representing 0.8% of the class.
• Chen Yu, as the sole managing member of both TCG Crossover GP I and TCG Crossover GP II, is deemed to share voting, investment, and dispositive power over a total of 7,111,596 ordinary shares, equating to 9.1% of Abivax SA's outstanding shares.
• The ownership is in the form of American Depositary Shares (ADSs), where each ADS represents one ordinary share.
• The total ordinary shares outstanding for Abivax SA were 77,830,067 as of September 30, 2025.
• The reporting persons disclaim that the securities were acquired or are held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a standard disclosure of beneficial ownership by institutional investors. The significant stake by TCG Crossover Funds and Chen Yu could be interpreted as a positive signal of investor confidence in Abivax SA, although the filing itself does not provide performance or operational details.

Positives

• Significant institutional investment by TCG Crossover Funds and Chen Yu, indicating confidence in Abivax SA.
• The reporting persons explicitly state that the securities were not acquired for the purpose of changing or influencing control, suggesting a passive investment intent.

Industry Context

This filing indicates a significant institutional investor, TCG Crossover, has taken a substantial stake in Abivax SA. Such investments are common in sectors like biotechnology and pharmaceuticals, where long-term capital is often required for drug development and clinical trials. The presence of a crossover fund suggests investment across different stages of company development, potentially including both private and public rounds.

Related Party Transactions

• General and limited partners or members of TCG Crossover I, TCG Crossover II, TCG Crossover GP I, and TCG Crossover GP II may have the right to receive dividends or proceeds from the sale of Abivax SA securities held by these entities, as per their respective agreements.

Stakeholder Impact

• Shareholders: Increased institutional ownership may enhance market confidence and liquidity.
• Company Management: A significant institutional investor can provide strategic support or, conversely, exert pressure for performance.

Key Dates

Keywords

Abivax SA, TCG Crossover, Chen Yu, Schedule 13G, Beneficial Ownership, ADSs, Ordinary Shares, Institutional Investment