-- Cash position of EUR9.7 million as of June 30, 2026, and shareholder
loan agreement signed with Vester Finance in April 2026, securing a cash
runway until the beginning of Q2 2027
-- Positive results from BioChaperone(R) feasibility studies, confirming
the platform potential in peptide formulations
-- Board of Directors composition evolution with the appointment of a new
Chairman, two new Directors and a Board Observer
LYON, France--(BUSINESS WIRE)--September 24, 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, reports financial results for the first half of 2026 and provides a business update.
Half-year consolidated financial statements, expressed according to IFRS guidelines, underwent limited review by the statutory auditors and subsequently have been approved at the Board of Directors' meeting held on September 24(th) , 2026.
"During the first half of the year, our priority has been to finalize the dossier for the marketing authorization application for BioChaperone(R) Lispro with the Chinese authorities. At the same time, we continued to advance new applications of BioChaperone(R) , enabling us to pursue further business developments for this platform," said Olivier Soula, CEO and co-founder of Adocia.
"Our cash runway is maintained through the beginning of the second quarter of 2027. We remain focused on BioChaperone(R) and on allocating our resources to the programs with the greatest potential to create value in the near term," added Mathieu-William Gilbert, CFO-COO of Adocia.
First Half of 2026 Key Financial Results
The table below compares the condensed consolidated financial statements prepared for the six-month periods ended June 30, 2026, and June 30, 2025, respectively:
In thousands euros, consolidated financial H1 2026 H1 2025 statements (IAS/IFRS) (6 months) (6 months) ----------------------------------------------- ----------- ----------- Operating revenue 1,333 2,199 ------------------------------------------------ ----------- ----------- Revenue 43 1,031 ------------------------------------------------ ----------- ----------- Grants, research tax credits and others 1,290 1,168 ------------------------------------------------ ----------- ----------- Operating expenses excluding additions and reversals (9,024) (10,862) ------------------------------------------------ ----------- ----------- Additions to and reversals of depreciation, amortization and provisions (256) (270) ------------------------------------------------ ----------- ----------- CURRENT OPERATING INCOME (LOSS) (7,947) (8,932) ------------------------------------------------ ----------- ----------- Other operating revenue and expenses 0 0 ------------------------------------------------ ----------- ----------- OPERATING INCOME (LOSS) (7,947) (8,932) ------------------------------------------------ ----------- ----------- Financial income 119 0 ------------------------------------------------ ----------- ----------- Financial expense (813) (403) ------------------------------------------------ ----------- ----------- FINANCIAL INCOME (LOSS) (694) (403) ------------------------------------------------ ----------- ----------- PROFIT (LOSS) BEFORE TAX (8,641) (9,336) ------------------------------------------------ ----------- ----------- Tax expense 0 0 ------------------------------------------------ ----------- ----------- NET PROFIT (LOSS) (8,641) (9,336) ------------------------------------------------ ----------- -----------
The Company's results as of June 30, 2026, are characterized by the following key elements:
-- The revenue of the first semester of 2026 is related to a feasibility
study on a novel peptide combination using BioChaperone(R) performed with
an undisclosed potential partner. Revenue for the first half of 2025
reflected income related to a feasibility study on AdOral(R) technology
as applied to a new incretin.
-- Other current operating income amounted to EUR1.3 million, slightly
increasing compared to the first six months of 2025 and corresponding to
the Research Tax Credit $(CIR)$ for the period.
-- Operating expenses amounted to EUR9.3 million, down EUR1.8 million
compared to the first six months of 2025. This decrease is mainly due to
the reduction in the non-cash IFRS 2 (share-based payment) expense of
EUR0.6 million, the foreign exchange impact on the Tonghua Dongbao
receivable recognized in the first half of 2025 amounting to EUR0.8
million as well as a decrease in personnel costs of EUR0.5 million.
-- Net financial expenses amounted to EUR0.7 million, increasing by EUR0.3
million compared to the first six months of 2025. This increase is linked
to the non-cash IFRS charge of the fair value of the remaining warrants
to be exercised in connection with the shareholder loan signed in April
2026, partially offset by financial income from 2026 current
investments.
-- A before-tax loss, considering the above factors, stands at EUR8.6
million, a slight improvement compared with the EUR9.3 million loss for
the same period last year.
-- A cash position of EUR9.7 million as of June 30, 2026, compared to
EUR17.2 million as of December 31, 2025. Cash burn related to activities
for the first six months of the year (including PGE repayments) amounted
to EUR10.1 million, compared with EUR11.8 million in the first half of
2025.
In August 2026, the Company received the full amount of its Research Tax Credit (Crédit d'Impôt Recherche) for 2025, totaling EUR2.4 million, bringing its cash position to EUR9.3 million as of August 31, 2026.
-- Net financial debt (excluding IFRS 16 impacts) consisting of:
-- State-guaranteed loans (PGE), amounted to EUR0.7 million as of
June 30, 2026, down by EUR1.3 million compared to December 31,
2025, following the repayments made during the first semester. The
remaining balance was fully repaid by the end of August 2026, in
accordance with the announced maturity date.
-- Portion of the shareholder's current account advance that
remains outstanding as of June 30, 2026, amounting to EUR0.7
million,
-- The fair value of the warrants (Bons de souscription d'actions)
to be issued as of June 30, 2026, under the shareholder loan
agreement signed in April 2026 with Vester Finance1, recognized as
financial liabilities for EUR0.4 million in accordance with IFRS 9
and IAS 32.
As of June 30, 2026, the Company had a cash position of EUR9.7 million, which would allow it to finance its operations until the beginning of the second quarter of 2027, assuming the full use of the shareholder loan agreement signed with Vester Finance in April 2026 but without taking into account any potential additional revenue generated by future partnerships.
As a result, the Company will disclose a material uncertainty regarding going concern in its half-year report. The Company is actively pursuing discussions to secure additional financing and enter new strategic partnerships, while reducing costs to support its continued growth.
The financial statements have been prepared on a going concern basis, assuming that the Company will be able to secure additional financing.
First Half of 2026 and Recent Business Update
In the first half of 2026, Adocia continued to make progress on its diversified pipeline of projects and platforms, maintained its discussions with existing partners, and expanded its reach to other potential partners.
Pipeline Updates
BioChaperone(R) Lispro in China: Positive Phase 3 results in people with type 1 and type 2 diabetes and marketing authorization filing under preparation
The full, positive Phase 3 trial results of the ultra-rapid insulin BioChaperone(R) Lispro, conducted by the partner, Tonghua Dongbao, in people with type 2 diabetes in China were announced in July and October 2025 respectively.(2) (,3)
The complete results of the clinical trial conducted in people with type 2 diabetes were presented as a commented poster at the recent American Diabetes Association (ADA) 86(th) Scientific Sessions(4) , and will be presented in an oral presentation at the 62(nd) Annual Meeting of the EASD (European Association for the Study of Diabetes), to be held September 28--October 2 in Milan. On June 16, 2026, the Company hosted a virtual Key Opinion Leader event where Tim Heise, MD (Profil, Neuss, Germany) joined Olivier Soula, CEO and co-founder, and You-Ping Chan, Head of R&D, to review the Phase 3 results in type 2 diabetes.
Under the agreement with Tonghua Dongbao, a milestone payment of US$20 million would be triggered upon obtaining marketing authorization in China, with subsequent double-digit royalties on sales to Adocia. The marketing authorization filing is in preparation and is under Tonghua Dongbao's responsibility.
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