Adocia (ADOC) H2 2024 earnings summary

Executive summary

• Cash runway extended to Q2 2026, supported by €9.7m raised in February 2025 and a $10m milestone payment expected from Tonghua Dongbao at the end of Q2 2025.

• Major milestones in 2024 include completion of BioChaperone Lispro Phase 3 dosing and patent submission for BioChaperone CagriSema.

• Focus remains on partnering BioChaperone CagriSema and M1Pram, with ongoing exclusivity agreement with Sanofi and Phase 2b clinical program in preparation.

• Continued development of AdoShell platform, with clinical trial application planned for 2025.

Financial highlights

• Revenue rose to €9.3m in 2024 from €2.2m in 2023, mainly due to recognition of a $10m milestone from Tonghua Dongbao.

• Net loss reduced to €9.3m in 2024 from €21.2m in 2023, reflecting higher revenue and lower financial costs.

• Operating expenses slightly decreased to €19.5m from €20.3m year-over-year.

• Cash position at year-end 2024 was €7.5m, down from €13.0m at end-2023.

• Debt (excluding IFRS16) decreased to €4.5m from €5.7m year-over-year.

Outlook and guidance

• Cash runway secured until Q2 2026, assuming receipt of $10m milestone and no additional partnership revenue.

• Key 2025 milestones: BioChaperone Lispro Phase 3 top-line results, M1Pram Phase 2b preparations, AdoShell Islets first-in-human study submission, and potential global partnerships.