-- Cash position of EUR17.2m as of December 31, 2025
-- Progresses achieved with our flagship projects in 2025:
-- Chinese partner Tonghua Dongbao completed BioChaperone$(R)$ Lispro
Phase 3 program with positive results in people with type 1 and
type 2 diabetes in China, and the marketing authorization filling
is in preparation
-- Continued development of BioChaperone(R), with two new
feasibility studies in collaboration with two large pharmaceutical
companies in the fields of diabetes and obesity
-- Patent application filed for a new long-acting technology
platform AdoXLong$(TM)$, with initial positive in vitro and in vivo
results generated with semaglutide
-- Continued development of AdoShell(R) platform, with a clinical
trial application submission to regulatory authorities planned for
Q3 2026
-- Post-period events:
-- A shareholder loan agreement was entered into on April 21, 2026
with Vester Finance, securing a cash runway until the begining of
Q2 2027
-- New Board of Directors structure with Stephane Boissel appointed
as Chairman in replacement of Gérard Soula and Jacky
Vonderscher co-opted as Director
LYON, France--(BUSINESS WIRE)--April 21, 2026--
Regulatory News:
Adocia (Euronext Paris: FR0011184241 -- ADOC, the "Company"), a clinical-stage biopharmaceutical company focused on the research and development of innovative therapeutic solutions for the treatment of diabetes and obesity, publishes its annual financial results as of December 31, 2025. The consolidated statements contained herein were approved by Adocia's board of directors on April 20, 2026. Audit procedures have been completed and the audit report is in the process of being issued. These statements will be presented to shareholders for approval at the next annual general meeting on June 3, 2026.
"In 2025, the positive Phase 3 results obtained in 1,500 people with type 1 and type 2 diabetes in China with our ultra-rapid insulin, BioChaperone(R) Lispro, brought Adocia closer to commercialization. The other major highlight of the year was the growing interest from major pharmaceutical companies in BioChaperone(R) with the launch of two feasibility studies for the development of stable multi-dose peptide co-formulations in the fields of diabetes and obesity", comments Olivier Soula, CEO of Adocia. "We are doing everything possible to make 2026 a year of achievement for Adocia through the signing of a partnership."
"The successful completion of the fundraising in December 2025, as well as the implementation today of a shareholder loan agreement with Vester Finance, our largest shareholder after the Soula family, provides us with a cash runway until the beginning of Q2 2027. We continue our investments in the industrialization of BioChaperone(R) and in innovation with the generation of preclinical data on AdoXLong(TM). Our preliminary preclinical data with AdoXLong(TM) are promising and encourage us to continue investing in this technology," added Mathieu-William Gilbert, CFO-COO of Adocia.
Financial highlights
The following table summarizes the financial statements under IFRS for the year ending December 31, 2025 with a comparison to the year ending December 31, 2024:
In (EUR) thousands, Consolidated financial FY 2025 FY 2024 statements (12 months) (12 months) --------------------------------------------- ------------ ------------ Revenue 1,475 9,320 ---------------------------------------------- ------------ ------------ Grants, Research tax credit, others 2,373 2,804 ---------------------------------------------- ------------ ------------ Operating revenue 3,848 12,124 ---------------------------------------------- ------------ ------------ Research and development expenses (14,154) (14,533) ---------------------------------------------- ------------ ------------ General and administrative expenses (5,458) (4,995) ---------------------------------------------- ------------ ------------ Operating expenses (19,612) (19 528) ---------------------------------------------- ------------ ------------ OPERATING INCOME (LOSS) (15,764) (7,404) ---------------------------------------------- ------------ ------------ Other operating revenue and expenses 0 0 ---------------------------------------------- ------------ ------------ OPERATING INCOME (15,764) (7,404) ---------------------------------------------- ------------ ------------ FINANCIAL INCOME (LOSS) (839) (965) ---------------------------------------------- ------------ ------------ Tax 12 (952) ---------------------------------------------- ------------ ------------ NET INCOME (LOSS) (16,591) (9,321) ---------------------------------------------- ------------ ------------
The Company's results for 2025 are characterized by:
A net loss of EUR16.6m (million) in 2025, compared to a loss of EUR9.3m in 2024, mainly due to:
- Revenue of EUR1.5m in 2025 (compared to EUR9.3m in 2024) is mainly related to the ongoing feasibility study on the AdOral(R) technology, applied to a novel incretin for an undisclosed partner. By way of comparison, 2024 sales of EUR9.3m refer to the revenue recognition of the US$10m milestone from Tonghua Dongbao partnership, triggered in December 2024 by the final dosing of the last patient that concluded the Phase 3 study of BioChaperone(R) Lispro in people with type 2 diabetes. This milestone payment has been received in cash in July 2025 as per the payment terms of the Licensing Agreement for a net amount of US$9m, taking into account a 10% withholding tax.
