Adocia (ADOC) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached €2.2 million, up from €1.4 million in H1 2024, driven by a €1 million feasibility study on AdOralⓇ technology and €1.2 million in research tax credits.

• Operating expenses increased to €11.1 million from €9.7 million year-over-year, mainly due to non-cash IFRS 2 expenses and foreign exchange losses on a USD receivable.

• Net loss widened to €9.3 million from €8.9 million in H1 2024.

• Cash position was €7.1 million at June 30, 2025, bolstered to €15.1 million by August 31, 2025 after receiving a $10 million milestone and €2.8 million research tax credit.

• Strategic focus on BioChaperone®, AdoShell®, and AdOral® platforms; AdoGel® project placed on hold.

Financial highlights

• Revenue: €1 million from AdOralⓇ feasibility study; no comparable revenue in H1 2024.

• Research tax credit income: €1.2 million, down €0.3 million year-over-year.

• Operating expenses: €11.1 million, up €1.4 million, with R&D representing 75% of total.

• Financial expenses: €0.4 million, mainly lease-related, down from €0.7 million.

• Net financial debt (excl. IFRS 16): €3.3 million at June 30, 2025, down €1.3 million from December 2024.

Outlook and guidance

• Cash runway extends to Q2 2026, excluding potential new partnerships or warrant exercises.

• Additional €10 million could be raised if all outstanding warrants are exercised.

• Management is actively pursuing new partnerships for key technology platforms.

• Clinical trial application for AdoShell® with human islets expected in Q3 2026.