Adocia (ADOC) H1 2026 earnings summary

Executive summary

• Cash position of €9.7 million as of June 30, 2026, with a shareholder loan agreement extending runway to early Q2 2027.

• Focused on advancing BioChaperone® Lispro marketing authorization in China and expanding BioChaperone® platform applications.

• Board of Directors refreshed with new Chairman, two new Directors, and a Board Observer.

Financial highlights

• Operating revenue for H1 2026 was €1.3 million, mainly from a BioChaperone® feasibility study; other income (mainly research tax credit) also €1.3 million.

• Operating expenses decreased to €9.3 million, down €1.8 million year-over-year, due to lower share-based payments, FX impacts, and personnel costs.

• Net loss improved to €8.6 million from €9.3 million in H1 2025.

• Cash burn for H1 2026 was €10.1 million, compared to €11.8 million in H1 2025.

• Net financial debt (excluding IFRS 16) included €0.7 million in state-guaranteed loans (fully repaid by August 2026) and €0.7 million in shareholder advances.

Outlook and guidance

• Cash runway secured until early Q2 2027, assuming full use of the shareholder loan and no new partnership revenue.

• Actively seeking additional financing and strategic partnerships while reducing costs.

• Material uncertainty regarding going concern disclosed in the half-year report.