- Other operating income of EUR2.4m, consisting of the Research Tax Credit $(CIR)$ generated on the 2025 R&D expenses, compared to EUR2.8m in 2024.
- Operating expenses of EUR19.6m are stable compared to last year.
- Negative financial result of EUR0.8m reflecting the financial interests on the PGE (State guaranteed loans) for EUR0.1m and interests on IFRS 16 finance lease debt for EUR0.7m, stable compared to last year.
- The 2025 net loss of EUR16.6m compared to the EUR9.3m 2024 net loss is mainly attributable to the revenue recognition of the Tonghua Dongbao partnership milestone in 2024.
A cash position of EUR17.2m as of December 31, 2025 (compared to EUR7.5m as of December 31, 2024).
The cash position at year-end 2025 reflects the following main receipts and disbursements:
- Cash received for the Tonghua Dongbao partnership milestone for a net amount of US$9m (EUR7.7m) and EUR2.8m from the CIR in July 2025,
- EUR1.6m received from the use of the remaining equity financing line signed in March 2024 with Vester Finance in the form of a PACEO,
- EUR8.9m (net of transaction costs) raised through a private placement subscribed by Gérard Soula, Vester Finance, Armistice Capital and a limited number of investors in February 2025,
- EUR9.1m (net of transaction costs) raised through a private placement subscribed by Heights Capital Management, acting on behalf of CVI Investments, in December 2025,
- Repayment of EUR2.6m on the PGE
Cash used in operating activities for 2025 (excluding cash received from Tonghua Dongbao) was EUR14.9m, compared to EUR16.2m in 2024 on a comparable basis. Adjusted for the positive impact of the 2024 Research Tax Credit (CIR) of EUR2.8 million, cash burn amounted to EUR17.7 million, down by EUR1.9 million compared to last year.
Debt (excluding IFRS16 impacts and derivatives) of EUR2.0m as of December 31, 2025, compared to EUR4.5m as of December 31, 2024, decreased by EUR2.6m following the repayments of the PGE in 2025, with the loans' maturity remaining unchanged at the end of August 2026.
Cash runway and outlook
As of December 31, 2025, the Company had a cash position of EUR17.2 million, which enable it to finance its operations until begining 2027; this cash runway does not take into account any potential additional revenue generated by future partnerships.
Following the signing of a shareholder loan agreement on April 21, 2026 with Vester Finance (see post-period events), and assuming the full use of such financing up to a limit of EUR6 million, the Company believes that its activities will be financed until the beginning of Q2 2027.
Furthermore, the Company is still actively seeking partners for the mature projects in its portfolio. In addition, in the event of a rise in the share price, the warrants issued in connection with the last two fundraising rounds could generate up to EUR10.2 million and EUR11.5 million respectively if all warrants were exercised.
The Company's financial statements as of December 31, 2025 have therefore been prepared on a going concern basis.
Post-period events
Financing
The Company announced on April 21, 2026 the signing of a shareholder loan agreement with Vester Finance, for up to EUR6.0 million over a period of 24 months (including EUR1.5 million net paid immediately upon signing), repayable in new shares that may represent up to 7.6% of the Company's share capital (for a maximum of 1,500,000 shares), with the Company having the option to repay in cash subject to certain conditions(1) .
Changes in governance
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